	Shares		Value (Note 1, 2)
EXCHANGE TRADED FUNDS - 50.2%
Bond Funds - 22.5%
iShares 5-10 Year Investment Grade
Corporate Bond ETF		15,318	$	814,152
Janus Henderson Mortgage-Backed Securities ETF		81,782		3,654,020
Schwab Intermediate-Term U.S. Treasury ETF		109,275		2,714,391
SPDR Portfolio Long Term Treasury ETF		25,061		657,851
Vanguard Short-Term Corporate Bond ETF		10,676		846,393
				8,686,807
Foreign Stock Funds - 9.3%
Franklin FTSE Japan ETF		12,547		398,367
iShares MSCI Emerging Markets Asia ETF (A)		12,770		1,070,892
iShares MSCI Eurozone ETF (A)		6,595		382,972
Vanguard FTSE All-World ex-U.S. ETF		8,875		591,075
Vanguard FTSE Europe ETF		15,029		1,136,944
				3,580,250
Stock Funds - 18.4%
Distillate U.S. Fundamental Stability &
Value ETF		25,466		1,396,046
Energy Select Sector SPDR Fund ETF		4,628		403,608
Invesco S&P 500 Quality ETF (A)		41,747		2,979,901
iShares Core S&P Small-Cap ETF		5,991		660,688
SPDR S&P Bank ETF (A)		10,882		611,786
Vanguard Information Technology ETF (A)		1,473		1,017,062
				7,069,091
Total Exchange Traded Funds
(Cost $18,004,649)				19,336,148

INVESTMENT COMPANIES - 48.0%
Bond Funds - 43.0%
Madison Core Bond Fund, Class R6 (B) (C)		1,849,641		16,572,783

Stock Funds - 5.0%
Madison Large Cap Fund, Class R6 (C)		65,948		1,911,842

Total Investment Companies
(Cost $19,978,998)				18,484,625

SHORT-TERM INVESTMENTS - 11.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 4.250%		671,552		671,552
State Street Navigator Securities Lending
Government Money Market Portfolio (D) (E), 4.320%		3,699,800		3,699,800

Total Short-Term Investments
(Cost $4,371,352)				4,371,352
TOTAL INVESTMENTS - 109.5%
(Cost $42,354,999)				42,192,125

NET OTHER ASSETS AND LIABILITIES - (9.5%)				(3,668,892	)

TOTAL NET ASSETS - 100.0%			$	38,523,233

(A)

All or a portion of these securities is on loan. The total value of the securities on loan is $3,599,229, collateralized by cash collateral of $3,699,800.

	Shares		Value (Note 1, 2)
EXCHANGE TRADED FUNDS - 59.7%
Bond Funds - 12.0%
iShares 5-10 Year Investment Grade Corporate Bond ETF		29,861	$	1,587,112
Janus Henderson Mortgage-Backed Securities ETF		94,347		4,215,424
Schwab Intermediate-Term U.S. Treasury ETF (A)		135,273		3,360,181
SPDR Portfolio Long Term Treasury ETF		51,358		1,348,148
				10,510,865
Foreign Stock Funds - 16.6%
Franklin FTSE Japan ETF (A)		49,454		1,570,165
iShares MSCI Emerging Markets Asia ETF (A)		51,285		4,300,760
iShares MSCI Eurozone ETF (A)		22,279		1,293,742
Vanguard FTSE All-World ex-U.S. ETF		39,780		2,649,348
Vanguard FTSE Europe ETF		62,436		4,723,283
				14,537,298
Stock Funds - 31.1%
Distillate U.S. Fundamental Stability &
Value ETF		89,161		4,887,806
Energy Select Sector SPDR Fund ETF		17,586		1,533,675
Invesco S&P 500 Quality ETF		137,799		9,836,093
iShares Core S&P Small-Cap ETF		26,074		2,875,441
SPDR S&P Bank ETF (A)		52,598		2,957,059
Vanguard Information Technology ETF (A)		7,294		5,036,288
				27,126,362
Total Exchange Traded Funds
(Cost $45,998,455)				52,174,525

INVESTMENT COMPANIES - 35.8%
Bond Funds - 26.8%
Madison Core Bond Fund, Class R6 (B) (C)		2,618,062		23,457,835

Stock Funds - 9.0%
Madison Large Cap Fund, Class R6 (C)		271,862		7,881,284

Total Investment Companies
(Cost $30,920,057)				31,339,119

SHORT-TERM INVESTMENTS - 12.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 4.250%		3,897,993		3,897,993
State Street Navigator Securities Lending Government Money Market Portfolio (D) (E), 4.320%		6,601,466		6,601,466

Total Short-Term Investments
(Cost $10,499,459)				10,499,459
TOTAL INVESTMENTS - 107.6%
(Cost $87,417,971)				94,013,103

NET OTHER ASSETS AND LIABILITIES - (7.6%)				(6,611,311	)

TOTAL NET ASSETS - 100.0%			$	87,401,792

(A)

All or a portion of these securities is on loan. The total value of the securities on loan is $6,426,040, collateralized by cash collateral of $6,601,466.

	Shares		Value (Note 1, 2)
EXCHANGE TRADED FUNDS - 67.2%
Bond Funds - 3.8%
Janus Henderson Mortgage-Backed Securities ETF		18,274	$	816,483
Schwab Intermediate-Term U.S. Treasury ETF (A)		16,867		418,976
SPDR Portfolio Long Term Treasury ETF		30,648		804,510
				2,039,969
Foreign Stock Funds - 22.6%
Franklin FTSE Japan ETF (A)		43,060		1,367,155
iShares MSCI Emerging Markets Asia ETF (A)		40,916		3,431,216
iShares MSCI Eurozone ETF		18,105		1,051,357
Vanguard FTSE All-World ex-U.S. ETF		28,057		1,868,596
Vanguard FTSE Europe ETF		57,750		4,368,788
				12,087,112
Stock Funds - 40.8%
Distillate U.S. Fundamental Stability & Value ETF		77,595		4,253,758
Energy Select Sector SPDR Fund ETF		15,102		1,317,045
Invesco S&P 500 Quality ETF		100,869		7,200,029
iShares Core S&P Small-Cap ETF		23,021		2,538,756
SPDR S&P Bank ETF (A)		43,578		2,449,955
Vanguard Information Technology ETF (A)		5,817		4,016,464
				21,776,007
Total Exchange Traded Funds
(Cost $30,854,090)				35,903,088

INVESTMENT COMPANIES - 26.8%
Bond Funds - 14.5%
Madison Core Bond Fund, Class R6 (B)		863,240		7,734,636

Stock Funds - 12.3%
Madison Large Cap Fund, Class R6 (B)		227,590		6,597,823

Total Investment Companies
(Cost $12,591,924)				14,332,459

SHORT-TERM INVESTMENTS - 21.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class (C), 4.250%		2,879,604		2,879,604
State Street Navigator Securities Lending Government Money Market Portfolio (C) (D), 4.320%		8,661,052		8,661,052

Total Short-Term Investments
(Cost $11,540,656)				11,540,656
TOTAL INVESTMENTS - 115.6%
(Cost $54,986,670)				61,776,203

NET OTHER ASSETS AND LIABILITIES - (15.6%)				(8,356,496	)

TOTAL NET ASSETS - 100.0%			$	53,419,707

(A)		All or a portion of these securities is on loan. The total value of the securities on loan is $8,437,983, collateralized by cash collateral of $8,661,052.

(B)		A iliated Company.

(C)		7-day yield.

	Par Value		Value (Note 1, 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%
GSAMP Trust, Series 2006-S5, Class M5 (A) (B) (C), 7.488%, 9/25/36		534,000	$	—

Total Commercial Mortgage-Backed Securities
(Cost $–)				—

MORTGAGE BACKED SECURITIES - 0.0%
Fannie Mae - 0.0%
7.000%, 11/1/31 Pool # 607515	$	1,828		1,921
7.000%, 5/1/32 Pool # 644591		187		197
				2,118
Freddie Mac - 0.0%
8.000%, 6/1/30 Pool # C01005		343		356

Ginnie Mae - 0.0%
6.500%, 2/20/29 Pool # 2714		1,857		1,909
6.500%, 4/20/31 Pool # 3068		1,585		1,643
				3,552
Total Mortgage Backed Securities
(Cost $5,812)				6,026

	Shares
EXCHANGE TRADED FUNDS - 99.5%
Bond Funds - 57.1%
iShares 5-10 Year Investment Grade Corporate Bond ETF		48,457		2,575,489
Janus Henderson Mortgage-Backed Securities ETF (D)		141,625		6,327,805
Madison Aggregate Bond ETF (E)		1,050,000		21,236,250
Madison Short-Term Strategic Income ETF (E)		1,387,500		28,513,125
SPDR Portfolio High Yield Bond ETF		542,954		12,868,010
				71,520,679

Stock Funds - 42.4%
Global X MLP ETF (D)		102,449		5,282,270
Madison Covered Call ETF (E)		1,075,000		20,038,000
Madison Dividend Value ETF (D) (E)		1,035,000		23,078,120
Schwab U.S. Dividend Equity ETF (D)		181,261		4,803,417
				53,201,807
Total Exchange Traded Funds
(Cost $121,945,042)				124,722,486

SHORT-TERM INVESTMENTS - 7.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class (F), 4.250%		749,659		749,659
State Street Navigator Securities Lending Government Money Market Portfolio (F) (G), 4.320%		8,314,238		8,314,238

Total Short-Term Investments
(Cost $9,063,897)				9,063,897
TOTAL INVESTMENTS - 106.7%
(Cost $131,014,751)				133,792,409

NET OTHER ASSETS AND LIABILITIES - (6.7%)				(8,423,487	)

TOTAL NET ASSETS - 100.0%			$	125,368,922

(A)		Floating rate or variable rate note. Rate shown is as of July 31, 2025.

(B)		Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at July 31, 2025.

(C)		Defaulted Security. Security was deemed illiquid by Madison. Interest is not being accrued.

(D)		All or a portion of these securities is on loan. The total value of the securities on loan is $13,155,816, collateralized by cash collateral of $8,314,238 and non-cash collateral of $5,248,239.

(E)		Affiliated Company.

(F)		7-day yield.

(G)		Represents investments of cash collateral received in connection with securities lending.

ETF		Exchange Traded Fund.

SPDR		Standard & Poor's Depository Receipts.

	Par Value		Value (Note 1, 2)
MUNICIPAL BONDS - 98.0%
Alabama - 6.8%
Mobile County, General Obligation, 5.000%, 2/1/39	$	610,000	$	638,478
Montgomery Water Works & Sanitary Sewer Board, 5.000%, 9/1/42		315,000		325,532
Pike Road, Authority Revenue, 4.000%, 9/1/31		170,000		170,083
UAB Medicine Finance Authority Revenue, Series B, 5.000%, 9/1/27		150,000		156,951
				1,291,044
Arkansas - 0.9%
Arkansas Development Finance Authority, 5.000%, 2/1/26		175,000		175,889

California - 0.6%
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Series A, 5.000%, 7/1/40		120,000		121,894

Colorado - 3.5%
Colorado Springs Utilities System Revenue, Series A, 4.000%, 11/15/40		250,000		241,509
El Paso County Facilities Corp., Series A, 5.000%, 12/1/27		400,000		421,379
				662,888

Florida - 5.2%
County of Polk Utility System Revenue, 5.000%, 10/1/54		350,000		354,288
Hialeah Utility System, 5.000%, 10/1/35		400,000		424,276
Tampa Bay Water, Series A, 5.250%, 10/1/54		200,000		205,819
				984,383

Georgia - 0.8%
Americus-Sumter Payroll Development
Authority, Series A, 3.250%, 6/1/33		150,000		146,174

Illinois - 11.3%
Cook County School District No. 111 Burbank, (BAM-TCRS), 5.000%, 12/1/35		545,000		560,706
Cook County School District No. 111 Burbank, (BAM-TCRS), 4.000%, 12/1/37		200,000		199,228
Du Page County School District No. 45, 4.000%, 1/1/26		250,000		251,302
Palatine Village, General Obligation, 2.000%, 12/1/28		175,000		165,812
Village of Bourbonnais, (BAM), 5.250%, 12/1/46		325,000		328,230
Village of Buffalo Grove, 5.000%, 12/30/38		300,000		319,583
Woodford Tazewell & McLean Counties Community Unit School District 140 Eureka, Series A, (BAM), 5.000%, 11/1/42		325,000		329,986
				2,154,847
Indiana - 7.6%
Indiana Finance Authority, Series A, 5.000%, 10/1/46		140,000		140,799
Indiana Finance Authority, 5.250%, 3/1/54		240,000		238,884
Lincoln Center Building Corp., 4.000%, 8/1/28		285,000		294,350
Vanderburgh County Redevelopment District, Tax Allocation, (AG), 5.000%, 2/1/26		500,000		505,310

	Par Value		Value (Note 1, 2)
Indiana - 7.6%
Whitestown Redevelopment Authority, 5.000%, 7/15/38	$	260,000	$	266,847
				1,446,190
Kansas - 1.3%
Sedgwick County, Series A, 4.000%, 8/1/40		250,000		243,323

Kentucky - 2.3%
Eastern Kentucky University, Series A, (ST INTERCEPT), 5.000%, 4/1/33		445,000		445,629

Louisiana - 1.3%
Juban Crossing Economic Development District, Series A, 5.000%, 9/15/26		85,000		86,567
Lafourche Parish School Board, 4.000%, 3/1/33		150,000		154,731
				241,298
Michigan - 3.8%
City of Wayland MI, (AG), 4.000%, 10/1/40		185,000		172,424
Kalamazoo Public Schools, 5.000%, 5/1/26		250,000		250,444
Warren Woods Public Schools, (BAM), 4.000%, 5/1/35		300,000		306,058
				728,926
Mississippi - 2.6%
Medical Center Educational Building Corp., Series A, 5.000%, 6/1/30		475,000		492,139

Nebraska - 1.7%
Elkhorn School District, 4.000%, 12/15/36		315,000		315,402

New Jersey - 2.8%
New Jersey Turnpike Authority, Series A, (BHAC-CR, AG), 5.250%, 1/1/28		250,000		266,185
New Jersey Turnpike Authority, Series A, (BHAC-CR, AG), 5.250%, 1/1/29		250,000		272,778
				538,963
New Mexico - 1.1%
Otero County, (BAM), 4.000%, 12/1/28		195,000		200,837

New York - 2.7%
New York State Dormitory Authority, Series 1, (BHAC-CR), 5.500%, 7/1/31		250,000		272,481
Port Authority of New York & New Jersey, Series 85TH, (GO of AUTH), 5.375%, 3/1/28		230,000		239,142
				511,623
Ohio - 1.4%
Ohio Water Development Authority Water Pollution Control Loan Fund, Series D, 5.000%, 12/1/44		250,000		258,487

Oklahoma - 3.9%
Elk City Industrial Authority, 4.000%, 5/1/30		335,000		344,534
Tulsa County Industrial Authority, 3.000%, 2/1/31		400,000		397,654
				742,188
Oregon - 1.9%
City of Portland Sewer System Revenue, Series A, 5.000%, 10/1/49		350,000		355,278

Pennsylvania - 6.1%
City of Pittsburgh, 4.000%, 9/1/35		350,000		349,279

	Par Value		Value (Note 1, 2)
Pennsylvania - 6.1%
Commonwealth Financing Authority, Series A, 5.000%, 6/1/35	$	370,000	$	370,280
Philadelphia Gas Works Co., Series A, 5.000%, 8/1/40		170,000		178,108
Waverly Township Municipal Authority, (BAM ST AID WITHHLDG), 4.000%, 2/15/26		250,000		251,725
				1,149,392
Texas - 4.8%
Center, General Obligation, 3.000%, 8/15/34		410,000		359,393
City of San Antonio Electric & Gas Systems Revenue, Series E, 5.250%, 2/1/49		250,000		257,688
Harris County Toll Road Authority, 4.000%, 8/15/38		300,000		287,169
				904,250
Utah - 3.0%
Ogden City Sewer & Water Revenue, Series A, 4.000%, 6/15/31		250,000		261,931
Utah Transit Authority, Series A, (BHAC-CR), 5.000%, 6/15/35		280,000		313,638
				575,569
Virginia - 6.7%
Alexandria Sanitation Authority, 5.000%, 7/15/54		200,000		204,010
Fairfax County Economic Development Authority, Series A, 5.000%, 9/1/38		90,000		92,573
Roanoke Economic Development Authority, Series A, 5.000%, 7/1/47		250,000		255,428
Southampton County Industrial Development Authority, 5.000%, 6/1/35		440,000		473,026
Western Regional Jail Authority, 5.000%, 12/1/34		250,000		255,350
				1,280,387
Washington - 0.5%
State of Washington, Series R-2023A, 5.000%, 8/1/36		80,000		87,433

West Virginia - 3.7%
West Virginia Economic Development Authority, Series A, 5.000%, 7/1/37		450,000		457,929
West Virginia University, Series A, 4.000%, 10/1/39		265,000		251,285
				709,214
Wisconsin - 9.7%
City of Burlington WI, Series A, (BAM), 4.000%, 4/1/36		580,000		583,961
City of Green Bay WI, Series A, 4.000%, 4/1/38		355,000		348,346
City of Whitewater, Series A, (BAM), 5.000%, 6/1/38		290,000		303,208
Public Finance Authority, Series A, 5.000%, 10/1/32		200,000		212,832

	Par Value		Value (Note 1, 2)
Wisconsin - 9.7%
Wisconsin Health & Educational Facilities
Authority, Series A, 4.000%, 11/15/35	$	400,000	$	389,467
				1,837,814
TOTAL INVESTMENTS - 98.0%
(Cost $19,215,755)				18,601,461

NET OTHER ASSETS AND LIABILITIES - 2.0%				389,113

TOTAL NET ASSETS - 100.0%			$	18,990,574

BAM		Build America Mutual Assurance Co.

BHAC-CR		Berkshire Hathaway Assurance Corp.

GO of		General Obligation of the Authority.

AUTH

ST AID		State Aid Withholding.

ST		State Intercept.

TCRS		Transferable Custodial Receipts.

	Par Value		Value (Note 1, 2)
CORPORATE NOTES AND BONDS - 35.0%
Communication Services - 3.8%
Cisco Systems, Inc., 4.950%, 2/26/31	$	750,000	$	767,995
Comcast Corp., 3.150%, 3/1/26		750,000		743,752
Walt Disney Co., 3.800%, 3/22/30		750,000		733,759
				2,245,506
Consumer Discretionary - 2.1%
Home Depot, Inc. (A), 4.500%, 9/15/32		750,000		749,045
NIKE, Inc., 2.750%, 3/27/27		500,000		488,037
				1,237,082
Consumer Staples - 6.3%
AbbVie, Inc., 4.800%, 3/15/29		750,000		761,974
Hershey Co., 4.750%, 2/24/30		800,000		811,759
Mars, Inc., 5.200%, 3/1/35		750,000		753,522
PepsiCo, Inc., 4.450%, 5/15/28		750,000		756,923
PepsiCo, Inc., 2.750%, 3/19/30		750,000		699,942
				3,784,120
Financials - 17.4%
American Express Co., (Secured Overnight Financing Index + 1.090%) (B) (C), 5.532%, 4/25/30		800,000		829,518
Bank of America Corp., (3 mo. USD Term SOFR + 1.442%) (B) (C), 3.194%, 7/23/30		800,000		760,951
Bank of New York Mellon Corp., (Secured Overnight Financing Index + 1.802%) (B) (C), 5.802%, 10/25/28		850,000		876,118
Berkshire Hathaway Finance Corp., 2.875%, 3/15/32		750,000		687,979
JPMorgan Chase & Co., (Secured Overnight Financing Rate + 1.310%) (B) (C), 5.012%, 1/23/30		850,000		864,237
Marsh & McLennan Cos., Inc., 4.650%, 3/15/30		800,000		806,664
Mastercard, Inc., 3.300%, 3/26/27		750,000		739,684
Morgan Stanley, (Secured Overnight Financing Rate + 2.240%) (B) (C), 6.296%, 10/18/28		750,000		778,422
PNC Financial Services Group, Inc., (Secured Overnight Financing Rate + 1.841%) (B) (C), 5.582%, 6/12/29		850,000		876,229
Simon Property Group LP, 2.450%, 9/13/29		750,000		695,850
State Street Corp., 4.330%, 10/22/27		750,000		751,531
Truist Financial Corp., (Secured Overnight Financing Rate + 1.435%) (B) (C), 4.873%, 1/26/29		500,000		504,438
Truist Financial Corp., 1.950%, 6/5/30		500,000		443,702
U.S. Bancorp, (Secured Overnight Financing Rate + 1.660%) (B) (C), 4.548%, 7/22/28		750,000		751,089
				10,366,412
Health Care - 1.7%
UnitedHealth Group, Inc., 5.250%, 2/15/28		1,000,000		1,021,794

Industrials - 3.7%
Caterpillar Financial Services Corp.,
4.800%, 1/6/26		750,000		750,750
Emerson Electric Co., 2.000%, 12/21/28		500,000		464,770
John Deere Capital Corp., 4.750%, 1/20/28		1,000,000		1,011,956
				2,227,476
Total Corporate Notes and Bonds
(Cost $20,975,399)				20,882,390

	Par Value		Value (Note 1, 2)
FOREIGN CORPORATE BONDS - 1.3%
Health Care - 1.3%
Pfizer Investment Enterprises Pte. Ltd., 4.750%, 5/19/33	$	750,000	$	746,419

Total Foreign Corporate Bonds
(Cost $744,057)				746,419

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 62.5%
Fannie Mae - 4.5%
0.500%, 11/7/25		1,250,000		1,237,110
2.125%, 4/24/26		1,000,000		984,816
0.750%, 10/8/27 (A)		500,000		467,343
				2,689,269
U.S. Treasury Notes - 58.0%
4.500%, 11/15/25		1,500,000		1,500,316
3.875%, 1/15/26		1,250,000		1,247,686
3.750%, 4/15/26		1,250,000		1,245,986
4.125%, 1/31/27		1,250,000		1,251,123
3.250%, 6/30/27		1,500,000		1,480,547
4.000%, 2/29/28		2,000,000		2,004,609
3.625%, 5/31/28		2,500,000		2,481,641
4.000%, 6/30/28		2,000,000		2,005,937
4.875%, 10/31/28		2,500,000		2,573,047
4.500%, 5/31/29		2,250,000		2,295,615
4.000%, 7/31/29		2,250,000		2,255,889
3.875%, 9/30/29		2,125,000		2,120,518
3.875%, 11/30/29		2,250,000		2,244,287
3.875%, 12/31/29		2,250,000		2,244,111
4.000%, 7/31/30		2,250,000		2,252,637
4.375%, 11/30/30		1,500,000		1,526,953
3.375%, 5/15/33		2,000,000		1,890,156
4.000%, 2/15/34		2,000,000		1,961,172
				34,582,230
Total U.S. Government and Agency Obligations
(Cost $37,170,653)				37,271,499
		Shares
SHORT-TERM INVESTMENTS - 0.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class (E), 4.250%		259,229		259,229
State Street Navigator Securities Lending Government Money Market Portfolio (E) (F), 4.320%		231,638		231,638

Total Short-Term Investments
(Cost $490,867)				490,867
TOTAL INVESTMENTS - 99.6%
(Cost $59,380,976)				59,391,175

NET OTHER ASSETS AND LIABILITIES - 0.4%				255,211

TOTAL NET ASSETS - 100.0%			$	59,646,386

(A)

All or a portion of these securities is on loan. The total value of the securities on loan is $227,062, collateralized by cash collateral of $231,638.

(B)

Floating rate or variable rate note. Rate shown is as of July 31, 2025.

(C)

Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at July 31, 2025.

	Par Value		Value (Note 1, 2)
ASSET BACKED SECURITIES - 2.2%
CarMax Auto Owner Trust, Series 2023-3, Class A3, 5.280%, 5/15/28	$	458,236	$	460,669
Chesapeake Funding II LLC, Series 2023-1A, Class A1 (A), 5.650%, 5/15/35		375,575		377,525
Chesapeake Funding II LLC, Series 2023-2A, Class A1 (A), 6.160%, 10/15/35		276,319		279,426
Enterprise Fleet Financing LLC, Series 2023-1, Class A2 (A), 5.510%, 1/22/29		138,175		138,542
Enterprise Fleet Financing LLC, Series 2022-4, Class A2 (A), 5.760%, 10/22/29		288,107		289,045
John Deere Owner Trust, Series 2023-B, Class A3, 5.180%, 3/15/28		608,071		610,613
LAD Auto Receivables Trust, Series 2022-1A, Class A (A), 5.210%, 6/15/27		49,498		49,513
Nissan Auto Receivables Owner Trust, Series 2022-B, Class A4, 4.450%, 11/15/29		200,000		199,921
Santander Drive Auto Receivables Trust, Series 2022-2, Class B, 3.440%, 9/15/27		5,861		5,858
Towd Point Mortgage Trust, Series 2024-CES1, Class A1A (B) (C), 5.848%, 1/25/64		840,478		841,827
Verizon Master Trust, Series 2024-3, Class B, 5.540%, 4/22/30		1,250,000		1,268,171

Total Asset Backed Securities
(Cost $4,512,270)				4,521,110

COLLATERALIZED MORTGAGE OBLIGATIONS - 5.6%
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (D), 2.879%, 7/25/49		55,679		54,076
Bunker Hill Loan Depositary Trust, Series 2020-1, Class A1 (A) (B) (C), 1.724%, 2/25/55		23,462		23,137
CIM Trust, Series 2021-J2, Class A4 (A) (B) (C), 2.500%, 4/25/51		436,754		389,747
Federal Home Loan Mortgage Corp. REMICS, Series 4066, Class DI, 3.000%, 6/15/27		121,616		2,019
Federal Home Loan Mortgage Corp. REMICS, Series 5451, Class A, 5.000%, 5/25/49		325,030		322,872
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M1 (A) (B) (C), 5.350%, 12/25/41		92,227		92,226
Federal National Mortgage Association REMICS, Series 2015-12, Class NI, 3.500%, 3/25/30		279,882		13,124
Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.500%, 4/25/31		168,410		164,360
Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4.000%, 5/25/31		227,968		226,411
Federal National Mortgage Association REMICS, Series 2001-73, Class GZ, 6.000%, 12/25/31		46,200		47,478
Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.500%, 9/25/35		50,625		52,473

	Par Value		Value (Note 1, 2)
Federal National Mortgage Association REMICS, Series 2020-44, Class TI, 5.500%, 12/25/35	$	1,265,093	$	180,888
Federal National Mortgage Association REMICS, Series 2025-26, Class BA, 5.500%, 5/25/48		477,724		479,759
Federal National Mortgage Association REMICS, Series 2024-99, Class EA, 5.500%, 5/25/51		656,219		661,164
Federal National Mortgage Association REMICS, Series 2025-5, Class EA, 5.500%, 10/25/51		896,980		904,081
Flagstar Mortgage Trust, Series 2021-9INV, Class A1 (A) (B) (C), 2.500%, 9/25/41		436,250		389,689
GCAT Trust, Series 2021-NQM1, Class A1 (A) (B) (C), 0.874%, 1/25/66		470,223		417,645
Government National Mortgage Association REMICS, Series 2015-53, Class IL, 3.000%, 9/20/44		18,478		123
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (B) (C), 2.500%, 5/25/51		436,770		355,411
JP Morgan Mortgage Trust, Series 2019-5, Class A3 (A) (B) (C), 4.000%, 11/25/49		16,585		15,543
JP Morgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (C), 3.459%, 2/25/50		71,714		64,469
JP Morgan Mortgage Trust, Series 2021-1, Class A3 (A) (B) (C), 2.500%, 6/25/51		576,511		464,918
JP Morgan Mortgage Trust, Series 2021-3, Class A3 (A) (B) (C), 2.500%, 7/25/51		769,391		620,463
JP Morgan Mortgage Trust, Series 2021-6, Class A4 (A) (B) (C), 2.500%, 10/25/51		615,969		547,847
JP Morgan Mortgage Trust, Series 2021-14, Class A4 (A) (B) (C), 2.500%, 5/25/52		669,599		592,504
JP Morgan Mortgage Trust, Series 2024-5, Class A4 (B) (C), 6.000%, 11/25/54		635,481		639,503
JP Morgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B) (C), 3.000%, 2/25/50		121,850		105,591
PSMC Trust, Series 2020-2, Class A2 (A) (B) (C), 3.000%, 5/25/50		86,953		76,905
PSMC Trust, Series 2021-1, Class A11 (A) (B) (C), 2.500%, 3/25/51		725,887		642,940
RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (B) (C), 2.500%, 12/25/51		535,392		472,637
RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (B) (C), 2.500%, 1/25/52		365,877		322,571
Sequoia Mortgage Trust, Series 2013-7, Class A2 (B) (C), 3.000%, 6/25/43		228,235		203,493
Towd Point Mortgage Trust, Series 2024-4, Class A1A (B) (C), 4.498%, 10/27/64		1,536,741		1,532,862
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (B) (C), 4.000%, 4/25/49		8,811		8,325
Wells Fargo Mortgage-Backed Securities Trust, Series 2021-INV2, Class A2 (A) (B) (C), 2.500%, 9/25/51		540,232		435,688

Total Collateralized Mortgage Obligations
(Cost $12,840,216)				11,522,942

	Par Value		Value (Note 1, 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.6%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K059, Class X1 (B) (C), 0.265%, 9/25/26	$	13,280,602	$	27,403
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K131, Class A2, 1.853%, 7/25/31		505,000		439,272
Federal National Mortgage Association-ACES, Series 2022-M1, Class A2 (B) (C), 1.668%, 10/25/31		1,250,000		1,057,248
FREMF Mortgage Trust, Series 2016-K58, Class B (A) (B) (C), 3.737%, 9/25/49		320,000		315,213
FREMF Mortgage Trust, Series 2020-K106, Class B (A) (B) (C), 3.563%, 3/25/53		750,000		698,670
Government National Mortgage Association, Series 2024-153, Class AB, 4.500%, 3/16/65		744,465		729,441
GSAMP Trust, Series 2006-S5, Class M5 (B) (C) (E), 7.488%, 9/25/36		772,000		–

Total Commercial Mortgage- Backed Securities
(Cost $3,288,692)				3,267,247

CORPORATE NOTES AND BONDS - 25.9%
Basic Materials - 0.3%
Rio Tinto Finance USA PLC, 5.000%, 3/14/32		500,000		507,815

Communication Services - 0.9%
AT&T, Inc., 4.750%, 5/15/46		500,000		435,183
Expedia Group, Inc., 3.250%, 2/15/30		250,000		235,630
SBA Communications Corp., 3.875%, 2/15/27		350,000		343,815
VeriSign, Inc., 2.700%, 6/15/31		500,000		445,139
Verizon Communications, Inc., 3.400%, 3/22/41		500,000		385,781
				1,845,548
Communications - 0.2%
NTT Finance Corp., 5.502%, 7/16/35		500,000		507,805
Consumer Discretionary - 1.2%
Advance Auto Parts, Inc., 1.750%, 10/1/27		250,000		230,280
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (A), 5.500%, 4/20/26		87,500		87,492
BorgWarner, Inc. (F), 5.400%, 8/15/34		250,000		252,909
Home Depot, Inc., 3.350%, 4/15/50		250,000		174,738
Lowe’s Cos., Inc., 3.000%, 10/15/50		500,000		310,321
Lowe’s Cos., Inc., 4.250%, 4/1/52		750,000		581,823
Royal Caribbean Cruises Ltd., 7.500%, 10/15/27		250,000		263,125
Tractor Supply Co., 5.250%, 5/15/33		150,000		152,329
Walmart, Inc., 4.900%, 4/28/35		500,000		503,905
				2,556,922
Consumer Staples - 1.4%
Diageo Investment Corp., 5.125%, 8/15/30		400,000		410,679
GE HealthCare Technologies, Inc., 4.800%, 8/14/29		500,000		505,540
Keurig Dr. Pepper, Inc., 3.800%, 5/1/50		300,000		219,882
Lamb Weston Holdings, Inc. (A), 4.875%, 5/15/28		250,000		247,750

	Par Value		Value (Note 1, 2)
Mars, Inc., 5.200%, 3/1/35	$	225,000	$	226,057
Mars, Inc., 5.700%, 5/1/55		600,000		592,880
PayPal Holdings, Inc., 5.100%, 4/1/35		250,000		250,954
Performance Food Group, Inc. (A), 5.500%, 10/15/27		325,000		324,502
				2,778,244
Energy - 3.1%
Boardwalk Pipelines LP, 4.450%, 7/15/27		400,000		398,646
Devon Energy Corp. (F), 5.200%, 9/15/34		800,000		777,010
Diamondback Energy, Inc., 5.400%, 4/18/34		550,000		551,420
Eastern Gas Transmission & Storage, Inc., 3.000%, 11/15/29		350,000		329,889
Energy Transfer LP, 5.250%, 4/15/29		275,000		280,485
Energy Transfer LP, 6.550%, 12/1/33		300,000		324,044
Kinder Morgan, Inc., 5.850%, 6/1/35		250,000		258,075
Kinder Morgan, Inc., 5.550%, 6/1/45		400,000		375,610
Marathon Petroleum Corp., 3.800%, 4/1/28		350,000		343,841
Marathon Petroleum Corp., 5.150%, 3/1/30		250,000		254,585
MPLX LP, 2.650%, 8/15/30		350,000		317,175
ONEOK, Inc., 5.850%, 1/15/26		150,000		150,762
ONEOK, Inc., 5.450%, 6/1/47		400,000		354,917
Sunoco LP/Sunoco Finance Corp., 6.000%, 4/15/27		400,000		399,805
Valero Energy Corp., 5.150%, 2/15/30		650,000		661,344
Valero Energy Corp., 6.625%, 6/15/37		500,000		538,861
Valero Energy Corp., 4.000%, 6/1/52		175,000		124,204
				6,440,673
Financials - 11.2%
Air Lease Corp., 2.875%, 1/15/26		500,000		495,647
Air Lease Corp., 1.875%, 8/15/26		250,000		243,035
American Express Co., (Secured Overnight Financing Rate + 1.940%) (B) (C), 6.489%, 10/30/31		500,000		542,515
American International Group, Inc., 4.750%, 4/1/48		150,000		132,282
Athene Holding Ltd., 6.250%, 4/1/54		250,000		247,059
Bank of America Corp., (Secured Overnight Financing Rate + 1.910%) (B) (C), 5.288%, 4/25/34		350,000		356,585
Bank of America Corp., (Secured Overnight Financing Rate + 1.650%) (B) (C), 5.468%, 1/23/35		250,000		256,378
Bank of America Corp., Series N, (Secured Overnight Financing Rate + 0.910%) (B) (C), 1.658%, 3/11/27		400,000		392,762
Bank of New York Mellon Corp., (Secured Overnight Financing Index + 2.074%) (B) (C), 5.834%, 10/25/33		500,000		529,772
Berkshire Hathaway Finance Corp., 3.850%, 3/15/52		350,000		267,174
Capital One Financial Corp., (Secured Overnight Financing Rate + 2.057%) (B) (C), 4.927%, 5/10/28		350,000		351,913
Capital One Financial Corp., (Secured Overnight Financing Rate + 2.640%) (B) (C), 6.312%, 6/8/29		400,000		417,805
Capital One Financial Corp., (Secured Overnight Financing Rate + 1.790%) (B) (C), 3.273%, 3/1/30		350,000		334,314
CBRE Services, Inc., 4.800%, 6/15/30		250,000		251,373
Citibank NA, 5.803%, 9/29/28		250,000		260,362

	Par Value		Value (Note 1, 2)
Citigroup, Inc., (Secured Overnight Financing Rate + 2.086%) (B) (C), 4.910%, 5/24/33	$	350,000	$	349,347
Citigroup, Inc., (5 year CMT + 1.730%) (B) (C), 5.411%, 9/19/39		400,000		391,693
Empower Finance 2020 LP (A), 3.075%, 9/17/51		350,000		219,526
Fifth Third Bancorp, 2.550%, 5/5/27		350,000		339,122
Fifth Third Bancorp, (Secured Overnight Financing Rate + 2.340%) (B) (C), 6.339%, 7/27/29		400,000		420,314
Fifth Third Bancorp, (Secured Overnight Financing Rate + 1.660%) (B) (C), 4.337%, 4/25/33		350,000		334,821
Five Corners Funding Trust II (A), 2.850%, 5/15/30		250,000		230,823
GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/32		400,000		353,873
Goldman Sachs BDC, Inc., 2.875%, 1/15/26		400,000		396,210
Goldman Sachs Group, Inc., (Secured Overnight Financing Rate + 0.913%) (B) (C), 1.948%, 10/21/27		500,000		484,075
Huntington Bancshares, Inc., (Secured Overnight Financing Rate + 2.020%) (B) (C), 6.208%, 8/21/29		350,000		366,113
Intercontinental Exchange, Inc., 4.600%, 3/15/33		350,000		345,359
Jefferies Financial Group, Inc., 2.625%, 10/15/31		450,000		392,220
Jefferies Financial Group, Inc., 6.200%, 4/14/34		200,000		208,970
JPMorgan Chase & Co., (Secured Overnight Financing Rate + 1.620%) (B) (C), 5.336%, 1/23/35		500,000		511,396
JPMorgan Chase & Co., (Secured Overnight Financing Rate + 1.680%) (B) (C), 5.572%, 4/22/36		500,000		516,669
KeyBank NA, 5.000%, 1/26/33		250,000		247,539
KeyCorp, 4.100%, 4/30/28		400,000		396,463
KKR Group Finance Co. VIII LLC (A), 3.500%, 8/25/50		250,000		172,916
Liberty Mutual Group, Inc. (A), 3.950%, 5/15/60		150,000		102,706
LPL Holdings, Inc. (A), 4.000%, 3/15/29		350,000		339,222
Morgan Stanley, (Secured Overnight Financing Rate + 1.830%) (B) (C), 6.407%, 11/1/29		450,000		474,812
Morgan Stanley, (Secured Overnight Financing Rate + 1.108%) (B) (C), 5.230%, 1/15/31		350,000		358,385
Morgan Stanley, (Secured Overnight Financing Rate + 1.020%) (B) (C), 1.928%, 4/28/32		500,000		428,470
Morgan Stanley, (Secured Overnight Financing Rate + 1.730%) (B) (C), 5.466%, 1/18/35		500,000		512,177
Nasdaq, Inc., 1.650%, 1/15/31		450,000		388,304
Old Republic International Corp., 3.850%, 6/11/51		300,000		211,946
Omega Healthcare Investors, Inc., 3.375%, 2/1/31		250,000		228,592
PNC Bank NA, 2.700%, 10/22/29		250,000		232,004

	Par Value		Value (Note 1, 2)
PNC Financial Services Group, Inc., (Secured Overnight Financing Rate + 1.333%) (B) (C), 4.899%, 5/13/31	$	540,000	$	545,940
PNC Financial Services Group, Inc., (Secured Overnight Financing Rate + 2.284%) (B) (C), 6.875%, 10/20/34		300,000		335,169
Realty Income Corp., 4.850%, 3/15/30		400,000		405,772
Realty Income Corp., 5.125%, 4/15/35		250,000		250,321
Regions Financial Corp., 1.800%, 8/12/28		500,000		462,109
State Street Corp., (Secured Overnight Financing Rate + 1.490%) (B) (C), 3.031%, 11/1/34		250,000		230,573
Teachers Insurance & Annuity Association of America (A), 3.300%, 5/15/50		300,000		199,303
Truist Bank, 2.250%, 3/11/30		325,000		292,143
Truist Financial Corp., (Secured Overnight Financing Rate + 1.309%) (B) (C), 5.071%, 5/20/31		250,000		253,464
Truist Financial Corp., (Secured Overnight Financing Rate + 1.852%) (B) (C), 5.122%, 1/26/34		400,000		399,773
Truist Financial Corp., (Secured Overnight Financing Rate + 2.361%) (B) (C), 5.867%, 6/8/34		600,000		627,369
U.S. Bancorp, (Secured Overnight Financing Rate + 1.660%) (B) (C), 4.548%, 7/22/28		500,000		500,726
U.S. Bancorp, (Secured Overnight Financing Rate + 1.560%) (B) (C), 5.384%, 1/23/30		250,000		256,743
U.S. Bancorp, (Secured Overnight Financing Rate + 1.600%) (B) (C), 4.839%, 2/1/34		525,000		518,294
Wells Fargo & Co., (Secured Overnight Financing Rate + 1.740%) (B) (C), 5.574%, 7/25/29		500,000		514,768
Wells Fargo & Co., (Secured Overnight Financing Rate + 1.500%) (B) (C), 5.198%, 1/23/30		600,000		612,703
Wells Fargo & Co., (Secured Overnight Financing Rate + 1.110%) (B) (C), 5.244%, 1/24/31		500,000		511,785
Wells Fargo & Co., (Secured Overnight Financing Rate + 2.020%) (B) (C), 5.389%, 4/24/34		350,000		358,106
Welltower OP LLC, 2.050%, 1/15/29		500,000		462,560
Weyerhaeuser Co., 3.375%, 3/9/33		300,000		267,917
				23,038,581
Health Care - 1.6%
AbbVie, Inc., 5.400%, 3/15/54		675,000		651,172
Amgen, Inc., 5.650%, 3/2/53		150,000		145,308
Block, Inc., 2.750%, 6/1/26		450,000		441,304
Centene Corp., 2.450%, 7/15/28		500,000		455,876
GE HealthCare Technologies, Inc., 5.600%, 11/15/25		750,000		751,299
GE HealthCare Technologies, Inc., 6.377%, 11/22/52		250,000		268,991
Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.200%, 6/1/30		250,000		222,970
Humana, Inc., 5.375%, 4/15/31		250,000		254,941
				3,191,861

	Par Value		Value (Note 1, 2)
Industrials - 2.2%
Ashtead Capital, Inc. (A), 2.450%, 8/12/31	$	600,000	$	519,072
Ball Corp., 4.875%, 3/15/26		475,000		474,309
Boeing Co., 6.858%, 5/1/54		500,000		550,012
Carrier Global Corp., 3.577%, 4/5/50		68,000		49,932
Carrier Global Corp., 6.200%, 3/15/54		174,000		186,288
Nordson Corp., 5.800%, 9/15/33		100,000		105,717
Norfolk Southern Corp., 5.950%, 3/15/64		250,000		254,563
Otis Worldwide Corp., 2.565%, 2/15/30		350,000		321,862
Quanta Services, Inc., 2.900%, 10/1/30		500,000		459,551
TD SYNNEX Corp., 1.750%, 8/9/26		500,000		484,125
Textron, Inc., 2.450%, 3/15/31		250,000		221,839
United Rentals North America, Inc., 5.500%, 5/15/27		500,000		500,110
Vontier Corp., 1.800%, 4/1/26		300,000		293,891
				4,421,271
Information Technology - 1.4%
Broadcom, Inc. (A), 3.187%, 11/15/36		12,000		9,905
Dell International LLC/EMC Corp., 8.350%, 7/15/46		87,000		110,657
Dell International LLC/EMC Corp., 3.450%, 12/15/51		625,000		427,759
Fiserv, Inc., 3.500%, 7/1/29		250,000		239,829
Gartner, Inc. (A), 4.500%, 7/1/28		400,000		393,419
HP, Inc., 2.650%, 6/17/31		600,000		530,502
Iron Mountain, Inc. (A), 4.500%, 2/15/31		275,000		260,071
Oracle Corp., 3.950%, 3/25/51		750,000		544,920
VMware LLC, 2.200%, 8/15/31		500,000		432,708
				2,949,770
Materials - 0.2%
Celanese U.S. Holdings LLC, 6.665%, 7/15/27		160,000		163,982
LYB International Finance III LLC, 3.625%, 4/1/51		400,000		262,642
				426,624
Technology - 0.6%
Micron Technology, Inc., 5.650%, 11/1/32		250,000		258,421
NetApp, Inc., 5.500%, 3/17/32		400,000		410,871
Paychex, Inc., 5.600%, 4/15/35		500,000		513,751
				1,183,043
Utilities - 1.6%
AES Corp., 1.375%, 1/15/26		400,000		393,709
Berkshire Hathaway Energy Co., 1.650%, 5/15/31		350,000		297,490
DTE Electric Co., 5.400%, 4/1/53		250,000		243,830
Duke Energy Corp., 3.750%, 9/1/46		500,000		370,014
Duke Energy Progress LLC, 3.700%, 10/15/46		500,000		378,143
Florida Power & Light Co., 2.875%, 12/4/51		700,000		439,612
Interstate Power & Light Co., 3.500%, 9/30/49		250,000		175,025
NextEra Energy Capital Holdings, Inc., 1.900%, 6/15/28		500,000		467,221
PECO Energy Co., 3.050%, 3/15/51		750,000		484,841
				3,249,885
Total Corporate Notes and Bonds
(Cost $56,038,318)				53,098,042

	Par Value		Value (Note 1, 2)
FOREIGN CORPORATE BONDS - 2.4%
Consumer Discretionary - 0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd. (A), 4.750%, 10/20/28	$	250,000	$	250,035

Energy - 0.1%
Enbridge, Inc., 5.700%, 3/8/33		250,000		259,043

Financials - 1.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.750%, 1/30/26		500,000		493,215
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27		250,000		249,952
Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26		201,000		197,862
Mitsubishi UFJ Financial Group, Inc., (1 year CMT + 1.530%) (B) (C), 5.475%, 2/22/31		500,000		515,879
Royal Bank of Canada (F), 5.150%, 2/1/34		400,000		409,405
Toronto-Dominion Bank, 4.456%, 6/8/32		300,000		294,153
UBS Group AG, (1 year CMT + 2.050%) (A) (B) (C), 4.703%, 8/5/27		400,000		400,078
				2,560,544
Health Care - 0.6%
Pfizer Investment Enterprises Pte. Ltd., 5.300%, 5/19/53		400,000		374,078
Pfizer Investment Enterprises Pte. Ltd., 5.340%, 5/19/63		250,000		229,340
Royalty Pharma PLC, 2.200%, 9/2/30		200,000		176,823
STERIS Irish FinCo UnLtd Co., 3.750%, 3/15/51		500,000		351,961
				1,132,202
Industrials - 0.3%
BAE Systems PLC (A), 5.300%, 3/26/34		500,000		511,818

Materials - 0.1%
Nutrien Ltd., 5.800%, 3/27/53		250,000		246,869
Total Foreign Corporate Bonds
(Cost $5,133,819)				4,960,511

MORTGAGE BACKED SECURITIES - 34.4%
Fannie Mae - 18.6%
3.000%, 9/1/30 Pool # 890696		153,824		149,758
3.000%, 12/1/30 Pool # AL8924		66,725		65,303
7.000%, 11/1/31 Pool # 607515		1,828		1,921
3.500%, 12/1/31 Pool # MA0919		59,301		57,857
6.500%, 3/1/32 Pool # 631377		7,025		7,247
6.500%, 5/1/32 Pool # 636758		383		396
7.000%, 5/1/32 Pool # 644591		117		123
6.500%, 6/1/32 Pool # 545691		13,158		13,589
3.500%, 8/1/32 Pool # MA3098		82,081		80,351
3.500%, 9/1/32 Pool # MA3126		55,553		54,449
5.500%, 11/1/33 Pool # 555880		17,739		18,052
4.000%, 2/1/35 Pool # MA2177		173,513		170,589
3.500%, 12/1/35 Pool # MA2473		174,356		167,757
4.500%, 12/1/35 Pool # 745147		2,757		2,725
2.500%, 9/1/36 Pool # FS4049		507,925		474,861
6.000%, 11/1/36 Pool # 902510		24,022		25,043
6.000%, 10/1/37 Pool # 947563		26,618		27,833
6.500%, 12/1/37 Pool # 889072		17,502		18,522
4.500%, 5/1/38 Pool # MA5013		866,577		857,505
6.500%, 8/1/38 Pool # 987711		46,917		49,539

	Par Value		Value (Note 1, 2)
3.000%, 11/1/39 Pool # MA3831	$	81,129	$	75,252
4.000%, 9/1/40 Pool # AE3039		177,556		170,359
4.000%, 1/1/41 Pool # AB2080		145,511		139,538
2.500%, 5/1/41 Pool # MA4334		1,085,167		956,323
5.500%, 7/1/41 Pool # AL6588		139,895		143,591
2.500%, 8/1/41 Pool # FM8460		212,481		188,110
4.000%, 9/1/41 Pool # AJ1406		65,164		62,488
4.000%, 10/1/41 Pool # AJ4046		203,211		195,762
3.500%, 11/1/41 Pool # AB3867		76,758		71,497
2.500%, 3/1/42 Pool # MA4571		2,221,999		1,955,359
4.000%, 3/1/42 Pool # AL1998		306,260		293,402
3.500%, 6/1/42 Pool # AO4134		325,075		302,153
3.500%, 8/1/42 Pool # AP2133		169,487		157,466
3.000%, 9/1/42 Pool # AP6568		44,965		40,289
3.500%, 9/1/42 Pool # AB6228		97,504		90,487
4.000%, 10/1/42 Pool # AP7363		221,306		211,669
3.500%, 1/1/43 Pool # AQ9326		200,685		186,328
3.000%, 2/1/43 Pool # AL3072		318,070		285,063
3.500%, 3/1/43 Pool # AT0310		153,588		142,663
3.500%, 4/1/43 Pool # AT2887		163,685		151,855
5.000%, 11/1/44 Pool # MA5539		671,024		666,592
4.000%, 1/1/45 Pool # AS4257		48,126		45,410
4.500%, 10/1/46 Pool # MA2783		27,324		26,544
3.000%, 1/1/47 Pool # BE0108		288,813		255,724
2.500%, 12/1/47 Pool # FM3165		872,281		737,972
3.000%, 1/1/48 Pool # FM1303		962,937		852,675
3.000%, 8/1/48 Pool # FS0517		659,826		582,633
3.000%, 1/1/49 Pool # FS4296		637,732		570,581
4.000%, 11/1/50 Pool # FM5530		493,852		459,073
2.000%, 1/1/52 Pool # FS0173		962,459		767,966
2.500%, 1/1/52 Pool # CB2548		420,681		348,159
2.000%, 3/1/52 Pool # CB3105		404,002		322,358
2.500%, 3/1/52 Pool # BV4133		499,579		409,846
3.000%, 3/1/52 Pool # CB3115		772,509		672,318
2.500%, 4/1/52 Pool # FS4138		1,566,600		1,309,000
3.500%, 5/1/52 Pool # FS1866		832,412		747,126
4.000%, 5/1/52 Pool # FS1818		2,951,883		2,729,904
3.500%, 6/1/52 Pool # CB3845		801,887		719,718
3.500%, 7/1/52 Pool # FS2812		505,264		458,630
3.500%, 8/1/52 Pool # CB4361		840,715		754,566
4.500%, 8/1/52 Pool # FS2605		1,274,418		1,214,801
4.000%, 9/1/52 Pool # MA4732		623,612		576,554
4.500%, 9/1/52 Pool # FS2821		617,071		588,821
4.000%, 10/1/52 Pool # MA4783		837,778		773,808
5.000%, 10/1/52 Pool # MA4785		2,302,695		2,252,797
5.500%, 10/1/52 Pool # MA4786		717,985		715,837
5.000%, 11/1/52 Pool # MA4806		806,227		790,212
5.000%, 12/1/52 Pool # MA4841		2,902,906		2,843,180
5.500%, 12/1/52 Pool # MA4842		786,196		785,829
4.500%, 7/1/53 Pool # FS4996		547,213		521,135
5.500%, 7/1/53 Pool # MA5072		3,261,725		3,249,360
5.500%, 9/1/53 Pool # FS5575		588,104		589,994
5.500%, 5/1/54 Pool # FS7759		927,652		925,294
5.000%, 1/1/55 Pool # MA5585		962,109		936,963
				38,264,454
Freddie Mac - 15.8%
8.000%, 6/1/30 Pool # C01005		185		193
6.500%, 1/1/32 Pool # C62333		4,268		4,407
2.500%, 2/1/32 Pool # ZS8641		135,788		129,731
3.500%, 8/1/32 Pool # C91485		74,648		72,761
4.000%, 5/1/33 Pool # G18693		119,827		118,943
4.500%, 6/1/34 Pool # C01856		109,237		108,014
2.500%, 6/1/35 Pool # RC1421		237,417		221,194

	Par Value		Value (Note 1, 2)
2.000%, 1/1/36 Pool # SB0546	$	623,372	$	571,000
6.500%, 11/1/36 Pool # C02660		2,084		2,198
5.500%, 1/1/37 Pool # G04593		65,121		66,950
5.500%, 11/1/37 Pool # A68787		42,407		43,391
5.500%, 12/1/38 Pool # G05267		123,538		126,153
4.500%, 8/1/39 Pool # G08361		119,951		118,653
5.000%, 5/1/40 Pool # SB8384		962,347		965,301
3.500%, 11/1/40 Pool # G06168		114,093		106,738
2.000%, 3/1/41 Pool # RB5105		819,645		697,659
2.500%, 6/1/41 Pool # SC0151		638,366		565,139
4.000%, 10/1/41 Pool # Q04092		279,491		268,095
4.500%, 3/1/42 Pool # G07491		134,362		132,659
2.500%, 9/1/42 Pool # SC0314		412,083		362,975
3.000%, 9/1/42 Pool # C04233		205,882		184,794
3.000%, 2/1/43 Pool # Q15767		140,277		126,421
3.000%, 4/1/43 Pool # V80026		1,121,848		1,004,699
3.500%, 8/1/44 Pool # Q27927		174,088		161,037
3.000%, 7/1/45 Pool # G08653		242,626		214,883
3.500%, 8/1/45 Pool # Q35614		172,965		159,819
3.000%, 11/1/45 Pool # G08675		199,377		176,392
3.000%, 1/1/46 Pool # G08686		253,351		224,122
3.000%, 10/1/46 Pool # G60722		259,777		229,682
3.500%, 11/1/47 Pool # Q52079		213,396		194,939
2.500%, 4/1/48 Pool # QA2240		848,416		717,230
3.000%, 7/1/49 Pool # QA1033		297,360		257,839
2.500%, 6/1/51 Pool # QC2842		810,907		669,080
2.500%, 1/1/52 Pool # SD7552		3,232,554		2,696,684
3.500%, 4/1/52 Pool # SD0960		1,116,724		1,015,142
3.500%, 5/1/52 Pool # RA7380		1,181,530		1,059,097
3.000%, 8/1/52 Pool # SD7556		1,339,007		1,160,850
4.500%, 9/1/52 Pool # SD8245		614,491		585,615
4.500%, 10/1/52 Pool # SD8257		517,102		491,532
4.500%, 11/1/52 Pool # SD8266		1,846,394		1,755,163
5.000%, 11/1/52 Pool # SD8267		2,424,215		2,371,686
5.500%, 11/1/52 Pool # SD8268		2,150,812		2,150,697
4.500%, 12/1/52 Pool # SD1921		1,145,364		1,094,969
5.000%, 12/1/52 Pool # RA8278		2,474,453		2,421,468
5.500%, 12/1/52 Pool # SD8277		974,772		974,914
5.000%, 2/1/53 Pool # SD8299		723,338		707,033
5.500%, 2/1/53 Pool # SD2172		493,839		496,045
5.000%, 5/1/53 Pool # SD2875		1,280,836		1,264,034
5.500%, 6/1/53 Pool # SD3174		837,273		838,740
5.500%, 8/1/53 Pool # SD8349		627,655		625,227
6.000%, 9/1/53 Pool # SD3739		1,107,926		1,130,542
5.500%, 2/1/54 Pool # SD4901		617,794		616,964
				32,459,493
Ginnie Mae - 0.0%
6.500%, 2/20/29 Pool # 2714		1,327		1,364
6.500%, 4/20/31 Pool # 3068		951		985
4.000%, 4/15/39 Pool # 698089		8,608		8,185
				10,534
Total Mortgage Backed Securities
(Cost $73,350,198)				70,734,481

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 25.1%
U.S. Treasury Bonds - 9.3%
6.625%, 2/15/27		2,000,000		2,083,125
5.375%, 2/15/31		2,000,000		2,134,062
4.500%, 5/15/38		1,250,000		1,252,490
2.250%, 5/15/41		3,000,000		2,161,055
3.750%, 8/15/41		4,250,000		3,771,211
4.625%, 5/15/44		1,500,000		1,455,117
3.000%, 5/15/45		1,000,000		757,187

	Par Value		Value (Note 1, 2)
3.000%, 5/15/47	$	500,000	$	370,273
1.250%, 5/15/50		1,500,000		711,504
1.875%, 2/15/51		1,500,000		831,270
4.125%, 8/15/53		2,000,000		1,761,719
4.250%, 8/15/54		2,000,000		1,799,922
				19,088,935
U.S. Treasury Notes - 15.8%
4.625%, 6/15/27		3,000,000		3,034,922
4.000%, 2/29/28		4,250,000		4,259,795
4.625%, 9/30/28		5,250,000		5,361,767
2.625%, 2/15/29		1,000,000		958,086
3.875%, 11/30/29		4,000,000		3,989,844
4.000%, 7/31/30		2,500,000		2,502,930
4.250%, 6/30/31		2,500,000		2,525,098
4.125%, 11/15/32		2,500,000		2,494,238
4.000%, 2/15/34		3,250,000		3,186,904
4.375%, 5/15/34		4,100,000		4,125,465
				32,439,049
Total U.S. Government and Agency Obligations
(Cost $54,179,252)				51,527,984
	Shares
SHORT-TERM INVESTMENTS - 2.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class (G), 4.250%		4,417,160		4,417,160
State Street Navigator Securities Lending Government Money Market Portfolio (G) (H), 4.320%		1,470,368		1,470,368
Total Short-Term Investments
(Cost $5,887,528)				5,887,528
TOTAL INVESTMENTS - 100.1%
(Cost $215,230,293)				205,519,845

NET OTHER ASSETS AND LIABILITIES - (0.1%)				(288,326	)
TOTAL NET ASSETS - 100.0%			$	205,231,519

(A)	Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other quali ied institutional buyers.”

(B)	Floating rate or variable rate note. Rate shown is as of July 31, 2025.

(C)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at July 31, 2025.

(D)	Stepped rate security. Rate shown is as of July 31, 2025. (E) Defaulted Security. Security was deemed illiquid by Madison. Interest is not being accrued.

(F)	All or a portion of these securities is on loan. The total value of the securities on loan is $1,442,076, collateralized by cash collateral of $1,470,368.

(G)	7-day yield.

(H)	Represents investments of cash collateral received in connection with securities lending.

BDC	Business Development Company.

CMT	Constant Maturity Treasury.

	Shares		Value (Note 1, 2)
COMMON STOCKS - 80.2%
Communication Services - 5.7%
Alphabet, Inc., Class C (A)		18,000	$	3,471,480
Comcast Corp., Class A (A)		86,000		2,857,780
T-Mobile U.S., Inc. (A)		23,000		5,483,430
				11,812,690
Consumer Discretionary - 9.1%
Las Vegas Sands Corp. (A)		216,000		11,318,400
Lowe’s Cos., Inc. (A)		18,000		4,024,260
Ross Stores, Inc. (A)		25,000		3,413,500
				18,756,160
Consumer Staples - 9.7%
Archer-Daniels-Midland Co. (A)		96,000		5,201,280
Constellation Brands, Inc., Class A (A)		22,100		3,691,584
Hershey Co. (A)		31,000		5,770,030
PepsiCo, Inc. (A)		38,100		5,254,752
				19,917,646
Energy - 10.9%
APA Corp.		205,000		3,954,450
ConocoPhillips (A)		69,200		6,597,528
Matador Resources Co. (A)		137,000		6,833,560
Transocean Ltd.*		1,700,000		4,964,000
				22,349,538
Equity Real Estate Investment Trusts (REITs) - 3.0%
American Tower Corp., REIT (A)		29,500		6,147,505

Financials - 6.3%
Fiserv, Inc.* (A)		33,500		4,654,490
Marsh & McLennan Cos., Inc. (A)		13,000		2,589,600
PayPal Holdings, Inc.* (A)		82,000		5,638,320
				12,882,410
Health Care - 14.3%
Agilent Technologies, Inc. (A)		43,000		4,936,830
CVS Health Corp. (A)		78,100		4,850,010
Danaher Corp. (A)		31,400		6,190,824
Johnson & Johnson (A)		30,500		5,024,570
Medtronic PLC (A)		62,000		5,594,880
Pfizer, Inc.		123,000		2,864,670
				29,461,784

	Shares		Value (Note 1, 2)
Industrials - 2.0%
Honeywell International, Inc. (A)		18,500	$	4,113,475

Information Technology - 11.5%
Accenture PLC, Class A (A)		18,100		4,834,510
Adobe, Inc.* (A)		11,600		4,149,204
Advanced Micro Devices, Inc.* (A)		28,000		4,936,680
ASML Holding NV (A)		6,500		4,515,615
Microchip Technology, Inc. (A)		78,000		5,272,020
				23,708,029
Materials - 3.9%
Barrick Mining Corp. (A)		385,000		8,131,200

Utilities - 3.8%
AES Corp.		602,000		7,916,300

Total Common Stocks
(Cost $197,093,870)				165,196,737

SHORT-TERM INVESTMENTS - 21.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 4.250%		44,664,023		44,664,023

Total Short-Term Investments
(Cost $44,664,023)				44,664,023
TOTAL INVESTMENTS - 101.9%
(Cost $241,757,893)				209,860,760

TOTAL CALL AND PUT OPTIONS WRITTEN - (2.0%)				(4,144,159	)

NET OTHER ASSETS AND LIABILITIES - 0.1%				239,859

TOTAL NET ASSETS - 100.0%			$	205,956,460

*	Non-income producing.

(A)	All or a portion of these securities’ positions, with a value of $145,497,317, represent covers (directly or through conversion rights) for outstanding options written.

(B)	7-day yield.

PLC	Public Limited Company.

REIT	Real Estate Investment Trust.

Covered Call & Equity Income Fund Portfolio of Investments (unaudited) - concluded

	Shares		Value (Note 1, 2)
COMMON STOCKS - 98.4%
Communication Services - 2.5%
Comcast Corp., Class A		89,700	$	2,980,731

Consumer Discretionary - 9.7%
Home Depot, Inc.		10,850		3,987,483
Lowe’s Cos., Inc.		13,450		3,007,016
McDonald’s Corp.		5,450		1,635,382
NIKE, Inc., Class B		18,000		1,344,420
Starbucks Corp.		16,100		1,435,476
				11,409,777
Consumer Staples - 7.4%
Colgate-Palmolive Co.		24,300		2,037,555
Hershey Co.		10,800		2,010,204
PepsiCo, Inc.		17,200		2,372,224
Procter & Gamble Co.		14,900		2,242,003
				8,661,986
Energy - 9.2%
Chevron Corp.		20,400		3,093,456
ConocoPhillips		19,200		1,830,528
EOG Resources, Inc.		30,000		3,600,600
Exxon Mobil Corp.		20,800		2,322,112
				10,846,696
Equity Real Estate Investment Trusts (REITs) - 2.7%
American Tower Corp., REIT		15,000		3,125,850

Financials - 18.9%
Bank of America Corp.		67,700		3,200,179
Blackrock, Inc.		4,225		4,672,892
CME Group, Inc.		15,750		4,382,910
JPMorgan Chase & Co.		11,100		3,288,264
Marsh & McLennan Cos., Inc.		11,300		2,250,960
Morgan Stanley		31,150		4,437,629
				22,232,834
Health Care - 13.5%
Abbott Laboratories		22,450		2,832,966
AbbVie, Inc.		16,200		3,062,124
Elevance Health, Inc.		7,400		2,094,792
Johnson & Johnson		24,700		4,069,078
Medtronic PLC		41,400		3,735,936
				15,794,896
Industrials - 20.2%
Automatic Data Processing, Inc.		15,450		4,781,775
Caterpillar, Inc.		3,250		1,423,565
Cummins, Inc.		5,100		1,874,862
Fastenal Co.		76,900		3,547,397
Honeywell International, Inc.		18,500		4,113,475
Illinois Tool Works, Inc.		8,000		2,047,760
Rockwell Automation, Inc.		6,200		2,180,602
Union Pacific Corp.		16,875		3,745,744
				23,715,180
Information Technology - 8.7%
Accenture PLC, Class A		6,075		1,622,632
Analog Devices, Inc.		7,100		1,594,873
TE Connectivity PLC		16,250		3,343,438
Texas Instruments, Inc.		20,050		3,630,253
				10,191,196
Materials - 2.0%
Air Products & Chemicals, Inc.		7,950		2,288,646

	Shares		Value (Note 1, 2)
Utilities - 3.6%
NextEra Energy, Inc.		60,200	$	4,277,812

Total Common Stocks
(Cost $86,991,782)				115,525,604

SHORT-TERM INVESTMENTS - 1.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.250%		1,812,608		1,812,608

Total Short-Term Investments
(Cost $1,812,608)				1,812,608
TOTAL INVESTMENTS - 99.9%
(Cost $88,804,390)				117,338,212

NET OTHER ASSETS AND LIABILITIES - 0.1%				86,196

TOTAL NET ASSETS - 100.0%			$	117,424,408

(A)	7-day yield.

PLC	Public Limited Company.

REIT	Real Estate Investment Trust.

	Shares		Value (Note 1, 2)
COMMON STOCKS - 99.4%
Communication Services - 5.9%
Alphabet, Inc., Class C		118,824	$	22,916,397

Consumer Discretionary - 16.6%
Airbnb, Inc., Class A*		50,751		6,719,940
Amazon.com, Inc.*		97,230		22,762,515
Lowe’s Cos., Inc.		61,080		13,655,655
NIKE, Inc., Class B		75,027		5,603,767
Starbucks Corp.		83,523		7,446,911
TJX Cos., Inc.		66,671		8,302,540
				64,491,328
Financials -27.9%
Capital Markets - 8.5%
Brookfield Corp.		205,797		13,798,689
Charles Schwab Corp.		114,940		11,233,086
MSCI, Inc.		14,070		7,898,335
				32,930,110
Financial Services - 7.4%
Fiserv, Inc.*		98,351		13,664,888
Visa, Inc., Class A		44,148		15,251,810
				28,916,698
Insurance - 12.0%
Arch Capital Group Ltd.		265,844		22,878,535
Marsh & McLennan Cos., Inc.		46,607		9,284,114
Progressive Corp.		58,360		14,125,454
				46,288,103
				108,134,911
Health Care - 10.1%
Agilent Technologies, Inc.		89,587		10,285,483
Alcon AG (A)		159,688		13,980,684
Danaher Corp.		74,729		14,733,570
				38,999,737
Industrials - 18.8%
Copart, Inc.*		240,311		10,893,298
Deere & Co.		20,363		10,677,746
Ferguson Enterprises, Inc.		86,247		19,261,543
PACCAR, Inc.		163,644		16,161,481
Parker-Hannifin Corp.		21,665		15,856,613
				72,850,681
Information Technology - 20.1%
Accenture PLC, Class A		35,558		9,497,542
Analog Devices, Inc.		49,260		11,065,274
CDW Corp.		66,492		11,594,875
Gartner, Inc.*		41,254		13,970,667
Keysight Technologies, Inc.*		88,080		14,437,193
Texas Instruments, Inc.		94,691		17,144,752
				77,710,303
Total Common Stocks
(Cost $221,163,857)				385,103,357

SHORT-TERM INVESTMENTS - 2.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 4.250%		4,203,143		4,203,143

	Shares		Value (Note 1, 2)
State Street Navigator Securities Lending Government Money Market Portfolio (B) (C), 4.320%		3,314,220	$	3,314,220

Total Short-Term Investments
(Cost $7,517,363)				7,517,363
TOTAL INVESTMENTS - 101.4%
(Cost $228,681,220)				392,620,720

NET OTHER ASSETS AND LIABILITIES - (1.4%)				(5,598,277	)

TOTAL NET ASSETS - 100.0%			$	387,022,443

*	Non-income producing.

(A)	All or a portion of these securities is on loan. The total value of the securities on loan is $13,730,628, collateralized by cash collateral of $3,314,220 and non-cash collateral of $12,503,411.

(B)	7-day yield.

(C)	Represents investments of cash collateral received in connection with securities lending.

MSCI	Morgan Stanley Capital International.

PLC	Public Limited Company.

	Shares		Value (Note 1, 2)
COMMON STOCKS - 96.5%
Communication Services - 5.4%
Liberty Broadband Corp., Class C*		721,078	$	44,216,503
Liberty Media Corp.-Liberty Formula One, Class A*		454,863		40,992,253
Liberty Media Corp.-Liberty Formula One, Class C*		322,165		32,329,258
				117,538,014
Consumer Discretionary - 14.8%
Asbury Automotive Group, Inc.*		199,878		44,396,901
Floor & Decor Holdings, Inc., Class A*		884,850		67,814,904
Lithia Motors, Inc.		150,917		43,464,096
Ross Stores, Inc.		842,858		115,083,831
Thor Industries, Inc.		586,242		53,342,160
				324,101,892
Financials - 23.2%
Arch Capital Group Ltd.		1,797,607		154,702,058
Brookfield Asset Management Ltd., Class A (A)		1,008,895		62,218,555
Brown & Brown, Inc.		999,354		91,310,975
Cullen/Frost Bankers, Inc.		201,078		25,619,348
Glacier Bancorp, Inc.		549,185		24,070,779
Kinsale Capital Group, Inc.		86,499		38,119,244
Moelis & Co., Class A		645,956		45,307,354
W.R. Berkley Corp.		960,845		66,115,744
				507,464,057
Health Care - 8.7%
Labcorp Holdings, Inc.		291,849		75,904,088
Medpace Holdings, Inc.*		154,229		65,886,629
Waters Corp.*		163,925		47,334,983
				189,125,700
Industrials - 17.3%
Carlisle Cos., Inc.		263,912		93,612,226
Copart, Inc.*		1,720,948		78,010,573
Expeditors International of Washington, Inc.		283,401		32,942,532
Graco, Inc.		264,104		22,179,454
PACCAR, Inc.		868,922		85,814,737
Trex Co., Inc.*		1,010,047		64,885,419
				377,444,941
Information Technology -27.1%
Communications Equipment - 3.5%
Arista Networks, Inc.*		615,475		75,838,829

Electronic Equipment, Instruments & Components - 13.6%
Amphenol Corp., Class A		1,288,551		137,243,567
CDW Corp.		534,256		93,163,561
Teledyne Technologies, Inc.*		118,180		65,119,544
				295,526,672
IT Services - 4.5%
Gartner, Inc.*		291,369		98,672,112

Semiconductors & Semiconductor Equipment - 5.5%
Microchip Technology, Inc.		771,671		52,157,243
MKS, Inc.		720,934		68,618,498
				120,775,741
				590,813,354
Total Common Stocks
(Cost $1,670,322,234)				2,106,487,958

	Shares		Value (Note 1, 2)
SHORT-TERM INVESTMENTS - 3.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 4.250%		75,375,932	$	75,375,932

Total Short-Term Investments
(Cost $75,375,932)				75,375,932
TOTAL INVESTMENTS - 100.0%
(Cost $1,745,698,166)				2,181,863,890

NET OTHER ASSETS AND LIABILITIES - 0.0%				456,034

TOTAL NET ASSETS - 100.0%			$	2,182,319,924

*	Non-income producing.

(A)	All or a portion of these securities is on loan. The total value of the securities on loan is $1,136,530 collateralized by non-cash collateral of $1,249,526.

(B)	7-day yield.

	Shares		Value (Note 1, 2)
COMMON STOCKS - 91.5%
Communication Services - 2.3%
Cogent Communications Holdings, Inc.		86,476	$	3,942,441

Consumer Discretionary - 8.6%
Ollie’s Bargain Outlet Holdings, Inc.*		19,920		2,721,669
OneSpaWorld Holdings Ltd.		161,506		3,572,513
Revolve Group, Inc.*		111,734		2,318,480
Shake Shack, Inc., Class A*		27,814		3,347,137
VF Corp.		203,318		2,382,887
				14,342,686
Consumer Staples - 6.4%
Edgewell Personal Care Co.		115,839		2,922,618
Primo Brands Corp.		145,963		4,030,038
Simply Good Foods Co.*		123,980		3,776,431
				10,729,087
Energy - 1.4%
Chord Energy Corp.		21,395		2,360,510

Financials - 13.0%
Axis Capital Holdings Ltd.		44,521		4,177,851
Baldwin Insurance Group, Inc.*		108,653		4,002,777
Hanover Insurance Group, Inc.		15,367		2,637,438
Moelis & Co., Class A		53,688		3,765,676
Texas Capital Bancshares, Inc.*		48,282		4,054,240
Western Alliance Bancorp		40,890		3,171,428
				21,809,410
Health Care - 11.8%
Charles River Laboratories International, Inc.*		4,485		760,835
Encompass Health Corp.		62,988		6,935,609
Globus Medical, Inc., Class A*		23,094		1,215,437
HealthEquity, Inc.*		52,394		5,082,218
Medpace Holdings, Inc.*		3,743		1,599,010
Option Care Health, Inc.*		140,623		4,127,285
				19,720,394
Industrials - 20.7%
Advanced Drainage Systems, Inc.		19,978		2,292,475
Carlisle Cos., Inc.		11,694		4,147,979
Core & Main, Inc., Class A*		108,440		6,901,122
Crane Co.		19,151		3,749,191
GMS, Inc.*		6,654		729,545
Hayward Holdings, Inc.*		363,575		5,591,784
Leonardo DRS, Inc.		90,484		3,764,134
Mueller Water Products, Inc., Class A		87,599		2,168,951
WillScot Holdings Corp.		182,426		5,354,203
				34,699,384
Information Technology - 22.7%
Box, Inc., Class A*		139,751		4,486,007
Ciena Corp.*		35,885		3,331,563
CommVault Systems, Inc.*		20,582		3,909,551
Confluent, Inc., Class A*		148,097		2,625,019
Crane NXT Co.		38,846		2,305,122
CTS Corp.		62,452		2,447,494
Entegris, Inc.		53,840		4,224,286
FormFactor, Inc.*		129,038		3,665,970
Knowles Corp.*		188,621		3,830,893
Power Integrations, Inc.		88,947		4,315,708
Workiva, Inc.*		45,556		2,907,840
				38,049,453
Materials - 4.6%
Olin Corp.		86,140		1,631,492

	Shares		Value (Note 1, 2)
Scotts Miracle-Gro Co.		96,443	$	6,043,118
				7,674,610
Total Common Stocks
(Cost $118,115,034)				153,327,975

SHORT-TERM INVESTMENTS - 8.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.250%		13,645,113		13,645,113

Total Short-Term Investments
(Cost $13,645,113)				13,645,113
TOTAL INVESTMENTS - 99.7%
(Cost $131,760,147)				166,973,088

NET OTHER ASSETS AND LIABILITIES - 0.3%				422,079

TOTAL NET ASSETS - 100.0%			$	167,395,167

*	Non-income producing.

(A)	7-day yield.

1. Portfolio Valuation: Madison Funds, a Delaware business trust (the “Trust” and each series of the Trust referred to individually as a “Fund” and collectively, the “Funds”) values securities and other investments as follows: Equity securities, including American Depositary Receipts (“ADRs”), Global Depository Receipts (“GDRs”) and exchange-traded funds (“ETFs”) listed on any U.S. or foreign stock exchange or quoted on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”) are valued at the last quoted sale price or official closing price on that exchange or NASDAQ on the valuation day (provided that, for securities traded on NASDAQ, the Funds utilize the NASDAQ Official Closing Price (“NOCP”). If no sale occurs, equities traded on a U.S. exchange, foreign exchange or on NASDAQ are valued at the bid price. Debt securities purchased (other than short-term obligations) with a remaining maturity of 61 days or more are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measurements based on valuation technology commonly employed in the market for such investments.

Municipal debt securities are traded via a network of dealers and brokers that connect buyers and sellers. They are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. There may be little trading in the secondary market for particular bonds and other debt securities, making them more difficult to value or sell. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche.

Investments in shares of open-end mutual funds, including money market funds, are valued at their daily net asset value (“NAV”) which is calculated as of the close of regular trading on the New York Stock Exchange (the “NYSE”), usually 4:00 p.m. Eastern Standard Time on each day on which the NYSE is open for business. NAV per share is determined by dividing each Fund’s total net assets by the number of shares of such fund outstanding at the time of calculation. Because the assets of each Allocation Fund consist primarily of shares of other registered investment companies (the “Underlying Funds”), the NAV of each Fund is determined based on the NAVs of the Underlying Funds. Total net assets are determined by adding the total current value of portfolio securities, cash, receivables, and other assets and subtracting liabilities.

Over-the-counter securities not listed or traded on NASDAQ are valued at the last sale price on the valuation day. If no sale occurs on the valuation day, an over-the-counter security is valued at the last bid price. Exchange-traded options are valued at the mean of the best bid and ask prices across all option exchanges. Over-the-counter options are valued based upon prices provided by market makers in such securities or dealers in such currencies. Financial futures contracts generally are valued at the settlement price established by the exchange(s) on which the contracts are primarily traded. Spot and forward foreign currency exchange contracts are valued based on quotations supplied by dealers in such contracts. Overnight repurchase agreements are valued at cost, and term repurchase agreements (i.e., those whose maturity exceeds seven days), swaps, caps, collars and floors, if any, are valued at the average of the closing bids obtained daily from at least one dealer.

Through the end of this reporting period, the value of all assets and liabilities expressed in foreign currencies was converted into U.S. dollar values using the then-current exchange rate at the close of regular trading on the NYSE.

All other securities for which either quotations are not readily available, no other sales have occurred, or in the Investment Adviser’s opinion, do not reflect the current fair value, are appraised at their fair values as determined in good faith by the Pricing Committee ( the “Committee”) and under the general supervision of the Board of Trustees. When fair value pricing of securities is employed, the prices of securities used by the Funds to calculate NAV may differ from market quotations or NOCP. Because the Allocation Funds primarily invest in Underlying Funds, government securities and short-term paper, it is not anticipated that the Investment Adviser will need to “fair value” any of the investments of these Funds. However, an Underlying Fund may need to “fair value” one or more of its investments, which may, in turn, require an Allocation Fund to do the same because of delays in obtaining the Underlying Fund’s NAV.

Rule 2a-5 under the 1940 Act (the “Valuation Rule”) establishes requirements for determining fair value in good faith , including related oversight and reporting requirements. The Valuation Rule also defines when market quotations are “readily available,” which is the threshold for determining whether a fund must fair value a security. Among other things, the Valuation Rule permits a board of trustees of a fund to designate a fund’s investment adviser as valuation designee to perform a fund’s fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the board receives the information it needs to oversee a fund’s investment adviser fair value determinations. The Board has designated the Funds’ investment adviser as Valuation Designee and the Valuation Designee has delegated valuation decisions to the Committee.

A Fund’s investments will be valued at fair value if, in the judgment of the Committee, an event impacting the value of an investment occurred between the closing time of a security’s primary market or exchange (for example, a foreign exchange or market) and the time the Fund’s share price is calculated as of the close of regular trading on the NYSE. Significant events may include, but are not limited to, the following: (1) significant fluctuations in domestic markets, foreign markets or foreign currencies; (2) occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant government actions; and (3) major announcements affecting a single issuer or an entire market or market sector. In responding to a significant event, the Committee would determine the fair value of affected securities considering factors including, but not limited to: fundamental analytical data relating to the investment; the nature and duration of any restrictions on the disposition of the investment; and the forces influencing the market(s) in which the investment is purchased or sold. The Committee may rely on an independent fair valuation service to adjust the valuations of foreign equity securities based on specific market-movement parameters established by the Committee and approved by the Trust.

2. Fair Value Measurements: Each Fund has adopted Financial Accounting Standards Board (the “FASB”) guidance on fair value measurements. Fair value is defined as the price that each Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data “inputs” and minimize the use of unobservable “inputs” and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs used in the valuation technique). Inputs may be observable or unobservable.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rate volatilities, prepayment speeds, credit risk, benchmark yields, transactions, bids, offers, new issues, spreads, and other relationships observed in the markets among comparable securities, underlying equity of the issuer; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance, and other reference data, etc.)

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The valuation techniques used by the Funds to measure fair value for the period ended July 31, 2025 maximized the use of observable inputs and minimized the use of unobservable inputs. The Funds estimated the price that would have prevailed in a liquid market for an international equity security given information available at the time of valuation. As July 31, 2025, none of the Funds held securities deemed as a Level 3, and there were no transfers between classification levels.

The following is a summary of the inputs used as of July 31, 2025, in valuing the funds’ investments carried at fair value (please see the Portfolio of Investments for each Fund for a listing of all securities within each category):

¹See respective Portfolio of Investments for underlying holdings in each fund. For additional information on the Underlying Funds held in the Allocation Funds, including shareholder prospectuses and financial reports, please visit each Underlying fund’s website or visit the Securities and Exchange Commission’s website at http://www.sec.gov.

Derivatives: The FASB issued guidance intended to enhance financial statement disclosure for derivative instruments and enable investors to understand: a) how and why a Fund uses derivative investments, b) how derivative instruments are accounted for, and c) how derivative instruments affect a Fund’s financial position, results of operations.

The following table presents the types of derivatives in the Covered Call & Equity Income Fund as of July 31, 2025 and their effects:

Desription	Exercise Price		Expiration Date	Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Call Options Written
Accenture PLC	$	320.00	9/19/25		(181	)	$	(5,792,000	)	$	(9,955	)	$	(108,415	)	$	98,460
Adobe, Inc.		400.00	8/15/25		(116	)		(4,640,000	)		(6,090	)		(86,881	)		80,791
Advanced Micro Devices, Inc.		140.00	8/15/25		(280	)		(3,920,000	)		(1,042,300	)		(83,712	)		(958,588	)
Agilent Technologies, Inc.		125.00	8/15/25		(430	)		(5,375,000	)		(23,650	)		(150,057	)		126,407
Alphabet, Inc.		180.00	8/15/25		(180	)		(3,240,000	)		(257,850	)		(70,915	)		(186,935	)
American Tower Corp.		230.00	9/19/25		(295	)		(6,785,000	)		(31,713	)		(195,860	)		164,147
Archer-Daniels-Midland Co.		60.00	9/19/25		(960	)		(5,760,000	)		(57,600	)		(82,609	)		25,009
ASML Holding NV		760.00	9/19/25		(65	)		(4,940,000	)		(64,025	)		(177,383	)		113,358
Barrick Mining Corp.		23.00	9/19/25		(3,850	)		(8,855,000	)		(140,525	)		(269,348	)		128,823
Comcast Corp.		37.50	9/19/25		(860	)		(3,225,000	)		(11,610	)		(55,814	)		44,204
ConocoPhillips		100.00	9/19/25		(692	)		(6,920,000	)		(151,548	)		(123,848	)		(27,700	)
Constellation Brands, Inc.		175.00	8/15/25		(221	)		(3,867,500	)		(27,625	)		(94,803	)		67,178
CVS Health Corp.		70.00	8/15/25		(781	)		(5,467,000	)		(7,029	)		(129,904	)		122,875

Desription	Exercise Price		Expiration Date	Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Call Options Written (continued)
Danaher Corp.	$	210.00	8/15/25		(314	)	$	(6,594,000	)	$	(23,550	)	$	(146,239	)	$	122,689
Fiserv, Inc.		180.00	8/15/25		(85	)		(1,530,000	)		—			(50,913	)		50,913
Fiserv, Inc.		180.00	9/19/25		(250	)		(4,500,000	)		—			(97,243	)		97,243
Hershey Co.		185.00	8/15/25		(228	)		(4,218,000	)		(101,460	)		(79,565	)		(21,895	)
Hershey Co.		170.00	8/15/25		(82	)		(1,394,000	)		(137,760	)		(31,896	)		(105,864	)
Honeywell International, Inc.		230.00	8/15/25		(185	)		(4,255,000	)		(11,100	)		(94,347	)		83,247
Johnson & Johnson		160.00	8/15/25		(250	)		(4,000,000	)		(148,750	)		(82,243	)		(66,507	)
Johnson & Johnson		160.00	9/19/25		(55	)		(880,000	)		(37,950	)		(12,263	)		(25,687	)
Las Vegas Sands Corp.		47.50	8/15/25		(1,080	)		(5,130,000	)		(540,000	)		(113,368	)		(426,632	)
Las Vegas Sands Corp.		47.50	9/19/25		(841	)		(3,994,750	)		(477,267	)		(101,726	)		(375,541	)
Las Vegas Sands Corp.		52.50	9/19/25		(239	)		(1,254,750	)		(51,624	)		(32,653	)		(18,971	)
Lowe’s Cos., Inc.		250.00	9/19/25		(180	)		(4,500,000	)		(19,440	)		(80,811	)		61,371
Marsh & McLennan Cos., Inc.		240.00	9/19/25		(65	)		(1,560,000	)		—			(47,476	)		47,476
Matador Resources Co.		55.00	9/19/25		(1,370	)		(7,535,000	)		(137,000	)		(190,718	)		53,718
Medtronic PLC		90.00	9/19/25		(620	)		(5,580,000	)		(196,850	)		(110,962	)		(85,888	)
Microchip Technology, Inc.		72.50	8/15/25		(780	)		(5,655,000	)		(103,350	)		(123,997	)		20,647
PayPal Holdings, Inc.		77.50	8/15/25		(820	)		(6,355,000	)		(9,840	)		(135,276	)		125,436
PepsiCo, Inc.		140.00	9/19/25		(381	)		(5,334,000	)		(122,873	)		(88,762	)		(34,111	)
Ross Stores, Inc.		140.00	9/19/25		(250	)		(3,500,000	)		(116,250	)		(67,243	)		(49,007	)
T-Mobile U.S., Inc.		260.00	8/15/25		(130	)		(3,380,000	)		(3,575	)		(74,183	)		70,608
T-Mobile U.S., Inc.		240.00	9/19/25		(100	)		(2,400,000	)		(74,000	)		(54,933	)		(19,067	)
Total Call Options Written										$	(4,144,159	)	$	(3,446,366	)	$	(697,793	)

Total Options Written, at Value										$	(4,144,159	)	$	(3,446,366	)	$	(697,793	)

(B)		Greater than 25% of the portfolio. For more information refer the website madisonfunds.com/individual/core-bond-fund/.

(C)		Affiliated Company.

(D)		7-day yield.

(E)		Represents investments of cash collateral received in connection with securities lending.

ETF		Exchange Traded Fund.

FTSE		The Financial Times Stock Exchange.

MSCI		Morgan Stanley Capital International.

S&P		Standard & Poor's.

SPDR		Standard & Poor's Depository Receipts.

DAC	Designated Activity Company.
FREMF	Freddie Mac Multifamily Securities.
IO	Interest Only.
LLC	Limited Liability Corporation.
LP	Limited Partnership.
PLC	Public Limited Company.
REMIC	Real Estate Mortgage Investment Conduit.
SOFR	Secured Overnight Financing Rate.
USD	United States Dollar.

Fund¹	Level 1		Level 2		Level 3		Value at 7/31/25
Conservative Allocation
Exchange Traded Funds	$	19,336,148	$	—	$	—	$	19,336,148
Investment Companies		18,484,625		—		—		18,484,625
Short-Term Investments		4,371,352		—		—		4,371,352
		42,192,125		—		—		42,192,125