MCNAX Fees and Costs — Madison Conservative Allocation Fund, Class A
Data updated: 2026-09-17
The net expense ratio is 0.98%. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2025 the fund paid $19K in broker commissions, 0.0466% of average net assets, and portfolio turnover was 30%.
MCNAX Fees and Expenses
Annual operating expenses and sales charges of MCNAX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.20% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.26% |
| Gross expense ratio | 0.98% |
| Fee waiver | — |
| Net expense ratio | 0.98% |
| 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 |
MCNAX Costs Over Time
On $10,000 invested in MCNAX, assuming 5% a year before costs, total costs come to $1,339 over 5 years, cutting the return by 2.30% 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 0.98%) | $97 | $303 | $524 |
| Trading costs (broker commissions) | $5 | $14 | $25 |
| Lost growth on money paid in costs | $29 | $106 | $214 |
| Total costs | $705 | $998 | $1,339 |
| Value after costs | $9,795 | $10,578 | $11,424 |
| Impact on return, per year | 7.05% | 3.11% | 2.30% |
MCNAX 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): 0.0466%
- Total broker commissions: $19K
- Bought from dealers (principal trades, not a cost): $213.2M
- Portfolio turnover (prospectus): 30%
- Securities on loan, average value: $2.0M
- Net income from securities lending: $7K (0.018% of average net assets)
MCNAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| William Blair & Company, L.L.C. | $6K | 30.70% |
| RBC Capital Markets, LLC | $5K | 25.60% |
| SG Americas Securities, LLC | $5K | 24.69% |
| Robert W. Baird & Co. Incorporated | $4K | 19.01% |
MCNAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $213.2M | 100.00% |
Madison Conservative Allocation Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MCNAX | Class A | 0.98% | 5.75% |
| MCOCX | Class C | 1.74% | 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.