https://www.sec.gov/Archives/edgar/data/1040612/000104061220000057/mfcorebondr6closeprosupp.htm(There is a table. It is better to view the table via the link)
Madison Funds®
Supplement dated April 15, 2020
This Supplement amends the Prospectus and the Statement of Additional Information of the Madison Funds dated February 28, 2020,
and the Summary Prospectus for the Madison Core Bond Fund dated February 28, 2020.
Madison Core Bond Fund - Closing Class R6 Shares and Converting to Class Y Shares
On March 6, 2020, the Board of Trustees of Madison Funds approved the termination of the Class R6 share class of the Madison Core Bond Fund (the “Fund”), which it deemed to be in the best interests of the shareholders of the Class R6 shares of the Fund.
Effective immediately after the close of business (4:00 PM EST) on May 28, 2020 (the “Closure Time”), Class R6 shares of the Fund will be closed to all investors and will no longer be available for purchase, including purchases by exchange. As of the Closure Time, each Class R6 shareholder’s outstanding Class R6 shares of the Fund will automatically convert to a number of full and/or fractional Class Y shares of the Fund equal to the aggregate net asset value to the shareholder’s Class R6 shares of the Fund determined as of the Closure Time (the “Class Y Conversion”). There will be no change in the overall value of a Class R6 shareholder’s Fund holdings as of the Closure Time resulting from the Class Y Conversion. Investments in Class Y shares of the Fund after the Closure Time will be subject to the fees and expenses applicable to Class Y shares as disclosed in the current prospectus and referenced below...
Comments
Maybe with brokers like Schwab, Firstrade, or some other brokerages share classes do not mean anything, but when you try to buy a certain fund class with the transfer agent, it means everything. I couldn't buy the "Y" class of Madison had I not gained a foothold by buying the Broadridge fund prior to its merger.
Look at what Vanguard did by getting rid of its Investor class of index funds and allowed prospective investors to buy its Admiral class of index funds for the same initial investment as it charged for its investor class. Vanguard investors want the lowest expenses associated with Admiral share class. Share classes do have a significance.
In the case of Madison filing above, AUM were quite low in comparison to the Y class of the fund.
While I agree to a point, it is better than liquidating a share class.