MADRX Fees and Costs — Madison Dividend Income Fund, Cass R6
Data updated: 2026-09-17
The net expense ratio is 0.73%: a 0.70% management fee plus 0.03% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $27K in broker commissions, 0.0214% of average net assets, and portfolio turnover was 28%.
MADRX Fees and Expenses
Annual operating expenses and sales charges of MADRX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.03% |
| Gross expense ratio | 0.73% |
| Fee waiver | — |
| Net expense ratio | 0.73% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
MADRX Costs Over Time
On $10,000 invested in MADRX, assuming 5% a year before costs, total costs come to $472 over 5 years, cutting the return by 0.79% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.73%) | $77 | $240 | $417 |
| Trading costs (broker commissions) | $2 | $7 | $12 |
| Lost growth on money paid in costs | $0 | $12 | $43 |
| Total costs | $79 | $259 | $472 |
| Value after costs | $10,421 | $11,317 | $12,290 |
| Impact on return, per year | 0.79% | 0.79% | 0.79% |
MADRX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0214%
- Total broker commissions: $27K
- Bought from dealers (principal trades, not a cost): $472.8M
- Portfolio turnover (prospectus): 28%
- Securities lending: none during the year
MADRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Robert W. Baird & Co. Incorporated | $9K | 34.41% |
| William Blair & Company, L.L.C. | $7K | 25.78% |
| RBC Capital Markets, LLC | $6K | 22.14% |
| SG Americas Securities, LLC | $4K | 12.98% |
| Morgan Stanley & Co. LLC | $770 | 2.85% |
| Kezar Trading, LLC | $500 | 1.85% |
MADRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $472.8M | 100.00% |
Madison Dividend Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MADRX | Cass R6 | 0.73% | none |
| MDMIX | Class I | 0.81% | none |
| BHBFX | Class Y | 0.91% | none |
| MADAX | Class A | 1.16% | 5.75% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.