LMCKX Fees and Costs — Miller Income Fund, Class FI
Data updated: 2026-08-31
The net expense ratio is 1.37%: a 0.70% management fee, a 0.25% 12b-1 fee plus 0.42% other expenses. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $104K in broker commissions, 0.0698% of average net assets, and portfolio turnover was 44%.
LMCKX Fees and Expenses
Annual operating expenses and sales charges of LMCKX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.42% |
| Gross expense ratio | 1.37% |
| Fee waiver | — |
| Net expense ratio | 1.37% |
| 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 |
LMCKX Costs Over Time
On $10,000 invested in LMCKX, assuming 5% a year before costs, total costs come to $893 over 5 years, cutting the return by 1.51% 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 1.37%) | $144 | $447 | $771 |
| Trading costs (broker commissions) | $7 | $23 | $39 |
| Lost growth on money paid in costs | $0 | $23 | $82 |
| Total costs | $151 | $493 | $893 |
| Value after costs | $10,349 | $11,083 | $11,870 |
| Impact on return, per year | 1.51% | 1.51% | 1.51% |
LMCKX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0698%
- Total broker commissions: $104K
- Bought from dealers (principal trades, not a cost): $25.0M
- Portfolio turnover (prospectus): 44%
- Securities lending: none during the year
LMCKX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JONESTRADING INSTITUTIONAL SERVICES LLC | $104K | 100.00% |
LMCKX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JONESTRADING INSTITUTIONAL SERVICES LLC | $19.1M | 76.45% |
| MARKET AXESS INC. | $5.9M | 23.55% |
Miller Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| LMCMX | Class IS | 0.98% | none |
| LMCLX | Class I | 1.05% | none |
| LMCJX | Class A | 1.33% | 5.75% |
| LMCKX | Class FI | 1.37% | none |
| LCMNX | Class C | 2.05% | none |
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.