MILLER MARKET NEUTRAL INCOME FUND

Overview

Miller Market Neutral Income Fund is a market neutral fund which seeks to achieve a positive return regardless of the direction of the equity and bond markets.

Strategy and Process

The market neutral strategies employed by the Fund, including convertible arbitrage, emphasizes non-correlated returns, focusing on outcomes rather than outperforming a specific index. Risk is actively managed by utilizing hedging strategies to help reduce systematic risk. The market neutral strategy allows for unconventional and uncorrelated investment opportunities.

Attractive Risk to Return Profile

The Miller Market Neutral Income fund emphasizes absolute, consistent returns over relative returns and provides an attractive risk/return profile focused on reducing volatility by hedging and delivering risk-adjusted performance.

Experienced Investment Approach

The Fund’s investment advisor holds over 20 years of experience investing in convertibles and market neutral strategies.

Fact Sheet Fund Documents

For additional information about the fund, please email us at information@wam.com.

Portfolio Management

Greg Miller, CPA, Chief Executive Officer and Portfolio Manager, has over 30 years’ experience investing in convertible bonds. Mr. Miller founded Wellesley Asset Management in 1991. He is the architect of the firm’s convertible bond investment strategy and has been Portfolio Manager on Wellesley’s separately managed account and mutual fund suites since their inception. Mr. Miller has written numerous articles and has been profiled in various prominent investment and financial publications, including Barron’s, Institutional Investor, Investment Advisor Magazine, and Bloomberg Businessweek. He has been the recipient of numerous industry-related awards throughout his career and a frequent guest speaker on convertible bond investing. Mr. Miller graduated from Boston University with a Bachelor of Science degree in Business Administration, and holds a Master of Business Administration in Finance with high distinction from Babson College.

Michael Miller, President, CIO and Portfolio Manager, has over 10 years’ experience in the industry. He works directly with the firm’s trading, private client and institutional teams and oversees day to day operations, strategic planning and execution. Additionally, Mr. Miller is responsible for convertible bond research and product development, analyzing and monitoring portfolio holdings, and communicating performance, portfolio and fund data. He also constructs and analyzes client portfolios and works directly with the firm’s institutional clients. He frequently speaks at national investment conferences educating investors about the convertible bond asset class. Mr. Miller received his Bachelor of Science degree in Business Administration from American University’s Kogod School of Business in Washington, DC, where he specialized in finance, and his Master of Business Administration degree from Babson College.

Jim Buckham, CFA, Portfolio Manager & Head of Research, comes to Wellesley Asset Management, Inc with over twenty five years of market experience. Most recently, he was a convertible bond salesman at Deutsche Bank covering mutual funds and hedge funds in New York, Boston and Toronto. Prior to that, Jim spent twelve years trading convertible bonds, derivatives, and equities at Fidelity Investments. Jim holds the CFA designation and has passed the Series 7, 55, and 63 exams. Jim graduated from Boston University with a BA in economics. He also holds a Master of Business Administration degree from Bentley University.

David Clott, CFA, Portfolio Manager, has over 30 years investment industry experience. Mr. Clott began his career in 1991 at Phoenix Investments, where he worked in equity research and gained exposure to convertible bonds. In 1999, he joined Aviva Investors, taking on portfolio management responsibilities for Aviva’s US convertible bond strategy. In 2002 he founded Aviva’s global convertible bond fund, one of the earliest of its kind in Europe. He developed the investment philosophy and process for the fund, solidifying his reputation as a leader in long-only convertible investing. While still at Aviva, Mr. Clott launched a convertible arbitrage hedge fund in 2005 and in 2009 launched one of the first convertible market-neutral mutual funds. While at Aviva he held the position of Head of Global Convertibles and Senior Portfolio Manager. Mr. Clott graduated from Bryant University with a Bachelor of Science in Business Administration, finance concentration, and holds a Master of Science, Energy Policy and Climate, from Johns Hopkins University.

Important Risk Information

There is no assurance that the Fund will achieve its investment objective.

Mutual Funds involve risk including the possible loss of principal. The Fund is a new mutual fund and has a limited history of operations for investors to evaluate. If the market price of the underlying common stock increases above the conversion price on a convertible security, the price of the convertible security will increase. Convertible bonds are subject to risks associated with both debt securities and equity securities. The Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. The derivative instruments in which the Fund may invest either directly or through an underlying fund, may be more volatile than other instruments. In general, the price of a fixed income security falls when interest rates rise. Leveraging generally exaggerates the effect on NAV of any increase or decrease in the market value of the Fund’s portfolio securities. The Fund’s investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price. By writing call options, the Fund is subject to the risk of counterparty default, as well as the potential for unlimited loss. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. If any private placement security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors.

The securities of small- and mid-capitalization companies may be more volatile and less liquid than those of large-capitalization companies. Swaps are a type of derivative. Swap agreements involve the risk that the party with which the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. The federal income tax treatment of convertible securities or other securities in which the Fund may invest may not be clear or may be subject to recharacterization by the Internal Revenue Service. Investments in the securities of other investment companies, including ETFs, may involve duplication of advisory fees and certain other expenses. Additionally, if the investment company or ETF fails to achieve its investment objective, the value of the Fund’s investment will decline, adversely affecting the Fund’s performance.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Miller Market Neutral Income Fund. This and other important information about the Fund are contained in the prospectus, which can be obtained by calling 781-416-4000. The prospectus should be read carefully before investing. The Miller Market Neutral Income Fund is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Wellesley Asset Management, Inc. and Northern Lights Distributors, LLC are not affiliated entities.

2026-NLD-01242024