Summary

• Military action initiated by the U.S. & Israel against Iran has disrupted global trade and driven energy prices and market volatility meaningfully higher.
• U.S. Treasury yields rose across maturities with the Treasury curve flattening in the first quarter, while the Fed held rates steady at both their January and March meetings.
• During the first quarter of 2026, corporate bond yields moved higher along with Treasury yields as increasing market volatility pushed corporate bond spreads wider.
• During the first quarter, the Madison High Quality Bond Fund (class I) returned +0.01% versus the Bloomberg Intermediate Government/Credit A+ Index return of +0.02%.
• Madison High Quality Bond Fund managers remain positioned to take advantage of more attractive current yield levels while closely monitoring the changing trajectory of economic growth.

The first quarter of 2026 brought continued volatility across market sectors as heightened geopolitical tensions impacted markets. Military action initiated by the U.S. & Israel against Iran has disrupted global trade and driven energy prices and market volatility meaningfully higher. With

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