Wellesley Asset Management, Inc., Miller Intermediate Bond Fund (Ticker: MIFIX) Earns 5-Star Overall Morningstar Rating™

(PRUnderground) February 1st, 2024

Wellesley Asset Management, Inc announced that the Miller Intermediate Bond Fund I (Ticker: MIFIX) has received a 5-Star Overall Morningstar Rating as of December 31, 2023.

The Miller Intermediate Bond Fund invests in traditional fixed income as well as other securities with an intermediate duration that Wellesley believes have bond-like characteristics, including convertible bonds.

President Michael Miller believes that focusing on bonds and debt from companies with strong balance sheets remains an attractive choice for long-term investors. “We’ve been able to leverage our expertise in convertible bonds within the framework of the Fund and opportunistically take advantage of other types of high-quality fixed income instruments,” said Miller.

MIFIX earned Five stars overall (out of 187 Funds), Five stars for its three-year (out of 187 funds) and Five stars for its five-year (out of 171 funds) in Morningstar’s Corporate Bond category for the period ending December 31, 2023, based on risk-adjusted returns.

As of December 31, 2023, The Miller Intermediate Bond I ranks in the top 1% of the Morningstar Corporate Bond Category over the 3 and 5-year time periods out of 187 and 171 funds, respectively, based on total return.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Total operating expense for the class I shares is 1.01%. Please review the Fund’s prospectus for more information regarding the Fund’s fees and expenses including other share classes. For performance information current to the most recent month-end, please call toll-free 877-441-4434.

For more information about the Miller Intermediate Bond Fund, please visit: www.MillerFamilyOfFunds.com.

About Risk: 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.

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. A portion of the Fund’s securities may be rated below investment grade. 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. Investments in convertible securities subject the Fund to the risks associated with both fixed-income securities and common stocks. 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. The Fund may invest a significant amount of its assets in a particular industry, market, or sector. The value of its shares may be more susceptible to adverse changes within that market or sector than a Fund that does not focus its investments in a particular industry, market or sector.

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

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

© 2024 Morningstar. All Rights Reserved. The information contained herein: 1) is proprietary to Morningstar and/or its content providers; 2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

The Bloomberg Barclays U.S. Aggregate Bond Index is a market capitalization-weighted index often used to represent investment grade bonds being traded in the United States. This index does not include management fees, transaction costs, or other expenses. You cannot invest directly in an index.

The Morningstar Corporate Bond category: Corporate bond portfolios concentrate on investment-grade bonds issued by corporations in U.S. dollars, which tend to have more credit risk than government or agency-backed bonds. These portfolios hold more than 65% of their assets in corporate debt, less than 40% of their assets in non-U.S. debt, less than 35% in below-investment-grade debt, and durations that typically range between 75% and 150% of the three-year average of the effective duration of the Morningstar Core Bond Index. Category Group Index: Barclays US Agg Bond TR USD Category Index: Barclays US Corp IG TR USD Morningstar Index: Morningstar US Corp Bd TR USD Hdg.

About Wellesley Asset Management, Inc.

Wellesley Asset Management (Wellesley) is an SEC registered investment advisory firm specializing in the management of convertible bonds through separately managed accounts, mutual funds and private funds. Managing assets of approximately $2 billion, Wellesley is a trusted advisor to a diverse client base serving high and ultra-high net-worth individuals, registered investment advisors, institutions, pensions, and other investment professionals. Founded in 1991, by Greg Miller, CPA, Wellesley invests in convertible bonds deploying absolute return-seeking strategies.

Additional information about the firm is available at www.wam.com

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