• High Income Fund

Fund Objective

The High Income Fund seeks high current income. The fund also seeks capital appreciation, but only when consistent with its primary goal.

Investment†Strategies

The High Income Fund invests primarily in better quality, B-rated bonds that offer opportunity for capital appreciation. Using a cautious, conservative style that avoids deeply discounted issues, the goal is to outperform the high yield market with less volatility.

Key Highlights

(as of Friday February 22, 2019)
Class A Class B Class Y
Daily Price 5.86 6.03 5.75
Ticker Symbol MHNAX MHNBX MHNYX
Inception Date 12/29/97 12/29/97
Expense Ratio 1.02 1.77 0.77


Links to other Madison Funds information:
Daily Price Summary
Performance Summary (PDF)
Prospectus and Financial Reports
Account Applications and Forms
Tax Information

Portfolio Management


Allen Olson, CFA

Mike Sanders, CFA
ghlights

Portfolio Highlights

Top Ten Fund Holdings
(as of January 31, 2019)
UNIT CORP
(6.625% 15 May 2021)
2.9%
OUTFRONT MEDIA CAP LLC/C
(5.625% 15 Feb 2024)
2.6%
RAYONIER AM PROD INC
(5.5% 01 Jun 2024)
2.6%
MURPHY OIL USA INC
(5.625% 01 May 2027)
2.0%
CARRIZO OIL + GAS INC
(6.25% 15 Apr 2023)
1.9%
AMERICAN MIDSTREAM PTR/F
(9.5% 15 Dec 2021)
1.8%
PILGRIM S PRIDE CORP
(5.75% 15 Mar 2025)
1.8%
NIELSEN FINANCE LLC/CO
(5% 15 Apr 2022)
1.8%
GAMESTOP CORP
(6.75% 15 Mar 2021)
1.7%
CCO HLDGS LLC/CAP CORP
(5.875% 01 Apr 2024)
1.6%
% of Fund in Top Ten Securities20.7%
Net Assets (as of 12/31/18) $18.9 Million
Turnover (as of 10/31/18) 25%

Complete Holdings List