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MILLER INCOME FUND 2020-07-28T21:12:53+00:00
MILLER INCOME FUND

We seek to provide a high level of income while maintaining the potential for growth.

For the investor looking for diversification and flexibility in their overall portfolio.  Our Fund seeks a non-traditional return profile by generating income, while also capitalizing on each security’s potential to reach our assessment of its intrinsic value.  Designed for long-term investors, investing for at least 3-5 years.

HOW TO INVEST

Strategy Highlights

  • We use the Fund’s flexibility to invest in what we believe are undervalued securities with a history of distributing a high level of income across asset classes, capital structures and geographies.
  • We look for securities whose prices underestimate the level or duration of income that we believe they will generate. We build our portfolio from the bottom-up, producing a concentrated group of securities that offer diversification from typical income funds and the benchmark.
  • Portfolio managers: Bill Miller, CFA and Bill Miller IV, CFA
  • AUM: $162M (as of 06/30/2020)
  • Benchmark: ICE BofA Merrill Lynch High Yield Master II
Share Class Ticker CUSIP Inception Date
Class A LMCJX 89832P432 2/28/2014
Class C LCMNX 89832P424 2/28/2014
Class FI LMCKX 89832P416 2/28/2014
Class I LMCLX 89832P390 2/28/2014
Class IS LMCMX 89832P382 2/28/2014

Performance At A Glance

MILLER INCOME FUND RETURNS AS OF 07/31/2020

This chart illustrates the performance of a hypothetical $10,000 investment made in the Funds A class at inception (2/28/2014). Assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance. Click and drag on line chart to zoom in to a specific time range.

MILLER INCOME FUND RETURNS AS OF MONTH ENDING 07/31/2020
3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception02/28/2014
Without Sales Charges 13.58% -21.62% -14.15% -2.41% 0.82% ------- 0.11%
With Sales Charges 7.04% -26.14% -19.08% -4.33% -0.38% ------- -0.81%
ICE BofA Merrill Lynch High Yield Master II 10.64% -0.23% 3.10% 4.16% 5.69% ------- 4.67%
MILLER INCOME FUND RETURNS AS OF QUARTER ENDING 06/30/2020
3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception02/28/2014
Without Sales Charges 21.98% -24.89% -15.70% -3.52% -0.50% ------- -0.56%
With Sales Charges 15.03% -29.23% -20.56% -5.40% -1.68% ------- -1.48%
ICE BofA Merrill Lynch High Yield Master II 9.61% -4.78% -1.10% 2.94% 4.58% ------- 3.96%

Performance data quoted represents past performance and does not guarantee future results. The 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. Fund performance current to most recent month-end may be lower or higher than the performance quoted. Performance data shown with load reflects the Class A maximum sales charge of 5.75% and Class C maximum deferred sales charge (MDSC) of 1.00%. Performance for the Class A and C shares shown without load does not reflect the deduction of the sales load or MDSC. If reflected, total return would be reduced.

Class A Gross Expense Ratio: 1.42% Net Expense Ratio: 1.35%.

Miller Value Partners, LLC (the Adviser) has agreed to waive certain fees and/or reimburse certain expenses through 1/31/2021. Please reference the prospectus for detailed information.

This chart illustrates the performance of a hypothetical $10,000 investment made in the Funds C class at inception (2/28/2014). Assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance. Click and drag on line chart to zoom in to a specific time range.

MILLER INCOME FUND RETURNS AS OF MONTH ENDING 07/31/2020
3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception02/28/2014
Without Sales Charges 13.39% -22.00% -14.78% -3.17% 0.06% ------- -0.62%
With Sales Charges 12.39% -22.75% -15.57% -3.17% 0.06% ------- -0.62%
ICE BofA Merrill Lynch High Yield Master II 10.64% -0.23% 3.10% 4.16% 5.69% ------- 4.67%
MILLER INCOME FUND RETURNS AS OF QUARTER ENDING 06/30/2020
3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception02/28/2014
Without Sales Charges 21.76% -25.14% -16.28% -4.23% -1.24% ------- -1.26%
With Sales Charges 20.76% -25.86% -17.06% -4.23% -1.24% ------- -1.26%
ICE BofA Merrill Lynch High Yield Master II 9.61% -4.78% -1.10% 2.94% 4.58% ------- 3.96%

Performance data quoted represents past performance and does not guarantee future results. The 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. Fund performance current to most recent month-end may be lower or higher than the performance quoted. Performance data shown with load reflects the Class A maximum sales charge of 5.75% and Class C maximum deferred sales charge (MDSC) of 1.00%. Performance for the Class A and C shares shown without load does not reflect the deduction of the sales load or MDSC. If reflected, total return would be reduced.

Class C Gross Expense Ratio: 2.17% Net Expense Ratio: 2.10%.

Miller Value Partners, LLC (the Adviser) has agreed to waive certain fees and/or reimburse certain expenses through 1/31/2021. Please reference the prospectus for detailed information.

This chart illustrates the performance of a hypothetical $10,000 investment made in the Funds FI class at inception (2/28/2014). Assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance. Click and drag on line chart to zoom in to a specific time range.

MILLER INCOME FUND RETURNS AS OF MONTH ENDING 07/31/2020
3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception02/28/2014
Without Sales Charges 13.99% -21.22% -13.78% -2.30% 0.86% ------- 0.10%
ICE BofA Merrill Lynch High Yield Master II 10.64% -0.23% 3.10% 4.16% 5.69% ------- 4.67%
MILLER INCOME FUND RETURNS AS OF QUARTER ENDING 06/30/2020
3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception02/28/2014
Without Sales Charges 22.67% -24.38% -15.19% -3.35% -0.42% ------- -0.55%
ICE BofA Merrill Lynch High Yield Master II 9.61% -4.78% -1.10% 2.94% 4.58% ------- 3.96%

Performance data quoted represents past performance and does not guarantee future results. The 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. Fund performance current to most recent month-end may be lower or higher than the performance quoted. Performance data shown with load reflects the Class A maximum sales charge of 5.75% and Class C maximum deferred sales charge (MDSC) of 1.00%. Performance for the Class A and C shares shown without load does not reflect the deduction of the sales load or MDSC. If reflected, total return would be reduced.

Class FI Gross Expense Ratio: 1.39% Net Expense Ratio: 1.30%.

Miller Value Partners, LLC (the Adviser) has agreed to waive certain fees and/or reimburse certain expenses through 1/31/2021. Please reference the prospectus for detailed information.

This chart illustrates the performance of a hypothetical $10,000 investment made in the Funds I class at inception (2/28/2014). Assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance. Click and drag on line chart to zoom in to a specific time range.

MILLER INCOME FUND RETURNS AS OF MONTH ENDING 07/31/2020
3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception02/28/2014
Without Sales Charges 13.67% -21.52% -13.90% -2.14% 1.11% ------- 0.37%
ICE BofA Merrill Lynch High Yield Master II 10.64% -0.23% 3.10% 4.16% 5.69% ------- 4.67%
MILLER INCOME FUND RETURNS AS OF QUARTER ENDING 06/30/2020
3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception02/28/2014
Without Sales Charges 22.30% -24.67% -15.32% -3.20% -0.18% ------- -0.28%
ICE BofA Merrill Lynch High Yield Master II 9.61% -4.78% -1.10% 2.94% 4.58% ------- 3.96%

Performance data quoted represents past performance and does not guarantee future results. The 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. Fund performance current to most recent month-end may be lower or higher than the performance quoted. Performance data shown with load reflects the Class A maximum sales charge of 5.75% and Class C maximum deferred sales charge (MDSC) of 1.00%. Performance for the Class A and C shares shown without load does not reflect the deduction of the sales load or MDSC. If reflected, total return would be reduced.

Class I Gross Expense Ratio: 1.16% Net Expense Ratio: 1.09%.

Miller Value Partners, LLC (the Adviser) has agreed to waive certain fees and/or reimburse certain expenses through 1/31/2021. Please reference the prospectus for detailed information.

This chart illustrates the performance of a hypothetical $10,000 investment made in the Funds IS class at inception (2/28/2014). Assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees. This chart does not imply any future performance. Click and drag on line chart to zoom in to a specific time range.

MILLER INCOME FUND RETURNS AS OF MONTH ENDING 07/31/2020
3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception02/28/2014
Without Sales Charges 13.68% -21.39% -13.83% -2.05% 1.20% ------- 0.45%
ICE BofA Merrill Lynch High Yield Master II 10.64% -0.23% 3.10% 4.16% 5.69% ------- 4.67%
MILLER INCOME FUND RETURNS AS OF QUARTER ENDING 06/30/2020
3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception02/28/2014
Without Sales Charges 22.11% -24.68% -15.39% -3.13% -0.10% ------- -0.22%
ICE BofA Merrill Lynch High Yield Master II 9.61% -4.78% -1.10% 2.94% 4.58% ------- 3.96%

Performance data quoted represents past performance and does not guarantee future results. The 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. Fund performance current to most recent month-end may be lower or higher than the performance quoted. Performance data shown with load reflects the Class A maximum sales charge of 5.75% and Class C maximum deferred sales charge (MDSC) of 1.00%. Performance for the Class A and C shares shown without load does not reflect the deduction of the sales load or MDSC. If reflected, total return would be reduced.

Class IS Gross Expense Ratio: 1.10% Net Expense Ratio: 1.03%.

Miller Value Partners, LLC (the Adviser) has agreed to waive certain fees and/or reimburse certain expenses through 1/31/2021. Please reference the prospectus for detailed information.

TOP TEN HOLDINGS
AS OF 6/30/2020
  • Diebold Nixdorf Inc. 8.9%
  • CenturyLink Inc. 7.0%
  • Bed Bath & Beyond Inc. 5.8%
  • Apollo Global Management Inc. 5.7%
  • The Chemours Co. 5.7%
  • The GEO Group Inc. 5.5%
  • Curo Group Holdings Corp. 4.4%
  • Cedar Fair LP 4.1%
  • Alliance Resource Operating Partners LP 3.8%
  • Endo International PLC 3.5%
Allocation
AS OF 6/30/2020
  • Bonds 50.1%
  • Equity 34.6%
  • Real Estate Investment Trusts (REITs) 7.6%
  • Publicly Traded Partnerships (PTPs) 4.5%
  • Preferred 3.1%
CHARACTERISTICS
AS OF 6/30/2020
  • Current Yield (Class I)6.4%
  • Annualized Portfolio Turnover76.1%
  • Number of Holdings40
Class 30-Day SEC Yield 30-Day SEC Yield without waiver
A 8.69% 8.54%
C 8.43% 8.28%
FI 9.27% 9.13%
I 9.51% 9.36%
IS 9.58% 9.43%
HOW TO INVEST

We own the securities of individual companies, not the market. – Bill Miller

Mutual fund investing involves risk. Principal loss is possible. An issuer may perform poorly, and therefore, the value of its securities may decline, which would negatively affect the Fund. Derivatives involve special risks including correlation, counterparty, liquidity, operational, accounting and tax risks. These risks, in certain cases, may be greater than the risks presented by more traditional investments. The fund may use leverage which may exaggerate the effect of any increase or decrease in the value of portfolio securities or the Net Asset Value of the fund, and money borrowed will be subject to interest costs. Investments in debt securities typically decrease in value when interest rates rise. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. This risk is usually greater for longer-term debt securities. The value approach to investing involves the risk that stocks may remain undervalued. Value stocks may underperform the overall equity market while the market concentrates on growth stocks. The Fund may invest in liquid securities which involve the risk that the securities will not be able to be sold at the time or prices desired by the fund, particularly during times of market turmoil. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. Small- and Medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Investing in commodities may subject the Fund to greater risks and volatility as commodity prices may be influenced by a variety of factors including unfavorable weather, environmental factors, and changes in government regulations. Investments in Real Estate Investment Trusts (REITs) involve additional risks such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments. The fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. Investing in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the 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 Funds ability to sell its shares. Investments in asset backed and mortgage backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. MLPs are subject to certain risks inherent in the structure of MLPs, including complex tax structure risks, the limited ability for election or removal of management, limited voting rights, potential dependence on parent companies or sponsors for revenues to satisfy obligations, and potential conflicts of interest between partners, members and affiliates.

Diversification does not assure a profit nor protect against a loss in a declining market.

Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

The ICE BofA Merrill Lynch High Yield Master II tracks the performance of below-investment-grade, but not in default, U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market, and includes issues with a credit rating of BBB or below, as rated by Moody’s and S&P. An investor cannot invest directly in an index.  Unmanaged index returns do not reflect any fees, expenses or sales charges. Market Cap is the market price of an entire company, calculated by multiplying the number of shares outstanding by the price per share. Turnover Ratio is a measure of the fund’s trading activity that is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly assets. The 30-Day SEC Yield (Unsubsidized) is computed under an SEC standardized formula based on income net income earned over the past 30 days excluding expense reimbursements. Current Yield represents the distributed net investment income plus any returned capital for the period, annualized and divided by the net asset value per share at the end of the period. 

Miller Value Funds are distributed by Quasar Distributors, LLC.

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Suite 2550

Baltimore, MD 21202

410.454.3130