| Madison Short Term Strategic Income ETF |
| Schedule of Investments |
| as of September 30, 2023 (Unaudited) |
| CORPORATE BONDS - 70.3% | Principal Amount | Value | |||||
| Aerospace & Defense - 2.0% | |||||||
| TransDigm, Inc. | $– | ||||||
6.250%, 03/15/2026 (a) | $ | 825,000 | $ | 813,026 | |||
6.875%, 12/15/2030 (a) | 310,000 | 303,459 | |||||
| Total Aerospace & Defense | 1,116,485 | ||||||
| Banks - 6.7% | |||||||
| Fifth Third Bancorp | $– | ||||||
| 4.772% (SOFRINDX + 2.127%), 07/28/2030 | 1,043,000 | 947,004 | |||||
| Huntington Bancshares, Inc./OH | $– | ||||||
| 6.208% (SOFR + 2.020%), 08/21/2029 | 958,000 | 937,380 | |||||
| KeyCorp | $– | ||||||
| 4.100%, 04/30/2028 | 1,008,000 | 893,054 | |||||
| PNC Financial Services Group, Inc. | $– | ||||||
| 5.354% (SOFR + 1.620%), 12/02/2028 | 1,043,000 | 1,008,185 | |||||
| Total Banks | 3,785,623 | ||||||
| Cable & Satellite - 0.8% | |||||||
| CCO Holdings LLC / CCO Holdings Capital Corp. | $– | ||||||
4.750%, 03/01/2030 (a) | 565,000 | 474,301 | |||||
| Total Cable & Satellite | 474,301 | ||||||
| Chemicals - 1.7% | |||||||
| Celanese US Holdings LLC | $– | ||||||
| 6.165%, 07/15/2027 | 943,000 | 929,972 | |||||
| Total Chemicals | 929,972 | ||||||
| Commercial Finance - 1.7% | |||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | $– | ||||||
| 4.625%, 10/15/2027 | 1,013,000 | 950,089 | |||||
| Total Commercial Finance | 950,089 | ||||||
| Consumer Finance - 6.9% | |||||||
| American Express Co. | $– | ||||||
| 4.200%, 11/06/2025 | 900,000 | 872,714 | |||||
| Capital One Financial Corp. | $– | ||||||
| 3.800%, 01/31/2028 | 1,023,000 | 923,136 | |||||
| Discover Financial Services | $– | ||||||
| 4.100%, 02/09/2027 | 1,328,000 | 1,213,620 | |||||
| Fiserv, Inc. | $– | ||||||
| 3.200%, 07/01/2026 | 905,000 | 846,305 | |||||
| Total Consumer Finance | 3,855,775 | ||||||
| Containers & Packaging - 1.7% | |||||||
| Ball Corp. | $– | ||||||
| 4.875%, 03/15/2026 | 968,000 | 932,865 | |||||
| Total Containers & Packaging | 932,865 | ||||||
| Diversified Banks - 4.2% | |||||||
| Bank of America Corp. | $– | ||||||
| 3.500%, 04/19/2026 | 1,298,000 | 1,225,648 | |||||
| JPMorgan Chase & Co. | $– | ||||||
| 4.203% (CME Term SOFR 3 Month + 1.522%), 07/23/2029 | 1,213,000 | 1,124,351 | |||||
| Total Diversified Banks | 2,349,999 | ||||||
| Entertainment Resources - 2.0% | |||||||
| Vail Resorts, Inc. | $– | ||||||
6.250%, 05/15/2025 (a) | 1,125,000 | 1,118,936 | |||||
| Total Entertainment Resources | 1,118,936 | ||||||
| Financial Services - 7.4% | |||||||
| Bank of New York Mellon Corp. | $– | ||||||
| 4.596% (SOFR + 1.755%), 07/26/2030 | 1,003,000 | 944,218 | |||||
| Goldman Sachs Group, Inc. | $– | ||||||
| 4.482% (SOFR + 1.725%), 08/23/2028 | 1,223,000 | 1,157,763 | |||||
| LPL Holdings, Inc. | $– | ||||||
4.000%, 03/15/2029 (a) | 1,130,000 | 985,260 | |||||
| Morgan Stanley | $– | ||||||
| 3.772% (CME Term SOFR 3 Month + 1.402%), 01/24/2029 | 1,160,000 | 1,058,523 | |||||
| Total Financial Services | 4,145,764 | ||||||
| Food & Beverage - 0.9% | |||||||
| Lamb Weston Holdings, Inc. | $– | ||||||
4.875%, 05/15/2028 (a) | 565,000 | 521,126 | |||||
| Total Food & Beverage | 521,126 | ||||||
| Hardware - 1.6% | |||||||
| CDW LLC / CDW Finance Corp. | $– | ||||||
| 4.125%, 05/01/2025 | 915,000 | 883,000 | |||||
| Total Hardware | 883,000 | ||||||
| Health Care Facilities & Services - 2.0% | |||||||
| HCA, Inc. | $– | ||||||
| 5.875%, 02/15/2026 | 1,130,000 | 1,124,009 | |||||
| Total Health Care Facilities & Services | 1,124,009 | ||||||
| Industrial Other - 3.2% | |||||||
| United Rentals North America, Inc. | $– | ||||||
| 5.500%, 05/15/2027 | 1,130,000 | 1,098,570 | |||||
| Williams Scotsman International, Inc. | $– | ||||||
6.125%, 06/15/2025 (a) | 733,000 | 725,670 | |||||
| Total Industrial Other | 1,824,240 | ||||||
| Internet Media - 4.1% | |||||||
| Netflix, Inc. | $– | ||||||
| 6.375%, 05/15/2029 | 1,165,000 | 1,202,327 | |||||
| VeriSign, Inc. | $– | ||||||
| 4.750%, 07/15/2027 | 1,120,000 | 1,074,965 | |||||
| Total Internet Media | 2,277,292 | ||||||
| Managed Care - 3.0% | |||||||
| Centene Corp. | $– | ||||||
| 4.250%, 12/15/2027 | 753,000 | 693,381 | |||||
| UnitedHealth Group, Inc. | $– | ||||||
| 5.250%, 02/15/2028 | 1,003,000 | 1,004,667 | |||||
| Total Managed Care | 1,698,048 | ||||||
| Manufactured Goods - 0.9% | |||||||
| Roller Bearing Co. of America, Inc. | $– | ||||||
4.375%, 10/15/2029 (a) | 565,000 | 485,992 | |||||
| Total Manufactured Goods | 485,992 | ||||||
| Pipeline - 1.9% | |||||||
| Valero Energy Partners LP | $– | ||||||
| 4.500%, 03/15/2028 | 1,135,000 | 1,078,862 | |||||
| Total Pipeline | 1,078,862 | ||||||
| Publishing & Broadcasting - 1.0% | |||||||
| Lamar Media Corp. | $– | ||||||
| 4.875%, 01/15/2029 | 610,000 | 552,050 | |||||
| Total Publishing & Broadcasting | 552,050 | ||||||
| Real Estate - 4.2% | |||||||
| Boston Properties LP | $– | ||||||
| 6.750%, 12/01/2027 | 695,000 | 698,820 | |||||
| Iron Mountain, Inc. | $– | ||||||
4.500%, 02/15/2031 (a) | 565,000 | 466,110 | |||||
| RHP Hotel Properties LP / RHP Finance Corp. | $– | ||||||
7.250%, 07/15/2028 (a) | 565,000 | 555,108 | |||||
| SBA Communications Corp. | $– | ||||||
| 3.875%, 02/15/2027 | 703,000 | 644,182 | |||||
| Total Real Estate | 2,364,220 | ||||||
| Refining & Marketing - 3.2% | |||||||
| Murphy Oil USA, Inc. | $– | ||||||
| 5.625%, 05/01/2027 | 1,130,000 | 1,089,899 | |||||
| Sunoco LP / Sunoco Finance Corp. | $– | ||||||
| 6.000%, 04/15/2027 | 733,000 | 710,383 | |||||
| Total Refining & Marketing | 1,800,282 | ||||||
| Retail - Consumer Staples - 1.2% | |||||||
| Performance Food Group, Inc. | $– | ||||||
5.500%, 10/15/2027 (a) | 733,000 | 694,486 | |||||
| Total Retail - Consumer Staples | 694,486 | ||||||
| Software & Services - 4.9% | |||||||
| Booz Allen Hamilton, Inc. | $– | ||||||
3.875%, 09/01/2028 (a) | 1,033,000 | 925,465 | |||||
| Gartner, Inc. | $– | ||||||
4.500%, 07/01/2028 (a) | 933,000 | 851,236 | |||||
| Oracle Corp. | $– | ||||||
| 6.150%, 11/09/2029 | 978,000 | 993,598 | |||||
| Total Software & Services | 2,770,299 | ||||||
| Waste & Environment Services & Equipment - 1.0% | |||||||
| Clean Harbors, Inc. | $– | ||||||
6.375%, 02/01/2031 (a) | 565,000 | 549,412 | |||||
| Total Waste & Environment Services & Equipment | 549,412 | ||||||
| Wireless Telecommunications Services - 2.1% | |||||||
| Sprint LLC | $– | ||||||
| 7.625%, 03/01/2026 | 1,130,000 | 1,161,799 | |||||
| Total Wireless Telecommunications Services | 1,161,799 | ||||||
TOTAL CORPORATE BONDS (Cost $39,682,804) | 39,444,926 | ||||||
| ASSET BACKED SECURITIES - 10.3% | Principal Amount | Value | |||||
| Capital One Financial Corp. | $– | ||||||
| Series 2022-A3, Class A, 4.950%, 10/15/2027 | $ | 100,000 | $ | 98,861 | |||
| Chase Auto Owner Trust | $– | ||||||
Series 2023-AA, Class A2, 5.900%, 03/25/2027 (a) | 500,000 | 500,044 | |||||
| CNH Equipment Trust | $– | ||||||
| Series 2023-A, Class A3, 4.810%, 08/15/2028 | 300,000 | 295,900 | |||||
| Series 2021-C, Class B, 1.410%, 04/16/2029 | 735,000 | 665,841 | |||||
| Enterprise Fleet Financing | $– | ||||||
Series 2023-1, Class A2, 5.510%, 01/22/2029 (a) | 200,000 | 198,358 | |||||
Series 2022-4, Class A2, 5.760%, 10/22/2029 (a) | 244,554 | 243,812 | |||||
| GM Financial Consumer Automobile Receivables Trust | $– | ||||||
| Series 2020-3, Class A4, 0.580%, 01/16/2026 | 585,000 | 565,929 | |||||
| Series 2020-3, Class C, 1.370%, 01/16/2026 | 145,000 | 140,180 | |||||
| Hertz Global Holdings, Inc. | $– | ||||||
Series 2021-1A, Class A, 1.210%, 12/26/2025 (a) | 500,000 | 474,526 | |||||
| Honda Auto Receivables Owner Trust | $– | ||||||
| Series 2021-3, Class A3, 0.410%, 11/18/2025 | 499,586 | 483,795 | |||||
| JPMorgan Chase Bank NA | $– | ||||||
Series 2021-2, Class B, 0.889%, 12/26/2028 (a) | 105,748 | 102,692 | |||||
| LAD Auto Receivables Trust | $– | ||||||
Series 2022-1A, Class A, 5.210%, 06/15/2027 (a) | 242,603 | 240,763 | |||||
| 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) | 125,000 | 124,946 | |||||
| Santander Consumer USA Holdings, Inc. | $– | ||||||
| Series 2022-2, Class B, 3.440%, 09/15/2027 | 100,000 | 97,052 | |||||
| Santander Revolving Auto Loan Trust | $– | ||||||
Series 2019-A, Class C, 3.000%, 01/26/2032 (a) | 325,000 | 309,240 | |||||
| Towd point HE Trust | $– | ||||||
Series 2021-HE1, Class A1, 0.918%, 02/25/2063 (a)(b) | 121,685 | 113,677 | |||||
| Verizon Master Trust | $– | ||||||
| Series 2021-1, Class B, 0.690%, 05/20/2027 | 1,000,000 | 965,465 | |||||
TOTAL ASSET BACKED SECURITIES (Cost $5,795,489) | 5,798,682 | ||||||
| U.S. TREASURY SECURITIES - 7.9% | Principal Amount | Value | |||||
| United States Treasury Note/Bond | $– | ||||||
| 4.500%, 11/30/2024 | $ | 460,000 | $ | 455,382 | |||
| 4.625%, 02/28/2025 | 1,235,000 | 1,223,855 | |||||
| 4.250%, 10/15/2025 | 893,000 | 879,152 | |||||
| 4.625%, 03/15/2026 | 705,000 | 700,126 | |||||
| 4.125%, 06/15/2026 | 618,000 | 606,581 | |||||
| 4.125%, 09/30/2027 | 575,000 | 563,141 | |||||
TOTAL U.S. TREASURY SECURITIES (Cost $4,432,177) | 4,428,237 | ||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS - 4.8% | Principal Amount | Value | |||||
| Federal Home Loan Mortgage Corp. | $– | ||||||
| Series KJ17, Class A2, 2.982%, 11/25/2025 | $ | 231,681 | $ | 223,358 | |||
| Series 4037, Class B, 3.000%, 04/15/2027 | 158,185 | 152,197 | |||||
| Series K066, Class A2, 3.117%, 06/25/2027 | 800,000 | 744,644 | |||||
| Series 4838, Class VA, 4.000%, 03/15/2036 | 372,669 | 362,402 | |||||
| Series 3187, Class Z, 5.000%, 07/15/2036 | 86,542 | 84,661 | |||||
| Federal National Mortgage Association | $– | ||||||
| Series 2011-31, Class DB, 3.500%, 04/25/2031 | 166,911 | 157,829 | |||||
| Series 2011-36, Class QB, 4.000%, 05/25/2031 | 257,711 | 246,781 | |||||
| Series 2005-79, Class LT, 5.500%, 09/25/2035 | 179,729 | 177,651 | |||||
| Series 2020-44, Class TI, 5.500%, 12/25/2035 | 700,903 | 106,991 | |||||
| FREMF Mortgage Trust | $– | ||||||
Series 2015-K44, Class B, 3.846%, 01/25/2048 (a)(b) | 460,000 | 443,927 | |||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,698,781) | 2,700,441 | ||||||
| MORTGAGE BACKED SECURITIES - 0.9% | Principal Amount | Value | |||||
| Federal National Mortgage Association | $– | ||||||
| Pool 890696, 3.000%, 09/01/2030 | $ | 53,464 | $ | 49,885 | |||
| Pool MA0919, 3.500%, 12/01/2031 | 189,105 | 175,455 | |||||
| Pool 254904, 5.500%, 10/01/2033 | 69,322 | 69,012 | |||||
| Pool 555880, 5.500%, 11/01/2033 | 116,141 | 114,482 | |||||
| Pool MA2177, 4.000%, 02/01/2035 | 100,391 | 92,729 | |||||
TOTAL MORTGAGE BACKED SECURITIES (Cost $506,334) | 501,563 | ||||||
| U.S. GOVERNMENT AGENCY ISSUES - 0.9% | Principal Amount | Value | |||||
| Federal Farm Credit Banks Funding Corp. | $– | ||||||
| 5.480%, 10/02/2028 | $ | 500,000 | 499,068 | ||||
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $500,000) | 499,068 | ||||||
| SHORT-TERM INVESTMENTS - 7.4% | |||||||
Money Market Deposit Accounts - 7.4% | Principal Amount | ||||||
U.S. Bank Money Market Deposit Account, 5.27% (c) | $ | 4,145,410 | 4,145,410 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $4,145,410) | 4,145,410 | ||||||
TOTAL INVESTMENTS - 102.5% (Cost $57,760,995) | 57,518,327 | ||||||
| Liabilities in Excess of Other Assets - (2.5)% | (1,387,110) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 56,131,217 | |||||
| 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 $12,399,172 or 22.1% of the Fund’s net assets. |
| (b) | 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. |
| (c) | 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 | |||||||||||||
