Strategy. The Fund invests primarily in shares of other registered investment companies (the underlying funds). The Fund will be diversified among a number of asset classes and its allocation among underlying funds will be based on an asset allocation model developed by Madison Asset Management, LLC (Madison), the Funds investment adviser. Under normal circumstances, the Funds total net assets will be allocated among various asset classes and underlying funds, including those whose shares trade on a stock exchange (exchange traded funds or ETFs), with target allocations over time of approximately 60% equity investments and 40% fixed income investments. Underlying funds in which the Fund invests may include funds advised by Madison and/or its affiliates, including other Madison Funds (the affiliated underlying … Show more… The Fund invests primarily in shares of other registered investment companies (the underlying funds). The Fund will be diversified among a number of asset classes and its allocation among underlying funds will be based on an asset allocation model developed by Madison Asset Management, LLC (Madison), the Funds investment adviser. Under normal circumstances, the Funds total net assets will be allocated among various asset classes and underlying funds, including those whose shares trade on a stock exchange (exchange traded funds or ETFs), with target allocations over time of approximately 60% equity investments and 40% fixed income investments. Underlying funds in which the Fund invests may include funds advised by Madison and/or its affiliates, including other Madison Funds (the affiliated underlying funds). Generally, Madison will not invest more than 75% of the Funds net assets, at the time of purchase, in affiliated underlying funds. Although actual allocations may vary, as of October 31, 2025, the Funds portfolio allocation as a percentage of net assets was: - Bond Funds: 37.3% - Stock Funds: 42.0% - Foreign Stock Funds: 17.6% - Short-Term Investments: 11.8% - Net Other Assets and Liabilities: -8.7% With regard to investments in debt securities, Madisons bias is toward securities with intermediate and short-term maturities. As of December 31, 2025, the weighted average duration of the Funds debt portfolio was 5.63 y ears. Madison may employ multiple analytical approaches to determine the appropriate asset allocation for the Fund, including: Macroeconomic analysis. This approach analyzes high frequency economic and market data across the global markets in an effort to identify attractive investment opportunities in countries, regions and/or asset classes. Fundamental analysis. This approach reviews fundamental asset class valuation data to determine the absolute and relative attractiveness of existing and potential investment opportunities. Correlation analysis. This approach considers the degree to which returns in different asset classes do or do not move together, and the Funds aim to achieve a favorable overall risk and return profile. Scenario analysis. This approach analyzes historical and expected return data to model how individual asset classes and combinations of asset classes would affect the Fund under different economic and market conditions. In addition, Madison has a flexible mandate that permits the Fund, at the sole discretion of Madison, to materially reduce equity risk exposures when and if conditions are deemed to warrant such an action. The Funds investment strategy reflects Madisons general Participate and Protect investment philosophy. Madisons expectation is that investors in the Fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madisons expectations regarding this investment strategy will be realized. Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in cash, money market funds, and/or money market instruments. To the extent the Fund engages in this temporary defensive position, the Funds ability to achieve its investment objective may be diminished. Show less