C000175527 Fees and Costs — Miller Income Fund, Class A
Data updated: 2024-02-29
The net expense ratio is 1.21%: a 0.70% management fee, a 0.25% 12b-1 fee plus 0.31% other expenses, less a 0.05% fee waiver. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2023 the fund paid $203K in broker commissions, 0.1298% of average net assets, and portfolio turnover was 59%.
C000175527 Fees and Expenses
Annual operating expenses and sales charges of C000175527. Prospectus, as of January 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.31% |
| Gross expense ratio | 1.26% |
| Fee waiver | −0.05% |
| Net expense ratio | 1.21% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| 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 |
C000175527 Costs Over Time
On $10,000 invested in C000175527, assuming 5% a year before costs, total costs come to $1,518 over 5 years, cutting the return by 2.63% 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 |
| Sales charges | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.21%) | $120 | $372 | $643 |
| Trading costs (broker commissions) | $13 | $40 | $69 |
| Lost growth on money paid in costs | $29 | $111 | $231 |
| Total costs | $736 | $1,098 | $1,518 |
| Value after costs | $9,764 | $10,478 | $11,244 |
| Impact on return, per year | 7.36% | 3.43% | 2.63% |
C000175527 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
C000175527 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% |
C000175527 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.