John Brown, CFA, leads the Dividend Income strategy with over 40 years of investment experience, having started his career in 1983 and joined Madison in 2009. He holds a B.S. in Finance and Computer Science (summa cum laude) from Northern Illinois University and an MBA with Fellowship in applied security analysis from University of Wisconsin-Madison, with previous experience at Charles Schwab, The Bank of California, Montgomery Asset Management, and MEMBERS Capital Advisors. Drew Justman, CFA, serves as co-portfolio manager with over 20 years of financial services experience, joining Madison in 2005 as a research analyst and becoming portfolio manager in 2013. He holds a BBA and M.S. in Finance from University of Wisconsin-Madison and previously worked at Merrill Lynch as a Registered Client Associate. Together, the co-portfolio managers bring over 65 years of combined investment experience to managing dividend-focused equity strategies.

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The Madison Dividend Income Fund employs a 'Participate and Protect®' investment philosophy, seeking to achieve consistent investment returns while limiting portfolio risk. The strategy focuses on high-quality dividend-paying companies with market capitalizations exceeding $1 billion, emphasizing firms with dividend yields at least 1.1 times the S&P 500, strong balance sheets, consistent dividend history, and sustainable competitive advantages. The fund typically maintains 30-50 high-conviction positions with at least 80% invested in dividend-paying equity securities, employing a rigorous three-step evaluation process analyzing business models, management teams, and valuations. Madison's expectation is that investors will participate near fully in market appreciation during bull markets while experiencing something less than full participation during bear markets, representing a conservative investment strategy designed for long-term wealth preservation and income generation.

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