# EDGAR Filing Document

**Accession Number:** 0001976877
**File Stem:** 0000894189-25-014850
**Filing Date:** 2025-11
**Character Count:** 70215
**Document Hash:** e875a1e1029e2bf08645f27e75036f17
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-014850.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000894189-25-014850

**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:** 251517583

**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 Short-Term Strategic Income ETF (Series ID: S000081095)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000243766 | Madison Short-Term Strategic Income ETF | MSTI            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Madison Short-Term Strategic Income ETF** | **Madison Short-Term Strategic Income ETF** | **Madison Short-Term Strategic Income ETF** | **Madison Short-Term Strategic Income 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)** |
| **CORPORATE BONDS - 65.7%** | **CORPORATE BONDS - 65.7%** | **Par** | **Value**  |
| **Communications - 4.3%** | **Communications - 4.3%** | **Communications - 4.3%** | **Communications - 4.3%** |
|  Lamar Media Corp., 4.88%, 01/15/2029 | Lamar Media Corp., 4.88%, 01/15/2029 | $620000 | $614443 |
|  Sprint LLC, 7.63%, 03/01/2026 | Sprint LLC, 7.63%, 03/01/2026 | 1150000 | 1152501 |
|  VeriSign, Inc., 4.75%, 07/15/2027 | VeriSign, Inc., 4.75%, 07/15/2027 | 1140000 | 1140118 |
|  |  |  | 2907062 |
| **Consumer Discretionary - 1.4%** | **Consumer Discretionary - 1.4%** | **Consumer Discretionary - 1.4%** | **Consumer Discretionary - 1.4%** |
|  Paychex, Inc., 5.10%, 04/15/2030 | Paychex, Inc., 5.10%, 04/15/2030 | 500000 | 514548 |
|  Royal Caribbean Cruises Ltd., 7.50%, 10/15/2027 | Royal Caribbean Cruises Ltd., 7.50%, 10/15/2027 | 400000 | 424345 |
|  |  |  | 938893 |
| **Consumer Staples - 3.1%** | **Consumer Staples - 3.1%** | **Consumer Staples - 3.1%** | **Consumer Staples - 3.1%** |
|  Diageo Investment Corp., 5.13%, 08/15/2030 | Diageo Investment Corp., 5.13%, 08/15/2030 | 200000 | 207247 |
|  Lamb Weston Holdings, Inc., 4.88%, 05/15/2028 <sup>(a)</sup> | Lamb Weston Holdings, Inc., 4.88%, 05/15/2028 <sup>(a)</sup> | 600000 | 597373 |
|  Mars, Inc., 4.80%, 03/01/2030 <sup>(a)</sup> | Mars, Inc., 4.80%, 03/01/2030 <sup>(a)</sup> | 500000 | 509567 |
|  Performance Food Group, Inc., 5.50%, 10/15/2027 <sup>(a)</sup> | Performance Food Group, Inc., 5.50%, 10/15/2027 <sup>(a)</sup> | 800000 | 797981 |
|  |  |  | 2112168 |
| **Energy - 9.2%** | **Energy - 9.2%** | **Energy - 9.2%** | **Energy - 9.2%** |
|  Energy Transfer LP, 5.25%, 07/01/2029 | Energy Transfer LP, 5.25%, 07/01/2029 | 1200000 | 1235116 |
|  Kinder Morgan, Inc., 5.00%, 02/01/2029 | Kinder Morgan, Inc., 5.00%, 02/01/2029 | 220000 | 224989 |
|  Marathon Petroleum Corp., 5.15%, 03/01/2030 | Marathon Petroleum Corp., 5.15%, 03/01/2030 | 1275000 | 1310737 |
|  Murphy Oil USA, Inc., 5.63%, 05/01/2027 | Murphy Oil USA, Inc., 5.63%, 05/01/2027 | 1175000 | 1175665 |
|  Sunoco LP / Sunoco Finance Corp., 6.00%, 04/15/2027 | Sunoco LP / Sunoco Finance Corp., 6.00%, 04/15/2027 | 793000 | 792725 |
|  Valero Energy Corp., 5.15%, 02/15/2030 | Valero Energy Corp., 5.15%, 02/15/2030 | 325000 | 334600 |
|  Valero Energy Partners LP, 4.50%, 03/15/2028 | Valero Energy Partners LP, 4.50%, 03/15/2028 | 1155000 | 1163763 |
|  |  |  | 6237595 |
| **Financials - 29.6%<sup>(b)</sup>** | **Financials - 29.6%<sup>(b)</sup>** | **Financials - 29.6%<sup>(b)</sup>** | **Financials - 29.6%<sup>(b)</sup>** |
|  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 | 1033000 | 1040969 |
|  American Express Co., 5.02% to 04/25/2030 then SOFR + 1.44%, 04/25/2031 | American Express Co., 5.02% to 04/25/2030 then SOFR + 1.44%, 04/25/2031 | 400000 | 411427 |
|  Bank of America Corp., 4.95% to 07/22/2027 then SOFR + 2.04%, 07/22/2028 | Bank of America Corp., 4.95% to 07/22/2027 then SOFR + 2.04%, 07/22/2028 | 1620000 | 1643607 |
|  Bank of New York Mellon Corp., 4.60% to 07/26/2029 then SOFR + 1.76%, 07/26/2030 | Bank of New York Mellon Corp., 4.60% to 07/26/2029 then SOFR + 1.76%, 07/26/2030 | 1131000 | 1149715 |
|  Boston Properties LP, 6.75%, 12/01/2027 | Boston Properties LP, 6.75%, 12/01/2027 | 715000 | 750085 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| &nbsp;&nbsp; 4.10%, 02/09/2027 | &nbsp;&nbsp; 4.10%, 02/09/2027 | 1348000 | 1345909 |
| &nbsp;&nbsp; 5.46% to 07/26/2029 then SOFR + 1.56%, 07/26/2030 | &nbsp;&nbsp; 5.46% to 07/26/2029 then SOFR + 1.56%, 07/26/2030 | 925000 | 957650 |
|  Fifth Third Bancorp, 4.77% to 07/28/2029 then SOFR + 2.13%, 07/28/2030 | Fifth Third Bancorp, 4.77% to 07/28/2029 then SOFR + 2.13%, 07/28/2030 | 1296000 | 1310933 |
|  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 | 1243000 | 1250958 |
|  Huntington Bancshares, Inc., 6.21% to 08/21/2028 then SOFR + 2.02%, 08/21/2029 | Huntington Bancshares, Inc., 6.21% to 08/21/2028 then SOFR + 2.02%, 08/21/2029 | 1081000 | 1137867 |
|  Iron Mountain, Inc., 4.50%, 02/15/2031 <sup>(a)</sup> | Iron Mountain, Inc., 4.50%, 02/15/2031 <sup>(a)</sup> | 575000 | 548852 |
|  JPMorgan Chase & Co., 4.20% to 07/23/2028 then 3 mo. Term SOFR + 1.52%, 07/23/2029 | JPMorgan Chase & Co., 4.20% to 07/23/2028 then 3 mo. Term SOFR + 1.52%, 07/23/2029 | 1233000 | 1235585 |
|  KeyCorp, 4.10%, 04/30/2028 | KeyCorp, 4.10%, 04/30/2028 | 1028000 | 1026837 |
|  LPL Holdings, Inc., 4.00%, 03/15/2029 <sup>(a)</sup> | LPL Holdings, Inc., 4.00%, 03/15/2029 <sup>(a)</sup> | 1150000 | 1125202 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp; 3.77% to 01/24/2028 then 3 mo. Term SOFR + 1.40%, 01/24/2029 | &nbsp;&nbsp; 3.77% to 01/24/2028 then 3 mo. Term SOFR + 1.40%, 01/24/2029 | 1288000 | 1276973 |
| &nbsp;&nbsp; 5.23% to 01/15/2030 then SOFR + 1.11%, 01/15/2031 | &nbsp;&nbsp; 5.23% to 01/15/2030 then SOFR + 1.11%, 01/15/2031 | 250000 | 258154 |
|  PNC Financial Services Group, Inc., 5.35% to 12/02/2027 then SOFR + 1.62%, 12/02/2028 | PNC Financial Services Group, Inc., 5.35% to 12/02/2027 then SOFR + 1.62%, 12/02/2028 | 1296000 | 1329095 |
|  RHP Hotel Properties LP / RHP Finance Corp., 7.25%, 07/15/2028 <sup>(a)</sup> | RHP Hotel Properties LP / RHP Finance Corp., 7.25%, 07/15/2028 <sup>(a)</sup> | 625000 | 644568 |
|  SBA Communications Corp., 3.88%, 02/15/2027 | SBA Communications Corp., 3.88%, 02/15/2027 | 713000 | 702271 |
|  Synchrony Financial, 5.45% to 03/06/2030 then SOFR + 1.68%, 03/06/2031 | Synchrony Financial, 5.45% to 03/06/2030 then SOFR + 1.68%, 03/06/2031 | 750000 | 764423 |
|  Truist Financial Corp., 5.07% to 05/20/2030 then SOFR + 1.31%, 05/20/2031 | Truist Financial Corp., 5.07% to 05/20/2030 then SOFR + 1.31%, 05/20/2031 | 250000 | 256392 |
|  |  |  | 20167472 |
| **Health Care - 5.0%** | **Health Care - 5.0%** | **Health Care - 5.0%** | **Health Care - 5.0%** |
|  Centene Corp., 4.25%, 12/15/2027 | Centene Corp., 4.25%, 12/15/2027 | 768000 | 754341 |
|  GE HealthCare Technologies, Inc., 4.80%, 08/14/2029 | GE HealthCare Technologies, Inc., 4.80%, 08/14/2029 | 1500000 | 1530008 |
|  HCA, Inc., 5.88%, 02/15/2026 | HCA, Inc., 5.88%, 02/15/2026 | 1150000 | 1151486 |
|  |  |  | 3435835 |
| **Industrials - 6.3%** | **Industrials - 6.3%** | **Industrials - 6.3%** | **Industrials - 6.3%** |
|  Boeing Co., 6.30%, 05/01/2029 | Boeing Co., 6.30%, 05/01/2029 | 1000000 | 1061516 |
|  Clean Harbors, Inc., 6.38%, 02/01/2031 <sup>(a)</sup> | Clean Harbors, Inc., 6.38%, 02/01/2031 <sup>(a)</sup> | 625000 | 639948 |
|  Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 <sup>(a)</sup> | Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 <sup>(a)</sup> | 575000 | 558573 |
|  TransDigm, Inc., 6.88%, 12/15/2030 <sup>(a)</sup> | TransDigm, Inc., 6.88%, 12/15/2030 <sup>(a)</sup> | 750000 | 777113 |
|  United Rentals North America, Inc., 5.50%, 05/15/2027 | United Rentals North America, Inc., 5.50%, 05/15/2027 | 1258000 | 1258058 |
|  |  |  | 4295208 |
| **Materials - 2.9%** | **Materials - 2.9%** | **Materials - 2.9%** | **Materials - 2.9%** |
|  Ball Corp., 4.88%, 03/15/2026 | Ball Corp., 4.88%, 03/15/2026 | 988000 | 987688 |
|  Celanese US Holdings LLC, 6.67%, 07/15/2027 | Celanese US Holdings LLC, 6.67%, 07/15/2027 | 613000 | 628654 |
|  Rio Tinto Finance USA PLC, 5.00%, 03/14/2032 | Rio Tinto Finance USA PLC, 5.00%, 03/14/2032 | 375000 | 385546 |
|  |  |  | 2001888 |
| **Technology - 3.9%** | **Technology - 3.9%** | **Technology - 3.9%** | **Technology - 3.9%** |
|  Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 <sup>(a)</sup> | Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 <sup>(a)</sup> | 1053000 | 1032801 |
|  Gartner, Inc., 4.50%, 07/01/2028 <sup>(a)</sup> | Gartner, Inc., 4.50%, 07/01/2028 <sup>(a)</sup> | 1000000 | 991940 |
|  Micron Technology, Inc., 5.65%, 11/01/2032 | Micron Technology, Inc., 5.65%, 11/01/2032 | 250000 | 262348 |
|  NetApp, Inc., 5.50%, 03/17/2032 | NetApp, Inc., 5.50%, 03/17/2032 | 350000 | 364276 |
|  |  |  | 2651365 |
| **TOTAL CORPORATE BONDS** (Cost $43,296,178) | **TOTAL CORPORATE BONDS** (Cost $43,296,178) | **TOTAL CORPORATE BONDS** (Cost $43,296,178) | 44747486 |
| **MORTGAGE-BACKED SECURITIES - 11.0%** | **MORTGAGE-BACKED SECURITIES - 11.0%** | **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 SB8384, 5.00%, 05/01/2040 | &nbsp;&nbsp; Pool SB8384, 5.00%, 05/01/2040 | 936631 | 946668 |
| &nbsp;&nbsp; Pool SD8266, 4.50%, 11/01/2052 | &nbsp;&nbsp; Pool SD8266, 4.50%, 11/01/2052 | 1035495 | 1009641 |
| &nbsp;&nbsp; Pool SD8267, 5.00%, 11/01/2052 | &nbsp;&nbsp; Pool SD8267, 5.00%, 11/01/2052 | 160990 | 160668 |
| &nbsp;&nbsp; Pool SD8276, 5.00%, 12/01/2052 | &nbsp;&nbsp; Pool SD8276, 5.00%, 12/01/2052 | 407581 | 406326 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Pool 254904, 5.50%, 10/01/2033 | &nbsp;&nbsp; Pool 254904, 5.50%, 10/01/2033 | 47967 | 49131 |
| &nbsp;&nbsp; Pool 555880, 5.50%, 11/01/2033 | &nbsp;&nbsp; Pool 555880, 5.50%, 11/01/2033 | 79933 | 82001 |
| &nbsp;&nbsp; Pool 890696, 3.00%, 09/01/2030 | &nbsp;&nbsp; Pool 890696, 3.00%, 09/01/2030 | 30689 | 30092 |
| &nbsp;&nbsp; Pool FS9357, 5.50%, 10/01/2054 | &nbsp;&nbsp; Pool FS9357, 5.50%, 10/01/2054 | 468225 | 473315 |
| &nbsp;&nbsp; Pool MA0919, 3.50%, 12/01/2031 | &nbsp;&nbsp; Pool MA0919, 3.50%, 12/01/2031 | 118635 | 116622 |
| &nbsp;&nbsp; Pool MA2177, 4.00%, 02/01/2035 | &nbsp;&nbsp; Pool MA2177, 4.00%, 02/01/2035 | 72718 | 72112 |
| &nbsp;&nbsp; Pool MA4785, 5.00%, 10/01/2052 | &nbsp;&nbsp; Pool MA4785, 5.00%, 10/01/2052 | 489560 | 488078 |
| &nbsp;&nbsp; Pool MA4806, 5.00%, 11/01/2052 | &nbsp;&nbsp; Pool MA4806, 5.00%, 11/01/2052 | 396089 | 395605 |
| &nbsp;&nbsp; Pool MA4841, 5.00%, 12/01/2052 | &nbsp;&nbsp; Pool MA4841, 5.00%, 12/01/2052 | 1322247 | 1318245 |
| &nbsp;&nbsp; Pool MA5072, 5.50%, 07/01/2053 | &nbsp;&nbsp; Pool MA5072, 5.50%, 07/01/2053 | 1270862 | 1283842 |
| &nbsp;&nbsp; Pool MA5539, 5.00%, 11/01/2044 | &nbsp;&nbsp; Pool MA5539, 5.00%, 11/01/2044 | 240614 | 242859 |
| &nbsp;&nbsp; Pool MA5833, 5.00%, 09/01/2045 | &nbsp;&nbsp; Pool MA5833, 5.00%, 09/01/2045 | 395560 | 397832 |
| **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $7,409,812) | **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $7,409,812) | **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $7,409,812) | 7473037 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 9.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 9.9%** | **Par** | **Value**  |
|  Commercial Mortgage Pass Through Certificates, Series 2015-CR26, Class A4, 3.63%, 10/10/2048 | Commercial Mortgage Pass Through Certificates, Series 2015-CR26, Class A4, 3.63%, 10/10/2048 | 14815 | 14787 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Series 3187, Class Z, 5.00%, 07/15/2036 | &nbsp;&nbsp; Series 3187, Class Z, 5.00%, 07/15/2036 | 66173 | 67542 |
| &nbsp;&nbsp; Series 4037, Class B, 3.00%, 04/15/2027 | &nbsp;&nbsp; Series 4037, Class B, 3.00%, 04/15/2027 | 38272 | 37965 |
| &nbsp;&nbsp; Series 4838, Class VA, 4.00%, 03/15/2036 | &nbsp;&nbsp; Series 4838, Class VA, 4.00%, 03/15/2036 | 160044 | 159745 |
| &nbsp;&nbsp; Series 5436, Class AB, 5.50%, 04/25/2049 | &nbsp;&nbsp; Series 5436, Class AB, 5.50%, 04/25/2049 | 514253 | 518252 |
| &nbsp;&nbsp; Series 5451, Class A, 5.00%, 05/25/2049 | &nbsp;&nbsp; Series 5451, Class A, 5.00%, 05/25/2049 | 351225 | 351649 |
| &nbsp;&nbsp; Series 5569, Class BA, 5.00%, 07/25/2052 | &nbsp;&nbsp; Series 5569, Class BA, 5.00%, 07/25/2052 | 721342 | 720845 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Series 2005-79, Class LT, 5.50%, 09/25/2035 | &nbsp;&nbsp; Series 2005-79, Class LT, 5.50%, 09/25/2035 | 133584 | 138557 |
| &nbsp;&nbsp; Series 2011-31, Class DB, 3.50%, 04/25/2031 | &nbsp;&nbsp; Series 2011-31, Class DB, 3.50%, 04/25/2031 | 100067 | 98347 |
| &nbsp;&nbsp; Series 2011-36, Class QB, 4.00%, 05/25/2031 | &nbsp;&nbsp; Series 2011-36, Class QB, 4.00%, 05/25/2031 | 159497 | 158527 |
| &nbsp;&nbsp; Series 2016-97, Class PA, 3.00%, 12/25/2044 | &nbsp;&nbsp; Series 2016-97, Class PA, 3.00%, 12/25/2044 | 545143 | 531566 |
| &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 2023-29, Class JA, 5.50%, 05/25/2036 | &nbsp;&nbsp; Series 2023-29, Class JA, 5.50%, 05/25/2036 | 434840 | 437943 |
| &nbsp;&nbsp; Series 2024-100, Class GA, 5.50%, 10/25/2051 | &nbsp;&nbsp; Series 2024-100, Class GA, 5.50%, 10/25/2051 | 660588 | 669033 |
| &nbsp;&nbsp; Series 2024-99, Class EA, 5.50%, 05/25/2051 | &nbsp;&nbsp; Series 2024-99, Class EA, 5.50%, 05/25/2051 | 630694 | 638917 |
| &nbsp;&nbsp; Series 2025-26, Class BA, 5.50%, 05/25/2048 | &nbsp;&nbsp; Series 2025-26, Class BA, 5.50%, 05/25/2048 | 702897 | 719484 |
| &nbsp;&nbsp; Series 2025-5, Class EA, 5.50%, 10/25/2051 | &nbsp;&nbsp; Series 2025-5, Class EA, 5.50%, 10/25/2051 | 647880 | 656076 |
|  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, Series 2024-5, Class A4, 6.00%, 11/25/2054 <sup>(a)(d)</sup> | JP Morgan Mortgage Trust, Series 2024-5, Class A4, 6.00%, 11/25/2054 <sup>(a)(d)</sup> | 302877 | 306584 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $6,695,682) | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $6,695,682) | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $6,695,682) | 6762513 |
| **ASSET-BACKED SECURITIES - 6.7%** | **ASSET-BACKED SECURITIES - 6.7%** | **Par** | **Value**  |
|  American Express Credit Account Master Trust, Series 2024-3, Class A, 4.65%, 07/15/2029 | American Express Credit Account Master Trust, Series 2024-3, Class A, 4.65%, 07/15/2029 | 200000 | 202835 |
|  Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95%, 10/15/2027 | Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95%, 10/15/2027 | 100000 | 100034 |
|  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 | 500000 | 499775 |
|  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> | 53831 | 54802 |
| CNH Equipment Trust | CNH Equipment Trust | CNH Equipment Trust | CNH Equipment Trust |
| &nbsp;&nbsp; Series 2021-C, Class B, 1.41%, 04/16/2029 | &nbsp;&nbsp; Series 2021-C, Class B, 1.41%, 04/16/2029 | 735000 | 728104 |
| &nbsp;&nbsp; Series 2023-A, Class A4, 4.77%, 10/15/2030 | &nbsp;&nbsp; Series 2023-A, Class A4, 4.77%, 10/15/2030 | 118000 | 119626 |
| 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> | 43923 | 44134 |
| &nbsp;&nbsp; Series 2022-4, Class A3, 5.65%, 10/22/2029 <sup>(a)</sup> | &nbsp;&nbsp; Series 2022-4, Class A3, 5.65%, 10/22/2029 <sup>(a)</sup> | 100000 | 101370 |
| &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> | 42533 | 42652 |
|  GM Financial Consumer Automobile Receivables Trust, Series 2021-4, Class B, 1.25%, 10/18/2027 | GM Financial Consumer Automobile Receivables Trust, Series 2021-4, Class B, 1.25%, 10/18/2027 | 975000 | 968977 |
|  LAD Auto Receivables Trust, Series 2022-1A, Class A, 5.21%, 06/15/2027 <sup>(a)</sup> | LAD Auto Receivables Trust, Series 2022-1A, Class A, 5.21%, 06/15/2027 <sup>(a)</sup> | 10250 | 10252 |
| 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)(d)</sup> | &nbsp;&nbsp; Series 2024-4, Class A1A, 4.54%, 10/27/2064 <sup>(a)(d)</sup> | 638636 | 639910 |
| &nbsp;&nbsp; Series 2024-CES1, Class A1A, 5.85%, 01/25/2064 <sup>(a)(d)</sup> | &nbsp;&nbsp; Series 2024-CES1, Class A1A, 5.85%, 01/25/2064 <sup>(a)(d)</sup> | 469267 | 472619 |
|  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 $4,499,822) | **TOTAL ASSET-BACKED SECURITIES** (Cost $4,499,822) | **TOTAL ASSET-BACKED SECURITIES** (Cost $4,499,822) | 4560474 |
| **U.S. TREASURY SECURITIES - 3.8%** | **U.S. TREASURY SECURITIES - 3.8%** | **Par** | **Value**  |
| United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond |
| &nbsp;&nbsp; 4.13%, 06/15/2026 | &nbsp;&nbsp; 4.13%, 06/15/2026 | 300000 | 300693 |
| &nbsp;&nbsp; 4.63%, 09/30/2028 | &nbsp;&nbsp; 4.63%, 09/30/2028 | 1000000 | 1028320 |
| &nbsp;&nbsp; 4.00%, 07/31/2030 | &nbsp;&nbsp; 4.00%, 07/31/2030 | 500000 | 505762 |
| &nbsp;&nbsp; 4.13%, 11/15/2032 | &nbsp;&nbsp; 4.13%, 11/15/2032 | 750000 | 758906 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $2,550,542) | **TOTAL U.S. TREASURY SECURITIES** (Cost $2,550,542) | **TOTAL U.S. TREASURY SECURITIES** (Cost $2,550,542) | 2593681 |
| **U.S. GOVERNMENT AGENCY ISSUES - 0.7%** | **U.S. GOVERNMENT AGENCY ISSUES - 0.7%** | **Par** | **Value**  |
|  Federal Farm Credit Banks Funding Corp., 5.48%, 10/02/2028 | Federal Farm Credit Banks Funding Corp., 5.48%, 10/02/2028 | 500000 | 500007 |
| **TOTAL U.S. GOVERNMENT AGENCY ISSUES** (Cost $500,000) | **TOTAL U.S. GOVERNMENT AGENCY ISSUES** (Cost $500,000) | **TOTAL U.S. GOVERNMENT AGENCY ISSUES** (Cost $500,000) | 500007 |
| **TOTAL INVESTMENTS - 97.8% (**Cost $64,952,036**)** | **TOTAL INVESTMENTS - 97.8% (**Cost $64,952,036**)** | **TOTAL INVESTMENTS - 97.8% (**Cost $64,952,036**)** | 66637198 |
| Money Market Deposit Account - 1.4% <sup>(e)</sup> | Money Market Deposit Account - 1.4% <sup>(e)</sup> | Money Market Deposit Account - 1.4% <sup>(e)</sup> | 921133 |
| Other Assets in Excess of Liabilities - 0.8% | Other Assets in Excess of Liabilities - 0.8% | Other Assets in Excess of Liabilities - 0.8% | 573627 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $68131958 |
| 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. | –% |

---

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 $9,962,087 or 14.6% of the Fund's net assets.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(c) Interest-only security.

(d) 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.

(e) 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 Short-Term Strategic Income 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;Corporate Bonds | $– | $44747486 | $– | $44747486 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | – | 7473037 | – | 7473037 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations | – | 6762513 | – | 6762513 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 4560474 | – | 4560474 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 2593681 | – | 2593681 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agency Issues | – | 500007 | – | 500007 |
| Total Investments | $– | $66637198 | $– | $66637198 |
| 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 Short-Term Strategic Income ETF

- **b. EDGAR series identifier (if any):** S000081095

- **c. LEI of Series:** 5493000IALOEBWLDVK15

**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:** $68432871.54

**Total Liabilities:** $300883.02

**Net Assets:** $68131988.52

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 984.917595000000 | **1-Year:** 3617.973870000000 | **5-Year:** 6069.602425000000 | **10-Year:** 1511.016343000000 | **30-Year:** 2280.309570000000

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

- **3-Month:** 875.712645000000 | **1-Year:** 361.143772000000 | **5-Year:** 53.826789000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243766 | 0.06%                | 0.98%                | 0.46%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-242079.93                                |
| Month 2  | $0.00                    | $373262.42                                 |
| Month 3  | $0.00                    | $26650.48                                  |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BANK OF AMERICA CORP           | Bank of America Corp                                      | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1643606.95   | 2.41%             | 2028-07-22      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust            | CNH Equipment Trust 2023-A                                | CUSIP: 12664QAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    118000 | PA      | $119625.49    | 0.18%             | 2030-10-15      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                                | CUSIP: 14040HDG7<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    925000 | PA      | $957649.62    | 1.41%             | 2030-07-26      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC       | Celanese US Holdings LLC                                  | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    613000 | PA      | $628654.18    | 0.92%             | 2027-07-15      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DWFG3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    160990 | PA      | $160668.24    | 0.24%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DWFR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    407581 | PA      | $406326.50    | 0.60%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418FPT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    395560 | PA      | $397831.69    | 0.58%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP               | Lamar Media Corp                                          | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    620000 | PA      | $614443.13    | 0.90%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MARS INC                       | Mars Inc                                                  | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    500000 | PA      | $509567.37    | 0.75%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK       | Federal Farm Credit Banks Funding Corp                    | CUSIP: 3133EPXE0<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    500000 | PA      | $500007.31    | 0.73%             | 2028-10-02      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                         | CUSIP: 31394FHV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    133584 | PA      | $138556.65    | 0.20%             | 2035-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO            | American Express Co                                       | CUSIP: 025816EF2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    400000 | PA      | $411427.24    | 0.60%             | 2031-04-25      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| BALL CORP                      | Ball Corp                                                 | CUSIP: 058498AV8<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    988000 | PA      | $987688.38    | 1.45%             | 2026-03-15      | Fixed         | 4.88%                 | 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        |   1131000 | PA      | $1149714.69   | 1.69%             | 2030-07-26      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                  | Boeing Co/The                                             | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1061515.78   | 1.56%             | 2029-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC        | Booz Allen Hamilton Inc                                   | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |   1053000 | PA      | $1032801.27   | 1.52%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust            | CNH Equipment Trust 2021-C                                | CUSIP: 12598LAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    735000 | PA      | $728103.94    | 1.07%             | 2029-04-16      | Fixed         | 1.41%                 | 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        |    500000 | PA      | $499775.25    | 0.73%             | 2028-02-15      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC              | Clean Harbors Inc                                         | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    625000 | PA      | $639948.13    | 0.94%             | 2031-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DIAGEO INVESTMENT CORP         | Diageo Investment Corp                                    | CUSIP: 25245BAC1<br>LEI: S4G8DPIPDVCF6CB81Z61 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207246.77    | 0.30%             | 2030-08-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                                | CUSIP: 254709AM0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1348000 | PA      | $1345908.93   | 1.98%             | 2027-02-09      | Fixed         | 4.10%                 | 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        |     43923 | PA      | $44133.53     | 0.06%             | 2029-10-22      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing LLC | Enterprise Fleet Financing 2022-4 LLC                     | CUSIP: 29374GAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101369.83    | 0.15%             | 2029-10-22      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132D6J50<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    936631 | PA      | $946667.69    | 1.39%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                         | CUSIP: 3136BUHL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    660588 | PA      | $669033.53    | 0.98%             | 2051-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                         | CUSIP: 3136BULD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    630694 | PA      | $638917.33    | 0.94%             | 2051-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                         | CUSIP: 3136BVRA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    702897 | PA      | $719483.64    | 1.06%             | 2048-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                        | CUSIP: 3137ANUB9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     38272 | PA      | $37965.20     | 0.06%             | 2027-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                        | CUSIP: 3137HFKT1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    351225 | PA      | $351649.40    | 0.52%             | 2049-05-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                        | CUSIP: 3137HMM72<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    721342 | PA      | $720844.60    | 1.06%             | 2052-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31385XQ91<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     79933 | PA      | $82000.75     | 0.12%             | 2033-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1270862 | PA      | $1283841.69   | 1.88%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418FEM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    240614 | PA      | $242859.36    | 0.36%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP            | Fifth Third Bancorp                                       | CUSIP: 316773DG2<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |   1296000 | PA      | $1310933.41   | 1.92%             | 2030-07-28      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobi | GM Financial Consumer Automobile Receivables Trust 2021-4 | CUSIP: 362554AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    975000 | PA      | $968977.13    | 1.42%             | 2027-10-18      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC         | GE HealthCare Technologies Inc                            | CUSIP: 36266GAA5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1530007.94   | 2.25%             | 2029-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| HCA INC                        | HCA Inc                                                   | CUSIP: 404119BS7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1151485.89   | 1.69%             | 2026-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES          | Huntington Bancshares Inc/OH                              | CUSIP: 446150BC7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   1081000 | PA      | $1137867.09   | 1.67%             | 2029-08-21      | Variable      | 6.21%                 | No            |                  2 | On Loan: No      |
| KEYCORP                        | KeyCorp                                                   | CUSIP: 49326EEG4<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |   1028000 | PA      | $1026836.98   | 1.51%             | 2028-04-30      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| LAD Auto Receivables Trust     | LAD Auto Receivables Trust 2022-1                         | CUSIP: 501687AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10250 | PA      | $10252.46     | 0.02%             | 2027-06-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL USA INC             | Murphy Oil USA Inc                                        | CUSIP: 626738AD0<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1175665.05   | 1.73%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PAYCHEX INC                    | Paychex Inc                                               | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514548.53    | 0.76%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY CORP             | Valero Energy Corp                                        | CUSIP: 91913YBF6<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    325000 | PA      | $334600.03    | 0.49%             | 2030-02-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC              | Iron Mountain Inc                                         | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    575000 | PA      | $548852.39    | 0.81%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                            | CUSIP: 61748UAE2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258153.65    | 0.38%             | 2031-01-15      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES         | PNC Financial Services Group Inc/The                      | CUSIP: 693475BK0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1296000 | PA      | $1329095.50   | 1.95%             | 2028-12-02      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC          | Rio Tinto Finance USA PLC                                 | CUSIP: 76720AAT3<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    375000 | PA      | $385545.86    | 0.57%             | 2032-03-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                  | TransDigm Inc                                             | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    750000 | PA      | $777113.57    | 1.14%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $758906.25    | 1.11%             | 2032-11-15      | Fixed         | 4.12%                 | 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    | 0.75%             | 2030-04-22      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                        | CUSIP: 29273VAZ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1235115.97   | 1.81%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418AAV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    118635 | PA      | $116622.45    | 0.17%             | 2031-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418EJ76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    489560 | PA      | $488077.90    | 0.72%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418EKU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    396089 | PA      | $395604.78    | 0.58%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital One Multi-Asset Execut | Capital One Multi-Asset Execution Trust                   | CUSIP: 14041NGB1<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100033.86    | 0.15%             | 2027-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Chesapeake Funding II LLC      | Chesapeake Funding II LLC                                 | CUSIP: 165183CZ5<br>LEI: 5493000HT7H4OFOD6Z12 | Long             | ABS-O            | CORP              | US        |     53831 | PA      | $54801.91     | 0.08%             | 2035-10-15      | Fixed         | 6.16%                 | 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        |     42533 | PA      | $42652.24     | 0.06%             | 2029-01-22      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CHR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $505761.72    | 0.74%             | 2030-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CJA0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1028320.31   | 1.51%             | 2028-09-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| American Express Credit Accoun | American Express Credit Account Master Trust              | CUSIP: 02589BAE0<br>LEI: 549300Y4SA5G3GIJTP18 | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $202834.50    | 0.30%             | 2029-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP           | Boston Properties LP                                      | CUSIP: 10112RBG8<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    715000 | PA      | $750085.29    | 1.10%             | 2027-12-01      | Fixed         | 6.75%                 | 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 REMICS                                         | CUSIP: 3136BUH37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    647880 | PA      | $656076.00    | 0.96%             | 2051-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418ELX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1322247 | PA      | $1318244.66   | 1.93%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARATHON PETROLEUM CORP        | Marathon Petroleum Corp                                   | CUSIP: 56585ABK7<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |   1275000 | PA      | $1310736.24   | 1.92%             | 2030-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC          | Micron Technology Inc                                     | CUSIP: 595112CG6<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262347.76    | 0.39%             | 2032-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| NETAPP INC                     | NetApp Inc                                                | CUSIP: 64110DAM6<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | DBT              | CORP              | US        |    350000 | PA      | $364275.72    | 0.53%             | 2032-03-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES        | Royal Caribbean Cruises Ltd                               | CUSIP: 780153AG7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    400000 | PA      | $424344.64    | 0.62%             | 2027-10-15      | Fixed         | 7.50%                 | 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        |   1033000 | PA      | $1040968.62   | 1.53%             | 2027-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust            | COMM 2015-CCRE26 Mortgage Trust                           | CUSIP: 12593QBE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14815 | PA      | $14786.79     | 0.02%             | 2048-10-10      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                   | Centene Corp                                              | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    768000 | PA      | $754341.23    | 1.11%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                          | CUSIP: 3132DWFF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1035495 | PA      | $1009641.00   | 1.48%             | 2052-11-01      | Fixed         | 4.50%                 | 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      |
| Fannie Mae                     | Fannie Mae REMICS                                         | CUSIP: 3136BQAW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    434840 | PA      | $437942.71    | 0.64%             | 2036-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31371LDH9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     47967 | PA      | $49130.83     | 0.07%             | 2033-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                        | CUSIP: 3137FJX79<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    160044 | PA      | $159744.60    | 0.23%             | 2036-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                        | CUSIP: 3137HDJY7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    514253 | PA      | $518251.57    | 0.76%             | 2049-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                        | CUSIP: 31396UUY4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     66173 | PA      | $67541.62     | 0.10%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31410LRR5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     30689 | PA      | $30091.72     | 0.04%             | 2030-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 31418BM37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     72718 | PA      | $72112.09     | 0.11%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                    | Gartner Inc                                               | CUSIP: 366651AC1<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $991940.52    | 1.46%             | 2028-07-01      | 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        |   1243000 | PA      | $1250957.79   | 1.84%             | 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    | 0.70%             | 2065-03-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                                       | CUSIP: 46647PAV8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1233000 | PA      | $1235584.69   | 1.81%             | 2029-07-23      | Variable      | 4.20%                 | 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        |    302877 | PA      | $306584.20    | 0.45%             | 2054-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC              | Kinder Morgan Inc                                         | CUSIP: 494553AD2<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    220000 | PA      | $224989.02    | 0.33%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC               | LPL Holdings Inc                                          | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1125201.87   | 1.65%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HLD                | Lamb Weston Holdings Inc                                  | CUSIP: 513272AC8<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |    600000 | PA      | $597372.84    | 0.88%             | 2028-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I       | Performance Food Group Inc                                | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    800000 | PA      | $797980.96    | 1.17%             | 2027-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN       | RHP Hotel Properties LP / RHP Finance Corp                | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $644568.13    | 0.95%             | 2028-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ROLLER BEARING CO OF AME       | Roller Bearing Co of America Inc                          | CUSIP: 775631AD6<br>LEI: 254900U9XW6S76H2P167 | Long             | DBT              | CORP              | US        |    575000 | PA      | $558572.88    | 0.82%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP        | SBA Communications Corp                                   | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |    713000 | PA      | $702271.05    | 1.03%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SPRINT LLC                     | Sprint LLC                                                | CUSIP: 85207UAK1<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1152500.61   | 1.69%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP         | Sunoco LP / Sunoco Finance Corp                           | CUSIP: 86765LAQ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    793000 | PA      | $792725.15    | 1.16%             | 2027-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM        | United Rentals North America Inc                          | CUSIP: 911365BF0<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   1258000 | PA      | $1258057.87   | 1.85%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CHH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $300692.87    | 0.44%             | 2026-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| VALERO ENERGY PARTNERS         | Valero Energy Partners LP                                 | CUSIP: 91914JAB8<br>LEI: 549300WH1375KZXLJ231 | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1163763.20   | 1.71%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                   | VeriSign Inc                                              | CUSIP: 92343EAL6<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1140117.75   | 1.67%             | 2027-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                         | CUSIP: 3136AUQS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    545143 | PA      | $531566.29    | 0.78%             | 2044-12-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                         | CUSIP: 31397SD27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    159497 | PA      | $158526.93    | 0.23%             | 2031-05-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                         | CUSIP: 31397SHK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    100067 | PA      | $98347.49     | 0.14%             | 2031-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                           | CUSIP: 3140XRMF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    468225 | PA      | $473315.47    | 0.69%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                            | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1288000 | PA      | $1276973.23   | 1.87%             | 2029-01-24      | Variable      | 3.77%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL            | Synchrony Financial                                       | CUSIP: 87165BAW3<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    750000 | PA      | $764422.61    | 1.12%             | 2031-03-06      | Variable      | 5.45%                 | 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        |    469267 | PA      | $472619.22    | 0.69%             | 2064-01-25      | Variable      | 5.85%                 | 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        |    638636 | PA      | $639909.99    | 0.94%             | 2064-10-27      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP          | Truist Financial Corp                                     | CUSIP: 89788MAU6<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256392.41    | 0.38%             | 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        |   1199554 | NS      | $1199554.07   | 1.76%             |  |  |  | No            |                  1 | 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