MCPIX Fees and Costs — Miller Convertible Plus Fund, Class I
Data updated: 2024-06-07
The net expense ratio is 3.16%: a 1.23% management fee plus 1.92% other expenses. There are no sales loads or redemption fees. In fiscal 2023 the fund paid $157 in broker commissions, 0.0002% of average net assets, and portfolio turnover was 122%.
MCPIX Fees and Expenses
Annual operating expenses and sales charges of MCPIX. Prospectus, as of February 29, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 1.23% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.92% |
| Gross expense ratio | 3.16% |
| Fee waiver | — |
| Net expense ratio | 3.16% |
| 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 | No |
| Waived fees subject to recoupment | No |
MCPIX Costs Over Time
On $10,000 invested in MCPIX, assuming 5% a year before costs, total costs come to $1,893 over 5 years, cutting the return by 3.32% 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 3.16%) | $332 | $1,012 | $1,716 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $51 | $177 |
| Total costs | $332 | $1,063 | $1,893 |
| Value after costs | $10,168 | $10,513 | $10,870 |
| Impact on return, per year | 3.32% | 3.32% | 3.32% |
MCPIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0002%
- Total broker commissions: $157
- Bought from dealers (principal trades, not a cost): $242.6M
- Portfolio turnover (prospectus): 122%
- Securities lending: none during the year
MCPIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BNP Paribas | $157 | 100.00% |
MCPIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Jefferies Group | $58.3M | 24.03% |
| Bank of America Merrill Lynch | $44.1M | 18.16% |
| JPMorgan Chase | $38.2M | 15.76% |
| Citigroup | $23.1M | 9.52% |
| Barclays | $20.1M | 8.31% |
| Morgan Stanley Smith Barney | $19.8M | 8.18% |
| BNP Paribas | $15.1M | 6.24% |
| Wells Fargo Bank | $9.4M | 3.87% |
| Nomura Group | $8.4M | 3.48% |
| UBS Securities LLC | $6.0M | 2.46% |
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.