MMNAX — Miller Market Neutral Income Fund

MMNAX Fund Overview

MMNAX — Miller Market Neutral Income Fund is a US mutual fund managed by Miller Investment Trust, categorised as Market-Neutral. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Miller Investment Trust
• Category: Market-Neutral
• Assets under management: $360.02M
• Ticker: MMNAX
• SEC CIK: 0001414039
• SEC series ID: S000073803
• Share class ID: C000230986

MMNAX Investment Objective and Strategy

Miller Market Neutral Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Miller Investment Trust.

Investment objective

The Fund?s investment objective is to provide total return through a combination of current income and capital appreciation with low correlation to equity and fixed income markets and consistent with stability of principal. The Fund?s investment objective is a non-fundamental policy and may be changed without shareholder approval upon 60 days? written notice to shareholders.

Principal investment strategy

Wellesley, the Fund?s advisor, seeks to achieve maximum current income while remaining market neutral by achieving a low correlation to the fluctuations of the U.S. stock market. The Fund?s primary investment vehicle is convertible bonds. The Fund seeks to hedge market risk in part by investing in convertible arbitrage opportunities by, for example, selling common stocks short against positions in which the Fund has invested in convertible securities. Convertible arbitrage positions may be incorporated into a total return swap with an investment bank counterparty to also hedge market risk. Further hedging of portfolio risks may utilize derivative instruments including but not limited to other types of swaps, options, warrants, future contracts, and exchange traded funds (?ETFs?). The Fund may enter into credit default swaps and interest rate swaps to hedge against fixed income market risk.

The Fund may seek to generate income from option premiums by writing (selling) call options. Secondarily, the fund may invest in, but is not limited to, government bonds such as zero-coupon bonds, corporate bonds, preferred securities, and equities. Some bonds, do not pay current interest but are sold at a discount from their face values. Convertible bonds are generally obligations of a company that can be converted into a predetermined number of shares of common stock of the company issuing the security. Convertible bonds generally offer both defensive characteristics ( i.e ., may provide income during periods when the market price of the underlying common stock declines) and upside potential ( i.e. , may provide capital appreciation when the market price of the underlying common stock rises).

The Fund is not restricted with respect to the credit quality of its holdings and invests in some convertible bonds that are rated less than investment grade or determined to be of comparable credit quality by Wellesley. There is no limit on the portion of the Fund?s portfolio that is allocated among convertible bonds. The Fund generally invests in securities that have been privately placed but are eligible for purchase and sale by certain qualified institutional buyers such as the Fund under Rule 144A under the Securities Act of 1933, as amended (the ?Securities Act?). Wellesley attempts to identify convertible bonds that are trading at attractive valuations relative to Wellesley?s evaluation of the issuer?s creditworthiness. Wellesley?s investment process includes the use of both quantitative and fundamental research on each issuer to analyze credit quality and the specific terms of each offering.

In general, Wellesley sells securities when an issuer?s credit quality deteriorates, the security or strategy no longer meets our return criteria, to increase diversification, when there is deterioration in the fundamental prospects of the underlying company, or when Wellesley believes more attractive investments are available. Wellesley diversifies the Fund?s portfolio in terms by company, industry, sector and other factors in attempt to lower the risks of the portfolio. In an effort to enhance income, the Fund may write call and put options. The Fund may write call options on individual equity securities and convertible bonds that are in the Fund?s portfolio. In addition, the Fund may write call options on ETFs and securities indexes. In an effort to minimize the downside risk of individual equity security and convertible bond holdings or the Fund?s portfolio in its entirety, the Fund may purchase put options on individual securities, ETFs and securities indexes.

The Fund may employ leverage, in the form of borrowing, to increase the potential gain from attractive securities selection. Such borrowing can benefit the Fund if the net rate of return on its investments purchased with the proceeds of the loan exceeds the interest or fees payable thereon. The Fund may trade all or a significant portion of the securities in its portfolio in connection with its investment strategy.

MMNAX Holdings

Top 10 holdings of Miller Market Neutral Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all MMNAX holdings

MMNAX Portfolio Allocation

Asset-class allocation of Miller Market Neutral Income Fund by percentage of net assets, from the latest SEC N-PORT filing.

MMNAX Performance

Total returns for MMNAX (as of 2026-10-01), from SEC filings.

MMNAX Costs and Fees

MMNAX costs about $206 per $10,000 invested per year in fund expenses.

• Net expense ratio: 2.06%
• Gross expense ratio: 2.06%
• Portfolio turnover: 467%
• Brokerage commissions: 0.84 bps of average net assets (SEC N-CEN)

MMNAX Cashflows

Over the 12 months to 2026-07, Miller Market Neutral Income Fund had net inflows of $280.19M, from monthly SEC N-PORT filings.

MMNAX Debt Constituents

Largest debt holdings of Miller Market Neutral Income Fund by percentage of net assets, from the latest SEC N-PORT filing.

MMNAX Prospectus and SEC Filings

Official Miller Market Neutral Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-02-27
• Prospectus (485BPOS) — filed 2025-02-28
• Prospectus (485BPOS) — filed 2024-02-28
• Portfolio holdings (N-PORT) — filed 2026-09-04
• Portfolio holdings (N-PORT) — filed 2026-06-16
• Portfolio holdings (N-PORT) — filed 2026-03-09
• Annual census (N-CEN) — filed 2025-12-29
• Annual census (N-CEN) — filed 2025-01-07

Related Funds

Other Market-Neutral funds tracked on ABC INVEST:

• JPMorgan Investor Growth Fund (ONIFX)
• JPMorgan Investor Balanced Fund (OIBFX)
• JPMorgan Investor Growth & Income Fund (ONGFX)
• JPMorgan Investor Conservative Growth Fund (ONCFX)
• Six Circles Multi-Strategy Fund (CALTX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.