Miller to employ leverage in upcoming Miller Convertible Plus Fund

By Toni Weeks

San Luis Obispo, Calif., May 1 - Miller Investment Trust announced it is planning to launch a new fund that invests primarily in a portfolio of leveraged convertible securities, the Miller Convertible Plus Fund.

The fund will seek to maximize total return through the use of leverage while preserving principal over full market cycles. Under normal conditions, it will invest at least 80% of its assets in convertible bonds, which may include synthetic convertible bonds. The fund will employ substantial leverage, primarily in the form of borrowing, and anticipates using debt in an amount up to about 33.33% of the fund's total assets, including borrowing proceeds, to leverage the fund's portfolio.

Gregg Miller and Michael Miller are the portfolio managers.

The fund will offer class A, class C and class I shares. Ticker symbols have not been set.

Class A shares will be subject to a maximum sales load of 5.75%. Management fees are expected to be 1.85%. Total annual fund operating expenses have not been established.

Wellesley, Mass.-based Wellesley Investment Advisors, Inc. will be the investment adviser.

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