MASMX Fees and Costs — Madison Small Cap Fund, Class A
Data updated: 2026-09-17
The net expense ratio is 1.35%: a 0.89% management fee, a 0.25% 12b-1 fee plus 0.21% other expenses. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2025 the fund paid $142K in broker commissions, 0.0809% of average net assets, and portfolio turnover was 35%.
MASMX Fees and Expenses
Annual operating expenses and sales charges of MASMX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.89% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.21% |
| Gross expense ratio | 1.35% |
| Fee waiver | — |
| Net expense ratio | 1.35% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| 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 |
MASMX Costs Over Time
On $10,000 invested in MASMX, assuming 5% a year before costs, total costs come to $1,570 over 5 years, cutting the return by 2.72% 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 |
| Sales charges | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.35%) | $134 | $415 | $716 |
| Trading costs (broker commissions) | $8 | $25 | $43 |
| Lost growth on money paid in costs | $29 | $112 | $236 |
| Total costs | $745 | $1,127 | $1,570 |
| Value after costs | $9,755 | $10,449 | $11,193 |
| Impact on return, per year | 7.45% | 3.53% | 2.72% |
MASMX 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): 0.0809%
- Total broker commissions: $142K
- Bought from dealers (principal trades, not a cost): $2.8B
- Portfolio turnover (prospectus): 35%
- Securities on loan, average value: $16K
- Net income from securities lending: $225 (0.000% of average net assets)
MASMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Stephens Inc. | $55K | 38.92% |
| Raymond James & Associates, Inc. | $39K | 27.58% |
| BNY Capital Markets, LLC | $19K | 13.52% |
| Stifel, Nicolaus & Company, Incorporated | $17K | 11.65% |
| J.P. Morgan Securities LLC | $4K | 3.00% |
| Morgan Stanley & Co. LLC | $4K | 2.63% |
| Robert W. Baird & Co. Incorporated | $2K | 1.06% |
| Kezar Trading, LLC | $1K | 0.82% |
| SG Americas Securities, LLC | $947 | 0.67% |
| First Horizon Advisors, Inc. | $204 | 0.14% |
MASMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $2.8B | 100.00% |
Madison Small Cap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MSCRX | Class R6 | 0.92% | none |
| MSCIX | Class I | 1.00% | none |
| BVAOX | Class Y | 1.10% | none |
| MASMX | Class A | 1.35% | 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.