|Class I (without sales charges)
|ICE BofA US High Yield Index
Class I Gross Expense Ratio: 1.00% / Net Expense Ratio: 0.96%
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.
An investment in a Money Market Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other governmental agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a Money Market Fund.
Holdings are subject to change and do not constitute a recommendation to buy or sell any security. Earnings growth is not a measure of future performance.
Performance shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than the original cost. Total returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses. Total return figures are based on the NAV per share applied to shareholder subscriptions and redemptions, which may differ from the NAV per share disclosed in Fund shareholder reports. Performance would have been lower if fees had not been waived in various periods. Numbers may be the same due to rounding. All classes of shares may not be available to all investors or through all distribution channels. For the most recent month-end information, please call 888-593-5110. An investor cannot invest directly in an index.
Click here for a Miller Income Fund prospectus.
Top ten holdings for the Miller Income Fund can be found here. Full holdings as of the most recent quarter end, can be found here. Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.
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.
The Morningstar RatingTM for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a 3-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36-59 months of total returns, 60% 5-year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all 3 rating periods. Morningstar rated the Miller Income Fund (LMCLX) as 5-stars for the periods July, September, October and November of 2018 and January 2019. As of 10/31/23, Morningstar rated the Miller Income Fund Class I as 2-star for the 3-year and 1-star for the 5-year in the US Fund Moderately Aggressive Allocation category with 310 funds and 285 funds for the 3- and 5-year categories. ©2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The S&P 500 Index is a market capitalization-weighted index of 500 widely held common stocks and is often used as a measure of the overall market. The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the US equity universe. The companies in the Nasdaq-100® Index include 100-plus of the largest domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The Russell 2000 Index is a small-cap stock market index that makes up the smallest 2,000 stocks in the Russell 3000 Index. The ICE BofA US High Yield Index 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. The Russell 3000® Index is a market-capitalization-weighted equity index that seeks to track 3000 of the largest U.S.-traded stocks. Book value is the value at which an asset is carried on a balance sheet. EBITDA is earnings before interest, taxes, depreciation and amortization and is a calculation of a company’s financial health. Return on equity (ROE) is calculated by dividing net income by shareholders’ equity and is a measure of financial performance. Earnings per share (EPS) is the portion of a company’s profit allocated to each outstanding share of common stock and serves as an indicator of a company’s profitability. Earnings yield is the 12-month earnings divided by the share price. Enterprise value (EV) is a measure of a company’s total value. EBITDA is earnings before interest, taxes, depreciation and amortization and is a calculation of a company’s financial health. Forward Price to Earnings (FY2 P/E) is a version of the ratio of price-to-earnings that uses forecasted earnings for the P/E calculation. Capital Ratios refers to tangible common equity divided by tangible assets for the company. Basis point is one hundredth of one percent. Free cash flow is earnings before depreciation, amortization, and non-cash charges minus maintenance capital expenditures.
Non-tech Magnificent 7 companies are Apple and Tesla (classified as Consumer Discretionary) and Google and Meta (classified as Communications).
The views expressed are those of the portfolio managers as of the date indicated, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Discussions of individual securities are intended to inform shareholders as to the basis (in whole or in part) for previously made decisions by a portfolio manager to buy, sell or hold a security in a portfolio. References to specific securities are not intended and should not be relied upon as the basis for anyone to buy, sell or hold any security. Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and it is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Funds nor any of its representatives may give legal or tax advice.
Diversification does not assure a profit or protect against a loss in a declining market.
Earnings growth is not a measure of the Fund’s future performance.
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. Short selling is a speculative strategy. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Fixed-income securities involve interest rate, credit, inflation, and reinvestment risks; and possible loss of principal. As interest rates rise, the value of fixed-income securities falls. High yield bonds are subject to greater price volatility, illiquidity, and the possibility of default. As a nondiversified Fund, it is permitted to invest a higher percentage of its assets in any one issuer than a diversified fund, which may magnify the Fund’s losses from events affecting a particular issuer. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. 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. 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 Fund’s ability to sell its shares.
The Miller Value Funds are distributed by Quasar Distributors, LLC.
(C)2023 Miller Value Partners