(Formerly the FMI Focus Fund)
https://www.sec.gov/Archives/edgar/data/1586281/000139834419009205/fp0042550_497.htm497 1 fp0042550_497.htm
Broadview Opportunity Fund
Supplement to Prospectus and Summary Prospectus dated January 28, 2019
On May 13, 2019, the Board of Trustees of Broadview Funds Trust (the “Trust”) approved the reorganization (the “Reorganization”) of the Broadview Opportunity Fund (the “Broadview Fund”), the sole series of the Trust, into the Madison Small Cap Fund (the “Madison Fund”), a series of Madison Funds. The Board of Trustees of Madison Funds approved the Reorganization on May 8, 2019.
Broadview Advisors, LLC (“Broadview”) serves as the investment adviser to the Broadview Fund and Madison Asset Management, LLC (“Madison”) serves as the investment adviser to the Madison Fund. The Broadview Fund and the Madison Fund are collectively referred to as the “Funds.”
In approving the Reorganization, the Board of Trustees of the Trust considered, among other things, the similarities between the Funds’ investment objectives and policies, the fact that the Funds’ investment management fees at the time of the Reorganization will be the same, that the costs of the Reorganization will be borne by Broadview and Madison and not the Funds, the continuity of portfolio management (as three of the four portfolio managers of the Broadview Fund will manage the reorganized Madison Fund), the distribution capabilities of Madison, and the anticipated tax-free nature of the Reorganization.
Under the terms of the Agreement and Plan of Reorganization and Liquidation approved by the Board of Trustees of each of the Trust and Madison Funds, shares held by Broadview Fund shareholders will be exchanged for shares of the Madison Fund at the closing of the Reorganization. At the same time assets held by, and liabilities of, the Broadview Fund will be transferred to the Madison Fund.
Broadview Fund shareholders may purchase and redeem shares of the Broadview Fund in the ordinary course until the last business day before the closing of the Reorganization, which is expected to occur on or about July 19, 2019 (the “Closing”). Purchase and redemption requests received after the Closing will be treated as purchase and redemption requests for shares of the Madison Fund received in connection with the Reorganization. Prior to the Closing of the Reorganization, Broadview will continue to manage the Broadview Fund in the ordinary course.
As a result of the Reorganization, each shareholder of the Broadview Fund will become a shareholder of the Madison Fund and will receive Class Y shares of the Madison Fund of equal value to their shares in the Broadview Fund. It is expected that the Reorganization will be treated as a tax-free reorganization for federal tax purposes.
The Madison Fund will file a Registration Statement on Form N-14, which will include a combination information statement/prospectus (the “Information Statement/Prospectus”), with the Securities and Exchange Commission in connection with the Reorganization. When available, the definitive Information Statement/Prospectus will be sent to shareholders of the Broadview Fund. Shareholders of the Broadview Fund are urged to read the Information Statement/Prospectus when it becomes available, because it will contain important information about the Reorganization. Shareholder approval is not required to effect the Reorganization, and shareholder approval is not being sought.
Please retain this Supplement for future reference.
The date of this Supplement is May 21, 2019.
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(Madison Funds "Y" class requires $25K minimum for taxable and non-taxable accounts)
https://www.madisonfunds.com/individual/find-a-fundhttps://www.madisonfunds.com/proxy/files/Funds/FactsSheets/SmallCap.pdf?ctgv=554.0 
Comments
Madison Funds
Supplement dated May 22, 2019
This Supplement amends the Prospectus of the Madison Funds and the Summary Prospectus
for the Madison Small Cap Fund dated February 28, 2019
Small Cap Fund
Madison Asset Management, LLC (“Madison”), the investment adviser (the “Adviser”) to the Madison Funds (the “Funds”), has entered into an asset purchase agreement with Broadview Advisors, LLC (“Broadview”) pursuant to which Madison has agreed to purchase certain assets relating to Broadview’s advisory business (the “Transaction”). As part of the Transaction, Madison will assume the assets of the Broadview Opportunity Fund (the “Broadview Fund”), the sole series of Broadview Funds Trust, by reorganizing it with and into the Madison Small Cap Fund (the “Small Cap Fund”), a series of the Madison Funds (the “Reorganization”).
On May 8, 2019, the Board of Trustees of the Madison Funds, including a majority of the independent trustees, approved the Reorganization and determined that the Reorganization was in the best interests of the Small Cap Fund and its shareholders and that the interests of shareholders would not be diluted as a result thereof. The Board of Trustees of the Broadview Fund approved the Reorganization on May 13, 2019.
The Reorganization shall be effective as soon as practicable following notice to Broadview Fund shareholders pursuant to a combined information statement/prospectus, currently anticipated July 26, 2019 (the “Effective Date”). Shareholder approval is not required to effect the Reorganization, and shareholder approval is not being sought.
In connection with the Effective Date of the Reorganization, the Board of Trustees of the Funds approved the following:
1. Madison will continue to manage the Small Cap Fund, which is currently subadvised by Wellington Capital Management LLP (“Wellington”). Wellington will cease to be the sub-adviser as of the Effective Date. Three of the four existing portfolio managers of the Broadview Fund, Rick Lane, Faraz Farzam and Aaron Garcia, will become employees of Madison and will manage the Small Cap Fund. Rick Whiting, the remaining portfolio manager of the Broadview Fund has elected to retire and will not be joining Madison. Biographical information regarding the portfolio managers is provided below.
•Mr. Richard E. Lane, CFA, currently serves as the President and a Member of Broadview, which he founded in 2001. He has served as a portfolio manager to the Broadview Fund since November 29, 2013, and to the FMI Focus Fund (the Broadview Fund “Predecessor Fund”) from October 1, 1997 until its reorganization into the Broadview Fund on November 29, 2013 (the “Reorganization”). Mr. Lane has worked in the financial services industry since 1982 and has a BA in Economics and an MS in Finance from the University of Wisconsin-Madison.
•Mr. Faraz Farzam, CFA, has been with the Broadview since 2001 and is currently a Portfolio Manager and a Member of Broadview. Mr. Farzam has served as a portfolio manager to the Broadview Fund since November 29, 2013, and to the Predecessor Fund from January 2010 until the Reorganization. Mr. Farzam has worked in the financial services industry since 1999 and has a BS from the University of Wisconsin-Madison.
• Mr. Aaron J. Garcia, CFA, has been with Broadview since 2003 and is currently a Portfolio Manager and a Member of Broadview. Mr. Garcia has served as a portfolio manager to the Broadview Fund since November 29, 2013, and to the Predecessor Fund from January 2010 until the Reorganization. Mr. Garcia has worked in the financial services industry since 2002 and has a BA from Rice University.
2. An amendment to the Services Agreement between the Adviser and Madison Funds to reduce the service fee with respect to the Small Cap Fund from an annual rate of 0.25% to 0.21%, and cap total annual operating expenses for a two-year period to 1.21% for Class Y (which is the current expense ratio of the Broadview Fund share class, excluding acquired fund fees and expenses), and to 1.46% and 2.21% for Class A and Class B, respectively (excluding acquired fund fees and expenses).
3. The legal survivor of the Reorganization will be the Madison Small Cap Fund, however, the accounting survivor will be the Broadview Fund therefore its performance and financial history will survive the Reorganization.
Please keep this Supplement with your records.
Basically, Madison has four classes: A, C, Y & R6 available. Some funds have all four classes; I believe two funds have one class available (High Quality Bond Fund and Corporate Bond Fund).
Madison Dividend Income Y (BHBFX) looks a little interesting.
I am disappointed that Vanguard is not going to sub-advise the Small Cap Fund.
https://www.sec.gov/Archives/edgar/data/1040612/000104061219000056/broadviewmadisonformn-14.htm
In its early days as FMIOX, performance wise this fund was one of the very best mutual funds in its category.
1997=69.74%, 1998=35.46%, 1999=54.11%, 2000=23.41%, 2001=2.53%
https://www.sec.gov/Archives/edgar/data/1040612/000104061219000072/broadviewmadisonformn-14pe.htm
Incidentally, investors with Broadview Opportunity Fund, once converted can:
Comparison of Purchase and Redemption Procedures. The Acquired Fund has a minimum initial investment of $1,000 for all accounts and subsequent investments may be made with a minimum investment amount of $100 ($50 if purchases through the Automatic Investment Plan). The Class Y shares of the Acquiring Fund have a minimum initial investment of $25,000 for shares purchased directly from the Acquiring Fund. Class Y shares are also available for purchase by the following investors at a reduced minimum initial investment amount of $1,000 for non-retirement accounts and $500 for retirement accounts:
•Dealers and financial intermediates that have entered into arrangements with the Acquiring Fund’s distributor to accept orders on behalf of their clients.
•The fund-of-funds and managed account programs managed by Madison.
•Investment advisory clients of Madison and its affiliates.
•Members of the Board of Trustees of Madison Funds and any other board of trustees affiliated with Madison.
•Individuals and their immediate family members who are employees, directors or officers of the adviser, any subadviser, or any service provider of Madison Funds.
•Any investor, including their immediate family members, who owned Class Y shares of any Madison Mosaic Fund as of April 19, 2013.
•Any investor, including their immediate family members, who owned shares of the Acquired Fund as of the Effective Date.
The minimum subsequent investment for the Class Y shares of the Acquiring Fund is $50 for all purchases.
https://www.sec.gov/Archives/edgar/data/1586281/000139834419012455/fp0044476_497.htm
497 1 fp0044476_497.htm
Broadview Opportunity Fund
Supplement to Prospectus and Summary Prospectus dated January 28, 2019
On May 13, 2019, the Board of Trustees of Broadview Funds Trust (the “Trust”) approved the reorganization (the “Reorganization”) of the Broadview Opportunity Fund (the “Broadview Fund”), the sole series of the Trust, into the Madison Small Cap Fund (the “Madison Fund”), a series of Madison Funds. A special meeting of shareholders of the Broadview Fund will be held on August 22, 2019 (the "Special Meeting"), at which shareholders of the Broadview Fund will be asked to vote on the proposal to approve the Reorganization, pursuant to which, shares held by Broadview Fund shareholders will be exchanged for shares of the Madison Fund at the closing of the Reorganization. At the same time assets held by, and liabilities of, the Broadview Fund will be transferred to the Madison Fund. As a result of the Reorganization, each shareholder of the Broadview Fund will become a shareholder of the Madison Fund and will receive Class Y shares of the Madison Fund of equal value to their shares in the Broadview Fund. It is expected that the Reorganization will be treated as a tax-free reorganization for federal tax purposes.
Broadview Advisors, LLC (“Broadview”) serves as the investment adviser to the Broadview Fund and Madison Asset Management, LLC (“Madison”) serves as the investment adviser to the Madison Fund. If the Reorganization is approved, three of the Broadview Fund’s current portfolio managers – Rick Lane, Faraz Farzam and Aaron Garcia – will become employees of Madison and, in that capacity, will be the portfolio managers of the reorganized Madison Fund. The Broadview Fund and the Madison Fund are collectively referred to herein as the “Funds.”
In approving the Reorganization, the Board of Trustees of the Trust considered, among other things, the similarities between the Funds’ investment objectives and policies, the fact that the Funds’ investment management fees at the time of the Reorganization will be the same, that the costs of the Reorganization will be borne by Broadview and Madison and not the Funds, the continuity of portfolio management, the distribution capabilities of Madison, and the anticipated tax-free nature of the Reorganization.
Broadview Fund shareholders may purchase and redeem shares of the Broadview Fund in the ordinary course until the last business day before the closing of the Reorganization, which is expected to occur on or about August 30, 2019 (the “Closing”). Purchase and redemption requests received after the Closing will be treated as purchase and redemption requests for shares of the Madison Fund received in connection with the Reorganization. Prior to the Closing of the Reorganization, Broadview will continue to manage the Broadview Fund in the ordinary course.
Shareholders of the Broadview Fund are urged to read the Proxy Statement/Prospectus that will be mailed to shareholders as soon as it becomes available. The Proxy Statement/Prospectus will contain important information about the Reorganization.
This Supplement is not a solicitation of any proxy.
Please retain this Supplement for future reference.
The date of this Supplement is July 25, 2019.