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Miller Income Fund

For Investors in Search of Undervalued Yield

The Miller Income Fund benefits from its flexible approach. The one constant is that market’s always change. We believe that to successfully generate long-term wealth, we need flexibility to identify and invest in the opportunities.

Strategy Highlights

Yield and Capital Appreciation

The Miller Income Fund seeks high-yielding income securities of companies trading below our assessment of intrinsic value. Our approach seeks to help investors achieve their income goals while also providing long-term appreciation potential.

Flexibility

We pursue outperformance at different levels of the capital stack, across markets, sectors, industries so we can source what we believe are the best opportunities in the market. Our approach seeks to help investors retain maximum flexibility afforded by regulations to ensure we can optimize our portfolio in changing markets.

Diversification

The portfolio comprises our best investment ideas and is managed from the bottom up, providing investors with a differentiated return profile in their overall portfolio.

Fund Details

  • Ticker:
  • CUSIP:
  • AUM: $142.6M (as of 01/31/2024)
  • NAV: (as of )
  • Benchmark: ICE BofA Merrill Lynch High Yield Master II
  • Portfolio Manager: Bill Miller IV, CFA
  • Inception Date:

Performance

Growth of Hypothetical 10K

This chart illustrates the performance of a hypothetical $10,000 investment made in the Funds class at inception (). 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.




Returns

3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Without Sales Charges
With Sales Charges
ICE BofA Merrill Lynch High Yield Master II
3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception
Without Sales Charges
With Sales Charges
ICE BofA Merrill Lynch High Yield Master II

Portfolio

Holdings

As of 01/31/2024

Allocation

As of 01/31/2024
Name Weight
Real Estate Investment Trusts (REITs) 7.34%
Equity 69.27%
Bonds 23.39%

Characteristics

Yield
Current Yield
30-Day SEC Yield
30-Day SEC Yield without waiver
Portfolio
Number of Holdings 29
Annual Turnover 43.38%

Documents

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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. The 30-Day SEC Yield without waiver (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. Annual Turnover represents the rate of which assets in a fund are bought and sold by the portfolio managers over a one-year period.

Miller Value Funds are distributed by Quasar Distributors, LLC.