	Shares		Value (Note 1, 2)
EXCHANGE TRADED FUNDS - 43.5%
Bond Funds - 11.1%
iShares 5-10 Year Investment Grade Corporate Bond ETF		20,289	$	1,060,912
Janus Henderson Mortgage-Backed Securities ETF		27,213		1,200,637
VanEck J. P. Morgan EM Local Currency Bond ETF (A)		54,266		1,382,155
				3,643,704
Foreign Stock Funds - 10.1%
Avantis Emerging Markets Equity ETF		7,509		672,130
Franklin FTSE Japan ETF (A)		9,726		383,010
Vanguard FTSE All-World ex-U.S. ETF		17,280		1,431,648
Vanguard FTSE Europe ETF		9,069		821,561
				3,308,349
Stock Funds - 22.3%
Distillate U.S. Fundamental Stability & Value ETF		11,542		752,539
Invesco S&P 500 Quality ETF		11,610		983,019
iShares Core S&P Small-Cap ETF		4,312		627,224
iShares Core S&P U.S. Growth ETF		6,234		1,152,230
State Street Energy Select Sector SPDR ETF		3,138		186,868
State Street Health Care Select Sector SPDR ETF		1,960		318,598
State Street SPDR S&P Bank ETF (A)		5,579		388,577
Vanguard Information Technology ETF		6,495		734,909
VictoryShares Free Cash Flow ETF		43,838		2,180,502
				7,324,466
Total Exchange Traded Funds
(Cost $12,441,017)				14,276,519

INVESTMENT COMPANIES - 54.4%
Bond Funds - 51.2%
Madison Core Bond Fund, Class R6 (B) (C)		1,901,554		16,790,717

Stock Funds - 3.2%
Madison Large Cap Fund, Class R6 (B)		34,218		1,039,205

Total Investment Companies
(Cost $19,678,405)				17,829,922

SHORT-TERM INVESTMENTS - 2.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 3.620%		695,180		695,180
State Street Navigator Securities Lending Government Money Market Portfolio (D) (E), 3.680%		25,496		25,496

Total Short-Term Investments
(Cost $720,676)				720,676
TOTAL INVESTMENTS - 100.1%
(Cost $32,840,098)				32,827,117

NET OTHER ASSETS AND LIABILITIES - (0.1%)				(43,947	)

TOTAL NET ASSETS - 100.0%			$	32,783,170

(A)		All or a portion of these securities is on loan. The total value of the securities on loan is $1,758,096, collateralized by cash collateral of $25,496 and non-cash collateral of $1,769,308.

(B)		Affiliated Company.

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

(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.

S&P		Standard & Poor’s.

SPDR		Standard & Poor’s Depository Receipts.

	Shares		Value (Note 1, 2)
EXCHANGE TRADED FUNDS - 61.6%
Bond Funds - 6.5%
iShares 5-10 Year Investment Grade Corporate Bond ETF		32,739	$	1,711,923
Janus Henderson Mortgage-Backed Securities ETF (A)		38,652		1,705,326
VanEck J. P. Morgan EM Local Currency Bond ETF		84,300		2,147,121
				5,564,370
Foreign Stock Funds - 17.5%
Avantis Emerging Markets Equity ETF		32,731		2,929,752
Franklin FTSE Japan ETF (A)		43,213		1,701,728
Vanguard FTSE All-World ex-U.S. ETF		81,986		6,792,540
Vanguard FTSE Europe ETF (A)		37,514		3,398,393
				14,822,413
Stock Funds - 37.6%
Distillate U.S. Fundamental Stability & Value ETF (A)		43,884		2,861,237
Invesco S&P 500 Quality ETF		53,007		4,488,103
iShares Core S&P Small-Cap ETF		18,768		2,729,993
iShares Core S&P U.S. Growth ETF		27,734		5,126,075
State Street Energy Select Sector SPDR ETF		24,031		1,431,046
State Street Health Care Select Sector SPDR ETF		13,894		2,258,470
State Street SPDR S&P Bank ETF (A)		31,351		2,183,597
Vanguard Information Technology ETF		33,309		3,768,913
VictoryShares Free Cash Flow ETF		141,084		7,017,518
				31,864,952
Total Exchange Traded Funds
(Cost $43,707,935)				52,251,735

INVESTMENT COMPANIES - 35.3%
Bond Funds - 29.6%
Madison Core Bond Fund, Class R6 (B) (C)		2,843,527		25,108,341

Stock Funds - 5.7%
Madison Large Cap Fund, Class R6 (B)		160,905		4,886,674

Total Investment Companies
(Cost $30,740,327)				29,995,015

SHORT-TERM INVESTMENTS - 6.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 3.620%		3,186,513		3,186,513
State Street Navigator Securities Lending Government Money Market Portfolio (D) (E), 3.680%		1,940,662		1,940,662

Total Short-Term Investments
(Cost $5,127,175)				5,127,175
TOTAL INVESTMENTS - 103.0%
(Cost $79,575,437)				87,373,925

NET OTHER ASSETS AND LIABILITIES - (3.0%)				(2,558,671	)

TOTAL NET ASSETS - 100.0%			$	84,815,254

(A)		All or a portion of these securities is on loan. The total value of the securities on loan is $4,399,380, collateralized by cash collateral of $1,940,662 and non-cash collateral of $2,578,352.

(B)		Affiliated Company.

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

(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.

S&P		Standard & Poor’s.

SPDR		Standard & Poor’s Depository Receipts.

	Shares		Value (Note 1, 2)
EXCHANGE TRADED FUNDS - 74.0%
Bond Funds - 1.5%
Janus Henderson Mortgage-Backed Securities ETF (A)		19,386	$	855,310
Foreign Stock Funds - 23.1%
Avantis Emerging Markets Equity ETF		30,410		2,721,999
Franklin FTSE Japan ETF (A)		39,060		1,538,183
Vanguard FTSE All-World ex-U.S. ETF		65,731		5,445,813
Vanguard FTSE Europe ETF (A)		35,450		3,211,416
				12,917,411
Stock Funds - 49.4%
Distillate U.S. Fundamental Stability & Value ETF		30,620		1,996,424
Invesco S&P 500 Quality ETF		48,021		4,065,938
iShares Core S&P Small-Cap ETF		21,273		3,094,371
iShares Core S&P U.S. Growth ETF		25,019		4,624,262
State Street Energy Select Sector SPDR ETF		18,410		1,096,315
State Street Health Care Select Sector SPDR ETF		11,860		1,927,843
State Street SPDR S&P Bank ETF (A)		27,175		1,892,739
Vanguard Information Technology ETF		30,080		3,403,552
VictoryShares Free Cash Flow ETF		110,233		5,482,989
				27,584,433
Total Exchange Traded Funds
(Cost $33,704,840)				41,357,154

INVESTMENT COMPANIES - 22.9%
Bond Funds - 14.1%
Madison Core Bond Fund, Class R6 (B)		896,574		7,916,748

Stock Funds - 8.8%
Madison Large Cap Fund, Class R6 (B)		161,832		4,914,842

Total Investment Companies
(Cost $11,555,563)				12,831,590

SHORT-TERM INVESTMENTS - 11.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class (C), 3.620%		2,044,492		2,044,492
State Street Navigator Securities Lending Government Money Market Portfolio (C) (D), 3.680%		4,547,708		4,547,708

Total Short-Term Investments
(Cost $6,592,200)				6,592,200
TOTAL INVESTMENTS - 108.7%
(Cost $51,852,603)				60,780,944

NET OTHER ASSETS AND LIABILITIES - (8.7%)				(4,885,140	)

TOTAL NET ASSETS - 100.0%			$	55,895,804

(A)		All or a portion of these securities is on loan. The total value of the securities on loan is $4,814,606, collateralized by cash collateral of $4,547,708 and non-cash collateral of $394,464.

(B)		Affiliated 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), 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		1,394		1,459
7.000%, 5/1/32 Pool # 644591		147		154
				1,613
Freddie Mac - 0.0%
8.000%, 6/1/30 Pool # C01005		239		246

Ginnie Mae - 0.0%
6.500%, 2/20/29 Pool # 2714		1,154		1,191
6.500%, 4/20/31 Pool # 3068		1,172		1,210
				2,401
Total Mortgage Backed Securities
(Cost $4,113)				4,260

	Shares
EXCHANGE TRADED FUNDS - 98.8%
Bond Funds - 53.7%
iShares 5-10 Year Investment Grade Corporate Bond ETF		38,500		2,013,165
Madison Aggregate Bond ETF (C)		850,000		16,881,340
Madison Short-Term Strategic Income ETF (C)		887,500		17,843,187
State Street SPDR Portfolio High Yield Bond ETF		473,454		11,017,275
VanEck J. P. Morgan EM Local Currency Bond ETF (D)		247,280		6,298,222
				54,053,189
Stock Funds - 45.1%
Global X MLP ETF (D)		60,449		3,431,085
Madison Covered Call ETF (C)		645,000		11,821,625
Madison Dividend Value ETF (C)		860,000		21,758,000
Schwab U.S. Dividend Equity ETF		252,202		8,441,201
				45,451,911
Total Exchange Traded Funds
(Cost $93,905,907)				99,505,100

SHORT-TERM INVESTMENTS - 1.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class (E), 3.620%		1,266,374		1,266,374

Total Short-Term Investments
(Cost $1,266,374)				1,266,374
TOTAL INVESTMENTS - 100.1%
(Cost $95,176,394)				100,775,734

NET OTHER ASSETS AND LIABILITIES - (0.1%)				(139,954	)

TOTAL NET ASSETS - 100.0%			$	100,635,780

(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 July 31, 2026.

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

(C)		Affiliated Company.

(D)		All or a portion of these securities is on loan. The total value of the securities on loan is $6,187,567 collateralized by non-cash collateral of $6,316,388.

(E)		7-day yield.

ETF		Exchange Traded Fund.

SPDR		Standard & Poor’s Depository Receipts.

	Par Value		Value (Note 1, 2)
MUNICIPAL BONDS - 98.9%
Alabama - 6.3%
Mobile County, General Obligation, 5.000%, 2/1/39	$	610,000	$	637,737
Montgomery Water Works & Sanitary Sewer Board, 5.000%, 9/1/42		315,000		333,030
Pike Road, Authority Revenue, 4.000%, 9/1/31		170,000		170,056
				1,140,823
California - 0.7%
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Series A, General, 5.000%, 7/1/40		120,000		121,660

Colorado - 1.3%
Colorado Springs Utilities System Revenue, Series A, Utilities, 4.000%, 11/15/40		250,000		242,537

Florida - 6.0%
City of Oakland Park, 4.000%, 2/1/36		100,000		100,988
County of Polk Utility System Revenue, 5.000%, 10/1/54		350,000		358,354
Hialeah Utility System, 5.000%, 10/1/35		400,000		422,475
Tampa Bay Water, Series A, Water, 5.250%, 10/1/54		200,000		207,587
				1,089,404
Georgia - 0.8%
Americus-Sumter Payroll Development Authority, Series A, Housing, 3.250%, 6/1/33		150,000		146,582

Illinois - 12.6%
Cook County School District No. 111 Burbank, School District, (BAM-TCRS), 5.000%, 12/1/35		545,000		554,971
Cook County School District No. 111 Burbank, School District, (BAM-TCRS), 4.000%, 12/1/37		200,000		200,372
County of Warren, 5.000%, 12/30/40		100,000		104,569
Palatine Village, General Obligation, 2.000%, 12/1/28		175,000		167,060
Sangamon County School District No. 186 Springfield, School District, (AG), 5.500%, 6/1/58		250,000		258,807
Village of Bourbonnais, General Obligation, (BAM), 5.250%, 12/1/46		325,000		335,724
Village of Buffalo Grove, 5.000%, 12/30/38		300,000		320,001
Woodford Tazewell & McLean Counties Community Unit School District 140 Eureka, Series A, 5.000%, 11/1/42		325,000		338,092
				2,279,596
Indiana - 5.2%
Indiana Finance Authority, Series A, 5.000%, 10/1/46		140,000		145,283
Indiana Finance Authority, 5.250%, 3/1/54		240,000		242,237
Lincoln Center Building Corp., General Obligation, 4.000%, 8/1/28		285,000		290,062
Whitestown Redevelopment Authority, General, 5.000%, 7/15/38		260,000		266,134
				943,716

	Par Value		Value (Note 1, 2)
Kansas - 1.4%
Sedgwick County, Series A, General Obligation, 4.000%, 8/1/40	$	250,000	$	250,533

Kentucky - 2.5%
Eastern Kentucky University, Series A, Higher Education, (ST INTERCEPT), 5.000%, 4/1/33		445,000		445,571

Louisiana - 1.3%
Juban Crossing Economic Development District, Series A, 5.000%, 9/15/26		85,000		85,144
Lafourche Parish School Board, School District, 4.000%, 3/1/33		150,000		152,991
				238,135
Michigan - 2.7%
City of Wayland MI, (AGC), 4.000%, 10/1/40		185,000		180,052
Warren Woods Public Schools, School District, (BAM), 4.000%, 5/1/35		300,000		305,475
				485,527
Mississippi - 2.7%
Medical Center Educational Building Corp., Series A, Medical, 5.000%, 6/1/30		475,000		482,183

Nebraska - 1.7%
Elkhorn School District, School District, 4.000%, 12/15/36		315,000		316,552

New Jersey - 2.9%
New Jersey Turnpike Authority, Series A, Transportation, (BHAC-CR, AG), 5.250%, 1/1/28		250,000		259,534
New Jersey Turnpike Authority, Series A, Transportation, (BHAC-CR, AG), 5.250%, 1/1/29		250,000		265,211
				524,745
New Mexico - 1.1%
Otero County, General, (BAM), 4.000%, 12/1/28		195,000		198,086

New York - 3.9%
City of New York, Series C, General Obligation, 5.250%, 3/1/47		280,000		294,235
New York State Dormitory Authority, Series 1, Higher Education, (BHAC-CR, AMBAC), 5.500%, 7/1/31		215,000		231,038
Port Authority of New York & New Jersey, Series Eighty-Fifth, Airport, (GO of AUTH), 5.375%, 3/1/28		175,000		178,996
				704,269
Ohio - 1.5%
Ohio Water Development Authority Water Pollution Control Loan Fund, Series D, 5.000%, 12/1/44		250,000		266,661

Oklahoma - 4.1%
Elk City Industrial Authority, General, 4.000%, 5/1/30		335,000		340,169
Tulsa County Industrial Authority, General, 3.000%, 2/1/31		400,000		393,159
				733,328

	Par Value		Value (Note 1, 2)
Oregon - 2.0%
City of Portland Sewer System Revenue, Series A, 5.000%, 10/1/49	$	350,000	$	361,714

Pennsylvania - 5.0%
City of Pittsburgh, General Obligation, 4.000%, 9/1/35		350,000		351,022
Commonwealth Financing Authority, Series A, General, 5.000%, 6/1/35		370,000		371,519
Philadelphia Gas Works Co., Series A, Utilities, 5.000%, 8/1/40		170,000		180,497
				903,038
Texas - 5.1%
Center, General Obligation, 3.000%, 8/15/34		410,000		364,870
City of San Antonio Electric & Gas Systems Revenue, Series E, 5.250%, 2/1/49		250,000		262,351
Harris County Toll Road Authority, Transportation, 4.000%, 8/15/38		300,000		295,363
				922,584
Utah - 3.1%
Ogden City Sewer & Water Revenue, Series A, Water, 4.000%, 6/15/31		250,000		258,200
Utah Transit Authority, Series A, General, (BHAC-CR, NPFG), 5.000%, 6/15/35		280,000		311,659
				569,859
Virginia - 9.4%
Alexandria Sanitation Authority, Water, 5.000%, 7/15/54		200,000		206,604
Fairfax County Economic Development Authority, Series A, General, 5.000%, 9/1/38		90,000		92,407
Isle Wight County Industrial Development Authority, Medical, (AG), 5.250%, 7/1/48		400,000		411,921
Roanoke Economic Development Authority, Series A, Medical, 5.000%, 7/1/47		250,000		267,391
Southampton County Industrial Development Authority, General, 5.000%, 6/1/35		440,000		472,313
Western Regional Jail Authority, Facilities, 5.000%, 12/1/34		250,000		251,293
				1,701,929
Washington - 0.5%
State of Washington, Series R-2023A, General Obligation, 5.000%, 8/1/36		80,000		87,594

West Virginia - 4.0%
West Virginia Economic Development Authority, Series A, General, 5.000%, 7/1/37		450,000		455,321
West Virginia University, Series A, 4.000%, 10/1/39		265,000		260,414
				715,735
Wisconsin - 11.1%
City of Burlington WI, Series A, General Obligation, (BAM), 4.000%, 4/1/36		580,000		586,701
City of Green Bay WI, Series A, General Obligation, 4.000%, 4/1/38		355,000		356,177
City of Superior, Series A, 4.000%, 9/1/36		135,000		138,574
City of Whitewater, Series A, (BAM), 5.000%, 6/1/38		290,000		307,841

	Par Value		Value (Note 1, 2)
Wisconsin - 11.1%
Public Finance Authority, Series A, Medical, 5.000%, 10/1/32	$	200,000	$	211,285
Wisconsin Health & Educational Facilities Authority, Series A, Medical, 4.000%, 11/15/35		400,000		400,610
				2,001,188
TOTAL INVESTMENTS - 98.9%
(Cost $18,281,366)				17,873,549

NET OTHER ASSETS AND LIABILITIES - 1.1%				201,064

TOTAL NET ASSETS - 100.0%			$	18,074,613

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		State Intercept.

TCRS		Transferable Custodial Receipts.

	Par Value		Value (Note 1, 2)
CORPORATE NOTES AND BONDS - 34.7%
Communication Services - 2.4%
Cisco Systems, Inc., 4.950%, 2/26/31	$	750,000	$	753,227
Walt Disney Co., 3.800%, 3/22/30		750,000		726,256
				1,479,483
Communications - 3.5%
Alphabet, Inc., 4.400%, 2/15/33		750,000		719,288
Amazon.com, Inc., 4.550%, 3/13/33		750,000		723,074
Meta Platforms, Inc., 4.600%, 11/15/32		750,000		720,710
				2,163,072
Consumer Discretionary - 2.0%
Home Depot, Inc., 4.500%, 9/15/32		750,000		736,216
NIKE, Inc., 2.750%, 3/27/27		500,000		495,175
				1,231,391
Consumer Staples - 6.1%
AbbVie, Inc., 4.800%, 3/15/29		750,000		751,838
Hershey Co., 4.750%, 2/24/30		800,000		800,765
Mars, Inc., 5.200%, 3/1/35		750,000		738,016
PepsiCo, Inc., 4.450%, 5/15/28		750,000		750,396
PepsiCo, Inc., 2.750%, 3/19/30		750,000		700,835
				3,741,850
Energy - 1.2%
Enterprise Products Operating LLC, 4.600%, 1/15/31		750,000		740,865

Financials - 17.1%
American Express Co., (1 day USD SOFR Index + 1.090%) (A), 5.532%, 4/25/30		800,000		813,333
Bank of America Corp., (3 mo. USD Term SOFR + 1.442%) (A) (B), 3.194%, 7/23/30 (B)		800,000		761,706
Bank of New York Mellon Corp., (1 day USD SOFR Index + 1.802%) (A), 5.802%, 10/25/28		850,000		862,665
Berkshire Hathaway Finance Corp., 2.875%, 3/15/32		750,000		683,392
JPMorgan Chase & Co., (1 day USD SOFR + 1.310%) (A), 5.012%, 1/23/30		850,000		851,874
Marsh & McLennan Cos., Inc., 4.650%, 3/15/30		800,000		793,297
Mastercard, Inc., 3.300%, 3/26/27		750,000		745,507
Morgan Stanley, (1 day USD SOFR + 2.240%) (A), 6.296%, 10/18/28		750,000		763,599
PNC Financial Services Group, Inc., (1 day USD SOFR + 1.841%) (A), 5.582%, 6/12/29		850,000		862,216
Simon Property Group LP, 2.450%, 9/13/29		750,000		700,144
State Street Corp., 4.330%, 10/22/27		750,000		749,322
Truist Financial Corp., (1 day USD SOFR + 1.435%) (A), 4.873%, 1/26/29		500,000		500,716
U.S. Bancorp, (1 day USD SOFR + 1.660%) (A), 4.548%, 7/22/28		750,000		749,513
Welltower OP LLC, 4.500%, 7/1/30		750,000		738,589
				10,575,873
Health Care - 1.2%
UnitedHealth Group, Inc., 5.250%, 2/15/28		750,000		758,253

Industrials - 1.2%
John Deere Capital Corp., 4.750%, 1/20/28		750,000		753,335

Total Corporate Notes and Bonds
(Cost $21,684,423)				21,444,122

	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	$	730,710

Total Foreign Corporate Bonds
(Cost $744,701)				730,710

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 62.7%
Fannie Mae - 0.4%
0.750%, 10/8/27		250,000		240,046

U.S. Treasury Notes - 62.3%
4.125%, 1/31/27		1,050,000		1,050,646
4.000%, 2/29/28		2,500,000		2,489,551
3.625%, 5/31/28		2,500,000		2,470,898
4.000%, 6/30/28		2,500,000		2,486,328
4.875%, 10/31/28		2,500,000		2,528,613
4.500%, 5/31/29		2,300,000		2,308,445
4.000%, 7/31/29		2,300,000		2,276,641
3.875%, 9/30/29		2,300,000		2,266,398
3.875%, 11/30/29		2,375,000		2,337,334
3.875%, 12/31/29		2,375,000		2,336,128
4.000%, 7/31/30		2,375,000		2,338,355
4.375%, 11/30/30		2,375,000		2,368,228
4.125%, 2/29/32		2,175,000		2,134,729
4.125%, 11/15/32		2,175,000		2,124,278
3.375%, 5/15/33		2,300,000		2,138,281
3.875%, 8/15/33		1,750,000		1,673,711
4.000%, 2/15/34		2,300,000		2,207,371
4.250%, 11/15/34		1,000,000		970,586
				38,506,521
Total U.S. Government and Agency Obligations
(Cost $39,275,489)				38,746,567
		Shares
SHORT-TERM INVESTMENTS - 1.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class (C), 3.620%		287,771		287,771
State Street Navigator Securities Lending Government Money Market Portfolio (C) (D), 3.680%		764,400		764,400

Total Short-Term Investments
(Cost $1,052,171)				1,052,171
TOTAL INVESTMENTS - 100.3%
(Cost $62,756,784)				61,973,570

NET OTHER ASSETS AND LIABILITIES - (0.3%)				(186,129	)

TOTAL NET ASSETS - 100.0%			$	61,787,441

(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 July 31, 2026.

(B)

All or a portion of these securities is on loan. The total value of the securities on loan is $747,027, collateralized by cash collateral of $764,400.

(C)

7-day yield.

	Par Value		Value (Note 1, 2)
ASSET BACKED SECURITIES - 1.3%
CarMax Auto Owner Trust, Series 2023-3, Class A3, 5.280%, 5/15/28	$	138,632	$	139,044
Chesapeake Funding II LLC, Series 2023- 2A, Class A1 (A), 6.160%, 10/15/35		95,295		95,372
Evergreen Credit Card Trust, Series 2025- 1A, Class B, 4.240%, 10/15/29		500,000		496,258
John Deere Owner Trust, Series 2023-B, Class A3, 5.180%, 3/15/28		175,755		176,301
Nissan Auto Receivables Owner Trust, Series 2022-B, Class A4, 4.450%, 11/15/29		173,743		173,879
Towd Point Mortgage Trust, Series 2024- CES1, Class A1A (B), 5.848%, 1/25/64		545,210		545,156
Verizon Master Trust, Series 2024-3, Class B, 5.540%, 4/22/30		1,250,000		1,258,418

Total Asset Backed Securities
(Cost $2,896,891)				2,884,428

COLLATERALIZED MORTGAGE OBLIGATIONS - 7.0%
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (C), 2.879%, 7/25/49		26,842		26,388
CIM Trust, Series 2021-J2, Class A4 (A) (B), 2.500%, 4/25/51		399,381		354,403
Federal Home Loan Mortgage Corp. REMICS, Series 4066, Class DI, 3.000%, 6/15/27		31,348		204
Federal Home Loan Mortgage Corp. REMICS, Series 5655, Class BG, 4.500%, 5/15/33		1,720,528		1,681,024
Federal Home Loan Mortgage Corp. REMICS, Series 5451, Class A, 5.000%, 5/25/49		127,231		126,426
Federal Home Loan Mortgage Corp. REMICS, Series 5666, Class KE, 5.250%, 10/25/55		2,228,192		2,213,174
Federal National Mortgage Association REMICS, Series 2015-12, Class NI, 3.500%, 3/25/30		182,200		6,465
Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.500%, 4/25/31		120,580		117,489
Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4.000%, 5/25/31		161,081		158,264
Federal National Mortgage Association REMICS, Series 2001-73, Class GZ, 6.000%, 12/25/31		35,579		36,241
Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.500%, 9/25/35		39,575		39,943
Federal National Mortgage Association REMICS, Series 2020-44, Class TI, 5.500%, 12/25/35		958,214		129,069
Federal National Mortgage Association REMICS, Series 2025-26, Class BA, 5.500%, 5/25/48		363,008		364,774
Federal National Mortgage Association REMICS, Series 2024-99, Class EA, 5.500%, 5/25/51		360,683		360,246

	Par Value		Value (Note 1, 2)
Federal National Mortgage Association REMICS, Series 2025-5, Class EA, 5.500%, 10/25/51	$	475,202	$	474,522
Flagstar Mortgage Trust, Series 2021-9INV, Class A1 (A) (B), 2.500%, 9/25/41		380,449		338,946
GCAT Trust, Series 2021-NQM1, Class A1 (A) (B), 0.874%, 1/25/66		415,049		364,202
Government National Mortgage Association REMICS, Series 2025-157, Class NA, 6.000%, 4/20/55		611,950		602,923
Government National Mortgage Association REMICS, Series 2025-214, Class ND, 4.750%, 12/20/55		2,431,733		2,363,609
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (B), 2.500%, 5/25/51		405,337		326,561
JP Morgan Mortgage Trust, Series 2019-5, Class A3 (A) (B), 4.000%, 11/25/49		13,055		11,895
JP Morgan Mortgage Trust, Series 2019-7, Class A3 (A) (B), 3.472%, 2/25/50		65,935		58,273
JP Morgan Mortgage Trust, Series 2021-1, Class A3 (A) (B), 2.500%, 6/25/51		530,506		425,282
JP Morgan Mortgage Trust, Series 2021-3, Class A3 (A) (B), 2.500%, 7/25/51		721,242		578,186
JP Morgan Mortgage Trust, Series 2021-6, Class A4 (A) (B), 2.500%, 10/25/51		549,685		486,497
JP Morgan Mortgage Trust, Series 2021-14, Class A4 (A) (B), 2.500%, 5/25/52		589,146		518,966
JP Morgan Mortgage Trust, Series 2024-5, Class A4 (B), 6.000%, 11/25/54		194,457		194,031
JP Morgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B), 3.000%, 2/25/50		113,687		95,883
PSMC Trust, Series 2020-2, Class A2 (A) (B), 3.000%, 5/25/50		71,303		61,952
PSMC Trust, Series 2021-1, Class A11 (A) (B), 2.500%, 3/25/51		664,992		582,506
RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (B), 2.500%, 12/25/51		476,498		418,201
RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (B), 2.500%, 1/25/52		331,638		289,862
Sequoia Mortgage Trust, Series 2013-7, Class A2 (B), 3.000%, 6/25/43		195,739		174,509
Towd Point Mortgage Trust, Series 2024-4, Class A1A (B), 4.552%, 10/27/64		1,254,118		1,237,370
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (B), 4.000%, 4/25/49		6,833		6,286
Wells Fargo Mortgage-Backed Securities Trust, Series 2021-INV2, Class A2 (A) (B), 2.500%, 9/25/51		490,642		393,177

Total Collateralized Mortgage Obligations
(Cost $16,871,779)				15,617,749

COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.2%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K059, Class X1 (B), 0.223%, 9/25/26		10,837,636		695

	Par Value		Value (Note 1, 2)
Federal National Mortgage Association- ACES, Series 2022-M1, Class A2 (B), 1.669%, 10/25/31	$	1,250,000	$	1,072,507
FREMF Mortgage Trust, Series 2016-K58, Class B (A) (B), 3.731%, 9/25/49		320,000		319,007
FREMF Mortgage Trust, Series 2020-K106, Class B (A) (B), 3.564%, 3/25/53		750,000		697,698
Government National Mortgage Association, Series 2024-153, Class AB, 4.500%, 3/16/65		718,146		704,744
GSAMP Trust, Series 2006-S5, Class M5 (B) (D), 7.488%, 9/25/36		772,000		—

Total Commercial Mortgage- Backed Securities
(Cost $2,820,294)				2,794,651

CORPORATE NOTES AND BONDS - 24.0%
Basic Materials - 0.2%
Rio Tinto Finance USA PLC, 5.000%, 3/14/32		500,000		498,919

Communication Services - 0.7%
AT&T, Inc., 4.750%, 5/15/46		500,000		396,731
Expedia Group, Inc., 3.250%, 2/15/30		250,000		235,481
SBA Communications Corp., 3.875%, 2/15/27		350,000		347,661
VeriSign, Inc., 2.700%, 6/15/31		500,000		446,328
Verizon Communications, Inc., 3.400%, 3/22/41		300,000		221,726
				1,647,927
Communications - 1.7%
Amazon.com, Inc., 4.875%, 3/13/36		500,000		475,941
Amazon.com, Inc., 5.800%, 3/13/56		500,000		458,226
Meta Platforms, Inc., 4.875%, 11/15/35		500,000		467,854
Meta Platforms, Inc., 6.300%, 5/15/56		550,000		503,255
NTT Finance Corp., 5.502%, 7/16/35		500,000		494,189
Space Exploration Technologies Corp., 5.350%, 7/15/31		750,000		728,962
Verizon Communications, Inc., 5.875%, 11/30/55		600,000		546,758
				3,675,185
Consumer Discretionary - 1.1%
Advance Auto Parts, Inc., 1.750%, 10/1/27		250,000		240,036
BorgWarner, Inc. (E), 5.400%, 8/15/34		250,000		248,181
Home Depot, Inc., 3.350%, 4/15/50		250,000		165,787
Lowe’s Cos., Inc., 3.000%, 10/15/50		500,000		299,199
Lowe’s Cos., Inc., 4.250%, 4/1/52		750,000		556,602
Royal Caribbean Cruises Ltd., 7.500%, 10/15/27		250,000		257,859
Tractor Supply Co., 5.250%, 5/15/33		150,000		148,636
Walmart, Inc., 4.900%, 4/28/35		500,000		494,204
				2,410,504
Consumer Staples - 1.1%
Diageo Investment Corp., 5.125%, 8/15/30		400,000		402,475
GE HealthCare Technologies, Inc., 4.800%, 8/14/29		500,000		499,989
Keurig Dr. Pepper, Inc., 3.800%, 5/1/50		300,000		204,590
Lamb Weston Holdings, Inc. (A), 4.875%, 5/15/28		250,000		247,863
Mars, Inc., 5.200%, 3/1/35		225,000		221,405
Mars, Inc., 5.700%, 5/1/55		600,000		564,649

	Par Value		Value (Note 1, 2)
PayPal Holdings, Inc., 5.100%, 4/1/35	$	250,000	$	241,443
				2,382,414
Energy - 2.6%
Boardwalk Pipelines LP, 4.450%, 7/15/27		400,000		399,687
Devon Energy Corp., 5.200%, 9/15/34		800,000		785,427
Diamondback Energy, Inc., 5.400%, 4/18/34		550,000		547,109
Eastern Gas Transmission & Storage, Inc., 3.000%, 11/15/29		350,000		329,279
Energy Transfer LP, 5.250%, 4/15/29		275,000		277,292
Energy Transfer LP, 6.550%, 12/1/33		300,000		318,775
Kinder Morgan, Inc., 5.850%, 6/1/35		250,000		255,336
Kinder Morgan, Inc., 5.550%, 6/1/45		400,000		367,956
Marathon Petroleum Corp., 3.800%, 4/1/28		350,000		345,063
Marathon Petroleum Corp., 5.150%, 3/1/30		250,000		251,411
MPLX LP, 2.650%, 8/15/30		350,000		319,795
ONEOK, Inc., 5.450%, 6/1/47		400,000		348,751
Valero Energy Corp., 5.150%, 2/15/30		650,000		654,360
Valero Energy Corp., 6.625%, 6/15/37		500,000		537,528
Valero Energy Corp., 4.000%, 6/1/52		175,000		123,833
				5,861,602
Financials - 10.6%
American Express Co., (1 day USD SOFR + 1.940%) (B), 6.489%, 10/30/31		500,000		527,568
American International Group, Inc., 4.750%, 4/1/48		150,000		125,525
Athene Holding Ltd., 6.250%, 4/1/54		250,000		222,661
Bank of America Corp., (1 day USD SOFR + 0.870%) (B), 4.456%, 2/6/32		400,000		388,709
Bank of America Corp., (1 day USD SOFR + 1.910%) (B), 5.288%, 4/25/34		350,000		348,437
Bank of America Corp., (1 day USD SOFR + 1.650%) (B), 5.468%, 1/23/35		250,000		250,541
Bank of New York Mellon Corp., (1 day USD SOFR Index + 2.074%) (B), 5.834%, 10/25/33		500,000		517,971
Berkshire Hathaway Finance Corp., 3.850%, 3/15/52		350,000		251,150
Capital One Financial Corp., (1 day USD SOFR + 2.057%) (B), 4.927%, 5/10/28		350,000		350,595
Capital One Financial Corp., (1 day USD SOFR + 2.640%) (B), 6.312%, 6/8/29		400,000		409,766
Capital One Financial Corp., (1 day USD SOFR + 1.790%) (B), 3.273%, 3/1/30		350,000		335,440
CBRE Services, Inc., 4.800%, 6/15/30		250,000		246,987
Citibank NA, 5.803%, 9/29/28		250,000		256,361
Citigroup, Inc., (1 day USD SOFR + 2.086%) (B), 4.910%, 5/24/33		350,000		343,940
Citigroup, Inc., (5 yr. CMT + 1.730%) (B), 5.411%, 9/19/39		400,000		386,947
Citizens Financial Group, Inc., (5 yr. CMT + 1.450%) (B), 5.299%, 1/29/36		500,000		488,975
Empower Finance 2020 LP (A), 3.075%, 9/17/51		350,000		213,606
Fifth Third Bancorp, 2.550%, 5/5/27		350,000		345,452
Fifth Third Bancorp, (1 day USD SOFR + 2.340%) (B), 6.339%, 7/27/29		400,000		411,036
Fifth Third Bancorp, (1 day USD SOFR + 1.660%) (B), 4.337%, 4/25/33		350,000		332,303
Five Corners Funding Trust II (A), 2.850%, 5/15/30		250,000		230,722

	Par Value		Value (Note 1, 2)
GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/32	$	400,000	$	353,786
Goldman Sachs Group, Inc., (1 day USD SOFR + 0.913%) (B), 1.948%, 10/21/27		500,000		497,202
Goldman Sachs Group, Inc., (1 day USD SOFR + 1.190%) (B), 5.065%, 1/21/37		500,000		475,184
Huntington Bancshares, Inc., (1 day USD SOFR + 2.020%) (B), 6.208%, 8/21/29		350,000		358,978
Intercontinental Exchange, Inc., 4.600%, 3/15/33		350,000		337,297
JPMorgan Chase & Co., (1 day USD SOFR + 1.620%) (B), 5.336%, 1/23/35		500,000		497,393
JPMorgan Chase & Co., (1 day USD SOFR + 1.680%) (B), 5.572%, 4/22/36		500,000		501,043
Keybank National Association, 5.000%, 1/26/33		250,000		243,123
KeyCorp, 4.100%, 4/30/28		400,000		395,939
KKR Group Finance Co. VIII LLC (A), 3.500%, 8/25/50		250,000		161,089
Liberty Mutual Group, Inc. (A), 3.950%, 5/15/60		150,000		99,883
LPL Holdings, Inc. (A), 4.000%, 3/15/29		350,000		339,702
Morgan Stanley, (1 day USD SOFR + 1.830%) (B), 6.407%, 11/1/29		450,000		464,160
Morgan Stanley, (1 day USD SOFR + 1.108%) (B), 5.230%, 1/15/31		350,000		351,393
Morgan Stanley, (1 day USD SOFR + 1.020%) (B), 1.928%, 4/28/32		500,000		430,196
Morgan Stanley, (1 day USD SOFR + 1.730%) (B), 5.466%, 1/18/35		500,000		497,548
Nasdaq, Inc., 1.650%, 1/15/31		450,000		390,673
Old Republic International Corp., 3.850%, 6/11/51		300,000		204,130
Omega Healthcare Investors, Inc., 3.375%, 2/1/31		250,000		229,513
PNC Bank NA, 2.700%, 10/22/29		250,000		233,064
PNC Financial Services Group, Inc., (1 day USD SOFR + 1.333%) (B), 4.899%, 5/13/31		540,000		537,370
PNC Financial Services Group, Inc., (1 day USD SOFR + 2.284%) (B), 6.875%, 10/20/34		300,000		324,708
Progressive Corp., 5.150%, 3/26/36		250,000		244,163
Prologis LP, 4.900%, 6/15/36		400,000		381,532
Realty Income Corp., 4.850%, 3/15/30		400,000		399,311
Realty Income Corp., 5.125%, 4/15/35		250,000		243,613
Regions Financial Corp., 1.800%, 8/12/28		500,000		472,191
Simon Property Group LP, 4.300%, 1/15/31		500,000		486,775
Simon Property Group LP, 5.125%, 10/1/35		500,000		488,854
State Street Corp., (1 day USD SOFR + 1.490%) (B), 3.031%, 11/1/34		250,000		233,495
Teachers Insurance & Annuity Association of America (A), 3.300%, 5/15/50		300,000		190,597
Truist Bank, 2.250%, 3/11/30		325,000		294,132
Truist Financial Corp., (1 day USD SOFR + 1.309%) (B), 5.071%, 5/20/31		250,000		249,680
Truist Financial Corp., (1 day USD SOFR + 1.852%) (B), 5.122%, 1/26/34		400,000		392,682
Truist Financial Corp., (1 day USD SOFR + 2.361%) (B), 5.867%, 6/8/34		600,000		611,624
U.S. Bancorp, (1 day USD SOFR + 1.660%) (B), 4.548%, 7/22/28		500,000		499,675

	Par Value		Value (Note 1, 2)
U.S. Bancorp, (1 day USD SOFR + 1.560%) (B), 5.384%, 1/23/30	$	250,000	$	252,903
U.S. Bancorp, (1 day USD SOFR + 1.600%) (B), 4.839%, 2/1/34		525,000		508,232
Wells Fargo & Co., (1 day USD SOFR + 1.740%) (B), 5.574%, 7/25/29		500,000		507,346
Wells Fargo & Co., (1 day USD SOFR + 1.500%) (B), 5.198%, 1/23/30		600,000		603,756
Wells Fargo & Co., (1 day USD SOFR + 1.110%) (B), 5.244%, 1/24/31		500,000		502,801
Wells Fargo & Co., (1 day USD SOFR + 2.020%) (B), 5.389%, 4/24/34		350,000		349,478
Wells Fargo & Co., (1 day USD SOFR + 1.100%) (B), 4.960%, 1/23/37		250,000		238,086
Welltower OP LLC, 2.050%, 1/15/29		500,000		469,395
Weyerhaeuser Co., 3.375%, 3/9/33		300,000		266,595
				23,794,982
Health Care - 0.9%
AbbVie, Inc., 5.400%, 3/15/54		675,000		615,656
Amgen, Inc., 5.650%, 3/2/53		150,000		139,212
Centene Corp., 2.450%, 7/15/28		500,000		474,321
GE HealthCare Technologies, Inc., 6.377%, 11/22/52		250,000		253,387
Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.200%, 6/1/30		250,000		224,789
Humana, Inc., 5.375%, 4/15/31		250,000		250,743
				1,958,108
Industrials - 1.5%
Ashtead Capital, Inc. (A), 2.450%, 8/12/31		600,000		523,071
Carrier Global Corp., 3.577%, 4/5/50		68,000		46,685
Carrier Global Corp., 6.200%, 3/15/54		174,000		176,397
Eaton Corp., 4.800%, 3/6/36		750,000		717,170
Honeywell Aerospace, Inc., 4.950%, 3/16/36		500,000		480,703
Nordson Corp., 5.800%, 9/15/33		100,000		102,055
Norfolk Southern Corp., 5.950%, 3/15/64		250,000		240,140
Otis Worldwide Corp., 2.565%, 2/15/30		350,000		322,732
Quanta Services, Inc., 2.900%, 10/1/30		500,000		459,911
Textron, Inc., 2.450%, 3/15/31		250,000		223,306
				3,292,170
Information Technology - 1.5%
Dell International LLC/EMC Corp., 8.350%, 7/15/46		87,000		104,928
Dell International LLC/EMC Corp., 3.450%, 12/15/51		625,000		410,241
Fiserv, Inc., 3.500%, 7/1/29		750,000		718,896
Gartner, Inc. (A), 4.500%, 7/1/28		400,000		393,634
HP, Inc., 2.650%, 6/17/31		600,000		532,122
Iron Mountain, Inc. (A), 4.500%, 2/15/31		275,000		260,243
Oracle Corp., 3.950%, 3/25/51		750,000		453,845
VMware LLC, 2.200%, 8/15/31		500,000		434,074
				3,307,983
Materials - 0.1%
LYB International Finance III LLC, 3.625%, 4/1/51		400,000		254,883

Technology - 0.8%
Broadcom, Inc., 3.187%, 11/15/36		12,000		9,526
Fidelity National Information Services, Inc., 4.800%, 3/10/31		500,000		490,509
Intel Corp., 5.300%, 5/15/36		350,000		337,091
NetApp, Inc., 5.500%, 3/17/32		400,000		403,009

	Par Value		Value (Note 1, 2)
Paychex, Inc. (E), 5.600%, 4/15/35	$	500,000	$	495,972
				1,736,107
Utilities - 1.2%
Berkshire Hathaway Energy Co., 1.650%, 5/15/31		350,000		300,607
DTE Electric Co., 5.400%, 4/1/53		250,000		227,999
Duke Energy Corp., 3.750%, 9/1/46		500,000		356,700
Duke Energy Progress LLC, 3.700%, 10/15/46		500,000		360,182
Florida Power & Light Co., 2.875%, 12/4/51		700,000		414,017
Interstate Power & Light Co., 3.500%, 9/30/49		250,000		169,107
NextEra Energy Capital Holdings, Inc., 1.900%, 6/15/28		500,000		475,201
PECO Energy Co., 3.050%, 3/15/51		750,000		460,356
				2,764,169
Total Corporate Notes and Bonds
(Cost $57,694,537)				53,584,953

FOREIGN CORPORATE BONDS - 1.8%
Consumer Discretionary - 0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd. (A), 4.750%, 10/20/28		187,500		187,128

Energy - 0.1%
Enbridge, Inc., 5.700%, 3/8/33		250,000		254,569

Financials - 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27		250,000		249,852
Mitsubishi UFJ Financial Group, Inc., (1 yr. CMT + 1.530%) (B), 5.475%, 2/22/31		500,000		505,880
Royal Bank of Canada (E), 5.150%, 2/1/34		400,000		399,932
Toronto-Dominion Bank, 4.456%, 6/8/32		300,000		290,574
UBS Group AG, (1 yr. CMT + 2.050%) (A) (B), 4.703%, 8/5/27		400,000		399,996
				1,846,234
Health Care - 0.5%
Pfizer Investment Enterprises Pte. Ltd., 5.300%, 5/19/53		400,000		357,775
Pfizer Investment Enterprises Pte. Ltd., 5.340%, 5/19/63		250,000		217,583
Royalty Pharma PLC, 2.200%, 9/2/30		200,000		179,365
STERIS Irish FinCo UnLtd Co., 3.750%, 3/15/51		500,000		340,122
				1,094,845
Industrials - 0.2%
BAE Systems PLC (A), 5.300%, 3/26/34		500,000		498,602

Materials - 0.1%
Nutrien Ltd., 5.800%, 3/27/53		250,000		236,818

Total Foreign Corporate Bonds
(Cost $4,372,724)				4,118,196

MORTGAGE BACKED SECURITIES - 33.1%
Fannie Mae - 18.5%
3.000%, 9/1/30 Pool # 890696		106,577		103,836
3.000%, 12/1/30 Pool # AL8924		40,476		39,768
7.000%, 11/1/31 Pool # 607515		1,394		1,459
3.500%, 12/1/31 Pool # MA0919		44,617		43,348
6.500%, 3/1/32 Pool # 631377		4,561		4,721

	Par Value		Value (Note 1, 2)
6.500%, 5/1/32 Pool # 636758	$	198	$	204
7.000%, 5/1/32 Pool # 644591		92		96
6.500%, 6/1/32 Pool # 545691		10,164		10,476
3.500%, 8/1/32 Pool # MA3098		63,145		61,404
3.500%, 9/1/32 Pool # MA3126		41,500		40,400
5.500%, 11/1/33 Pool # 555880		14,268		14,355
4.000%, 2/1/35 Pool # MA2177		140,358		136,654
3.500%, 12/1/35 Pool # MA2473		145,567		138,845
4.500%, 12/1/35 Pool # 745147		2,377		2,309
2.500%, 9/1/36 Pool # FS4049		417,089		387,970
6.000%, 11/1/36 Pool # 902510		19,653		20,324
6.000%, 10/1/37 Pool # 947563		24,501		25,399
6.500%, 12/1/37 Pool # 889072		15,059		15,887
4.500%, 5/1/38 Pool # MA5013		707,777		693,529
6.500%, 8/1/38 Pool # 987711		44,511		46,843
3.000%, 11/1/39 Pool # MA3831		71,788		65,935
4.000%, 9/1/40 Pool # AE3039		150,269		143,243
4.000%, 1/1/41 Pool # AB2080		125,998		119,991
2.500%, 5/1/41 Pool # MA4334		983,130		868,795
5.500%, 7/1/41 Pool # AL6588		113,561		115,215
2.500%, 8/1/41 Pool # FM8460		190,346		168,061
4.000%, 9/1/41 Pool # AJ1406		57,530		54,728
4.000%, 10/1/41 Pool # AJ4046		178,000		170,007
3.500%, 11/1/41 Pool # AB3867		67,639		62,889
2.500%, 3/1/42 Pool # MA4571		2,477,077		2,176,224
4.000%, 3/1/42 Pool # AL1998		263,530		250,063
3.500%, 6/1/42 Pool # AO4134		285,968		265,737
3.500%, 8/1/42 Pool # AP2133		153,438		142,519
3.000%, 9/1/42 Pool # AP6568		42,365		37,958
3.500%, 9/1/42 Pool # AB6228		85,395		79,277
4.000%, 10/1/42 Pool # AP7363		196,523		185,776
3.500%, 1/1/43 Pool # AQ9326		175,994		163,430
3.000%, 2/1/43 Pool # AL3072		285,552		255,640
3.500%, 3/1/43 Pool # AT0310		138,278		128,387
3.500%, 4/1/43 Pool # AT2887		145,436		134,734
5.000%, 11/1/44 Pool # MA5539		521,350		511,619
4.000%, 1/1/45 Pool # AS4257		43,754		41,063
5.000%, 9/1/45 Pool # MA5833		636,109		623,952
5.000%, 4/1/46 Pool # MA6042		974,363		950,448
4.500%, 10/1/46 Pool # MA2783		24,696		23,690
3.000%, 1/1/47 Pool # BE0108		272,753		240,000
2.500%, 12/1/47 Pool # FM3165		817,528		687,356
3.000%, 1/1/48 Pool # FM1303		875,404		770,353
3.000%, 8/1/48 Pool # FS0517		595,179		521,710
3.000%, 1/1/49 Pool # FS4296		569,515		508,354
4.000%, 11/1/50 Pool # FM5530		445,211		410,447
3.000%, 12/1/51 Pool # FS3478		778,635		662,842
2.000%, 1/1/52 Pool # FS0173		871,095		696,029
2.500%, 1/1/52 Pool # CB2548		384,624		318,815
2.000%, 3/1/52 Pool # CB3105		367,383		293,424
2.500%, 3/1/52 Pool # BV4133		462,010		377,473
3.000%, 3/1/52 Pool # CB3115		703,194		608,857
2.500%, 4/1/52 Pool # FS4138		1,423,039		1,188,676
3.500%, 5/1/52 Pool # FS1866		761,419		680,034
4.000%, 5/1/52 Pool # FS1818		2,703,196		2,476,318
3.500%, 6/1/52 Pool # CB3845		739,048		660,054
3.500%, 7/1/52 Pool # FS2812		467,367		421,291
3.500%, 8/1/52 Pool # CB4361		1,563,184		1,391,629
4.500%, 8/1/52 Pool # FS2605		1,162,131		1,098,594
4.000%, 9/1/52 Pool # MA4732		573,050		524,305
4.500%, 9/1/52 Pool # FS2821		544,537		515,442
4.000%, 10/1/52 Pool # MA4783		996,749		911,348
4.500%, 10/1/52 Pool # MA4784		530,097		500,291

	Par Value		Value (Note 1, 2)
5.000%, 10/1/52 Pool # MA4785	$	2,043,509	$	1,988,568
5.500%, 10/1/52 Pool # MA4786		615,229		613,189
5.000%, 11/1/52 Pool # MA4806		720,239		700,132
5.000%, 12/1/52 Pool # MA4841		2,603,300		2,529,552
5.500%, 12/1/52 Pool # MA4842		1,431,508		1,429,563
4.500%, 7/1/53 Pool # FS4996		506,328		479,407
5.500%, 7/1/53 Pool # MA5072		2,848,002		2,831,968
5.500%, 9/1/53 Pool # FS5575		535,735		535,669
5.500%, 5/1/54 Pool # FS7759		843,692		839,300
5.000%, 1/1/55 Pool # MA5585		1,097,632		1,059,290
4.000%, 7/1/55 Pool # FA2986		708,078		647,680
5.500%, 11/1/55 Pool # MA5879		671,090		664,169
4.500%, 4/1/56 Pool # FA5291		1,234,791		1,160,775
				41,470,112
Freddie Mac - 14.6%
8.000%, 6/1/30 Pool # C01005		129		133
6.500%, 1/1/32 Pool # C62333		3,496		3,607
2.500%, 2/1/32 Pool # ZS8641		104,819		99,974
3.500%, 8/1/32 Pool # C91485		59,168		57,321
4.000%, 5/1/33 Pool # G18693		98,756		97,094
4.500%, 6/1/34 Pool # C01856		94,954		93,315
2.500%, 6/1/35 Pool # RC1421		196,549		182,343
2.000%, 1/1/36 Pool # SB0546		505,272		458,186
6.500%, 11/1/36 Pool # C02660		1,763		1,854
5.500%, 1/1/37 Pool # G04593		57,144		58,053
5.500%, 11/1/37 Pool # A68787		39,380		39,937
5.500%, 12/1/38 Pool # G05267		110,700		112,019
4.500%, 8/1/39 Pool # G08361		104,523		101,584
5.000%, 5/1/40 Pool # SB8384		630,911		628,459
3.500%, 11/1/40 Pool # G06168		101,143		94,173
2.000%, 3/1/41 Pool # RB5105		743,668		638,313
2.500%, 6/1/41 Pool # SC0151		564,563		497,812
4.000%, 10/1/41 Pool # Q04092		248,284		235,908
4.500%, 3/1/42 Pool # G07491		117,978		114,636
2.500%, 9/1/42 Pool # SC0314		375,505		329,317
3.000%, 9/1/42 Pool # C04233		184,834		165,752
3.000%, 2/1/43 Pool # Q15767		120,432		108,537
3.000%, 4/1/43 Pool # V80026		1,017,646		910,806
3.500%, 8/1/44 Pool # Q27927		149,636		138,357
3.000%, 7/1/45 Pool # G08653		220,652		194,242
3.500%, 8/1/45 Pool # Q35614		156,700		142,994
3.000%, 11/1/45 Pool # G08675		180,584		158,849
3.000%, 1/1/46 Pool # G08686		229,555		201,825
3.000%, 10/1/46 Pool # G60722		232,905		204,383
3.500%, 11/1/47 Pool # Q52079		192,199		173,773
2.500%, 4/1/48 Pool # QA2240		1,870,300		1,570,609
3.000%, 7/1/49 Pool # QA1033		271,849		234,820
2.500%, 6/1/51 Pool # QC2842		742,208		609,989
2.500%, 1/1/52 Pool # SD7552		2,935,349		2,436,060
3.500%, 4/1/52 Pool # SD0960		995,540		891,127
3.500%, 5/1/52 Pool # RA7380		1,072,047		954,238
3.000%, 8/1/52 Pool # SD7556		1,218,752		1,051,750
4.000%, 9/1/52 Pool # SD8244		600,261		549,020
4.500%, 9/1/52 Pool # SD8245		557,620		526,655
4.500%, 10/1/52 Pool # SD8257		1,813,769		1,714,303
4.500%, 11/1/52 Pool # SD8266		2,199,940		2,076,022
5.000%, 11/1/52 Pool # SD8267		2,196,549		2,139,309
5.500%, 11/1/52 Pool # SD8268		1,878,004		1,875,968
4.500%, 12/1/52 Pool # SD1921		1,009,105		956,939
5.000%, 12/1/52 Pool # RA8278		2,650,363		2,576,968
5.500%, 12/1/52 Pool # SD8277		1,050,058		1,047,735
5.000%, 2/1/53 Pool # SD8299		646,851		628,768
5.500%, 2/1/53 Pool # SD2172		438,576		434,883

	Par Value		Value (Note 1, 2)
5.000%, 5/1/53 Pool # SD2875	$	1,136,017	$	1,105,349
5.500%, 6/1/53 Pool # SD3174		706,067		700,809
5.500%, 8/1/53 Pool # SD8349		521,645		519,216
5.500%, 9/1/53 Pool # SD8362		355,255		353,252
6.000%, 9/1/53 Pool # SD3739		885,045		903,573
5.500%, 2/1/54 Pool # SD4901		540,003		538,701
				32,639,619
Ginnie Mae - 0.0%
6.500%, 2/20/29 Pool # 2714		824		851
6.500%, 4/20/31 Pool # 3068		703		726
4.000%, 4/15/39 Pool # 698089		7,811		7,242
				8,819
Total Mortgage Backed Securities
(Cost $77,149,100)				74,118,550

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 28.9%
U.S. Treasury Bonds - 8.7%
5.375%, 2/15/31		2,000,000		2,077,500
4.500%, 5/15/38		1,250,000		1,214,746
2.250%, 5/15/41		3,000,000		2,099,297
3.750%, 8/15/41		4,250,000		3,636,406
4.625%, 5/15/44		4,000,000		3,701,719
3.000%, 5/15/45		1,000,000		725,195
3.000%, 5/15/47		500,000		353,125
1.250%, 5/15/50		1,500,000		671,719
1.875%, 2/15/51		1,500,000		786,914
4.125%, 8/15/53		2,000,000		1,657,734
4.250%, 8/15/54		3,050,000		2,581,897
				19,506,252
U.S. Treasury Notes - 20.2%
4.625%, 6/15/27		2,000,000		2,008,262
4.000%, 2/29/28		4,250,000		4,232,236
4.625%, 9/30/28		5,500,000		5,534,160
3.875%, 11/30/29		4,000,000		3,936,562
4.000%, 7/31/30		5,500,000		5,415,137
4.000%, 1/31/31		3,000,000		2,945,156
4.250%, 6/30/31		6,000,000		5,943,047
4.125%, 11/15/32		4,000,000		3,906,719
4.000%, 2/15/34		4,500,000		4,318,769
4.375%, 5/15/34		5,000,000		4,910,352
4.125%, 2/15/36		1,250,000		1,191,602
4.625%, 11/15/55		750,000		676,523
				45,018,525
Total U.S. Government and Agency Obligations
(Cost $69,100,634)				64,524,777

	Shares
SHORT-TERM INVESTMENTS - 1.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class (F), 3.620%		3,296,066		3,296,066
State Street Navigator Securities Lending Government Money Market Portfolio (F) (G), 3.680%		918,750		918,750

Total Short-Term Investments
(Cost $4,214,816)				4,214,816
TOTAL INVESTMENTS - 99.2%
(Cost $235,120,775)				221,858,120

NET OTHER ASSETS AND LIABILITIES - 0.8%				1,749,669

TOTAL NET ASSETS - 100.0%			$	223,607,789

(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 July 31, 2026.

(C)		Stepped rate security. Rate shown is as of July 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 $919,651, collateralized by cash collateral of $918,750 and non-cash collateral of $24,279.

(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.

REIT		Real Estate Investment Trust.

SOFR		Secured Overnight Financing Rate.

USD		United States Dollar.

	Shares		Value (Note 1, 2)
COMMON STOCKS - 94.4%
Communication Services - 2.3%
T-Mobile U.S., Inc. (A)		18,300	$	3,160,593

Consumer Discretionary - 5.9%
Amazon.com, Inc.* (A)		8,300		2,254,114
Las Vegas Sands Corp.		84,000		4,106,760
NIKE, Inc., Class B (A)		42,500		1,772,675
				8,133,549
Consumer Staples - 16.0%
Archer-Daniels-Midland Co. (A)		96,000		7,609,920
Colgate-Palmolive Co. (A)		32,000		2,921,600
Constellation Brands, Inc., Class A (A)		32,100		4,180,383
PepsiCo, Inc. (A)		51,900		7,243,164
				21,955,067
Energy - 16.9%
APA Corp. (A)		194,900		7,273,668
Matador Resources Co. (A)		137,000		6,834,930
Transocean Ltd.*		1,700,000		9,044,000
				23,152,598
Equity Real Estate Investment Trusts (REITs) - 2.3%
Weyerhaeuser Co., REIT (A)		125,000		3,128,750

Financials - 14.2%
CME Group, Inc. (A)		18,900		5,061,231
Fiserv, Inc.* (A)		33,500		1,806,990
Marsh & McLennan Cos., Inc. (A)		26,300		4,988,847
PayPal Holdings, Inc. (A)		76,500		4,376,565
Visa, Inc., Class A (A)		8,700		3,185,331
				19,418,964
Health Care - 14.0%
Agilent Technologies, Inc. (A)		21,000		2,905,770
Danaher Corp. (A)		17,500		3,412,150
Labcorp Holdings, Inc. (A)		10,000		3,092,000
Medtronic PLC (A)		48,500		4,141,415
Pfizer, Inc.		123,000		3,076,230
Stryker Corp. (A)		8,000		2,605,600
				19,233,165
Industrials - 6.0%
Emerson Electric Co. (A)		18,000		2,696,760
Honeywell Aerospace, Inc.* (A)		6,000		1,240,440
Honeywell International, Inc. (A)		6,000		1,458,300

	Shares		Value (Note 1, 2)
Illinois Tool Works, Inc. (A)		9,800	$	2,812,110
				8,207,610
Information Technology - 9.6%
Accenture PLC, Class A (A)		13,100		2,173,552
Adobe, Inc.* (A)		16,600		4,156,806
Broadcom, Inc. (A)		5,500		2,141,040
Microsoft Corp. (A)		10,200		4,740,144
				13,211,542
Materials - 2.6%
Newmont Corp. (A)		38,000		3,560,980

Utilities - 4.6%
AES Corp.		252,000		3,699,360
NextEra Energy, Inc. (A)		30,000		2,607,600
				6,306,960
Total Common Stocks
(Cost $155,252,656)				129,469,778

SHORT-TERM INVESTMENTS - 8.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 3.620%		11,213,511		11,213,511

Total Short-Term Investments
(Cost $11,213,511)				11,213,511
TOTAL PUT OPTIONS PURCHASED - 1.1%
(Cost $2,103,622)				1,489,500
TOTAL INVESTMENTS - 103.7%
(Cost $166,466,167)				142,172,789

TOTAL CALL AND PUT OPTIONS WRITTEN - (3.8%)				(5,283,483	)

NET OTHER ASSETS AND LIABILITIES - 0.1%				173,994

TOTAL NET ASSETS - 100.0%			$	137,063,300

*		Non-income producing.

(A)		All or a portion of these securities’ positions, with a value of $109,543,428, 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 - 98.1%
Consumer Discretionary - 7.0%
Home Depot, Inc.		7,200	$	2,390,112
Lowe’s Cos., Inc.		8,800		1,828,728
McDonald’s Corp.		7,850		2,124,524
				6,343,364
Consumer Staples - 9.4%
Colgate-Palmolive Co.		27,975		2,554,117
Hershey Co.		7,175		1,255,984
PepsiCo, Inc.		11,175		1,559,583
Procter & Gamble Co.		22,175		3,204,066
				8,573,750
Energy - 14.8%
Chevron Corp.		21,750		4,281,053
ConocoPhillips		16,350		1,969,848
EOG Resources, Inc.		19,150		2,847,413
ExxonMobil Holdings Corp.		28,000		4,352,320
				13,450,634
Financials - 18.3%
Bank of America Corp.		44,875		2,780,006
Blackrock, Inc.		1,950		2,126,261
Charles Schwab Corp.		22,300		2,346,852
CME Group, Inc.		12,025		3,220,175
JPMorgan Chase & Co.		7,275		2,559,272
Marsh & McLennan Cos., Inc.		9,450		1,792,570
Morgan Stanley		8,275		1,741,226
				16,566,362
Health Care - 13.2%
AbbVie, Inc.		12,625		3,168,117
Elevance Health, Inc.		3,575		1,343,628
Johnson & Johnson		18,675		4,787,336
Medtronic PLC		31,425		2,683,381
				11,982,462
Industrials - 20.0%
Automatic Data Processing, Inc.		11,475		3,057,628
Deere & Co.		1,675		992,722
Fastenal Co.		42,900		2,046,759
Honeywell Aerospace, Inc.*		7,350		1,519,539
Honeywell International, Inc.		7,350		1,786,418
Illinois Tool Works, Inc.		9,275		2,661,461
Rockwell Automation, Inc.		2,350		1,128,188
Union Pacific Corp.		10,900		3,184,217
Waste Management, Inc.		7,600		1,721,780
				18,098,712
Information Technology - 8.8%
Analog Devices, Inc.		4,225		1,552,307
QUALCOMM, Inc.		12,200		1,800,842
TE Connectivity PLC		8,550		1,758,650
Texas Instruments, Inc.		10,325		2,847,015
				7,958,814
Materials - 2.8%
Air Products & Chemicals, Inc.		8,575		2,528,682

Utilities - 3.8%
NextEra Energy, Inc.		39,700		3,450,724

Total Common Stocks
(Cost $62,079,174)				88,953,504

	Shares		Value (Note 1, 2)
COMMON STOCKS - 98.2%
Communication Services - 10.0%
Alphabet, Inc., Class C		65,419	$	23,331,687
Meta Platforms, Inc., Class A		14,289		7,954,829
				31,286,516
Consumer Discretionary - 14.1%
Airbnb, Inc., Class A*		57,911		8,774,675
Amazon.com, Inc.*		69,066		18,756,945
Lowe’s Cos., Inc.		43,541		9,048,255
TJX Cos., Inc.		47,274		7,438,091
				44,017,966
Financials -27.9%
Capital Markets - 11.2%
Brookfield Corp.		220,048		9,358,641
Charles Schwab Corp.		81,757		8,604,107
Intercontinental Exchange, Inc.		62,109		9,470,380
MSCI, Inc.		12,684		7,258,292
				34,691,420
Financial Services - 4.8%
Visa, Inc., Class A		41,028		15,021,582

Insurance - 11.9%
Arch Capital Group Ltd.*		189,502		19,050,636
Marsh & McLennan Cos., Inc.		48,551		9,209,639
Progressive Corp.		41,402		8,753,211
				37,013,486
				86,726,488
Health Care - 8.1%
Agilent Technologies, Inc.		83,041		11,490,383
Alcon AG		49,064		3,382,472
Danaher Corp.		53,269		10,386,390
				25,259,245
Industrials - 19.4%
Copart, Inc.*		171,300		4,988,256
Deere & Co.		9,787		5,800,461
Ferguson Enterprises, Inc.		61,479		14,406,374
Honeywell Aerospace, Inc.*		28,217		5,833,582
Honeywell International, Inc.		15,514		3,770,678
PACCAR, Inc.		79,345		10,527,495
Parker-Hannifin Corp.		15,443		15,080,553
				60,407,399
Information Technology - 18.7%
Analog Devices, Inc.		35,113		12,900,867
Gartner, Inc.*		30,208		4,562,012
Keysight Technologies, Inc.*		50,883		16,235,748
Salesforce, Inc.		15,650		2,879,913
Texas Instruments, Inc.		67,499		18,612,174
Workday, Inc., Class A*		18,311		2,935,986
				58,126,700
Total Common Stocks
(Cost $156,407,964)				305,824,314

	Shares		Value (Note 1, 2)
COMMON STOCKS - 97.1%
Communication Services - 3.7%
Liberty Media Corp.-Liberty Formula One, Class A*		454,863	$	40,851,246
Liberty Media Corp.-Liberty Formula One, Class C*		230,826		22,650,955
				63,502,201
Consumer Discretionary - 14.3%
Asbury Automotive Group, Inc.*		143,901		33,341,862
Floor & Decor Holdings, Inc., Class A*		637,152		36,680,841
Lithia Motors, Inc.		108,651		41,876,268
Ross Stores, Inc.		405,888		101,906,300
Thor Industries, Inc. (A)		422,061		31,641,913
				245,447,184
Financials -26.4%
Capital Markets - 5.0%
Brookfield Asset Management Ltd., Class A		726,347		35,155,195
Moelis & Co., Class A		753,164		50,522,241
				85,677,436
Commercial Banks - 3.3%
Cullen/Frost Bankers, Inc.		188,965		31,432,438
Glacier Bancorp, Inc.		537,002		26,468,829
				57,901,267
Insurance - 18.1%
Arch Capital Group Ltd.*		1,294,175		130,103,413
Arthur J Gallagher & Co.		148,843		37,124,421
Brown & Brown, Inc.		997,388		70,216,115
Kinsale Capital Group, Inc.		62,274		22,195,699
W.R. Berkley Corp.		691,754		50,179,835
				309,819,483
				453,398,186
Health Care - 14.1%
Bio-Techne Corp.		484,784		34,948,079
Labcorp Holdings, Inc.		210,115		64,967,558
Medpace Holdings, Inc.*		111,036		64,079,986
Revvity, Inc.		241,986		27,228,265
Waters Corp.*		138,095		52,104,624
				243,328,512
Industrials - 21.5%
A.O. Smith Corp.		699,841		42,081,439
Carlisle Cos., Inc.		190,002		68,385,520
Copart, Inc.*		1,475,537		42,967,637
Expeditors International of Washington, Inc.		204,032		34,254,932
Graco, Inc.		294,852		23,405,352
MSA Safety, Inc.		307,362		58,481,768
PACCAR, Inc.		484,992		64,348,739
Verisk Analytics, Inc.		188,481		36,725,523
				370,650,910
Information Technology - 17.1%
Amphenol Corp., Class A		534,479		85,890,775
Bentley Systems, Inc., Class B		673,888		23,882,591
Gartner, Inc.*		209,769		31,679,314
MKS, Inc.		143,348		42,638,863
ServiceTitan, Inc., Class A*		391,926		32,553,374
Teledyne Technologies, Inc.*		85,083		55,777,862
Tyler Technologies, Inc.*		69,635		21,558,996
				293,981,775
Total Common Stocks
(Cost $1,132,046,932)				1,670,308,768

	Shares		Value (Note 1, 2)
SHORT-TERM INVESTMENTS - 4.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 3.620%		49,897,355	$	49,897,355
State Street Navigator Securities Lending Government Money Market Portfolio (B) (C), 3.680%		23,879,998		23,879,998

Total Short-Term Investments
(Cost $73,777,353)				73,777,353
TOTAL INVESTMENTS - 101.4%
(Cost $1,205,824,285)				1,744,086,121

NET OTHER ASSETS AND LIABILITIES - (1.4%)				(24,484,781	)

TOTAL NET ASSETS - 100.0%			$	1,719,601,340

*		Non-income producing.

(A)		All or a portion of these securities is on loan. The total value of the securities on loan is $23,100,431, collateralized by cash collateral of $23,879,998.

(B)		7-day yield.

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

	Shares		Value (Note 1, 2)
COMMON STOCKS - 94.2%
Consumer Discretionary - 6.7%
Ollie’s Bargain Outlet Holdings, Inc.*		19,920	$	1,463,522
Revolve Group, Inc.*		111,734		2,805,641
Shake Shack, Inc., Class A*		49,849		3,128,025
VF Corp.		203,318		2,911,514
				10,308,702
Consumer Staples - 3.9%
Edgewell Personal Care Co.		115,839		3,149,662
Primo Brands Corp.		123,523		2,803,972
				5,953,634
Energy - 1.1%
Matador Resources Co.		34,251		1,708,782
Financials - 9.2%
Axis Capital Holdings Ltd.		27,816		2,929,581
Baldwin Insurance Group, Inc.*		89,332		2,478,070
Hanover Insurance Group, Inc.		6,718		1,562,808
Moelis & Co., Class A		53,688		3,601,391
Texas Capital Bancshares, Inc.		37,069		3,664,271
				14,236,121
Health Care - 14.7%
Alphatec Holdings, Inc.*		134,795		1,283,248
Charles River Laboratories International, Inc.*		14,426		3,354,189
Encompass Health Corp.		62,988		6,996,077
HealthEquity, Inc.*		48,555		4,885,119
ICU Medical, Inc.*		15,553		2,620,836
Medpace Holdings, Inc.*		2,921		1,685,738
Vericel Corp.*		43,207		1,985,794
				22,811,001
Industrials - 22.0%
AAON, Inc.		23,082		2,055,683
Advanced Drainage Systems, Inc.		16,743		2,318,571
Carlisle Cos., Inc.		11,694		4,208,904
Core & Main, Inc., Class A*		99,659		4,382,006
Crane Co.		15,687		3,348,547
Hayward Holdings, Inc.*		298,597		4,517,773
Hexcel Corp.		28,166		2,899,690
Leonardo DRS, Inc.		62,222		2,865,323
Madison Air Solutions Corp., Class A*		70,901		2,060,383
Mueller Water Products, Inc., Class A		87,599		2,210,999
SiteOne Landscape Supply, Inc.*		18,118		1,711,064
WillScot Holdings Corp.		57,041		1,384,955
				33,963,898
Information Technology -30.6%
Communications Equipment - 2.6%
Extreme Networks, Inc.*		78,640		2,370,210
Viavi Solutions, Inc.*		47,217		1,744,668
				4,114,878
Electronic Equipment, Instruments & Components - 9.8%
Belden, Inc.		21,636		2,683,946
Crane NXT Co.		38,846		2,018,050
CTS Corp.		46,222		2,963,755
Knowles Corp.*		140,860		5,154,067
Mirion Technologies, Inc.*		164,568		2,465,229
				15,285,047
Semiconductors & Semiconductor Equipment - 3.9%
Entegris, Inc.		18,888		2,248,616
indie Semiconductor, Inc., Class A* (A)		445,423		1,438,716

	Shares		Value (Note 1, 2)
Power Integrations, Inc.		39,323	$	2,387,299
				6,074,631
Software - 14.3%
Amplitude, Inc., Class A*		270,431		2,401,427
Box, Inc., Class A*		117,983		3,722,364
CommVault Systems, Inc.*		28,851		3,398,648
Gitlab, Inc., Class A*		114,277		3,943,699
Procore Technologies, Inc.*		69,013		3,779,842
Workiva, Inc.*		77,851		4,655,490
				21,901,470
				47,376,026
Materials - 6.0%
Celanese Corp.		33,054		1,478,175
Eagle Materials, Inc.		9,007		1,845,894
Scotts Miracle-Gro Co.		90,522		5,945,485
				9,269,554
Total Common Stocks
(Cost $115,737,596)				145,627,718

SHORT-TERM INVESTMENTS - 5.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 3.620%		8,563,935		8,563,935
State Street Navigator Securities Lending Government Money Market Portfolio (B) (C), 3.680%		555,718		555,718

Total Short-Term Investments
(Cost $9,119,653)				9,119,653
TOTAL INVESTMENTS - 100.1%
(Cost $124,857,249)				154,747,371

NET OTHER ASSETS AND LIABILITIES - (0.1%)				(78,286	)

TOTAL NET ASSETS - 100.0%			$	154,669,085

Non-income producing.

(A)

All or a portion of these securities is on loan. The total value of the securities on loan is $1,391,354, collateralized by cash collateral of $555,718 and non-cash collateral of $860,430.

(B)

7-day yield.

(C)

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

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, 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 July 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 July 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 July 31, 2026 and their effects:

Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid		Unrealized Appreciation (Depreciation)
Put Options Purchased

S&P 500 Index	$	7300.00		09/18/26		180	$	131,400,000	$	1,489,500	$	2,103,622	$	(614,122	)
Total Put Options Purchased									$	1,489,500	$	2,103,622	$	(614,122	)

Desription	Exercise Price		Expiration Date	Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Call Options Written
Accenture PLC	$	150.00	8/21/26		(131	)	$	(1,965,000	)	$	(247,590	)	$	(37,225	)	$	(210,365	)
Adobe, Inc.		230.00	8/21/26		(89	)		(2,047,000	)		(214,713	)		(38,624	)		(176,089	)

Desription	Exercise Price		Expiration Date	Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Call Options Written (continued)
Adobe, Inc.	$	300.00	10/16/26		(77	)	$	(2,310,000	)	$	(61,215	)	$	(45,717	)	$	(15,498	)
Agilent Technologies, Inc.		140.00	8/21/26		(210	)		(2,940,000	)		(69,300	)		(53,109	)		(16,191	)
Amazon.com, Inc.		260.00	8/21/26		(83	)		(2,158,000	)		(130,102	)		(80,892	)		(49,210	)
APA Corp.		37.50	8/21/26		(975	)		(3,656,250	)		(174,525	)		(81,876	)		(92,649	)
APA Corp.		40.00	9/18/26		(974	)		(3,896,000	)		(149,509	)		(106,832	)		(42,677	)
Archer-Daniels-Midland Co.		80.00	8/21/26		(960	)		(7,680,000	)		(240,000	)		(205,065	)		(34,935	)
Broadcom, Inc.		400.00	8/21/26		(55	)		(2,200,000	)		(73,837	)		(94,541	)		20,704
CME Group, Inc.		280.00	8/21/26		(102	)		(2,856,000	)		(30,090	)		(54,974	)		24,884
CME Group, Inc.		280.00	10/16/26		(87	)		(2,436,000	)		(72,210	)		(47,761	)		(24,449	)
Colgate-Palmolive Co.		95.00	8/21/26		(320	)		(3,040,000	)		(25,600	)		(65,815	)		40,215
Constellation Brands, Inc.		160.00	8/21/26		(321	)		(5,136,000	)		—			(76,710	)		76,710
Danaher Corp.		200.00	8/21/26		(175	)		(3,500,000	)		(73,500	)		(52,320	)		(21,180	)
Emerson Electric Co.		160.00	9/18/26		(180	)		(2,880,000	)		(67,500	)		(69,204	)		1,704
Fiserv, Inc.		55.00	8/21/26		(335	)		(1,842,500	)		(89,613	)		(56,606	)		(33,007	)
Honeywell Aerospace, Inc.		240.00	9/18/26		(60	)		(1,440,000	)		(26,100	)		(41,938	)		15,838
Honeywell International, Inc.		260.00	9/18/26		(60	)		(1,560,000	)		(28,800	)		(40,138	)		11,338
Illinois Tool Works, Inc.		280.00	8/21/26		(98	)		(2,744,000	)		(107,800	)		(49,389	)		(58,411	)
Labcorp Holdings, Inc.		280.00	8/21/26		(100	)		(2,800,000	)		(307,500	)		(66,901	)		(240,599	)
Marsh & McLennan Cos., Inc.		180.00	10/16/26		(263	)		(4,734,000	)		(410,280	)		(103,372	)		(306,908	)
Matador Resources Co.		55.00	8/21/26		(685	)		(3,767,500	)		(37,675	)		(98,636	)		60,961
Matador Resources Co.		60.00	9/18/26		(685	)		(4,110,000	)		(29,112	)		(81,511	)		52,399
Medtronic PLC		85.00	8/21/26		(485	)		(4,122,500	)		(119,553	)		(80,239	)		(39,314	)
Microsoft Corp.		425.00	8/21/26		(102	)		(4,335,000	)		(444,975	)		(79,454	)		(365,521	)
Newmont Corp.		110.00	10/16/26		(380	)		(4,180,000	)		(88,160	)		(99,576	)		11,416
NextEra Energy, Inc.		92.50	9/18/26		(300	)		(2,775,000	)		(23,250	)		(61,351	)		38,101
NIKE, Inc.		50.00	8/21/26		(425	)		(2,125,000	)		(2,763	)		(42,915	)		40,152
PayPal Holdings, Inc.		47.50	8/21/26		(765	)		(3,633,750	)		(730,575	)		(77,246	)		(653,329	)
PepsiCo, Inc.		145.00	10/16/26		(260	)		(3,770,000	)		(115,050	)		(78,252	)		(36,798	)
PepsiCo, Inc.		150.00	10/16/26		(259	)		(3,885,000	)		(74,203	)		(73,841	)		(362	)
Stryker Corp.		340.00	8/21/26		(80	)		(2,720,000	)		(37,600	)		(65,197	)		27,597
T-Mobile U.S., Inc.		220.00	10/16/26		(12	)		(264,000	)		(990	)		(4,788	)		3,798
Visa, Inc.		340.00	8/21/26		(87	)		(2,958,000	)		(237,293	)		(85,168	)		(152,125	)
Weyerhaeuser Co.		27.00	8/21/26		(625	)		(1,687,500	)		—			(33,735	)		33,735
Total Call Options Written										$	(4,540,983	)	$	(2,430,918	)	$	(2,110,065	)
Put Options Written
S&P 500 Index	$	7,000.00	9/18/26		(180	)	$	(126,000,000	)	$	(742,500	)	$	(1,152,248	)	$	409,748

Total Options Written, at Value										$	(5,283,483	)	$	(3,583,166	)	$	(1,700,317	)

	Shares		Value (Note 1, 2)
SHORT-TERM INVESTMENTS - 1.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 3.620%		1,735,905	$	1,735,905

Total Short-Term Investments
(Cost $1,735,905)				1,735,905
TOTAL INVESTMENTS - 100.0%
(Cost $63,815,079)				90,689,409

NET OTHER ASSETS AND LIABILITIES - 0.0%				23,592

TOTAL NET ASSETS - 100.0%			$	90,713,001

	Shares		Value (Note 1, 2)
SHORT-TERM INVESTMENTS - 2.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 3.620%		7,729,200	$	7,729,200

Total Short-Term Investments
(Cost $7,729,200)				7,729,200
TOTAL INVESTMENTS - 100.7%
(Cost $164,137,164)				313,553,514

NET OTHER ASSETS AND LIABILITIES - (0.7%)				(2,218,361	)

TOTAL NET ASSETS - 100.0%			$	311,335,153

*		Non-income producing.

(A)		7-day yield.

MSCI		Morgan Stanley Capital International.

Fund¹	Level 1		Level 2		Level 3		Value at 7/31/26
Conservative Allocation
Exchange Traded Funds	$	14,276,519	$	—	$	—	$	14,276,519
Investment Companies		17,829,922		—		—		17,829,922
Short-Term Investments		720,676		—		—		720,676
		32,827,117		—		—		32,827,117