Madison Investment Advisors LLC

FEES AND COMPENSATION
Fee Schedules

The specific manner in which Madison charges its fees for investment advisory services (discretionary and non-
discretionary) is established in each client agreement. The structure and level of our advisory fee will vary by client
based upon the services provided and other considerations deemed relevant by Madison, including:

      •    The nature of the relationship with the client;
      •    The existence of another account relationship with the client;
      •    The total value of assets managed or expected to be managed;
      •    Unique or special conditions specific to a client;
      •    The client’s portfolio guidelines;
      •    The client’s servicing requirements;
      •    The client’s relationship to the firm; and/or
      •    Asset type or other investments.

The advisory fee typically takes the form of a percentage of assets under portfolio management and/or advisement,
ranging up to 1.00% per annum. Madison may charge a minimum quarterly fee of $1,500, depending upon the size
of the account and the services provided to the client.

Planning

Our fees for financial planning will be individually determined based on the time required to complete the financial
plan, the complexity of the client’s situation, the nature of the services being provided, and any on-going annual
financial planning services. We will provide an estimate for financial planning fees in the Client Engagement Letter
at the start of the relationship. Prior to commencing financial planning services, the client will be required to enter
into an agreement for services which will detail the fees agreed upon.

Fees for financial planning will be provided on a fixed fee basis. Fixed fees will typically range from $500-$5000
depending on the specific service requested, the nature and complexity of the client’s circumstances, and the
qualifications, training and experience of the individuals performing the service.

In certain instances, financial planning may be performed in conjunction with the investment management of the
client’s account. When both services are provided, we may choose to waive the financial planning fees for the client,
depending upon the individual circumstances of the client and the complexity of the situation.

Note that depending upon the amount of the client’s assets, Madison may be paid more for providing investment
advisory services as opposed to financial planning services. Therefore, in certain circumstances Madison has a
financial incentive to recommend the use of Madison’s investment advisory services (including the Madison Funds
and/or Madison ETFs) in its financial plan.

How We Are Paid

For investment management services, we generally require fees to be computed and payable quarterly in advance,
based on the valuation of assets under management on the last day of the prior quarterly period. The value of non-
discretionary assets is based on the valuation reported by the applicable custodian, third-party and/or the value
reported by the issuer of any alternative investments, as applicable. To the extent the issuer of any alternative
investments does not report a value as of the applicable valuation date, the value used to calculate fees will be the
most-recently reported value (which may be cost) of the investment. We may also charge a flat fee (based on level

SEC File No. 801-52751
March 2026

of assets) for specialized performance reporting done at a client’s request for reporting on discretionary, non-
discretionary and unmanaged assets.

Clients may select whether they prefer to authorize and direct the custodian to automatically deduct Madison’s fees
from their accounts or for Madison to send them a bill for fees incurred. For financial planning services, up to 50%
of the fee may be due upon signing of a financial planning agreement or acceptance of the engagement letter, with
the balance due upon delivery of the financial plan. In the event of termination of the client agreement, any collected
but unearned fees for these services will be promptly refunded to the client upon termination, and any earned but
unpaid fees will be due and payable. In no event will a fee be collected for services that will not be completed within
six (6) months of the prepayment.

Refunds of Advance Fees Paid

We may not change our fees without sixty (60) days’ advance notice. In the event of the termination of our
services, any unearned portion of fees previously paid is prorated and fully refundable. A client may terminate an
agreement with us at any time by written notice to us.

Other Fees You Should Understand

Madison does not custody client assets and each client must appoint a custodian. Our fees are exclusive of
administration expenses, brokerage commissions, transaction fees, fund expenses, custody fees and other related
costs and expenses which shall be incurred by a client. Clients incur certain charges imposed by custodians,
brokers, third-party managers and other third parties such as fees charged by managers, custodial fees, deferred
sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes
on brokerage accounts and securities transactions.

When beneficial to the client, certain transactions may be effected through brokers other than the account custodian,
in which event, except in situations in which the custodian has waived the additional fee, the client generally will
incur both the fee (commission, mark-up/mark-down) charged by the executing broker and a separate “trade-away,”
“step-out” and/or prime broker fee charged by the custodian. Clients should review custodial agreements for
additional detail on the fees charged.

We may not change our fees without sixty (60) days’ advance written notice. In the event of the termination of our
services, any unearned portion of fees previously paid is prorated and fully refundable. A client may terminate an
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TYPES OF CLIENTS
We provide customized investment solutions to a variety of clients, including individuals, institutions, trusts and
other qualified investors. A representative client list is available upon request.

Our minimum account size is typically $1,000,000 for individuals and $5 million for institutions. We do not have a
formal minimum account size for individual investors. The decision on whether to accept an individual account
depends upon the nature and circumstance of the relationship. In addition, we reserve the right to refuse to accept
proposed management responsibilities or to resign from the management of any individual account.

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March 2026

METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS
Our Investment Strategies

Multi-Asset
We provide our asset allocation clients with asset allocation recommendations using a wide range of mutual funds
and exchange-traded funds (“ETFs”) based on proprietary asset allocation models. To be included, an investment
must not only meet certain objective criteria, including performance, expenses, volatility, and duration of track
record, but also be available for purchase through the client’s custodian or clearing firm. Mutual funds managed by
Madison may, from time to time, be included in our asset allocation decisions. If such funds are purchased for a
client account, in addition to the fees due to Madison for its investment advisory and other services provided with
regard to the program, Madison will also be entitled to investment advisory fees and in certain circumstances,
servicing fees, for its services to these proprietary funds. Madison will typically not invest more than 20% of any
non-investment company asset allocation account (at time of purchase) in mutual funds and exchange traded funds
managed by Madison. Individual accounts may exceed this 20% limitation.

Madison will limit its mutual fund recommendations to classes of shares that are not subject to a front-end sales
load (or those that qualify for a waiver of such load). (Mutual fund shares subject to a sales load that were purchased
and transferred into an asset allocation account are subject to all fees and charges that are normally charged on
mutual fund shares held within the account). Mutual funds that have 12b-1 fees may be purchased in an asset
allocation account. Any 12b-1 fees paid by those mutual funds attributable to an asset allocation account
investment will be paid to the client’s custodian, if it is a broker/dealer, or directed broker which serves as the client’s
executing broker. This does not increase the cost of investment to asset allocation clients, but it does provide an
incentive to use such funds within asset allocation strategy accounts over alternative funds that do not have such
arrangements. In fact, it is possible that if mutual funds are used in an asset allocation account that do not have
12b-1 fees that are payable to or revenue-sharing agreements with the client’s custodian or directed broker,
additional fees may be assessed against Madison or the client. While Madison believes it has tremendous latitude
(open architecture) as it implements its asset allocation strategies and investment insights, clients should be aware
that although those funds that do not have such arrangements may be considered when making allocation
decisions, they are not normally so considered if additional fees or charges would be assessed against Madison or
the client. More complete information about mutual funds purchased on behalf of clients in asset allocation accounts
is contained in the relevant prospectus of each such fund, which is provided to clients at the time of purchase.

Madison Fixed-Income
Madison’s philosophy revolves around the principle of “Participate and Protect®,” which means we strive to build
portfolios that participate as fully as possible in favorable markets and, more importantly, protect principal in difficult
markets. We have a high quality bias, and emphasize liquidity, fundamental operational and balance sheet strength,
industry/sector leadership, the long-term sustainability of the issuer’s business model, and relative value in selecting
bonds.

We manage a variety of types of bond portfolios with the distinctions generally relating to the specific type
of securities in the portfolio. For example, we manage accounts that contain: only government securities;
only corporate securities; mixtures of both government and corporate securities; municipal bonds (tax- exempt
securities); and securities with a limited duration.

Madison Equity

Large Cap, Mid Cap, Multi-Cap and Small Cap
We employ a fundamental “bottom-up” strategy in constructing our equity portfolios. Following the firm’s long-
term philosophy of “Participate and Protect ®” with the goal of seeking superior returns while minimizing the
risk of permanent capital loss. To pursue our goals, we emphasize high-quality growth companies that exhibit
sustainable competitive advantages and consistent cash flow. After identifying companies that satisfy our
criteria, we value the businesses and develop a high-conviction portfolio of quality companies at attractive
valuations. Our analysis revolves around a rigorous three-step process. We consider (1) The business model
analysis, (2) the management team assessment and (3) the valuation of each potential investment.

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March 2026

Covered Call
For a thorough description of the various options-related strategies we provide for our investment company clients,
please refer to the applicable prospectus and other disclosure materials for the respective investment companies
we manage that have adopted option strategies.

Dividend Income
Following the firm’s long-term philosophy of “Participate and Protect ®” the strategies investment objective is to
achieve long-term outperformance over a full market cycle while taking below average risk. To pursue this
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