Our Firm and Its History “Madison” and/or “Madison Investments” is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC, and Madison Investment Advisors, LLC. The Madison Funds and Madison ETFs are distributed by MFD Distributor, LLC. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission (“SEC”) as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority. Each Madison entity shares personnel and resources at our Madison, Wisconsin headquarters. Based in Madison, Wisconsin, Madison fosters a reputation for its risk-sensitive investment philosophy and active bond and equity strategies since the founding of our parent company, Madison Investment Holdings, Inc., in 1974. The clients of our firm and its affiliates who entrust us with their assets include financial intermediaries, institutional funds, pension accounts, foundations, endowments, corporations, municipalities and insurance companies. The Madison investment philosophy is “Participate and Protect®” which reflects our investment goals of achieving consistent investment returns while limiting portfolio risk. Our expectation is that investors will participate in market appreciation during bull markets and be protected during bear markets compared with investors in portfolios holding more speculative and volatile securities. Of course, there is no assurance that these expectations will be realized. Our organization has offices in Madison, WI and Milwaukee, Wisconsin. Our firm is a wholly owned subsidiary of Madison Asset Management, LLC which, in turn, is a subsidiary of Madison Investment Holdings, Inc. Madison Investment Holdings, Inc. is owned by its employees. Our People Madison is run by a deep and experienced leadership team that is led by the following individuals. Steven Carl - Chair of the Executive Committee and Chief Distribution Officer Mr. Carl serves as the Chair of the Executive Committee and Chief Distribution Officer. Mr. Carl is responsible for the direction of the firm, and management of the sales and marketing department. . He is chair of the firm’s Executive Committee and a board member on the Madison Investments Foundation. Steve started in the industry in 1996 and joined Madison Investments in 2003. Prior to joining Madison, he worked in a variety of roles at Coopers & Lybrand, LLC, Strong Capital Management and Hewitt Associates. He holds a B.B.A. from The University of Wisconsin–Madison, earned his CPA designation and is FINRA registered as a principal. Rich Eisinger – –Head of Equities, Portfolio Manager Mr. Eisinger serves as a mid-cap and large cap portfolio manager and analyst on Madison’s U.S. Equity Team. He is the Head of Equities with oversight of the firm’s Equity Teams. He started in the financial services industry in 1994 and joined Madison in 1997. Rich is also a member of the firm’s Investment Risk Oversight Committee. He earned his J.D. from the University of Louisville and his MBA from Cornell University. Steven Fredricks - Chief Compliance Officer and Chief Legal Officer Mr. Fredricks serves as Madison's Chief Compliance Officer and Chief Legal Officer. Steve joined Madison in May 2018. Mr. Fredricks served as Senior Vice President and Chief Compliance Officer for Jackson National Asset Management, LLC and the “Jackson Funds.” Previously, Mr. Fredricks served as Assistant General Counsel for Aid Association for Lutherans, and Secretary for the AAL Mutual Funds. Mr. Fredricks has a B.A. in Economics and Political Science from Marquette University, a J.D. from the Hamline University School of Law, attended the University of St. Thomas Graduate School of Business, and completed an international law program at the University of Oslo School of Law. Mr. Fredricks is a member of both the Massachusetts Bar and the Wisconsin Bar. Jill Friedow – Director of Operations and Chief Technology Officer Jill Friedow serves as Madison Investments Director of Operations and is the firm’s Chief Technology Officer. She joined Madison Investments in 1999 and has more than twenty years of industry experience. Prior to joining Madison Investments, Jill was an Operations Manager for Gratry & Company, a Cleveland-based international investment advisor firm. She holds a BS from Iowa State University and an MBA from Kent State. Mark Henrickson – Chief Financial Officer Mr. Henrickson serves as Madison Investments Chief Financial Officer. He joined Madison in 2013 and has over ten years of financial services experience. Prior to joining Madison Investments, Mark served as Chief Operating Officer and Chief Financial Officer at AquaMost. He also worked as a finance leader at Broadwind Energy, a research analyst with Baird and a CPA with Deloitte. Mark holds a B.S. in accounting from the University of Wisconsin-Milwaukee. Patrick Ryan – Head of Multi-Asset Solutions, Portfolio Manager Patrick serves as Portfolio Manager and Head of Madison’s Multi-Asset Solutions Team. Patrick is a member of the firm’s Investment Risk Oversight Committee and a board member of the Madison Investments Foundation. Patrick started in the financial services industry in 2000. He joined Madison in 2009 from Members Capital Advisors, where he was a Senior Analyst responsible for managing their asset allocation program. He holds a bachelor’s degree in Finance from the University of Wisconsin, graduating with distinguished honors. He is a CFA charterholder. Mike Sanders – Head of Fixed Income, Portfolio Manager Mike serves as a Portfolio Manager and is the Head of Madison’s Fixed Income Team. Mike is a member of the firm’s Investment Risk Oversight Committee. Mike started in the financial services industry in 2004 and joined Madison in 2013. Prior to joining Madison, Mike was a Portfolio Manager at Ziegler Lotsoff Capital Management with an extensive background in credit research. He earned his BBA in finance from St. Norbert College, M.S. in economics from Marquette University and an MBA in analytical finance and accounting from the University of Chicago Booth School of Business. He is a CFA charterholder. Haruki Toyama - Head of Mid Cap & Large Cap Equity, Portfolio Manager Haruki serves as a mid-cap and large cap portfolio manager and analyst and is also the Head of the Mid and Large Cap Team. Haruki started in the financial services industry in 1994, was a member of the Madison U.S. Equity Team from 2002- 2004 and he rejoined the firm in 2014. Prior to joining Madison, Haruki was co-founder and President of Marcus Asset Management in Milwaukee where he was portfolio manager of a long/short hedge fund and started his career working in analyst and portfolio manager roles at MFS Investment Management and David L. Babson & Company. Haruki holds a BA from Brown University and an MBA from Cornell University. The Investment Risk Oversight Committee Certain members of the management team and senior portfolio managers also serve as members of Madison’s Investment Risk Oversight Committee (“Committee”), including Patrick Ryan (portfolio manager and member of Madison’s Multi-Asset Solutions Team, Rich Eisinger, and Steven Fredricks. Mr. Ryan chairs the Committee. From an investment perspective, the Firm’s Committee does a portfolio and positioning review. Portfolio managers present performance and attribution of each investment strategy. The portfolio managers are also required to provide details into the positioning of their portfolios. The Committee also assesses Firm wide risk as it relates to individual companies and issuers. The Committee reviews each process to make sure that portfolio managers are adhering to the investment philosophy and process. The Committee will generally review any decision to invest in new types of securities or engage in any type of trading that differs from previously followed procedures,

policies, or practices prior to implementation by the respective fixed income, equity, or asset allocation teams. Finally, the Committee will examine any legal, regulatory, or other developments which may impact the management of the portfolios. The Committee does not drive management of individual client portfolios. Our Services Our core expertise is active bond management (including corporate, government, and municipal bonds), risk-managed equity management (primarily common stocks) and personalized balanced portfolios. Services include the management of a wide range of fixed income, balanced and equity portfolios. In addition to the types of securities described above, we may invest in mutual funds, exchange traded funds (ETFs), preferred stocks, government agency obligations, money market instruments and such other securities that we may select, unless expressly limited by written direction or client guidelines. We may also present clients with opportunities to invest in private placements and alternative investments and to utilize the services of third-party investment advisers as well as offer fee-based financial planning services. Discretionary Management. We have discretionary authority to make determinations regarding the securities that are to be bought and sold, as well as the quantities of such securities, for most clients. Such authority is provided in our contract with each client. In many cases, this discretion is subject to mutually agreed upon investment guidelines relative to the client’s portfolio. We have model portfolio guidelines available for clients to adopt, in whole or in part, if they do not have their own. Client investment guidelines may or may not limit the scope of potential investments. As a result, clients can impose restrictions on investing in certain securities or types of securities. Within client guidelines and instructions, our portfolio managers make decisions as to the nature and quantity of securities to be bought or sold. Non-Discretionary Management We may manage customized investment solutions client accounts, in whole or in part, on a non-discretionary basis. When managing assets on a non-discretionary basis, we will seek client approval or concurrence with investment recommendations or may simply monitor investments on behalf of clients and make recommendations regarding whether we believe the client should purchase securities or sell, add to or trim securities already owned by a client. In the same manner, we may monitor the investment performance of third party investment advisers and asset managers that a client selects either independently or as a result of our recommendation and make recommendations regarding whether we believe the client should establish, eliminate, increase or reduce an allocation to a third party manager. With respect to alternative investments, we do not have discretion, nor do we recommend alternative investments, which are subscribed to directly by clients. With prior approval, employees of the adviser may personally (directly or indirectly) invest in alternative investments after clients have been given the opportunity to consider such investments, if such investment might be appropriate for the client and the client has indicated it wishes to invest in alternative investments on a non-discretionary basis. Such investment by employees could present a conflict of interest. In connection with non-discretionary management we may provide additional services, such as performance reporting on discretionary, non-discretionary and unmanaged assets. Financial Planning Services For certain clients, we may provide financial planning services that do not involve the active management of client accounts, but instead focus on a client’s overall financial situation. To assist in providing these services Madison reviews investments, asset allocation, risk management, retirement plans, estate plans, and other areas. Our goal in providing financial planning services is to help individuals identify long-term financial or retirement goals, determine asset allocations plans, or develop lifetime income plans. We will meet with each financial planning client to determine the client’s personal financial situation and objectives and to analyze the client’s financial documentation. As applicable, we then review the client’s assets and liabilities, investment portfolio, risk tolerance assessments, financial and retirement goals, retirement income streams, insurance policies, and other areas relevant to the client’s financial circumstances. We will then provide the client with a written financial plan and meet with each client to explain the financial plan and our recommendations. However, note that any plan is only as good as the information received from the client. It is the client’s responsibility to communicate their financial information and any changes to Madison so that the financial plan is accurate and current. Use of Unaffiliated Subadvisors If authorized by a client in the investment management agreement, we may delegate the management of all or a percentage of a client’s account to one or more unaffiliated subadvisors, which may have existing subadvisory relationships with Madison’s other clients including the adviser’s proprietary mutual funds. We would delegate management if the unaffiliated subadvisor has a particular investment expertise that we believe would be suitable to the client and conforms to the stated investment policies of the client’s account. For example, we may delegate a percentage of a client’s account for management of international equities or a small cap strategy, if suitable. With these services we do not select individual securities for the client’s account. The unaffiliated subadvisors buy and sell securities over time as they manage the client’s assets on Madison’s behalf. To avoid any potential conflict of interest, we do not engage in any referral or other fee sharing arrangements with an unaffiliated subadvisor. However, there is a dual fee structure of subadvisory arrangements for clients. In addition to our fee for management and oversight of the account, as advisor, the subadvisor will also charge a fee on the portion of the assets for which the subadvisor provides management. For a description of this fee, along with services offered, the client should refer to the unaffiliated subadvisor’s Form ADV Part 2A Disclosure Brochure, the advisory contract, or other disclosure documents. Madison will provide on-going review and oversight of any subadvisor that we use. Madison will review and monitor the performance of any subadvisor based on both absolute and comparative performance to benchmarks. Among other considerations, Madison will also review and monitor the qualifications and disclosures of any subadvisor that we use. If authorized by a client, Madison retains the discretionary authority to hire and/or replace any subadvisor, when warranted by the circumstances, as part of Madison’s engagement to manage the client’s account consistent with the stated investment objectives and policies. Our Assets Under Management As of December 31, 2023, Madison Investment Advisors, LLC managed approximately $19 billion (approximately $13 billion in assets on a discretionary basis and approximately $6 billion on a non-discretionary basis). Together with our affiliated investment advisory firms described below in the section entitled, “Other Financial Industry Activities and Affiliations,” the Madison organization managed approximately $23.9 billion in assets on a discretionary and non-discretionary basis as of December 31, 2023. Madison Investment Advisors may manage customized investment solutions accounts on a fully discretionary basis, on a fully non-discretionary basis or we may manage some client assets on a discretionary basis and some on a non-discretionary basis depending on the investment objectives and strategies of the client.