MCFAX Fees and Costs — Miller Convertible Bond Fund, Class A
Data updated: 2026-09-04
The net expense ratio is 1.54%: a 0.75% management fee, a 0.50% 12b-1 fee plus 0.28% other expenses. This share class carries a maximum front-end sales load of 3.75%. Portfolio turnover was 114%.
MCFAX Fees and Expenses
Annual operating expenses and sales charges of MCFAX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.50% |
| Other expenses | 0.28% |
| Gross expense ratio | 1.54% |
| Fee waiver | — |
| Net expense ratio | 1.54% |
| Sales charges | |
|---|---|
| Max front load | 3.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
MCFAX Costs Over Time
On $10,000 invested in MCFAX, assuming 5% a year before costs, total costs come to $1,396 over 5 years, cutting the return by 2.40% 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 | $375 | $375 | $375 |
| Fund expenses (net expense ratio 1.54%) | $156 | $483 | $833 |
| Lost growth on money paid in costs | $19 | $83 | $188 |
| Total costs | $549 | $941 | $1,396 |
| Value after costs | $9,951 | $10,635 | $11,367 |
| Impact on return, per year | 5.49% | 2.93% | 2.40% |
MCFAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $1.2B
- Portfolio turnover (prospectus): 114%
- Securities lending: none during the year
MCFAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMorgan Chase | $244.1M | 20.61% |
| Citigroup | $158.0M | 13.34% |
| Bank of America Merrill Lynch | $156.7M | 13.23% |
| Morgan Stanley Smith Barney | $111.2M | 9.39% |
| Wells Fargo Bank | $102.1M | 8.62% |
| Jefferies Group | $100.7M | 8.50% |
| Barclays | $91.3M | 7.71% |
| BANK OF MONTREAL (BMO) | $84.1M | 7.10% |
| GOLDMAN SACHS | $77.8M | 6.57% |
| OPPENHEIMER & CO | $58.4M | 4.94% |
Miller Convertible Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MCIFX | Class I | 1.04% | none |
| MCFAX | Class A | 1.54% | 3.75% |
| MCFCX | Class C | 2.04% | 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.