NPORT-EX 2 cvrd.htm
Madison Covered Call ETF
  
Schedule of Investments
  
as of September 30, 2023 (Unaudited)
  
   
COMMON STOCKS - 92.9%
  
Shares
    
Value
  
Aerospace & Defense - 15.8%
  
Abbott Laboratories
    
15,368
    
$
1,488,391
  
Cencora, Inc.
    
9,760
      
1,756,507
  
Danaher Corp.
    
10,405
      
2,581,480
  
Elevance Health, Inc.
    
5,120
      
2,229,350
  
Gilead Sciences, Inc.
    
27,050
      
2,027,127
  
Medtronic PLC
    
29,762
      
2,332,150
  
Total Aerospace & Defense
            
12,415,005
  
                 
Asset Management - 2.1%
  
JPMorgan Chase & Co.
    
11,366
      
1,648,297
  
Total Asset Management
            
1,648,297
  
                 
Automotive - 5.5%
  
Las Vegas Sands Corp.
    
52,160
      
2,391,014
  
McDonald's Corp.
    
2,880
      
758,707
  
Starbucks Corp.
    
12,814
      
1,169,534
  
Total Automotive
            
4,319,255
  
                 
Banking - 3.8%
  
BlackRock, Inc.
    
2,400
      
1,551,576
  
CME Group, Inc.
    
7,040
      
1,409,549
  
Total Banking
            
2,961,125
  
                 
Chemicals - 5.0%
  
Amphenol Corp.
    
18,251
      
1,532,902
  
Emerson Electric Co.
    
12,972
      
1,252,706
  
Honeywell International, Inc.
    
6,400
      
1,182,336
  
Total Chemicals
            
3,967,944
  
                 
Construction Materials - 3.3%
  
Fastenal Co.
    
34,409
      
1,880,108
  
United Parcel Service, Inc. - Class B
    
4,800
      
748,176
  
Total Construction Materials
            
2,628,284
  
                 
Consumer Products - 5.3%
  
Colgate-Palmolive Co.
    
20,963
      
1,490,679
  
Constellation Brands, Inc.
    
4,640
      
1,166,171
  
Keurig Dr Pepper, Inc.
    
47,526
      
1,500,396
  
Total Consumer Products
            
4,157,246
  
                 
Distributors - Consumer Staples - 2.4%
  
Archer-Daniels-Midland Co.
    
25,128
      
1,895,154
  
Total Distributors - Consumer Staples
            
1,895,154
  
                 
Hardware - 3.3%
  
Air Products and Chemicals, Inc.
    
4,960
      
1,405,664
  
Newmont Corp.
    
31,526
      
1,164,886
  
Total Hardware
            
2,570,550
  
                 
Home & Office Products - 3.4%
  
Lowe's Cos., Inc.
    
5,440
      
1,130,650
  
TJX Cos., Inc.
    
17,448
      
1,550,778
  
Total Home & Office Products
            
2,681,428
  
                 
Media - 3.6%
  
Alphabet, Inc. - Class C (a)
    
10,089
      
1,330,235
  
Comcast Corp. - Class A
    
34,409
      
1,525,695
  
Total Media
            
2,855,930
  
                 
Oil, Gas & Coal - 6.0%
  
APA Corp.
    
35,686
      
1,466,695
  
Diamondback Energy, Inc.
    
11,366
      
1,760,366
  
EOG Resources, Inc.
    
11,682
      
1,480,810
  
Total Oil, Gas & Coal
            
4,707,871
  
                 
Software & Tech Services - 14.7%
  
Accenture PLC - Class A
    
5,280
      
1,621,541
  
Adobe, Inc. (a)
    
3,040
      
1,550,096
  
Fiserv, Inc. (a)
    
10,734
      
1,212,513
  
International Business Machines Corp.
    
11,840
      
1,661,152
  
Microsoft Corp.
    
8,970
      
2,832,277
  
PayPal Holdings, Inc. (a)
    
19,528
      
1,141,607
  
Visa, Inc. - Class A
    
6,720
      
1,545,667
  
Total Software & Tech Services
            
11,564,853
  
                 
Telecom - 3.6%
  
T-Mobile US, Inc. (a)
    
20,002
      
2,801,280
  
Total Telecom
            
2,801,280
  

Utilities – 15.1%
AES Corp.                                                                                                                                                       
     90,089       1,369,353  
Ciena Corp. (a)
    
53,292
      
2,518,580
  
Cisco Systems, Inc.
    
41,286
      
2,219,535
  
Corning, Inc.
    
49,764
      
1,516,309
  
Microchip Technology, Inc.
    
19,212
      
1,499,497
  
NextEra Energy, Inc.
    
14,407
      
825,377
  
Texas Instruments, Inc.
    
12,327
      
1,960,116
  
Total Utilities
            
11,908,767
  
TOTAL COMMON STOCKS (Cost $76,062,999)
            
73,082,989
  
                 
REAL ESTATE INVESTMENT TRUSTS - 2.7%
                
American Tower Corp.
    
13,130
      
2,159,229
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,350,062)
            
2,159,229
  
                 
SHORT-TERM INVESTMENTS - 2.9%
                
Money Market Deposit Accounts - 2.9%
  
Principal Amount
          
U.S. Bank Money Market Deposit Account, 5.27% (b)
  
$
2,286,415
      
2,286,415
  
TOTAL SHORT-TERM INVESTMENTS (Cost $2,286,415)
            
2,286,415
  
TOTAL INVESTMENTS - 98.5% (Cost $80,699,476)
            
77,528,633
  
Other Assets in Excess of Liabilities - 1.5%
            
1,187,285
  
TOTAL NET ASSETS - 100.0%
          
$
78,715,918
  
   
Percentages are stated as a percent of net assets.
  

PLC - Public Limited Company

(a)
Non-income producing security.
(b)
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.
Madison Covered Call ETF
  
Schedule of Written Options
  
as of September 30, 2023 (Unaudited)
  
   
Description
Counterparty
  
Contracts
    
Notional
    
Value
  
Call Options - (1.0)% 
                    
Abbott Laboratories
      
0
      
0
      
–
  
  Expires October 20, 2023 at $110.00
Exchange-Traded
    
120
    
$
(1,162,200
)
  
$
(840
)
  Expires January 19, 2024 at $110.00
Exchange-Traded
    
33
      
(319,605
)
    
(2,987
)
Accenture PLC
      
0
      
0
      
–
  
  Expires October 20, 2023 at $330.00
Exchange-Traded
    
52
      
(1,596,972
)
    
(2,210
)
Adobe, Inc.
      
0
      
0
      
–
  
  Expires October 20, 2023 at $550.00
Exchange-Traded
    
30
      
(1,529,700
)
    
(7,875
)
AES Corp.
      
0
      
0
      
–
  
  Expires January 19, 2024 at $20.00
Exchange-Traded
    
197
      
(299,440
)
    
(1,970
)
  Expires November 17, 2023 at $20.00
Exchange-Traded
    
703
      
(1,068,560
)
    
(7,030
)
Air Products and Chemicals, Inc.
      
0
      
0
      
–
  
  Expires October 20, 2023 at $300.00
Exchange-Traded
    
49
      
(1,388,660
)
    
(4,165
)
Alphabet, Inc.
      
0
      
0
      
–
  
  Expires October 20, 2023 at $140.00
Exchange-Traded
    
100
      
(1,318,500
)
    
(6,900
)
American Tower Corp.
      
0
      
0
      
–
  
  Expires October 20, 2023 at $185.00
Exchange-Traded
    
131
      
(2,154,295
)
    
(1,965
)
Amphenol Corp.
      
0
      
0
      
–
  
  Expires January 19, 2024 at $95.00
Exchange-Traded
    
182
      
(1,528,618
)
    
(13,650
)
APA Corp.
      
0
      
0
      
–
  
  Expires October 20, 2023 at $45.00
Exchange-Traded
    
356
      
(1,463,160
)
    
(9,612
)
Archer-Daniels-Midland Co.
      
0
      
0
      
–
  
  Expires December 15, 2023 at $85.00
Exchange-Traded
    
55
      
(414,810
)
    
(2,475
)
  Expires October 20, 2023 at $85.00
Exchange-Traded
    
196
      
(1,478,232
)
    
(980
)
BlackRock, Inc.
      
0
      
0
      
–
  
  Expires October 20, 2023 at $700.00
Exchange-Traded
    
24
      
(1,551,576
)
    
(4,080
)
Cencora, Inc.
      
0
      
0
      
–
  
  Expires November 17, 2023 at $185.00
Exchange-Traded
    
97
      
(1,745,709
)
    
(36,375
)
Ciena Corp.
      
0
      
0
      
–
  
  Expires October 20, 2023 at $50.00
Exchange-Traded
    
116
      
(548,216
)
    
(2,900
)
  Expires October 20, 2023 at $45.00
Exchange-Traded
    
416
      
(1,966,016
)
    
(114,400
)
Cisco Systems, Inc.
      
0
      
0
      
–
  
  Expires November 17, 2023 at $57.50
Exchange-Traded
    
412
      
(2,214,912
)
    
(17,510
)
CME Group, Inc.
      
0
      
0
      
–
  
  Expires December 15, 2023 at $210.00
Exchange-Traded
    
70
      
(1,401,540
)
    
(23,800
)
Colgate-Palmolive Co.
      
0
      
0
      
–
  
  Expires November 17, 2023 at $75.00
Exchange-Traded
    
209
      
(1,486,199
)
    
(11,495
)
Comcast Corp.
      
0
      
0
      
–
  
  Expires January 19, 2024 at $47.50
Exchange-Traded
    
76
      
(336,984
)
    
(8,132
)
  Expires October 20, 2023 at $47.50
Exchange-Traded
    
268
      
(1,188,312
)
    
(2,680
)
Constellation Brands, Inc.
      
0
      
0
      
–
  
  Expires October 20, 2023 at $270.00
Exchange-Traded
    
46
      
(1,156,118
)
    
(3,910
)
Corning, Inc.
      
0
      
0
      
–
  
  Expires November 17, 2023 at $34.00
Exchange-Traded
    
497
      
(1,514,359
)
    
(4,970
)
Danaher Corp.
      
0
      
0
      
–
  
  Expires October 20, 2023 at $260.00
Exchange-Traded
    
104
      
(2,580,240
)
    
(18,200
)
Diamondback Energy, Inc.
      
0
      
0
      
–
  
  Expires November 17, 2023 at $160.00
Exchange-Traded
    
113
      
(1,750,144
)
    
(48,025
)
Elevance Health, Inc.
      
0
      
0
      
–
  
  Expires October 20, 2023 at $480.00
Exchange-Traded
    
51
      
(2,220,642
)
    
(6,630
)
Emerson Electric Co.
      
0
      
0
      
–
  
  Expires December 15, 2023 at $100.00
Exchange-Traded
    
129
      
(1,245,753
)
    
(31,283
)
EOG Resources, Inc.
      
0
      
0
      
–
  
  Expires December 15, 2023 at $140.00
Exchange-Traded
    
116
      
(1,470,416
)
    
(29,290
)
Fastenal Co.
      
0
      
0
      
–
  
  Expires January 19, 2024 at $60.00
Exchange-Traded
    
76
      
(415,264
)
    
(7,030
)
  Expires November 17, 2023 at $60.00
Exchange-Traded
    
268
      
(1,464,352
)
    
(6,700
)
Fiserv, Inc.
      
0
      
0
      
–
  
  Expires December 15, 2023 at $130.00
Exchange-Traded
    
107
      
(1,208,672
)
    
(3,745
)
Gilead Sciences, Inc.
      
0
      
0
      
–
  
  Expires November 17, 2023 at $80.00
Exchange-Traded
    
270
      
(2,023,380
)
    
(23,760
)
Honeywell International, Inc.
      
0
      
0
      
–
  
  Expires December 15, 2023 at $195.00
Exchange-Traded
    
64
      
(1,182,336
)
    
(19,200
)
International Business Machines Corp.
      
0
      
0
      
–
  
  Expires November 17, 2023 at $150.00
Exchange-Traded
    
118
      
(1,655,540
)
    
(12,744
)
JPMorgan Chase & Co.
      
0
      
0
      
–
  
  Expires November 17, 2023 at $155.00
Exchange-Traded
    
113
      
(1,638,726
)
    
(14,125
)
Keurig Dr Pepper, Inc.
      
0
      
0
      
–
  
  Expires November 17, 2023 at $35.00
Exchange-Traded
    
475
      
(1,499,575
)
    
(4,750
)
Las Vegas Sands Corp.
      
0
      
0
      
–
  
  Expires November 17, 2023 at $60.00
Exchange-Traded
    
407
      
(1,865,688
)
    
(3,663
)
Lowe's Cos., Inc.
      
0
      
0
      
–
  
  Expires October 20, 2023 at $230.00
Exchange-Traded
    
54
      
(1,122,336
)
    
(891
)
McDonald's Corp.
      
0
      
0
      
–
  
  Expires November 17, 2023 at $290.00
Exchange-Traded
    
28
      
(737,632
)
    
(1,386
)
Medtronic PLC
      
0
      
0
      
–
  
  Expires January 19, 2024 at $85.00
Exchange-Traded
    
297
      
(2,327,292
)
    
(42,471
)
Microchip Technology, Inc.
      
0
      
0
      
–
  
  Expires November 17, 2023 at $85.00
Exchange-Traded
    
192
      
(1,498,560
)
    
(27,360
)
Microsoft Corp.
      
0
      
0
      
–
  
  Expires October 20, 2023 at $335.00
Exchange-Traded
    
89
      
(2,810,175
)
    
(10,057
)
Newmont Corp.
      
0
      
0
      
–
  
  Expires December 15, 2023 at $42.50
Exchange-Traded
    
315
      
(1,163,925
)
    
(17,798
)
NextEra Energy, Inc.
      
0
      
0
      
–
  
  Expires November 17, 2023 at $70.00
Exchange-Traded
    
144
      
(824,976
)
    
(1,080
)
PayPal Holdings, Inc.
      
0
      
0
      
–
  
  Expires October 20, 2023 at $65.00
Exchange-Traded
    
195
      
(1,139,970
)
    
(4,484
)
Starbucks Corp.
      
0
      
0
      
–
  
  Expires November 17, 2023 at $100.00
Exchange-Traded
    
128
      
(1,168,256
)
    
(10,368
)
Texas Instruments, Inc.
      
0
      
0
      
–
  
  Expires November 17, 2023 at $175.00
Exchange-Traded
    
123
      
(1,955,823
)
    
(12,977
)
TJX Cos., Inc.
      
0
      
0
      
–
  
  Expires October 20, 2023 at $92.50
Exchange-Traded
    
174
      
(1,546,512
)
    
(6,263
)
T-Mobile US, Inc.
      
0
      
0
      
–
  
  Expires November 17, 2023 at $140.00
Exchange-Traded
    
200
      
(2,801,000
)
    
(107,500
)
United Parcel Service, Inc.
      
0
      
0
      
–
  
  Expires January 19, 2024 at $170.00
Exchange-Traded
    
11
      
(171,457
)
    
(3,464
)
  Expires November 17, 2023 at $175.00
Exchange-Traded
    
37
      
(576,719
)
    
(2,794
)
Visa, Inc.
      
0
      
0
      
–
  
  Expires October 20, 2023 at $250.00
Exchange-Traded
    
67
      
(1,541,067
)
    
(972
)
Total Call Options
                    
$
(771,921
)
Total Written Options (Premiums received $1,994,570)
                    
$
(771,921
)
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