MIFIX Fees and Costs — Miller Intermediate Bond Fund, Class I
Data updated: 2026-09-04
The net expense ratio is 0.99%: a 0.75% management fee plus 0.31% other expenses, less a 0.07% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 134%.
MIFIX Fees and Expenses
Annual operating expenses and sales charges of MIFIX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.31% |
| Gross expense ratio | 1.06% |
| Fee waiver | −0.07% |
| Net expense ratio | 0.99% |
| 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 |
MIFIX Costs Over Time
On $10,000 invested in MIFIX, assuming 5% a year before costs, total costs come to $619 over 5 years, cutting the return by 1.04% 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 0.99%) | $104 | $324 | $563 |
| Lost growth on money paid in costs | $0 | $16 | $57 |
| Total costs | $104 | $340 | $619 |
| Value after costs | $10,396 | $11,236 | $12,143 |
| Impact on return, per year | 1.04% | 1.04% | 1.04% |
MIFIX 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): $451.3M
- Portfolio turnover (prospectus): 134%
- Securities lending: none during the year
MIFIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMorgan Chase | $110.1M | 24.40% |
| MARKETAXESS Corp | $109.3M | 24.22% |
| Bank of America Merrill Lynch | $72.2M | 15.99% |
| Citigroup | $32.0M | 7.08% |
| Jefferies Group | $24.9M | 5.51% |
| Barclays | $22.2M | 4.92% |
| Wells Fargo Bank | $22.2M | 4.91% |
| Bank of Montreal (BMO) | $20.8M | 4.61% |
| Morgan Stanley Smith Barney | $19.3M | 4.29% |
| GOLDMAN SACHS | $18.4M | 4.08% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.