1LMCLX 30-day SEC yield 6.39% and 30-Day SEC yield without waiver 6.25% as of 6/30/25. Class I Gross Expense Ratio: 1.12% Net Expense Ratio: 0.99%. Miller Value Partners, LLC (the Adviser) has contractually agreed to waive certain fees and/or reimburse certain expenses through 1/31/2026. Please reference the prospectus for detailed information.
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The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 888.593.5110 or visit the Fund’s website at millervaluefunds.com
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Holdings:
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The US Policy Uncertainty Index measures policy-related economic uncertainty using three underlying components: news coverage, federal tax code provisions, and the Federal Reserve’s Survey of Professional Forescasters. For more information, please visit policyuncertainty.com. Basis point (bps) is one hundredth of one percent. Dividend yield is the ratio of a company’s annual dividend compared to its share price. Current Yield represents the distributed net investment income plus any returned capital for the period, annualized and divided by the fund’s net asset value per share at the end of the period. The distribution can include bond income, dividends, REIT distributions, return of capital, and capital gains. The Miller Income Fund’s distribution is entirely derived from actual income distributions. Indicated dividend yield annualizes the most recent dividend on the security/index and divides it by the security/index’s market price. The S&P 500 Index is a market capitalization-weighted index of 500 widely held common stocks. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. Price to earnings is the market price per share divided by earnings per share. EBITDA is earnings before interest, taxes, depreciation and amortization and is a calculation of a company’s financial health. Free cash flow is earnings before depreciation, amortization, and non-cash charges minus maintenance capital expenditures. Price to sales ratio is a tool for calculating a stock’s valuation relative to other companies. It is calculated by dividing a stock’s current price by its revenue per share. The Russell 2000® Value Index measures the performance of the smallcap value segment of the US equity universe. Standard deviation is a measure of the amount of variation or dispersion in a set of values. The SEC 30-Day yield is based on dividends accrued by the Fund’s investments over a 30-day period, and not on the dividends paid by the fund, which may differ and are subject to change.
Investing involves risk, including possible loss of principal. The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. To the extent the Fund’s investments are concentrated in or have significant exposure to a particular issuer, industry or group of industries, or asset class, the Fund may be more vulnerable to adverse events affecting such issuer, industry or group of industries, or asset class than if the Fund’s investments were more broadly diversified. Issuer-specific events, including changes in the financial condition of an issuer, can have a negative impact on the value of the Fund.
Shares of any ETF are bought a sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.
The fund does not directly invest in Bitcoin. Bitcoin and other cryptocurrencies are a relatively new asset class and are subject to unique and substantial risks.
Cryptocurrency Risk. The Funds may have indirect exposure to blockchain technology, bitcoin, or other cryptocurrency through investments in companies utilizing blockchain technologies to generate present or future revenue from their core business. Cryptocurrency (notably, bitcoin), often referred to as “virtual currency” or “digital currency”, operates as a decentralized, peer-to-peer financial exchange and value storage that is used like money. Cryptocurrency operates without central authority or banks and is not backed by any government. Even directly, cryptocurrencies may experience very high volatility. Cryptocurrency is also not legal tender. Federal, state or foreign governments may restrict the use and exchange of cryptocurrency, and regulation in the U.S. is still developing. Cryptocurrency exchanges may stop operating or permanently shut down due to fraud, technical glitches, hackers or malware.
The Fund will be exposed to additional risks as a result of its investments in the securities of small and medium capitalization companies. Small and medium cap companies may fall out of favor with investors; may have limited product lines, operating histories, markets or financial resources; or may be dependent upon a limited management group.
The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies. Diversification cannot assure a profit or protect against loss in a down market.
Mutual funds, equities, bonds, and other asset classes have different risk profiles, which should be considered when investing. Investors cannot directly invest in an index. ETFs that the Fund may invest in are subject to market, economic, and business risks that may cause their prices to fluctuate. Shareholders will pay higher expenses than would be the case if making direct investments in the underlying ETFs. Because the Fund invests in ETFs, it is subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF’s shares may trade at a discount to its net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Fund’s ability to sell its shares.
Mutual fund investing involves risk; principal loss is possible. Equity securities are subject to price fluctuation and possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. Real estate investment trusts (REITs) are closely linked to the performance of the real estate markets. REITs are subject to illiquidity, credit and interest rate risks, and risks associated with small and mid-cap investments. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Investments in MLP securities are subject to unique risks, including the risks of MLPs and the energy sector, including the risks of declines in energy and commodity prices, decreases in energy demand, adverse weather conditions, natural or other disasters, changes in government regulation, and changes in tax laws.
A new or smaller fund is subject to the risk that its performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new and smaller funds may not attract sufficient assets to achieve investment and trading efficiencies.
The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. It should not be assumed that any purchase or sale decisions will be profitable or will equal the performance of any security mentioned. References to specific securities are for illustrative purposes only. Portfolio composition is shown as of a point in time and is subject to change without notice.
The views expressed in this commentary reflect those of the author as of the date of the commentary. Any views are subject to change at any time based on market or other conditions, and Miller Value Partners disclaims any responsibility to update such views. These views are not intended to be a forecast of future events, a guarantee of future results or investment advice. Data from third-party sources cited herein is believed to be reliable, but may not have been independently audited by Miller Value Partners.
The Miller Value Funds are distributed by Quasar Distributors, LLC.
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