- Dividend Income Fund
Fund Objective
Madison Dividend Income Fund invests in a diversified portfolio of dividend-paying stocks, with the goal of producing current income while providing an opportunity for capital appreciation.
Investment Strategies
The fund focuses on large companies whose stocks have a market capitalization exceeding $1 billion. Under normal conditions at least 80% of the fund’s assets will be invested in dividend paying securities. These securities are chosen for having a current yield exceeding the S&P 500’s average yield, strong fundamentals including an attractive balance sheet, and reasonable valuations at the time of purchase. A key attraction for management is a company with a history of increasing dividend payments in the past, and a business model which supports the possibility of continuing these increases in the future.
This fund’s investment strategy reflects the adviser’s general “Participate and Protect®” investment philosophy. The adviser’s expectation is that investors in the fund will participate in market appreciation during bull markets and be protected during bear markets compared with investors in portfolios holding more speculative and volatile securities, although there is no assurance that this expectation will be realized.
Quarterly Materials
Key Highlights
(as of Tuesday February 07, 2023) | ||||
Class A | Class Y | Class I | Class R6 | |
Daily Price | 28.58 | 28.59 | 28.58 | 28.58 |
Ticker Symbol | MADAX | BHBFX | MDMIX | MADRX |
Inception Date |
5/29/2020 |
12/18/1986 |
8/31/2020 | 2/28/2022 |
Expense Ratio | 1.16 | 0.91 | 0.81 | 0.73 |
Links to other Madison Funds information:
Daily Price Summary
Performance Summary (PDF)
Prospectus and Financial Reports
Account Applications and Forms
Tax Information
Form 8937 - Dividend Income Fund Reorganization 9/11/2020
Portfolio Management

John Brown, CFA
John serves as a portfolio manager on Madison’s U.S. Value Team and has over 25 years of investment experience, serving as a portfolio manager since 1987. Prior to joining Madison, John served in a similar capacity for MEMBERS Capital Advisors and Montgomery Asset Management in San Francisco. He earned a BS in Finance and Computer Science from Northern Illinois University, and an MBA from the University of Wisconsin.

Drew Justman, CFA
Drew serves as a portfolio manager on Madison’s Value Team. Prior to joining Madison, he worked with Merrill Lynch. Drew holds a BBA in Finance and Economics and an MS in Finance from the University of Wisconsin. He also graduated from the Applied Security Analysis Program.
Portfolio Highlights
Top Ten Fund Holdings | |
(as of December 31, 2022) | |
JOHNSON + JOHNSON | 3.8% |
CISCO SYSTEMS INC | 3.6% |
TRAVELERS COS INC/THE | 3.6% |
HOME DEPOT INC | 3.5% |
AIR PRODUCTS + CHEMICALS INC | 3.2% |
CATERPILLAR INC | 3.2% |
CVS HEALTH CORP | 3.2% |
PACCAR INC | 3.1% |
JPMORGAN CHASE + CO | 3.1% |
BLACKROCK INC | 3.0% |
% of Fund in Top Ten Securities | 33.2% |
Net Assets (as of 12/31/22) | $300.6 Million |
Turnover (as of 10/31/22) | 33% |
Complete Holdings List