# EDGAR Filing Document

**Accession Number:** 0001976877
**File Stem:** 0000894189-25-014852
**Filing Date:** 2025-11
**Character Count:** 123603
**Document Hash:** 23ef22ba81760ec84990e60e29f5eef3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014852.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000894189-25-014852

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Madison ETFs Trust
- **CENTRAL INDEX KEY:** 0001976877

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23875
- **FILM NUMBER:** 251517586

**BUSINESS ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711
- **BUSINESS PHONE:** 800-767-0300

**MAIL ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711

## Series and Classes Contracts Data

### Madison Aggregate Bond ETF (Series ID: S000081097)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000243768 | Madison Aggregate Bond ETF | MAGG            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Madison Aggregate Bond ETF** | **Madison Aggregate Bond ETF** | **Madison Aggregate Bond ETF** | **Madison Aggregate Bond ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **MORTGAGE-BACKED SECURITIES - 37.4%** | **MORTGAGE-BACKED SECURITIES - 37.4%** | **Par** | **Value**  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Pool G06168, 3.50%, 11/01/2040 | &nbsp;&nbsp; Pool G06168, 3.50%, 11/01/2040 | 117534 | $112350 |
| &nbsp;&nbsp; Pool G08653, 3.00%, 07/01/2045 | &nbsp;&nbsp; Pool G08653, 3.00%, 07/01/2045 | 198428 | 180594 |
| &nbsp;&nbsp; Pool G08779, 3.50%, 09/01/2047 | &nbsp;&nbsp; Pool G08779, 3.50%, 09/01/2047 | 86099 | 80504 |
| &nbsp;&nbsp; Pool G60722, 3.00%, 10/01/2046 | &nbsp;&nbsp; Pool G60722, 3.00%, 10/01/2046 | 248786 | 225374 |
| &nbsp;&nbsp; Pool G61386, 3.50%, 06/01/2048 | &nbsp;&nbsp; Pool G61386, 3.50%, 06/01/2048 | 109931 | 102345 |
| &nbsp;&nbsp; Pool Q04092, 4.00%, 10/01/2041 | &nbsp;&nbsp; Pool Q04092, 4.00%, 10/01/2041 | 161484 | 157408 |
| &nbsp;&nbsp; Pool Q35614, 3.50%, 08/01/2045 | &nbsp;&nbsp; Pool Q35614, 3.50%, 08/01/2045 | 255728 | 240872 |
| &nbsp;&nbsp; Pool Q52955, 3.50%, 12/01/2047 | &nbsp;&nbsp; Pool Q52955, 3.50%, 12/01/2047 | 108650 | 101153 |
| &nbsp;&nbsp; Pool QA1033, 3.00%, 07/01/2049 | &nbsp;&nbsp; Pool QA1033, 3.00%, 07/01/2049 | 189262 | 168277 |
| &nbsp;&nbsp; Pool RA7380, 3.50%, 05/01/2052 | &nbsp;&nbsp; Pool RA7380, 3.50%, 05/01/2052 | 515885 | 473503 |
| &nbsp;&nbsp; Pool RA8278, 5.00%, 12/01/2052 | &nbsp;&nbsp; Pool RA8278, 5.00%, 12/01/2052 | 202630 | 202351 |
| &nbsp;&nbsp; Pool RB5105, 2.00%, 03/01/2041 | &nbsp;&nbsp; Pool RB5105, 2.00%, 03/01/2041 | 96842 | 83726 |
| &nbsp;&nbsp; Pool SB0546, 2.00%, 01/01/2036 | &nbsp;&nbsp; Pool SB0546, 2.00%, 01/01/2036 | 312149 | 289579 |
| &nbsp;&nbsp; Pool SB8384, 5.00%, 05/01/2040 | &nbsp;&nbsp; Pool SB8384, 5.00%, 05/01/2040 | 468316 | 473334 |
| &nbsp;&nbsp; Pool SC0151, 2.50%, 06/01/2041 | &nbsp;&nbsp; Pool SC0151, 2.50%, 06/01/2041 | 315339 | 283480 |
| &nbsp;&nbsp; Pool SD0960, 3.50%, 04/01/2052 | &nbsp;&nbsp; Pool SD0960, 3.50%, 04/01/2052 | 481944 | 447401 |
| &nbsp;&nbsp; Pool SD1859, 5.50%, 11/01/2052 | &nbsp;&nbsp; Pool SD1859, 5.50%, 11/01/2052 | 115224 | 117567 |
| &nbsp;&nbsp; Pool SD1921, 4.50%, 12/01/2052 | &nbsp;&nbsp; Pool SD1921, 4.50%, 12/01/2052 | 323822 | 317558 |
| &nbsp;&nbsp; Pool SD2172, 5.50%, 02/01/2053 | &nbsp;&nbsp; Pool SD2172, 5.50%, 02/01/2053 | 323789 | 330540 |
| &nbsp;&nbsp; Pool SD2875, 5.00%, 05/01/2053 | &nbsp;&nbsp; Pool SD2875, 5.00%, 05/01/2053 | 751469 | 756265 |
| &nbsp;&nbsp; Pool SD3174, 5.50%, 06/01/2053 | &nbsp;&nbsp; Pool SD3174, 5.50%, 06/01/2053 | 413450 | 421087 |
| &nbsp;&nbsp; Pool SD3739, 6.00%, 09/01/2053 | &nbsp;&nbsp; Pool SD3739, 6.00%, 09/01/2053 | 477175 | 493385 |
| &nbsp;&nbsp; Pool SD4901, 5.50%, 02/01/2054 | &nbsp;&nbsp; Pool SD4901, 5.50%, 02/01/2054 | 254897 | 258656 |
| &nbsp;&nbsp; Pool SD7552, 2.50%, 01/01/2052 | &nbsp;&nbsp; Pool SD7552, 2.50%, 01/01/2052 | 598353 | 513670 |
| &nbsp;&nbsp; Pool SD7556, 3.00%, 08/01/2052 | &nbsp;&nbsp; Pool SD7556, 3.00%, 08/01/2052 | 446069 | 396673 |
| &nbsp;&nbsp; Pool SD8214, 3.50%, 05/01/2052 | &nbsp;&nbsp; Pool SD8214, 3.50%, 05/01/2052 | 79234 | 72571 |
| &nbsp;&nbsp; Pool SD8257, 4.50%, 10/01/2052 | &nbsp;&nbsp; Pool SD8257, 4.50%, 10/01/2052 | 319397 | 311455 |
| &nbsp;&nbsp; Pool SD8266, 4.50%, 11/01/2052 | &nbsp;&nbsp; Pool SD8266, 4.50%, 11/01/2052 | 1093483 | 1066181 |
| &nbsp;&nbsp; Pool SD8267, 5.00%, 11/01/2052 | &nbsp;&nbsp; Pool SD8267, 5.00%, 11/01/2052 | 563466 | 562339 |
| &nbsp;&nbsp; Pool SD8268, 5.50%, 11/01/2052 | &nbsp;&nbsp; Pool SD8268, 5.50%, 11/01/2052 | 95118 | 96501 |
| &nbsp;&nbsp; Pool SD8276, 5.00%, 12/01/2052 | &nbsp;&nbsp; Pool SD8276, 5.00%, 12/01/2052 | 407581 | 406327 |
| &nbsp;&nbsp; Pool SD8299, 5.00%, 02/01/2053 | &nbsp;&nbsp; Pool SD8299, 5.00%, 02/01/2053 | 207098 | 206439 |
| &nbsp;&nbsp; Pool SD8349, 5.50%, 08/01/2053 | &nbsp;&nbsp; Pool SD8349, 5.50%, 08/01/2053 | 205569 | 207668 |
| &nbsp;&nbsp; Pool SD8363, 6.00%, 09/01/2053 | &nbsp;&nbsp; Pool SD8363, 6.00%, 09/01/2053 | 615675 | 630723 |
| &nbsp;&nbsp; Pool V80025, 3.00%, 04/01/2043 | &nbsp;&nbsp; Pool V80025, 3.00%, 04/01/2043 | 101183 | 93102 |
| &nbsp;&nbsp; Pool V80026, 3.00%, 04/01/2043 | &nbsp;&nbsp; Pool V80026, 3.00%, 04/01/2043 | 826801 | 761662 |
| &nbsp;&nbsp; Pool ZS8641, 2.50%, 02/01/2032 | &nbsp;&nbsp; Pool ZS8641, 2.50%, 02/01/2032 | 87019 | 83826 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Pool 890696, 3.00%, 09/01/2030 | &nbsp;&nbsp; Pool 890696, 3.00%, 09/01/2030 | 84985 | 83331 |
| &nbsp;&nbsp; Pool AB2080, 4.00%, 01/01/2041 | &nbsp;&nbsp; Pool AB2080, 4.00%, 01/01/2041 | 143316 | 139797 |
| &nbsp;&nbsp; Pool AB8818, 3.00%, 03/01/2043 | &nbsp;&nbsp; Pool AB8818, 3.00%, 03/01/2043 | 80051 | 73631 |
| &nbsp;&nbsp; Pool AJ4046, 4.00%, 10/01/2041 | &nbsp;&nbsp; Pool AJ4046, 4.00%, 10/01/2041 | 145063 | 142065 |
| &nbsp;&nbsp; Pool AL3072, 3.00%, 02/01/2043 | &nbsp;&nbsp; Pool AL3072, 3.00%, 02/01/2043 | 325076 | 299276 |
| &nbsp;&nbsp; Pool AL8924, 3.00%, 12/01/2030 | &nbsp;&nbsp; Pool AL8924, 3.00%, 12/01/2030 | 91000 | 89654 |
| &nbsp;&nbsp; Pool AO4134, 3.50%, 06/01/2042 | &nbsp;&nbsp; Pool AO4134, 3.50%, 06/01/2042 | 198049 | 187921 |
| &nbsp;&nbsp; Pool AP2133, 3.50%, 08/01/2042 | &nbsp;&nbsp; Pool AP2133, 3.50%, 08/01/2042 | 188446 | 178576 |
| &nbsp;&nbsp; Pool AP7363, 4.00%, 10/01/2042 | &nbsp;&nbsp; Pool AP7363, 4.00%, 10/01/2042 | 219549 | 213635 |
| &nbsp;&nbsp; Pool BE0108, 3.00%, 01/01/2047 | &nbsp;&nbsp; Pool BE0108, 3.00%, 01/01/2047 | 95479 | 86645 |
| &nbsp;&nbsp; Pool BV4133, 2.50%, 03/01/2052 | &nbsp;&nbsp; Pool BV4133, 2.50%, 03/01/2052 | 313877 | 265119 |
| &nbsp;&nbsp; Pool CB2548, 2.50%, 01/01/2052 | &nbsp;&nbsp; Pool CB2548, 2.50%, 01/01/2052 | 96568 | 82219 |
| &nbsp;&nbsp; Pool CB2601, 2.00%, 01/01/2052 | &nbsp;&nbsp; Pool CB2601, 2.00%, 01/01/2052 | 115369 | 94796 |
| &nbsp;&nbsp; Pool CB3105, 2.00%, 03/01/2052 | &nbsp;&nbsp; Pool CB3105, 2.00%, 03/01/2052 | 593910 | 487993 |
| &nbsp;&nbsp; Pool CB3115, 3.00%, 03/01/2052 | &nbsp;&nbsp; Pool CB3115, 3.00%, 03/01/2052 | 544235 | 485681 |
| &nbsp;&nbsp; Pool CB3845, 3.50%, 06/01/2052 | &nbsp;&nbsp; Pool CB3845, 3.50%, 06/01/2052 | 392908 | 360629 |
| &nbsp;&nbsp; Pool CB4383, 4.50%, 08/01/2052 | &nbsp;&nbsp; Pool CB4383, 4.50%, 08/01/2052 | 411296 | 402448 |
| &nbsp;&nbsp; Pool FM5530, 4.00%, 11/01/2050 | &nbsp;&nbsp; Pool FM5530, 4.00%, 11/01/2050 | 352800 | 335913 |
| &nbsp;&nbsp; Pool FS1704, 4.00%, 05/01/2052 | &nbsp;&nbsp; Pool FS1704, 4.00%, 05/01/2052 | 223472 | 212938 |
| &nbsp;&nbsp; Pool FS2605, 4.50%, 08/01/2052 | &nbsp;&nbsp; Pool FS2605, 4.50%, 08/01/2052 | 109920 | 107196 |
| &nbsp;&nbsp; Pool FS3478, 3.00%, 12/01/2051 | &nbsp;&nbsp; Pool FS3478, 3.00%, 12/01/2051 | 207050 | 182426 |
| &nbsp;&nbsp; Pool FS4049, 2.50%, 09/01/2036 | &nbsp;&nbsp; Pool FS4049, 2.50%, 09/01/2036 | 328508 | 311114 |
| &nbsp;&nbsp; Pool FS4138, 2.50%, 04/01/2052 | &nbsp;&nbsp; Pool FS4138, 2.50%, 04/01/2052 | 367988 | 313772 |
| &nbsp;&nbsp; Pool FS4296, 3.00%, 01/01/2049 | &nbsp;&nbsp; Pool FS4296, 3.00%, 01/01/2049 | 390925 | 359597 |
| &nbsp;&nbsp; Pool FS4996, 4.50%, 07/01/2053 | &nbsp;&nbsp; Pool FS4996, 4.50%, 07/01/2053 | 363318 | 355086 |
| &nbsp;&nbsp; Pool FS5575, 5.50%, 09/01/2053 | &nbsp;&nbsp; Pool FS5575, 5.50%, 09/01/2053 | 122634 | 124919 |
| &nbsp;&nbsp; Pool FS7759, 5.50%, 05/01/2054 | &nbsp;&nbsp; Pool FS7759, 5.50%, 05/01/2054 | 228681 | 231602 |
| &nbsp;&nbsp; Pool FS9948, 2.50%, 04/01/2052 | &nbsp;&nbsp; Pool FS9948, 2.50%, 04/01/2052 | 464118 | 400652 |
| &nbsp;&nbsp; Pool MA2177, 4.00%, 02/01/2035 | &nbsp;&nbsp; Pool MA2177, 4.00%, 02/01/2035 | 143310 | 142116 |
| &nbsp;&nbsp; Pool MA4571, 2.50%, 03/01/2042 | &nbsp;&nbsp; Pool MA4571, 2.50%, 03/01/2042 | 762858 | 677983 |
| &nbsp;&nbsp; Pool MA4699, 3.50%, 08/01/2052 | &nbsp;&nbsp; Pool MA4699, 3.50%, 08/01/2052 | 224688 | 205783 |
| &nbsp;&nbsp; Pool MA4732, 4.00%, 09/01/2052 | &nbsp;&nbsp; Pool MA4732, 4.00%, 09/01/2052 | 407975 | 386138 |
| &nbsp;&nbsp; Pool MA4783, 4.00%, 10/01/2052 | &nbsp;&nbsp; Pool MA4783, 4.00%, 10/01/2052 | 661227 | 625385 |
| &nbsp;&nbsp; Pool MA4785, 5.00%, 10/01/2052 | &nbsp;&nbsp; Pool MA4785, 5.00%, 10/01/2052 | 187953 | 187384 |
| &nbsp;&nbsp; Pool MA4806, 5.00%, 11/01/2052 | &nbsp;&nbsp; Pool MA4806, 5.00%, 11/01/2052 | 571161 | 570462 |
| &nbsp;&nbsp; Pool MA4841, 5.00%, 12/01/2052 | &nbsp;&nbsp; Pool MA4841, 5.00%, 12/01/2052 | 901532 | 898803 |
| &nbsp;&nbsp; Pool MA4842, 5.50%, 12/01/2052 | &nbsp;&nbsp; Pool MA4842, 5.50%, 12/01/2052 | 262152 | 265964 |
| &nbsp;&nbsp; Pool MA4868, 5.00%, 01/01/2053 | &nbsp;&nbsp; Pool MA4868, 5.00%, 01/01/2053 | 312554 | 311737 |
| &nbsp;&nbsp; Pool MA4941, 5.50%, 03/01/2053 | &nbsp;&nbsp; Pool MA4941, 5.50%, 03/01/2053 | 307213 | 311176 |
| &nbsp;&nbsp; Pool MA5013, 4.50%, 05/01/2038 | &nbsp;&nbsp; Pool MA5013, 4.50%, 05/01/2038 | 83332 | 83346 |
| &nbsp;&nbsp; Pool MA5072, 5.50%, 07/01/2053 | &nbsp;&nbsp; Pool MA5072, 5.50%, 07/01/2053 | 1015066 | 1025433 |
| &nbsp;&nbsp; Pool MA5530, 5.00%, 11/01/2054 | &nbsp;&nbsp; Pool MA5530, 5.00%, 11/01/2054 | 316843 | 314508 |
| &nbsp;&nbsp; Pool MA5539, 5.00%, 11/01/2044 | &nbsp;&nbsp; Pool MA5539, 5.00%, 11/01/2044 | 218740 | 220781 |
| &nbsp;&nbsp; Pool MA5585, 5.00%, 01/01/2055 | &nbsp;&nbsp; Pool MA5585, 5.00%, 01/01/2055 | 238210 | 236455 |
| **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $24,360,450) | **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $24,360,450) | **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $24,360,450) | 24798531 |
| **CORPORATE BONDS - 31.1%** | **CORPORATE BONDS - 31.1%** | **Par** | **Value**  |
| **Communications - 0.3%** | **Communications - 0.3%** | **Communications - 0.3%** | **Communications - 0.3%** |
|  Verizon Communications, Inc., 4.33%, 09/21/2028 | Verizon Communications, Inc., 4.33%, 09/21/2028 | 200000 | 201442 |
| **Consumer Discretionary - 2.2%** | **Consumer Discretionary - 2.2%** | **Consumer Discretionary - 2.2%** | **Consumer Discretionary - 2.2%** |
|  BorgWarner, Inc., 5.40%, 08/15/2034 | BorgWarner, Inc., 5.40%, 08/15/2034 | 400000 | 412675 |
|  Home Depot, Inc., 5.88%, 12/16/2036 | Home Depot, Inc., 5.88%, 12/16/2036 | 225000 | 245042 |
|  Lowe's Cos., Inc., 4.25%, 04/01/2052 | Lowe's Cos., Inc., 4.25%, 04/01/2052 | 150000 | 121125 |
|  Paychex, Inc., 5.60%, 04/15/2035 | Paychex, Inc., 5.60%, 04/15/2035 | 300000 | 314220 |
|  Royal Caribbean Cruises Ltd., 7.50%, 10/15/2027 | Royal Caribbean Cruises Ltd., 7.50%, 10/15/2027 | 100000 | 106086 |
|  Tractor Supply Co., 5.25%, 05/15/2033 | Tractor Supply Co., 5.25%, 05/15/2033 | 225000 | 231996 |
|  |  |  | 1431144 |
| **Consumer Staples - 1.5%** | **Consumer Staples - 1.5%** | **Consumer Staples - 1.5%** | **Consumer Staples - 1.5%** |
|  Diageo Investment Corp., 5.13%, 08/15/2030 | Diageo Investment Corp., 5.13%, 08/15/2030 | 200000 | 207247 |
| J M Smucker Co. | J M Smucker Co. | J M Smucker Co. | J M Smucker Co. |
| &nbsp;&nbsp; 5.90%, 11/15/2028 | &nbsp;&nbsp; 5.90%, 11/15/2028 | 100000 | 105066 |
| &nbsp;&nbsp; 6.20%, 11/15/2033 | &nbsp;&nbsp; 6.20%, 11/15/2033 | 350000 | 380491 |
|  Mars, Inc., 5.70%, 05/01/2055 <sup>(a)</sup> | Mars, Inc., 5.70%, 05/01/2055 <sup>(a)</sup> | 300000 | 303921 |
|  |  |  | 996725 |
| **Energy - 4.6%** | **Energy - 4.6%** | **Energy - 4.6%** | **Energy - 4.6%** |
|  Devon Energy Corp., 5.20%, 09/15/2034 | Devon Energy Corp., 5.20%, 09/15/2034 | 350000 | 348557 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| &nbsp;&nbsp; 5.25%, 04/15/2029 | &nbsp;&nbsp; 5.25%, 04/15/2029 | 200000 | 205806 |
| &nbsp;&nbsp; 6.55%, 12/01/2033 | &nbsp;&nbsp; 6.55%, 12/01/2033 | 300000 | 328132 |
| &nbsp;&nbsp; 5.60%, 09/01/2034 | &nbsp;&nbsp; 5.60%, 09/01/2034 | 150000 | 153991 |
|  Enterprise Products Operating LLC, 5.35%, 01/31/2033 | Enterprise Products Operating LLC, 5.35%, 01/31/2033 | 250000 | 261275 |
|  Exxon Mobil Corp., 4.11%, 03/01/2046 | Exxon Mobil Corp., 4.11%, 03/01/2046 | 275000 | 233036 |
|  Kinder Morgan, Inc., 5.55%, 06/01/2045 | Kinder Morgan, Inc., 5.55%, 06/01/2045 | 200000 | 194121 |
|  MPLX LP, 4.80%, 02/15/2029 | MPLX LP, 4.80%, 02/15/2029 | 200000 | 202815 |
|  Murphy Oil USA, Inc., 5.63%, 05/01/2027 | Murphy Oil USA, Inc., 5.63%, 05/01/2027 | 200000 | 200113 |
|  ONEOK, Inc., 5.80%, 11/01/2030 | ONEOK, Inc., 5.80%, 11/01/2030 | 150000 | 158080 |
|  Phillips 66 Co., 4.95%, 12/01/2027 | Phillips 66 Co., 4.95%, 12/01/2027 | 200000 | 203304 |
|  Schlumberger Holdings Corp., 3.90%, 05/17/2028 <sup>(a)</sup> | Schlumberger Holdings Corp., 3.90%, 05/17/2028 <sup>(a)</sup> | 150000 | 149341 |
| Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. |
| &nbsp;&nbsp; 5.15%, 02/15/2030 | &nbsp;&nbsp; 5.15%, 02/15/2030 | 250000 | 257385 |
| &nbsp;&nbsp; 4.00%, 06/01/2052 | &nbsp;&nbsp; 4.00%, 06/01/2052 | 250000 | 185827 |
|  |  |  | 3081783 |
| **Financials - 14.5%** | **Financials - 14.5%** | **Financials - 14.5%** | **Financials - 14.5%** |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.63%, 10/15/2027 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.63%, 10/15/2027 | 350000 | 352700 |
|  Air Lease Corp., 1.88%, 08/15/2026 | Air Lease Corp., 1.88%, 08/15/2026 | 90000 | 88133 |
|  Alexandria Real Estate Equities, Inc., 4.75%, 04/15/2035 | Alexandria Real Estate Equities, Inc., 4.75%, 04/15/2035 | 150000 | 146698 |
|  Ally Financial, Inc., 6.85% to 01/03/2029 then SOFR + 2.82%, 01/03/2030 | Ally Financial, Inc., 6.85% to 01/03/2029 then SOFR + 2.82%, 01/03/2030 | 250000 | 264658 |
| American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp; 4.05%, 05/03/2029 | &nbsp;&nbsp; 4.05%, 05/03/2029 | 20000 | 20042 |
| &nbsp;&nbsp; 5.28% to 07/27/2028 then SOFR + 1.28%, 07/27/2029 | &nbsp;&nbsp; 5.28% to 07/27/2028 then SOFR + 1.28%, 07/27/2029 | 350000 | 361068 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp; 1.66% to 03/11/2026 then SOFR + 0.91%, 03/11/2027 | &nbsp;&nbsp; 1.66% to 03/11/2026 then SOFR + 0.91%, 03/11/2027 | 90000 | 88962 |
| &nbsp;&nbsp; 4.95% to 07/22/2027 then SOFR + 2.04%, 07/22/2028 | &nbsp;&nbsp; 4.95% to 07/22/2027 then SOFR + 2.04%, 07/22/2028 | 175000 | 177550 |
| &nbsp;&nbsp; 5.02% to 07/22/2032 then SOFR + 2.16%, 07/22/2033 | &nbsp;&nbsp; 5.02% to 07/22/2032 then SOFR + 2.16%, 07/22/2033 | 280000 | 286170 |
| Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
| &nbsp;&nbsp; 4.60% to 07/26/2029 then SOFR + 1.76%, 07/26/2030 | &nbsp;&nbsp; 4.60% to 07/26/2029 then SOFR + 1.76%, 07/26/2030 | 275000 | 279551 |
| &nbsp;&nbsp; 5.83% to 10/25/2032 then SOFR + 2.07%, 10/25/2033 | &nbsp;&nbsp; 5.83% to 10/25/2032 then SOFR + 2.07%, 10/25/2033 | 75000 | 80797 |
|  Berkshire Hathaway Finance Corp., 3.85%, 03/15/2052 | Berkshire Hathaway Finance Corp., 3.85%, 03/15/2052 | 30000 | 23527 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| &nbsp;&nbsp; 5.47% to 02/01/2028 then SOFR + 2.08%, 02/01/2029 | &nbsp;&nbsp; 5.47% to 02/01/2028 then SOFR + 2.08%, 02/01/2029 | 125000 | 128220 |
| &nbsp;&nbsp; 6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029 | &nbsp;&nbsp; 6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029 | 170000 | 178361 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp; 4.91% to 05/24/2032 then SOFR + 2.09%, 05/24/2033 | &nbsp;&nbsp; 4.91% to 05/24/2032 then SOFR + 2.09%, 05/24/2033 | 300000 | 303640 |
| &nbsp;&nbsp; 5.41% to 09/19/2034 then 5 yr. CMT Rate + 1.73%, 09/19/2039 | &nbsp;&nbsp; 5.41% to 09/19/2034 then 5 yr. CMT Rate + 1.73%, 09/19/2039 | 300000 | 301082 |
| Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
| &nbsp;&nbsp; 4.77% to 07/28/2029 then SOFR + 2.13%, 07/28/2030 | &nbsp;&nbsp; 4.77% to 07/28/2029 then SOFR + 2.13%, 07/28/2030 | 250000 | 252881 |
| &nbsp;&nbsp; 4.34% to 04/25/2032 then SOFR + 1.66%, 04/25/2033 | &nbsp;&nbsp; 4.34% to 04/25/2032 then SOFR + 1.66%, 04/25/2033 | 120000 | 116950 |
|  Fiserv, Inc., 3.50%, 07/01/2029 | Fiserv, Inc., 3.50%, 07/01/2029 | 100000 | 97212 |
|  Goldman Sachs Group, Inc., 4.48% to 08/23/2027 then SOFR + 1.73%, 08/23/2028 | Goldman Sachs Group, Inc., 4.48% to 08/23/2027 then SOFR + 1.73%, 08/23/2028 | 375000 | 377401 |
| Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
| &nbsp;&nbsp; 4.44% to 08/04/2027 then SOFR + 1.97%, 08/04/2028 | &nbsp;&nbsp; 4.44% to 08/04/2027 then SOFR + 1.97%, 08/04/2028 | 115000 | 115477 |
| &nbsp;&nbsp; 6.21% to 08/21/2028 then SOFR + 2.02%, 08/21/2029 | &nbsp;&nbsp; 6.21% to 08/21/2028 then SOFR + 2.02%, 08/21/2029 | 300000 | 315782 |
|  Intercontinental Exchange, Inc., 4.60%, 03/15/2033 | Intercontinental Exchange, Inc., 4.60%, 03/15/2033 | 150000 | 150968 |
|  Iron Mountain, Inc., 4.50%, 02/15/2031 <sup>(a)</sup> | Iron Mountain, Inc., 4.50%, 02/15/2031 <sup>(a)</sup> | 150000 | 143179 |
|  Jefferies Financial Group, Inc., 6.20%, 04/14/2034 | Jefferies Financial Group, Inc., 6.20%, 04/14/2034 | 100000 | 106217 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp; 5.58% to 04/22/2029 then SOFR + 1.16%, 04/22/2030 | &nbsp;&nbsp; 5.58% to 04/22/2029 then SOFR + 1.16%, 04/22/2030 | 150000 | 156705 |
| &nbsp;&nbsp; 4.91% to 07/25/2032 then SOFR + 2.08%, 07/25/2033 | &nbsp;&nbsp; 4.91% to 07/25/2032 then SOFR + 2.08%, 07/25/2033 | 300000 | 305906 |
| &nbsp;&nbsp; 5.57% to 04/22/2035 then SOFR + 1.68%, 04/22/2036 | &nbsp;&nbsp; 5.57% to 04/22/2035 then SOFR + 1.68%, 04/22/2036 | 250000 | 263578 |
|  KeyCorp, 4.10%, 04/30/2028 | KeyCorp, 4.10%, 04/30/2028 | 100000 | 99887 |
|  LPL Holdings, Inc., 4.00%, 03/15/2029 <sup>(a)</sup> | LPL Holdings, Inc., 4.00%, 03/15/2029 <sup>(a)</sup> | 275000 | 269070 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp; 5.45% to 07/20/2028 then SOFR + 1.63%, 07/20/2029 | &nbsp;&nbsp; 5.45% to 07/20/2028 then SOFR + 1.63%, 07/20/2029 | 300000 | 309969 |
| &nbsp;&nbsp; 1.93% to 04/28/2031 then SOFR + 1.02%, 04/28/2032 | &nbsp;&nbsp; 1.93% to 04/28/2031 then SOFR + 1.02%, 04/28/2032 | 90000 | 78567 |
| &nbsp;&nbsp; 4.89% to 07/20/2032 then SOFR + 2.08%, 07/20/2033 | &nbsp;&nbsp; 4.89% to 07/20/2032 then SOFR + 2.08%, 07/20/2033 | 225000 | 228449 |
|  PayPal Holdings, Inc., 5.10%, 04/01/2035 | PayPal Holdings, Inc., 5.10%, 04/01/2035 | 250000 | 255658 |
| PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
| &nbsp;&nbsp; 5.35% to 12/02/2027 then SOFR + 1.62%, 12/02/2028 | &nbsp;&nbsp; 5.35% to 12/02/2027 then SOFR + 1.62%, 12/02/2028 | 250000 | 256384 |
| &nbsp;&nbsp; 4.90% to 05/13/2030 then SOFR + 1.33%, 05/13/2031 | &nbsp;&nbsp; 4.90% to 05/13/2030 then SOFR + 1.33%, 05/13/2031 | 100000 | 102134 |
| &nbsp;&nbsp; 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | &nbsp;&nbsp; 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | 200000 | 226582 |
|  Regions Financial Corp., 1.80%, 08/12/2028 | Regions Financial Corp., 1.80%, 08/12/2028 | 200000 | 187477 |
|  Synchrony Financial, 3.70%, 08/04/2026 | Synchrony Financial, 3.70%, 08/04/2026 | 275000 | 273242 |
| Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
| &nbsp;&nbsp; 5.07% to 05/20/2030 then SOFR + 1.31%, 05/20/2031 | &nbsp;&nbsp; 5.07% to 05/20/2030 then SOFR + 1.31%, 05/20/2031 | 175000 | 179475 |
| &nbsp;&nbsp; 5.87% to 06/08/2033 then SOFR + 2.36%, 06/08/2034 | &nbsp;&nbsp; 5.87% to 06/08/2033 then SOFR + 2.36%, 06/08/2034 | 300000 | 317884 |
| US Bancorp | US Bancorp | US Bancorp | US Bancorp |
| &nbsp;&nbsp; 4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028 | &nbsp;&nbsp; 4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028 | 200000 | 201569 |
| &nbsp;&nbsp; 4.84% to 02/01/2033 then SOFR + 1.60%, 02/01/2034 | &nbsp;&nbsp; 4.84% to 02/01/2033 then SOFR + 1.60%, 02/01/2034 | 190000 | 190823 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp; 5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029 | &nbsp;&nbsp; 5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029 | 175000 | 181388 |
| &nbsp;&nbsp; 6.30% to 10/23/2028 then SOFR + 1.79%, 10/23/2029 | &nbsp;&nbsp; 6.30% to 10/23/2028 then SOFR + 1.79%, 10/23/2029 | 150000 | 158897 |
| &nbsp;&nbsp; 4.90% to 07/25/2032 then SOFR + 2.10%, 07/25/2033 | &nbsp;&nbsp; 4.90% to 07/25/2032 then SOFR + 2.10%, 07/25/2033 | 20000 | 20319 |
| &nbsp;&nbsp; 5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034 | &nbsp;&nbsp; 5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034 | 200000 | 207822 |
|  Welltower OP LLC, 2.75%, 01/15/2032 | Welltower OP LLC, 2.75%, 01/15/2032 | 150000 | 135798 |
|  Weyerhaeuser Co., 3.38%, 03/09/2033 | Weyerhaeuser Co., 3.38%, 03/09/2033 | 250000 | 227510 |
|  |  |  | 9592319 |
| **Health Care - 3.0%** | **Health Care - 3.0%** | **Health Care - 3.0%** | **Health Care - 3.0%** |
|  AbbVie, Inc., 5.40%, 03/15/2054 | AbbVie, Inc., 5.40%, 03/15/2054 | 300000 | 298520 |
|  Amgen, Inc., 5.65%, 03/02/2053 | Amgen, Inc., 5.65%, 03/02/2053 | 250000 | 249393 |
|  Centene Corp., 2.45%, 07/15/2028 | Centene Corp., 2.45%, 07/15/2028 | 150000 | 139452 |
|  Eli Lilly & Co., 4.60%, 08/14/2034 | Eli Lilly & Co., 4.60%, 08/14/2034 | 250000 | 250917 |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| &nbsp;&nbsp; 4.80%, 08/14/2029 | &nbsp;&nbsp; 4.80%, 08/14/2029 | 350000 | 357002 |
| &nbsp;&nbsp; 6.38%, 11/22/2052 | &nbsp;&nbsp; 6.38%, 11/22/2052 | 385000 | 425182 |
|  Pfizer Investment Enterprises Pte Ltd., 5.30%, 05/19/2053 | Pfizer Investment Enterprises Pte Ltd., 5.30%, 05/19/2053 | 250000 | 241557 |
|  Zoetis, Inc., 3.00%, 05/15/2050 | Zoetis, Inc., 3.00%, 05/15/2050 | 50000 | 33370 |
|  |  |  | 1995393 |
| **Industrials - 1.7%** | **Industrials - 1.7%** | **Industrials - 1.7%** | **Industrials - 1.7%** |
|  BAE Systems PLC, 5.30%, 03/26/2034 <sup>(a)</sup> | BAE Systems PLC, 5.30%, 03/26/2034 <sup>(a)</sup> | 200000 | 207285 |
|  Boeing Co., 6.86%, 05/01/2054 | Boeing Co., 6.86%, 05/01/2054 | 250000 | 284711 |
|  Nordson Corp., 5.80%, 09/15/2033 | Nordson Corp., 5.80%, 09/15/2033 | 100000 | 106725 |
|  Norfolk Southern Corp., 5.95%, 03/15/2064 | Norfolk Southern Corp., 5.95%, 03/15/2064 | 250000 | 264253 |
|  United Rentals North America, Inc., 5.50%, 05/15/2027 | United Rentals North America, Inc., 5.50%, 05/15/2027 | 260000 | 260012 |
|  |  |  | 1122986 |
| **Materials - 1.0%** | **Materials - 1.0%** | **Materials - 1.0%** | **Materials - 1.0%** |
|  Ball Corp., 4.88%, 03/15/2026 | Ball Corp., 4.88%, 03/15/2026 | 190000 | 189940 |
|  Packaging Corp. of America, 4.05%, 12/15/2049 | Packaging Corp. of America, 4.05%, 12/15/2049 | 100000 | 79405 |
|  Rio Tinto Finance USA PLC, 5.00%, 03/14/2032 | Rio Tinto Finance USA PLC, 5.00%, 03/14/2032 | 125000 | 128515 |
|  Vulcan Materials Co., 3.50%, 06/01/2030 | Vulcan Materials Co., 3.50%, 06/01/2030 | 110000 | 106291 |
|  WRKCo, Inc., 3.90%, 06/01/2028 | WRKCo, Inc., 3.90%, 06/01/2028 | 150000 | 148792 |
|  |  |  | 652943 |
| **Technology - 1.4%** | **Technology - 1.4%** | **Technology - 1.4%** | **Technology - 1.4%** |
|  Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 <sup>(a)</sup> | Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 <sup>(a)</sup> | 250000 | 245204 |
|  Cisco Systems, Inc., 5.05%, 02/26/2034 | Cisco Systems, Inc., 5.05%, 02/26/2034 | 250000 | 258638 |
|  Dell International LLC / EMC Corp., 3.45%, 12/15/2051 | Dell International LLC / EMC Corp., 3.45%, 12/15/2051 | 200000 | 140493 |
|  NetApp, Inc., 5.50%, 03/17/2032 | NetApp, Inc., 5.50%, 03/17/2032 | 250000 | 260197 |
|  Oracle Corp., 3.95%, 03/25/2051 | Oracle Corp., 3.95%, 03/25/2051 | 55000 | 40844 |
|  |  |  | 945376 |
| **Utilities - 0.9%** | **Utilities - 0.9%** | **Utilities - 0.9%** | **Utilities - 0.9%** |
|  Duke Energy Corp., 4.30%, 03/15/2028 | Duke Energy Corp., 4.30%, 03/15/2028 | 180000 | 180855 |
|  Florida Power & Light Co., 2.88%, 12/04/2051 | Florida Power & Light Co., 2.88%, 12/04/2051 | 400000 | 258502 |
|  PECO Energy Co., 3.05%, 03/15/2051 | PECO Energy Co., 3.05%, 03/15/2051 | 200000 | 131801 |
|  |  |  | 571158 |
| **TOTAL CORPORATE BONDS** (Cost $19,869,996) | **TOTAL CORPORATE BONDS** (Cost $19,869,996) | **TOTAL CORPORATE BONDS** (Cost $19,869,996) | 20591269 |
| **U.S. TREASURY SECURITIES - 23.2%** | **U.S. TREASURY SECURITIES - 23.2%** | **Par** | **Value**  |
| United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond |
| &nbsp;&nbsp; 4.63%, 06/15/2027 | &nbsp;&nbsp; 4.63%, 06/15/2027 | 500000 | 508008 |
| &nbsp;&nbsp; 4.38%, 08/31/2028 | &nbsp;&nbsp; 4.38%, 08/31/2028 | 950000 | 969520 |
| &nbsp;&nbsp; 4.88%, 10/31/2028 | &nbsp;&nbsp; 4.88%, 10/31/2028 | 1850000 | 1916340 |
| &nbsp;&nbsp; 4.00%, 07/31/2030 | &nbsp;&nbsp; 4.00%, 07/31/2030 | 2500000 | 2528809 |
| &nbsp;&nbsp; 4.13%, 11/15/2032 | &nbsp;&nbsp; 4.13%, 11/15/2032 | 1550000 | 1568406 |
| &nbsp;&nbsp; 3.50%, 02/15/2033 | &nbsp;&nbsp; 3.50%, 02/15/2033 | 1750000 | 1699346 |
| &nbsp;&nbsp; 4.38%, 05/15/2034 | &nbsp;&nbsp; 4.38%, 05/15/2034 | 2450000 | 2507039 |
| &nbsp;&nbsp; 3.88%, 05/15/2043 | &nbsp;&nbsp; 3.88%, 05/15/2043 | 1000000 | 905234 |
| &nbsp;&nbsp; 4.63%, 05/15/2044 | &nbsp;&nbsp; 4.63%, 05/15/2044 | 1000000 | 992031 |
| &nbsp;&nbsp; 4.13%, 08/15/2053 | &nbsp;&nbsp; 4.13%, 08/15/2053 | 1500000 | 1354687 |
| &nbsp;&nbsp; 4.25%, 08/15/2054 | &nbsp;&nbsp; 4.25%, 08/15/2054 | 500000 | 461191 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $15,364,379) | **TOTAL U.S. TREASURY SECURITIES** (Cost $15,364,379) | **TOTAL U.S. TREASURY SECURITIES** (Cost $15,364,379) | 15410611 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 4.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 4.1%** | **Par** | **Value**  |
|  Fannie Mae Connecticut Avenue Securities, Series 2022-R01, Class 1M1, 5.36% (30 day avg SOFR US + 1.00%), 12/25/2041 <sup>(a)</sup> | Fannie Mae Connecticut Avenue Securities, Series 2022-R01, Class 1M1, 5.36% (30 day avg SOFR US + 1.00%), 12/25/2041 <sup>(a)</sup> | 74698 | 74627 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Series 2017-M15, Class ATS2, 3.21%, 11/25/2027 <sup>(b)</sup> | &nbsp;&nbsp; Series 2017-M15, Class ATS2, 3.21%, 11/25/2027 <sup>(b)</sup> | 203746 | 200829 |
| &nbsp;&nbsp; Series 2020-44, Class TI, 5.50%, 12/25/2035 <sup>(c)</sup> | &nbsp;&nbsp; Series 2020-44, Class TI, 5.50%, 12/25/2035 <sup>(c)</sup> | 412398 | 58918 |
| &nbsp;&nbsp; Series 2022-M1, Class A2, 1.72%, 10/25/2031 <sup>(b)</sup> | &nbsp;&nbsp; Series 2022-M1, Class A2, 1.72%, 10/25/2031 <sup>(b)</sup> | 530000 | 456969 |
| &nbsp;&nbsp; Series 2024-99, Class EA, 5.50%, 05/25/2051 | &nbsp;&nbsp; Series 2024-99, Class EA, 5.50%, 05/25/2051 | 420462 | 425945 |
| &nbsp;&nbsp; Series 2025-5, Class EA, 5.50%, 10/25/2051 | &nbsp;&nbsp; Series 2025-5, Class EA, 5.50%, 10/25/2051 | 345536 | 349907 |
|  Flagstar Mortgage Trust, Series 2021-9INV, Class A1, 2.50%, 09/25/2041 <sup>(a)(b)</sup> | Flagstar Mortgage Trust, Series 2021-9INV, Class A1, 2.50%, 09/25/2041 <sup>(a)(b)</sup> | 182316 | 164415 |
|  FREMF Mortgage Trust, Series 2020-K106, Class B, 3.68%, 03/25/2053 <sup>(a)(b)</sup> | FREMF Mortgage Trust, Series 2020-K106, Class B, 3.68%, 03/25/2053 <sup>(a)(b)</sup> | 100000 | 94309 |
|  Government National Mortgage Association, Series 2024-153, Class AB, 4.50%, 03/16/2065 | Government National Mortgage Association, Series 2024-153, Class AB, 4.50%, 03/16/2065 | 483600 | 477776 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| &nbsp;&nbsp; Series 2021-6, Class A4, 2.50%, 10/25/2051 <sup>(a)(b)</sup> | &nbsp;&nbsp; Series 2021-6, Class A4, 2.50%, 10/25/2051 <sup>(a)(b)</sup> | 90835 | 81627 |
| &nbsp;&nbsp; Series 2024-5, Class A4, 6.00%, 11/25/2054 <sup>(a)(b)</sup> | &nbsp;&nbsp; Series 2024-5, Class A4, 6.00%, 11/25/2054 <sup>(a)(b)</sup> | 151438 | 153292 |
|  Sequoia Mortgage Trust, Series 2013-7, Class A2, 3.00%, 06/25/2043 <sup>(b)</sup> | Sequoia Mortgage Trust, Series 2013-7, Class A2, 3.00%, 06/25/2043 <sup>(b)</sup> | 207786 | 187467 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $2,699,379) | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $2,699,379) | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $2,699,379) | 2726081 |
| **ASSET-BACKED SECURITIES - 2.7%** | **ASSET-BACKED SECURITIES - 2.7%** | **Par** | **Value**  |
|  Capital One Multi-Asset Execution Trust, Series 2023-A1, Class A, 4.42%, 05/15/2028 | Capital One Multi-Asset Execution Trust, Series 2023-A1, Class A, 4.42%, 05/15/2028 | 110000 | 110274 |
|  CarMax Auto Owner Trust, Series 2022-3, Class A4, 4.06%, 02/15/2028 | CarMax Auto Owner Trust, Series 2022-3, Class A4, 4.06%, 02/15/2028 | 130000 | 129942 |
|  Chesapeake Funding II LLC | Chesapeake Funding II LLC |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A1, 5.65%, 05/15/2035 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A1, 5.65%, 05/15/2035 <sup>(a)</sup> | 65443 | 65846 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class A1, 6.16%, 10/15/2035 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class A1, 6.16%, 10/15/2035 <sup>(a)</sup> | 129195 | 131525 |
| Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
| &nbsp;&nbsp; Series 2022-4, Class A2, 5.76%, 10/22/2029 <sup>(a)</sup> | &nbsp;&nbsp; Series 2022-4, Class A2, 5.76%, 10/22/2029 <sup>(a)</sup> | 8785 | 8827 |
| &nbsp;&nbsp; Series 2023-1, Class A2, 5.51%, 01/22/2029 <sup>(a)</sup> | &nbsp;&nbsp; Series 2023-1, Class A2, 5.51%, 01/22/2029 <sup>(a)</sup> | 10633 | 10663 |
|  Nissan Auto Receivables Owner Trust, Series 2022-B, Class A4, 4.45%, 11/15/2029 | Nissan Auto Receivables Owner Trust, Series 2022-B, Class A4, 4.45%, 11/15/2029 | 50000 | 50257 |
| Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
| &nbsp;&nbsp; Series 2024-4, Class A1A, 4.54%, 10/27/2064 <sup>(a)(b)</sup> | &nbsp;&nbsp; Series 2024-4, Class A1A, 4.54%, 10/27/2064 <sup>(a)(b)</sup> | 425757 | 426607 |
| &nbsp;&nbsp; Series 2024-CES1, Class A1A, 5.85%, 01/25/2064 <sup>(a)(b)</sup> | &nbsp;&nbsp; Series 2024-CES1, Class A1A, 5.85%, 01/25/2064 <sup>(a)(b)</sup> | 312844 | 315079 |
|  Verizon Master Trust, Series 2024-3, Class B, 5.54%, 04/22/2030 | Verizon Master Trust, Series 2024-3, Class B, 5.54%, 04/22/2030 | 500000 | 509538 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $1,740,990) | **TOTAL ASSET-BACKED SECURITIES** (Cost $1,740,990) | **TOTAL ASSET-BACKED SECURITIES** (Cost $1,740,990) | 1758558 |
| **TOTAL INVESTMENTS - 98.5% (**Cost $64,035,194**)** | **TOTAL INVESTMENTS - 98.5% (**Cost $64,035,194**)** | **TOTAL INVESTMENTS - 98.5% (**Cost $64,035,194**)** | 65285050 |
| Money Market Deposit Account - 0.7% <sup>(d)</sup> | Money Market Deposit Account - 0.7% <sup>(d)</sup> | Money Market Deposit Account - 0.7% <sup>(d)</sup> | 505784 |
| Other Assets in Excess of Liabilities - 0.8% | Other Assets in Excess of Liabilities - 0.8% | Other Assets in Excess of Liabilities - 0.8% | 517073 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $66307907 |
| two | two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

CMT - Constant Maturity Treasury <br> DAC – Designated Activity Company PLC - Public Limited Company <br> SOFR - Secured Overnight Financing Rate

(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, 2025, the value of these securities total $2,844,817 or 4.3% 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, 2025.

(c) Interest-only security.

(d) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on
 market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.95%.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Madison Aggregate Bond ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | $– | $24798531 | $– | $24798531 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 20591269 | – | 20591269 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 15410611 | – | 15410611 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations | – | 2726081 | – | 2726081 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 1758558 | – | 1758558 |
| Total Investments | $– | $65285050 | $– | $65285050 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Madison ETFs Trust

- **b. Investment Company Act file number:** 811-23875

- **c. CIK number of Registrant:** 0001976877

- **d. LEI of Registrant:** 5493000I8Q6MKWCG2407

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 550 SCIENCE DRIVE

  - **City:** Madison

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53711

  - **Telephone number:** 800-767-0300

**Item A.2. Information about the Series.**

- **a. Name of Series:** Madison Aggregate Bond ETF

- **b. EDGAR series identifier (if any):** S000081097

- **c. LEI of Series:** 5493000IAHAFHNP0JZ30

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $66584699.57

**Total Liabilities:** $276764.98

**Net Assets:** $66307934.59

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 234.610102000000 | **1-Year:** 1714.506243000000 | **5-Year:** 6881.428041000000 | **10-Year:** 11545.320331000000 | **30-Year:** 16095.927880000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 59.643765000000 | **1-Year:** 10.078017000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243768 | -0.24%               | 1.24%                | 1.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-431227.55                                |
| Month 2  | $-12886.62               | $566143.45                                 |
| Month 3  | $13108.61                | $434408.57                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AIR LEASE CORP                 | Air Lease Corp                                            | CUSIP: 00914AAM4<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88133.23     | 0.13%             | 2026-08-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                      | Amgen Inc                                                 | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249393.27    | 0.38%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                | BAE Systems PLC                                           | CUSIP: 05523RAL1<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $207284.49    | 0.31%             | 2034-03-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                                      | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    280000 | PA      | $286169.54    | 0.43%             | 2033-07-22      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                                | CUSIP: 14040HCZ6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    170000 | PA      | $178360.91    | 0.27%             | 2029-06-08      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC      | Chesapeake Funding II LLC                                 | CUSIP: 165183CZ5<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |    129195 | PA      | $131524.58    | 0.20%             | 2035-10-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DVMD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    446069 | PA      | $396673.17    | 0.60%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DWFR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    407581 | PA      | $406326.50    | 0.61%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DWGG2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    207098 | PA      | $206439.22    | 0.31%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132E0EL2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    477175 | PA      | $493384.89    | 0.74%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                     | CUSIP: 3132QSGY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    255728 | PA      | $240871.53    | 0.36%             | 2045-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                     | CUSIP: 3132XVH97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    108650 | PA      | $101153.37    | 0.15%             | 2047-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                 | Fannie Mae-Aces                                           | CUSIP: 3136AY6U2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    203746 | PA      | $200829.16    | 0.30%             | 2027-11-25      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                         | CUSIP: 3136BUH37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    345536 | PA      | $349907.20    | 0.53%             | 2051-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3138AVP82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    145063 | PA      | $142065.09    | 0.21%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140FKDN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     95479 | PA      | $86645.20     | 0.13%             | 2047-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                     | AbbVie Inc                                                | CUSIP: 00287YDW6<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298519.77    | 0.45%             | 2054-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3138ET4J2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     91000 | PA      | $89654.15     | 0.14%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3138LUSY2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    198049 | PA      | $187921.18    | 0.28%             | 2042-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140XKX21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    390925 | PA      | $359597.23    | 0.54%             | 2049-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TRACTOR SUPPLY CO              | Tractor Supply Co                                         | CUSIP: 892356AB2<br>LEI: 549300OJ9VZHZRO6I137 | Long             | DBT              | CORP              | US        |    225000 | PA      | $231995.83    | 0.35%             | 2033-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| US BANCORP                     | US Bancorp                                                | CUSIP: 91159HJF8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201569.12    | 0.30%             | 2028-07-22      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO            | American Express Co                                       | CUSIP: 025816CW7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20041.81     | 0.03%             | 2029-05-03      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                     | CUSIP: 3128MJ2M1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     86099 | PA      | $80504.41     | 0.12%             | 2047-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418EHJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    407975 | PA      | $386137.80    | 0.58%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418ELX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    901532 | PA      | $898803.17    | 1.36%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132A9S65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     87019 | PA      | $83826.38     | 0.13%             | 2032-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132CWTB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    312149 | PA      | $289578.53    | 0.44%             | 2036-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132D6J50<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    468316 | PA      | $473333.84    | 0.71%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132D9EY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    315339 | PA      | $283479.52    | 0.43%             | 2041-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418EP38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    307213 | PA      | $311176.42    | 0.47%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Flagstar Mortgage Trust        | Flagstar Mortgage Trust 2021-9INV                         | CUSIP: 33851MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    182316 | PA      | $164414.74    | 0.25%             | 2041-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DNB51<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    481944 | PA      | $447400.50    | 0.67%             | 2052-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DPD21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    323822 | PA      | $317557.63    | 0.48%             | 2052-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                               | CUSIP: 38141GZU1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    375000 | PA      | $377400.78    | 0.57%             | 2028-08-23      | Variable      | 4.48%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                  | CUSIP: 38381LTG7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    483600 | PA      | $477776.00    | 0.72%             | 2065-03-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC        | Jefferies Financial Group Inc                             | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106217.21    | 0.16%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                 | Eli Lilly & Co                                            | CUSIP: 532457CR7<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250917.68    | 0.38%             | 2034-08-14      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DQFQ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    751468 | PA      | $756265.35    | 1.14%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DWFG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    563466 | PA      | $562338.83    | 0.85%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                     | CUSIP: 3132L5A37<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    826801 | PA      | $761661.88    | 1.15%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3133KPFV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    515885 | PA      | $473503.05    | 0.71%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                            | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    300000 | PA      | $309968.50    | 0.47%             | 2029-07-20      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3133KQFT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    202630 | PA      | $202351.31    | 0.31%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                 | Fannie Mae-Aces                                           | CUSIP: 3136BKX80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    530000 | PA      | $456968.76    | 0.69%             | 2031-10-25      | Variable      | 1.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140QM3K8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    115369 | PA      | $94796.06     | 0.14%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140XLRS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    363318 | PA      | $355085.44    | 0.54%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140XMFR2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    122634 | PA      | $124918.51    | 0.19%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140XSBS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    464118 | PA      | $400652.05    | 0.60%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31410LRR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     84985 | PA      | $83330.90     | 0.13%             | 2030-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31416XJ27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    143316 | PA      | $139797.28    | 0.21%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418ECH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    762858 | PA      | $677983.33    | 1.02%             | 2042-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC         | GE HealthCare Technologies Inc                            | CUSIP: 36267VAM5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    385000 | PA      | $425181.93    | 0.64%             | 2052-11-22      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES          | Huntington Bancshares Inc/OH                              | CUSIP: 446150BC7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    300000 | PA      | $315781.80    | 0.48%             | 2029-08-21      | Variable      | 6.21%                 | No            |                  2 | On Loan: No      |
| MARS INC                       | Mars Inc                                                  | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    300000 | PA      | $303921.11    | 0.46%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                            | CUSIP: 6174468X0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     90000 | PA      | $78566.59     | 0.12%             | 2032-04-28      | Variable      | 1.93%                 | No            |                  2 | On Loan: No      |
| NETAPP INC                     | NetApp Inc                                                | CUSIP: 64110DAM6<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260196.95    | 0.39%             | 2032-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Receivables Owner  | Nissan Auto Receivables 2022-B Owner Trust                | CUSIP: 65480JAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $50257.39     | 0.08%             | 2029-11-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| NORDSON CORP                   | Nordson Corp                                              | CUSIP: 655663AB8<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106725.29    | 0.16%             | 2033-09-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS               | Connecticut Avenue Securities Trust 2022-R01              | CUSIP: 20754LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     74698 | PA      | $74627.40     | 0.11%             | 2041-12-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                     | CUSIP: 3128MJWP1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    198428 | PA      | $180594.13    | 0.27%             | 2045-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                     | CUSIP: 31335AYT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    248786 | PA      | $225374.19    | 0.34%             | 2046-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO            | American Express Co                                       | CUSIP: 025816DH9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    350000 | PA      | $361068.30    | 0.54%             | 2029-07-27      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418ELY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    262152 | PA      | $265964.29    | 0.40%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP            | Fifth Third Bancorp                                       | CUSIP: 316773DF4<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    120000 | PA      | $116950.33    | 0.18%             | 2033-04-25      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                                | CUSIP: 14040HCX1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128220.41    | 0.19%             | 2029-02-01      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP        | Dell International LLC / EMC Corp                         | CUSIP: 24703DBH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $140493.07    | 0.21%             | 2051-12-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| DIAGEO INVESTMENT CORP         | Diageo Investment Corp                                    | CUSIP: 25245BAC1<br>LEI: S4G8DPIPDVCF6CB81Z61 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207246.77    | 0.31%             | 2030-08-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC | Enterprise Fleet Financing 2022-4 LLC                     | CUSIP: 29374GAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8785 | PA      | $8826.70      | 0.01%             | 2029-10-22      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DQQ33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    413450 | PA      | $421086.71    | 0.64%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418EJ50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    661227 | PA      | $625384.47    | 0.94%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES         | PNC Financial Services Group Inc/The                      | CUSIP: 693475BU8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    200000 | PA      | $226582.29    | 0.34%             | 2034-10-20      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES         | PNC Financial Services Group Inc/The                      | CUSIP: 693475CD5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102133.59    | 0.15%             | 2031-05-13      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1550000 | PA      | $1568406.25   | 2.37%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CGM7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1750000 | PA      | $1699345.71   | 2.56%             | 2033-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418EKU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    571161 | PA      | $570462.09    | 0.86%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP            | Fifth Third Bancorp                                       | CUSIP: 316773DG2<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252880.67    | 0.38%             | 2030-07-28      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CHX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    950000 | PA      | $969519.54    | 1.46%             | 2028-08-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CJF9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1850000 | PA      | $1916339.85   | 2.89%             | 2028-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WRKCO INC                      | WRKCo Inc                                                 | CUSIP: 92940PAE4<br>LEI: 549300JEB576INN13W07 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148792.02    | 0.22%             | 2028-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE       | Intercontinental Exchange Inc                             | CUSIP: 45866FAW4<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150967.85    | 0.23%             | 2033-03-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| PECO ENERGY CO                 | PECO Energy Co                                            | CUSIP: 693304BA4<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |    200000 | PA      | $131801.62    | 0.20%             | 2051-03-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 CO                 | Phillips 66 Co                                            | CUSIP: 718547AT9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203303.81    | 0.31%             | 2027-12-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| JM SMUCKER CO                  | J M Smucker Co/The                                        | CUSIP: 832696AX6<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |    350000 | PA      | $380491.17    | 0.57%             | 2033-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1354687.50   | 2.04%             | 2053-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| VULCAN MATERIALS CO            | Vulcan Materials Co                                       | CUSIP: 929160AZ2<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |    110000 | PA      | $106290.30    | 0.16%             | 2030-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION       | Devon Energy Corp                                         | CUSIP: 25179MBG7<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    350000 | PA      | $348557.40    | 0.53%             | 2034-09-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DWH22<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    205569 | PA      | $207668.20    | 0.31%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA       | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | CUSIP: 00774MAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    350000 | PA      | $352699.92    | 0.53%             | 2027-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC             | Ally Financial Inc                                        | CUSIP: 02005NBU3<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    250000 | PA      | $264658.27    | 0.40%             | 2030-01-03      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| BALL CORP                      | Ball Corp                                                 | CUSIP: 058498AV8<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    190000 | PA      | $189940.07    | 0.29%             | 2026-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                                      | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    175000 | PA      | $177550.13    | 0.27%             | 2028-07-22      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| BORGWARNER INC                 | BorgWarner Inc                                            | CUSIP: 099724AQ9<br>LEI: 549300DSFX2IE88NSX47 | Long             | DBT              | CORP              | US        |    400000 | PA      | $412674.66    | 0.62%             | 2034-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                                      | CUSIP: 06051GJQ3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88962.27     | 0.13%             | 2027-03-11      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC | Enterprise Fleet Financing 2023-1 LLC                     | CUSIP: 29375CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10633 | PA      | $10663.06     | 0.02%             | 2029-01-22      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Capital One Multi-Asset Execut | Capital One Multi-Asset Execution Trust                   | CUSIP: 14041NGD7<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |    110000 | PA      | $110274.30    | 0.17%             | 2028-05-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust        | Carmax Auto Owner Trust 2022-3                            | CUSIP: 14318MAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130000 | PA      | $129941.57    | 0.20%             | 2028-02-15      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140QMZN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     96568 | PA      | $82219.33     | 0.12%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140QPHX8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    392908 | PA      | $360629.39    | 0.54%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                   | Centene Corp                                              | CUSIP: 15135BAY7<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    150000 | PA      | $139451.82    | 0.21%             | 2028-07-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC      | Chesapeake Funding II LLC                                 | CUSIP: 165183CU6<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |     65443 | PA      | $65846.49     | 0.10%             | 2035-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140X9EC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    352800 | PA      | $335913.07    | 0.51%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140XKQB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    328508 | PA      | $311113.58    | 0.47%             | 2036-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 31334XEE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    189262 | PA      | $168276.82    | 0.25%             | 2049-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3133KYU64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     96842 | PA      | $83726.21     | 0.13%             | 2041-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3138EKMW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    325076 | PA      | $299276.42    | 0.45%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3138M5LP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    188446 | PA      | $178576.41    | 0.27%             | 2042-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3138MBFD3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    219549 | PA      | $213634.65    | 0.32%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140MHSX8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    313877 | PA      | $265118.49    | 0.40%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140QNN99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    544235 | PA      | $485681.28    | 0.73%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140QNNX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    593910 | PA      | $487993.09    | 0.74%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140QP2R7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    411296 | PA      | $402448.37    | 0.61%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140XG3N7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    223472 | PA      | $212937.81    | 0.32%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140XH3P0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    109920 | PA      | $107196.27    | 0.16%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140XJ2L6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    207050 | PA      | $182425.79    | 0.28%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140XPTR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    228681 | PA      | $231601.99    | 0.35%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC         | GE HealthCare Technologies Inc                            | CUSIP: 36266GAA5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    350000 | PA      | $357001.85    | 0.54%             | 2029-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-6                           | CUSIP: 46653PAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90835 | PA      | $81626.92     | 0.12%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| PACKAGING CORP OF AMERIC       | Packaging Corp of America                                 | CUSIP: 695156AV1<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | DBT              | CORP              | US        |    100000 | PA      | $79404.86     | 0.12%             | 2049-12-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                    | Paychex Inc                                               | CUSIP: 704326AC1<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |    300000 | PA      | $314220.33    | 0.47%             | 2035-04-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC              | Cisco Systems Inc                                         | CUSIP: 17275RBT8<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258638.34    | 0.39%             | 2034-02-26      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP               | Duke Energy Corp                                          | CUSIP: 26441CBS3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    180000 | PA      | $180854.95    | 0.27%             | 2028-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                         | CUSIP: 3136BAN34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    412398 | PA      | $58918.09     | 0.09%             | 2035-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                        | CUSIP: 29278NAG8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205805.99    | 0.31%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust           | FREMF 2020-K106 Mortgage Trust                            | CUSIP: 30313WAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $94308.62     | 0.14%             | 2053-03-25      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                     | CUSIP: 31335BRF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    109931 | PA      | $102345.26    | 0.15%             | 2048-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC              | Iron Mountain Inc                                         | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143178.89    | 0.22%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                            | CUSIP: 61747YEU5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    225000 | PA      | $228449.29    | 0.34%             | 2033-07-20      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL USA INC             | Murphy Oil USA Inc                                        | CUSIP: 626738AD0<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200113.20    | 0.30%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM        | United Rentals North America Inc                          | CUSIP: 911365BF0<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    260000 | PA      | $260011.96    | 0.39%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US BANCORP                     | US Bancorp                                                | CUSIP: 91159HJL5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    190000 | PA      | $190823.16    | 0.29%             | 2034-02-01      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2450000 | PA      | $2507039.06   | 3.78%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust           | Verizon Master Trust                                      | CUSIP: 92348KCS0<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $509537.55    | 0.77%             | 2030-04-22      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| WEYERHAEUSER CO                | Weyerhaeuser Co                                           | CUSIP: 962166CA0<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              | CORP              | US        |    250000 | PA      | $227510.27    | 0.34%             | 2033-03-09      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                    | Oracle Corp                                               | CUSIP: 68389XCA1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     55000 | PA      | $40843.52     | 0.06%             | 2051-03-25      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES        | Royal Caribbean Cruises Ltd                               | CUSIP: 780153AG7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    100000 | PA      | $106086.16    | 0.16%             | 2027-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2024-CES1                       | CUSIP: 89183CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    312844 | PA      | $315079.48    | 0.48%             | 2064-01-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 912810UB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $992031.25    | 1.50%             | 2044-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $461191.41    | 0.70%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CKV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $508007.81    | 0.77%             | 2027-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY CORP             | Valero Energy Corp                                        | CUSIP: 91913YBF6<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257384.64    | 0.39%             | 2030-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS         | Verizon Communications Inc                                | CUSIP: 92343VER1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201441.86    | 0.30%             | 2028-09-21      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC               | Welltower OP LLC                                          | CUSIP: 95040QAP9<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |    150000 | PA      | $135798.23    | 0.20%             | 2032-01-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ZOETIS INC                     | Zoetis Inc                                                | CUSIP: 98978VAT0<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |     50000 | PA      | $33370.06     | 0.05%             | 2050-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1015066 | PA      | $1025432.67   | 1.55%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FISERV INC                     | Fiserv Inc                                                | CUSIP: 337738AU2<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97211.60     | 0.15%             | 2029-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO       | Florida Power & Light Co                                  | CUSIP: 341081GE1<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    400000 | PA      | $258501.88    | 0.39%             | 2051-12-04      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER       | Enterprise Products Operating LLC                         | CUSIP: 29379VCD3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $261275.31    | 0.39%             | 2033-01-31      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION        | Exxon Mobil Corp                                          | CUSIP: 30231GAW2<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    275000 | PA      | $233035.89    | 0.35%             | 2046-03-01      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31417FYQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     80051 | PA      | $73630.71     | 0.11%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418BM37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    143310 | PA      | $142116.28    | 0.21%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                          | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20318.97     | 0.03%             | 2033-07-25      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                          | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    175000 | PA      | $181388.34    | 0.27%             | 2029-07-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP         | Bank of New York Mellon Corp/The                          | CUSIP: 06406RBM8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |     75000 | PA      | $80797.22     | 0.12%             | 2033-10-25      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418EMS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    312554 | PA      | $311737.22    | 0.47%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 912810TS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $905234.38    | 1.37%             | 2043-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY CORP             | Valero Energy Corp                                        | CUSIP: 91913YBE9<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    250000 | PA      | $185827.31    | 0.28%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                          | CUSIP: 95000U3D3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207821.80    | 0.31%             | 2034-04-24      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                          | CUSIP: 95000U3G6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158896.88    | 0.24%             | 2029-10-23      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E       | Alexandria Real Estate Equities Inc                       | CUSIP: 015271BA6<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146698.19    | 0.22%             | 2035-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP         | Bank of New York Mellon Corp/The                          | CUSIP: 06406RBK2<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    275000 | PA      | $279550.43    | 0.42%             | 2030-07-26      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY FIN         | Berkshire Hathaway Finance Corp                           | CUSIP: 084664DB4<br>LEI: 549300RLHFT5RU20WM87 | Long             | DBT              | CORP              | US        |     30000 | PA      | $23527.18     | 0.04%             | 2052-03-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                  | Boeing Co/The                                             | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $284711.08    | 0.43%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC        | Booz Allen Hamilton Inc                                   | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245204.48    | 0.37%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                  | Citigroup Inc                                             | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    300000 | PA      | $303639.61    | 0.46%             | 2033-05-24      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                  | Citigroup Inc                                             | CUSIP: 17327CAU7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301082.21    | 0.45%             | 2039-09-19      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                        | CUSIP: 29273VAU4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    300000 | PA      | $328132.09    | 0.49%             | 2033-12-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                        | CUSIP: 29273VBA7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153990.66    | 0.23%             | 2034-09-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                     | CUSIP: 3128M8FH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    117534 | PA      | $112350.24    | 0.17%             | 2040-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DPB49<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    115224 | PA      | $117566.44    | 0.18%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DPMV7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    323789 | PA      | $330539.45    | 0.50%             | 2053-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DSNS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    254897 | PA      | $258655.49    | 0.39%             | 2054-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DVL94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    598353 | PA      | $513670.19    | 0.77%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DWDT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     79234 | PA      | $72571.40     | 0.11%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DWE66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    319397 | PA      | $311454.97    | 0.47%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DWFF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1093483 | PA      | $1066180.89   | 1.61%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DWFH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     95118 | PA      | $96500.82     | 0.15%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DWJG9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    615675 | PA      | $630722.98    | 0.95%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                     | CUSIP: 3132GKF92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    161484 | PA      | $157407.84    | 0.24%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                     | CUSIP: 3132L5A29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    101183 | PA      | $93102.28     | 0.14%             | 2043-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                         | CUSIP: 3136BULD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    420462 | PA      | $425944.89    | 0.64%             | 2051-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140XKS43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    367988 | PA      | $313772.35    | 0.47%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418EGH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    224688 | PA      | $205782.60    | 0.31%             | 2052-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418EJ76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    187953 | PA      | $187383.83    | 0.28%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418ESB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     83332 | PA      | $83345.96     | 0.13%             | 2038-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418FEC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    316843 | PA      | $314508.05    | 0.47%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418FEM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    218740 | PA      | $220781.24    | 0.33%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418FF36<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    238210 | PA      | $236454.77    | 0.36%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                 | Home Depot Inc/The                                        | CUSIP: 437076AS1<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    225000 | PA      | $245041.98    | 0.37%             | 2036-12-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES          | Huntington Bancshares Inc/OH                              | CUSIP: 446150BB9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    115000 | PA      | $115477.40    | 0.17%             | 2028-08-04      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                                       | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $305906.39    | 0.46%             | 2033-07-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                                       | CUSIP: 46647PEG7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156705.21    | 0.24%             | 2030-04-22      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                                       | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263577.75    | 0.40%             | 2036-04-22      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust Series 2024-5                    | CUSIP: 46658RAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    151438 | PA      | $153292.10    | 0.23%             | 2054-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| KEYCORP                        | KeyCorp                                                   | CUSIP: 49326EEG4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99886.87     | 0.15%             | 2028-04-30      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC              | Kinder Morgan Inc                                         | CUSIP: 49456BAH4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194120.63    | 0.29%             | 2045-06-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC               | LPL Holdings Inc                                          | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    275000 | PA      | $269070.01    | 0.41%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                 | Lowe's Cos Inc                                            | CUSIP: 548661EJ2<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    150000 | PA      | $121124.89    | 0.18%             | 2052-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MPLX LP                        | MPLX LP                                                   | CUSIP: 55336VAS9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202815.12    | 0.31%             | 2029-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP          | Norfolk Southern Corp                                     | CUSIP: 655844CU0<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    250000 | PA      | $264252.72    | 0.40%             | 2064-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                      | ONEOK Inc                                                 | CUSIP: 682680BK8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158080.16    | 0.24%             | 2030-11-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES         | PNC Financial Services Group Inc/The                      | CUSIP: 693475BK0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256384.16    | 0.39%             | 2028-12-02      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| PAYPAL HOLDINGS INC            | PayPal Holdings Inc                                       | CUSIP: 70450YAT0<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |    250000 | PA      | $255657.66    | 0.39%             | 2035-04-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER        | Pfizer Investment Enterprises Pte Ltd                     | CUSIP: 716973AG7<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    250000 | PA      | $241557.11    | 0.36%             | 2053-05-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORP         | Regions Financial Corp                                    | CUSIP: 7591EPAT7<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |    200000 | PA      | $187477.11    | 0.28%             | 2028-08-12      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC          | Rio Tinto Finance USA PLC                                 | CUSIP: 76720AAT3<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    125000 | PA      | $128515.29    | 0.19%             | 2032-03-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCHLUMBERGER HLDGS CORP        | Schlumberger Holdings Corp                                | CUSIP: 806851AK7<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149340.83    | 0.23%             | 2028-05-17      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2013-7                             | CUSIP: 81745CAB9<br>LEI: 549300DFASAA48I36408 | Long             | ABS-MBS          | CORP              | US        |    207786 | PA      | $187467.32    | 0.28%             | 2043-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| JM SMUCKER CO                  | J M Smucker Co/The                                        | CUSIP: 832696AW8<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105066.07    | 0.16%             | 2028-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL            | Synchrony Financial                                       | CUSIP: 87165BAL7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    275000 | PA      | $273241.59    | 0.41%             | 2026-08-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust 2024-4                          | CUSIP: 89183GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    425757 | PA      | $426606.66    | 0.64%             | 2064-10-27      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP          | Truist Financial Corp                                     | CUSIP: 89788MAP7<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    300000 | PA      | $317883.93    | 0.48%             | 2034-06-08      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP          | Truist Financial Corp                                     | CUSIP: 89788MAU6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    175000 | PA      | $179474.69    | 0.27%             | 2031-05-20      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| US BANK MMDA - USBGFS 9        | US BANK MMDA - USBGFS 9                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    760696 | NS      | $760696.03    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CHR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2528808.60   | 3.81%             | 2030-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Madison ETFs Trust

**Signature:** /s/ Greg D. Hoppe

**Name of Signer:** Greg D. Hoppe

**Title:** Chief Financial Officer