MHNYX : Madison High Income Fund Class Y

Fund Summary

The investment seeks high current income; the fund also seeks capital appreciation, but only when consistent with its primary goal. The fund invests primarily in lower-rated, higher-yielding income bearing securities, such as "junk" bonds. Under normal market conditions, it invests at least 80% of its net assets (including borrowings for investment purposes) in bonds rated lower than investment grade (BBB/Baa) and their unrated equivalents or other high-yielding securities. Up to 25% of the fund's assets may be invested in the securities of issuers in any one industry, and up to 50% of the fund's assets may be invested in restricted securities.