Fund Evaluator:

Miller Income IS Overview

Miller Income IS (LMCMX) is an actively managed Allocation Moderately Aggressive Allocation fund. Miller Value Funds launched the fund in 2014.

The investment seeks to provide a high level of income while maintaining the potential for growth. Under normal market conditions, the fund will invest without limIt primarily invests in cash distributing equity, and equity-like securities, fixed income securities, derivatives, and other financial instruments of issuers located anywhere in the world. It can invest without limit in foreign securities in any country, including countries with developing or emerging markets. The fund is non-diversified.

About Miller Income IS (LMCMX)

There are 1 members of the management team with an average tenure of 12.43 years: Bill Miller (2014). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and ICE BofA US High Yield TR USD index with a weighting of 100%. Miller Income IS has 40 securities in its portfolio. The top 10 holdings constitute 49.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Miller Income IS is part of the Allocation global asset class and is within the Allocation fund group. Miller Income IS has 11.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 76.2%. There is 9.6% allocated to foreign stock, and 3.7% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 10.0% (8.6% domestic bond, 1.4% foreign bond and 0.0% convertible bond). Miller Income IS has 0.5% of the portfolio in cash.

Assets Under Management

The fund has $91 million in total assets, which is below the $570 million average for the Moderately Aggressive Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

LMCMX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Miller Income IS expense ratio is high compared to funds in the Moderately Aggressive Allocation category. Miller Income IS has an expense ratio of 0.98%, which is 5% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Miller Income IS has a portfolio turnover rate of 44%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 34% for the Moderately Aggressive Allocation category.

Recently, in the month of July 2026, Miller Income IS returned 7.1%, which earned it a grade of A, as the Moderately Aggressive Allocation category had an average return of -0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Miller Income IS has a trailing yield of 4.02%, which is above the 1.47% category average. The fund normally distributes its income quarterly.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Miller Income IS Grades

Year to date, the fund has returned 13.3%, 3.5 percentage points better than the category, which translates into a grade of A. The fund has returned 18.9% over the past year (grade of B), 19.0% over the past three years (grade of A) and 7.4% per year over the past five years (grade of D) and 9.6% per year over the past 10 years (grade of D).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about Miller Income IS, including its riskiness, submit your email to unlock the rest of the article.