Madison Aggregate Bond ETF |
Schedule of Investments |
as of September 30, 2023 (Unaudited) |
MORTGAGE BACKED SECURITIES - 32.4% | Principal Amount | Value | |||||
Federal Home Loan Mortgage Corp. | $– | ||||||
Pool ZS8641, 2.500%, 02/01/2032 | $ | 131,941 | $ | 119,208 | |||
Pool SB0546, 2.000%, 01/01/2036 | 444,899 | 384,893 | |||||
Pool G06168, 3.500%, 11/01/2040 | 147,516 | 131,290 | |||||
Pool RB5105, 2.000%, 03/01/2041 | 114,944 | 92,886 | |||||
Pool SC0151, 2.500%, 06/01/2041 | 389,599 | 323,691 | |||||
Pool Q04092, 4.000%, 10/01/2041 | 199,490 | 183,123 | |||||
Pool V80026, 3.000%, 04/01/2043 | 287,401 | 246,329 | |||||
Pool V80025, 3.000%, 04/01/2043 | 122,347 | 104,863 | |||||
Pool G08653, 3.000%, 07/01/2045 | 237,350 | 201,276 | |||||
Pool Q35614, 3.500%, 08/01/2045 | 321,219 | 283,026 | |||||
Pool G60722, 3.000%, 10/01/2046 | 303,870 | 257,597 | |||||
Pool Q52955, 3.500%, 12/01/2047 | 134,328 | 117,911 | |||||
Pool QA1033, 3.000%, 07/01/2049 | 226,954 | 189,707 | |||||
Pool SD7552, 2.500%, 01/01/2052 | 707,715 | 566,554 | |||||
Pool SD0960, 3.500%, 04/01/2052 | 571,572 | 498,636 | |||||
Pool SD8214, 3.500%, 05/01/2052 | 92,190 | 79,423 | |||||
Pool RA7380, 3.500%, 05/01/2052 | 467,631 | 404,162 | |||||
Pool SD7556, 3.000%, 08/01/2052 | 531,559 | 444,451 | |||||
Pool SD8267, 5.000%, 11/01/2052 | 94,071 | 88,869 | |||||
Pool SD8268, 5.500%, 11/01/2052 | 116,012 | 112,303 | |||||
Pool SD1859, 5.500%, 11/01/2052 | 140,375 | 136,352 | |||||
Pool SD1921, 4.500%, 12/01/2052 | 387,954 | 357,883 | |||||
Pool RA8278, 5.000%, 12/01/2052 | 237,734 | 224,656 | |||||
Pool SD2172, 5.500%, 02/01/2053 | 384,347 | 373,083 | |||||
Pool SD2875, 5.000%, 05/01/2053 | 908,161 | 861,610 | |||||
Pool SD3174, 5.500%, 06/01/2053 | 490,434 | 474,875 | |||||
Pool SD8363, 6.000%, 09/01/2053 | 744,675 | 735,557 | |||||
Federal National Mortgage Association | $– | ||||||
Pool 890696, 3.000%, 09/01/2030 | 148,053 | 138,144 | |||||
Pool AL8924, 3.000%, 12/01/2030 | 186,511 | 174,058 | |||||
Pool MA2177, 4.000%, 02/01/2035 | 197,847 | 182,748 | |||||
Pool FS4049, 2.500%, 09/01/2036 | 462,068 | 410,058 | |||||
Pool MA5013, 4.500%, 05/01/2038 | 115,656 | 111,099 | |||||
Pool AB2080, 4.000%, 01/01/2041 | 184,311 | 168,959 | |||||
Pool AJ4046, 4.000%, 10/01/2041 | 188,100 | 173,355 | |||||
Pool MA4571, 2.500%, 03/01/2042 | 573,583 | 472,219 | |||||
Pool AO4134, 3.500%, 06/01/2042 | 259,989 | 230,969 | |||||
Pool AP2133, 3.500%, 08/01/2042 | 225,951 | 199,962 | |||||
Pool AP7363, 4.000%, 10/01/2042 | 260,321 | 238,623 | |||||
Pool AL3072, 3.000%, 02/01/2043 | 414,022 | 354,359 | |||||
Pool AB8818, 3.000%, 03/01/2043 | 95,999 | 82,163 | |||||
Pool FS4296, 3.000%, 01/01/2049 | 473,801 | 405,594 | |||||
Pool FM5530, 4.000%, 11/01/2050 | 418,023 | 377,362 | |||||
Pool CB2601, 2.000%, 01/01/2052 | 134,025 | 103,720 | |||||
Pool CB2548, 2.500%, 01/01/2052 | 111,919 | 89,406 | |||||
Pool CB3105, 2.000%, 03/01/2052 | 692,318 | 534,201 | |||||
Pool BV4133, 2.500%, 03/01/2052 | 365,531 | 290,686 | |||||
Pool CB3115, 3.000%, 03/01/2052 | 651,669 | 544,555 | |||||
Pool FS4138, 2.500%, 04/01/2052 | 431,815 | 345,150 | |||||
Pool FS1704, 4.000%, 05/01/2052 | 269,451 | 242,085 | |||||
Pool CB3845, 3.500%, 06/01/2052 | 465,598 | 402,406 | |||||
Pool CB4383, 4.500%, 08/01/2052 | 471,812 | 434,720 | |||||
Pool FS2605, 4.500%, 08/01/2052 | 122,823 | 112,918 | |||||
Pool MA4806, 5.000%, 11/01/2052 | 117,783 | 111,270 | |||||
Pool MA4841, 5.000%, 12/01/2052 | 70,992 | 67,066 | |||||
Pool FS5575, 5.500%, 09/01/2053 | 149,807 | 145,554 | |||||
TOTAL MORTGAGE BACKED SECURITIES (Cost $15,454,624) | 15,137,623 | ||||||
CORPORATE BONDS - 30.2% | Principal Amount | Value | |||||
Aerospace & Defense - 0.9% | |||||||
Boeing Co. | $– | ||||||
5.805%, 05/01/2050 | $ | 180,000 | $ | 164,064 | |||
Textron, Inc. | $– | ||||||
2.450%, 03/15/2031 | 100,000 | 79,504 | |||||
TransDigm, Inc. | $– | ||||||
6.250%, 03/15/2026 (a) | 190,000 | 187,242 | |||||
Total Aerospace & Defense | 430,810 | ||||||
Automobiles Manufacturing - 0.3% | |||||||
General Motors Financial Co., Inc. | $– | ||||||
5.850%, 04/06/2030 | 130,000 | 124,525 | |||||
Total Automobiles Manufacturing | 124,525 | ||||||
Banks - 2.8% | |||||||
Fifth Third Bancorp | $– | ||||||
4.772% (SOFRINDX + 2.127%), 07/28/2030 | 100,000 | 90,796 | |||||
4.337% (SOFR + 1.660%), 04/25/2033 | 120,000 | 101,519 | |||||
Huntington Bancshares, Inc./OH | $– | ||||||
4.443% (SOFR + 1.970%), 08/04/2028 | 15,000 | 13,853 | |||||
6.208% (SOFR + 2.020%), 08/21/2029 | 200,000 | 195,696 | |||||
KeyCorp | $– | ||||||
4.100%, 04/30/2028 | 100,000 | 88,597 | |||||
PNC Financial Services Group, Inc. | $– | ||||||
5.354% (SOFR + 1.620%), 12/02/2028 | 150,000 | 144,993 | |||||
Regions Financial Corp. | $– | ||||||
1.800%, 08/12/2028 | 200,000 | 162,323 | |||||
Truist Financial Corp. | $– | ||||||
4.123% (SOFR + 1.368%), 06/06/2028 | 30,000 | 27,845 | |||||
5.867% (SOFR + 2.361%), 06/08/2034 | 80,000 | 75,558 | |||||
US Bancorp | $– | ||||||
4.548% (SOFR + 1.660%), 07/22/2028 | 90,000 | 84,547 | |||||
4.839% (SOFR + 1.600%), 02/01/2034 | 90,000 | 79,332 | |||||
Wells Fargo & Co. | $– | ||||||
5.574% (SOFR + 1.740%), 07/25/2029 | 125,000 | 122,071 | |||||
4.897% (SOFR + 2.100%), 07/25/2033 | 20,000 | 18,103 | |||||
5.389% (SOFR + 2.020%), 04/24/2034 | 150,000 | 140,274 | |||||
Total Banks | 1,345,507 | ||||||
Biotechnology - 0.5% | |||||||
Amgen, Inc. | $– | ||||||
5.650%, 03/02/2053 | 250,000 | 233,442 | |||||
Total Biotechnology | 233,442 | ||||||
Commercial Finance - 1.4% | |||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust | $– | ||||||
4.625%, 10/15/2027 | 600,000 | 562,738 | |||||
Air Lease Corp. | $– | ||||||
1.875%, 08/15/2026 | 90,000 | 79,971 | |||||
Total Commercial Finance | 642,709 | ||||||
Construction Materials Manufacturing - 0.4% | |||||||
Martin Marietta Materials, Inc. | $– | ||||||
3.200%, 07/15/2051 | 135,000 | 84,247 | |||||
Vulcan Materials Co. | $– | ||||||
3.500%, 06/01/2030 | 110,000 | 95,888 | |||||
Total Construction Materials Manufacturing | 180,135 | ||||||
Consumer Finance - 1.7% | |||||||
American Express Co. | $– | ||||||
4.050%, 05/03/2029 | 20,000 | 18,640 | |||||
Capital One Financial Corp. | $– | ||||||
5.468% (SOFR + 2.080%), 02/01/2029 | 50,000 | 47,601 | |||||
6.312% (SOFR + 2.640%), 06/08/2029 | 170,000 | 166,191 | |||||
Discover Financial Services | $– | ||||||
6.700%, 11/29/2032 | 125,000 | 120,857 | |||||
Fiserv, Inc. | $– | ||||||
3.500%, 07/01/2029 | 200,000 | 178,458 | |||||
Synchrony Financial | $– | ||||||
3.700%, 08/04/2026 | 275,000 | 248,304 | |||||
Total Consumer Finance | 780,051 | ||||||
Containers & Packaging - 0.8% | |||||||
Ball Corp. | $– | ||||||
4.875%, 03/15/2026 | 190,000 | 183,103 | |||||
Packaging Corp. of America | $– | ||||||
4.050%, 12/15/2049 | 100,000 | 72,626 | |||||
WRKCo, Inc. | $– | ||||||
3.900%, 06/01/2028 | 150,000 | 137,328 | |||||
Total Containers & Packaging | 393,057 | ||||||
Diversified Banks - 1.5% | |||||||
Bank of America Corp. | $– | ||||||
1.658% (SOFR + 0.910%), 03/11/2027 | 90,000 | 80,802 | |||||
4.948% (SOFR + 2.040%), 07/22/2028 | 125,000 | 120,123 | |||||
5.015% (SOFR + 2.160%), 07/22/2033 | 100,000 | 92,140 | |||||
Citigroup, Inc. | $– | ||||||
4.910% (SOFR + 2.086%), 05/24/2033 | 130,000 | 118,329 | |||||
JPMorgan Chase & Co. | $– | ||||||
4.912% (SOFR + 2.080%), 07/25/2033 | 300,000 | 276,332 | |||||
Total Diversified Banks | 687,726 | ||||||
Financial Services - 2.4% | |||||||
Bank of New York Mellon Corp. | $– | ||||||
4.596% (SOFR + 1.755%), 07/26/2030 | 125,000 | 117,674 | |||||
BlackRock, Inc. | $– | ||||||
4.750%, 05/25/2033 | 200,000 | 187,876 | |||||
Cboe Global Markets, Inc. | $– | ||||||
3.650%, 01/12/2027 | 90,000 | 85,352 | |||||
Goldman Sachs Group, Inc. | $– | ||||||
4.482% (SOFR + 1.725%), 08/23/2028 | 175,000 | 165,665 | |||||
Intercontinental Exchange, Inc. | $– | ||||||
3.750%, 09/21/2028 | 20,000 | 18,515 | |||||
4.600%, 03/15/2033 | 90,000 | 82,538 | |||||
LPL Holdings, Inc. | $– | ||||||
4.000%, 03/15/2029 (a) | 225,000 | 196,180 | |||||
Morgan Stanley | $– | ||||||
5.449% (SOFR + 1.630%), 07/20/2029 | 150,000 | 146,288 | |||||
1.928% (SOFR + 1.020%), 04/28/2032 | 90,000 | 66,876 | |||||
State Street Corp. | $– | ||||||
5.820% (SOFR + 1.715%), 11/04/2028 | 125,000 | 125,181 | |||||
Total Financial Services | 1,192,145 | ||||||
Food & Beverage - 0.4% | |||||||
Kraft Heinz Foods Co. | $– | ||||||
3.000%, 06/01/2026 | 200,000 | 187,512 | |||||
Total Food & Beverage | 187,512 | ||||||
Hardware - 0.3% | |||||||
Dell International LLC / EMC Corp. | $– | ||||||
3.450%, 12/15/2051 | 200,000 | 124,471 | |||||
Total Hardware | 124,471 | ||||||
Health Care Facilities & Services - 0.3% | |||||||
CVS Health Corp. | $– | ||||||
5.125%, 07/20/2045 | 140,000 | 118,451 | |||||
Total Health Care Facilities & Services | 118,451 | ||||||
Industrial Other - 0.5% | |||||||
United Rentals North America, Inc. | $– | ||||||
5.500%, 05/15/2027 | 260,000 | 252,768 | |||||
Total Industrial Other | 252,768 | ||||||
Integrated Oils - 0.5% | |||||||
Exxon Mobil Corp. | $– | ||||||
4.114%, 03/01/2046 | 275,000 | 220,746 | |||||
Total Integrated Oils | 220,746 | ||||||
Internet Media - 0.8% | |||||||
Meta Platforms, Inc. | $– | ||||||
3.850%, 08/15/2032 | 200,000 | 177,514 | |||||
Netflix, Inc. | $– | ||||||
6.375%, 05/15/2029 | 200,000 | 206,408 | |||||
Total Internet Media | 383,922 | ||||||
Machinery Manufacturing - 0.5% | |||||||
Nordson Corp. | $– | ||||||
5.800%, 09/15/2033 | 250,000 | 244,275 | |||||
Total Machinery Manufacturing | 244,275 | ||||||
Managed Care - 0.5% | |||||||
Centene Corp. | $– | ||||||
2.450%, 07/15/2028 | 150,000 | 126,722 | |||||
UnitedHealth Group, Inc. | $– | ||||||
4.200%, 05/15/2032 | 125,000 | 114,130 | |||||
Total Managed Care | 240,852 | ||||||
Medical Equipment & Devices Manufacturing - 1.1% | |||||||
GE HealthCare Technologies, Inc. | $– | ||||||
6.377%, 11/22/2052 | 485,000 | 492,537 | |||||
Total Medical Equipment & Devices Manufacturing | 492,537 | ||||||
Oil & Gas Services & Equipment - 0.3% | |||||||
Schlumberger Holdings Corp. | $– | ||||||
3.900%, 05/17/2028 (a) | 150,000 | 139,281 | |||||
Total Oil & Gas Services & Equipment | 139,281 | ||||||
Pharmaceuticals - 1.3% | |||||||
AbbVie, Inc. | $– | ||||||
3.200%, 11/21/2029 | 190,000 | 167,745 | |||||
Pfizer Investment Enterprises Pte Ltd. | $– | ||||||
5.300%, 05/19/2053 | 250,000 | 233,173 | |||||
Zoetis, Inc. | $– | ||||||
3.000%, 05/15/2050 | 300,000 | 189,398 | |||||
Total Pharmaceuticals | 590,316 | ||||||
Pipeline - 1.4% | |||||||
Energy Transfer LP | $– | ||||||
5.250%, 04/15/2029 | 160,000 | 153,481 | |||||
Enterprise Products Operating LLC | $– | ||||||
5.350%, 01/31/2033 | 130,000 | 127,160 | |||||
Kinder Morgan, Inc. | $– | ||||||
5.550%, 06/01/2045 | 200,000 | 172,321 | |||||
MPLX LP | $– | ||||||
4.800%, 02/15/2029 | 90,000 | 85,390 | |||||
ONEOK, Inc. | $– | ||||||
5.800%, 11/01/2030 | 100,000 | 97,914 | |||||
Total Pipeline | 636,266 | ||||||
Property & Casualty Insurance - 0.0% (b) | |||||||
Berkshire Hathaway Finance Corp. | $– | ||||||
3.850%, 03/15/2052 | 30,000 | 22,354 | |||||
Total Property & Casualty Insurance | 22,354 | ||||||
Real Estate - 1.5% | |||||||
Alexandria Real Estate Equities, Inc. | $– | ||||||
4.750%, 04/15/2035 | 150,000 | 131,928 | |||||
Iron Mountain, Inc. | $– | ||||||
4.500%, 02/15/2031 (a) | 150,000 | 123,746 | |||||
Public Storage Operating Co. | $– | ||||||
1.850%, 05/01/2028 | 60,000 | 51,357 | |||||
5.125%, 01/15/2029 | 175,000 | 172,379 | |||||
Weyerhaeuser Co. | $– | ||||||
3.375%, 03/09/2033 | 250,000 | 204,667 | |||||
Total Real Estate | 684,077 | ||||||
Refining & Marketing - 1.5% | |||||||
Marathon Petroleum Corp. | $– | ||||||
4.700%, 05/01/2025 | 300,000 | 293,832 | |||||
Murphy Oil USA, Inc. | $– | ||||||
5.625%, 05/01/2027 | 200,000 | 192,903 | |||||
Phillips 66 Co. | $– | ||||||
4.950%, 12/01/2027 | 100,000 | 98,004 | |||||
Valero Energy Corp. | $– | ||||||
4.000%, 06/01/2052 | 200,000 | 137,462 | |||||
Total Refining & Marketing | 722,201 | ||||||
Retail - Consumer Discretionary - 0.7% | |||||||
Lowe's Cos., Inc. | $– | ||||||
4.250%, 04/01/2052 | 150,000 | 111,301 | |||||
Tractor Supply Co. | $– | ||||||
5.250%, 05/15/2033 | 225,000 | 212,533 | |||||
Total Retail - Consumer Discretionary | 323,834 | ||||||
Retail - Consumer Staples - 0.4% | |||||||
Performance Food Group, Inc. | $– | ||||||
5.500%, 10/15/2027 (a) | 190,000 | 180,017 | |||||
Total Retail - Consumer Staples | 180,017 | ||||||
Semiconductors - 0.4% | |||||||
Intel Corp. | $– | ||||||
3.734%, 12/08/2047 | 240,000 | 171,058 | |||||
Total Semiconductors | 171,058 | ||||||
Software & Services - 1.6% | |||||||
Booz Allen Hamilton, Inc. | $– | ||||||
3.875%, 09/01/2028 (a) | 225,000 | 201,578 | |||||
Gartner, Inc. | $– | ||||||
4.500%, 07/01/2028 (a) | 180,000 | 164,226 | |||||
Intuit, Inc. | $– | ||||||
5.200%, 09/15/2033 | 250,000 | 243,868 | |||||
Oracle Corp. | $– | ||||||
6.150%, 11/09/2029 | 100,000 | 101,595 | |||||
3.950%, 03/25/2051 | 55,000 | 37,660 | |||||
Total Software & Services | 748,927 | ||||||
Travel & Lodging - 0.5% | |||||||
Hilton Domestic Operating Co., Inc. | $– | ||||||
5.375%, 05/01/2025 (a) | 260,000 | 255,461 | |||||
Total Travel & Lodging | 255,461 | ||||||
Utilities - 1.7% | |||||||
AES Corp. | $– | ||||||
1.375%, 01/15/2026 | 300,000 | 267,171 | |||||
Duke Energy Corp. | $– | ||||||
4.300%, 03/15/2028 | 130,000 | 123,283 | |||||
Florida Power & Light Co. | $– | ||||||
2.875%, 12/04/2051 | 300,000 | 181,400 | |||||
National Rural Utilities Cooperative Finance Corp. | $– | ||||||
4.800%, 03/15/2028 | 100,000 | 97,511 | |||||
PECO Energy Co. | $– | ||||||
3.050%, 03/15/2051 | 200,000 | 123,460 | |||||
Total Utilities | 792,825 | ||||||
Wireless Telecommunications Services - 1.3% | |||||||
AT&T, Inc. | $– | ||||||
4.250%, 03/01/2027 | 100,000 | 95,385 | |||||
2.250%, 02/01/2032 | 90,000 | 67,877 | |||||
T-Mobile USA, Inc. | $– | ||||||
2.625%, 04/15/2026 | 300,000 | 277,161 | |||||
Verizon Communications, Inc. | $– | ||||||
4.329%, 09/21/2028 | 200,000 | 187,889 | |||||
Total Wireless Telecommunications Services | 628,312 | ||||||
TOTAL CORPORATE BONDS (Cost $14,435,845) | 14,170,570 | ||||||
U.S. TREASURY SECURITIES - 24.5% | Principal Amount | Value | |||||
United States Treasury Note/Bond | $– | ||||||
4.625%, 06/30/2025 | $ | 1,775,000 | $ | 1,759,885 | |||
5.000%, 08/31/2025 | 1,600,000 | 1,596,875 | |||||
4.500%, 07/15/2026 | 2,100,000 | 2,080,640 | |||||
4.000%, 06/30/2028 | 2,000,000 | 1,947,031 | |||||
4.375%, 08/31/2028 | 350,000 | 346,582 | |||||
4.000%, 07/31/2030 | 800,000 | 770,750 | |||||
3.500%, 02/15/2033 | 1,510,000 | 1,385,661 | |||||
3.875%, 05/15/2043 | 800,000 | 695,000 | |||||
4.125%, 08/15/2053 | 1,000,000 | 906,719 | |||||
TOTAL U.S. TREASURY SECURITIES (Cost $11,638,597) | 11,489,143 | ||||||
ASSET BACKED SECURITIES - 7.7% | Principal Amount | Value | |||||
Chase Auto Owner Trust | $– | ||||||
Series 2023-AA, Class A2, 5.900%, 03/25/2027 (a) | $ | 1,000,000 | $ | 1,000,087 | |||
CNH Equipment Trust | $– | ||||||
Series 2023-A, Class A3, 4.810%, 08/15/2028 | 200,000 | 197,267 | |||||
Dell Equipment Finance Trust | $– | ||||||
Series 2023-2, Class A2, 5.840%, 01/22/2029 (a) | 200,000 | 199,771 | |||||
Enterprise Fleet Financing | $– | ||||||
Series 2023-1, Class A2, 5.510%, 01/22/2029 (a) | 50,000 | 49,590 | |||||
Series 2022-4, Class A2, 5.760%, 10/22/2029 (a) | 48,911 | 48,762 | |||||
GM Financial Consumer Automobile Receivables Trust | $– | ||||||
Series 2020-3, Class A4, 0.580%, 01/16/2026 | 500,000 | 483,699 | |||||
Honda Auto Receivables Owner Trust | $– | ||||||
Series 2021-3, Class A3, 0.410%, 11/18/2025 | 999,171 | 967,590 | |||||
LAD Auto Receivables Trust | $– | ||||||
Series 2023-2A, Class A2, 5.930%, 06/15/2027 (a) | 137,054 | 136,695 | |||||
Nissan Auto Receivables Owner Trust | $– | ||||||
Series 2022-B, Class A4, 4.450%, 11/15/2029 | 50,000 | 48,716 | |||||
PHH Arval | $– | ||||||
Series 2023-1A, Class A1, 5.650%, 05/15/2035 (a) | 178,797 | 177,601 | |||||
Series 2023-2A, Class A1, 6.160%, 10/15/2035 (a) | 300,000 | 299,871 | |||||
Santander Revolving Auto Loan Trust | $– | ||||||
Series 2019-A, Class C, 3.000%, 01/26/2032 (a) | 25,000 | 23,788 | |||||
TOTAL ASSET BACKED SECURITIES (Cost $3,632,167) | 3,633,437 | ||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 3.9% | Principal Amount | Value | |||||
Fannie Mae Connecticut Avenue Securities | $– | ||||||
Series 2022-R01, Class 1M1, 6.315% (SOFR30A + 1.000%), 12/25/2041 (a) | $ | 252,764 | $ | 251,263 | |||
Federal Home Loan Mortgage Corp. | $– | ||||||
Series K066, Class A2, 3.117%, 06/25/2027 | 100,000 | 93,081 | |||||
Federal National Mortgage Association | $– | ||||||
Series 2017-M15, Class ATS2, 3.205%, 11/25/2027 (c) | 213,041 | 196,837 | |||||
Series 2022-M1, Class A2, 1.725%, 10/25/2031 (c) | 530,000 | 405,989 | |||||
Series 2020-44, Class TI, 5.500%, 12/25/2035 | 700,903 | 106,991 | |||||
Flagstar Mortgage Trust | $– | ||||||
Series 2021-9INV, Class A1, 2.500%, 09/25/2041 (a)(c) | 230,654 | 191,657 | |||||
Freddie Mac Structured Agency Credit Risk Debt Notes | $– | ||||||
Series 2021-DNA3, Class M1, 6.065% (SOFR30A + 0.750%), 10/25/2033 (a) | 109,664 | 109,155 | |||||
FREMF Mortgage Trust | $– | ||||||
Series 2015-K44, Class B, 3.846%, 01/25/2048 (a)(c) | 80,000 | 77,205 | |||||
Series 2020-K106, Class B, 3.708%, 03/25/2053 (a)(c) | 100,000 | 86,097 | |||||
JP Morgan Mortgage Trust | $– | ||||||
Series 2021-6, Class A4, 2.500%, 10/25/2051 (a)(c) | 109,238 | 92,592 | |||||
Sequoia Mortgage Trust | $– | ||||||
Series 2013-7, Class A2, 3.000%, 06/25/2043 (c) | 256,394 | 216,266 | |||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,817,085) | 1,827,133 | ||||||
SHORT-TERM INVESTMENTS - 0.6% | |||||||
Money Market Deposit Accounts - 0.6% | Principal Amount | ||||||
U.S. Bank Money Market Deposit Account, 5.27% (d) | $ | 293,924 | 293,924 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $293,924) | 293,924 | ||||||
TOTAL INVESTMENTS - 99.3% (Cost $47,272,242) | 46,551,830 | ||||||
Other Assets in Excess of Liabilities - 0.7% | 342,072 | ||||||
TOTAL NET ASSETS - 100.0% | $ | 46,893,902 |
Percentages are stated as a percent of net assets. |
SOFR - Secured Overnight Financing Rate |
SOFRINDX - Secured Overnight Financing Rate Index |
(a) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2023, the value of these securities total $4,191,866 or 8.9% of the Fund’s net assets. |
(b) | Represents less than 0.05% of net assets. |
(c) | Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2023. |
(d) | The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and is subject to change daily. The rate shown is as of September 30, 2023. |
Notes to Portfolio of Investments (Unaudited) | ||||||
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. | ||||||
Short-term instruments having maturities of 60 days or less and all securities in the Government Money Market Fund are valued on an amortized cost basis, which approximates fair | ||||||
value. | ||||||
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. | ||||||
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 1 - unadjusted quoted prices in active markets for identical investments | ||||||
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 September 30, 2023, 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 of September 30, | ||||||
2023, 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 September 30, 2023, 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): |
Fund | Level 1 | Level 2 | Level 3 | Value at 9/30/2023 | ||||||||||||
Short-Term Strategic Income ETF | ||||||||||||||||
Corporate Bonds | $ | - | $ | 39,444,926 | $ | - | $ | 39,444,926 | ||||||||
Asset Backed Securities | - | 5,798,682 | - | 5,798,682 | ||||||||||||
U.S. Treasury Securities | - | 4,428,237 | - | 4,428,237 | ||||||||||||
Collateralized Mortgage Obligations | - | 2,700,441 | - | 2,700,441 | ||||||||||||
Mortgage Backed Securities | - | 501,563 | - | 501,563 | ||||||||||||
U.S. Government Agency Issues | - | 499,068 | - | 499,068 | ||||||||||||
Short-Term Investments | 4,145,410 | - | - | 4,145,410 | ||||||||||||
4,145,410 | 53,372,917 | - | 57,518,327 | |||||||||||||
Aggregate Bond ETF | ||||||||||||||||
Corporate Bonds | - | 14,170,570 | - | 14,170,570 | ||||||||||||
Asset Backed Securities | - | 3,633,437 | - | 3,633,437 | ||||||||||||
U.S. Treasury Securities | - | 11,489,143 | - | 11,489,143 | ||||||||||||
Collateralized Mortgage Obligations | - | 1,827,133 | - | 1,827,133 | ||||||||||||
Mortgage Backed Securities | - | 15,137,623 | - | 15,137,623 | ||||||||||||
Short-Term Investments | 293,924 | - | - | 293,924 | ||||||||||||
293,924 | 46,257,906 | - | 46,551,830 | |||||||||||||
Dividend Value ETF | ||||||||||||||||
Common Stocks | 62,426,586 | - | - | 62,426,586 | ||||||||||||
Short-Term Investments | 91,237 | - | - | 91,237 | ||||||||||||
62,517,823 | - | - | 62,517,823 | |||||||||||||
Covered Call ETF | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | 73,082,989 | - | - | 73,082,989 | ||||||||||||
Real Estate Investment Trusts | 2,159,229 | - | - | 2,159,229 | ||||||||||||
Short-Term Investments | 2,286,415 | - | - | 2,286,415 | ||||||||||||
77,528,633 | - | - | 77,528,633 | |||||||||||||
Liabilities | ||||||||||||||||
Written Options | - | 771,921 | - | 771,921 | ||||||||||||
- | 771,921 | - | 771,921 | |||||||||||||