Madison Mosaic investment-grade funds seek approval to reorganize

By Toni Weeks

San Diego, Nov. 14 - The board of trustees of the Madison Mosaic Income Trust approved on Nov. 6 the reorganization of several funds into corresponding Members mutual funds, according to a 497 filing with the Securities and Exchange Commission.

The board would like to reorganize the Core Bond Fund into the Madison Core Bond Fund, the Institutional Bond Fund into the Madison High Quality Bond Fund and the Investment Grade Corporate Bond Fund into the Madison Corporate Bond Fund.

The board said the reorganizations will achieve greater operational and administrative efficiencies as well as greater legal and compliance efficiencies.

A shareholders meeting will be held in March 2013 to solicit shareholder approval. If approval is not obtained, the board said it will consider its other options, which may include liquidation of the funds.

Madison, Wis.-based Madison Investment Advisors, LLC is the investment adviser to the funds seeking reorganization. Its affiliate, Madison Asset Management, LLC, is the investment adviser to the acquiring funds.

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