Strategy. The Fund seeks to achieve its investment objective by investing in equity securities of companies with a market capitalization of over $1 billion and a history of paying dividends, with the ability to increase dividends over time. Under normal market conditions, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in dividend paying equity securities. The Funds investment advisor, Madison Asset Management, LLC ( Madison or the Advisor ), will identify investment opportunities by screening for companies that generally have the following characteristics: ? A dividend yield of at least 110% of the market dividend yield. For this purpose, the market dividend yield consists of the dividend yield of the companies in … Show more… The Fund seeks to achieve its investment objective by investing in equity securities of companies with a market capitalization of over $1 billion and a history of paying dividends, with the ability to increase dividends over time. Under normal market conditions, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in dividend paying equity securities. The Funds investment advisor, Madison Asset Management, LLC ( Madison or the Advisor ), will identify investment opportunities by screening for companies that generally have the following characteristics: ? A dividend yield of at least 110% of the market dividend yield. For this purpose, the market dividend yield consists of the dividend yield of the companies in the S&P 500 Index; ? A strong balance sheet; ? A dividend history that has been maintained and which is likely to increase; and ? Trade near or within the highest quartile (25%) of the companys historical dividend yield relative to the S&P 500 Index, due to issues which Madison views as temporary. Relative dividend yield is defined as a stocks dividend yield divided by the S&P 500 dividend yield. The Advisor compares a companys current relative dividend yield to the relative yield over its prior historical range up to 20 years. When a stock is trading near or within the highest quartile of its historical relative yield range, it is eligible for purchase in the Fund. The Fund may invest up to 50% of its net assets in equity securities rated below A- by Standard & Poors. The Fund expects to be fully invested in equity securities but will maintain the flexibility to hold up to 20% of the Funds net assets in preferred stocks and investment grade fixed income securities when warranted in Madisons discretion. The Fund may also invest up to 50% of its common stock allocation in foreign securities, including American Depositary Receipts (ADRs) and emerging market securities. To the extent invested in common stocks, the Fund generally invests in 30-60 companies at any given time. This reflects Madisons belief that the Fund should be invested in Madisons top investment ideas, and that focusing on Madisons highest conviction investment ideas is the best way to achieve the Funds investment objective. Tidal Investments LLC (Tidal or the Subadvisor) provides advisory services to the Fund by, among other things, trading portfolio securities and performing related services, providing tax optimization services and assists in basket creation, reporting and monitoring, portfolio compliance monitoring and reporting. Show less