MHNAX Fees and Costs — Madison High Income Fund, High Income Fund Class A
Data updated: 2020-09-22
The net expense ratio is 1.01%: a 0.55% management fee, a 0.25% 12b-1 fee plus 0.20% other expenses. This share class carries a maximum front-end sales load of 4.50%. In fiscal 2019 the fund paid $216 in broker commissions, 0.0011% of average net assets, and portfolio turnover was 16%.
MHNAX Fees and Expenses
Annual operating expenses and sales charges of MHNAX. Prospectus, as of February 29, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.20% |
| Gross expense ratio | 1.01% |
| Fee waiver | — |
| Net expense ratio | 1.01% |
| Sales charges | |
|---|---|
| Max front load | 4.50% |
| 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 |
MHNAX Costs Over Time
On $10,000 invested in MHNAX, assuming 5% a year before costs, total costs come to $1,178 over 5 years, cutting the return by 2.01% 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 | $450 | $450 | $450 |
| Fund expenses (net expense ratio 1.01%) | $101 | $316 | $548 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $23 | $87 | $180 |
| Total costs | $574 | $853 | $1,178 |
| Value after costs | $9,926 | $10,723 | $11,585 |
| Impact on return, per year | 5.74% | 2.64% | 2.01% |
MHNAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0011%
- Total broker commissions: $216
- Bought from dealers (principal trades, not a cost): $477.4M
- Portfolio turnover (prospectus): 16%
- Securities on loan, average value: $1.3M
- Net income from securities lending: $10K (0.054% of average net assets)
MHNAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Sanford C. Bernstein & Co., LLC | $216 | 100.00% |
MHNAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $471.6M | 98.85% |
| J.P. Morgan Securities LLC | $1.3M | 0.27% |
| Wells Fargo Securities, LLC | $1.1M | 0.22% |
| Goldman Sachs & Co. LLC | $979K | 0.21% |
| Cantor Fitzgerald & Co. | $508K | 0.11% |
| BofA Securities, Inc. | $402K | 0.08% |
| MarketAxess Corporation | $369K | 0.08% |
| Citigroup Global Markets Inc. | $326K | 0.07% |
| U.S. Bancorp Investments, Inc. | $324K | 0.07% |
| Credit Suisse Securities (USA) LLC | $211K | 0.04% |
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.