Summary

• The first quarter began with a long-awaited broadening out of equity markets from the mega-cap technology stocks that had dominated market performance for much of the prior three years.
• The leading sectors in the Russell Midcap index were a relative performance headwind for the Madison Mid Cap Fund as the portfolio does not have any investments in these sectors.
• Ross Stores posted one of its strongest quarters of same-store-sales growth in quite some time and management sees sales momentum continuing into 2026.
• Gartner shares were down following another quarter of disappointing subscription revenue growth, which added fuel to investor concern regarding potential disruption risk from AI.
• The Madison Mid Cap Fund added software investments, Tyler Technologies and Bentley Systems, as both companies have unique characteristics that the fund believes will prove resilient to AI disruption.

The first quarter began with a long-awaited broadening out of equity markets from the mega-cap technology stocks that had dominated market performance for much of the prior three years and towards companies that participate in

65 Followers