2024 Madison Funds Tax Information

 

Helpful Reminders

 

  • You will not receive a Form 1099-DIV if you have taxable ordinary dividends for any fund totaling $10 or less. You must still include these dividends on your income tax return. The dividends are shown in the “Income and Capital Gains Summary” section of your 2024 year-end investor statement mailed in early January.
  • IRS Form 5498 and 5498-ESA (which reports the Fair Market Value of contributions made to individual retirement accounts (IRAs) and Coverdell Education Savings Accounts (ESAs) through April 15, 2025, for the 2024 tax year will be mailed by May 31, 2025 and May 1, 2025, respectively. As of December 31, 2024, the Fair Market Value of these accounts was noted on your year-end investor statement.
  • Madison Funds has prepared tax inserts that may accompany your tax forms:
    1. Insert for 1099-DIV all funds, except Tax-Free funds.
    2. Insert for 1099-DIV Tax-Free National and Tax-Free Virginia Funds.
  • You can download tax information for your Madison Funds account into TurboTax® and H&R Block® Tax Software. Import your fund-related data for three tax forms: 1099-DIV, 1099-B, and 1099-R. Simply follow the instructions provided with your tax software product.

Feel free to contact your financial adviser or Shareholder Services at 1-800-877-6089 if you have any questions regarding your Madison Funds account.

 

 

Capital Gain Distributions

Throughout the year, mutual funds realize gains and losses from selling securities held in their portfolios. Mutual funds are required to distribute the net realized gains from these sales to shareholders each year. Below are the capital gains paid by the Madison Funds in 2024. Short-term capital gains distributions are taxed like ordinary income.

Funds Capital Gains Per Share ($)
Short-Term Long-Term
Madison Aggressive Allocation Fund None $0.260039540
Madison Conservative Allocation Fund None None
Madison Core Bond Fund None None
Madison Covered Call & Equity Income Fund None None
Madison Diversified Income Fund $0.005022080 $0.100400100
Madison Dividend Income Fund None $3.005510680
Madison High Quality Bond Fund None None
Madison International Stock Fund None None
Madison Investors Fund $0.023845620 $1.544735820
Madison Mid Cap Fund $0.005378180 $0.810326320
Madison Moderate Allocation Fund None $0.137988820
Madison Small Cap Fund None $1.081991590
Madison Sustainable Equity Fund None None
Madison Tax-Free National Fund None None
Madison Tax-Free Virginia Fund None None

Actual distribution amounts are based on gains and losses realized by the Madison Funds through October 31.

Distribution of Ordinary Income Dividends

When mutual funds earn interest or dividends from securities held in their portfolios, it subtracts fund expenses and passes this “ordinary income” on to shareholders. Shareholders are notified on Form 1099-DIV (mailed in late January) of the actual amounts of any capital gains or ordinary income dividend distributions.

2025 Distribution Calendar

The distribution schedule for year-end ordinary income dividends and capital gains for the Madison Funds is noted below.

Click here to view our printer-friendly version.

Funds (Nasdaq Symbol, Fund #) Distribution Frequency Declaration Date Record Date Ex/Reinvest/
Payable Date		 Type
Core Bond Fund:
  • Class A (MBOAX; 110),
  • Class Y (MBOYX; 6610),
  • Class I (MBOIX; 8810),
  • Class R6 (MBORX; 741),
Tax-Free National Fund:
  • Class Y (GTFHX; 6397)
Tax-Free Virginia Fund:
  • Class Y (GTVAX; 6394)
 Monthly 01/29/2025 01/30/2025 01/31/2025 Income
02/26/2025 02/27/2025 02/28/2025 Income
03/27/2025 03/28/2025 03/31/2025 Income
04/28/2025 04/29/2025 04/30/2025 Income
05/28/2025 05/29/2025 05/30/2025 Income
06/26/2025 06/27/2025 06/30/2025 Income
07/29/2025 07/30/2025 07/31/2025 Income
08/27/2025 08/28/2025 08/29/2025 Income
09/26/2025 09/29/2025 09/30/2025 Income
10/29/2025 10/30/2025 10/31/2025 Income
11/25/2025 11/26/2025 11/28/2025 Income
12/23/2025 12/24/2025 12/26/2025 Income & Cap Gains
Diversified Income Fund:
  • Class A (MBLAX; 111),
  • Class C (MBLCX; 511),
 Monthly 01/29/2025 01/30/2025 01/31/2025 Income
02/26/2025 02/27/2025 02/28/2025 Income
03/27/2025 03/28/2025 03/31/2025 Income
04/28/2025 04/29/2025 04/30/2025 Income
05/28/2025 05/29/2025 05/30/2025 Income
06/26/2025 06/27/2025 06/30/2025 Income
07/29/2025 07/30/2025 07/31/2025 Income
08/27/2025 08/28/2025 08/29/2025 Income
09/26/2025 09/29/2025 09/30/2025 Income
10/29/2025 10/30/2025 10/31/2025 Income
11/25/2025 11/26/2025 11/28/2025 Income
12/26/2025 12/29/2025 12/30/2025 Income & Cap Gains
Covered Call & Equity Income Fund:
  • Class A (MENAX; 1155),
  • Class C (MENCX; 555),
  • Class Y (MENYX; 6655),
  • Class I (MENIX; 8855),
  • Class R6 (MENRX; 755)
Dividend Income Fund:
  • Class A (MADAX; 1779),
  • Class Y (BHBFX; 6401),
  • Class I (MDMIX; 8801)
  • Class R6 (MADRX; 781)
High Quality Bond Fund:
  • Class Y (MIIBX; 6391)
  • Class I (MIIRX; 8891)
 Quarterly 03/27/2025 03/28/2025 03/31/2025 Income
06/26/2025 06/27/2025 06/30/2025 Income
09/26/2025 09/29/2025 09/30/2025 Income
12/23/2025 12/24/2025 12/26/2025 Income & Cap Gains
Conservative Allocation Fund:
  • Class A (MCNAX; 165),
  • Class C (MCOCX; 565)
 Quarterly 03/27/2025 03/28/2025 03/31/2025 Income
06/26/2025 06/27/2025 06/30/2025 Income
09/26/2025 09/29/2025 09/30/2025 Income
12/26/2025 12/29/2025 12/30/2025 Income & Cap Gains
International Stock Fund:
  • Class A (MINAX; 122),
  • Class Y (MINYX; 6622)
Investors Fund:
  • Class A (MNVAX; 199),
  • Class Y (MINVX; 6399),
  • Class I (MIVIX; 8899)
  • Class R6 (MNVRX; 796),
Mid Cap Fund:
  • Class A (MERAX; 123),
  • Class Y (GTSGX; 6623),
  • Class I (MDCIX; 8823)
  • Class R6 (MMCRX; 723),
Small Cap Fund:
  • Class A (MASMX; 124),
  • Class Y (BVAOX; 6624),
  • Class I (MSCIX; 8824)
  • Class R6 (MSCRX; 744)
Sustainable Equity Fund:
  • Class Y (MFSYX; 6625),
  • Class I (MFSIX; 8825)
 Annual 12/24/2025 12/26/2025 12/29/2025 Income & Cap Gains
Aggressive Allocation Fund:
  • Class A (MAGSX; 167),
  • Class C (MAACX; 567)
Moderate Allocation Fund:
  • Class A (MMDAX; 166),
  • Class C (MMDCX; 566)
 Annual 12/26/2025 12/29/2025 12/30/2025 Income & Cap Gains

2024 Madison ETFs Tax Information

 

Click here for a tax insert prepared by Madison ETFs that may accompany your tax forms.

Capital Gain Distributions

Throughout the year, exchange-traded funds realize gains and losses from selling securities held in their portfolios. Exchange trade funds are required to distribute the net realized gains from these sales to shareholders each year. Below are the capital gains paid by the Madison ETFs in 2024. Short-term capital gains distributions are taxed like ordinary income.

Funds Capital Gains Per Share ($)
Short-Term Long-Term
Madison Aggregate Bond ETF $0.0184800 $0.0094000
Madison Covered Call ETF $0.3955400 $0.0756590
Madison Dividend Value ETF None None
Madison Short Term Strategic Income ETF None None

Actual distribution amounts are based on gains and losses realized by the Madison Fund ETFs through their fiscal year-end June 30.

Distribution of Ordinary Income Dividends

When exchange traded funds earn interest or dividends from securities held in their portfolios, it subtracts fund expenses and passes this “ordinary income” on to shareholders. Shareholders are notified on Form 1099-DIV (mailed in late January) of the actual amounts of any capital gains or ordinary income dividend distributions.

Redemptions In-Kind and Tax Efficiency

ETFs are generally designed to minimize taxable events for shareholders to the extent possible through the use of in-kind redemptions.

When authorized participants (APs) redeem shares of a Fund, the Fund may deliver securities from its portfolio rather than selling securities to raise cash (a process referred to as “redemption in kind”). This in-kind redemption process helps a Fund minimize the recognition of capital gains at the Fund level, as no taxable event occurs when securities are transferred out instead of sold.

As a result, the tax impact of realized gains on a Fund’s portfolio may be reduced or eliminated for shareholders, potentially decreasing the amount of capital gains distributions the Fund must make to its shareholders. It is possible that a Fund will not meet its objective of being tax efficient or a Fund may may not utilize redemptions in kind due to different investment objectives and strategies.

2025 Distribution Calendar – ETFs

The distribution schedule for year-end ordinary income dividends and capital gains for the Madison ETFs is noted below.

Click here to view our printer-friendly version.

Funds Distribution Frequency Declaration Date Ex-Date Record Date Payable Date Payable Date
  • Madison Mosaic Income Opportunities ETF (MIOP) (not active)
  • Madison Short-Term Strategic Income ETF (MSTI)
  • Madison Dividend Value ETF (DIVL)
  • Madison Aggregate Bond ETF (MAGG)
Monthly 01/28/2025 01/29/2025 01/29/2025 01/31/2025 Income
02/25/2025 02/26/2025 02/26/2025 02/28/2025 Income
03/26/2025 03/27/2025 03/27/2025 03/31/2025 Income
04/25/2025 04/28/2025 04/28/2025 4/30/2025 Income
05/27/2025 05/28/2025 05/28/2025 05/30/2025 Income
06/25/2025 06/26/2025 06/26/2025 06/30/2025 Income
07/28/2025 07/29/2025 07/29/2025 07/31/2025 Income
08/26/2025 08/27/2025 08/27/2025 08/29/2025 Income
09/25/2025 09/26/2025 09/26/2025 09/30/2025 Income
10/28/2025 10/29/2025 10/29/2025 10/31/2025 Income
11/25/2025 11/26/2025 11/26/2025 11/28/2025 Income
12/24/2025 12/26/2025 12/26/2025 12/30/2025 Income & Cap Gains
  • Madison Covered Call ETF (CVRD)
 Quarterly 03/26/2025 03/27/2025 03/27/2025 03/31/2025 Income
06/25/2025 06/26/2025 06/26/2025 06/30/2025 Income
09/25/2025 09/26/2025 09/26/2025 09/30/2025 Income
12/24/2025 12/26/2025 12/26/2025 12/30/2025 Income & Cap Gains