C000175525 Fees and Costs — Miller Income Fund, Class I
Data updated: 2024-02-29
The net expense ratio is 0.96%: a 0.70% management fee plus 0.30% other expenses, less a 0.04% fee waiver. There are no sales loads or redemption fees. In fiscal 2023 the fund paid $203K in broker commissions, 0.1298% of average net assets, and portfolio turnover was 59%.
C000175525 Fees and Expenses
Annual operating expenses and sales charges of C000175525. Prospectus, as of January 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.30% |
| Gross expense ratio | 1.00% |
| Fee waiver | −0.04% |
| Net expense ratio | 0.96% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
C000175525 Costs Over Time
On $10,000 invested in C000175525, assuming 5% a year before costs, total costs come to $680 over 5 years, cutting the return by 1.14% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.96%) | $101 | $314 | $544 |
| Trading costs (broker commissions) | $14 | $42 | $74 |
| Lost growth on money paid in costs | $0 | $18 | $62 |
| Total costs | $114 | $374 | $680 |
| Value after costs | $10,386 | $11,202 | $12,082 |
| Impact on return, per year | 1.14% | 1.14% | 1.14% |
C000175525 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.1298%
- Total broker commissions: $203K
- Bought from dealers (principal trades, not a cost): $19.7M
- Portfolio turnover (prospectus): 59%
- Securities lending: none during the year
C000175525 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JONESTRADING INSTITUTIONAL SERVICES LLC | $35K | 20.98% |
| MKM PARTNERS LLC | $26K | 15.97% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $24K | 14.46% |
| JEFFERIES LLC | $18K | 10.88% |
| GOLDMAN SACHS & CO. LLC | $14K | 8.81% |
| WELLS FARGO SECURITIES, LLC | $14K | 8.35% |
| JOSLIN, JEFFREY ALEX | $13K | 7.81% |
| B. RILEY & CO., LLC | $9K | 5.39% |
| BARCLAYS CAPITAL INC. | $6K | 3.81% |
| CAPITAL INSTITUTIONAL SERVICES, INC. | $6K | 3.54% |
C000175525 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MARKETAXESS CORPORATION | $14.8M | 75.37% |
| CANACCORD GENUITY LLC | $1.8M | 9.25% |
| JEFFERIES LLC | $1.2M | 6.31% |
| WELLS FARGO SECURITIES, LLC | $940K | 4.78% |
| GOLDMAN SACHS & CO. LLC | $844K | 4.29% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.