# EDGAR Filing Document

**Accession Number:** 0001299351
**File Stem:** 0001954889-26-000008
**Filing Date:** 2026-2
**Character Count:** 38098
**Document Hash:** 00793ba06de94b17c325a5d6de0a0a8e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001954889-26-000008.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0001954889-26-000008

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**EFFECTIVENESS DATE**: 20260204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Madison Asset Management, LLC
- **CENTRAL INDEX KEY:** 0001299351

**ORGANIZATION NAME:**
- **EIN:** 870698416
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10986
- **FILM NUMBER:** 26597777

**BUSINESS ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711
- **BUSINESS PHONE:** 608-274-0300

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

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Madison Asset Management LLC<br>**Address:** 550 SCIENCE DRIVE<br>MADISON, WI 53711

**Form 13F File Number:** 028-10986

**CRD Number (if applicable):** 000130874

**SEC File Number (if applicable):** 333-29511

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Terri Wilhelm<br>**Title:** Senior Compliance Analayst<br>**Phone:** 608-216-9178

**Signature, Place, and Date of Signing:**

Terri Wilhelm  Madison, WI  02-04-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 342

**Form 13F Information Table Value Total:** $8696711665

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| A O Smith Corp | COM | 831865209 |  | 80884989 | 1209405 | SH |  | SOLE |  | 1157055 | 0 | 52350 |
| AAON Inc | COM | 000360206 |  | 1628929 | 21363 | SH |  | SOLE |  | 21363 | 0 | 0 |
| Abbott Laboratories | COM | 002824100 |  | 12238452 | 97681 | SH |  | SOLE |  | 97681 | 0 | 0 |
| AbbVie Inc | COM | 00287Y109 |  | 14948044 | 65421 | SH |  | SOLE |  | 65421 | 0 | 0 |
| Accenture PLC | COM | G1151C101 |  | 65533386 | 244254 | SH |  | SOLE |  | 241109 | 0 | 3145 |
| adidas AG - Spons ADR | COM | 00687A107 |  | 2228376 | 22543 | SH |  | SOLE |  | 22019 | 0 | 524 |
| Adobe Inc | COM | 00724F101 |  | 12210101 | 34887 | SH |  | SOLE |  | 34887 | 0 | 0 |
| Advanced Drainage Systems Inc | COM | 00790R104 |  | 3373380 | 23292 | SH |  | SOLE |  | 23292 | 0 | 0 |
| AES Corp/VA | COM | 00130H105 |  | 15687960 | 1094000 | SH |  | SOLE |  | 1094000 | 0 | 0 |
| Aflac Inc | COM | 001055102 |  | 366758 | 3326 | SH |  | SOLE |  | 3326 | 0 | 0 |
| Agilent Technologies Inc | COM | 00846U101 |  | 82923569 | 609418 | SH |  | SOLE |  | 601793 | 0 | 7626 |
| Agnico Eagle Mines Ltd | COM | 008474108 |  | 1288937 | 7603 | SH |  | SOLE |  | 7603 | 0 | 0 |
| AIA Group Ltd - Spons ADR | COM | 001317205 |  | 3549054 | 86499 | SH |  | SOLE |  | 84491 | 0 | 2008 |
| Air Liquide SA - Unspons ADR | COM | 009126202 |  | 1146031 | 30512 | SH |  | SOLE |  | 29812 | 0 | 700 |
| Air Products  Chemicals Inc | COM | 009158106 |  | 6972634 | 28227 | SH |  | SOLE |  | 28227 | 0 | 0 |
| Airbnb Inc | COM | 009066101 |  | 49174537 | 362323 | SH |  | SOLE |  | 356430 | 0 | 5894 |
| Airbus SE - Unspons ADR | COM | 009279100 |  | 3356927 | 57958 | SH |  | SOLE |  | 56612 | 0 | 1346 |
| Alcon Inc | COM | H01301128 |  | 25290166 | 320900 | SH |  | SOLE |  | 315251 | 0 | 5649 |
| Alibaba Group Holding Ltd - Sp | COM | 01609W102 |  | 4022742 | 27444 | SH |  | SOLE |  | 26914 | 0 | 530 |
| Alliant Energy Corp | COM | 018802108 |  | 418104 | 6431 | SH |  | SOLE |  | 6431 | 0 | 0 |
| Allstate Corp | COM | 020002101 |  | 1229958 | 5909 | SH |  | SOLE |  | 5909 | 0 | 0 |
| Alphabet Inc | COM | 02079K107 |  | 241621170 | 769985 | SH |  | SOLE |  | 760627 | 0 | 9357 |
| Alphabet Inc | COM | 02079K305 |  | 4541943 | 14511 | SH |  | SOLE |  | 14511 | 0 | 0 |
| Amazon.com Inc | COM | 023135106 |  | 162257472 | 702961 | SH |  | SOLE |  | 694105 | 0 | 8856 |
| American Express Co | COM | 025816109 |  | 205692 | 556 | SH |  | SOLE |  | 556 | 0 | 0 |
| American Tower Corp | COM | 03027X100 |  | 5015684 | 28568 | SH |  | SOLE |  | 28568 | 0 | 0 |
| Amgen Inc | COM | 031162100 |  | 3206656 | 9797 | SH |  | SOLE |  | 9797 | 0 | 0 |
| Amphenol Corp | COM | 032095101 |  | 181201300 | 1340841 | SH |  | SOLE |  | 1283918 | 0 | 56923 |
| Amplitude Inc | COM | 03213A104 |  | 903240 | 78000 | SH |  | SOLE |  | 78000 | 0 | 0 |
| Analog Devices Inc | COM | 032654105 |  | 99657210 | 367468 | SH |  | SOLE |  | 363166 | 0 | 4302 |
| APA Corp | COM | 03743Q108 |  | 8284602 | 338700 | SH |  | SOLE |  | 338700 | 0 | 0 |
| Apple Inc | COM | 037833100 |  | 53153935 | 195520 | SH |  | SOLE |  | 194512 | 0 | 1008 |
| Arch Capital Group Ltd | COM | G0450A105 |  | 415566746 | 4332431 | SH |  | SOLE |  | 4178470 | 0 | 153960 |
| Archer-Daniels-Midland Co | COM | 039483102 |  | 9802045 | 170500 | SH |  | SOLE |  | 170500 | 0 | 0 |
| Arista Networks Inc | COM | 040413205 |  | 93313692 | 712155 | SH |  | SOLE |  | 687341 | 0 | 24814 |
| Armstrong World Industries Inc | COM | 04247X102 |  | 208570 | 1091 | SH |  | SOLE |  | 1052 | 0 | 39 |
| Asbury Automotive Group Inc | COM | 043436104 |  | 80520565 | 346280 | SH |  | SOLE |  | 330893 | 0 | 15387 |
| ASML Holding NV - Spons NY Reg | COM | N07059210 |  | 16766846 | 15672 | SH |  | SOLE |  | 15609 | 0 | 63 |
| ATI Inc | COM | 01741R102 |  | 631180 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| Automatic Data Processing Inc | COM | 053015103 |  | 18177415 | 70666 | SH |  | SOLE |  | 70666 | 0 | 0 |
| Axis Capital Holdings Ltd | COM | G0692U109 |  | 4592126 | 42881 | SH |  | SOLE |  | 42881 | 0 | 0 |
| Baldwin Insurance Group Inc/Th | COM | 05589G102 |  | 2505896 | 104282 | SH |  | SOLE |  | 104282 | 0 | 0 |
| Bank of America Corp | COM | 060505104 |  | 13974785 | 254087 | SH |  | SOLE |  | 254087 | 0 | 0 |
| Bank of Montreal | COM | 063671101 |  | 220903 | 1702 | SH |  | SOLE |  | 1702 | 0 | 0 |
| Berkshire Hathaway Inc | COM | 084670702 |  | 15485772 | 30808 | SH |  | SOLE |  | 30699 | 0 | 109 |
| Bio-Techne Corp | COM | 09073M104 |  | 69472749 | 1181308 | SH |  | SOLE |  | 1130980 | 0 | 50329 |
| Blackrock Inc | COM | 09290D101 |  | 36062966 | 33693 | SH |  | SOLE |  | 33567 | 0 | 126 |
| Blackstone Group Inc/The | COM | 09260D107 |  | 265275 | 1721 | SH |  | SOLE |  | 1721 | 0 | 0 |
| Box Inc | COM | 10316T104 |  | 4872668 | 162911 | SH |  | SOLE |  | 162911 | 0 | 0 |
| Bristol-Myers Squibb Co | COM | 110122108 |  | 200225 | 3712 | SH |  | SOLE |  | 3712 | 0 | 0 |
| Broadcom Inc | COM | 11135F101 |  | 3239842 | 9361 | SH |  | SOLE |  | 9361 | 0 | 0 |
| Brookfield Asset Management Lt | COM | 113004105 |  | 94379240 | 1801474 | SH |  | SOLE |  | 1724034 | 0 | 77441 |
| Brookfield Corp | COM | 11271J107 |  | 68769405 | 1498571 | SH |  | SOLE |  | 1475403 | 0 | 23168 |
| Brown  Brown Inc | COM | 115236101 |  | 158372632 | 1987110 | SH |  | SOLE |  | 1907575 | 0 | 79535 |
| Cameco Corp | COM | 13321L108 |  | 3645968 | 39851 | SH |  | SOLE |  | 39085 | 0 | 766 |
| Canadian Pacific Kansas City L | COM | 13646K108 |  | 1809752 | 24579 | SH |  | SOLE |  | 24098 | 0 | 481 |
| Capital One Financial Corp | COM | 14040H105 |  | 702117 | 2897 | SH |  | SOLE |  | 2897 | 0 | 0 |
| Carlisle Cos Inc | COM | 142339100 |  | 152135729 | 475632 | SH |  | SOLE |  | 457005 | 0 | 18627 |
| Carlsberg AS - Spons ADR | COM | 142795202 |  | 1690570 | 64748 | SH |  | SOLE |  | 63247 | 0 | 1501 |
| Caterpillar Inc | COM | 149123101 |  | 4792630 | 8366 | SH |  | SOLE |  | 8366 | 0 | 0 |
| CDW Corp/DE | COM | 12514G108 |  | 157220264 | 1154334 | SH |  | SOLE |  | 1113655 | 0 | 40679 |
| Charles River Laboratories Int | COM | 159864107 |  | 3116277 | 15622 | SH |  | SOLE |  | 15622 | 0 | 0 |
| Charles Schwab Corp/The | COM | 808513105 |  | 76066496 | 761350 | SH |  | SOLE |  | 751184 | 0 | 10166 |
| Chevron Corp | COM | 166764100 |  | 24365482 | 159868 | SH |  | SOLE |  | 159868 | 0 | 0 |
| Chord Energy Corp | COM | 674215207 |  | 2312865 | 24950 | SH |  | SOLE |  | 24950 | 0 | 0 |
| Cisco Systems Inc | COM | 17275R102 |  | 623712 | 8097 | SH |  | SOLE |  | 8097 | 0 | 0 |
| CME Group Inc | COM | 12572Q105 |  | 30193636 | 110567 | SH |  | SOLE |  | 110567 | 0 | 0 |
| Coca-Cola Co | COM | 191216100 |  | 1704965 | 24388 | SH |  | SOLE |  | 24388 | 0 | 0 |
| Colgate-Palmolive Co | COM | 194162103 |  | 5565932 | 70437 | SH |  | SOLE |  | 70437 | 0 | 0 |
| Comcast Corp | COM | 20030N101 |  | 3602373 | 120521 | SH |  | SOLE |  | 120521 | 0 | 0 |
| CommVault Systems Inc | COM | 204166102 |  | 3001996 | 23947 | SH |  | SOLE |  | 23947 | 0 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 10971092 | 117200 | SH |  | SOLE |  | 117200 | 0 | 0 |
| Constellation Brands Inc | COM | 21036P108 |  | 8125844 | 58900 | SH |  | SOLE |  | 58900 | 0 | 0 |
| Copart Inc | COM | 217204106 |  | 159432860 | 4072359 | SH |  | SOLE |  | 3938284 | 0 | 134075 |
| Core  Main Inc | COM | 21874C102 |  | 6069888 | 116796 | SH |  | SOLE |  | 116796 | 0 | 0 |
| Costco Wholesale Corp | COM | 22160K105 |  | 23783894 | 27581 | SH |  | SOLE |  | 27269 | 0 | 312 |
| Crane Co | COM | 224408104 |  | 4112051 | 22296 | SH |  | SOLE |  | 22296 | 0 | 0 |
| Crane NXT Co | COM | 224441105 |  | 2131753 | 45289 | SH |  | SOLE |  | 45289 | 0 | 0 |
| CSX Corp | COM | 126408103 |  | 224315 | 6188 | SH |  | SOLE |  | 6188 | 0 | 0 |
| CTS Corp | COM | 126501105 |  | 3121236 | 72807 | SH |  | SOLE |  | 72807 | 0 | 0 |
| Cullen/Frost Bankers Inc | COM | 229899109 |  | 45190908 | 356874 | SH |  | SOLE |  | 341481 | 0 | 15393 |
| Cummins Inc | COM | 231021106 |  | 7034511 | 13781 | SH |  | SOLE |  | 13781 | 0 | 0 |
| CVS Health Corp | COM | 126650100 |  | 10050944 | 126650 | SH |  | SOLE |  | 126650 | 0 | 0 |
| Daiichi Sankyo Co Ltd - Spons | COM | 23381D102 |  | 2231772 | 105074 | SH |  | SOLE |  | 102516 | 0 | 2558 |
| Danaher Corp | COM | 235851102 |  | 124771540 | 545044 | SH |  | SOLE |  | 538407 | 0 | 6637 |
| Deere  Co | COM | 244199105 |  | 45689870 | 98137 | SH |  | SOLE |  | 96699 | 0 | 1439 |
| DELISTED: AstraZeneca PLC - Sp | COM | 046353108 |  | 3730887 | 40584 | SH |  | SOLE |  | 39804 | 0 | 780 |
| Deutsche Telekom AG - Spons AD | COM | 251566105 |  | 2284749 | 69870 | SH |  | SOLE |  | 68253 | 0 | 1617 |
| Duluth Holdings Inc | COM | 26443V101 |  | 1586576 | 762777 | SH |  | SOLE |  | 762777 | 0 | 0 |
| Eagle Materials Inc | COM | 26969P108 |  | 2179234 | 10544 | SH |  | SOLE |  | 10544 | 0 | 0 |
| Ecolab Inc | COM | 278865100 |  | 16595989 | 63218 | SH |  | SOLE |  | 62663 | 0 | 555 |
| Edgewell Personal Care Co | COM | 28035Q102 |  | 2302347 | 135035 | SH |  | SOLE |  | 135035 | 0 | 0 |
| Elevance Health Inc | COM | 036752103 |  | 5627730 | 16054 | SH |  | SOLE |  | 16054 | 0 | 0 |
| Eli Lilly  Co | COM | 532457108 |  | 65463058 | 60914 | SH |  | SOLE |  | 60353 | 0 | 561 |
| Encompass Health Corp | COM | 29261A100 |  | 7761700 | 73127 | SH |  | SOLE |  | 73127 | 0 | 0 |
| Entegris Inc | COM | 29362U104 |  | 5287193 | 62756 | SH |  | SOLE |  | 62756 | 0 | 0 |
| EOG Resources Inc | COM | 26875P101 |  | 9344315 | 88985 | SH |  | SOLE |  | 88985 | 0 | 0 |
| Equifax Inc | COM | 294429105 |  | 7108265 | 32760 | SH |  | SOLE |  | 32719 | 0 | 41 |
| Expeditors International of Wa | COM | 302130109 |  | 78354593 | 525834 | SH |  | SOLE |  | 503940 | 0 | 21894 |
| Exxon Mobil Corp | COM | 30231G102 |  | 26832210 | 222970 | SH |  | SOLE |  | 222970 | 0 | 0 |
| Fastenal Co | COM | 311900104 |  | 14578386 | 363279 | SH |  | SOLE |  | 363279 | 0 | 0 |
| Ferguson Enterprises Inc | COM | 31488V107 |  | 88448936 | 397291 | SH |  | SOLE |  | 390715 | 0 | 6576 |
| Ferrari NV | COM | N3167Y103 |  | 1429089 | 3867 | SH |  | SOLE |  | 3792 | 0 | 75 |
| Fiserv Inc | COM | 337738108 |  | 5340015 | 79500 | SH |  | SOLE |  | 79500 | 0 | 0 |
| Floor  Decor Holdings Inc | COM | 339750101 |  | 85920407 | 1411076 | SH |  | SOLE |  | 1353711 | 0 | 57365 |
| Fomento Economico Mexicano SAB | COM | 344419106 |  | 1599130 | 15822 | SH |  | SOLE |  | 15522 | 0 | 300 |
| FormFactor Inc | COM | 346375108 |  | 5330448 | 95562 | SH |  | SOLE |  | 95562 | 0 | 0 |
| Freeport-McMoRan Inc | COM | 35671D857 |  | 7147118 | 140719 | SH |  | SOLE |  | 140719 | 0 | 0 |
| Garmin Ltd | COM | H2906T109 |  | 889294 | 4384 | SH |  | SOLE |  | 4384 | 0 | 0 |
| Gartner Inc | COM | 366651107 |  | 170389307 | 675398 | SH |  | SOLE |  | 652613 | 0 | 22785 |
| General Dynamics Corp | COM | 369550108 |  | 885416 | 2630 | SH |  | SOLE |  | 2630 | 0 | 0 |
| Genmab A/S - Spons ADR | COM | 372303206 |  | 2047923 | 66491 | SH |  | SOLE |  | 64945 | 0 | 1546 |
| Gilead Sciences Inc | COM | 375558103 |  | 490960 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| Gitlab Inc | COM | 37637K108 |  | 2265086 | 60354 | SH |  | SOLE |  | 60354 | 0 | 0 |
| Glacier Bancorp Inc | COM | 37637Q105 |  | 43493295 | 987362 | SH |  | SOLE |  | 945236 | 0 | 42126 |
| Globus Medical Inc | COM | 379577208 |  | 1322834 | 15151 | SH |  | SOLE |  | 15151 | 0 | 0 |
| Graco Inc | COM | 384109104 |  | 38841408 | 473849 | SH |  | SOLE |  | 453622 | 0 | 20228 |
| Hanover Insurance Group Inc/Th | COM | 410867105 |  | 3274325 | 17915 | SH |  | SOLE |  | 17915 | 0 | 0 |
| Hayward Holdings Inc | COM | 421298100 |  | 6549827 | 423937 | SH |  | SOLE |  | 423937 | 0 | 0 |
| HDFC Bank Ltd - Spons ADR | COM | 40415F101 |  | 3339025 | 91380 | SH |  | SOLE |  | 89620 | 0 | 1760 |
| HealthEquity Inc | COM | 42226A107 |  | 5582530 | 60938 | SH |  | SOLE |  | 60938 | 0 | 0 |
| Hermes International SCA - Uns | COM | 42751Q105 |  | 1127656 | 4547 | SH |  | SOLE |  | 4437 | 0 | 110 |
| Hershey Co/The | COM | 427866108 |  | 15634630 | 85914 | SH |  | SOLE |  | 85914 | 0 | 0 |
| Hexcel Corp | COM | 428291108 |  | 2434562 | 32944 | SH |  | SOLE |  | 32944 | 0 | 0 |
| Home Depot Inc | COM | 437076102 |  | 32482352 | 94398 | SH |  | SOLE |  | 94036 | 0 | 362 |
| Honeywell International Inc | COM | 438516106 |  | 68471568 | 350974 | SH |  | SOLE |  | 347670 | 0 | 3304 |
| Honeywell International Inc | COM | 438516106 |  | 6847659 | 35100 | SH | Call | SOLE |  | 35100 | 0 | 0 |
| Illinois Tool Works Inc | COM | 452308109 |  | 21418494 | 86961 | SH |  | SOLE |  | 86961 | 0 | 0 |
| Infosys Ltd - Spons ADR | COM | 456788108 |  | 2099731 | 117830 | SH |  | SOLE |  | 115538 | 0 | 2292 |
| Intuit Inc | COM | 461202103 |  | 794904 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| Iron Mountain Inc | COM | 46284V101 |  | 1414463 | 17052 | SH |  | SOLE |  | 17052 | 0 | 0 |
| Itau Unibanco Holding SA - Spo | COM | 465562106 |  | 2585827 | 361149 | SH |  | SOLE |  | 354081 | 0 | 7068 |
| Jacobs Solutions Inc | COM | 46982L108 |  | 249658 | 1885 | SH |  | SOLE |  | 1885 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 32529229 | 157184 | SH |  | SOLE |  | 157184 | 0 | 0 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 44423827 | 137868 | SH |  | SOLE |  | 136973 | 0 | 895 |
| Kerry Group PLC - Spons ADR | COM | 492460100 |  | 2254725 | 24750 | SH |  | SOLE |  | 24164 | 0 | 586 |
| Keysight Technologies Inc | COM | 49338L103 |  | 105518906 | 519312 | SH |  | SOLE |  | 511713 | 0 | 7599 |
| Kinsale Capital Group Inc | COM | 49714P108 |  | 53725111 | 137362 | SH |  | SOLE |  | 131582 | 0 | 5780 |
| KION Group AG - Unspons ADR | COM | 497216101 |  | 2707511 | 136605 | SH |  | SOLE |  | 133437 | 0 | 3168 |
| Knowles Corp | COM | 49926D109 |  | 4709821 | 219777 | SH |  | SOLE |  | 219777 | 0 | 0 |
| Labcorp Holdings Inc | COM | 504922105 |  | 131932153 | 525878 | SH |  | SOLE |  | 503480 | 0 | 22397 |
| Las Vegas Sands Corp | COM | 517834107 |  | 5077020 | 78000 | SH |  | SOLE |  | 78000 | 0 | 0 |
| Lasertec Corp - Unspons ADR | COM | 51809L109 |  | 2229484 | 58717 | SH |  | SOLE |  | 57361 | 0 | 1356 |
| Leonardo DRS Inc | COM | 52661A108 |  | 3597790 | 105538 | SH |  | SOLE |  | 105538 | 0 | 0 |
| Liberty Broadband Corp | COM | 530307305 |  | 57441324 | 1181920 | SH |  | SOLE |  | 1131696 | 0 | 50224 |
| Liberty Media Corp-Liberty For | COM | 531229771 |  | 40655655 | 454863 | SH |  | SOLE |  | 454863 | 0 | 0 |
| Liberty Media Corp-Liberty For | COM | 531229755 |  | 87948342 | 892786 | SH |  | SOLE |  | 836568 | 0 | 56218 |
| Linde PLC | COM | G54950103 |  | 19943113 | 46772 | SH |  | SOLE |  | 46410 | 0 | 362 |
| Lithia Motors Inc | COM | 536797103 |  | 88414100 | 266043 | SH |  | SOLE |  | 254441 | 0 | 11602 |
| Lonza Group AG - Unspons ADR | COM | 54338V101 |  | 1406555 | 20934 | SH |  | SOLE |  | 20449 | 0 | 485 |
| Lowe's Cos Inc | COM | 548661107 |  | 90563313 | 375532 | SH |  | SOLE |  | 370884 | 0 | 4648 |
| Lumen Technologies Inc | COM | 550241103 |  | 963480 | 124000 | SH |  | SOLE |  | 124000 | 0 | 0 |
| Markel Corp | COM | 570535104 |  | 599752 | 279 | SH |  | SOLE |  | 279 | 0 | 0 |
| Marsh  McLennan Cos Inc | COM | 571748102 |  | 53863334 | 290337 | SH |  | SOLE |  | 286889 | 0 | 3448 |
| Mastercard Inc | COM | 57636Q104 |  | 826063 | 1447 | SH |  | SOLE |  | 1447 | 0 | 0 |
| Matador Resources Co | COM | 576485205 |  | 9379240 | 221000 | SH |  | SOLE |  | 221000 | 0 | 0 |
| McDonald's Corp | COM | 580135101 |  | 12642691 | 41366 | SH |  | SOLE |  | 41366 | 0 | 0 |
| Medpace Holdings Inc | COM | 58506Q109 |  | 156002444 | 277757 | SH |  | SOLE |  | 265952 | 0 | 11806 |
| Medtronic PLC | COM | G5960L103 |  | 18752449 | 195216 | SH |  | SOLE |  | 195216 | 0 | 0 |
| Merck  Co Inc | COM | 58933Y105 |  | 2517609 | 23918 | SH |  | SOLE |  | 23918 | 0 | 0 |
| Meta Platforms Inc | COM | 30303M102 |  | 2462136 | 3730 | SH |  | SOLE |  | 3730 | 0 | 0 |
| MGE Energy Inc | COM | 55277P104 |  | 246078 | 3138 | SH |  | SOLE |  | 3138 | 0 | 0 |
| Microchip Technology Inc | COM | 595017104 |  | 10405654 | 163303 | SH |  | SOLE |  | 162591 | 0 | 712 |
| Microsoft Corp | COM | 594918104 |  | 95241768 | 196935 | SH |  | SOLE |  | 195712 | 0 | 1223 |
| Mirion Technologies Inc | COM | 60471A101 |  | 1326602 | 56644 | SH |  | SOLE |  | 56644 | 0 | 0 |
| Mitsubishi UFJ Financial Group | COM | 606822104 |  | 2372180 | 149570 | SH |  | SOLE |  | 146117 | 0 | 3453 |
| MKS Inc | COM | 55306N104 |  | 147247760 | 921450 | SH |  | SOLE |  | 881713 | 0 | 39737 |
| Moelis  Co | COM | 60786M105 |  | 83737560 | 1218178 | SH |  | SOLE |  | 1168582 | 0 | 49596 |
| Morgan Stanley | COM | 617446448 |  | 17949703 | 101108 | SH |  | SOLE |  | 101108 | 0 | 0 |
| MSA Safety Inc | COM | 553498106 |  | 90998633 | 568244 | SH |  | SOLE |  | 548636 | 0 | 19608 |
| MSCI Inc | COM | 55354G100 |  | 31838578 | 55494 | SH |  | SOLE |  | 54579 | 0 | 915 |
| Mueller Water Products Inc | COM | 624758108 |  | 2427949 | 101929 | SH |  | SOLE |  | 101929 | 0 | 0 |
| Murata Manufacturing Co Ltd - | COM | 626425102 |  | 1828827 | 177556 | SH |  | SOLE |  | 173470 | 0 | 4086 |
| Nestle SA - Spons ADR | COM | 641069406 |  | 359559 | 3640 | SH |  | SOLE |  | 3640 | 0 | 0 |
| NextEra Energy Inc | COM | 65339F101 |  | 55142566 | 686878 | SH |  | SOLE |  | 683762 | 0 | 3116 |
| Nice Ltd - Spons ADR | COM | 653656108 |  | 1581204 | 13988 | SH |  | SOLE |  | 13711 | 0 | 277 |
| NIKE Inc | COM | 654106103 |  | 13202319 | 207225 | SH |  | SOLE |  | 207225 | 0 | 0 |
| Norsk Hydro ASA - Spons ADR | COM | 656531605 |  | 1848631 | 237919 | SH |  | SOLE |  | 233393 | 0 | 4526 |
| NU Holdings Ltd | COM | G6683N103 |  | 2230069 | 133218 | SH |  | SOLE |  | 130617 | 0 | 2601 |
| Nucor Corp | COM | 670346105 |  | 281039 | 1723 | SH |  | SOLE |  | 1723 | 0 | 0 |
| NVIDIA Corp | COM | 67066G104 |  | 4222174 | 22639 | SH |  | SOLE |  | 22639 | 0 | 0 |
| NXP Semiconductors NV | COM | N6596X109 |  | 1591918 | 7334 | SH |  | SOLE |  | 7192 | 0 | 142 |
| Olin Corp | COM | 680665205 |  | 2033341 | 97616 | SH |  | SOLE |  | 97616 | 0 | 0 |
| Ollie's Bargain Outlet Holding | COM | 681116109 |  | 2545363 | 23222 | SH |  | SOLE |  | 23222 | 0 | 0 |
| OneSpaWorld Holdings Ltd | COM | P73684113 |  | 3247303 | 156572 | SH |  | SOLE |  | 156572 | 0 | 0 |
| Option Care Health Inc | COM | 68404L201 |  | 5214972 | 163684 | SH |  | SOLE |  | 163684 | 0 | 0 |
| Oracle Corp | COM | 68389X105 |  | 25936869 | 133071 | SH |  | SOLE |  | 131895 | 0 | 1176 |
| PACCAR Inc | COM | 693718108 |  | 249949983 | 2282440 | SH |  | SOLE |  | 2203307 | 0 | 79133 |
| Pan Pacific International Hold | COM | 69807K105 |  | 2081725 | 176268 | SH |  | SOLE |  | 172179 | 0 | 4089 |
| Parker-Hannifin Corp | COM | 701094104 |  | 86974494 | 98952 | SH |  | SOLE |  | 97329 | 0 | 1623 |
| PayPal Holdings Inc | COM | 70450Y103 |  | 8774514 | 150300 | SH |  | SOLE |  | 150300 | 0 | 0 |
| PepsiCo Inc | COM | 713448108 |  | 24870724 | 173291 | SH |  | SOLE |  | 173291 | 0 | 0 |
| Pfizer Inc | COM | 717081103 |  | 6029087 | 242132 | SH |  | SOLE |  | 242132 | 0 | 0 |
| Philip Morris International In | COM | 718172109 |  | 223437 | 1393 | SH |  | SOLE |  | 1393 | 0 | 0 |
| Ping An Insurance Group Co of | COM | 72341E304 |  | 3736302 | 222664 | SH |  | SOLE |  | 217533 | 0 | 5131 |
| Power Integrations Inc | COM | 739276103 |  | 3690580 | 103843 | SH |  | SOLE |  | 103843 | 0 | 0 |
| PRADA SpA - Unspons ADR | COM | 73942H100 |  | 1369018 | 119045 | SH |  | SOLE |  | 116164 | 0 | 2881 |
| Primo Brands Corp | COM | 741623102 |  | 2361512 | 144435 | SH |  | SOLE |  | 144435 | 0 | 0 |
| Procter  Gamble Co | COM | 742718109 |  | 11894300 | 82997 | SH |  | SOLE |  | 82997 | 0 | 0 |
| Progressive Corp | COM | 743315103 |  | 83613152 | 367175 | SH |  | SOLE |  | 361974 | 0 | 5201 |
| Prologis Inc | COM | 74340W103 |  | 3275117 | 25655 | SH |  | SOLE |  | 25655 | 0 | 0 |
| Prudential Financial Inc | COM | 744320102 |  | 641836 | 5686 | SH |  | SOLE |  | 5686 | 0 | 0 |
| Prudential PLC - Spons ADR | COM | 74435K204 |  | 2952790 | 94884 | SH |  | SOLE |  | 92684 | 0 | 2200 |
| QUALCOMM Inc | COM | 747525103 |  | 34713571 | 202944 | SH |  | SOLE |  | 201959 | 0 | 985 |
| Raytheon Technologies Corp | COM | 75513E101 |  | 208893 | 1139 | SH |  | SOLE |  | 1139 | 0 | 0 |
| Regeneron Pharmaceuticals Inc | COM | 75886F107 |  | 4607292 | 5969 | SH |  | SOLE |  | 5969 | 0 | 0 |
| Revolve Group Inc | COM | 76156B107 |  | 3915220 | 129686 | SH |  | SOLE |  | 129686 | 0 | 0 |
| RLI Corp | COM | 749607107 |  | 6073557 | 94929 | SH |  | SOLE |  | 94929 | 0 | 0 |
| Rockwell Automation Inc | COM | 773903109 |  | 8356056 | 21477 | SH |  | SOLE |  | 21477 | 0 | 0 |
| Ross Stores Inc | COM | 778296103 |  | 271540765 | 1507387 | SH |  | SOLE |  | 1442541 | 0 | 64846 |
| S Global Inc | COM | 78409V104 |  | 1765832 | 3379 | SH |  | SOLE |  | 3056 | 0 | 323 |
| salesforce.com Inc | COM | 79466L302 |  | 12344541 | 46599 | SH |  | SOLE |  | 46103 | 0 | 496 |
| SAP SE - Spons ADR | COM | 803054204 |  | 1654217 | 6810 | SH |  | SOLE |  | 6677 | 0 | 133 |
| Schneider Electric SE - Unspon | COM | 80687P106 |  | 11700389 | 212988 | SH |  | SOLE |  | 211327 | 0 | 1661 |
| Scotts Miracle-Gro Co/The | COM | 810186106 |  | 6570093 | 112598 | SH |  | SOLE |  | 112598 | 0 | 0 |
| ServiceTitan Inc | COM | 81764X103 |  | 67955003 | 638075 | SH |  | SOLE |  | 610486 | 0 | 27589 |
| Sezzle Inc | COM | 78435P105 |  | 1978198 | 31165 | SH |  | SOLE |  | 31165 | 0 | 0 |
| Shake Shack Inc | COM | 819047101 |  | 4740653 | 58404 | SH |  | SOLE |  | 58404 | 0 | 0 |
| Shell PLC - Spons ADR | COM | 780259305 |  | 1096983 | 14929 | SH |  | SOLE |  | 14535 | 0 | 394 |
| Shin-Etsu Chemical Co Ltd - Un | COM | 824551105 |  | 1236668 | 79785 | SH |  | SOLE |  | 77911 | 0 | 1874 |
| Siemens AG - Spons ADR | COM | 826197501 |  | 2213029 | 15813 | SH |  | SOLE |  | 15448 | 0 | 365 |
| Sika AG - Unspons ADR | COM | 82674R103 |  | 1496252 | 73238 | SH |  | SOLE |  | 71461 | 0 | 1777 |
| Simply Good Foods Co/The | COM | 82900L102 |  | 2901942 | 144519 | SH |  | SOLE |  | 144519 | 0 | 0 |
| SLB Ltd | COM | 806857108 |  | 1329829 | 34649 | SH |  | SOLE |  | 34649 | 0 | 0 |
| Sony Financial Group Inc - Uns | COM | 83571B100 |  | 1744393 | 333536 | SH |  | SOLE |  | 325781 | 0 | 7755 |
| Sony Group Corp - Spons ADR | COM | 835699307 |  | 1905459 | 74432 | SH |  | SOLE |  | 72707 | 0 | 1725 |
| Southern Copper Corp | COM | 84265V105 |  | 2260370 | 15755 | SH |  | SOLE |  | 15386 | 0 | 369 |
| Standard Chartered PLC - Unspo | COM | 853254100 |  | 1723483 | 34846 | SH |  | SOLE |  | 34039 | 0 | 807 |
| Starbucks Corp | COM | 855244109 |  | 30927195 | 367263 | SH |  | SOLE |  | 360811 | 0 | 6451 |
| State Street Corp | COM | 857477103 |  | 1378343 | 10684 | SH |  | SOLE |  | 10684 | 0 | 0 |
| Symrise AG - Unspons ADR | COM | 87155N109 |  | 1249452 | 62100 | SH |  | SOLE |  | 60598 | 0 | 1502 |
| T-Mobile US Inc | COM | 872590104 |  | 8791632 | 43300 | SH |  | SOLE |  | 43300 | 0 | 0 |
| Taiwan Semiconductor Manufactu | COM | 874039100 |  | 4647390 | 15293 | SH |  | SOLE |  | 15013 | 0 | 280 |
| Target Corp | COM | 87612E106 |  | 304687 | 3117 | SH |  | SOLE |  | 2891 | 0 | 226 |
| TE Connectivity PLC | COM | G87052109 |  | 34592896 | 152050 | SH |  | SOLE |  | 151290 | 0 | 760 |
| Teledyne Technologies Inc | COM | 879360105 |  | 107678355 | 210832 | SH |  | SOLE |  | 201774 | 0 | 9058 |
| Tencent Holdings Ltd - Unspons | COM | 88032Q109 |  | 2438806 | 31859 | SH |  | SOLE |  | 31123 | 0 | 736 |
| Texas Capital Bancshares Inc | COM | 88224Q107 |  | 5522578 | 60996 | SH |  | SOLE |  | 60996 | 0 | 0 |
| Texas Instruments Inc | COM | 882508104 |  | 117605014 | 677878 | SH |  | SOLE |  | 669774 | 0 | 8104 |
| Thor Industries Inc | COM | 885160101 |  | 107157029 | 1043703 | SH |  | SOLE |  | 998786 | 0 | 44917 |
| TJX Cos Inc | COM | 872540109 |  | 69030872 | 449390 | SH |  | SOLE |  | 442932 | 0 | 6458 |
| Tokyo Electron Ltd - Unspons A | COM | 889110102 |  | 1320424 | 11885 | SH |  | SOLE |  | 11604 | 0 | 281 |
| Toray Industries Inc - Unspons | COM | 890880206 |  | 1977549 | 152471 | SH |  | SOLE |  | 148927 | 0 | 3544 |
| Transocean Ltd | COM | H8817H100 |  | 12513900 | 3030000 | SH |  | SOLE |  | 3030000 | 0 | 0 |
| Travelers Cos Inc | COM | 89417E109 |  | 616668 | 2126 | SH |  | SOLE |  | 2126 | 0 | 0 |
| U.S. Bancorp | COM | 902973304 |  | 10618424 | 198996 | SH |  | SOLE |  | 197649 | 0 | 1347 |
| Union Pacific Corp | COM | 907818108 |  | 14820441 | 64069 | SH |  | SOLE |  | 64069 | 0 | 0 |
| UnitedHealth Group Inc | COM | 91324P102 |  | 11759509 | 35623 | SH |  | SOLE |  | 35240 | 0 | 383 |
| Vericel Corp | COM | 92346J108 |  | 1819153 | 50518 | SH |  | SOLE |  | 50518 | 0 | 0 |
| Verizon Communications Inc | COM | 92343V104 |  | 522403 | 12826 | SH |  | SOLE |  | 12826 | 0 | 0 |
| Vertex Pharmaceuticals Inc | COM | 92532F100 |  | 7450972 | 16435 | SH |  | SOLE |  | 16328 | 0 | 107 |
| VF Corp | COM | 918204108 |  | 4272069 | 236287 | SH |  | SOLE |  | 236287 | 0 | 0 |
| Viavi Solutions Inc | COM | 925550105 |  | 3011740 | 169009 | SH |  | SOLE |  | 169009 | 0 | 0 |
| Visa Inc | COM | 92826C839 |  | 124694243 | 355548 | SH |  | SOLE |  | 351364 | 0 | 4184 |
| Wal-Mart de Mexico SAB de CV - | COM | 93114W107 |  | 2634333 | 84515 | SH |  | SOLE |  | 82888 | 0 | 1627 |
| Walmart Inc | COM | 931142103 |  | 353838 | 3176 | SH |  | SOLE |  | 3176 | 0 | 0 |
| Waste Management Inc | COM | 94106L109 |  | 719550 | 3275 | SH |  | SOLE |  | 3275 | 0 | 0 |
| Waters Corp | COM | 941848103 |  | 111352638 | 293164 | SH |  | SOLE |  | 280576 | 0 | 12589 |
| Wells Fargo  Co | COM | 949746101 |  | 1083077 | 11621 | SH |  | SOLE |  | 11621 | 0 | 0 |
| Weyerhaeuser Co | COM | 962166104 |  | 4903830 | 207000 | SH |  | SOLE |  | 207000 | 0 | 0 |
| WillScot Holdings Corp | COM | 971378104 |  | 1748064 | 92834 | SH |  | SOLE |  | 92834 | 0 | 0 |
| Wise PLC - Spons ADR | COM | 97725Q102 |  | 1268947 | 103503 | SH |  | SOLE |  | 100978 | 0 | 2525 |
| Workday Inc | COM | 98138H101 |  | 20000243 | 93120 | SH |  | SOLE |  | 91691 | 0 | 1428 |
| Workiva Inc | COM | 98139A105 |  | 4583153 | 53138 | SH |  | SOLE |  | 53138 | 0 | 0 |
| WR Berkley Corp | COM | 084423102 |  | 120928782 | 1724598 | SH |  | SOLE |  | 1650837 | 0 | 73761 |
| WW Grainger Inc | COM | 384802104 |  | 3210797 | 3182 | SH |  | SOLE |  | 3182 | 0 | 0 |
| Yum China Holdings Inc | COM | 98850P109 |  | 1540856 | 32276 | SH |  | SOLE |  | 31658 | 0 | 618 |
| abrdn Bloomberg All Commodity | ETF | 003261203 |  | 670160 | 21646 | SH |  | SOLE |  | 21646 | 0 | 0 |
| Brandes International ETF | ETF | 900934209 |  | 2607093 | 64950 | SH |  | SOLE |  | 64692 | 0 | 258 |
| Distillate Small/Mid Cash Flow | ETF | 26922B667 |  | 2145935 | 60500 | SH |  | SOLE |  | 60103 | 0 | 397 |
| Distillate US Fundamental Stab | ETF | 26922A321 |  | 55562262 | 943332 | SH |  | SOLE |  | 942163 | 0 | 1169 |
| Energy Select Sector SPDR Fund | ETF | 81369Y506 |  | 1974394 | 44160 | SH |  | SOLE |  | 44160 | 0 | 0 |
| Franklin FTSE Japan ETF | ETF | 35473P744 |  | 9410148 | 273154 | SH |  | SOLE |  | 273080 | 0 | 74 |
| Global X Artificial Intelligen | ETF | 37954Y632 |  | 415679 | 8173 | SH |  | SOLE |  | 8173 | 0 | 0 |
| Global X MLP ETF | ETF | 37954Y343 |  | 9498526 | 196210 | SH |  | SOLE |  | 196210 | 0 | 0 |
| GMO US Quality ETF | ETF | 90139K100 |  | 7059218 | 183547 | SH |  | SOLE |  | 183547 | 0 | 0 |
| Goldman Sachs JUST US Large Ca | ETF | 381430396 |  | 281964 | 2916 | SH |  | SOLE |  | 2916 | 0 | 0 |
| Invesco BuyBack Achievers ETF | ETF | 46137V308 |  | 2127499 | 15839 | SH |  | SOLE |  | 15839 | 0 | 0 |
| Invesco QQQ Trust Series 1 | ETF | 46090E103 |  | 245724 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| Invesco S 500 Equal Weight E | ETF | 46137V357 |  | 857614 | 4477 | SH |  | SOLE |  | 4477 | 0 | 0 |
| Invesco S 500 Quality ETF | ETF | 46137V241 |  | 102247526 | 1362392 | SH |  | SOLE |  | 1360986 | 0 | 1406 |
| Invesco S SmallCap Quality E | ETF | 46138G300 |  | 1529637 | 36338 | SH |  | SOLE |  | 36338 | 0 | 0 |
| iShares 3-7 Year Treasury Bond | ETF | 464288661 |  | 4433972 | 37151 | SH |  | SOLE |  | 37151 | 0 | 0 |
| iShares 5-10 Year Investment G | ETF | 464288638 |  | 13252353 | 245961 | SH |  | SOLE |  | 245961 | 0 | 0 |
| iShares 7-10 Year Treasury Bon | ETF | 464287440 |  | 15771586 | 164014 | SH |  | SOLE |  | 164014 | 0 | 0 |
| iShares Aaa - A Rated Corporat | ETF | 46429B291 |  | 9045921 | 188104 | SH |  | SOLE |  | 188104 | 0 | 0 |
| iShares Bitcoin Trust ETF | ETF | 46438F101 |  | 266869 | 5375 | SH |  | SOLE |  | 5375 | 0 | 0 |
| iShares Core MSCI EAFE ETF | ETF | 46432F842 |  | 827147 | 9246 | SH |  | SOLE |  | 9246 | 0 | 0 |
| iShares Core MSCI Emerging Mar | ETF | 46434G103 |  | 530904 | 7898 | SH |  | SOLE |  | 7898 | 0 | 0 |
| iShares Core S 500 ETF | ETF | 464287200 |  | 4916499 | 7178 | SH |  | SOLE |  | 7178 | 0 | 0 |
| iShares Core S Mid-Cap ETF | ETF | 464287507 |  | 19623846 | 297331 | SH |  | SOLE |  | 296916 | 0 | 415 |
| iShares Core S Small-Cap ETF | ETF | 464287804 |  | 29966883 | 249350 | SH |  | SOLE |  | 248773 | 0 | 577 |
| iShares Core S U.S. Growth E | ETF | 464287671 |  | 498278 | 2967 | SH |  | SOLE |  | 2967 | 0 | 0 |
| iShares Core U.S. Aggregate Bo | ETF | 464287226 |  | 24769234 | 247990 | SH |  | SOLE |  | 247990 | 0 | 0 |
| iShares MBS ETF | ETF | 464288588 |  | 335079 | 3519 | SH |  | SOLE |  | 3519 | 0 | 0 |
| iShares MSCI ACWI ex US ETF | ETF | 464288240 |  | 663714 | 9887 | SH |  | SOLE |  | 9887 | 0 | 0 |
| iShares MSCI Emerging Markets | ETF | 464286426 |  | 36915966 | 392640 | SH |  | SOLE |  | 392207 | 0 | 433 |
| iShares MSCI Eurozone ETF | ETF | 464286608 |  | 15216379 | 237385 | SH |  | SOLE |  | 237385 | 0 | 0 |
| iShares MSCI International Qua | ETF | 46434V456 |  | 3866341 | 85068 | SH |  | SOLE |  | 85068 | 0 | 0 |
| iShares MSCI USA Quality Facto | ETF | 46432F339 |  | 458614 | 2309 | SH |  | SOLE |  | 2309 | 0 | 0 |
| iShares Russell 1000 ETF | ETF | 464287622 |  | 823278 | 2205 | SH |  | SOLE |  | 2205 | 0 | 0 |
| iShares Russell 1000 Growth ET | ETF | 464287614 |  | 1154852 | 2440 | SH |  | SOLE |  | 2440 | 0 | 0 |
| iShares Russell 2000 ETF | ETF | 464287655 |  | 1399666 | 5686 | SH |  | SOLE |  | 5686 | 0 | 0 |
| iShares Russell 2000 Growth ET | ETF | 464287648 |  | 333346 | 1032 | SH |  | SOLE |  | 1032 | 0 | 0 |
| iShares Russell Mid-Cap ETF | ETF | 464287499 |  | 2464680 | 25602 | SH |  | SOLE |  | 25351 | 0 | 250 |
| iShares Russell Mid-Cap Growth | ETF | 464287481 |  | 421501 | 3078 | SH |  | SOLE |  | 3078 | 0 | 0 |
| iShares Treasury Floating Rate | ETF | 46434V860 |  | 331976 | 6579 | SH |  | SOLE |  | 6579 | 0 | 0 |
| Janus Henderson Mortgage-Backe | ETF | 47103U852 |  | 69998344 | 1532028 | SH |  | SOLE |  | 1532028 | 0 | 0 |
| JPMorgan BetaBuilders Japan ET | ETF | 46641Q217 |  | 554369 | 8411 | SH |  | SOLE |  | 8411 | 0 | 0 |
| JPMorgan International Researc | ETF | 46641Q134 |  | 23249940 | 310496 | SH |  | SOLE |  | 309710 | 0 | 786 |
| Madison Aggregate Bond ETF | ETF | 557441300 |  | 53454423 | 2606897 | SH |  | SOLE |  | 2606897 | 0 | 0 |
| Madison Covered Call ETF | ETF | 557441409 |  | 34742812 | 1885000 | SH |  | SOLE |  | 1885000 | 0 | 0 |
| Madison Dividend Value ETF | ETF | 557441508 |  | 53357951 | 2328892 | SH |  | SOLE |  | 2328892 | 0 | 0 |
| Madison Short-Term Strategic I | ETF | 557441201 |  | 57844482 | 2820994 | SH |  | SOLE |  | 2820994 | 0 | 0 |
| Schwab Fundamental U.S. Large | ETF | 808524771 |  | 1653579 | 60771 | SH |  | SOLE |  | 60771 | 0 | 0 |
| Schwab Intermediate-Term U.S. | ETF | 808524854 |  | 28392767 | 1132088 | SH |  | SOLE |  | 1132088 | 0 | 0 |
| Schwab International Equity ET | ETF | 808524805 |  | 610135 | 25380 | SH |  | SOLE |  | 25380 | 0 | 0 |
| Schwab US Dividend Equity ETF | ETF | 808524797 |  | 10019960 | 365292 | SH |  | SOLE |  | 365292 | 0 | 0 |
| SPDR S 500 ETF Trust | ETF | 78462F103 |  | 43668793 | 64038 | SH |  | SOLE |  | 63468 | 0 | 570 |
| SPDR S Dividend ETF | ETF | 78464A763 |  | 2176184 | 15638 | SH |  | SOLE |  | 15638 | 0 | 0 |
| SPDR S MidCap 400 ETF Trust | ETF | 78467Y107 |  | 50278248 | 83341 | SH |  | SOLE |  | 76246 | 0 | 7095 |
| State Street SPDR Portfolio Hi | ETF | 78468R606 |  | 26753136 | 1130255 | SH |  | SOLE |  | 1130255 | 0 | 0 |
| State Street SPDR Portfolio In | ETF | 78464A672 |  | 13098290 | 454171 | SH |  | SOLE |  | 454171 | 0 | 0 |
| State Street SPDR Portfolio S | ETF | 78464A847 |  | 2976284 | 51395 | SH |  | SOLE |  | 51395 | 0 | 0 |
| State Street SPDR Portfolio S | ETF | 78464A854 |  | 6524052 | 81327 | SH |  | SOLE |  | 80572 | 0 | 755 |
| State Street SPDR Portfolio Sh | ETF | 78468R101 |  | 8960119 | 306015 | SH |  | SOLE |  | 306015 | 0 | 0 |
| State Street SPDR S Bank ETF | ETF | 78464A797 |  | 24643963 | 406063 | SH |  | SOLE |  | 406063 | 0 | 0 |
| TCW Flexible Income ETF | ETF | 29287L700 |  | 9885704 | 249639 | SH |  | SOLE |  | 249639 | 0 | 0 |
| VanEck J. P. Morgan EM Local C | ETF | 92189H300 |  | 13218833 | 511961 | SH |  | SOLE |  | 511961 | 0 | 0 |
| Vanguard Dividend Appreciation | ETF | 921908844 |  | 2490107 | 11330 | SH |  | SOLE |  | 11330 | 0 | 0 |
| Vanguard Financials ETF | ETF | 92204A405 |  | 8708460 | 65237 | SH |  | SOLE |  | 65237 | 0 | 0 |
| Vanguard FTSE All-World ex-US | ETF | 922042775 |  | 36568914 | 497130 | SH |  | SOLE |  | 495811 | 0 | 1319 |
| Vanguard FTSE Emerging Markets | ETF | 922042858 |  | 314550 | 5851 | SH |  | SOLE |  | 5851 | 0 | 0 |
| Vanguard FTSE Europe ETF | ETF | 922042874 |  | 22253638 | 266160 | SH |  | SOLE |  | 266160 | 0 | 0 |
| Vanguard Growth ETF | ETF | 922908736 |  | 5348897 | 10964 | SH |  | SOLE |  | 10861 | 0 | 103 |
| Vanguard Information Technolog | ETF | 92204A702 |  | 43810598 | 58121 | SH |  | SOLE |  | 58121 | 0 | 0 |
| Vanguard Large-Cap ETF | ETF | 922908637 |  | 15662637 | 49754 | SH |  | SOLE |  | 49754 | 0 | 0 |
| Vanguard Mid-Cap ETF | ETF | 922908629 |  | 904979 | 3118 | SH |  | SOLE |  | 3115 | 0 | 3 |
| Vanguard S 500 ETF | ETF | 922908363 |  | 4492132 | 7163 | SH |  | SOLE |  | 7090 | 0 | 73 |
| Vanguard Short-Term Corporate | ETF | 92206C409 |  | 8896619 | 111584 | SH |  | SOLE |  | 111584 | 0 | 0 |
| Vanguard Small-Cap ETF | ETF | 922908751 |  | 759663 | 2945 | SH |  | SOLE |  | 2945 | 0 | 0 |
| VictoryShares Free Cash Flow E | ETF | 92647X830 |  | 17247101 | 437966 | SH |  | SOLE |  | 437010 | 0 | 956 |

---