	Shares		Value (Note 1, 2)
EXCHANGE TRADED FUNDS - 48.0%
Bond Funds - 15.2%
iShares 5-10 Year Investment Grade Corporate Bond ETF		20,289	$	1,095,809
Janus Henderson Mortgage-Backed Securities ETF		31,825		1,455,994
Schwab Intermediate-Term U.S. Treasury ETF		72,985		1,829,734
VanEck J. P. Morgan EM Local Currency Bond ETF (A)		42,597		1,120,301
				5,501,838
Foreign Stock Funds - 11.7%
Franklin FTSE Japan ETF		12,547		458,969
iShares MSCI Emerging Markets Asia ETF (A)		12,770		1,284,662
iShares MSCI Eurozone ETF		4,573		304,836
Vanguard FTSE All-World ex-U.S. ETF		11,125		864,746
Vanguard FTSE Europe ETF		15,029		1,315,038
				4,228,251
Stock Funds - 21.1%
Distillate U.S. Fundamental Stability & Value ETF		31,800		1,905,774
Invesco S&P 500 Quality ETF		35,521		2,748,970
iShares Core S&P Small-Cap ETF		5,991		761,037
State Street SPDR S&P Bank ETF (A)		17,159		1,090,798
Vanguard Information Technology ETF (A)		1,473		1,101,686
				7,608,265
Total Exchange Traded Funds (Cost $14,756,425)				17,338,354

INVESTMENT COMPANIES - 51.2%
Bond Funds - 48.0%
Madison Core Bond Fund, Class R6 (B) (C)		1,901,554		17,323,152

Stock Funds - 3.2%
Madison Large Cap Fund, Class R6 (C)		39,275		1,151,949

Total Investment Companies (Cost $19,843,274)				18,475,101

SHORT-TERM INVESTMENTS - 12.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 3.650%		262,422		262,422
State Street Navigator Securities Lending Government Money Market Portfolio (D), 3.710% (E)		4,292,636		4,292,636

Total Short-Term Investments (Cost $4,555,058)				4,555,058
TOTAL INVESTMENTS - 111.8% (Cost $39,154,757)				40,368,513
NET OTHER ASSETS AND LIABILITIES - (11.8%)				(4,270,761	)
TOTAL NET ASSETS - 100.0%			$	36,097,752

(A)

All or a portion of these securities is on loan. The total value of the securities on loan is $4,142,472, collateralized by cash collateral of $4,292,636.

(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.

	Shares		Value (Note 1, 2)
EXCHANGE TRADED FUNDS - 63.9%
Bond Funds - 9.0%
iShares 5-10 Year Investment Grade Corporate Bond ETF (A)		32,739	$	1,768,233
Janus Henderson Mortgage-Backed Securities ETF		38,652		1,768,329
Schwab Intermediate-Term U.S. Treasury ETF		123,705		3,101,284
VanEck J. P. Morgan EM Local Currency Bond ETF (A)		50,456		1,326,993
				7,964,839
Foreign Stock Funds - 19.9%
Franklin FTSE Japan ETF		49,454		1,809,027
iShares MSCI Emerging Markets Asia ETF (A)		51,285		5,159,271
iShares MSCI Eurozone ETF		14,270		951,238
Vanguard FTSE All-World ex-U.S. ETF		53,280		4,141,455
Vanguard FTSE Europe ETF		62,436		5,463,150
				17,524,141
Stock Funds - 35.0%
Distillate U.S. Fundamental Stability & Value ETF		128,351		7,692,075
Invesco S&P 500 Quality ETF		133,659		10,343,870
iShares Core S&P Small-Cap ETF		24,282		3,084,543
State Street SPDR S&P Bank ETF (A)		72,991		4,640,038
Vanguard Information Technology ETF (A)		6,774		5,066,410
				30,826,936
Total Exchange Traded Funds
(Cost $45,399,767)				56,315,916

INVESTMENT COMPANIES - 35.1%
Bond Funds - 28.6%
Madison Core Bond Fund, Class R6 (B) (C)		2,760,193		25,145,361

Stock Funds - 6.5%
Madison Large Cap Fund, Class R6 (C)		195,283		5,727,653

Total Investment Companies
(Cost $31,008,173)				30,873,014

SHORT-TERM INVESTMENTS - 15.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 3.650%		1,034,687		1,034,687
State Street Navigator Securities Lending Government Money Market Portfolio (D), 3.710% (E)		12,437,355		12,437,355

Total Short-Term Investments
(Cost $13,472,042)				13,472,042
TOTAL INVESTMENTS - 114.3%
(Cost $89,879,982)				100,660,972

NET OTHER ASSETS AND LIABILITIES - (14.3%)				(12,611,019	)

TOTAL NET ASSETS - 100.0%			$	88,049,953

(A)

All or a portion of these securities is on loan. The total value of the securities on loan is $12,009,498, collateralized by cash collateral of $12,437,355.

	Shares		Value (Note 1, 2)
EXCHANGE TRADED FUNDS - 74.9%
Bond Funds - 2.7%
Janus Henderson Mortgage-Backed Securities ETF		19,386	$	886,909
Schwab Intermediate-Term U.S. Treasury ETF		23,636		592,555
				1,479,464
Foreign Stock Funds - 27.0%
Franklin FTSE Japan ETF		43,060		1,575,135
iShares MSCI Emerging Markets Asia ETF		40,916		4,116,149
iShares MSCI Eurozone ETF		11,112		740,726
Vanguard FTSE All-World ex-U.S. ETF		42,226		3,282,227
Vanguard FTSE Europe ETF		57,750		5,053,125
				14,767,362
Stock Funds - 45.2%
Distillate U.S. Fundamental Stability & Value ETF		104,457		6,260,108
Invesco S&P 500 Quality ETF		97,479		7,543,900
iShares Core S&P Small-Cap ETF		22,476		2,855,126
State Street SPDR S&P Bank ETF (A)		58,483		3,717,764
Vanguard Information Technology ETF (A)		5,817		4,350,651
				24,727,549

Total Exchange Traded Funds (Cost $31,821,233)				40,974,375

INVESTMENT COMPANIES - 23.9%
Bond Funds - 14.4%
Madison Core Bond Fund, Class R6 (B)		863,241		7,864,122

Stock Funds - 9.5%
Madison Large Cap Fund, Class R6 (B)		177,417		5,203,644

Total Investment Companies (Cost $11,654,110)				13,067,766

SHORT-TERM INVESTMENTS - 9.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class (C), 3.650%		592,226		592,226
State Street Navigator Securities Lending Government Money Market Portfolio (C), 3.710% (D)		4,825,027		4,825,027

Total Short-Term Investments (Cost $5,417,253)				5,417,253
TOTAL INVESTMENTS - 108.7% (Cost $48,892,596)				59,459,394

NET OTHER ASSETS AND LIABILITIES - (8.7%)				(4,736,734	)
TOTAL NET ASSETS - 100.0%			$	54,722,660

(A)

All or a portion of these securities is on loan. The total value of the securities on loan is $4,651,747, collateralized by cash collateral of $4,825,027.

(B)

Affiliated Company.

(C)

7-day yield.

(D)

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

ETF

Exchange Traded Fund.

	Par Value		Value (Note 1, 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%
GSAMP Trust, Series 2006-S5, Class M5 (A) (B), 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		1,605		1,675
7.000%, 5/1/32 Pool # 644591		168		176
				1,851
Freddie Mac - 0.0%
8.000%, 6/1/30 Pool # C01005		292		305

Ginnie Mae - 0.0%
6.500%, 2/20/29 Pool # 2714		1,484		1,535
6.500%, 4/20/31 Pool # 3068		1,377		1,435
				2,970
Total Mortgage Backed Securities (Cost $4,936)				5,126

		Shares
EXCHANGE TRADED FUNDS - 99.5%
Bond Funds - 56.0%
Janus Henderson Mortgage-Backed Securities ETF		50,531		2,311,793
Madison Aggregate Bond ETF (C) (D)		900,000		18,445,500
Madison Short-Term Strategic Income ETF (C) (D)		1,187,500		24,331,875
State Street SPDR Portfolio High Yield Bond ETF		521,954		12,432,944
VanEck J. P. Morgan EM Local Currency Bond ETF (C)		214,000		5,628,200
				63,150,312
Stock Funds - 43.5%
Global X MLP ETF		80,949		4,168,064
Madison Covered Call ETF (D)		835,000		15,725,722
Madison Dividend Value ETF (D)		985,000		24,052,124
Schwab U.S. Dividend Equity ETF		172,202		5,135,064
				49,080,974
Total Exchange Traded Funds (Cost $106,204,308)				112,231,286

SHORT-TERM INVESTMENTS - 6.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class (E), 3.650%		690,651		690,651
State Street Navigator Securities Lending Government Money Market Portfolio (E), 3.710% (F)		6,735,470		6,735,470

Total Short-Term Investments (Cost $7,426,121)				7,426,121
TOTAL INVESTMENTS - 106.1% (Cost $113,635,365)				119,662,533

NET OTHER ASSETS AND LIABILITIES - (6.1%)				(6,853,427	)

TOTAL NET ASSETS - 100.0%			$	112,809,106

(A)

Floating rate or variable rate note. Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at January 31, 2026.

(B)

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

(C)

All or a portion of these securities is on loan. The total value of the securities on loan is $6,511,693, collateralized by cash collateral of $6,735,470.

(D)

Affiliated Company.

(E)

7-day yield.

(F)

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 - 98.6%
Alabama - 7.0%
Mobile County, General Obligation, 5.000%, 2/1/39	$	610,000	$	657,309
Montgomery Water Works & Sanitary Sewer Board, 5.000%, 9/1/42		315,000		341,438
Pike Road, Authority Revenue, 4.000%, 9/1/31		170,000		170,168
UAB Medicine Finance Authority Revenue, Series B, 5.000%, 9/1/27		150,000		155,723
				1,324,638
Arkansas - 0.9%
Arkansas Development Finance Authority, 5.000%, 2/1/26		175,000		175,000

California - 0.7%
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Series A, 5.000%, 7/1/40		120,000		123,516

Colorado - 3.5%
Colorado Springs Utilities System Revenue, Series A, 4.000%, 11/15/40		250,000		254,914
El Paso County Facilities Corp., Series A, 5.000%, 12/1/27		400,000		418,250
				673,164
Florida - 5.9%
City of Oakland Park, 4.000%, 2/1/36		100,000		103,591
County of Polk Utility System Revenue, 5.000%, 10/1/54		350,000		364,085
Hialeah Utility System, 5.000%, 10/1/35		400,000		439,837
Tampa Bay Water, Series A, 5.250%, 10/1/54		200,000		211,318
				1,118,831
Georgia - 0.8%
Americus-Sumter Payroll Development Authority, Series A, 3.250%, 6/1/33		150,000		150,668

Illinois - 10.3%
Cook County School District No. 111 Burbank, (BAM-TCRS), 5.000%, 12/1/35		545,000		565,045
Cook County School District No. 111 Burbank, (BAM-TCRS), 4.000%, 12/1/37		200,000		202,794
Palatine Village, General Obligation, 2.000%, 12/1/28		175,000		168,552
Village of Bourbonnais, (BAM), 5.250%, 12/1/46		325,000		337,372
Village of Buffalo Grove, 5.000%, 12/30/38		300,000		332,472
Woodford Tazewell & McLean Counties Community Unit School District 140 Eureka, Series A, (BAM), 5.000%, 11/1/42		325,000		346,356
				1,952,591
Indiana - 6.6%
Indiana Finance Authority, Series A, 5.000%, 10/1/46		140,000		145,577
Indiana Finance Authority, 5.250%, 3/1/54		240,000		245,560
Lincoln Center Building Corp., 4.000%, 8/1/28		285,000		294,218
Vanderburgh County Redevelopment District, Tax Allocation, (AG), 5.000%, 2/1/26		300,000		300,000

	Par Value		Value (Note 1, 2)
Indiana - 6.6%
Whitestown Redevelopment Authority, 5.000%, 7/15/38	$	260,000	$	271,356
				1,256,711
Kansas - 1.4%
Sedgwick County, Series A, 4.000%, 8/1/40		250,000		257,566

Kentucky - 2.3%
Eastern Kentucky University, Series A, (ST INTERCEPT), 5.000%, 4/1/33		445,000		445,774

Louisiana - 1.3%
Juban Crossing Economic Development District, Series A, 5.000%, 9/15/26		85,000		85,988
Lafourche Parish School Board, 4.000%, 3/1/33		150,000		158,307
				244,295
Michigan - 4.0%
City of Wayland MI, (AG), 4.000%, 10/1/40		185,000		189,141
Kalamazoo Public Schools, 5.000%, 5/1/26		250,000		250,505
Warren Woods Public Schools, (BAM), 4.000%, 5/1/35		300,000		319,457
				759,103
Mississippi - 2.6%
Medical Center Educational Building Corp., Series A, 5.000%, 6/1/30		475,000		490,441

Nebraska - 1.7%
Elkhorn School District, 4.000%, 12/15/36		315,000		322,274

New Jersey - 2.8%
New Jersey Turnpike Authority, Series A, (BHAC-CR, AG), 5.250%, 1/1/28		250,000		264,131
New Jersey Turnpike Authority, Series A, (BHAC-CR, AG), 5.250%, 1/1/29		250,000		270,813
				534,944
New Mexico - 1.1%
Otero County, (BAM), 4.000%, 12/1/28		195,000		201,159

New York - 2.4%
New York State Dormitory Authority, Series 1, (AMBAC, BHAC-CR), 5.500%, 7/1/31		250,000		273,913
Port Authority of New York & New Jersey, Series 85TH, (GO of AUTH), 5.375%, 3/1/28		175,000		182,061
				455,974
Ohio - 1.4%
Ohio Water Development Authority Water Pollution Control Loan Fund, Series D, 5.000%, 12/1/44		250,000		271,449

Oklahoma - 4.0%
Elk City Industrial Authority, 4.000%, 5/1/30		335,000		347,128
Tulsa County Industrial Authority, 3.000%, 2/1/31		400,000		403,797
				750,925
Oregon - 1.9%
City of Portland Sewer System Revenue, Series A, 5.000%, 10/1/49		350,000		368,174

Pennsylvania - 6.1%
City of Pittsburgh, 4.000%, 9/1/35		350,000		355,699

	Par Value		Value (Note 1, 2)
Pennsylvania - 6.1%
Commonwealth Financing Authority, Series A, 5.000%, 6/1/35	$	370,000	$	372,125
Philadelphia Gas Works Co., Series A, 5.000%, 8/1/40		170,000		188,828
Waverly Township Municipal Authority, (BAM ST AID WITHHLDG), 4.000%, 2/15/26		250,000		250,134
				1,166,786
Texas - 5.0%
Center, General Obligation, 3.000%, 8/15/34		410,000		384,598
City of San Antonio Electric & Gas Systems Revenue, Series E, 5.250%, 2/1/49		250,000		266,171
Harris County Toll Road Authority, 4.000%, 8/15/38		300,000		306,602
				957,371
Utah - 3.1%
Ogden City Sewer & Water Revenue, Series A, 4.000%, 6/15/31		250,000		266,446
Utah Transit Authority, Series A, (BHAC-CR, NPFG), 5.000%, 6/15/35		280,000		329,385
				595,831
Virginia - 6.9%
Alexandria Sanitation Authority, 5.000%, 7/15/54		200,000		209,202
Fairfax County Economic Development Authority, Series A, 5.000%, 9/1/38		90,000		94,054
Roanoke Economic Development Authority, Series A, 5.000%, 7/1/47		250,000		269,188
Southampton County Industrial Development Authority, 5.000%, 6/1/35		440,000		492,702
Western Regional Jail Authority, 5.000%, 12/1/34		250,000		254,050
				1,319,196
Washington - 0.5%
State of Washington, Series R-2023A, 5.000%, 8/1/36		80,000		91,583

West Virginia - 3.8%
West Virginia Economic Development Authority, Series A, 5.000%, 7/1/37		450,000		461,187
West Virginia University, Series A, 4.000%, 10/1/39		265,000		269,205
				730,392
Wisconsin - 10.6%
City of Burlington WI, Series A, (BAM), 4.000%, 4/1/36		580,000		605,422
City of Green Bay WI, Series A, 4.000%, 4/1/38		355,000		366,176
City of Whitewater, Series A, (BAM), 5.000%, 6/1/38		290,000		319,463
Public Finance Authority, Series A, 5.000%, 10/1/32		200,000		219,527
Wisconsin Department of Transportation, Series A, 4.000%, 7/1/39		100,000		101,846

	Par Value		Value (Note 1, 2)
Wisconsin - 10.6%
Wisconsin Health & Educational Facilities Authority, Series A, 4.000%, 11/15/35	$	400,000	$	400,589
				2,013,023
TOTAL INVESTMENTS - 98.6% (Cost $18,810,108)				18,751,379

NET OTHER ASSETS AND LIABILITIES - 1.4%				266,762

TOTAL NET ASSETS - 100.0%			$	19,018,141

AG	Assured Guaranty.
AMBAC	American Municipal Bond Assurance Corporation.
BAM	Build America Mutual Assurance Co.
BHAC-CR	Berkshire Hathaway Assurance Corp.
GO of AUTH	General Obligation of the Authority.
NPFG	National Public Finance Guarantee Corporation.
ST AID	State Aid Withholding.
ST	State Intercept.
TCRS	Transferable Custodial Receipts.

	Par Value		Value (Note 1, 2)
CORPORATE NOTES AND BONDS - 34.3%
Communication Services - 2.4%
Cisco Systems, Inc., 4.950%, 2/26/31	$	750,000	$	776,245
Walt Disney Co., 3.800%, 3/22/30		750,000		743,634
				1,519,879
Communications - 1.2%
Meta Platforms, Inc., 4.600%, 11/15/32		750,000		751,890

Consumer Discretionary - 2.0%
Home Depot, Inc., 4.500%, 9/15/32		750,000		758,499
NIKE, Inc., 2.750%, 3/27/27		500,000		494,678
				1,253,177
Consumer Staples - 6.2%
AbbVie, Inc., 4.800%, 3/15/29		750,000		768,361
Hershey Co., 4.750%, 2/24/30		800,000		819,636
Mars, Inc., 5.200%, 3/1/35		750,000		768,347
PepsiCo, Inc., 4.450%, 5/15/28		750,000		761,807
PepsiCo, Inc., 2.750%, 3/19/30		750,000		713,346
				3,831,497
Energy - 1.2%
Enterprise Products Operating LLC, 4.600%, 1/15/31		750,000		759,659

Financials - 18.1%
American Express Co., (1 day USD SOFR + 1.090%) (A), 5.532%, 4/25/30		800,000		833,231
Bank of America Corp., (3 mo. USD Term SOFR + 1.442%) (A), 3.194%, 7/23/30		800,000		773,955
Bank of New York Mellon Corp., (1 day USD SOFR + 1.802%) (A), 5.802%, 10/25/28		850,000		877,226
Berkshire Hathaway Finance Corp., 2.875%, 3/15/32		750,000		699,075
JPMorgan Chase & Co., (1 day USD SOFR + 1.310%) (A), 5.012%, 1/23/30		850,000		871,496
Marsh & McLennan Cos., Inc., 4.650%, 3/15/30		800,000		814,589
Mastercard, Inc., 3.300%, 3/26/27		750,000		746,824
Morgan Stanley, (1 day USD SOFR + 2.240%) (A), 6.296%, 10/18/28		750,000		778,036
PNC Financial Services Group, Inc., (1 day USD SOFR + 1.841%) (A), 5.582%, 6/12/29		850,000		880,075
Simon Property Group LP, 2.450%, 9/13/29		750,000		709,651
State Street Corp., 4.330%, 10/22/27		750,000		757,017
Truist Financial Corp., (1 day USD SOFR + 1.435%) (A), 4.873%, 1/26/29		500,000		507,871
Truist Financial Corp., 1.950%, 6/5/30		500,000		454,874
U.S. Bancorp, (1 day USD SOFR + 1.660%) (A), 4.548%, 7/22/28		750,000		756,106
Welltower OP LLC, 4.500%, 7/1/30		750,000		757,734
				11,217,760
Health Care - 1.2%
UnitedHealth Group, Inc., 5.250%, 2/15/28		750,000		768,942

Industrials - 2.0%
Emerson Electric Co., 2.000%, 12/21/28		500,000		475,227
John Deere Capital Corp., 4.750%, 1/20/28		750,000		765,514
				1,240,741
Total Corporate Notes and Bonds (Cost $21,225,797)				21,343,545

	Par Value		Value (Note 1, 2)
FOREIGN CORPORATE BONDS - 1.2%
Health Care - 1.2%
Pfizer Investment Enterprises Pte. Ltd., 4.750%, 5/19/33	$	750,000	$	758,055

Total Foreign Corporate Bonds (Cost $744,377)				758,055

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 63.0%
Fannie Mae - 2.4%
2.125%, 4/24/26		1,000,000		996,558
0.750%, 10/8/27 (B)		500,000		477,441
				1,473,999
U.S. Treasury Notes - 60.6%
3.750%, 4/15/26		850,000		850,111
4.375%, 8/15/26		1,000,000		1,003,820
4.125%, 1/31/27		1,500,000		1,508,297
3.250%, 6/30/27		1,250,000		1,245,312
4.000%, 2/29/28		2,150,000		2,169,484
3.625%, 5/31/28		2,500,000		2,503,516
4.000%, 6/30/28		2,150,000		2,172,004
4.875%, 10/31/28		2,500,000		2,582,910
4.500%, 5/31/29		2,250,000		2,309,766
4.000%, 7/31/29		2,250,000		2,274,961
3.875%, 9/30/29		2,250,000		2,264,766
3.875%, 11/30/29		2,250,000		2,263,887
3.875%, 12/31/29		2,250,000		2,263,887
4.000%, 7/31/30		2,250,000		2,272,412
4.375%, 11/30/30		2,000,000		2,051,016
4.125%, 2/29/32		2,000,000		2,020,625
4.125%, 11/15/32		2,000,000		2,014,766
3.375%, 5/15/33		2,000,000		1,915,312
4.000%, 2/15/34		2,000,000		1,984,687
				37,671,539

Total U.S. Government and Agency Obligations (Cost $38,808,797)				39,145,538

	Shares
SHORT-TERM INVESTMENTS - 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class (C), 3.650%		173,231		173,231
State Street Navigator Securities Lending Government Money Market Portfolio (C), 3.710% (D)		39,050		39,050

Total Short-Term Investments (Cost $212,281)				212,281
TOTAL INVESTMENTS - 98.9% (Cost $60,991,252)				61,459,419

NET OTHER ASSETS AND LIABILITIES - 1.1%				690,071

TOTAL NET ASSETS - 100.0%			$	62,149,490

(A)

Floating rate or variable rate note. Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at January 31, 2026.

(B)

All or a portion of these securities is on loan. The total value of the securities on loan is $38,289, collateralized by cash collateral of $39,050.

(C)

7-day yield.

	Par Value		Value (Note 1, 2)
ASSET BACKED SECURITIES - 1.7%
CarMax Auto Owner Trust, Series 2023-3, Class A3, 5.280%, 5/15/28	$	287,906	$	289,836
Chesapeake Funding II LLC, Series 2023- 1A, Class A1 (A), 5.650%, 5/15/35		229,551		230,609
Chesapeake Funding II LLC, Series 2023- 2A, Class A1 (A), 6.160%, 10/15/35		189,674		191,665
Enterprise Fleet Financing LLC, Series 2023-1, Class A2 (A), 5.510%, 1/22/29		18,045		18,073
Enterprise Fleet Financing LLC, Series 2022-4, Class A2 (A), 5.760%, 10/22/29		75,405		75,610
Evergreen Credit Card Trust, Series 2025- 1A, Class B, 4.240%, 10/15/29		500,000		500,122
John Deere Owner Trust, Series 2023-B, Class A3, 5.180%, 3/15/28		378,291		380,543
Nissan Auto Receivables Owner Trust, Series 2022-B, Class A4, 4.450%, 11/15/29		200,000		200,771
Towd Point Mortgage Trust, Series 2024- CES1, Class A1A (B), 5.848%, 1/25/64		689,934		694,368
Verizon Master Trust, Series 2024-3, Class B, 5.540%, 4/22/30		1,250,000		1,272,839

Total Asset Backed Securities (Cost $3,838,771)				3,854,436

COLLATERALIZED MORTGAGE OBLIGATIONS - 5.0%
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (C), 2.879%, 7/25/49		39,136		38,596
CIM Trust, Series 2021-J2, Class A4 (A) (B), 2.500%, 4/25/51		419,978		382,527
Federal Home Loan Mortgage Corp. REMICS, Series 4066, Class DI, 3.000%, 6/15/27		73,483		836
Federal Home Loan Mortgage Corp. REMICS, Series 5451, Class A, 5.000%, 5/25/49		218,479		218,389
Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M1 (A) (B), 4.697%, 12/25/41		43,897		43,897
Federal National Mortgage Association REMICS, Series 2015-12, Class NI, 3.500%, 3/25/30		237,237		9,712
Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.500%, 4/25/31		142,705		140,596
Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4.000%, 5/25/31		192,665		191,941
Federal National Mortgage Association REMICS, Series 2001-73, Class GZ, 6.000%, 12/25/31		40,302		41,780
Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.500%, 9/25/35		44,101		45,917
Federal National Mortgage Association REMICS, Series 2020-44, Class TI, 5.500%, 12/25/35		1,102,532		154,831
Federal National Mortgage Association REMICS, Series 2025-26, Class BA, 5.500%, 5/25/48		425,122		437,114

	Par Value		Value (Note 1, 2)
Federal National Mortgage Association REMICS, Series 2024-99, Class EA, 5.500%, 5/25/51	$	506,147	$	511,091
Federal National Mortgage Association REMICS, Series 2025-5, Class EA, 5.500%, 10/25/51		687,405		693,865
Flagstar Mortgage Trust, Series 2021-9INV, Class A1 (A) (B), 2.500%, 9/25/41		407,158		372,108
GCAT Trust, Series 2021-NQM1, Class A1 (A) (B), 0.874%, 1/25/66		440,613		396,640
Government National Mortgage Association REMICS, Series 2015-53, Class IL, 3.000%, 9/20/44		8,223		26
Government National Mortgage Association REMICS, Series 2025-214, Class ND, 4.750%, 12/20/55		997,108		996,350
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (B), 2.500%, 5/25/51		419,869		355,267
JP Morgan Mortgage Trust, Series 2019-5, Class A3 (A) (B), 4.000%, 11/25/49		14,539		13,813
JP Morgan Mortgage Trust, Series 2019-7, Class A3 (A) (B), 3.470%, 2/25/50		70,539		64,582
JP Morgan Mortgage Trust, Series 2021-1, Class A3 (A) (B), 2.500%, 6/25/51		552,802		465,361
JP Morgan Mortgage Trust, Series 2021-3, Class A3 (A) (B), 2.500%, 7/25/51		747,124		630,328
JP Morgan Mortgage Trust, Series 2021-6, Class A4 (A) (B), 2.500%, 10/25/51		585,363		532,364
JP Morgan Mortgage Trust, Series 2021-14, Class A4 (A) (B), 2.500%, 5/25/52		633,574		572,867
JP Morgan Mortgage Trust, Series 2024-5, Class A4 (B), 6.000%, 11/25/54		426,810		430,923
JP Morgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B), 3.000%, 2/25/50		117,955		104,123
PSMC Trust, Series 2020-2, Class A2 (A) (B), 3.000%, 5/25/50		80,295		72,276
PSMC Trust, Series 2021-1, Class A11 (A) (B), 2.500%, 3/25/51		702,855		634,771
RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (B), 2.500%, 12/25/51		506,439		456,806
RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (B), 2.500%, 1/25/52		349,491		314,480
Sequoia Mortgage Trust, Series 2013-7, Class A2 (B), 3.000%, 6/25/43		209,789		192,098
Towd Point Mortgage Trust, Series 2024-4, Class A1A (B), 4.593%, 10/27/64		1,353,090		1,362,407
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (B), 4.000%, 4/25/49		7,765		7,426
Wells Fargo Mortgage-Backed Securities Trust, Series 2021-INV2, Class A2 (A) (B), 2.500%, 9/25/51		515,836		435,196

Total Collateralized Mortgage Obligations (Cost $12,388,957)				11,321,304

	Par Value		Value (Note 1, 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.5%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K059, Class X1 (B), 0.244%, 9/25/26	$	12,500,189	$	12,256
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K131, Class A2, 1.853%, 7/25/31		505,000		450,986
Federal National Mortgage Association- ACES, Series 2022-M1, Class A2 (B), 1.668%, 10/25/31		1,250,000		1,092,451
FREMF Mortgage Trust, Series 2016-K58, Class B (A) (B), 3.737%, 9/25/49		320,000		318,159
FREMF Mortgage Trust, Series 2020-K106, Class B (A) (B), 3.563%, 3/25/53		750,000		709,946
Government National Mortgage Association, Series 2024-153, Class AB, 4.500%, 3/16/65		722,636		717,523
GSAMP Trust, Series 2006-S5, Class M5 (B) (D), 7.488%, 9/25/36		772,000		–

Total Commercial Mortgage- Backed Securities (Cost $3,266,494)				3,301,321

CORPORATE NOTES AND BONDS - 23.6%
Basic Materials - 0.2%
Rio Tinto Finance USA PLC, 5.000%, 3/14/32		500,000		514,781

Communication Services - 0.8%
AT&T, Inc., 4.750%, 5/15/46		500,000		432,471
Expedia Group, Inc., 3.250%, 2/15/30		250,000		240,110
SBA Communications Corp., 3.875%, 2/15/27		350,000		347,406
VeriSign, Inc., 2.700%, 6/15/31		500,000		455,024
Verizon Communications, Inc., 3.400%, 3/22/41		300,000		233,888
				1,708,899
Communications - 0.7%
Meta Platforms, Inc., 4.875%, 11/15/35		500,000		495,119
NTT Finance Corp., 5.502%, 7/16/35		500,000		516,778
Verizon Communications, Inc., 5.875%, 11/30/55		600,000		593,707
				1,605,604
Consumer Discretionary - 1.1%
Advance Auto Parts, Inc., 1.750%, 10/1/27		250,000		237,680
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (A), 5.500%, 4/20/26		29,167		29,190
BorgWarner, Inc., 5.400%, 8/15/34		250,000		257,037
Home Depot, Inc., 3.350%, 4/15/50		250,000		177,492
Lowe’s Cos., Inc., 3.000%, 10/15/50		500,000		321,135
Lowe’s Cos., Inc., 4.250%, 4/1/52		750,000		597,115
Royal Caribbean Cruises Ltd., 7.500%, 10/15/27		250,000		263,382
Tractor Supply Co., 5.250%, 5/15/33		150,000		154,800
Walmart, Inc., 4.900%, 4/28/35		500,000		512,448
				2,550,279
Consumer Staples - 1.3%
Diageo Investment Corp., 5.125%, 8/15/30		400,000		414,016
GE HealthCare Technologies, Inc., 4.800%, 8/14/29		500,000		510,206

	Par Value		Value (Note 1, 2)
Keurig Dr. Pepper, Inc., 3.800%, 5/1/50	$	300,000	$	218,694
Lamb Weston Holdings, Inc. (A), 4.875%, 5/15/28		250,000		250,348
Mars, Inc., 5.200%, 3/1/35		225,000		230,504
Mars, Inc., 5.700%, 5/1/55		600,000		599,610
PayPal Holdings, Inc., 5.100%, 4/1/35		250,000		253,357
Performance Food Group, Inc. (A), 5.500%, 10/15/27		325,000		325,159
				2,801,894
Energy - 2.9%
Boardwalk Pipelines LP, 4.450%, 7/15/27		400,000		401,798
Devon Energy Corp. (E), 5.200%, 9/15/34 (E)		800,000		807,191
Diamondback Energy, Inc., 5.400%, 4/18/34		550,000		563,506
Eastern Gas Transmission & Storage, Inc., 3.000%, 11/15/29		350,000		336,145
Energy Transfer LP, 5.250%, 4/15/29		275,000		282,923
Energy Transfer LP, 6.550%, 12/1/33		300,000		328,567
Kinder Morgan, Inc. (E), 5.850%, 6/1/35 (E)		250,000		264,714
Kinder Morgan, Inc., 5.550%, 6/1/45		400,000		389,111
Marathon Petroleum Corp., 3.800%, 4/1/28		350,000		348,380
Marathon Petroleum Corp., 5.150%, 3/1/30		250,000		257,399
MPLX LP, 2.650%, 8/15/30		350,000		324,485
ONEOK, Inc., 5.450%, 6/1/47		400,000		373,440
Sunoco LP/Sunoco Finance Corp., 6.000%, 4/15/27		400,000		400,442
Valero Energy Corp., 5.150%, 2/15/30		650,000		669,491
Valero Energy Corp., 6.625%, 6/15/37		500,000		552,062
Valero Energy Corp., 4.000%, 6/1/52		175,000		129,595
				6,429,249
Financials - 10.7%
Air Lease Corp., 1.875%, 8/15/26		250,000		247,106
American Express Co., (1 day USD SOFR + 1.940%) (B), 6.489%, 10/30/31		500,000		544,694
American International Group, Inc., 4.750%, 4/1/48		150,000		134,217
Athene Holding Ltd., 6.250%, 4/1/54		250,000		243,894
Bank of America Corp., (1 day USD SOFR + 1.910%) (B), 5.288%, 4/25/34		350,000		359,828
Bank of America Corp., (1 day USD SOFR + 1.650%) (B), 5.468%, 1/23/35		250,000		259,482
Bank of America Corp., Series N, (1 day USD SOFR + 0.910%) (B), 1.658%, 3/11/27		400,000		399,011
Bank of New York Mellon Corp., (1 day USD SOFR + 2.074%) (B), 5.834%, 10/25/33		500,000		537,275
Berkshire Hathaway Finance Corp., 3.850%, 3/15/52		350,000		267,792
Capital One Financial Corp., (1 day USD SOFR + 2.057%) (B), 4.927%, 5/10/28		350,000		353,640
Capital One Financial Corp., (1 day USD SOFR + 2.640%) (B), 6.312%, 6/8/29		400,000		418,758
Capital One Financial Corp., (1 day USD SOFR + 1.790%) (B), 3.273%, 3/1/30		350,000		339,507
CBRE Services, Inc., 4.800%, 6/15/30		250,000		253,647
Citibank NA, 5.803%, 9/29/28		250,000		261,949
Citigroup, Inc., (1 day USD SOFR + 2.086%) (B), 4.910%, 5/24/33		350,000		353,661

	Par Value		Value (Note 1, 2)
Citigroup, Inc., (5 yr. CMT + 1.730%) (B), 5.411%, 9/19/39	$	400,000	$	400,253
Citizens Financial Group, Inc., (5 yr. CMT + 1.450%) (B), 5.299%, 1/29/36		500,000		502,535
Empower Finance 2020 LP (A), 3.075%, 9/17/51		350,000		227,852
Fifth Third Bancorp, 2.550%, 5/5/27		350,000		343,999
Fifth Third Bancorp, (1 day USD SOFR + 2.340%) (B), 6.339%, 7/27/29		400,000		420,579
Fifth Third Bancorp, (1 day USD SOFR + 1.660%) (B), 4.337%, 4/25/33		350,000		343,203
Five Corners Funding Trust II (A), 2.850%, 5/15/30		250,000		235,810
GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/32		400,000		362,078
Goldman Sachs Group, Inc., (1 day USD SOFR + 0.913%) (B), 1.948%, 10/21/27		500,000		492,570
Goldman Sachs Group, Inc., (1 day USD SOFR + 1.190%) (B), 5.065%, 1/21/37		500,000		498,237
Huntington Bancshares, Inc., (1 day USD SOFR + 2.020%) (B), 6.208%, 8/21/29		350,000		366,892
Intercontinental Exchange, Inc., 4.600%, 3/15/33		350,000		352,287
JPMorgan Chase & Co., (1 day USD SOFR + 1.620%) (B), 5.336%, 1/23/35		500,000		515,044
JPMorgan Chase & Co., (1 day USD SOFR + 1.680%) (B), 5.572%, 4/22/36		500,000		522,340
Keybank National Association, 5.000%, 1/26/33		250,000		251,711
KeyCorp, 4.100%, 4/30/28		400,000		400,687
KKR Group Finance Co. VIII LLC (A), 3.500%, 8/25/50		250,000		174,902
Liberty Mutual Group, Inc. (A), 3.950%, 5/15/60		150,000		104,810
LPL Holdings, Inc. (A), 4.000%, 3/15/29		350,000		345,161
Morgan Stanley, (1 day USD SOFR + 1.830%) (B), 6.407%, 11/1/29		450,000		476,262
Morgan Stanley, (1 day USD SOFR + 1.108%) (B), 5.230%, 1/15/31		350,000		360,433
Morgan Stanley, (1 day USD SOFR + 1.020%) (B), 1.928%, 4/28/32		500,000		439,491
Morgan Stanley, (1 day USD SOFR + 1.730%) (B), 5.466%, 1/18/35		500,000		517,696
Nasdaq, Inc., 1.650%, 1/15/31		450,000		398,529
Old Republic International Corp., 3.850%, 6/11/51		300,000		217,653
Omega Healthcare Investors, Inc., 3.375%, 2/1/31		250,000		233,943
PNC Bank NA, 2.700%, 10/22/29		250,000		236,683
PNC Financial Services Group, Inc., (1 day USD SOFR + 1.333%) (B), 4.899%, 5/13/31		540,000		551,637
PNC Financial Services Group, Inc., (1 day USD SOFR + 2.284%) (B), 6.875%, 10/20/34		300,000		337,356
Realty Income Corp., 4.850%, 3/15/30		400,000		410,077
Realty Income Corp., 5.125%, 4/15/35		250,000		254,314
Regions Financial Corp., 1.800%, 8/12/28		500,000		473,665
Simon Property Group LP, 4.300%, 1/15/31		500,000		498,927
Simon Property Group LP, 5.125%, 10/1/35		500,000		506,333
State Street Corp., (1 day USD SOFR + 1.490%) (B), 3.031%, 11/1/34		250,000		237,389

	Par Value		Value (Note 1, 2)
Teachers Insurance & Annuity Association of America (A), 3.300%, 5/15/50	$	300,000	$	206,959
Truist Bank, 2.250%, 3/11/30		325,000		297,621
Truist Financial Corp., (1 day USD SOFR + 1.309%) (B), 5.071%, 5/20/31		250,000		256,257
Truist Financial Corp., (1 day USD SOFR + 1.852%) (B), 5.122%, 1/26/34		400,000		406,166
Truist Financial Corp., (1 day USD SOFR + 2.361%) (B), 5.867%, 6/8/34		600,000		635,952
U.S. Bancorp, (1 day USD SOFR + 1.660%) (B), 4.548%, 7/22/28		500,000		504,071
U.S. Bancorp, (1 day USD SOFR + 1.560%) (B), 5.384%, 1/23/30		250,000		258,772
U.S. Bancorp, (1 day USD SOFR + 1.600%) (B), 4.839%, 2/1/34		525,000		527,389
Wells Fargo & Co., (1 day USD SOFR + 1.740%) (B), 5.574%, 7/25/29		500,000		517,414
Wells Fargo & Co., (1 day USD SOFR + 1.500%) (B), 5.198%, 1/23/30		600,000		617,888
Wells Fargo & Co., (1 day USD SOFR + 1.110%) (B), 5.244%, 1/24/31		500,000		516,639
Wells Fargo & Co., (1 day USD SOFR + 2.020%) (B), 5.389%, 4/24/34		350,000		362,133
Wells Fargo & Co., (1 day USD SOFR + 1.100%) (B), 4.960%, 1/23/37		250,000		248,175
Welltower OP LLC, 2.050%, 1/15/29		500,000		473,491
Weyerhaeuser Co., 3.375%, 3/9/33		300,000		274,288
				24,089,014
Health Care - 1.1%
AbbVie, Inc., 5.400%, 3/15/54		675,000		656,310
Amgen, Inc., 5.650%, 3/2/53		150,000		147,844
Block, Inc., 2.750%, 6/1/26		450,000		447,329
Centene Corp., 2.450%, 7/15/28		500,000		470,427
GE HealthCare Technologies, Inc., 6.377%, 11/22/52		250,000		271,538
Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.200%, 6/1/30		250,000		227,273
Humana, Inc., 5.375%, 4/15/31		250,000		256,119
				2,476,840
Industrials - 1.6%
Ashtead Capital, Inc. (A), 2.450%, 8/12/31		600,000		536,136
Boeing Co., 6.858%, 5/1/54		500,000		564,771
Carrier Global Corp., 3.577%, 4/5/50		68,000		50,291
Carrier Global Corp. (E), 6.200%, 3/15/54 (E)		174,000		188,791
Nordson Corp., 5.800%, 9/15/33		100,000		105,700
Norfolk Southern Corp., 5.950%, 3/15/64		250,000		255,364
Otis Worldwide Corp., 2.565%, 2/15/30		350,000		328,020
Quanta Services, Inc., 2.900%, 10/1/30		500,000		468,747
TD SYNNEX Corp., 1.750%, 8/9/26		500,000		493,492
Textron, Inc., 2.450%, 3/15/31		250,000		226,455
Vontier Corp., 1.800%, 4/1/26		300,000		298,735
				3,516,502
Information Technology - 1.3%
Broadcom, Inc. (A), 3.187%, 11/15/36		12,000		10,177
Dell International LLC/EMC Corp., 8.350%, 7/15/46		87,000		109,865
Dell International LLC/EMC Corp. (E), 3.450%, 12/15/51 (E)		625,000		428,509
Fiserv, Inc., 3.500%, 7/1/29		250,000		242,974
Gartner, Inc. (A), 4.500%, 7/1/28		400,000		399,120
HP, Inc., 2.650%, 6/17/31		600,000		540,947
Iron Mountain, Inc. (A), 4.500%, 2/15/31		275,000		262,798

	Par Value		Value (Note 1, 2)
Oracle Corp., 3.950%, 3/25/51	$	750,000	$	493,347
VMware LLC, 2.200%, 8/15/31		500,000		445,250
				2,932,987
Materials - 0.1%
LYB International Finance III LLC, 3.625%, 4/1/51		400,000		255,511

Technology - 0.5%
Micron Technology, Inc., 5.650%, 11/1/32		250,000		264,013
NetApp, Inc., 5.500%, 3/17/32		400,000		416,386
Paychex, Inc., 5.600%, 4/15/35		500,000		518,964
				1,199,363
Utilities - 1.3%
Berkshire Hathaway Energy Co., 1.650%, 5/15/31		350,000		305,603
DTE Electric Co., 5.400%, 4/1/53		250,000		243,714
Duke Energy Corp., 3.750%, 9/1/46		500,000		379,661
Duke Energy Progress LLC, 3.700%, 10/15/46		500,000		383,556
Florida Power & Light Co., 2.875%, 12/4/51		700,000		448,195
Interstate Power & Light Co., 3.500%, 9/30/49		250,000		180,135
NextEra Energy Capital Holdings, Inc., 1.900%, 6/15/28		500,000		477,130
PECO Energy Co., 3.050%, 3/15/51		750,000		492,131
				2,910,125

Total Corporate Notes and Bonds (Cost $55,160,162)				52,991,048

FOREIGN CORPORATE BONDS - 2.0%
Consumer Discretionary - 0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd. (A), 4.750%, 10/20/28		229,167		230,927

Energy - 0.1%
Enbridge, Inc., 5.700%, 3/8/33		250,000		262,293

Financials - 0.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27		250,000		252,056
Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26		201,000		200,722
Mitsubishi UFJ Financial Group, Inc., (1 yr. CMT + 1.530%) (B), 5.475%, 2/22/31		500,000		519,876
Royal Bank of Canada, 5.150%, 2/1/34		400,000		415,388
Toronto-Dominion Bank, 4.456%, 6/8/32		300,000		299,996
UBS Group AG, (1 yr. CMT + 2.050%) (A) (B), 4.703%, 8/5/27		400,000		401,266
				2,089,304
Health Care - 0.5%
Pfizer Investment Enterprises Pte. Ltd., 5.300%, 5/19/53		400,000		380,188
Pfizer Investment Enterprises Pte. Ltd., 5.340%, 5/19/63		250,000		233,152
Royalty Pharma PLC, 2.200%, 9/2/30		200,000		181,828
STERIS Irish FinCo UnLtd Co., 3.750%, 3/15/51		500,000		375,006
				1,170,174
Industrials - 0.3%
BAE Systems PLC (A), 5.300%, 3/26/34		500,000		517,773

	Par Value		Value (Note 1, 2)
Materials - 0.1%
Nutrien Ltd., 5.800%, 3/27/53	$	250,000	$	251,274

Total Foreign Corporate Bonds (Cost $4,614,588)				4,521,745

MORTGAGE BACKED SECURITIES - 34.0%
Fannie Mae - 18.4%
3.000%, 9/1/30 Pool # 890696		127,191		125,024
3.000%, 12/1/30 Pool # AL8924		53,263		52,607
7.000%, 11/1/31 Pool # 607515		1,604		1,675
3.500%, 12/1/31 Pool # MA0919		51,720		50,993
6.500%, 3/1/32 Pool # 631377		5,814		6,025
6.500%, 5/1/32 Pool # 636758		235		244
7.000%, 5/1/32 Pool # 644591		105		110
6.500%, 6/1/32 Pool # 545691		11,668		12,136
3.500%, 8/1/32 Pool # MA3098		73,606		72,758
3.500%, 9/1/32 Pool # MA3126		48,153		47,655
5.500%, 11/1/33 Pool # 555880		15,957		16,352
4.000%, 2/1/35 Pool # MA2177		153,126		151,954
3.500%, 12/1/35 Pool # MA2473		160,572		156,642
4.500%, 12/1/35 Pool # 745147		2,543		2,557
2.500%, 9/1/36 Pool # FS4049		458,561		436,204
6.000%, 11/1/36 Pool # 902510		20,334		21,399
6.000%, 10/1/37 Pool # 947563		25,556		26,974
6.500%, 12/1/37 Pool # 889072		16,214		17,192
4.500%, 5/1/38 Pool # MA5013		776,737		778,573
6.500%, 8/1/38 Pool # 987711		45,731		48,383
3.000%, 11/1/39 Pool # MA3831		76,185		71,531
4.000%, 9/1/40 Pool # AE3039		163,864		161,392
4.000%, 1/1/41 Pool # AB2080		134,225		132,061
2.500%, 5/1/41 Pool # MA4334		1,034,879		937,766
5.500%, 7/1/41 Pool # AL6588		123,448		128,766
2.500%, 8/1/41 Pool # FM8460		202,570		183,894
4.000%, 9/1/41 Pool # AJ1406		61,327		60,307
4.000%, 10/1/41 Pool # AJ4046		191,821		189,474
3.500%, 11/1/41 Pool # AB3867		71,219		68,208
2.500%, 3/1/42 Pool # MA4571		2,621,830		2,353,583
4.000%, 3/1/42 Pool # AL1998		289,109		283,913
3.500%, 6/1/42 Pool # AO4134		304,022		290,118
3.500%, 8/1/42 Pool # AP2133		161,354		153,792
3.000%, 9/1/42 Pool # AP6568		43,714		40,510
3.500%, 9/1/42 Pool # AB6228		91,578		87,027
4.000%, 10/1/42 Pool # AP7363		215,847		211,311
3.500%, 1/1/43 Pool # AQ9326		188,891		179,717
3.000%, 2/1/43 Pool # AL3072		299,372		277,431
3.500%, 3/1/43 Pool # AT0310		146,302		139,196
3.500%, 4/1/43 Pool # AT2887		152,816		145,149
5.000%, 11/1/44 Pool # MA5539		590,276		596,612
4.000%, 1/1/45 Pool # AS4257		45,668		44,510
5.000%, 9/1/45 Pool # MA5833		698,029		704,866
4.500%, 10/1/46 Pool # MA2783		26,824		26,826
3.000%, 1/1/47 Pool # BE0108		281,514		257,731
2.500%, 12/1/47 Pool # FM3165		847,384		741,862
3.000%, 1/1/48 Pool # FM1303		915,222		837,947
3.000%, 8/1/48 Pool # FS0517		626,114		570,810
3.000%, 1/1/49 Pool # FS4296		603,222		557,906
4.000%, 11/1/50 Pool # FM5530		471,587		454,481
3.000%, 12/1/51 Pool # FS3478		807,527		717,500
2.000%, 1/1/52 Pool # FS0173		911,966		755,328
2.500%, 1/1/52 Pool # CB2548		402,983		346,906
2.000%, 3/1/52 Pool # CB3105		385,242		318,938
2.500%, 3/1/52 Pool # BV4133		477,249		406,555

	Par Value		Value (Note 1, 2)
3.000%, 3/1/52 Pool # CB3115	$	739,205	$	666,463
2.500%, 4/1/52 Pool # FS4138		1,491,796		1,296,957
3.500%, 5/1/52 Pool # FS1866		800,040		744,750
4.000%, 5/1/52 Pool # FS1818		2,818,798		2,708,374
3.500%, 6/1/52 Pool # CB3845		767,504		714,463
3.500%, 7/1/52 Pool # FS2812		479,791		450,516
3.500%, 8/1/52 Pool # CB4361		1,626,267		1,510,396
4.500%, 8/1/52 Pool # FS2605		1,209,441		1,190,686
4.000%, 9/1/52 Pool # MA4732		599,162		573,276
4.500%, 9/1/52 Pool # FS2821		569,250		561,682
4.000%, 10/1/52 Pool # MA4783		1,040,597		995,801
4.500%, 10/1/52 Pool # MA4784		559,566		550,883
5.000%, 10/1/52 Pool # MA4785		2,170,560		2,179,715
5.500%, 10/1/52 Pool # MA4786		668,182		680,217
5.000%, 11/1/52 Pool # MA4806		764,563		767,474
5.000%, 12/1/52 Pool # MA4841		2,758,580		2,769,083
5.500%, 12/1/52 Pool # MA4842		808,619		824,005
4.500%, 7/1/53 Pool # FS4996		521,649		514,876
5.500%, 7/1/53 Pool # MA5072		3,011,311		3,058,507
5.500%, 9/1/53 Pool # FS5575		560,323		575,771
5.500%, 5/1/54 Pool # FS7759		893,291		911,066
5.000%, 1/1/55 Pool # MA5585		928,916		929,074
4.000%, 7/1/55 Pool # FA2986		734,917		709,531
				41,342,947
Freddie Mac - 15.6%
8.000%, 6/1/30 Pool # C01005		158		165
6.500%, 1/1/32 Pool # C62333		3,889		4,025
2.500%, 2/1/32 Pool # ZS8641		120,080		116,011
3.500%, 8/1/32 Pool # C91485		66,030		65,047
4.000%, 5/1/33 Pool # G18693		108,949		109,033
4.500%, 6/1/34 Pool # C01856		100,777		101,000
2.500%, 6/1/35 Pool # RC1421		222,240		210,685
2.000%, 1/1/36 Pool # SB0546		562,597		520,704
6.500%, 11/1/36 Pool # C02660		1,872		1,978
5.500%, 1/1/37 Pool # G04593		60,709		63,396
5.500%, 11/1/37 Pool # A68787		40,803		42,538
5.500%, 12/1/38 Pool # G05267		117,404		122,104
4.500%, 8/1/39 Pool # G08361		112,681		113,431
5.000%, 5/1/40 Pool # SB8384		783,312		792,608
3.500%, 11/1/40 Pool # G06168		107,115		102,945
2.000%, 3/1/41 Pool # RB5105		781,492		692,580
2.500%, 6/1/41 Pool # SC0151		603,999		548,307
4.000%, 10/1/41 Pool # Q04092		268,699		264,176
4.500%, 3/1/42 Pool # G07491		126,295		126,980
2.500%, 9/1/42 Pool # SC0314		392,684		353,597
3.000%, 9/1/42 Pool # C04233		193,181		179,232
3.000%, 2/1/43 Pool # Q15767		132,674		123,508
3.000%, 4/1/43 Pool # V80026		1,067,410		989,263
3.500%, 8/1/44 Pool # Q27927		154,122		146,247
3.000%, 7/1/45 Pool # G08653		231,257		212,220
3.500%, 8/1/45 Pool # Q35614		164,455		156,050
3.000%, 11/1/45 Pool # G08675		190,893		174,854
3.000%, 1/1/46 Pool # G08686		242,079		221,567
3.000%, 10/1/46 Pool # G60722		247,345		226,026
3.500%, 11/1/47 Pool # Q52079		197,825		186,448
2.500%, 4/1/48 Pool # QA2240		1,945,475		1,701,141
3.000%, 7/1/49 Pool # QA1033		283,013		254,614
2.500%, 6/1/51 Pool # QC2842		778,542		666,924
2.500%, 1/1/52 Pool # SD7552		3,073,683		2,657,773
3.500%, 4/1/52 Pool # SD0960		1,072,225		1,006,800
3.500%, 5/1/52 Pool # RA7380		1,131,503		1,050,798
3.000%, 8/1/52 Pool # SD7556		1,277,145		1,149,010
4.000%, 9/1/52 Pool # SD8244		627,296		600,389

	Par Value		Value (Note 1, 2)
4.500%, 9/1/52 Pool # SD8245	$	585,691	$	576,603
4.500%, 10/1/52 Pool # SD8257		1,900,350		1,869,688
4.500%, 11/1/52 Pool # SD8266		2,305,892		2,267,263
5.000%, 11/1/52 Pool # SD8267		2,305,265		2,319,244
5.500%, 11/1/52 Pool # SD8268		1,998,745		2,044,408
4.500%, 12/1/52 Pool # SD1921		1,121,189		1,105,696
5.000%, 12/1/52 Pool # RA8278		2,338,305		2,348,989
5.500%, 12/1/52 Pool # SD8277		1,102,127		1,123,210
5.000%, 2/1/53 Pool # SD8299		684,319		685,992
5.500%, 2/1/53 Pool # SD2172		468,003		482,299
5.000%, 5/1/53 Pool # SD2875		1,224,177		1,241,332
5.500%, 6/1/53 Pool # SD3174		789,642		811,569
5.500%, 8/1/53 Pool # SD8349		579,733		588,819
6.000%, 9/1/53 Pool # SD3739		1,001,707		1,036,647
5.500%, 2/1/54 Pool # SD4901		580,113		593,461
				35,149,394
Ginnie Mae - 0.0%
6.500%, 2/20/29 Pool # 2714		1,060		1,096
6.500%, 4/20/31 Pool # 3068		827		861
4.000%, 4/15/39 Pool # 698089		8,134		7,883
				9,840

Total Mortgage Backed Securities (Cost $77,013,042)				76,502,181

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 29.2%
U.S. Treasury Bonds - 10.1%
6.625%, 2/15/27 (E)		2,000,000		2,063,033
5.375%, 2/15/31		2,000,000		2,141,797
4.500%, 5/15/38		1,250,000		1,266,797
2.250%, 5/15/41		3,000,000		2,204,414
3.750%, 8/15/41		4,250,000		3,825,000
4.625%, 5/15/44		3,500,000		3,431,367
3.000%, 5/15/45		1,000,000		768,984
3.000%, 5/15/47		500,000		375,313
1.250%, 5/15/50		1,500,000		718,711
1.875%, 2/15/51		1,500,000		838,535
4.125%, 8/15/53		2,000,000		1,767,344
4.250%, 8/15/54		3,500,000		3,158,066
				22,559,361
U.S. Treasury Notes - 19.1%
4.625%, 6/15/27		3,000,000		3,043,477
4.000%, 2/29/28		5,000,000		5,045,312
4.625%, 9/30/28		6,000,000		6,157,969
2.625%, 2/15/29		1,000,000		971,758
3.875%, 11/30/29		4,000,000		4,024,687
4.000%, 7/31/30		3,500,000		3,534,863
4.000%, 1/31/31		2,250,000		2,269,600
4.250%, 6/30/31		4,250,000		4,331,846
4.125%, 11/15/32		5,000,000		5,036,914
4.000%, 2/15/34		4,000,000		3,969,375
4.375%, 5/15/34		4,500,000		4,577,344
				42,963,145
Total U.S. Government and Agency Obligations (Cost $67,823,397)				65,522,506
	Shares
SHORT-TERM INVESTMENTS - 2.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class (F), 3.650%		4,271,169		4,271,169

	Shares		Value (Note 1, 2)
State Street Navigator Securities Lending Government Money Market Portfolio (F), 3.710% (G)		1,740,296	$	1,740,296

Total Short-Term Investments (Cost $6,011,465)				6,011,465
TOTAL INVESTMENTS - 99.7% (Cost $230,116,876)				224,026,006

NET OTHER ASSETS AND LIABILITIES - 0.3%				737,305

TOTAL NET ASSETS - 100.0%			$	224,763,311

(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 qualified institutional buyers.”
(B)	Floating rate or variable rate note. Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at January 31, 2026.
(C)	Stepped rate security. Rate shown is as of January 31, 2026.
(D)	Defaulted Security. Security was deemed illiquid by Madison. Interest is not being accrued.
(E)	All or a portion of these securities is on loan. The total value of the securities on loan is $1,704,014, collateralized by cash collateral of $1,740,296.
(F)	7-day yield.
(G)	Represents investments of cash collateral received in connection with securities lending.

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

	Shares		Value (Note 1, 2)
COMMON STOCKS - 95.0%
Communication Services - 3.4%
T-Mobile U.S., Inc. (A)		23,000	$	4,535,830

Consumer Discretionary - 5.9%
Amazon.com, Inc.* (A)		8,300		1,986,190
Las Vegas Sands Corp.		61,000		3,216,530
NIKE, Inc., Class B (A)		42,500		2,626,925
				7,829,645
Consumer Staples - 16.7%
Archer-Daniels-Midland Co. (A)		96,000		6,461,760
Colgate-Palmolive Co. (A)		32,000		2,889,280
Constellation Brands, Inc., Class A (A)		32,100		5,030,070
PepsiCo, Inc. (A)		51,900		7,973,397
				22,354,507
Energy - 20.4%
APA Corp. (A)		205,000		5,414,050
ConocoPhillips (A)		69,200		7,212,716
Matador Resources Co.		137,000		6,197,880
Transocean Ltd.*		1,700,000		8,449,000
				27,273,646
Equity Real Estate Investment Trusts (REITs) - 2.4%
Weyerhaeuser Co., REIT (A)		125,000		3,222,500

Financials - 10.5%
CME Group, Inc. (A)		5,000		1,445,300
Fiserv, Inc.* (A)		33,500		2,134,955
Marsh & McLennan Cos., Inc. (A)		26,300		4,949,397
PayPal Holdings, Inc. (A)		76,500		4,030,785
Visa, Inc., Class A (A)		4,500		1,448,235
				14,008,672
Health Care - 10.0%
CVS Health Corp. (A)		78,100		5,820,012
Danaher Corp. (A)		10,000		2,188,900
Medtronic PLC (A)		20,000		2,059,200
Pfizer, Inc. (A)		123,000		3,252,120
				13,320,232

	Shares		Value (Note 1, 2)
Industrials - 5.1%
Honeywell International, Inc. (A)		30,100	$	6,848,352

Information Technology - 14.0%
Accenture PLC, Class A (A)		13,100		3,453,684
Adobe, Inc.* (A)		16,600		4,867,950
Microchip Technology, Inc. (A)		78,000		5,921,760
Microsoft Corp. (A)		10,200		4,388,958
				18,632,352
Utilities - 6.6%
AES Corp. (A)		602,000		8,819,300

Total Common Stocks (Cost $153,707,817)				126,845,036

SHORT-TERM INVESTMENTS - 7.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 3.650%		9,527,430		9,527,430
Total Short-Term Investments (Cost $9,527,430)				9,527,430
TOTAL INVESTMENTS - 102.1%
(Cost $163,235,247)				136,372,466
TOTAL CALL AND PUT OPTIONS WRITTEN - (2.3%)				(3,072,411	)
NET OTHER ASSETS AND LIABILITIES - 0.2%				313,262
TOTAL NET ASSETS - 100.0%			$	133,613,317

Non-income producing.

(A)

All or a portion of these securities' positions, with a value of $108,981,626, 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%
Consumer Discretionary - 8.3%
Home Depot, Inc.		9,325	$	3,493,052
Lowe's Cos., Inc.		11,400		3,044,484
McDonald's Corp.		8,700		2,740,500
				9,278,036
Consumer Staples - 9.1%
Colgate-Palmolive Co.		27,600		2,492,004
Hershey Co.		9,300		1,811,175
PepsiCo, Inc.		14,600		2,242,998
Procter & Gamble Co.		23,400		3,551,418
				10,097,595
Energy - 13.1%
Chevron Corp.		28,450		5,032,805
ConocoPhillips		14,900		1,553,027
EOG Resources, Inc.		25,200		2,825,676
Exxon Mobil Corp.		36,350		5,139,890
				14,551,398
Financials - 17.2%
Bank of America Corp.		58,400		3,106,880
Blackrock, Inc.		3,600		4,028,184
CME Group, Inc.		15,600		4,509,336
JPMorgan Chase & Co.		9,400		2,875,366
Marsh & McLennan Cos., Inc.		9,600		1,806,624
Morgan Stanley		15,550		2,842,540
				19,168,930
Health Care - 14.7%
Abbott Laboratories		23,500		2,568,550
AbbVie, Inc.		13,800		3,077,538
Elevance Health, Inc.		4,550		1,573,117
Johnson & Johnson		24,275		5,516,494
Medtronic PLC		35,050		3,608,748
				16,344,447
Industrials - 19.3%
Automatic Data Processing, Inc.		11,550		2,850,771
Cummins, Inc.		3,400		1,967,988
Deere & Co.		2,200		1,161,600
Fastenal Co.		56,200		2,436,832
Honeywell International, Inc.		19,125		4,351,320
Illinois Tool Works, Inc.		12,100		3,161,246
Rockwell Automation, Inc.		5,250		2,213,663
Union Pacific Corp.		14,225		3,344,297
				21,487,717
Information Technology - 10.9%
Analog Devices, Inc.		9,750		3,031,080
QUALCOMM, Inc.		15,900		2,410,281
TE Connectivity PLC		13,700		3,052,086
Texas Instruments, Inc.		17,200		3,707,460
				12,200,907
Materials - 1.7%
Air Products & Chemicals, Inc.		6,900		1,880,250
Utilities - 4.1%
NextEra Energy, Inc.		51,750		4,548,825

Total Common Stocks (Cost $75,940,542)				109,558,105

	Shares		Value (Note 1, 2)
SHORT-TERM INVESTMENTS - 1.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 3.650%		1,666,661	$	1,666,661

Total Short-Term Investments (Cost $1,666,661)				1,666,661
TOTAL INVESTMENTS - 99.9% (Cost $77,607,203)				111,224,766
NET OTHER ASSETS AND LIABILITIES - 0.1%				86,570
TOTAL NET ASSETS - 100.0%			$	111,311,336

(A) 7-day yield.

PLC Public Limited Company.

	Shares		Value (Note 1, 2)
COMMON STOCKS - 94.2%
Communication Services - 8.3%
Alphabet, Inc., Class C		83,491	$	28,264,208
Consumer Discretionary - 14.0%
Airbnb, Inc., Class A*		64,313		8,320,173
Amazon.com, Inc.*		76,963		18,417,246
Lowe's Cos., Inc.		48,348		12,911,817
TJX Cos., Inc.		52,773		7,905,923
				47,555,159
Financials - 22.4%
Arch Capital Group Ltd.*		210,426		20,209,313
Brookfield Corp.		244,344		11,129,869
Charles Schwab Corp.		90,980		9,454,642
Marsh & McLennan Cos., Inc.		38,317		7,210,876
MSCI, Inc.		11,486		6,997,501
Progressive Corp.		46,195		9,608,560
Visa, Inc., Class A		36,175		11,642,200
				76,252,961
Health Care - 7.9%
Agilent Technologies, Inc.		71,402		9,557,158
Alcon AG (A)		54,487		4,412,357
Danaher Corp.		59,151		12,947,562
				26,917,077
Industrials - 21.5%
Copart, Inc.*		190,215		7,718,925
Deere & Co.		16,118		8,510,304
Ferguson Enterprises, Inc.		68,267		17,234,687
Honeywell International, Inc.		34,238		7,789,830
PACCAR, Inc.		129,532		15,920,778
Parker-Hannifin Corp.		17,148		16,047,784
				73,222,308
Information Technology - 20.1%
Accenture PLC, Class A		28,145		7,420,148
Analog Devices, Inc.		38,991		12,121,522
CDW Corp.		52,631		6,652,032
Gartner, Inc.*		33,543		7,030,948
Keysight Technologies, Inc.*		69,719		15,082,311
Texas Instruments, Inc.		74,952		16,155,904
Workday, Inc., Class A*		20,873		3,665,925
				68,128,790
Total Common Stocks (Cost $156,796,911)				320,340,503

SHORT-TERM INVESTMENTS - 7.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 3.650%		20,200,888		20,200,888
State Street Navigator Securities Lending Government Money Market Portfolio (B), 3.710% (C)		4,431,951		4,431,951

Total Short-Term Investments (Cost $24,632,839)				24,632,839
TOTAL INVESTMENTS - 101.4% (Cost $181,429,750)				344,973,342
NET OTHER ASSETS AND LIABILITIES - (1.4%)				(4,779,997	)
TOTAL NET ASSETS - 100.0%			$	340,193,345

* Non-income producing.

	Shares		Value (Note 1, 2)
COMMON STOCKS - 97.4%
Communication Services - 4.4%		635,443	$	30,571,163
Liberty Broadband Corp., Class C* Liberty Media Corp.-Liberty Formula One, Class A*		454,863		36,248,032
Liberty Media Corp.-Liberty Formula One, Class C*		229,480		19,969,350
				86,788,545
Consumer Discretionary - 16.7%
Asbury Automotive Group, Inc.*		176,140		41,306,591
Floor & Decor Holdings, Inc., Class A*		779,900		51,442,204
Lithia Motors, Inc.		132,994		43,015,579
Ross Stores, Inc.		742,761		140,121,863
Thor Industries, Inc.		516,621		57,794,391
				333,680,628
Financials - 22.3%
Arch Capital Group Ltd.*		1,584,124		152,139,269
Brook ield Asset Management Ltd., Class (A)		889,079		44,196,117
Brown & Brown, Inc.		992,716		71,574,824
Cullen/Frost Bankers, Inc.		177,198		24,421,428
Glacier Bancorp, Inc.		483,963		24,527,245
Kinsale Capital Group, Inc.		76,226		30,176,349
Moelis & Co., Class A		569,243		40,797,646
W.R. Berkley Corp.		846,737		58,069,223
				445,902,101
Health Care - 12.0%
Bio-Techne Corp.		593,396		38,030,750
Labcorp Holdings, Inc.		257,189		69,831,957
Medpace Holdings, Inc.*		135,913		79,166,604
Waters Corp.*		144,458		53,553,470
				240,582,781
Industrials - 19.8%
A.O. Smith Corp.		606,423		44,566,026
Carlisle Cos., Inc.		232,570		79,280,787
Copart, Inc.*		1,516,569		61,542,370
Expeditors International of Washington, Inc.		249,744		40,093,902
Graco, Inc.		232,739		20,325,097
MSA Safety, Inc.		312,096		55,287,807
PACCAR, Inc.		765,730		94,115,874
				395,211,863
Information Technology - 22.2%
Amphenol Corp., Class A		654,223		94,260,450
Arista Networks, Inc.*		266,072		37,713,045
CDW Corp.		470,808		59,505,423
Gartner, Inc.*		256,766		53,820,721
MKS, Inc.		457,315		107,656,524
ServiceTitan, Inc., Class A*		318,526		24,953,327
Teledyne Technologies, Inc.*		104,145		64,601,144
				442,510,634
Total Common Stocks (Cost $1,391,470,287)				1,944,676,552

	Shares		Value (Note 1, 2)
SHORT-TERM INVESTMENTS - 2.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 3.650%		52,701,691	$	52,701,691

Total Short-Term Investments (Cost $52,701,691)				52,701,691
TOTAL INVESTMENTS - 100.0% (Cost $1,444,171,978)				1,997,378,243
NET OTHER ASSETS AND LIABILITIES - 0.0%				156,052
TOTAL NET ASSETS - 100.0%			$	1,997,534,295

Non-income producing

(A)

All or a portion of these securities is on loan. The total value of the securities on loan is $44,166,045, collateralized by non-cash collateral of $51,230,475.

(B)

7-day yield.

	Shares		Value (Note 1, 2)
COMMON STOCKS - 94.8%
Consumer Discretionary - 10.4%
Ollie's Bargain Outlet Holdings, Inc.*		19,920	$	2,197,375
OneSpaWorld Holdings Ltd.		134,043		2,633,945
Revolve Group, Inc.*		111,734		3,089,445
Shake Shack, Inc., Class A*		49,849		4,415,126
VF Corp.		203,318		3,983,000
				16,318,891
Consumer Staples - 4.4%
Edgewell Personal Care Co.		115,839		2,254,227
Primo Brands Corp.		123,523		2,339,526
Simply Good Foods Co.*		123,980		2,327,104
				6,920,857
Energy - 1.4%
Matador Resources Co.		47,311		2,140,350
Financials - 10.7%
Axis Capital Holdings Ltd.		31,058		3,204,565
Baldwin Insurance Group, Inc.*		89,332		1,958,157
Hanover Insurance Group, Inc.		15,367		2,676,009
Moelis & Co., Class A		53,688		3,847,819
Texas Capital Bancshares, Inc.*		49,354		4,993,144
				16,679,694
Health Care - 15.7%
Charles River Laboratories International, Inc.*		13,359		2,811,802
Encompass Health Corp.		62,988		5,954,256
Globus Medical, Inc., Class A*		12,968		1,175,938
HealthEquity, Inc.*		52,394		4,488,594
ICU Medical, Inc.*		10,290		1,542,471
Medpace Holdings, Inc.*		3,743		2,180,223
Option Care Health, Inc.*		140,623		4,781,182
Vericel Corp.*		43,207		1,554,588
				24,489,054
Industrials - 21.3%
AAON, Inc.		23,929		2,178,975
Advanced Drainage Systems, Inc.		19,978		3,037,455
Carlisle Cos., Inc.		11,694		3,986,368
Core & Main, Inc., Class A*		99,659		5,317,804
Crane Co.		15,687		2,865,074
Hayward Holdings, Inc.*		363,575		5,868,101
Hexcel Corp.		28,166		2,332,426
Leonardo DRS, Inc.		90,484		3,715,273
Mueller Water Products, Inc., Class A		87,599		2,371,305
WillScot Holdings Corp.		79,379		1,589,961
				33,262,742
Information Technology - 24.6%
Amplitude, Inc., Class A*		164,993		1,512,986
Box, Inc., Class A*		139,751		3,542,688
CommVault Systems, Inc.*		28,851		2,472,531
Crane NXT Co.		38,846		1,962,500
CTS Corp.		62,452		3,210,657
Entegris, Inc.		45,178		5,334,166
FormFactor, Inc.*		32,582		2,296,705
Gitlab, Inc., Class A*		66,319		2,319,839
Knowles Corp.*		188,621		4,572,173
Mirion Technologies, Inc.*		48,427		1,202,927
Power Integrations, Inc.		88,947		4,086,225
Viavi Solutions, Inc.*		102,956		2,518,304
Workiva, Inc.*		45,556		3,508,723
				38,540,424
Materials - 6.3%
Eagle Materials, Inc.		9,007		1,835,717

	Shares		Value (Note 1, 2)
Olin Corp.		86,140	$	1,792,573
Scotts Miracle-Gro Co.		96,443		6,193,569
				9,821,859
Total Common Stocks (Cost $116,067,537)				148,173,871

SHORT-TERM INVESTMENTS - 5.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 3.650%		8,320,442		8,320,442

Total Short-Term Investments (Cost $8,320,442)				8,320,442
TOTAL INVESTMENTS - 100.1% (Cost $124,387,979)				156,494,313
NET OTHER ASSETS AND LIABILITIES - (0.1%)				(194,418	)
TOTAL NET ASSETS - 100.0%			$	156,299,895

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 January 31, 2026 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 January 31, 2026, 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 January 31, 2026, 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 January 31, 2026 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	$	310.00	3/20/26		(131	)	$	(4,061,000	)	$	(21,615	)	$	(76,881	)	$	55,266
Adobe, Inc.		400.00	3/20/26		(166	)		(6,640,000	)		(13,363	)		(145,692	)		132,329
AES Corp.		16.00	3/20/26		(3,010	)		(4,816,000	)		(100,835	)		(118,293	)		17,458
Amazon.com, Inc.		255.00	3/20/26		(83	)		(2,116,500	)		(62,873	)		(78,765	)		15,892
APA Corp.		30.00	3/20/26		(1,025	)		(3,075,000	)		(65,600	)		(66,416	)		816
Archer-Daniels-Midland Co.		62.50	3/20/26		(480	)		(3,000,000	)		(276,000	)		(54,795	)		(221,205	)
Archer-Daniels-Midland Co.		70.00	3/20/26		(480	)		(3,360,000	)		(76,800	)		(61,909	)		(14,891	)
CME Group, Inc.		290.00	3/20/26		(50	)		(1,450,000	)		(42,250	)		(32,799	)		(9,451	)
Colgate-Palmolive Co.		90.00	3/20/26		(320	)		(2,880,000	)		(84,800	)		(36,504	)		(48,296	)
ConocoPhillips		105.00	3/20/26		(346	)		(3,633,000	)		(138,400	)		(64,435	)		(73,965	)
ConocoPhillips		110.00	4/17/26		(346	)		(3,806,000	)		(109,855	)		(74,036	)		(35,819	)
Constellation Brands, Inc.		160.00	3/20/26		(321	)		(5,136,000	)		(168,525	)		(116,599	)		(51,926	)
CVS Health Corp.		87.50	3/20/26		(781	)		(6,833,750	)		(28,897	)		(131,970	)		103,073
Danaher Corp.		250.00	3/20/26		(100	)		(2,500,000	)		(5,500	)		(68,898	)		63,398
Fiserv, Inc.		75.00	2/20/26		(335	)		(2,512,500	)		(33,500	)		(121,001	)		87,501
Honeywell International, Inc.		210.00	3/20/26		(301	)		(6,321,000	)		(591,465	)		(120,095	)		(471,370	)
Marsh & McLennan Cos., Inc.		200.00	4/17/26		(263	)		(5,260,000	)		(97,967	)		(86,712	)		(11,255	)

Desription	Exercise Price		Expiration Date	Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Call Options Written (continued)
Medtronic PLC	$	105.00	3/20/26		(200	)	$	(2,100,000	)	$	(52,900	)	$	(43,823	)	$	(9,077	)
Microchip Technology, Inc.		75.00	3/20/26		(780	)		(5,850,000	)		(429,000	)		(198,109	)		(230,891	)
Microsoft Corp.		520.00	3/20/26		(102	)		(5,304,000	)		(10,251	)		(117,197	)		106,946
NIKE, Inc.		70.00	3/20/26		(165	)		(1,155,000	)		(17,242	)		(27,059	)		9,817
NIKE, Inc.		65.00	3/20/26		(260	)		(1,690,000	)		(57,720	)		(47,576	)		(10,144	)
PayPal Holdings, Inc.		65.00	2/20/26		(355	)		(2,307,500	)		(8,698	)		(63,185	)		54,487
PayPal Holdings, Inc.		70.00	3/20/26		(410	)		(2,870,000	)		(12,095	)		(50,834	)		38,739
PepsiCo, Inc.		155.00	4/17/26		(519	)		(8,044,500	)		(282,855	)		(139,599	)		(143,256	)
Pfizer, Inc.		28.00	3/20/26		(772	)		(2,161,600	)		(30,880	)		(43,468	)		12,588
T-Mobile U.S., Inc.		230.00	2/20/26		(100	)		(2,300,000	)		(6,050	)		(39,402	)		33,352
T-Mobile U.S., Inc.		195.00	3/20/26		(130	)		(2,535,000	)		(135,850	)		(55,295	)		(80,555	)
Visa, Inc.		340.00	3/20/26		(45	)		(1,530,000	)		(16,875	)		(28,304	)		11,429
Weyerhaeuser Co.		25.00	2/20/26		(625	)		(1,562,500	)		(73,438	)		(27,492	)		(45,946	)
Weyerhaeuser Co.		28.00	3/20/26		(625	)		(1,750,000	)		(20,312	)		(46,235	)		25,923
Total Call Options Written										$	(3,072,411	)	$	(2,383,378	)	$	(689,033	)
Total Options Written, at Value										$	(3,072,411	)	$	(2,383,378	)	$	(689,033	)

Fund¹	Level 1		Level 2		Level 3		Value at 1/31/26
Conservative Allocation
Exchange Traded Funds	$	17,338,354	$	–	$	–	$	17,338,354
Investment Companies		18,475,101		–		–		18,475,101
Short-Term Investments		4,555,058		–		–		4,555,058
		40,368,513		–		–		40,368,513