MBLAX Fees and Costs — Madison Diversified Income Fund, Class A
Data updated: 2026-09-17
The net expense ratio is 1.13%. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2025 the fund paid $49K in broker commissions, 0.0384% of average net assets, and portfolio turnover was 24%.
MBLAX Fees and Expenses
Annual operating expenses and sales charges of MBLAX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.20% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.21% |
| Gross expense ratio | 1.13% |
| Fee waiver | — |
| Net expense ratio | 1.13% |
| 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 |
MBLAX Costs Over Time
On $10,000 invested in MBLAX, assuming 5% a year before costs, total costs come to $1,420 over 5 years, cutting the return by 2.45% 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 1.13%) | $112 | $348 | $603 |
| Trading costs (broker commissions) | $4 | $12 | $20 |
| Lost growth on money paid in costs | $29 | $108 | $222 |
| Total costs | $719 | $1,044 | $1,420 |
| Value after costs | $9,781 | $10,533 | $11,342 |
| Impact on return, per year | 7.19% | 3.26% | 2.45% |
MBLAX 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): 0.0384%
- Total broker commissions: $49K
- Bought from dealers (principal trades, not a cost): $228.0M
- Portfolio turnover (prospectus): 24%
- Securities on loan, average value: $5.5M
- Net income from securities lending: $20K (0.016% of average net assets)
MBLAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Robert W. Baird & Co. Incorporated | $17K | 33.71% |
| William Blair & Company, L.L.C. | $12K | 23.66% |
| SG Americas Securities, LLC | $8K | 17.15% |
| Jane Street Execution Services, LLC | $6K | 11.90% |
| RBC Capital Markets, LLC | $4K | 8.50% |
| Goldman Sachs & Co. LLC | $3K | 5.08% |
MBLAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $228.0M | 100.00% |
Madison Diversified 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 |
|---|---|---|---|
| MBLAX | Class A | 1.13% | 5.75% |
| MBLCX | Class C | 1.86% | none |
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.