NPORT-EX 2 milleropp3.htm NPORT-EX
Miller Opportunity Trust
Schedule of Investments (unaudited)
September 30, 2021
 
Security



 
  
Shares
  
Value
Common Stocks ― 101.4%
            
Communication Services ― 9.8%
            
Interactive Media & Services ― 9.8%
            
Alphabet Inc., Class A Shares *(a)
            
36,000
   $
          96,246,720
  
Facebook Inc., Class A Shares *(a)
            
250,000
    
           84,847,500
  
Matterport Inc. *
            
2,912,500
    
           55,075,375
  
Total Interactive Media & Services
                  
         236,169,595
  
Total Communication Services
                  
         236,169,595
  
Consumer Discretionary ― 30.0%
            
Automobiles ― 2.4%
            
General Motors Co. *
            
1,100,000
    
           57,981,000
  
Diversified Consumer Services ― 2.3%
            
WW International Inc. *
            
3,100,000
    
           56,575,000
  
Hotels, Restaurants & Leisure ― 3.3%
            
Norwegian Cruise Line Holdings Ltd. *
            
3,000,000
    
           80,130,000
  
Household Durables ― 4.6%
            
Taylor Morrison Home Corp. *
            
2,300,000
    
           59,294,000
  
Tupperware Brands Corp. *
            
2,400,000
    
           50,688,000
  
Total Household Durables
                  
         109,982,000
  
Internet & Direct Marketing Retail ― 13.9%
            
Alibaba Group Holding Ltd. ― ADR *
            
525,000
    
           77,726,250
  
Amazon.com Inc. *(a)
            
30,000
    
           98,551,200
  
Farfetch Ltd., Class A Shares *(a)
            
1,550,000
    
           58,094,000
  
Quotient Technology Inc. *
            
1,478,943
    
             8,607,448
  
RealReal Inc./The *
            
3,300,000
    
           43,494,000
  
Stitch Fix Inc., Class A Shares *(a)
            
1,200,000
    
           47,940,000
  
Total Internet & Direct Marketing Retail
                  
         334,412,898
  
Specialty Retail ― 1.6%
            
Vroom Inc. *
            
1,700,000
    
           37,519,000
  
Textiles, Apparel & Luxury Goods ― 1.9%
            
Canada Goose Holdings Inc. *(a)
            
1,300,000
    
           46,371,000
  
Total Consumer Discretionary
                  
         722,970,898
  
Cryptocurrency ― 0.4%
            
Other Financial Investment Activities ― 0.4%
            
Grayscale Bitcoin Trust BTC *
            
300,000
    
           10,155,000
  
Total Cryptocurrency
                  
           10,155,000
  
Consumer Staples ― 2.5%
            
Personal Products ― 2.5%
            
Herbalife Nutrition Ltd.*
            
1,400,000
    
           59,332,000
  
Total Consumer Staples
                  
           59,332,000
  
Energy ― 6.1%
            
Oil, Gas & Consumable Fuels ― 6.1%
            
Diamondback Energy Inc.
            
825,000
    
           78,102,750
  
Energy Transfer LP
            
7,100,000
    
           68,018,000
  
Total Oil, Gas & Consumable Fuels
                  
         146,120,750
  
Total Energy
                  
         146,120,750
  
Financials ― 15.7%
            
Banks ― 6.3%
            
Bank of America Corp.
            
1,400,000
    
           59,430,000
  
Citigroup Inc. (a)
            
400,000
    
           28,072,000
  
JPMorgan Chase & Co.
            
400,000
    
           65,476,000
  
Total Banks
                  
         152,978,000
  
Consumer Finance ― 6.8%
            
Capital One Financial Corp.
            
410,000
    
           66,407,700
  
OneMain Holdings Inc. (a)
            
1,200,000
    
           66,396,000
  
SoFi Technolgoies Inc. *
            
1,923,000
    
           30,537,240
  
Total Consumer Finance
                  
         163,340,940
  
Security
 
 
 
 
 
  
Shares
    
Value
  
Insurance ― 1.0%
            
MetroMile Inc. *(b)
            
6,700,000
   $
          23,785,000
  
Thrifts & Mortgage Finance ― 1.6%
            
Rocket Cos Inc., Class A Shares
            
2,400,000
    
           38,496,000
  
Total Financials
                  
         378,599,940
  
Health Care ― 15.9%
            
Biotechnology ― 4.3%
            
Karuna Therapeutics Inc. *
            
200,000
    
           24,466,000
  
Precigen Inc. *
            
6,740,909
    
           33,637,136
  
PureTech Health Plc *
            
9,500,000
    
           45,825,081
  
Total Biotechnology
                  
         103,928,216
  
Health Care Providers & Services ― 2.9%
            
Tivity Health Inc. *(b)
            
3,000,000
    
           69,180,000
  
Pharmaceuticals ― 8.8%
            
Bausch Health Cos Inc. *(a)
            
2,500,000
    
           69,625,000
  
Green Thumb Industries Inc. *
            
2,250,000
    
           62,482,500
  
Teva Pharmaceutical Industries Ltd. ― ADR *
            
8,100,000
    
           78,894,000
  
Total Pharmaceuticals
                  
         211,001,500
  
Total Health Care
                  
         384,109,716
  
Industrials ― 9.2%
            
Airlines ― 2.4%
            
Delta Air Lines Inc. *(a)
            
1,350,000
    
           57,523,500
  
Commercial Services & Supplies ― 3.4%
            
ADT Inc. (a)
            
10,000,000
    
           80,900,000
  
Electrical Equipment ― 1.8%
            
Acuity Brands Inc.
            
250,000
    
           43,342,500
  
Road & Rail ― 1.7%
            
Uber Technologies Inc. *
            
900,000
    
           40,320,000
  
Total Industrials
                  
         222,086,000
  
Information Technology ― 10.7%
            
Electronic Equipment, Instruments & Components ― 2.2%
            
Vontier Corp.
            
1,550,000
    
           52,080,000
  
IT Services ― 4.0%
            
DXC Technology Co. *(a)
            
2,900,000
    
           97,469,000
  
Software ― 4.5%
            
Shapeways Holdings Inc. (d)
              2,725,000    
           18,884,250
  
Splunk Inc. *
            
625,000
    
           90,443,750
  
 Total Software
                    109,328,000  
Total Information Technology
                  
         258,877,000
  
Materials ― 1.1%
            
Chemicals ― 1.1%
            
Chemours Co/The
            
900,000
    
           26,154,000
  
Total Materials
                  
           26,154,000
  
Total Common Stocks (Cost ― $2,016,731,841)
                  
      2,444,574,900
  
                         
Investment Fund― 0.3%
            
Pangaea One, LP(b)(c)(d)
            
1
    
             6,992,316
  
Total Investment Fund (Cost ― $28,835,185)
                  
           6,992,316
  
                         
Purchased Options and Warrant ― 6.0%
            
Call Options Purchased ― 4.1%
Maturity Date
  
Strike Price ($)
  
Contracts
  
Notional ($)
        
Amazon.com Inc.
Jan. 20, 2023
  
               3,050.00
  
500
  
152,500,000
    
           28,061,250
  
JD.com Inc
Jan. 20, 2023
  
             43,000.00
  
85
  
722,500
    
           45,795,000
  
Uber Technologies Inc.
Jan. 21, 2022
  
                    32.00
  
19,000
  
60,800,000
    
           25,412,500
  
Total Call Options Purchased (Premiums Paid ― $101,945,176)
                
           99,268,750
  
Put Options Purchased ― 1.9%
                      
iShares 20+ Year Treasury Bond ETF
Jan. 20, 2023
  
             41,500.00
  
140
  
1,960,000
    
           44,508,750
  
Total Put Options Purchased (Premiums Paid ― $39,116,584)
                
           44,508,750
  
Warrant ― 0.0%
Expiration Date
  
Exercise Price ($)
      
Shares
        
ZIOPHARM Oncology Inc.*(c)(d)
Jul. 26, 2024
  
                      7.00
      
3,787,879
    
             1,132,576
  
Total Warrant (Cost ― $1,177,758)
                  
             1,132,576
  
Total Purchased Options and Warrant (Cost/Premiums Paid ― $142,239,518)
        
      144,910,076
  
                         
Total Investments ― 107.7% (Cost ― $2,187,806,544)
   $
  2,596,477,292
  
Liabilities in Excess of Other Assets ― (7.7)%
    
        (186,556,447)
  
Total Net Assets ― 100.0%
   $
  2,409,920,845
  

ADR ― American Depositary Receipt
                  
* Non-income producing security.

                  
(a) All or a portion of this security is pledged as collateral pursuant to the loan agreement.

            
(b) In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or outstanding capital for Pangaea One, LP. At September 30, 2021, the total market value of investments in Affiliated Companies was $99,957,316 and the cost was $140,342,649. (See Note 8).
(c) Security is valued in good faith in accordance with procedures approved by the Board of Trustees (See Note 2).

        
(d) Restricted security (See Note 9).
                  
                     
The Global Industry Classification Standard (GICS ®) was developed by and/or is the exclusive property of Morgan Stanley International, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
1.
Notes to Schedule of Investments (unaudited)
 
Valuation
 
The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). The inputs or methodology used in determining the value of each Fund’s investments are not necessarily an indication of the risk associated with investing in those securities.
 
Various inputs are used in determining the value of the Fund’s investments.  These inputs are summarized into three broad categories as defined below:
 
Level 1 - Quoted prices in active markets for identical securities.  An active market for a security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis.  A quoted price in an active market provides the most reliable evidence of fair value.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.
 
Level 3 - Significant unobservable inputs, including the Fund's own assumptions in determining fair value of investments.
 
Investments in securities traded on a national securities exchange are valued at the last reported sales price on the exchange on which the security is principally traded. Securities traded on the NASDAQ exchanges are valued at the NASDAQ Official Closing Price (“NOCP”). These investments are categorized as Level 1 of the fair value hierarchy. Exchange-traded securities for which no sale was reported and NASDAQ securities for which there is no NOCP are valued at the mean of the most recent bid and ask prices quoted. Exchange traded options are valued at the composite mean price, which calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is principally traded. These investments are categorized as Level 2 of the fair value hierarchy. Pricing services may use various valuation methodologies, including matrix pricing and other analytical models as well as market transactions and dealer quotations. Long-term fixed income securities are valued using prices provided by an independent pricing service approved by the Board. Securities for which market quotations are not readily available are valued at their estimated fair value as determined in good faith by Miller Value Partners, LLC under procedures established by and under the general supervision and responsibility of the Board.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the fair values of the Fund’s consolidated investments in each category investment type as of September 30, 2021:

ASSETS

Description
  
Quoted Prices
(Level 1)
    
Other Significant
Observable Inputs
(Level 2)
    
Significant
Unobservable Inputs
(Level 3)
    
Total
  
Investments (a)
                        
   Common Stocks
  
$
2,425,690,650
    
$
-
    
$
18,884,250
    
$
2,444,574,900
  
   Investment Fund
    
-
      
-
      
6,992,316
      
6,992,316
  
Purchased Options
and Warrant
    
-
      
143,777,500
      
1,132,576
      
144,910,076
  
Total Investments
  
$
2,425,690,650
    
$
143,777,500
    
$
27,009,142
    
$
2,596,477,292
  

(a) See Schedule of Investments for additional detailed categorizations.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

Investment Securities
  
Common
Stock
    
Investment
Fund
    
Warrant
  
Balance as of December 31, 2020
  
$
-
    
$
10,096,002
    
$
1,846,591
  
Realized gain (loss)
    
-
      
807,755
      
-
  
Purchases
    
27,250,000
      
-
      
-
  
Sales/Partnership distributions
    
-
      
(5,966,559
)
    
-
  
Change in unrealized appreciation (depreciation)
    
(8,365,750
)
    
2,055,118
      
(714,015
)
Balance as of September 30, 2021:
  
$
18,884,250
    
$
6,992,316
    
$
1,132,576
  
Change in unrealized appreciation (depreciation) for Level 3 securities held at September 30, 2021
    
(8,365,750
)
    
2,055,118
      
(714,015
)
 

The following table summarizes the valuation techniques and unobservable inputs used to determine the fair value of Level 3 investments.

 
Fair Value at
September 30, 2021
Valuation
Technique(s)
Unobservable
Input(s)
Range /
Weighted
Average
Impact to
Valuation
from an
Increase in
Input *
 
Common Stock
 
$18,884,250
 
Market
Liquidity Discount
 
10%
 
Decrease
 
 
Limited Partnership Interests
 
 
 
$6,992,316
NAV of Limited Partnership
Interest
 
 
Liquidity
Discount
 
 
 
25%
 
 
 
Decrease
 
Warrant
 
$1,132,576
Black-Scholes
Model
Liquidity
Discount
 
35%
 
Decrease

*
This column represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these unobservable inputs in isolation could result in significantly higher or lower fair value measurements.
2. Transactions with affiliated companies
 
An “Affiliated Company”, as defined in the 1940 Act, includes a company in which the Fund owns 5% or more of the company’s outstanding voting securities at any time during the period. The following transactions were effected in shares of such companies for the period ended September 30, 2021:

   
Flexion
Therapeutics
Inc. 1
    
Metromile Inc. 2
    
Pangaea One, LP
  
Value at December 31, 2020
  
$
36,928,000
    
$
-
    
$
10,096,002
  
Purchases
    
-
      
55,388,413
      
-
  
Sales / Partnership Distributions
    
(27,051,165
)
    
-
      
(5,966,559
)
Change in Unrealized Gain (Loss)
    
17,636,293
      
(31,603,413
)
    
2,055,118
  
Realized Gain (Loss) on Sales / Distributions
    
(27,513,128
)
    
-
      
807,755
  
Value at September 30, 2021
  
$
-
    
$
23,785,000
    
$
6,992,316
  
Amortization, Dividend, Interest Income
    
-
      
-
      
483,231
  

 
   
Quotient
Technology
Inc. 1
    
Tivity Health
Inc. 2
    
Ziopharm
Oncology Inc. 1
    
Total
  
Value at December 31, 2020
  
$
46,158,000
    
$
45,057,000
    
$
25,534,591
    
$
163,773,593
  
Purchases
    
-
      
16,116,495
      
-
      
71,504,908
  
Sales / Partnership Distributions
    
(28,522,800
)
    
-
      
(20,080,856
)
    
(81,621,380
)
Change in Unrealized Gain (Loss)
    
5,683,588
      
8,006,505
      
10,363,772
      
12,141,863
  
Realized Gain (Loss) on Sales / Distributions
    
(14,711,340
)
    
-
      
(14,684,931
)
    
(56,101,644
)
Value at September 30, 2021
  
$
8,607,448
    
$
69,180,000
    
$
1,132,576
    
$
109,697,340
  
Amortization, Dividend, Interest Income
    
-
      
-
      
-
      
483,231
  

1 Flexion Therapeutics Inc., Quotient Technology Inc. and Ziopharm common stocks were affiliated companies at December 31, 2020 and were no longer affiliated companies at September 30, 2021.
 
2 Metromile Inc. and Tivity Health Inc. were not affiliated companies at December 31, 2020 and became affiliated companies at September 30, 2021.
3. Restricted securities
 
The following Fund investments are restricted as to resale and, in the absence of readily ascertainable market values, are valued in good faith in accordance with procedures approved by the Board of Trustees.

Security
Cost
Fair Value at 
September 30, 2021
Percent of Net
Assets
Open
Commitments
Galileo Acquisition Corp.1
$27,250,000
$18,884,250
0.8%
N/A
Pangaea One, LP2
$28,835,185
$6,992,316
0.3%
$729,3653
Ziopharm Oncology Inc. (Warrant)4
$1,177,758
$1,132,576
0.0%5
N/A
         
1Acquisition date was 9/21.
 
2Acquisition dates were 5/08, 8/08, 10/08, 12/08, 2/09, 5/09, 8/09, 11/09, 3/10, 7/10, 1/11, 2/11, 4/11, 8/11, 10/11, 1/12,4/12, 5/12, 6/12, 8/12, 12/12, 5/13, 6/13, 9/13, 3/14, 8/14 and 10/14.
 
3 In the normal course of operations, the Fund makes commitments to invest in businesses. At September 30, 2021, the Fund had open commitment of $729,365.
 
4 Acquisition date was 7/19.
 
5 Percentage represents less than 0.05%