Wellesley Investment Advisors, Inc. (Wellesley) announces the launch of two new mutual funds on December 31, 2014. In addition to its flagship Miller Convertible Bond Fund that started at the end of 2007, Wellesley will now also manage the Miller Convertible Plus Fund and the Miller Intermediate Bond Fund – all under the umbrella of the Miller Investment Trust.
Greg Miller CPA, Wellesley’s CEO, Co-Chief Investment Officer and Co-Founder, and Michael Miller, Co-Chief Investment Officer, are Co-Portfolio Managers of each of the three funds, collectively called “The Miller Family of Funds.” Greg Miller said, “The Miller Convertible Plus Fund is a liquid alternative fund whose principal investment strategy seeks to maximize the fund’s total return, comprising current income and capital appreciation, by investing in a leveraged portfolio consisting primarily of convertible bonds. The Fund also seeks to outperform both the Barclays U.S. Aggregate Bond Index and the S&P 500 Total Return Index over full market cycles.”
Michael Miller noted, “The principal investment strategy of the Miller Intermediate Bond Fund attempts to maximize total return, comprising current income and capital appreciation, by investing in a portfolio consisting primarily of bonds, including – government bonds, corporates, convertibles and other fixed income products. The Fund also seeks to realize a total return that outperforms the Barclays U.S. Aggregate Bond Index over full market cycles.”
Darlene Murphy CPA, CFP®, Co-Founder and President of Wellesley added, “We believe the new funds are logical areas for us to be in, given our two-plus decades of experience in managing fixed income with a limited risk approach intended to protect principal. The suite of investments offered within The Miller Family of Funds will give our clients additional investment options and increased flexibility to allocate money in accordance with their investment objectives and risk tolerances.”
The Miller Convertible Plus Fund’s tickers for the A, I and C classes are MCPAX, MCPIX and MCCCX respectively. The Miller Intermediate Bond Fund’s tickers for the A, I and C classes are MIFAX, MIFIX and MIFCX respectively. The Miller Convertible Bond Fund’s tickers for the A, I and C shares are MCFAX, MCIFX and MCFCX respectively. The Barclays U.S. Aggregate Bond Index is the benchmark for each of these funds.
About The Miller Family of Funds
The Miller Family of Funds commenced in December 2007, represents over $700 million of assets under management, and consists of three funds: the Miller Convertible Bond Fund, the Miller Convertible Plus Fund and the Miller Intermediate Bond Fund.
About Wellesley Investment Advisors, Inc.
Trusted advisors to a global client base for over 20 years, Wellesley Investment Advisors (Wellesley) is an SEC registered investment advisory firm with assets under management exceeding $2.3 billion, serving high net-worth individuals, institutions, pensions, family offices, banks, investment advisors and other investment professionals. Wellesley is also the advisor to three open end bond mutual funds. Founded in 1991, by Greg Miller, CPA and Darlene Murphy, CPA, CFP®, Wellesley specializes in the management of convertible bonds deploying absolute return-seeking strategies.
About Risk
Investments in convertible securities subject the fund(s) to the risks associated with both fixed-income securities, including credit risk and interest risk, and common stocks. A portion of the fund(s)’ convertible securities may be rated below investment grade. Exchangeable and synthetic convertible securities may be more volatile and less liquid than traditional convertible securities. In general, stock and other equity security values fluctuate, and sometimes widely fluctuate, in response to activities specific to the company as well as general market, economic and political conditions. Lower rated fixed-income securities are subject to greater risk of loss of income and principal than higher-rated securities. The prices of lower rated bonds are likely to be more sensitive to adverse economic changes or individual corporate developments. All fixed-income securities are subject to two types or risk: credit risk and interest rate risk. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed income securities go up. The fund(s) may invest a significant amount of their assets in a particular, industry, market or sector. The value of shares of the fund(s) may be more susceptible to adverse changes within that market or sector than a fund that does not focus its investments.
The use of leverage through activities such as borrowing can magnify the effects of changes in the value of the Miller Convertible Plus Fund and make the Miller Convertible Plus Fund’s share price more volatile and sensitive to market movements. Because leverage increases the fees payable to the adviser, Wellesley has an incentive to increase the Miller Convertible Plus Fund’s use of leverage.
There can be no assurance that a fund will achieve its investment objective. No fund is a complete investment program and you may lose money investing in a fund. The Miller Convertible Bond Fund, the Miller Convertible Plus Fund and the Miller Intermediate Bond Fund may engage in other investment practices that may involve additional risks and you should review the applicable prospectus for a complete description.
The Barclays U.S. Aggregate Bond Index is an unmanaged index of prices of U.S. dollar-denominated, fixed-rate, taxable, investment grade fixed-income securities with remaining maturities of one year and longer. The Index includes Treasury, government, corporate, mortgage-backed, commercial mortgage-backed and asset-backed securities. The S&P 500® Index is an unmanaged index composed of 500 common stocks, classified in eleven industry sectors, which represent approximately 75% of the U.S. equities market. The S&P 500® Index assigns relative values to the stocks included in the index, weighted according to each stock’s total market value relative to the total market value of the other stocks included in the index. It is not possible to invest directly in an index.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Miller Convertible Bond Fund, the Miller Convertible Plus Fund and the Miller Intermediate Bond Fund. Current performance information and the prospectus, which contains important information about the Funds, can be obtained by calling 781-416-4000. The prospectus should be read carefully before investing. The Miller Convertible Bond Fund, the Miller Convertible Plus Fund and the Miller Intermediate Bond Fund are distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Wellesley Investment Advisors, Inc. and Northern Lights Distributors, LLC are not affiliated.
Not FDIC Insured – Not Bank Guaranteed – May Lose Value
2069-NLD-1/28/2015
