MMNIX Fees and Costs — Miller Market Neutral Income Fund, Class I
Data updated: 2026-09-04
The net expense ratio is 1.66% (2.05% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $5K in broker commissions, 0.0084% of average net assets, and portfolio turnover was 467%.
MMNIX Fees and Expenses
Annual operating expenses and sales charges of MMNIX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 2.05% |
| Fee waiver | −0.39% |
| Net expense ratio | 1.66% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
MMNIX Costs Over Time
On $10,000 invested in MMNIX, assuming 5% a year before costs, total costs come to $1,030 over 5 years, cutting the return by 1.75% 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 1.66%) | $174 | $540 | $930 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $27 | $95 |
| Total costs | $175 | $570 | $1,030 |
| Value after costs | $10,325 | $11,006 | $11,733 |
| Impact on return, per year | 1.75% | 1.75% | 1.75% |
MMNIX 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): 0.0084%
- Total broker commissions: $5K
- Bought from dealers (principal trades, not a cost): $370.0M
- Portfolio turnover (prospectus): 467%
- Securities lending: none during the year
MMNIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BNP Paribas | $5K | 99.60% |
| UBS AG | $20 | 0.40% |
MMNIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Citigroup | $56.7M | 15.32% |
| JPMorgan Chase | $50.7M | 13.70% |
| BNP Paribas | $49.2M | 13.29% |
| Morgan Stanley Smith Barney | $49.0M | 13.23% |
| Bank of America Merrill Lynch | $35.5M | 9.58% |
| Wells Fargo Bank | $31.3M | 8.47% |
| Jefferies Group | $27.8M | 7.50% |
| Barclays | $26.2M | 7.09% |
| SANTANDER | $22.1M | 5.96% |
| GOLDMAN SACHS | $21.7M | 5.86% |
Miller Market Neutral 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 |
|---|---|---|---|
| MMNIX | Class I | 1.66% | none |
| MMNAX | C000230986 | 2.06% | 3.75% |
| MMNCX | C000230984 | 2.56% | 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.