MIIRX Fees and Costs — Madison High Quality Bond Fund, Class I
Data updated: 2026-09-17
The net expense ratio is 0.41%: a 0.30% management fee plus 0.11% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 26%.
MIIRX Fees and Expenses
Annual operating expenses and sales charges of MIIRX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.11% |
| Gross expense ratio | 0.41% |
| Fee waiver | — |
| Net expense ratio | 0.41% |
| 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 |
MIIRX Costs Over Time
On $10,000 invested in MIIRX, assuming 5% a year before costs, total costs come to $260 over 5 years, cutting the return by 0.43% 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 0.41%) | $43 | $135 | $236 |
| Lost growth on money paid in costs | $0 | $7 | $24 |
| Total costs | $43 | $142 | $260 |
| Value after costs | $10,457 | $11,434 | $12,503 |
| Impact on return, per year | 0.43% | 0.43% | 0.43% |
MIIRX 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $106.3M
- Portfolio turnover (prospectus): 26%
- Securities on loan, average value: $1.3M
- Net income from securities lending: $4K (0.006% of average net assets)
MIIRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $75.2M | 73.31% |
| BofA Securities, Inc. | $6.9M | 6.75% |
| Wells Fargo Securities, LLC | $6.3M | 6.10% |
| MarketAxess Corporation | $3.7M | 3.63% |
| BNP Paribas Securities Corp. | $3.4M | 3.33% |
| Goldman Sachs & Co. LLC | $2.3M | 2.22% |
| Nomura Securities International, Inc. | $1.9M | 1.82% |
| Citigroup Global Markets Inc. | $1.3M | 1.23% |
| BNY Capital Markets, LLC | $986K | 0.96% |
| SG Americas Securities, LLC | $652K | 0.64% |
Madison High Quality Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MIIRX | Class I | 0.41% | none |
| MIIBX | Class Y | 0.50% | 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.