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Name

As of 11/01/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Madison Diversified Income Fund

MBLCX | Fund

$13.12

$144 M

6.07%

$0.80

1.86%

Vitals

YTD Return

4.3%

1 yr return

9.8%

3 Yr Avg Return

-0.1%

5 Yr Avg Return

4.0%

Net Assets

$144 M

Holdings in Top 10

100.4%

52 WEEK LOW AND HIGH

$13.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.86%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 34.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

$500

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/01/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Madison Diversified Income Fund

MBLCX | Fund

$13.12

$144 M

6.07%

$0.80

1.86%

MBLCX - Profile

Distributions

  • YTD Total Return 4.3%
  • 3 Yr Annualized Total Return -0.1%
  • 5 Yr Annualized Total Return 4.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.52%
DIVIDENDS
  • Dividend Yield 6.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Madison Diversified Income Fund
  • Fund Family Name
    MADISONMUT
  • Inception Date
    Jul 31, 2012
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    John Brown

Fund Description

The Fund invests primarily in shares of other registered investment companies (the “underlying funds”). The Fund will be diversified among several asset classes and its allocation among underlying funds will be based on an asset allocation model developed by Madison Asset Management, LLC (“Madison”), the Fund’s investment adviser. Under normal circumstances, the Fund’s total net assets will be allocated among various asset classes and underlying funds, including those whose shares trade on a stock exchange (exchange traded funds or “ETFs”), with target allocations over time of approximately 50% equity investments and 50% fixed income investments. Underlying funds in which the Fund invests may include funds advised by Madison and/or its affiliates, including other Madison Funds and ETFs (the “affiliated underlying funds”). Generally, Madison will not invest more than 80% of the Fund’s net assets, at the time of purchase, in affiliated underlying funds. Although actual allocations may vary, as of October 31, 2023, the Fund’s portfolio allocation as a percentage of net assets was:
-
Bond Funds/Fixed-Income Securities:
 50.8  %
-
Foreign Stock Funds:
 0.0  %
-
Short-Term Investments:
 2.1  %
-
Stock Funds/Common Stocks:
 48.8  %
-
Net Other Assets and Liabilities:
 -1.7  %
With regard to investments in debt securities, Madison’s bias is toward securities with intermediate and short-term maturities. As of December 31, 2023, the weighted average duration of the Fund’s debt portfolio was 4.66 years.
Madison may employ multiple analytical approaches to determine the appropriate allocation among the underlying funds, including:
•Macroeconomic analysis. This approach analyzes high frequency economic and market data across the global markets in an effort to identify attractive investment opportunities in countries, regions and/or asset classes.
•Fundamental analysis. This approach reviews fundamental asset class valuation data to determine the absolute and relative attractiveness of existing and potential investment opportunities.
•Correlation analysis. This approach considers the degree to which returns in different asset classes do or do not move together, and the Fund’s aim to achieve a favorable overall risk and return profile.
•Scenario analysis. This approach analyzes historical and expected return data to model how individual asset classes and combinations of asset classes would affect the Fund under different economic and market conditions.
In addition, Madison has a flexible mandate that permits the Fund, at the sole discretion of Madison, to materially reduce equity risk exposures when and if conditions are deemed to warrant such an action.
The Fund’s investment strategy reflects Madison’s general “Participate and Protect®” investment philosophy. Madison’s expectation is that investors in the Fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madison’s expectations regarding this investment strategy will be realized.
Although the Fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Fund may invest up to 100% in money market instruments. To the extent the Fund engages in this temporary defensive position, the Fund’s ability to achieve its investment objective may be diminished.
Read More

MBLCX - Performance

Return Ranking - Trailing

Period MBLCX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.3% -3.2% 57.3% 98.70%
1 Yr 9.8% -2.8% 64.3% 98.70%
3 Yr -0.1%* -5.5% 13.7% 91.56%
5 Yr 4.0%* -3.3% 19.4% 92.64%
10 Yr 5.3%* 0.9% 11.9% 76.39%

* Annualized

Return Ranking - Calendar

Period MBLCX Return Category Return Low Category Return High Rank in Category (%)
2023 -10.4% -12.2% 23.9% 99.71%
2022 -14.8% -34.7% 2.8% 18.04%
2021 2.0% -11.9% 18.1% 71.93%
2020 4.6% -20.9% 39.7% 75.87%
2019 11.7% 0.8% 25.7% 74.51%

Total Return Ranking - Trailing

Period MBLCX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.3% -3.2% 57.3% 98.70%
1 Yr 9.8% -2.8% 64.3% 98.70%
3 Yr -0.1%* -5.5% 13.7% 91.56%
5 Yr 4.0%* -3.3% 19.4% 92.64%
10 Yr 5.3%* 0.9% 11.9% 76.39%

* Annualized

Total Return Ranking - Calendar

Period MBLCX Return Category Return Low Category Return High Rank in Category (%)
2023 2.5% -12.2% 26.8% 97.55%
2022 -8.6% -29.0% 10.9% 9.97%
2021 13.5% -3.0% 27.3% 47.19%
2020 6.9% -19.5% 40.6% 85.56%
2019 18.3% 2.2% 32.7% 68.95%

NAV & Total Return History

MBLCX - Holdings

Concentration Analysis

MBLCX Category Low Category High MBLCX % Rank
Net Assets 144 M 789 K 230 B 80.52%
Number of Holdings 19 2 16015 71.28%
Net Assets in Top 10 140 M 577 K 69.8 B 70.42%
Weighting of Top 10 100.42% 10.8% 122.7% 1.59%

Top 10 Holdings

  1. Madison Covered Call ETF 24.21%
  2. Madison Short-Term Strategic Income ETF 19.94%
  3. Madison Dividend Value ETF 17.36%
  4. Madison Aggregate Bond ETF 16.87%
  5. Janus Henderson Mortgage-Backed Securities ETF 8.96%
  6. iShares Aaa - A Rated Corporate Bond ETF 4.90%
  7. Vanguard Dividend Appreciation ETF 3.60%
  8. Global X MLP ETF 2.77%
  9. State Street Institutional US Government Money Market Fund 1.62%
  10. State Street Navigator Securities Lending Government Money Market Portfolio 0.18%

Asset Allocation

Weighting Return Low Return High MBLCX % Rank
Stocks 		98.62% 0.00% 100.16% 33.48%
Cash 		1.80% -7.92% 100.00% 46.61%
Convertible Bonds 		0.06% 0.00% 23.84% 86.77%
Bonds 		0.01% 0.00% 74.58% 54.98%
Other 		0.00% -42.55% 113.97% 43.87%
Preferred Stocks 		0.00% 0.00% 23.91% 29.73%

Stock Sector Breakdown

Weighting Return Low Return High MBLCX % Rank
Healthcare 		19.67% 0.00% 29.35% 5.39%
Financial Services 		17.21% 0.00% 38.77% 15.45%
Industrials 		12.93% 0.00% 24.37% 12.97%
Consumer Defense 		9.96% 0.00% 15.14% 12.68%
Energy 		9.18% 0.00% 85.65% 8.89%
Consumer Cyclical 		7.93% 0.00% 19.36% 74.34%
Technology 		6.67% 0.00% 44.21% 94.31%
Communication Services 		6.66% 0.00% 38.10% 60.93%
Utilities 		3.77% 0.00% 99.55% 26.24%
Basic Materials 		3.58% 0.00% 33.35% 64.87%
Real Estate 		2.43% 0.00% 65.01% 70.70%

Stock Geographic Breakdown

Weighting Return Low Return High MBLCX % Rank
US 		98.62% 0.00% 100.16% 32.32%
Non US 		0.00% 0.00% 39.06% 31.02%

Bond Sector Breakdown

Weighting Return Low Return High MBLCX % Rank
Government 		36.34% 0.00% 97.26% 30.67%
Corporate 		30.95% 0.00% 98.21% 49.13%
Securitized 		25.56% 0.00% 92.13% 28.34%
Cash & Equivalents 		1.80% 0.00% 99.92% 42.14%
Municipal 		1.07% 0.00% 24.80% 16.13%
Derivative 		0.00% -2.87% 42.43% 33.19%

Bond Geographic Breakdown

Weighting Return Low Return High MBLCX % Rank
US 		0.01% 0.00% 74.58% 54.98%
Non US 		0.00% 0.00% 15.37% 17.75%

MBLCX - Expenses

Operational Fees

MBLCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.86% 0.03% 17.63% 12.48%
Management Fee 0.20% 0.00% 1.83% 35.82%
12b-1 Fee 1.00% 0.00% 1.00% 78.64%
Administrative Fee 0.20% 0.01% 0.83% 81.28%

Sales Fees

MBLCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load 1.00% 1.00% 5.00% 9.68%

Trading Fees

MBLCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

MBLCX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 34.00% 0.00% 343.00% 43.61%

MBLCX - Distributions

Dividend Yield Analysis

MBLCX Category Low Category High MBLCX % Rank
Dividend Yield 6.07% 0.00% 17.90% 0.29%

Dividend Distribution Analysis

MBLCX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Quarterly Quarterly

Net Income Ratio Analysis

MBLCX Category Low Category High MBLCX % Rank
Net Income Ratio 0.52% -2.34% 19.41% 80.47%

Capital Gain Distribution Analysis

MBLCX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

View More +

MBLCX - Fund Manager Analysis

Managers

John Brown

Start Date

Tenure

Tenure Rank

Jan 01, 1998

24.43

24.4%

John, CFA, serves as a portfolio manager on Madison's dividend income and value strategies. John has been working in the financial services industry since 1983 and joined Madison in 2009. He earned his B.S. in finance and computer science from Northern Illinois University and his MBA from the University of Wisconsin-Madison.

Chris Nisbet

Start Date

Tenure

Tenure Rank

Jun 30, 2013

8.92

8.9%

Chris serves as a portfolio manager for Madison’s Fixed Income Team, specializing in government and corporate bond portfolios. Chris has been working in the financial services industry since 1990 and joined Madison in 1992. He earned his B.S. in economics and M.S. in finance and investments from the University of Wisconsin-Madison.

Andrew Justman

Start Date

Tenure

Tenure Rank

Feb 28, 2015

7.26

7.3%

Mr. Justman, Vice President and Portfolio Manager of Madison, has co-managed the equity portion of the Fund since May 2015. Andrew has been working in the financial services industry since 2001 and joined Madison in 2005. He earned his BBA in finance and economics and M.S. in finance from the University of Wisconsin-Madison, specializing in the Applied Security Analysis Program. Prior to joining Madison he worked at Merrill Lynch.

Allen Olson

Start Date

Tenure

Tenure Rank

Feb 28, 2021

1.25

1.3%

Allen serves as a portfolio manager and analyst for Madison’s Fixed Income Team, specializing in corporate-only and credit research. Allen has been working in the financial services industry since 1998 and joined Madison in 2002. He earned his B.S. in economics from the University of Wisconsin-Green Bay and M.S. in management from the University of Wisconsin-Milwaukee.

Michael Sanders

Start Date

Tenure

Tenure Rank

Feb 28, 2022

0.25

0.3%

Mike Sanders, CFA, serves as a portfolio manager for Madison’s Fixed Income Team, specializing in credit research. Sanders has been working in the financial services industry since 2004 and joined Madison in 2013. He earned his BBA in finance from St. Norbert College, M.S. in economics from Marquette University and a MBA in analytical finance and accounting from the University Of Chicago Booth School Of Business.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 34.51 6.36 2.41

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