# EDGAR Filing Document

**Accession Number:** 0001414039
**File Stem:** 0001580642-23-001285
**Filing Date:** 2023-3
**Character Count:** 26304
**Document Hash:** 3419e7f677135f297f30546889af3ca4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001285.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001580642-23-001285

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**EFFECTIVENESS DATE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Miller Investment Trust
- **CENTRAL INDEX KEY:** 0001414039
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-146552
- **FILM NUMBER:** 23709819

**BUSINESS ADDRESS:**
- **STREET 1:** 20 WILLIAM STREET
- **STREET 2:** SUITE 310
- **CITY:** WELLESLEY
- **STATE:** MA
- **ZIP:** 02481
- **BUSINESS PHONE:** 781-416-4000

**MAIL ADDRESS:**
- **STREET 1:** 20 WILLIAM STREET
- **STREET 2:** SUITE 310
- **CITY:** WELLESLEY
- **STATE:** MA
- **ZIP:** 02481

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Wellesley Investment Trust
- **DATE OF NAME CHANGE:** 20071003

## Series and Classes Contracts Data

### Miller Intermediate Bond Fund (Series ID: S000046813)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000146257 | Miller Intermediate Bond Fund Class I | MIFIX           |

---

| |
|:---|
| &nbsp;&nbsp;Miller Intermediate Bond Fund |
| &nbsp;&nbsp;Summary Prospectus |
| &nbsp;&nbsp;&nbsp;**March 1, 2023** |
| &nbsp;&nbsp;&nbsp;Class I Shares: MIFIX |
| &nbsp;&nbsp;&nbsp;*Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, both dated March 1, 2023, are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at www.themillerfamilyoffunds.com/funddocuments. You can also obtain these documents at no cost by completing a document request form on our website, www.MillerFamilyOfFunds.com or by calling 1-877-441-4434 or by sending an email request to ordermiller@ultimusfundsolutions.com, or ask any financial adviser, bank or broker-dealer that offers shares of the Fund.* |

---

**Investment Objective**

The Fund's primary investment objective is to maximize total return comprising current income and capital appreciation, consistent with preservation of capital. The Fund's investment objective is a non-fundamental policy and may be changed without shareholder approval upon 60 days' written notice to shareholders.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees**<br> (fees paid directly from your investment) | &nbsp;&nbsp;**Class I** |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Purchases <br> (as a % of offering price) |  |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load) <br> (as a % of offering price) |  |
| &nbsp;&nbsp;Maximum Sales Charge (Load) on Reinvested Dividends <br> and Other Distributions |  |
| &nbsp;&nbsp;**Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage <br> of the value of your investment) |  |
| &nbsp;&nbsp;Management Fees | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>(1)</sup> | &nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses** | &nbsp;&nbsp;**1.01%** |

---

(1) Acquired Fund Fees and Expenses are the indirect costs of investing in other
investment companies, including money market funds.

**Example** 

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;**Class I** | &nbsp;&nbsp;$103 | &nbsp;&nbsp;$322 | &nbsp;&nbsp;$558 | &nbsp;&nbsp;$1236 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 79% of the average value of its portfolio.

**Principal Investment Strategies**

Wellesley Asset Management, Inc. ("Wellesley" or the "Advisor"), the Fund's advisor, seeks to maximize total return comprising current income and capital appreciation and preserve principal by investing in a portfolio consisting primarily of intermediate bonds. The Fund defines bonds as including corporate bonds, notes and debentures, convertible and synthetic convertible bonds, government securities, mortgage and other asset-backed securities, and other securities that Wellesley believes have bond-like characteristics, including hybrids and synthetic securities.

Under normal conditions, the Fund invests at least 80% of its assets (defined as net assets plus borrowings for investment purposes) in a portfolio of bonds with a dollar-weighted average maturity of between three and ten years (the "80% Policy"). The Fund's 80% investment policy is a non-fundamental policy and may be changed without shareholder approval upon 60 days' written notice to shareholders. The convertible bonds purchased by the Fund may contain put options that entitle the holder to sell the security back to the issuer at a stated price on one or more future dates.

The Fund primarily invests in bonds of companies that are domiciled in, or have their principal place of business or principal securities trading market in, or that derive at least 50% of their revenue or profits from goods produced, sales made or services performed in, the United States ("U.S. companies"). The Fund invests in intermediate bonds issued by companies in a variety of sectors including the financial services sector.

The Fund expects that, at the time of purchase, most securities will have remaining maturities or put provisions of three to ten years, but there are no restrictions on the maximum or minimum maturity of any individual security that the Fund may purchase. The Fund is not restricted with respect to the credit quality of its holdings and invests in some bonds that are rated less than investment grade or determined to be of comparable credit quality by Wellesley.

The bonds in which the Fund invests generally provide for repayment of principal in full at maturity of the security and may pay a fixed or variable rate of interest. Some debt securities, such as zero-coupon bonds, do not pay current interest but are sold at a discount from their face values. Most convertible bonds are obligations of a company that can be converted into a predetermined number of shares of common stock of the company issuing the security. Convertible bonds generally offer both defensive characteristics (*i.e*., provide income during periods when the market price of the underlying common stock declines) and upside potential (*i.e.*, may provide capital appreciation when the market price of the underlying common stock rises). Synthetic convertible bonds are financial instruments

Wellesley will purchase a bond when it believes there is a high probability that the principal amount of the investment will be repaid upon put or maturity and, in the case of a convertible bond, that the conversion component offers potential upside. Wellesley attempts to identify bonds that are trading at attractive valuations relative to Wellesley's evaluation of the issuer's creditworthiness. Wellesley's investment process includes the use of both quantitative and fundamental research on each issuer to analyze credit quality and the specific terms of each offering. In general, Wellesley sells securities when an issuer's credit quality deteriorates, the conversion feature of a convertible security is no longer a likely source of capital appreciation, to increase diversification, or when Wellesley believes more attractive investments are available.

In addition to convertible bonds, the Fund may invest in other types of securities and instruments including high yield bonds (also called "junk bonds"), short-term debt securities, special purpose acquisition companies (SPACs) and money market instruments.

**Principal Investment Risks**

Investing in any mutual fund involves risk, including the risk that you may receive little or no return on your investment, and that you may lose part or all of your investment. Therefore, before you invest in this Fund you should carefully evaluate the risks. The price of Fund shares will increase and decrease according to changes in the value of the Fund's investments. The other principal risks of investing in the Fund are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Convertible Bond Risk:* Convertible bonds
are hybrid securities that have characteristics of both bonds and common stocks and are subject to risks associated with both debt securities
and equity securities. Convertible bonds that are rated below investment grade are subject to the risks associated with high-yield investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Active Management Risk:* Wellesley's
objective judgments about the attractiveness and potential appreciation of particular investments in which the Fund invests may prove
to be incorrect and there is no guarantee that the Fund's investment strategy will produce the desired results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Corporate Bond Risk:* Corporate bonds are backed only by the issuer,
and therefore, investments in corporate bonds are subject to issuer risk. Additionally, credit risk is created when the debt issuer fails
to pay interest and principal in a timely manner, or negative perceptions of the issuer's ability to make such payments may cause
the price of that debt to decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Cybersecurity Risk:* Failures or breaches
of the electronic systems of the Fund, the Fund's advisor, distributor, the Index Provider and other service providers, market makers,
Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact
the Fund's business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has
established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations
in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund's Index Provider
and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Derivatives Risk:* The derivative instruments
in which the Fund may invest either directly or through an underlying fund, may be more volatile than other instruments. The risks associated
with investments in derivatives also include liquidity, interest rate, market, credit and management risks, mispricing or improper valuation.
Changes in the market value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Fund could lose
more than the principal amount invested. In addition, if a derivative is being used for hedging purposes there can be no assurance given
that each derivative position will achieve a perfect correlation with the security or currency against which it is being hedged, or that
a particular derivative position will be available when sought by the portfolio manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Equity Securities Risk:* The price of equity securities may rise or
fall because of economic or political changes. Stock prices in general may decline over short or even extended periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *High Yield Risk:* Lower-quality securities,
such as "high yield" or "junk" bonds, present a significant risk for loss of principal and interest. These securities
offer the potential for higher return, but also involve greater risk than securities of higher quality, including an increased possibility
that the issuer, obligor or guarantor may not be able to make its payments of interest and principal. Lower credit quality high yield
securities are especially sensitive to adverse economic and competitive industry conditions and may have significant default rates and
price volatility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Interest Rate Risk:* The market value of debt securities tends to
decline as interest rates increase and tends to increase as interest rates decline. An issuer of a debt security may not be able to make
principal and interest payments on the security as they become due. Debt securities may also be subject to prepayment or redemption risk,
which tends to increase when the coupon or interest payment is greater than prevailing interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;· *Portfolio Turnover Risk:* Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund's performance and may produce increased taxable distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Preferred Stock Risk:* Preferred stocks are
subject not only to issuer-specific and market risks generally applicable to equity securities, but also risks associated with fixed-income
securities, such as interest rate risk. A company's preferred stock, which may pay fixed or variable rates of return, generally
pays dividends only after the

company makes required payments to creditors, including vendors, depositors, counterparties, holders of its bonds and other fixed-income securities. As a result, the value of a company's preferred stock will react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred stock may be less liquid than many other types of securities, such as common stock, and generally has limited or no voting rights. In addition, preferred stock is subject to the risks that a company may defer or not pay dividends, and, in certain situations, may call or redeem its preferred stock or convert it to common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Private Placement and Illiquid Securities Risk:* Certain securities
are privately placed but are eligible for purchase and sale by certain qualified institutional buyers such as the Fund under Rule 144A
under the Securities Act of 1933. If any Rule 144A 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Recent Market Events Risk:* The Fund is subject
to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing
interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers
and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and
other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term
effects on U.S., and global economies and markets, generally. For example, the COVID-19 pandemic has resulted, and may continue to
result, in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates,
supply chain disruptions, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and
systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has,
and may continue to, adversely affect global energy and financial markets and therefore could affect the value of the Fund's investments,
including beyond the Fund's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military
action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other
changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or
related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting
the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service
providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Sector Risk:* The Fund may focus its investments in securities of
a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the entire sector. This may
cause the Fund's NAV to fluctuate more than that of a fund that does not focus in a particular sector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Biotech and Pharma Risk:* Companies in the biotech and pharmaceuticals
industry may be highly volatile and affected by industry competition, dependency on a limited number of products, obsolescence of products,
government approvals and regulations, loss or impairment of intellectual property rights and litigation regarding product liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Technology Risk:* Technology companies, may
have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially
rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss
or impairment of those rights. Companies in the technology sector are facing increased government and regulatory scrutiny and may be subject
to adverse government or regulatory action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Small- and Mid-Capitalization Companies Risk:* Compared to large-capitalization
companies, small-and mid-capitalization companies may be less stable and more susceptible to adverse developments. In addition, the
securities of small- and mid-capitalization companies may be more volatile and less liquid than those of large-capitalization companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *SPACs Risks:* The Fund may invest in equity securities and warrants
of special purpose acquisition companies (SPACs), which raise assets to seek potential combination
opportunities. Unless and until a combination is completed, a SPAC generally invests its assets in U.S. government securities, money market
securities, and cash. If a combination that meets the requirements for the SPAC is not completed within a pre-established period of time
(*e.g.*, 18-24 months), the invested funds are returned to the entity's shareholders. Because pre-combination SPACs have no
operating history or ongoing business other than seeking combinations, the value of their securities is particularly dependent on the
ability of the entity's management to identify and complete a profitable combination. Companies in the post-combination SPAC
stage may be unseasoned and lack a trading history, a track record of reporting to investors, and widely available research coverage.
Post-combination SPACs are thus often subject to extreme price volatility and speculative trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Synthetic Convertible Bond Risk:* Synthetic
convertible bonds are derivative debt securities and are subject to the creditworthiness of the counterparty of the synthetic security.
The value of a synthetic convertible bond may decline substantially if the counterparty's creditworthiness deteriorates. The value
of a synthetic convertible bond may also respond differently to market fluctuations than a convertible bond because a synthetic convertible
is composed of two or more separate securities, each with its own market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Volatility Risk:* The risk that the value of the securities in which
the Fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes
may be temporary or may last for extended periods.

An investment in the Fund is not a complete investment program and you should consider it just one part of your total investment program. You will find a more complete discussion of risk on page 28 of the Prospectus.

**Performance**

The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund's Class I shares for each full calendar year since the Fund's inception. The performance table compares the performance of the Fund's Class I shares over time to the performance of the Bloomberg U.S. Aggregate Bond Index. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.

**Class I Shares Annual Total Return for the Years Ended December 31**

![](image_002.gif)

During the period shown in the bar chart, the highest return for a quarter was 11.64% during the quarter ended June 30, 2020**,** and the lowest return for a quarter was (10.60)% during the quarter ended March 31, 2020.

**Performance Table**

**Average Annual Total Returns**

**(For periods ended December 31, 2022)** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class I Shares** | &nbsp;&nbsp;**One<br> Year** | &nbsp;&nbsp;**Five<br> Years** | &nbsp;&nbsp;**Since<br> Inception<br> (12-31-14)** |
| &nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;(7.72)% | &nbsp;&nbsp;3.44% | &nbsp;&nbsp;4.07% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions | &nbsp;&nbsp;(9.01)% | &nbsp;&nbsp;1.64% | &nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions and <br> sale of Fund shares | &nbsp;&nbsp;(4.55)% | &nbsp;&nbsp;1.90% | &nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;**Bloomberg U.S. Aggregate Bond Index<sup>(1)</sup>** | &nbsp;&nbsp;(13.01)% | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;0.85% |

---

(1) The Bloomberg 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. Unlike
the Fund's returns, an index does not reflect any fees or expenses. An investor cannot invest directly in an index or benchmark.

After-tax returns are estimated and were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

**Investment Advisor**

Wellesley Asset Management, Inc.

**Portfolio Managers**

Greg Miller, Chief Executive Officer of Wellesley, shares responsibility for the day-to-day management of the Fund as Co-Portfolio Manager with Michael Miller, Chief Investment Officer and President of Wellesley. Greg and Michael Miller have been the Fund's portfolio managers since its inception.

**Purchase and Sale of Fund Shares**

The minimum initial investment for Class I shares is $1 million for all account types. The minimum subsequent investment for Class I shares is $100 for all account types. You may purchase and redeem shares of the Fund on any day that the NYSE is open. Purchases and redemptions may be made by mailing an application or redemption request to Miller Intermediate Bond Fund c/o Ultimus Fund Solutions, LLC, 4221 North 203<sup>rd</sup> Street, Suite 100, Elkhorn Nebraska 68022-3474, by calling 1-877-441-4434 or by visiting **<u>www.MillerFamilyOfFunds.com</u>.**

**Tax Information**

Dividends and capital gain distributions from the Fund, whether reinvested in additional Fund shares or received in cash, are taxable as either ordinary income or capital gains for federal income tax purposes unless you are tax-exempt or investing through a tax-deferred account such as an IRA or 401(k) plan, in which case you may be taxed upon withdrawal of monies from the tax-deferred arrangement.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.