Madison Diversified Income A MBLAX

The fund invests primarily in shares of other registered investment companies. The fund will be diversified among several asset classes and its allocation among underlying funds will be based on an asset allocation model developed by the fund’s investment adviser. Under normal circumstances, the fund’s total net assets will be allocated among various asset classes and underlying funds, including those whose shares trade on a stock exchange, with target allocations over time of approximately 60% equity investments and 40% fixed income investments.