MMDAX Fees and Costs — Madison Moderate Allocation Fund, Class A
Data updated: 2026-09-17
The net expense ratio is 1.00%. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2025 the fund paid $43K in broker commissions, 0.0476% of average net assets, and portfolio turnover was 38%.
MMDAX Fees and Expenses
Annual operating expenses and sales charges of MMDAX. 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 | 1.00% |
| Fee waiver | — |
| Net expense ratio | 1.00% |
| 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 |
MMDAX Costs Over Time
On $10,000 invested in MMDAX, assuming 5% a year before costs, total costs come to $1,351 over 5 years, cutting the return by 2.32% 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 1.00%) | $99 | $309 | $535 |
| Trading costs (broker commissions) | $5 | $15 | $25 |
| Lost growth on money paid in costs | $29 | $107 | $215 |
| Total costs | $707 | $1,005 | $1,351 |
| Value after costs | $9,793 | $10,571 | $11,412 |
| Impact on return, per year | 7.07% | 3.13% | 2.32% |
MMDAX 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): 0.0476%
- Total broker commissions: $43K
- Bought from dealers (principal trades, not a cost): $719.3M
- Portfolio turnover (prospectus): 38%
- Securities on loan, average value: $6.2M
- Net income from securities lending: $23K (0.026% of average net assets)
MMDAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Robert W. Baird & Co. Incorporated | $11K | 26.47% |
| William Blair & Company, L.L.C. | $11K | 25.78% |
| RBC Capital Markets, LLC | $11K | 25.45% |
| SG Americas Securities, LLC | $10K | 22.30% |
MMDAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $719.3M | 100.00% |
Madison Moderate 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 |
|---|---|---|---|
| MMDAX | Class A | 1.00% | 5.75% |
| MMDCX | Class C | 1.75% | 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.