Madison Aggregate Bond ETF

Schedule of Investments

as of September 30, 2023 (Unaudited)

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

Percentages are stated as a percent of net assets.

SOFR - Secured Overnight Financing Rate

SOFRINDX - Secured Overnight Financing Rate Index

(a)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2023, the value of these securities total $4,191,866 or 8.9% of the Fund’s net assets.
(b)	Represents less than 0.05% of net assets.
(c)	Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2023.
(d)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and is subject to change daily. The rate shown is as of September 30, 2023.

Notes to Portfolio of Investments (Unaudited)

1. Portfolio Valuation: Madison Funds, a Delaware business trust (the "Trust" and each series of the Trust referred to individually as a "fund" and collectively, the "funds") values

securities and other investments as follows: Equity securities, including American Depositary Receipts ("ADRs"), Global Depository Receipts ("GDRs") and exchange-traded funds

("ETFs") listed on any U.S. or foreign stock exchange or quoted on the National Association of Securities Dealers Automated Quotation System ("NASDAQ") are valued at the last quoted

sale price or official closing price on that exchange or NASDAQ on the valuation day (provided that, for securities traded on NASDAQ, the funds utilize the NASDAQ Official Closing Price

("NOCP"). If no sale occurs, equities traded on a U.S. exchange, foreign exchange or on NASDAQ are valued at the bid price. Debt securities purchased (other than short-term

obligations) with a remaining maturity of 61 days or more are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved

by the Trust. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers,

pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measurements based on

valuation technology commonly employed in the market for such investments.

Municipal debt securities are traded via a network of dealers and brokers that connect buyers and sellers. They are valued on the basis of last available bid prices or current market

quotations provided by dealers or pricing services approved by the Trust. There may be little trading in the secondary market for particular bonds and other debt securities, making them

more difficult to value or sell. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche

of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche.

Investments in shares of open-end mutual funds, including money market funds, are valued at their daily net asset value ("NAV") which is calculated as of the close of regular trading on

the New York Stock Exchange (the "NYSE"), usually 4:00 p.m. Eastern Standard Time on each day on which the NYSE is open for business. NAV per share is determined by dividing

each fund's total net assets by the number of shares of such fund outstanding at the time of calculation. Because the assets of each Allocation Fund consist primarily of shares of other

registered investment companies (the "Underlying Funds"), the NAV of each fund is determined based on the NAVs of the Underlying Funds. Total net assets are determined by adding

the total current value of portfolio securities, cash, receivables, and other assets and subtracting liabilities.

Short-term instruments having maturities of 60 days or less and all securities in the Government Money Market Fund are valued on an amortized cost basis, which approximates fair

value.

Over-the-counter securities not listed or traded on NASDAQ are valued at the last sale price on the valuation day. If no sale occurs on the valuation day, an over-the-counter security is

valued at the last bid price. Exchange-traded options are valued at the mean of the best bid and ask prices across all option exchanges. Over-the-counter options are valued based upon

prices provided by market makers in such securities or dealers in such currencies. Financial futures contracts generally are valued at the settlement price established by the exchange(s)

on which the contracts are primarily traded. Spot and forward foreign currency exchange contracts are valued based on quotations supplied by dealers in such contracts. Overnight

repurchase agreements are valued at cost, and term repurchase agreements (i.e., those whose maturity exceeds seven days), swaps, caps, collars and floors, if any, are valued at the

average of the closing bids obtained daily from at least one dealer.

Through the end of this reporting period, the value of all assets and liabilities expressed in foreign currencies was converted into U.S. dollar values using the then-current exchange rate

at the close of regular trading on the NYSE.

All other securities for which either quotations are not readily available, no other sales have occurred, or in the Investment Adviser's opinion, do not reflect the current fair value, are

appraised at their fair values as determined in good faith by the Pricing Committee ( the "Committee") and under the general supervision of the Board of Trustees. When fair value pricing

of securities is employed, the prices of securities used by the funds to calculate NAV may differ from market quotations or NOCP. Because the Allocation Funds primarily invest in

Underlying Funds, government securities and short-term paper, it is not anticipated that the Investment Adviser will need to "fair value" any of the investments of these funds. However,

an Underlying Fund may need to "fair value" one or more of its investments, which may, in turn, require an Allocation Fund to do the same because of delays in obtaining the Underlying

Fund's NAV.

A fund's investments will be valued at fair value if, in the judgment of the Committee, an event impacting the value of an investment occurred between the closing time of a security's

primary market or exchange (for example, a foreign exchange or market) and the time the fund's share price is calculated as of the close of regular trading on the NYSE. Significant

events may include, but are not limited to, the following: (1) significant fluctuations in domestic markets, foreign markets or foreign currencies; (2) occurrences not directly tied to the

securities markets such as natural disasters, armed conflicts or significant government actions; and (3) major announcements affecting a single issuer or an entire market or market

sector. In responding to a significant event, the Committee would determine the fair value of affected securities considering factors including, but not limited to: fundamental analytical

data relating to the investment; the nature and duration of any restrictions on the disposition of the investment; and the forces influencing the market(s) in which the investment is

purchased or sold. The Committee may rely on an independent fair valuation service to adjust the valuations of foreign equity securities based on specific market-movement parameters

established by the Committee and approved by the Trust.

2. Fair Value Measurements: Each fund has adopted Financial Accounting Standards Board (the "FASB") guidance on fair value measurements. Fair value is defined as the price that

each fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy

is used to maximize the use of observable market data "inputs" and minimize the use of unobservable "inputs" and to establish classification of fair value measurements for disclosure

purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (for example, the risk inherent in a

particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs used in the valuation technique). Inputs may be observable

or unobservable.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources

independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the

asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rate volatilities, prepayment speeds, credit risk, benchmark yields, transactions, bids,

offers, new issues, spreads, and other relationships observed in the markets among comparable securities, underlying equity of the issuer; and proprietary pricing models such as yield

measures calculated using factors such as cash flows, financial or collateral performance, and other reference data, etc.)

Level 3 - significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments)

The valuation techniques used by the funds to measure fair value for the period ended September 30, 2023, maximized the use of observable inputs and minimized the use of unobservable

inputs. The funds estimated the price that would have prevailed in a liquid market for an international equity security given information available at the time of valuation. As of September 30,

2023, none of the funds held securities deemed as a Level 3, and there were no transfers between classification levels.

The following is a summary of the inputs used as of September 30, 2023, in valuing the funds' investments carried at fair value (please see the Portfolio of Investments for each fund for a listing

of all securities within each category):

Fund	Level 1		Level 2		Level 3		Value at 9/30/2023
Short-Term Strategic Income ETF
Corporate Bonds	$	-	$	39,444,926	$	-	$	39,444,926
Asset Backed Securities		-		5,798,682		-		5,798,682
U.S. Treasury Securities		-		4,428,237		-		4,428,237
Collateralized Mortgage Obligations		-		2,700,441		-		2,700,441
Mortgage Backed Securities		-		501,563		-		501,563
U.S. Government Agency Issues		-		499,068		-		499,068
Short-Term Investments		4,145,410		-		-		4,145,410
		4,145,410		53,372,917		-		57,518,327
Aggregate Bond ETF
Corporate Bonds		-		14,170,570		-		14,170,570
Asset Backed Securities		-		3,633,437		-		3,633,437
U.S. Treasury Securities		-		11,489,143		-		11,489,143
Collateralized Mortgage Obligations		-		1,827,133		-		1,827,133
Mortgage Backed Securities		-		15,137,623		-		15,137,623
Short-Term Investments		293,924		-		-		293,924
		293,924		46,257,906		-		46,551,830
Dividend Value ETF
Common Stocks		62,426,586		-		-		62,426,586
Short-Term Investments		91,237		-		-		91,237
		62,517,823		-		-		62,517,823
Covered Call ETF
Assets
Common Stocks		73,082,989		-		-		73,082,989
Real Estate Investment Trusts		2,159,229		-		-		2,159,229
Short-Term Investments		2,286,415		-		-		2,286,415
		77,528,633		-		-		77,528,633
Liabilities
Written Options		-		771,921		-		771,921
		-		771,921		-		771,921