Summary

• For the first quarter, the Madison Dividend Income Fund (class I) returned +5.8%, which outperformed the S&P 500 Index, Russell 1000 Value Index, and Lipper Equity Income.
• The Dividend Income Fund was insulated from these risks due to its diversified portfolio of cheaper dividend stocks along with the fact it didn't own any of eight largest S&P 500 stocks.
• Detracting from relative performance in the first quarter were several of our Financial stocks in what was a weak quarter for the sector.

For the first quarter, the Madison Dividend Income Fund (class I) returned +5.8%, which outperformed the S&P 500 Index, Russell 1000 Value Index, and Lipper Equity Income peer group returns of -4.3%, +2.1% and +0.2%, respectively.

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