MINAX Fees and Costs — Madison International Stock Fund, Class A
Data updated: 2025-03-25
The net expense ratio is 1.61%: a 1.05% management fee, a 0.25% 12b-1 fee plus 0.31% other expenses. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2024 the fund paid $8K in broker commissions, 0.0617% of average net assets, and portfolio turnover was 22%.
MINAX Fees and Expenses
Annual operating expenses and sales charges of MINAX. Prospectus, as of February 29, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 1.05% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.31% |
| Gross expense ratio | 1.61% |
| Fee waiver | — |
| Net expense ratio | 1.61% |
| 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 |
MINAX Costs Over Time
On $10,000 invested in MINAX, assuming 5% a year before costs, total costs come to $1,706 over 5 years, cutting the return by 2.97% 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 1.61%) | $159 | $494 | $850 |
| Trading costs (broker commissions) | $6 | $19 | $33 |
| Lost growth on money paid in costs | $29 | $116 | $249 |
| Total costs | $769 | $1,204 | $1,706 |
| Value after costs | $9,731 | $10,373 | $11,057 |
| Impact on return, per year | 7.69% | 3.77% | 2.97% |
MINAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0617%
- Total broker commissions: $8K
- Bought from dealers (principal trades, not a cost): $51.1M
- Portfolio turnover (prospectus): 22%
- Securities on loan, average value: $156K
- Net income from securities lending: $2K (0.014% of average net assets)
MINAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BNP Paribas Securities Corp. | $2K | 25.19% |
| CLSA Americas, LLC | $2K | 20.83% |
| UBS Securities LLC | $2K | 19.41% |
| Morgan Stanley & Co. LLC | $1K | 18.30% |
| Redburn (USA) LLC | $673 | 8.60% |
| BNY Capital Markets, LLC | $595 | 7.60% |
| Skandinaviska Enskilda Banken AB | $5 | 0.07% |
MINAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $51.1M | 100.00% |
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.