Convertible bonds combine the fixed income features of bonds, with the capital appreciation potential of stocks. The Fund may offer investors a measure of downside preservation compared with stocks and additional upside participation compared with traditional bonds. The goal of the Fund is to deploy an absolute return seeking strategy and to outperform both stocks and bonds over complete market cycles.
The Fund strives to achieve absolute returns through all market environments by using a variety of fixed income securities in a laddered approach. The Fund employs a disciplined strategy that seeks to enhance returns while managing risk and volatility. The Fund seeks to outperform the Bloomberg Barclays U.S. Aggregate Bond Index over full market cycles.
Convertible bonds combine the fixed income features of bonds, with the capital appreciation potential of stocks. The goal of the Fund is to primarily deploy leveraged convertible bonds to outperform both equity and fixed income investments over complete market cycles.
Launched in January 2024. The Miller Market Neutral Income Fund’s objective is to provide total return with a low correlation to equity and fixed income markets primarily through convertible bond arbitrage.
There is no assurance that the Funds will achieve their investment objective.
Investments in convertible securities subject the Fund 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 of 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 use of leverage through activities such as borrowing or purchasing derivatives can magnify the effects of changes in the value of the Fund and make the Fund’s share price more volatile and sensitive to market movements.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Miller Convertible Bond Fund, the Miller Intermediate Fund, the Miller Convertible Plus Fund or the Miller Market Neutral Income Fund. This and other important information about the Funds are contained in the prospectus, which can be obtained by calling 781-416-4000. The prospectus should be read carefully before investing. The Miller Convertible Bond Fund, the Miller Intermediate Fund, the Miller Convertible Plus Fund and the Miller Market Neutral Income Fund are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Wellesley Asset Management, Inc. and Northern Lights Distributors, LLC are not affiliated entities.