Miller Investment Trust NCSRS Certified semi-annual shareholder report (management investment company)

united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-22131

Miller Investment Trust

(Exact name of registrant as specified in charter)

20 William Street Wellesley, MA 02481

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: 781-416-4000

Date of fiscal year end: 10/31

Date of reporting period:4/30/23

Item 1. Reports to Stockholders.

Miller Convertible Bond Fund
Miller Convertible Plus Fund
Miller Intermediate Bond Fund

Semi-Annual Report

April 30, 2023

877- 441- 4434

www.MillerFamilyofFunds.com

Investment Advisor

Wellesley Asset Management, Inc.

The Wellesley Office Park

20 William Street, Suite 310

Wellesley, MA 02481

781-416-4000

This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or solicitation of an offer to buy shares of Miller Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information.

Distributed by Northern Lights Distributors, LLC. Member FINRA

Dear Fellow Shareholder,

This semi-annual report of the Miller family of funds provides a detailed overview of the mutual funds’ performance for the six months ending April 30, 2023 (“the reporting period”) and provides insights into the convertible market, the funds’ portfolio holdings and financial statements and highlights. The Miller Convertible Bond Fund, Miller Convertible Plus Fund, and the Miller Intermediate Bond Fund comprise the Miller Family of funds.

During the reporting period, all share classes of the Miller funds family underperformed stocks and bonds. Since inception all share classes have outperformed the Bloomberg Barclays U.S. Aggregate Bond Index, while all share classes have underperformed the S&P 500 Total Return Index. Our investment team follows a conservative fixed income approach to convertible bond investing, focused on quality companies, that is designed to maximize total return consistent with preservation of capital in both bull and bear markets. Our funds’ performance for the six months ending April 30, 2023, and since inception is as follows:

	Six Months Ended	Annualized Since
Miller Convertible Bond Fund	April 30, 2023	Inception
A shares (MCFAX.LW)	1.56%	5.13% (12/27/07)
I shares (MCIFX)	1.66%	5.68% (12/27/07)
C shares (MCFCX)	1.19%	5.11% (12/01/09)

		Annualized Since
Miller Convertible Plus Fund		Inception
I shares (MCPIX)	1.24%	5.07% (12/31/14)

		Annualized Since
Miller Intermediate Bond Fund		Inception
I shares (MIFIX)	2.49%	4.06% (12/31/14)

The funds’ total assets under management for the period ended 04/30/2023 were as follows:

Miller Convertible Bond Fund	$	775,580,660
Miller Convertible Plus Fund	$	76,403,289
Miller Intermediate Bond Fund	$	161,213,850

Convertible Market Review

For the six months ending 04/30/2023, the Bloomberg Barclays U.S. Aggregate Bond Index was up 6.91%, the S&P 500 Total Return Index was up 8.63% and the ICE BofA ALL Yield Alternative US (VYLD) Index was up 3.95%. Several factors helped convertible bond valuations including lower interest rates, higher stock prices, and tighter credit spreads. These factors were partially offset by lower volatility, which was the only real deterrent to convertible performance during the reporting period. Note the following definitions:

●

The Bloomberg/Barclays U.S. Aggregate Bond Index represents most investment grade bonds traded in the United States

●

The S&P 500 Total Return Index is a cap-weighted index of 500 common stocks and is regarded as a leading proxy for the US stock market

●

The BofA All Yield Alternatives US Convertibles Index (VYLD) is a subset of the BofA US Convertible Index and includes convertible securities with a delta of less than 0.4. Delta is the measure of the change in a convertible bond’s price given a change in the underlying stock

●

A credit spread is the difference in yield between a U.S. Treasury bond and a debt security with the same maturity but of lesser quality

Please note that Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses, or sales charges nor do they reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance does not predict future performance.

During the reporting period the S&P 500 traded in a broad range (3800-4200), as the market wrestled with the simultaneous prospects of inflation and recession. The consumer price index (CPI) continued its downtrend as the hawkish Federal Reserve continued to raise the Federal Funds rate. The S&P 500 tested the low end of the range in December and March. In December, despite a benign CPI number, the Federal Reserve raised interest rates by 50 basis points citing the robust labor market. In March, the failure of three large regional banks (Silicon Valley Bank, Signature Bank, and Silvergate Capital Corp.) and Credit Suisse led to another test of 3800. In February and again at the end of the reporting period, stocks tested the upper end of the range as companies reported earnings that were “better than feared”.

While short-term interest rates rose 1.75% over the six-month period, long-term interest rates, as measured by 10-year Treasury yields, declined by about 50 basis points, further inverting the yield curve. The VIX, a popular measure of equity volatility, started the period above 26 and closed below 16 as the S&P 500 traded within a clearly defined range. The risk of a banking crisis, along with lower

volatility and lower long-term interest rates had a negative impact on new convertible bond issuance. As a result, only $22 billion of new issuance came to the market during the reporting period.

Miller Convertible Bond Fund

Over the six-month reporting period, the Miller Convertible Bond Fund underperformed the Barclays US Aggregate Bond Index, the ICE BofA ALL yield US alternative index (VYLD), and the S&P 500 Total Return Index. The Fund’s underweight position in the technology sector contributed to underperformance versus the S&P 500 Total Return Index. The combination of lower long-term rates and lower stock volatility led to the Fund’s underperformance compared to the Bloomberg Barclays US Aggregate Bond Index. Similarly lower interest rates led to the Fund’s underperformance versus VYLD Index.

The Fund’s position in IMAX Corp (2.8% weight) produced a gain of 18.76%. On the negative side, the Fund’s position in Lumentum Holdings (2.10% weight) resulted in an 11.08% loss.

The Fund is well diversified with 78 positions. A synthetic convertible in Amazon is the largest convertible bond holding representing 3.08% of the fund’s assets. During the reporting period, bond market volatility remained elevated while equity market volatility declined. As a result, the Fund’s largest monthly drawdown, or peak to trough decline, was a modest -2.06%.

Miller Convertible Plus Fund

The Miller Convertible Plus Fund also underperformed the Bloomberg Barclays US Aggregate Bond Index, the S&P 500 Total Return Index and the VYLD Index. The Fund’s underweight position in the technology sector led to underperformance when compared to the S&P 500 Total Return Index. Like the Miller Convertible Fund, lower long-term interest rates and lower volatility led to underperformance versus the Bloomberg Barclays US Aggregate Bond Index. Lower long-term interest rates led to the Fund’s underperformance when compared to the VYLD index.

The Miller Convertible Plus Fund’s top performing convertible bond position was Imax Corporation (3.99% weight) which returned 21.52%. The Fund’s worst convertible bond position was Lumentum Holdings (3.38% weight) which resulted in a 16.55% loss.

The Fund remains well diversified with 46 positions, the largest which accounts for 4.46% of assets. The Miller Convertible Plus Fund is often the most volatile in the Miller family of funds because of leverage. As a result, the largest monthly drawdown over the reporting period in the Fund was -3.50%.

Miller Intermediate Bond Fund

The Miller Intermediate Bond Fund underperformed the Bloomberg Barclays US Aggregate Bond Index, the S&P 500 Total Return Index, and the VYLD Index. An underweight position in technology led to underperformance versus the S&P 500 Total Return Index. In a period of falling long-term interest rates, the Fund’s shorter duration led to underperformance relative to the Bloomberg Barclays US Aggregate Bond Index and the VYLD index.

The Intermediate Bond Fund’s best performing position was Imax Corporation (2.53% weight) which gained 18.20%. The Fund’s worst performing convertible bond position was Lumentum Holdings (2.36% weight) which lost 10.47%.

The Intermediate Bond Fund holds 55 positions. Akamai Technologies is the largest convertible bond position representing 2.68% of the fund’s assets. The Fund’s largest drawdown for the reporting period was only -1.58%.

Convertible Bond Strategy Review

We remain committed to the same strategy we have utilized since our company was founded in 1991. It is important to note that we do not alter our investment strategy regardless of the prevailing investment climate. Our investment focus is to buy convertible bonds and notes (no convertible preferreds, mandatory preferreds, or other convertible structures) which typically offer the return of the majority of principal within seven years and purchased with no, or minimal loss to maturity or imbedded put option. Before making an investment, a company’s balance sheet and income statement are reviewed as we seek to invest in profitable companies and avoid companies with elevated debt loads. While we usually invest to hold bonds until the next liquidity date (maturity, put or call), we consider selling or reducing our exposure if one of the following scenarios occur:

●

An issuer’s credit quality deteriorates.

●

The bond loses its favorable risk/reward characteristics due to price appreciation.

●

We perceive an opportunity to increase portfolio diversification.

●

We believe more attractive convertible bond investments are available.

One of our key risk management practices involves careful limits on prices we pay, avoiding the purchase of convertibles trading at prices substantially above par, which have significant negative yields to the next liquidity date. This discipline seeks to reduce exposure to most equity-sensitive convertibles. While our performance tends to lag broader equity indices in rising markets, we seek to preserve capital in falling stock markets. Our holdings span the convertible market, from investment-grade to small-cap, with a broad distribution of industries represented. Many of our rated convertible bonds are investment grade and a large percentage of the bonds are not rated.

New Issuance

Convertible bond issuance picked up during the reporting period when compared to 2022. Higher stock prices made for an appealing environment for issuers of convertible debt. Additionally, the fact that corporations can issue convertible debt at lower coupons than straight debt added to new deal volume. Below is a sampling of some of the new issues that met the strategy’s investing criteria over the last six months and found their way into various portfolios (weightings as of April 28, 2023, except Lantheus which is as of April 3, 2023):

●

PPL Corp (.35% weight), an energy and utility company in Pennsylvania

●

Lantheus Holdings (.51% weight), a company that offers imaging agents that assist in the diagnosis of cardiovascular and other diseases

●

Charter Communications (2.57% weight), a cable telecommunications company

Summary

Although stocks were up over 8% in the during the reporting period, there were two major setbacks during the period. In December, stocks suffered an 8% loss after a hawkish Federal Reserve declared that there would be more interest hikes in the future. In February/March there was a 9% downturn in stocks as the second and third largest bank failures in history shocked the market. The VIX surged above 30 and 10- year bond yields quickly collapsed by 50 basis points. In response, the Federal Reserve gave depositors unlimited FDIC insurance at the affected banks and announced a Bank Term Funding Program to assist banks in meeting their liquidity needs.

Even though the VIX closed the reporting period below 16, the market had its significant bouts of volatility over the last six months. We are fortunate to invest in an asset class that can allow investors to stay invested during periods of high volatility and/or market downturns. With asymmetric returns, convertible bonds can allow investors to participate in markets upturns while limiting losses during market downturns.

For more detailed and timely information on our funds and Wellesley Asset Management, please visit our website at www.wam.com where you can access quarterly commentaries and fund fact sheets. As always, we thank you for your continued trust and confidence in our management. We look forward to helping you achieve your future goals.

Sincerely,

Greg Miller, Portfolio Manager

Michael Miller, Portfolio Manager

2086-NLD-05232023

KS05302023-1-126

Miller Convertible Bond Fund

PORTFOLIO REVIEW (Unaudited)

Since Inception through April 30, 2023

Total Returns as of April 30, 2023

			Annualized

					Since Inception *	Since Inception
	Six Months	One Year	Five Years	Ten Years	(Class A & I)	** (Class C)
Miller Convertible Bond Fund:
Class A, without sales charge	1.56%	(3.81)%	3.33%	4.74%	5.13%	—
Class A, with sales charge of 3.75%	(2.28)%	(7.41)%	2.12%	4.12%	4.73%	—
Class I	1.66%	(3.43)%	3.82%	5.24%	5.68%	—
Class C	1.19%	(4.39)%	2.81%	4.20%	—	5.11%
Bloomberg U.S. Aggregate Bond Index	6.91%	(0.43)%	1.18%	1.32%	2.89%	2.32%
ICE BofA All Yield Alternatives US Convertibles Index	3.95%	(1.30)%	3.29%	3.34%	4.44%	4.85%

Class A and Class I shares commenced operations on December 27, 2007.

Class C shares commenced operations on December 1, 2009.

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.

The ICE BofA All Yield Alternatives US Convertibles Index tracks the performance of U.S. dollar denominated convertible debt.

Past performance is not predictive of future results. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions and the payment of the maximum 3.75% sales charge. Class C shares are subject to 1.00% contingent deferred sales charge on redemptions made within 12 months of purchase. Average annual total return reflects the change in the value of an investment, assuming reinvestment of the classes’ distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. Total returns would have been lower had the adviser not waived a portion of its fees and reimbursed a portion of the Fund’s expenses. The Fund’s total gross annual operating expenses, per its prospectus dated March 1, 2023, including the indirect expenses of underlying funds, are 1.48%, 0.98%, and 1.98% for Class A shares, Class I shares, and Class C shares, respectively. For performance information current to the most recent month-end, please call 877-441-4434.

Miller Convertible Plus Fund

PORTFOLIO REVIEW (Unaudited)

Since Inception through April 30, 2023

Total Returns as of April 30, 2023

			Annualized

	Six Months	One Year	Five Years	Since Inception*
Miller Convertible Plus Fund:
Class I	1.24%	(7.46)%	2.75%	5.07%
Bloomberg U.S. Aggregate Bond Index	6.91%	(0.43)%	1.18%	1.24%
ICE BofA All Yield Alternatives US Convertibles Index	3.95%	(1.30)%	3.29%	3.27%

Class I shares commenced operations on December 31, 2014.

The ICE BofA All Yield Alternatives US Convertibles Index tracks the performance of U.S. dollar denominated convertible debt.

Past performance is not predictive of future results. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class’s distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. Total returns would have been lower had the adviser not waived a portion of its fees and reimbursed a portion of the Fund’s expenses. The Fund’s total gross annual operating expenses, per its prospectus dated March 1, 2023, including the indirect expenses of underlying funds, is 2.48% for Class I shares. For performance information current to the most recent month-end, please call 877-441-4434.

Miller Intermediate Bond Fund

PORTFOLIO REVIEW (Unaudited)

Since Inception through April 30, 2023

Total Returns as of April 30, 2023

			Annualized

	Six Months	One Year	Five Years	Since Inception*
Miller Intermediate Bond Fund:
Class I	2.49%	(2.20)%	3.57%	4.06%
Bloomberg U.S. Aggregate Bond Index	6.91%	(0.43)%	1.18%	1.24%

Class I shares commenced operations on December 31, 2014.

Past performance is not predictive of future results. The table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than the original cost. Total return is calculated assuming reinvestment of all dividends and distributions. Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class’s distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. Total returns would have been lower had the adviser not waived a portion of its fees and reimbursed a portion of the Fund’s expenses. The Fund’s investment adviser had contractually reduced its fees and/or absorb expenses of the Fund through February 28, 2023, to ensure that the net annual Fund operating expenses (excluding acquired fund fees and expenses and certain other non-operating expenses) did not exceed 0.95% for Class I Shares, subject to possible recoupment from the Fund in future years. The Fund’s total gross annual operating expenses, per its prospectus dated March 1, 2023, including indirect expenses of underlying funds, is 1.01 % for Class I shares. For performance information current to the most recent month-end, please call 877-441-4434.

MILLER CONVERTIBLE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CONVERTIBLE BONDS — 97.6%
		AEROSPACE & DEFENSE — 1.1%
	9,000,000	Kaman Corporation	3.2500	05/01/24	$	8,517,537

		AUTOMOTIVE — 2.9%
	23,000,000	Ford Motor Company^(a)	0.8200	03/15/26		22,468,286

		BANKING — 0.1%
	1,000,000	Hope Bancorp, Inc.	2.0000	05/15/38		994,599

		BASIC INDUSTRY — 1.7%
	13,000,000	Dow, Inc. - Bank of America Finance LLC Synthetic^(e)	2.6410	06/18/24		13,137,800

		BEVERAGES — 0.0%^(b)
	100,000	PepsiCo, Inc. - Citigroup Global Markets Holdings, Inc. Synthetic^(e)	1.4930	12/30/27		96,150

		BIOTECH & PHARMA — 19.5%
	21,000,000	AbbVie, Inc. - Goldman Sachs Finance Corp. Synthetic^(e)	1.4700	02/03/28		21,600,600
	1,000,000	AbbVie, Inc. - Goldman Sachs Finance Corp. Synthetic^(e)	1.9900	05/01/28		1,117,800
	100,000	BioMarin Pharmaceutical, Inc.	0.5990	08/01/24		102,848
	12,000,000	BioMarin Pharmaceutical, Inc.	1.2500	05/15/27		12,406,920
	13,900,000	Bristol-Myers Squibb Co. - Wells Fargo Finance, LLC. Synthetic^(e)	2.3100	11/01/24		13,774,900
	17,000,000	Halozyme Therapeutics, Inc.	0.2500	03/01/27		13,932,962
	8,000,000	Ironwood Pharmaceuticals, Inc.	0.7500	06/15/24		7,970,832
	7,000,000	Ironwood Pharmaceuticals, Inc.	1.5000	06/15/26		7,052,290
	24,000,000	Jazz Investments I Ltd.	1.5000	08/15/24		23,007,240
	14,000,000	Johnson & Johnson - Citigroup Global Markets Holdings, Inc. Synthetic^(e)	1.7920	06/30/27		13,426,000
	500,000	Johnson & Johnson - Citigroup Global Markets Holdings, Inc. Synthetic^(e)	1.5470	10/25/27		440,150
	8,000,000	Merck & Co., Inc. - Goldman Sachs Financial Corp. Synthetic^(e)	1.5700	02/24/28		8,621,600
	10,000,000	Merck & Co., Inc. UBS Group AG Synthetic^(e)	1.7721	05/25/28		11,475,000
	17,000,000	Pacira BioSciences, Inc.	0.7500	08/01/25		16,089,055
						151,018,197
		CABLE & SATELLITE — 2.6%
	20,000,000	Liberty Broadband Corporation^{(c) (e)}	7.2500	03/31/53		19,811,640

See accompanying notes which are an integral part of these financial statements.

MILLER CONVERTIBLE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CONVERTIBLE BONDS — 97.6% (Continued)
		CONSUMER SERVICES — 1.6%
	100,000	Chegg, Inc.	0.1250	03/15/25	$	89,735
	12,000,000	Stride, Inc.	1.1250	09/01/27		12,577,560
						12,667,295
		DIVERSIFIED INDUSTRIALS — 0.0%^(b)
	100,000	3M Co. - Citigroup Global Markets Holdings, Inc. Synthetic^(e)	1.4930	12/30/27		78,110
	100,000	3M Co. - Citigroup Global Markets Holdings, Inc. Synthetic^(e)	2.1030	04/20/28		77,250
						155,360
		ELECTRIC UTILITIES — 0.1%
	100,000	Alliant Energy Corporation^(c)	3.8750	03/15/26		103,691
	100,000	NRG Energy, Inc.	2.7500	06/01/48		103,232
	500,000	PPL Capital Funding, Inc.^(c)	2.8750	03/15/28		501,935
						708,858
		ELECTRICAL EQUIPMENT — 2.1%
	10,000,000	Camtek Ltd./Israel^(a),(c)	5.8000	12/01/26		8,168,400
	10,000,000	Itron, Inc.^(a)	6.1600	03/15/26		8,421,780
						16,590,180
		ENTERTAINMENT CONTENT — 2.8%
	21,500,000	IMAX Corporation	0.5000	04/01/26		21,568,155

		FOOD — 0.0%^(b)
	100,000	The Kraft Heinz Co. - Citigroup Global Markets Holdings, Inc. Synthetic^(e)	1.7920	06/30/27		92,070

		HEALTH CARE FACILITIES & SERVICES — 3.0%
	27,000,000	PetIQ, Inc.	4.0000	06/01/26		23,590,953

		INSTITUTIONAL FINANCIAL SERVICES — 0.0%^(b)
	100,000	Voya Financial, Inc. - Bank of America Finance LLC Synthetic^(e)	3.1425	05/01/23		110,641

		INTERNET MEDIA & SERVICES — 4.9%
	25,000,000	Amazon.com, Inc. - JPMorgan Chase Financial Company, LLC Synthetic^(e)	4.9800	09/24/25		23,630,000
	16,000,000	TripAdvisor, Inc.	0.2500	04/01/26		13,430,976
	1,000,000	Ziff Davis, Inc.^(c)	1.7500	11/01/26		958,381
	100,000	Zillow Group, Inc.	2.7500	05/15/25		101,974
						38,121,331

See accompanying notes which are an integral part of these financial statements.

MILLER CONVERTIBLE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CONVERTIBLE BONDS — 97.6% (Continued)
		LEISURE / ENTERTAINMENT — 2.9%
	13,500,000	Walt Disney Company - Barclays Bank PLC Synthetic^(e)	5.5800	03/02/26	$	13,351,500
	9,500,000	Walt Disney Company - Morgan Stanley Finance, LLC Synthetic^(e)	5.0858	02/27/26		9,453,925
						22,805,425
		LEISURE FACILITIES & SERVICES — 3.8%
	21,000,000	Cheesecake Factory, Inc	0.3750	06/15/26		17,540,733
	13,000,000	Cracker Barrel Old Country Store, Inc.	0.6250	06/15/26		11,589,006
						29,129,739
		LEISURE PRODUCTS — 2.7%
	23,000,000	LCI Industries	1.1250	05/15/26		21,239,603
	100,000	Winnebago Industries, Inc.	1.5000	04/01/25		111,357
						21,350,960
		MACHINERY — 3.0%
	24,000,000	Cummins, Inc. - Barclays Bank PLC Synthetic^(e)	4.9100	02/12/26		23,097,600

		MEDICAL EQUIPMENT & DEVICES — 2.5%
	14,000,000	Haemonetics Corporation^(a)	5.7800	03/01/26		11,936,806
	8,000,000	NuVasive, Inc.	0.3750	03/15/25		7,212,872
	100,000	Omnicell, Inc.	0.2500	09/15/25		94,508
						19,244,186
		METALS & MINING — 2.5%
	15,000,000	Century Aluminum Company	2.7500	05/01/28		11,272,215
	10,000,000	First Majestic Silver Corporation	0.3750	01/15/27		7,801,630
						19,073,845
		OIL & GAS — 4.4%
	9,000,000	Chevron Corporation - Bank of America Finance LLC Synthetic^(e)	1.9500	10/27/28		11,025,000
	16,000,000	Shell PLC - BofA Finance, LLC Synthetic^(e)	4.5500	12/18/25		16,083,200
	7,000,000	Shell PLC - JPMorgan Chase Financial Company, LLC Synthetic^(e)	4.9800	12/17/25		6,889,400
						33,997,600
		REAL ESTATE INVESTMENT TRUSTS — 3.2%
	19,000,000	Hannon Armstrong Sustainable Infrastructure^(a)	7.4800	08/15/23		18,592,355
	7,000,000	HAT Holdings I, LLC / HAT Holdings II, LLC^(a),(c)	2.8200	05/01/25		6,621,202
						25,213,557

See accompanying notes which are an integral part of these financial statements.

MILLER CONVERTIBLE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CONVERTIBLE BONDS — 97.6% (Continued)
		RENEWABLE ENERGY — 0.5%
	3,850,000	Enphase Energy, Inc.^(a)	1.6200	03/01/26	$	3,678,355

		RETAIL - DISCRETIONARY — 6.3%
	18,000,000	Guess?, Inc.	2.0000	04/15/24		18,533,700
	9,000,000	Patrick Industries, Inc.	1.7500	12/01/28		8,192,034
	22,000,000	Target Corporation - Morgan Stanley Finance LLC Synthetic^(e)	5.3246	09/26/25		21,860,300
						48,586,034
		SEMICONDUCTORS — 7.0%
	22,000,000	Broadcom, Inc. - Citigroup Global Markets Holdings, Inc. Synthetic^(e)	5.4650	12/01/25		23,062,600
	3,000,000	MACOM Technology Solutions Holdings, Inc.	0.2500	03/15/26		2,885,259
	10,000,000	Semtech Corporation^(c)	1.6250	11/01/27		8,418,400
	20,000,000	Vishay Intertechnology, Inc.	2.2500	06/15/25		19,588,640
						53,954,899
		SOFTWARE — 4.0%
	100,000	Akamai Technologies, Inc.	0.1250	05/01/25		103,241
	23,500,000	Akamai Technologies, Inc.	0.3750	09/01/27		22,217,299
	10,000,000	Mitek Systems, Inc.	0.7500	02/01/26		8,252,290
	100,000	NextGen Healthcare, Inc.^(c)	3.7500	11/15/27		98,739
						30,671,569
		TECHNOLOGY HARDWARE — 3.0%
	5,000,000	InterDigital, Inc.	2.0000	06/01/24		5,032,850
	19,000,000	Lumentum Holdings, Inc.	0.5000	12/15/26		16,156,346
	1,000,000	Lumentum Holdings, Inc.	0.5000	06/15/28		753,843
	1,100,000	Viavi Solutions, Inc.	1.0000	03/01/24		1,061,940
	100,000	Western Digital Corporation B	1.5000	02/01/24		96,705
						23,101,684
		TECHNOLOGY SERVICES — 0.1%
	1,000,000	International Business Machines Corporation - JPMorgan Chase Financial Company, LLC Synthetic^(e)	1.0200	06/29/28		818,800
	100,000	Visa, Inc. - Barclays Bank PLC Synthetic^(e)	1.2800	02/18/25		103,130
						921,930

See accompanying notes which are an integral part of these financial statements.

MILLER CONVERTIBLE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CONVERTIBLE BONDS — 97.6% (Continued)
		TRANSPORTATION & LOGISTICS — 6.5%
	12,000,000	Air Transport Services Group, Inc.	1.1250	10/15/24	$	11,483,520
	30,000,000	JetBlue Airways Corporation	0.5000	04/01/26		23,424,720
	19,000,000	Spirit Airlines, Inc.	1.0000	05/15/26		15,578,157
						50,486,397
		TRANSPORTATION EQUIPMENT — 2.8%
	27,000,000	Greenbrier Companies, Inc.	2.8750	04/15/28		22,170,483

		TOTAL CONVERTIBLE BONDS (Cost $795,450,444)				757,133,316

		U.S. GOVERNMENT & AGENCIES — 0.0%^(b)
		U.S. TREASURY BILLS — 0.0%^(b)
	100,000	United States Treasury Bill^(a)	4.0200	05/23/23		99,748
	100,000	United States Treasury Bill^(a)	4.1300	05/25/23		99,718
	100,000	United States Treasury Bill^(a)	4.9600	07/25/23		98,845
						298,311
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $298,331)				298,311

Shares
		SHORT-TERM INVESTMENTS — 1.4%
		MONEY MARKET FUND - 1.4%
	10,610,876	BlackRock Liquidity Funds T-Fund, Institutional Class, 4.71% (Cost $10,610,876)^(d)				10,610,876

		TOTAL INVESTMENTS - 99.0% (Cost $806,359,651)			$	768,042,503
		OTHER ASSETS IN EXCESS OF LIABILITIES- 1.0%				7,538,157
		NET ASSETS - 100.0%			$	775,580,660

LLC

- Limited Liability Company

LTD

- Limited Company

PLC

- Public Limited Company

^(a)

Zero coupon bond; rate disclosed is the effective yield as of April 30, 2023.

^(b)

Percentage rounds to less than 0.1%.

^(c)

Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2023, the total market value of 144A securities is $44,682,388 or 5.8% of net assets.

^(d)

Rate disclosed is the seven-day effective yield as of April 30, 2023.

^(e)

Interest rate represents the comparable yield on the contingent payment debt instrument. See Note 2.

See accompanying notes which are an integral part of these financial statements.

MILLER CONVERTIBLE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2023

PORTFOLIO ANALYSIS
As of April 30, 2023
	% of Net
Sector	Assets
Health Care		25.0	%
Consumer Discretionary		20.3	%
Technology		17.1	%
Industrial		15.6	%
Communications		7.2	%
Energy		4.8	%
Materials		4.2	%
Real Estate		3.2	%
Financial		0.1	%
Utilities		0.1	%
U.S. Treasury Bills		0.0	% *
Short-Term Investments		1.4	%
Other Assets in Excess of Liabilities		1.0	%
		100.0	%

Percentage rounds to less than 0.1%.

See accompanying notes which are an integral part of these financial statements.

MILLER CONVERTIBLE PLUS FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CONVERTIBLE BONDS^(e) — 132.6%
		AEROSPACE & DEFENSE — 3.3%
	2,700,000	Kaman Corporation	3.2500	05/01/24	$	2,555,261

		AUTOMOTIVE — 3.8%
	3,000,000	Ford Motor Company^(a)	0.8200	03/15/26		2,930,646

		BASIC INDUSTRY — 3.3%
	2,500,000	Dow, Inc. - Bank of America Finance LLC Synthetic^(d)	2.6410	06/18/24		2,526,500

		BIOTECH & PHARMA — 24.2%
	1,000,000	AbbVie, Inc. - Goldman Sachs Finance Corp. Synthetic^(d)	1.4700	02/03/28		1,028,600
	1,500,000	BioMarin Pharmaceutical, Inc.	1.2500	05/15/27		1,550,865
	2,000,000	Bristol-Myers Squibb Co. - Wells Fargo Finance, LLC. Synthetic^(d)	2.3100	11/01/24		1,982,000
	2,500,000	Halozyme Therapeutics, Inc.	0.2500	03/01/27		2,048,965
	2,700,000	Ironwood Pharmaceuticals, Inc.	0.7500	06/15/24		2,690,156
	3,000,000	Jazz Investments I Ltd.	1.5000	08/15/24		2,875,904
	2,300,000	Johnson & Johnson - Citigroup Global Markets Holdings, Inc. Synthetic^(d)	1.5470	06/30/27		2,205,700
	1,500,000	Merck & Co., Inc. UBS Group AG Synthetic^(d)	1.7721	05/25/28		1,721,250
	2,500,000	Pacira BioSciences, Inc.	0.7500	08/01/25		2,366,038
						18,469,478
		CABLE & SATELLITE — 3.0%
	2,300,000	Liberty Broadband Corporation^{(b) (d)}	7.2500	03/31/53		2,278,339

		CONSUMER SERVICES — 6.9%
	3,000,000	Chegg, Inc.	0.1250	03/15/25		2,692,044
	2,500,000	Stride, Inc.	1.1250	09/01/27		2,620,325
						5,312,369
		ENTERTAINMENT CONTENT — 3.9%
	3,000,000	IMAX Corporation	0.5000	04/01/26		3,009,510

		HEALTH CARE FACILITIES & SERVICES — 3.7%
	3,200,000	PetIQ, Inc.	4.0000	06/01/26		2,795,965

See accompanying notes which are an integral part of these financial statements.

MILLER CONVERTIBLE PLUS FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CONVERTIBLE BONDS^(e) — 132.6% (Continued)
		INTERNET MEDIA & SERVICES — 6.5%
	3,500,000	Amazon.com, Inc. - JPMorgan Chase Financial Company, LLC Synthetic^(d)	4.9800	09/24/25	$	3,308,200
	2,000,000	TripAdvisor, Inc.	0.2500	04/01/26		1,678,872
						4,987,072
		LEISURE / ENTERTAINMENT — 3.9%
	1,500,000	Walt Disney Company - Barclays Bank PLC Synthetic^(d)	5.5800	03/02/26		1,483,500
	1,500,000	Walt Disney Company - Morgan Stanley Finance, LLC Synthetic^(d)	5.0858	02/27/26		1,492,725
						2,976,225
		LEISURE FACILITIES & SERVICES — 5.9%
	2,700,000	Cheesecake Factory, Inc.	0.3750	06/15/26		2,255,237
	2,500,000	Cracker Barrel Old Country Store, Inc.	0.6250	06/15/26		2,228,655
						4,483,892
		LEISURE PRODUCTS — 4.0%
	3,300,000	LCI Industries	1.1250	05/15/26		3,047,421

		MACHINERY — 4.4%
	3,500,000	Cummins, Inc. - Barclays Bank PLC Synthetic^(d)	4.9100	02/12/26		3,368,400

		METALS & MINING — 3.0%
	3,000,000	Century Aluminum Company	2.7500	05/01/28		2,254,443

		OIL & GAS — 6.1%
	1,000,000	Chevron Corporation - Bank of America Finance LLC Synthetic^(d)	1.9500	10/27/28		1,225,000
	1,500,000	Shell PLC - BofA Finance, LLC Synthetic^(d)	4.5500	12/18/25		1,507,800
	2,000,000	Shell PLC - JPMorgan Chase Financial Company, LLC Synthetic^(d)	4.9800	12/17/25		1,968,400
						4,701,200
		REAL ESTATE INVESTMENT TRUSTS — 3.8%
	1,000,000	Hannon Armstrong Sustainable Infrastructure^(a)	7.4800	08/15/23		978,545
	2,000,000	HAT Holdings I, LLC / HAT Holdings II, LLC^(a),(b)	2.8200	05/01/25		1,891,772
						2,870,317
		RENEWABLE ENERGY — 1.9%
	1,530,000	Enphase Energy, Inc.^(a)	1.6200	03/01/26		1,461,788

See accompanying notes which are an integral part of these financial statements.

MILLER CONVERTIBLE PLUS FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CONVERTIBLE BONDS^(e) — 132.6% (Continued)
		RETAIL - DISCRETIONARY — 8.3%
	2,000,000	Guess?, Inc.	2.0000	04/15/24	$	2,059,300
	2,000,000	Patrick Industries, Inc.	1.7500	12/01/28		1,820,452
	2,500,000	Target Corporation - Morgan Stanley Finance LLC Synthetic^(d)	5.3246	09/26/25		2,484,125
						6,363,877
		SEMICONDUCTORS — 9.0%
	2,000,000	Broadcom, Inc. - Citigroup Global Markets Holdings, Inc. Synthetic^(d)	5.4650	12/01/25		2,096,600
	2,500,000	Semtech Corporation^(b)	1.6250	11/01/27		2,104,600
	2,700,000	Vishay Intertechnology, Inc.	2.2500	06/15/25		2,644,466
						6,845,666
		SOFTWARE — 5.3%
	3,000,000	Akamai Technologies, Inc.	0.3750	09/01/27		2,836,251
	1,500,000	Mitek Systems, Inc.	0.7500	02/01/26		1,237,844
						4,074,095
		TECHNOLOGY HARDWARE — 5.3%
	1,500,000	InterDigital, Inc.	2.0000	06/01/24		1,509,855
	3,000,000	Lumentum Holdings, Inc.	0.5000	12/15/26		2,551,002
						4,060,857
		TRANSPORTATION & LOGISTICS — 9.1%
	2,000,000	Air Transport Services Group, Inc.	1.1250	10/15/24		1,913,920
	4,000,000	JetBlue Airways Corporation	0.5000	04/01/26		3,123,296
	2,300,000	Spirit Airlines, Inc.	1.0000	05/15/26		1,885,777
						6,922,993
		TRANSPORTATION EQUIPMENT — 4.0%
	3,700,000	Greenbrier Companies, Inc.	2.8750	04/15/28		3,038,177

		TOTAL CONVERTIBLE BONDS (Cost $107,445,992)				101,334,491

Shares
		SHORT-TERM INVESTMENTS — 2.4%
		MONEY MARKET FUNDS - 2.4%
	1,853,685	BlackRock Liquidity Funds T-Fund, Institutional Class, 4.71% (Cost $1,853,685)^(c)				1,853,685

See accompanying notes which are an integral part of these financial statements.

MILLER CONVERTIBLE PLUS FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2023

	Fair Value
TOTAL INVESTMENTS - 135.0% (Cost $109,299,677)	$	103,188,176
LIABILITIES IN EXCESS OF OTHER ASSETS - (35.0)%		(26,784,887	)
NET ASSETS - 100.0%	$	76,403,289

LLC

- Limited Liability Company

LTD

- Limited Company

PLC

- Public Limited Company

^(a)

Zero coupon bond; rate disclosed is the effective yield as of April 30, 2023.

^(b)

^(c)

Rate disclosed is the seven-day effective yield as of April 30, 2023.

^(d)

Interest rate represents the comparable yield on the contingent payment debt instrument. See Note 2.

^(e)

All or a portion of this security is segregated as collateral for the Line of Credit as of April 30, 2023; total fair value amount of collateral was $101,334,491.

PORTFOLIO ANALYSIS
As of April 30, 2023
	% of Net
Sector	Assets
Consumer Discretionary		32.9	%
Health Care		27.8	%
Technology		23.9	%
Industrial		20.8	%
Communications		9.1	%
Energy		8.1	%
Materials		6.2	%
Real Estate		3.8	%
Short-Term Investments		2.4	%
Liabilities in Excess of Other Assets		(35.0	)%
		100.0	%

See accompanying notes which are an integral part of these financial statements.

MILLER INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CONVERTIBLE BONDS — 93.5%
		AEROSPACE & DEFENSE — 2.3%
	4,000,000	Kaman Corporation	3.2500	05/01/24	$	3,785,572

		AUTOMOTIVE — 2.4%
	4,000,000	Ford Motor Company^(a)	0.8200	03/15/26		3,907,528

		BASIC INDUSTRY — 1.2%
	2,000,000	Dow, Inc. - Bank of America Finance LLC Synthetic^(d)	2.6410	06/18/24		2,021,200

		BIOTECH & PHARMA — 14.1%
	3,000,000	AbbVie, Inc. - Goldman Sachs Finance Corp. Synthetic^(d)	1.4700	02/03/28		3,085,800
	2,200,000	BioMarin Pharmaceutical, Inc.	1.2500	05/15/27		2,274,602
	3,000,000	Halozyme Therapeutics, Inc.	0.2500	03/01/27		2,458,758
	2,500,000	Ironwood Pharmaceuticals, Inc.	0.7500	06/15/24		2,490,885
	3,700,000	Jazz Investments I Ltd.	1.5000	08/15/24		3,546,950
	1,000,000	Johnson & Johnson - Citigroup Global Markets Holdings, Inc. Synthetic^(d)	1.7920	06/30/27		959,000
	1,500,000	Johnson & Johnson - Citigroup Global Markets Holdings, Inc. Synthetic^(d)	1.5470	10/25/27		1,320,450
	3,000,000	Merck & Co., Inc. - Goldman Sachs Financial Corp. Synthetic^(d)	1.5700	02/24/28		3,233,100
	3,500,000	Pacira BioSciences, Inc.	0.7500	08/01/25		3,312,453
						22,681,998
		CABLE & SATELLITE — 2.5%
	4,000,000	Liberty Broadband Corporation^{(b) (d)}	7.2500	03/31/53		3,962,328

		CONSUMER SERVICES — 1.9%
	3,500,000	Chegg, Inc.	0.1250	03/15/25		3,140,718

		ELECTRIC UTILITIES — 2.5%
	1,000,000	NRG Energy, Inc.	2.7500	06/01/48		1,032,320
	3,000,000	PPL Capital Funding, Inc.^(b)	2.8750	03/15/28		3,011,610
						4,043,930
		ELECTRICAL EQUIPMENT — 2.6%
	2,000,000	Camtek Ltd./Israel^(a),(b)	5.8000	12/01/26		1,633,680
	3,000,000	Itron, Inc.^(a)	6.1600	03/15/26		2,526,534
						4,160,214

See accompanying notes which are an integral part of these financial statements.

MILLER INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CONVERTIBLE BONDS — 93.5% (Continued)
		ENTERTAINMENT CONTENT — 2.5%
	4,000,000	IMAX Corporation	0.5000	04/01/26	$	4,012,680

		HEALTH CARE FACILITIES & SERVICES — 1.8%
	3,300,000	PetIQ, Inc.	4.0000	06/01/26		2,883,339

		INTERNET MEDIA & SERVICES — 5.6%
	4,200,000	Amazon.com, Inc. - JPMorgan Chase Financial Company, LLC Synthetic^(d)	4.9800	09/24/25		3,969,840
	3,600,000	TripAdvisor, Inc.	0.2500	04/01/26		3,021,970
	2,100,000	Ziff Davis, Inc.^(b)	1.7500	11/01/26		2,012,600
						9,004,410
		LEISURE / ENTERTAINMENT — 2.5%
	4,000,000	Walt Disney Company - Morgan Stanley Finance, LLC Synthetic^(d)	5.0858	02/27/26		3,980,600

		LEISURE FACILITIES & SERVICES — 3.9%
	3,800,000	Cheesecake Factory, Inc.	0.3750	06/15/26		3,174,037
	3,500,000	Cracker Barrel Old Country Store, Inc.	0.6250	06/15/26		3,120,117
						6,294,154
		LEISURE PRODUCTS — 2.6%
	4,500,000	LCI Industries	1.1250	05/15/26		4,155,574

		MACHINERY — 2.5%
	4,200,000	Cummins, Inc. - Barclays Bank PLC Synthetic^(d)	4.9100	02/12/26		4,042,080

		MEDICAL EQUIPMENT & DEVICES — 3.0%
	4,000,000	Haemonetics Corporation^(a)	5.7800	03/01/26		3,410,516
	1,500,000	NuVasive, Inc.	0.3750	03/15/25		1,352,414
						4,762,930
		METALS & MINING — 0.5%
	1,000,000	Century Aluminum Company	2.7500	05/01/28		751,481

		OIL & GAS — 2.9%
	550,000	Chevron Corporation - Bank of America Finance LLC Synthetic^(d)	1.9500	10/27/28		673,750
	4,000,000	Shell PLC - BofA Finance, LLC Synthetic^(d)	4.5500	12/18/25		4,020,800
						4,694,550

See accompanying notes which are an integral part of these financial statements.

MILLER INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CONVERTIBLE BONDS — 93.5% (Continued)
		REAL ESTATE INVESTMENT TRUSTS — 2.9%
	3,000,000	Hannon Armstrong Sustainable Infrastructure^(a)	7.4800	08/15/23	$	2,935,635
	1,900,000	HAT Holdings I, LLC / HAT Holdings II, LLC^(a),(b)	2.8200	05/01/25		1,797,183
						4,732,818
		RENEWABLE ENERGY — 1.3%
	2,140,000	Enphase Energy, Inc.^(a)	1.6200	03/01/26		2,044,592

		RETAIL - DISCRETIONARY — 5.4%
	3,000,000	Guess?, Inc.	2.0000	04/15/24		3,088,950
	2,000,000	Patrick Industries, Inc.	1.7500	12/01/28		1,820,452
	3,800,000	Target Corporation - Morgan Stanley Finance LLC Synthetic^(d)	5.3246	09/26/25		3,775,870
						8,685,272
		SEMICONDUCTORS — 7.5%
	3,400,000	Broadcom, Inc. - Citigroup Global Markets Holdings, Inc. Synthetic^(d)	5.4650	12/01/25		3,564,220
	1,800,000	MACOM Technology Solutions Holdings, Inc.	0.2500	03/15/26		1,731,155
	4,000,000	Semtech Corporation^(b)	1.6250	11/01/27		3,367,360
	3,600,000	Vishay Intertechnology, Inc.	2.2500	06/15/25		3,525,955
						12,188,690
		SOFTWARE — 3.7%
	4,500,000	Akamai Technologies, Inc.	0.3750	09/01/27		4,254,377
	2,000,000	Mitek Systems, Inc.	0.7500	02/01/26		1,650,458
						5,904,835
		TECHNOLOGY HARDWARE — 4.9%
	1,800,000	InterDigital, Inc.	2.0000	06/01/24		1,811,826
	4,400,000	Lumentum Holdings, Inc.	0.5000	12/15/26		3,741,470
	2,400,000	Western Digital Corporation B	1.5000	02/01/24		2,320,925
						7,874,221
		TECHNOLOGY SERVICES — 2.0%
	4,000,000	International Business Machines Corporation - JPMorgan Chase Financial Company, LLC Synthetic^(d)	1.0200	06/29/28		3,275,200

		TRANSPORTATION & LOGISTICS — 6.1%
	3,600,000	Air Transport Services Group, Inc.	1.1250	10/15/24		3,445,056

See accompanying notes which are an integral part of these financial statements.

MILLER INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2023

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CONVERTIBLE BONDS — 93.5% (Continued)
		TRANSPORTATION & LOGISTICS — 6.1% (Continued)
	5,000,000	JetBlue Airways Corporation	0.5000	04/01/26	$	3,904,120
	3,000,000	Spirit Airlines, Inc.	1.0000	05/15/26		2,459,709
						9,808,885
		TRANSPORTATION EQUIPMENT — 2.4%
	4,800,000	Greenbrier Companies, Inc.	2.8750	04/15/28		3,941,419

		TOTAL CONVERTIBLE BONDS (Cost $158,218,865)				150,741,217

		U.S. GOVERNMENT & AGENCIES — 4.1%
		U.S. TREASURY BILLS — 4.1%
	3,580,000	United States Treasury Bill^(a)	4.0200	05/23/23		3,570,956
	3,000,000	United States Treasury Bill^(a)	4.1300	05/25/23		2,991,548
						6,562,504
		TOTAL U.S. GOVERNMENT & AGENCIES (Cost $6,563,220)				6,562,504

Shares
		SHORT-TERM INVESTMENTS — 0.7%
		MONEY MARKET FUNDS - 0.7%
	1,219,172	BlackRock Liquidity Funds T-Fund, Institutional Class, 4.71% (Cost $1,219,172)^(c)				1,219,172

		TOTAL INVESTMENTS - 98.3% (Cost $166,001,257)			$	158,522,893
		OTHER ASSETS IN EXCESS OF LIABILITIES- 1.7%				2,690,957
		NET ASSETS - 100.0%			$	161,213,850

LLC

- Limited Liability Company

LTD

- Limited Company

PLC

- Public Limited Company

^(a)

Zero coupon bond; rate disclosed is the effective yield as of April 30, 2023.

^(b)

^(c)

Rate disclosed is the seven-day effective yield as of April 30, 2023.

^(d)

Interest rate represents the comparable yield on the contingent payment debt instrument. See Note 2.

See accompanying notes which are an integral part of these financial statements.

MILLER INTERMEDIATE BOND FUND

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2023

PORTFOLIO ANALYSIS
As of April 30, 2023
	% of Net
Sector	Assets
Technology		20.6	%
Health Care		18.8	%
Consumer Discretionary		18.7	%
Industrial		16.0	%
Communications		8.1	%
Energy		4.2	%
Real Estate		2.9	%
Utilities		2.5	%
Materials		1.7	%
U.S. Treasury Bills		4.1	%
Short-Term Investments		0.7	%
Other Assets in Excess of Liabilities		1.7	%
		100.0	%

See accompanying notes which are an integral part of these financial statements.

Miller Funds

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

April 30, 2023

	Miller			Miller			Miller
	Convertible			Convertible			Intermediate
	Bond Fund			Plus Fund			Bond Fund
Assets:
Investments in Securities at Cost	$	806,359,651		$	109,299,677		$	166,001,257
Investments in Securities at Fair Value	$	768,042,503		$	103,188,176		$	158,522,893
Segregated Cash - Collateral for Loan		—			291,271			—
Receivable for Securities Sold		10,896,721			1,207,375			2,932,878
Receivable for Fund Shares Sold		321,774			2,670			114,982
Dividend and Interest Receivable		2,081,482			353,189			479,702
Prepaid Expenses and Other Assets		51,710			16,415			16,271
Total Assets		781,394,190			105,059,096			162,066,726

Liabilities:
Payable for Securities Purchased		4,387,928			412,590			696,588
Line of Credit Payable		—			28,000,000			—
Accrued Advisory Fees		483,145			81,659			99,087
Interest Payable		—			153,928			—
Accrued Distribution Fees		47,727			—			—
Payable for Fund Shares Redeemed		836,385			—			39,109
Accrued Expenses and Other Liabilities		58,345			7,630			18,092
Total Liabilities		5,813,530			28,655,807			852,876

Net Assets	$	775,580,660		$	76,403,289		$	161,213,850

Composition of Net Assets:
At April 30, 2023, Net Assets consisted of:
Paid-in-Capital	$	847,270,884		$	90,170,084		$	171,337,908
Accumulated Deficits		(71,690,224	)		(13,766,795	)		(10,124,058	)
Net Assets	$	775,580,660		$	76,403,289		$	161,213,850

Net Asset Value Per Share
Class A Shares
Net Assets	$	40,043,349
Shares of Beneficial Interest Outstanding (no par value; unlimited shares authorized)		3,275,121
Net Asset Value and Redemption Price per Share	$	12.23
Maximum Offering Price Per Share (Includes a Maximum Sales Charge of 3.75%)	$	12.71

Class I Shares
Net Assets	$	698,121,872		$	76,403,289		$	161,213,850
Shares of Beneficial Interest Outstanding (no par value; unlimited shares authorized)		57,304,169			3,832,406			10,402,302
Net Asset Value, Offering and Redemption Price per Share	$	12.18		$	19.94		$	15.50

Class C Shares
Net Assets	$	37,415,439
Shares of Beneficial Interest Outstanding (no par value; unlimited shares authorized)		3,100,205
Net Asset Value, Offering and Redemption Price per Share	$	12.07

The accompanying notes are an integral part of these financial statements.

Miller Funds

STATEMENTS OF OPERATIONS (Unaudited)

For the Six Months Ended April 30, 2023

	Miller			Miller			Miller
	Convertible			Convertible			Intermediate
	Bond Fund			Plus Fund			Bond Fund
Investment Income:
Interest Income	$	8,357,891		$	1,350,911		$	2,091,809
Total Investment Income		8,357,891			1,350,911			2,091,809

Expenses:
Investment Advisory Fees		3,033,384			528,766			565,289
Distribution Fees (Class A)		101,602			—			—
Distribution Fees (Class C)		199,791			—			—
Third Party Administrative Services Fees		279,053			12,066			37,249
Administration Fees		112,474			18,657			27,881
Transfer Agent Fees		99,890			14,056			17,427
Trustees’ Fees		96,180			9,457			13,877
Audit Fees		55,305			5,314			8,374
Custodian Fees		48,800			13,151			21,131
Registration and Filing Fees		43,887			13,587			18,339
Legal Fees		27,983			3,062			4,490
Insurance Expense		22,816			1,951			3,135
Printing Expense		22,149			2,530			3,229
Chief Compliance Officer Fees		20,703			2,079			3,154
Interest Expense		—			835,838			—
Miscellaneous Expenses		30,121			3,785			5,579
Total Expenses		4,194,138			1,464,299			729,154
Less: Fees Waived by Adviser		—			—			(11,221	)
Net Expenses		4,194,138			1,464,299			717,933
Net Investment Income (Loss)		4,163,753			(113,388	)		1,373,876

Net Realized and Unrealized Gain (Loss) on Investments:
Net Realized Gain (Loss) on:
Investments		(12,245,028	)		(229,320	)		630,801
Total Net Realized Gain (Loss)		(12,245,028	)		(229,320	)		630,801

Net Change in Unrealized Appreciation on:
Investments		22,100,308			1,460,714			1,534,101
Total Net Change in Unrealized Appreciation		22,100,308			1,460,714			1,534,101
Net Realized and Unrealized Gain on Investments		9,855,280			1,231,394			2,164,902

Net Increase in Net Assets Resulting From Operations	$	14,019,033		$	1,118,006		$	3,538,778

The accompanying notes are an integral part of these financial statements.

Miller Convertible Bond Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	April 30, 2023			October 31, 2022
	(Unaudited)
Operations:
Net Investment Income	$	4,163,753		$	4,606,297
Net Realized Gain (Loss) on Investments		(12,245,028	)		24,926,049
Net Change in Unrealized Appreciation (Depreciation) on Investments		22,100,308			(117,660,210	)
Net Increase (Decrease) in Net Assets Resulting From Operations		14,019,033			(88,127,864	)

Distributions to Shareholders From:
Total Distributions Paid
Class A ($0.17 and $1.04 per share, respectively)		(552,614	)		(3,253,855	)
Class I ($0.20 and $1.09 per share, respectively)		(11,691,418	)		(66,826,242	)
Class C ($0.14 and $0.98 per share, respectively)		(449,467	)		(3,673,361	)
Total Distributions to Shareholders		(12,693,499	)		(73,753,458	)

Beneficial Interest Transactions:
Class A
Proceeds from Shares Issued		2,568,060			15,233,141
Distributions Reinvested		508,226			2,980,491
Cost of Shares Redeemed		(4,085,501	)		(10,020,905	)
Total Class A Shares		(1,009,215	)		8,192,727
Class I
Proceeds from Shares Issued		64,767,753			249,427,346
Distributions Reinvested		8,586,005			52,915,783
Cost of Shares Redeemed		(140,896,060	)		(265,500,744	)
Total Class I Shares		(67,542,302	)		36,842,385
Class C
Proceeds from Shares Issued		456,055			3,683,990
Distributions Reinvested		398,213			3,369,090
Cost of Shares Redeemed		(6,356,124	)		(15,704,144	)
Total Class C Shares		(5,501,856	)		(8,651,064	)
Total Beneficial Interest Transactions		(74,053,373	)		36,384,048

Decrease in Net Assets		(72,727,839	)		(125,497,274	)

Net Assets:
Beginning of Period		848,308,499			973,805,773
End of Period	$	775,580,660		$	848,308,499


SHARE ACTIVITY
Class A:
Shares Issued		205,841			1,100,658
Shares Reinvested		42,163			221,299
Shares Redeemed		(331,220	)		(755,752	)
Net increase (decrease) in shares of beneficial interest outstanding		(83,216	)		566,205

Class I:
Shares Issued		5,241,228			18,850,230
Shares Reinvested		713,744			3,937,694
Shares Redeemed		(11,440,767	)		(20,275,088	)
Net increase (decrease) in shares of beneficial interest outstanding		(5,485,795	)		2,512,836

Class C:
Shares Issued		37,175			278,449
Shares Reinvested		33,519			251,375
Shares Redeemed		(519,754	)		(1,156,000	)
Net decrease in shares of beneficial interest outstanding		(449,060	)		(626,176	)

The accompanying notes are an integral part of these financial statements.

Miller Convertible Plus Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	April 30, 2023			October 31, 2022
	(Unaudited)
Operations:
Net Investment Loss	$	(113,388	)	$	(439,798	)
Net Realized Loss on Investments and Options		(229,320	)		(2,043,498	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		1,460,714			(10,840,255	)
Net Increase (Decrease) in Net Assets Resulting From Operations		1,118,006			(13,323,551	)

Total Distributions Paid
Class I ($0.45 and $2.84 per share, respectively)		(1,734,343	)		(12,903,955	)
Total Distributions to Shareholders		(1,734,343	)		(12,903,955	)

Beneficial Interest Transactions:
Class I
Proceeds from Shares Issued		557,492			6,649,520
Distributions Reinvested		1,671,052			12,446,293
Cost of Shares Redeemed		(8,822,905	)		(29,140,769	)
Total Class I Shares		(6,594,361	)		(10,044,956	)

Decrease in Net Assets		(7,210,698	)		(36,272,462	)

Net Assets:
Beginning of Period		83,613,987			119,886,449
End of Period	$	76,403,289		$	83,613,987

SHARE ACTIVITY
Class I:
Shares Issued		27,268			288,959
Shares Reinvested		84,941			524,521
Shares Redeemed		(429,706	)		(1,280,949	)
Net increase decrease in shares of beneficial interest outstanding		(317,497	)		(467,469	)

The accompanying notes are an integral part of these financial statements.

Miller Intermediate Bond Fund

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	April 30, 2023			October 31, 2022
	(Unaudited)
Operations:
Net Investment Income	$	1,373,876		$	1,256,429
Net Realized Gain on Investments		630,801			472,063
Net Change in Unrealized Appreciation (Depreciation) on Investments		1,534,101			(10,671,379	)
Net Increase (Decrease) in Net Assets Resulting From Operations		3,538,778			(8,942,887	)

Total Distributions Paid
Class I ($0.22 and $1.00 per share, respectively)		(2,052,338	)		(7,450,391	)
Total Distributions to Shareholders		(2,052,338	)		(7,450,391	)

Beneficial Interest Transactions:
Class I
Proceeds from Shares Issued		44,340,067			76,881,275
Distributions Reinvested		1,975,874			6,895,309
Cost of Shares Redeemed		(14,322,353	)		(67,309,978	)
Total Class I Shares		31,993,588			16,466,606

Increase in Net Assets		33,480,028			73,328

Net Assets:
Beginning of Period		127,733,822			127,660,494
End of Period	$	161,213,850		$	127,733,822

SHARE ACTIVITY
Class I:
Shares Issued		2,861,812			4,744,214
Shares Reinvested		128,823			416,469
Shares Redeemed		(917,653	)		(4,117,106	)
Net increase in shares of beneficial interest outstanding		2,072,982			1,043,577

The accompanying notes are an integral part of these financial statements.

Miller Convertible Plus Fund

STATEMENT OF CASH FLOWS (Unaudited)

For the Six Months Ended April 30, 2023

Cash flows from operating activities:
Net increase in net assets resulting from operations	$	1,118,006
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:
Purchases of investments		(34,086,379	)
Proceeds from sales of investments		45,814,851
Sales of short term investments, net		3,355,608
Net realized gain from investments		229,320
Net change in unrealized appreciation (depreciation) from investments		(1,460,714	)
Net accretion of discounts		(703,087	)

Changes in assets and liabilities
(Increase)/decrease in assets:
Dividend and interest receivable		56,977
Receivable for securities sold		(1,207,375	)
Prepaid expenses and other assets		(3,997	)
Increase/(decrease) in liabilities:
Interest payable		(73,143	)
Accrued advisory fees		(9,303	)
Payable for securities purchased		(419,513	)
Accrued expenses and other liabilities		(23,131	)
Net cash provided by operating activities		12,588,120

Cash flows from financing activities:
Proceeds from revolving credit line payable to bank		6,000,000
Repayment of borrowings under revolving credit line payable		(10,000,000	)
Proceeds from shares sold		579,822
Payment on shares redeemed		(9,048,572	)
Cash distributions paid		(63,291	)
Net cash used in financing activities		(12,532,041	)

Net increase in cash		56,079
Cash & Restricted Cash at beginning of period		235,192
Cash & Restricted Cash at end of period	$	291,271

Cash		—
Restricted Cash
Segregated Cash - Collateral for Loan		291,271
Total Cash and Restricted Cash	$	291,271

Noncash or supplementary financing activities consist of:
Reinvestment of dividends	$	1,671,052
Interest paid	$	908,981

The accompanying notes are an integral part of these financial statements.

Miller Convertible Bond Fund

FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

	Class A
	Six Months
	Ended April 30,			Year Ended October 31,
	2023			2022			2021			2020			2019			2018
	(Unaudited)
Net Asset Value, Beginning of Period	$	12.21		$	14.53		$	13.78		$	12.56		$	12.42		$	13.19
Increase (decrease) from operations:
Net investment income (loss) (a)		0.04			0.01			(0.05	)		0.05			0.10			0.20
Net gain (loss) from securities (both realized and unrealized)		0.15			(1.29	)		1.49			1.48			0.54			(0.38	)
Total from operations		0.19			(1.28	)		1.44			1.53			0.64			(0.18	)

Distributions to shareholders from:
Net investment income		(0.17	)		(0.43	)		(0.64	)		(0.31	)		(0.29	)		(0.38	)
Net realized gain		—			(0.61	)		(0.05	)		—			(0.21	)		(0.21	)
Total distributions		(0.17	)		(1.04	)		(0.69	)		(0.31	)		(0.50	)		(0.59	)

Net Asset Value, End of Period	$	12.23		$	12.21		$	14.53		$	13.78		$	12.56		$	12.42

Total Return (b)		1.56	% (d)		(9.45	)%		10.54	%		12.33	%		5.37	%		(1.50	)%

Ratios/Supplemental Data
Net assets, end of period (in 000’s)	$	40,043		$	41,006		$	40,582		$	53,385		$	68,437		$	91,985
Ratio of expenses to average net assets		1.46	% (c)		1.47	%		1.46	%		1.49	%		1.47	%		1.44	%
Ratio of net investment income (loss) to average net assets		0.60	% (c)		0.09	%		(0.36	)%		0.40	%		0.80	%		1.53	%
Portfolio turnover rate		25	% (d)		73	%		98	%		94	%		81	%		107	%

(a)

Per share amounts are calculated using the daily average shares method, which more appropriately presents the per share data for the period.

(b)

(c)

Annualized.

(d)

Not annualized.

The accompanying notes are an integral part of these financial statements.

Miller Convertible Bond Fund

FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

		Class I
		Six Months
	��	Ended April 30,			Year Ended October 31,
		2023			2022			2021			2020			2019			2018
		(Unaudited)
Net Asset Value, Beginning of Period		$	12.18		$	14.49		$	13.75		$	12.55		$	12.41		$	13.19
Increase (decrease) from operations:
Net investment income (a)			0.07			0.08			0.02			0.12			0.16			0.27
Net gain (loss) from securities (both realized and unrealized)			0.13			(1.30	)		1.49			1.47			0.54			(0.40	)
Total from operations			0.20			(1.22	)		1.51			1.59			0.70			(0.13	)

Distributions to shareholders from:
Net investment income			(0.20	)		(0.48	)		(0.72	)		(0.39	)		(0.35	)		(0.44	)
Net realized gain			—			(0.61	)		(0.05	)		—			(0.21	)		(0.21	)
Total distributions			(0.20	)		(1.09	)		(0.77	)		(0.39	)		(0.56	)		(0.65	)

Net Asset Value, End of Period		$	12.18		$	12.18		$	14.49		$	13.75		$	12.55		$	12.41

Total Return (b)			1.66	% (d)		(8.95	)%		11.04	%		12.93	%		5.90	%		(1.08	)%

Ratios/Supplemental Data
Net assets, end of period (in 000’s)		$	698,122		$	764,478		$	873,184		$	619,010		$	640,466		$	821,772
Ratio of expenses to average net assets			0.96	% (c)		0.97	%		0.96	%		0.99	%		0.97	%		0.94	%
Ratio of net investment income to average net assets			1.11	% (c)		0.57	%		0.13	%		0.89	%		1.30	%		2.09	%
Portfolio turnover rate			25	% (d)		73	%		98	%		94	%		81	%		107	%

(a)

Per share amounts are calculated using the daily average shares method, which more appropriately presents the per share data for the period.

(b)

(c)

Annualized.

(d)

Not annualized.

The accompanying notes are an integral part of these financial statements.

Miller Convertible Bond Fund

FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

	Class C
	Six Months
	Ended April 30,			Year Ended October 31,
	2023			2022			2021			2020			2019			2018
	(Unaudited)
Net Asset Value, Beginning of Period	$	12.07		$	14.38		$	13.64		$	12.45		$	12.31		$	13.10
Increase (decrease) from operations:
Net investment income (loss) (a)		0.01			(0.06	)		(0.13	)		(0.01	)		0.04			0.14
Net gain (loss) from securities (both realized and unrealized)		0.13			(1.27	)		1.49			1.45			0.54			(0.39	)
Total from operations		0.14			(1.33	)		1.36			1.44			0.58			(0.25	)

Distributions to shareholders from:
Net investment income		(0.14	)		(0.37	)		(0.57	)		(0.25	)		(0.23	)		(0.33	)
Net realized gain		—			(0.61	)		(0.05	)		—			(0.21	)		(0.21	)
Total distributions		(0.14	)		(0.98	)		(0.62	)		(0.25	)		(0.44	)		(0.54	)

Net Asset Value, End of Period	$	12.07		$	12.07		$	14.38		$	13.64		$	12.45		$	12.31

Total Return (b)		1.19	% (d)		(9.82	)%		9.99	%		11.68	%		4.92	%		(2.04	)%

Ratios/Supplemental Data
Net assets, end of period (in 000’s)	$	37,415		$	42,825		$	60,040		$	59,182		$	62,012		$	64,832
Ratio of expenses to average net assets		1.96	% (c)		1.97	%		1.96	%		1.99	%		1.97	%		1.94	%
Ratio of net investment income (loss) to average net assets		(0.10	)% (c)		(0.45	)%		(0.86	)%		(0.10	)%		0.30	%		1.06	%
Portfolio turnover rate		25	% (d)		73	%		98	%		94	%		81	%		107	%

(a)

Per share amounts are calculated using the daily average shares method, which more appropriately presents the per share data for the period.

(b)

(c)

Annualized.

(d)

Not annualized.

The accompanying notes are an integral part of these financial statements.

Miller Convertible Plus Fund

FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

	Class I
	Six Months
	Ended April 30,			Year Ended October 31,
	2023			2022			2021			2020			2019			2018
	(Unaudited)
Net Asset Value, Beginning of Period	$	20.15		$	25.96		$	25.94		$	23.05		$	22.82		$	24.30
Increase from operations:
Net investment income (loss) (a)		(0.03	)		(0.10	)		(0.28	)		0.00	(c)		(0.06	)		0.14
Net gain (loss) from securities (both realized and unrealized)		0.27			(2.87	)		2.43			3.31			1.53			(0.19	)
Total from operations		0.24			(2.97	)		2.15			3.31			1.47			(0.05	)

Distributions to shareholders from:
Net investment income		(0.45	)		(1.15	)		(1.99	)		(0.42	)		(0.19	)		(0.72	)
Net realized gain		—			(1.69	)		(0.14	)		—			(1.05	)		(0.71	)
Total distributions		(0.45	)		(2.84	)		(2.13	)		(0.42	)		(1.24	)		(1.43	)

Net Asset Value, End of Period	$	19.94		$	20.15		$	25.96		$	25.94		$	23.05		$	22.82

Total Return (b)		1.24	% (g)		(12.75	)%		8.05	%		14.54	%		7.16	%		(0.32	)%

Ratios/Supplemental Data
Net assets, end of period (in 000’s)	$	76,403		$	83,614		$	119,886		$	118,943		$	117,410		$	140,726
Ratio of expenses to average net assets,
before reimbursement		3.67	% (d),(f)		2.73	% (d)		2.59	% (d)		2.96	% (d)		4.75	%		4.60	%
net of reimbursement		3.67	% (d),(e),(f)		2.73	% (d),(e)		2.59	% (d)(e)		2.96	% (d),(e)		3.61	%		3.46	%
Ratio of net investment income (loss) to average net assets		(0.28	)% (f)		(0.43	)%		(1.03	)%		0.01	%		(0.26	)%		0.60	%
Portfolio turnover rate		31	% (g)		100	%		145	%		127	%		110	%		141	%

(a)

Per share amounts are calculated using the daily average shares method, which more appropriately presents the per share data for the period.

(b)

Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, excluding the effect of sales loads. Total returns for periods less than one year are not annualized. Had the adviser not absorbed a portion of the expenses or recaptured expenses during certain periods, total returns would have been lower or higher, respectively.

(c)

Amount is less than $0.005 per share.

(d)

Ratio of expenses to average net assets includes borrowing costs not subject to the Expense Limitation Agreement as described in Note 3. Borrowing costs represented 2.09%, 0.93%, 0.64% and 1.01% of average net assets for the six months ended April 30, 2023, for the year ended October 31, 2022, year ended October 31, 2021 and year ended October 31, 2020, respectively.

(e)

Ratio includes expense recapture of prior years’ expense waivers/reimbursements in accordance with the Expense Limitation Agreement as described in Note 3. Recapture of prior years’ expense waivers/reimbursements represented 0.26%, 0.32% and 0.37% of average net assets for the year ended October 31, 2022, year ended October 31, 2021 and year ended October 31, 2020, respectively.

(f)

Annualized.

(g)

Not annualized.

The accompanying notes are an integral part of these financial statements.

Miller Intermediate Bond Fund

FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of beneficial interest outstanding throughout each period presented.

	Class I
	Six Months
	Ended April 30,			Year Ended October 31,
	2023			2022			2021			2020			2019			2018
	(Unaudited)
Net Asset Value, Beginning of Period	$	15.34		$	17.52		$	16.64		$	16.09		$	16.08		$	16.55
Increase from operations:
Net investment income (a)		0.14			0.16			0.07			0.24			0.24			0.30
Net gain (loss) from securities (both realized and unrealized)		0.24			(1.34	)		1.72			0.93			0.52			(0.14	)
Total from operations		0.38			(1.18	)		1.79			1.17			0.76			0.16

Distributions to shareholders from:
Net investment income		(0.22	)		(0.49	)		(0.91	)		(0.62	)		(0.29	)		(0.38	)
Net realized gain		—			(0.51	)		—			—			(0.46	)		(0.25	)
Total distributions		(0.22	)		(1.00	)		(0.91	)		(0.62	)		(0.75	)		(0.63	)

Net Asset Value, End of Period	$	15.50		$	15.34		$	17.52		$	16.64		$	16.09		$	16.08

Total Return (b)		2.49	% (d)		(7.08	)%		10.83	%		7.45	%		5.08	%		0.96	%

Ratios/Supplemental Data
Net assets, end of period (in 000’s)	$	161,214		$	127,734		$	127,660		$	76,558		$	115,893		$	108,554
Ratio of expenses to average net assets,
before reimbursement/recapture		0.97	% (c)		1.00	%		0.98	%		1.06	%		1.20	%		1.17	%
net of reimbursement/recapture		0.95	% (c)		0.95	%		0.95	%		0.95	%		1.02	%		1.05	%
Ratio of net investment income to average net assets		1.82	% (c)		1.00	%		0.38	%		1.46	%		1.54	%		1.85	%
Portfolio turnover rate		29	% (d)		79	%		113	%		106	%		77	%		98	%

(a)

Per share amounts are calculated using the daily average shares method, which more appropriately presents the per share data for the period.

(b)

(c)

Annualized.

(d)

Not annualized.

The accompanying notes are an integral part of these financial statements.

Miller Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited)

April 30, 2023

ORGANIZATION

The Miller Convertible Bond Fund (the “Convertible Bond Fund”), the Miller Convertible Plus Fund (the “Convertible Plus Fund”), and Miller Intermediate Bond Fund (the “Intermediate Bond Fund”) referred to collectively, as the “Funds”, are separate series of the Miller Investment Trust (the “Trust”), a Delaware statutory trust organized on September 28, 2007. The Trust is registered as an open-end management investment company. The Funds are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as diversified, open-end management investment companies. Convertible Bond Fund’s primary investment objective is to maximize total return comprising current income and capital appreciation, consistent with preservation of capital. Convertible Plus Fund’s primary investment objective is to use leverage to maximize total return comprising current income and capital appreciation. Intermediate Bond Fund’s primary investment objective is to maximize total return comprising current income and capital appreciation, consistent with preservation of capital.

The Convertible Bond Fund currently offers Class A, Class I and Class C shares of which Class A and Class I shares commenced operations on December 27, 2007 and Class C shares commenced operations on December 1, 2009. Convertible Plus Fund and Intermediate Bond Fund currently offer only Class I shares which commenced operations on December 31, 2014. On July 13, 2019, $987,053 and 42,539 shares of Class A and $250,886 and 10,970 shares of Class C shares of the Convertible Plus Fund were converted into 53,421 Class I shares of Convertible Plus Fund, and $937,238 and 58,646 shares of Class A and $323,384 and 20,140 shares of Class C of the Intermediate Bond Fund were converted into 78,883 Class I shares of Intermediate Bond Fund. Prior to July 13, 2019, the Convertible Plus Fund and Intermediate Bond Fund offered three classes of shares designated as Class A, Class C and Class I. Class A and Class C shares of the Convertible Plus Fund and Intermediate Bond Fund are no longer available for purchase. Class I and Class C shares are offered at net asset value. Class A shares are offered at net asset value plus a maximum sales charge of 3.75% (5.75% through April 13, 2021). Each class of Convertible Bond Fund represents an interest in the same assets of the respective Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Convertible Bond Fund’s income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

Wellesley Asset Management, Inc. serves as the Funds’ investment adviser (the “Adviser”).

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies” including Accounting Standards Update 2013-08.

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements.

Security Valuation – The Funds’ securities are valued at the last sale price on the exchange in which such securities are primarily traded, as of the close of business on the day the securities are being valued. NASDAQ traded securities are valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Exchange traded options, futures and options on futures are valued at the final settle price or, in the absence of a sale price, at the mean between the current bid and ask prices on the day of valuation. Index options shall be valued at the mean between the current bid and ask prices on the day of valuation. Debt securities and long-term U.S. Treasury obligations (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust’s Board of Trustees (the “Board”) using methods which include current market quotations from a major market maker in, or counterparty to, the securities and based on

Miller Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2023

methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. The independent pricing service does not distinguish between smaller-sized bond positions known as “odd lots” and larger institutional-sized bond positions known as “round lots”. The Funds may fair value a particular bond if the Adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Funds’ holding. Short-term debt obligations that mature in 60 days or less, at the time of purchase, may be valued at amortized cost, provided such valuations represent fair value. Investments in open-end investment companies are valued at net asset value. “Due to custodian” as listed on the Statement of Assets and Liabilities is recorded at cost and approximates fair value; it is classified as level 2 under the fair value hierarchy.

In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price.

The Board of Trustees has designated the Adviser as the Fund’s valuation designee (the “Valuation Designee”) to make all fair value determinations with respect to each Fund’s portfolio investments, subject to the Board’s oversight. As the Valuation Designee, the Adviser has adopted and implemented policies and procedures to be followed when the Fund must utilize fair value pricing. Prior to September 8, 2022, securities were valued at fair value as determined in good faith by the Adviser, subject to review and approval by the Valuation Committee, pursuant to procedures adopted by the Board of Trustees.

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participate would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Miller Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2023

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of April 30, 2023 for the Funds’ assets and liabilities measured at fair value:

Convertible Bond Fund

Assets	Level 1		Level 2		Level 3		Total
Investments in Securities:
Convertible Bonds*	$	—	$	757,133,316	$	—	$	757,133,316
U.S. Government & Agencies		—		298,311		—		298,311
Short-Term Investments		10,610,876		—		—		10,610,876
Total Investments in Securities	$	10,610,876	$	757,431,627	$	—	$	768,042,503

Convertible Plus Fund

Assets	Level 1		Level 2		Level 3		Total
Investments in Securities:
Convertible Bonds*	$	—	$	101,334,491	$	—	$	101,334,491
Short-Term Investments*		1,853,685	$	—	$	—		1,853,685
Total Investments in Securities	$	1,853,685	$	101,334,491	$	—	$	103,188,176

Intermediate Bond Fund

Assets	Level 1		Level 2		Level 3		Total
Investments in Securities:
Convertible Bonds*	$	—	$	150,741,217	$	—	$	150,741,217
U.S. Government & Agencies		—		6,562,504		—		6,562,504
Short-Term Investments		1,219,172		—		—		1,219,172
Total Investments in Securities	$	1,219,172	$	157,303,721	$	—	$	158,522,893

The Funds did not hold any Level 3 securities during the period.

Please refer to the Schedule of Investments for industry classifications.

Synthetic Convertible Bond Risk – A synthetic convertible bond security is a single security issued by an investment bank, broker-dealer or other financial institution that is designed to have the same attributes of a convertible security had it been issued by the designated underlying company. Like ordinary convertible bonds, a synthetic convertible bond is a fixed-income corporate debt security that yields interest payments with conversion features. Importantly, the credit rating of a synthetic convertible bond is based on the issuing financial institution’s credit rating and not the underlying company. 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.

The Funds invest in synthetic convertible bonds which may be packaged by investment banks and brokerage firms. Synthetic convertible bonds include structured equity linked products that combine unrelated securities which together have the characteristics of convertible securities: a fixed-income component and a convertible component. The fixed-income component is achieved by investing in non-convertible, fixed-income securities such as zero coupon, corporate or government bonds. The convertible component is achieved by investing in warrants or options to buy or sell common stock or various indices at a certain exercise price, or options on a stock index.

Synthetic convertible bonds also include index-linked and equity-linked convertible structured notes. Index-linked and equity-linked notes are securities, the value of which fluctuates based on the value of a basket of stocks or other securities (in the case of index-linked notes) or a single security (in the case of equity-linked notes). Many index-linked and equity-linked notes have a guarantee feature (usually supplied by a brokerage house or bank) that guarantees return of the original issue price, providing substantial protection against a decline in price, while preserving the ability for capital appreciation if the underlying basket of securities increases in value. Synthetic convertible bonds held by the Funds are contingent payment debt instruments that accrue interest income at the stated coupon rate for book purposes but at the comparable yield for tax purposes.

Miller Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2023

Leverage Risk – The use of leverage through activities such as borrowing or purchasing derivatives can magnify the effects of changes in the value of the Convertible Plus Fund and make the Convertible Plus Fund’s share price more volatile and sensitive to market movements. The leveraged investment techniques that the Convertible Plus Fund employs could cause investors in the Convertible Plus Fund to lose more money in adverse environments. Leverage may result in the creation of a liability that requires the Convertible Plus Fund to pay interest or fees, which may be greater than the income or gain received by the Convertible Plus Fund from the securities purchased with leverage proceeds.

Short Sales – A “short sale” is a transaction in which a Fund sells a security it does not own but have borrowed in anticipation that the market price of that security will decline. A Fund is obligated to replace the security borrowed by purchasing it on the open market at a later date. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss, potentially unlimited in size. Conversely, if the price declines, the Fund will realize a gain, limited to the price at which the Fund sold the security short. As of April 30, 2023, the Funds had no open short positions.

Options Transactions – Each Fund is subject to equity price risk in the normal course of pursuing its investment objective and may purchase or sell options to help hedge against risk. When a Fund writes put and call options, an amount equal to the premium received is included in the Statements of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if a Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, a Fund has no control over whether the option will be exercised and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option.

The Funds may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in a Fund’s portfolio. If such a decline occurs, a put option will permit a Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by a Fund upon exercise of the option, and, unless the price of the underlying security or index rises or declines sufficiently, the option may expire worthless to a Fund. In addition, in the event that the price of the security or index in connection with which an option was purchased moves in a direction favorable to a Fund, the benefits realized by a Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. With purchased options, there is minimal counterparty risk to a Fund since these options are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees against a possible default.

During the six months ended April 30, 2023, the Funds did not hold any options.

Security Transactions and Investment Income – Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes.

Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Purchase discounts and premiums on securities are accreted or amortized over the life of the respective securities.

Expenses – Common expenses, income and gains and losses are allocated daily among share classes of the Funds based on the relative proportion of net assets represented by each class. Class specific expenses are charged directly to the responsible class of shares of the Funds.

Federal Income Taxes – The Funds intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute all of its taxable income, if any, to shareholders. Accordingly, no provision for Federal income taxes is required in the financial statements. The Funds recognize the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the tax positions on returns filed for

Miller Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2023

open fiscal year ends October 31, 2020 through October 31, 2022, or expected to be taken in the Funds’ current fiscal year end returns, and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Funds identify their major tax jurisdictions as U.S. federal and the state of Massachusetts. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six months ended April 30, 2023, the Funds did not incur any interest or penalties.

Distributions to Shareholders – Distributions from investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. The Funds will declare and pay net realized capital gains, if any, annually. The character of income and gains to be distributed is determined in accordance with income tax regulations which may differ from GAAP.

Indemnification – The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Trust expects the risk of loss due to these warranties and indemnities to be remote.

INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

The activities of the Funds are overseen by the Board. Pursuant to an Investment Advisory Agreement with the Funds, the Adviser, under the oversight of the Board, directs the daily operations of the Funds and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Funds pays the Adviser a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.75% for the Convertible Bond Fund and the Intermediate Bond Fund of the average daily net assets of each respective Fund. The Convertible Plus Fund pays the Adviser an annual rate of 0.95% of the average daily managed assets, which is equal to its total assets including assets attributable to borrowings, minus accrued liabilities other than borrowings. For six months ended April 30, 2023, the Adviser earned management fees of $3,033,384, $528,766 and $565,289 for the Convertible Bond Fund, Convertible Plus Fund and the Intermediate Bond Fund, respectively.

The Adviser, pursuant to an Expense Limitation Agreement (the “Agreement”), had contractually reduced its fees and/or absorb expenses of the Convertible Plus Fund and the Intermediate Bond Fund through February 28, 2023, to ensure that net annual operating expenses (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs such as interest and dividend expense on securities sold short, taxes and extraordinary expenses such as litigation) will not exceed 1.95% of the Convertible Plus Fund’s average daily net assets for Class I shares and 0.95% of the Intermediate Bond Fund’s average daily net assets for Class I shares. The Agreement allows the Adviser, subject to certain conditions, to recover amounts previously reimbursed for operating expenses to the Funds to the extent that the Funds’ expense ratios fall below the above indicated expense limitations. The amounts that can be recovered are limited to the difference between the actual expense ratio and the amount of the expense limitation during the 36 month period following such waiver or reimbursement. The potential recoupment amounts are the lesser of: (i) the expense cap in effect at the time of the fee waiver/recoupment; or (ii) the expense cap in effect at the time of recapture. For the six months ended April 30, 2023, the Adviser waived fees of $11,221 from the Intermediate Bond Fund. Since June 30, 2022, the Adviser has voluntarily discontinued any additional expense recapture from the Convertible Plus Fund. The Adviser may change this voluntary discontinuance at any time, subject to the terms of the Expense Limitation Agreement.

As of April 30, 2023, the following amounts are subject to recapture by the Adviser by October 31, of the following years:

		2023				2024				2025
Intermediate Bond Fund		$	101,168			$	30,326			$	64,781

Miller Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2023

Distributor – The distributor of the Funds is Northern Lights Distributors, LLC (the “Distributor” or “NLD”). The Board has adopted, on behalf of each Fund, a Distribution Plan and Agreement pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “Plan”), as amended, to pay for certain distribution activities and shareholder services. Convertible Bond Fund’s Class A shares and Class C shares pay 0.50% and 1.00%, respectively, per year of its average daily net assets for such distribution and shareholder service activities under the Plan. For the six months ended April 30, 2023, the 12b-1 fees accrued amounted to $101,602 and $199,791 for the Convertible Bond Fund’s Class A shares and Class C shares, respectively.

The Distributor acts as each Fund’s principal underwriter in a continuous public offering of the Funds’ shares. For the six months ended April 30, 2023, the Distributor received $28,919 in underwriting commissions for sales of Class A and C shares, of which $3,853 was retained by the principal underwriter or other affiliated broker-dealers for the Convertible Bond Fund.

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

Ultimus Fund Solutions, LLC (“UFS”) – UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds.

Northern Lights Compliance Services, LLC (“NLCS”) – NLCS, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds. An officer of the Trust is also an officer of NLCS.

Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

Trustee Fees – Each Trustee who is not affiliated with the Trust or the Adviser receives an annual retainer fee of $55,000, as well as $14,000 for one annual in-person meeting and $8,000 for all meetings conducted by telephone. Any additional as needed meetings, either in person or by telephone are covered by the retainer fee. The trustee who is chair of the Audit Committee receives an additional payment of $3,000 as an annual retainer fee for serving in that capacity. None of the Trustees who are affiliated with the Trust receive compensation from the Trust.

INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, other than short-term securities, for the six months ended April 30, 2023, amounted to $199,375,616 and $261,384,362, respectively, for the Convertible Bond Fund, $34,086,379 and $45,814,851, respectively, for the Convertible Plus Fund and $64,726,762 and $41,746,058, respectively, for the Intermediate Bond Fund.

LINE OF CREDIT

The Convertible Plus Fund may borrow for investment purposes, to meet repurchase requests and for temporary, extraordinary or emergency purposes. The Convertible Plus Fund is required to maintain asset coverage (that is, total assets including borrowings, less liabilities exclusive of borrowings) of at least 300% of the amount borrowed, with an exception it expects to limit its borrowings for investment purposes to 33 1/3% of the value of the Fund’s total assets (including the amount borrowed). Securities pledged as collateral for the line of credit as of April 30, 2023 are disclosed on Convertible Plus Fund’s Schedule of Investments. The fair value of securities pledged as collateral as of April 30,,2023 was $101,334,491. Convertible Plus Fund has also segregated $291,271 in cash as collateral for the line of credit. The Convertible Plus Fund has entered into a line of credit agreement with Barclays Bank PLC, which permits the Convertible Plus Fund to borrow at a rate, per annum, equal to 1.66% (1.41% through December 31, 2022) plus the 3 month SOFR rate to be paid quarterly. There is also an annual commitment fee. During the six months ended April 30, 2023, the Convertible Plus Fund recorded $835,838 in interest expense on the line of credit. Average borrowings and the average interest rate during the six months ended April 30, 2023, were

Miller Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2023

$31,668,508 and 5.84%, respectively. The largest outstanding amount borrowed during the period was $35,000,000. The balance on the line of credit as of April 30, 2023 was $28,000,000 and the amount of the commitment was $45,000,000 ($75,000,000 prior to July 28, 2022). The interest rate as of April 30, 2023, was 6.55%. The line of credit is recorded at cost on the Statement of Assets and Liabilities. As of April 30, 2023, fair value of the line of credit approximates cost; fair value of the line of credit is estimated using level 2 inputs in the fair value hierarchy.

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

The identified cost of investments in securities owned by each Fund for federal income tax purposes and its respective gross unrealized appreciation and depreciation at April 30, 2023 were as follows:

			Gross Unrealized		Gross Unrealized			Net Unrealized
	Tax Cost		Appreciation		(Depreciation)			(Depreciation)
Convertible Bond Fund	$	813,235,430	$	10,974,926	$	(56,167,853	)	$	(45,192,927	)
Convertible Plus Fund		110,091,162		1,312,660		(8,215,646	)		(6,902,986	)
Intermediate Bond Fund		166,823,093		1,515,577		(9,815,777	)		(8,300,200	)

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions for the following periods was as follows:

For the year ended October 31, 2022:
	Ordinary		Long-Term		Return of
	Income		Capital Gains		Capital		Total
Convertible Bond Fund	$	61,002,258	$	12,751,200	$	—	$	73,753,458
Convertible Plus Fund		12,903,955		—		—		12,903,955
Intermediate Bond Fund		7,450,391		—		—		7,450,391

For the year ended October 31, 2021:
	Ordinary		Long-Term		Return of
	Income		Capital Gains		Capital		Total
Convertible Bond Fund	$	45,885,245	$	28,568	$	—	$	45,913,813
Convertible Plus Fund		9,953,438		—		—		9,953,438
Intermediate Bond Fund		5,066,335		—		—		5,066,335

As of October 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed		Undistributed		Capital Loss			Other		Unrealized			Total
	Ordinary		Long-Term		Carry			Book/Tax		Appreciation/			Accumulated
	Income		Capital Gains		Forwards			Differences		(Depreciation)			Earnings/(Deficits)
Convertible Bond Fund	$	435,919	$	—	$	(6,158,442	)	$	—	$	(67,293,235	)	$	(73,015,758	)
Convertible Plus Fund		—		—		(4,786,758	)		—		(8,363,700	)	$	(13,150,458	)
Intermediate Bond Fund		493,709		—		(2,269,906	)		—		(9,834,301	)	$	(11,610,498	)

The difference between book basis and tax basis distributable earnings and unrealized depreciation is primarily attributable to income on contingent convertible debt securities, Section 305(c) deemed dividend distributions, and the tax deferral of losses on wash sales.

Miller Funds

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

April 30, 2023

At October 31, 2022, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

	Short-Term		Long-Term		Total		Utilized
Convertible Bond Fund	$	6,158,442	$	—	$	6,158,442	$	—
Convertible Plus Fund		4,419,351		367,407		4,786,758		—
Intermediate Bond Fund		1,440,491		829,415		2,269,906		—

Permanent book and tax differences, primarily attributable to tax adjustments for equalization debits resulted in reclassification for the year ended October 31, 2022 as follows:

	Paid		Total
	In		Distributable
	Capital		Earnings (Losses)
Convertible Bond Fund	$	943,985	$	(943,985	)
Convertible Plus Fund		243,985		(243,985	)
Intermediate Bond Fund		88,260		(88,260	)

CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund, under Section 2(a) 9 of the 1940 Act. As of April 30, 2023, UBS WM USA held 27.91% of the voting securities of the Intermediate Bond Fund.

SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

Miller Funds

DISCLOSURE OF FUND EXPENSES (Unaudited)

April 30, 2023

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs (such as front-end loads) and (2) ongoing costs, including advisory fees, distribution and/or service (12b-1 fees) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs.

This example is based on an investment of $1,000 invested for the period of time as indicated in the table below.

Actual Expenses: The first row of the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.

Hypothetical Examples for Comparison Purposes: The second row of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning		Annualized	Expenses Paid During the
	Account	Ending Account	Expense	Period
	Value (11/1/22)	Value (4/30/23)	Ratio	(11/1/22 to 4/30/23)
Actual *
Miller Convertible Bond Fund
Class A	$1,000.00	$1,015.60	1.46%	$7.30
Class I	$1,000.00	$1,016.60	0.96%	$4.80
Class C	$1,000.00	$1,011.90	1.96%	$9.78
Miller Convertible Plus Fund
Class I	$1,000.00	$1,012.40	3.67%	$18.31
Miller Intermediate Bond Fund
Class I	$1,000.00	$1,024.90	0.95%	$4.77
Hypothetical (5% return before expenses) *
Miller Convertible Bond Fund
Class A	$1,000.00	$1,017.55	1.46%	$7.30
Class I	$1,000.00	$1,020.03	0.96%	$4.81
Class C	$1,000.00	$1,015.08	1.96%	$9.79
Miller Convertible Plus Fund
Class I	$1,000.00	$1,006.60	3.67%	$18.26
Miller Intermediate Bond Fund
Class I	$1,000.00	$1,020.08	0.95%	$4.76

Expenses are equal to the average account value over the period, multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the six months ended April 30, 2023 (181) divided by the number of days in the fiscal year (365).

Renewal of the Management Agreements and Review of 15(c) Materials

At an in person meeting held October 26, 2022, the Board of Trustees (the “Board”) including the Trustees who are not “interested persons”, as such term is defined under Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered the renewal of the Management Agreement between the Miller Investment Trust and Wellesley Asset Management, Inc. (the “Adviser”) with respect to the Miller Convertible Bond Fund (“Convertible Bond Fund”), Miller Convertible Plus Fund (“Convertible Plus Fund”) and Miller Intermediate Bond Fund (“Intermediate Bond Fund”) (each a “Management Agreement” and collectively the “Management Agreements”). In its consideration of the renewal of each Management Agreement, the Board including the Independent Trustees, did not identify any single factor as all-important or controlling, and the following summary does not detail all the matters considered.

The Board relied upon each Trustee’s own business judgment in determining the material factors to be considered when evaluating the Management Agreements and the weight to be given to each factor. The Board based its conclusions on a comprehensive evaluation of all the information provided and not on any one factor exclusively. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Management Agreements. Matters considered by the Board, including the Independent Trustees, in connection with its renewal of each Management Agreement included the following:

Convertible Bond Fund, Convertible Plus Fund and Intermediate Bond Fund (each a “Fund” and collectively, the “Funds”)

Nature, Extent and Quality of Services and Personnel. The Board examined the nature, extent and quality of the services provided by the Adviser to the Funds. The Trustees also engaged in discussions with the Adviser’s senior management responsible for the overall functioning of the advisory services provided to each Fund. The Board considered information regarding the Adviser’s efforts around compliance and investment processes. The Trustees discussed the Adviser’s personnel, and the quality of service provided by them including managing the growth of Fund assets, which among other things requires specialized skill in sourcing sufficient suitable convertible and synthetic convertible bonds. The Board discussed the financial strength of the Adviser after reviewing financial information about it and concluded that it is satisfied that the Adviser continues to be in the position to deliver high quality services to the Funds and their shareholders. The Board further concluded that the Adviser’s management team and the Adviser’s overall resources were adequate, and that the Adviser has personnel with the requisite investment management skills and who are more than capable to perform its duties under each Agreement.

Performance. The Trustees reviewed the performance of each Fund. It was noted that certain strategies were also used when and with different costs associated with providing advisory services to separately managed account and hedge fund clients but that such accounts were managed in part with key differences in strategies because of the regulatory constraints of the 1940 Act and IRS tax rules imposed on registered investment companies.

Convertible Bond Fund. The Board noted that for the one, three, and five-year periods ended August 31, 2022, the Convertible Bond Fund had returns of (8.39)%, 5.25%, and 4.52%, respectively. It was noted that the Convertible Bond Fund outperformed its peer group average of (15.37)% for the one year period, but underperformed its peer group averages of 12.12% and 11.18% over the three and five-year periods. Similarly, the Fund outperformed the “Convertibles” Morningstar Category average of (16.73)% for the one year period, but underperformed the 11.18% and 10.30% during three and five-year periods. The

Adviser attributed the Fund’s outperformance on a relative basis in this category for the one- year period in part to its focus on high quality attributes, as well as its focus on buying convertible bonds in companies that are profitable and have low levels of debt. In addition, the Fund has a high percentage of assets invested in convertible bonds as compared to other assets, generally causing it to outperform other convertible bonds funds that take greater risk by investing a greater percentage of their assets in common stocks during bear markets. The Board also considered that the Adviser’s goal is for the Fund’s total return to outperform its peer group over full market cycles. It was further noted that it is the Adviser’s expectation that the Fund will have strong performance relative to its peer group during bear markets, which was largely proven during the most recent one-year period.

Convertible Plus Fund. The Board noted that for the one, three and five-year periods ended August 31, 2022, the Convertible Plus Fund had returns of (11.81)%, 3.37% and 4.09%, respectively. It was noted that the Convertible Plus Fund outperformed the peer group average for the one year period of (16.20)%, but underperformed the returns of 9.65% and 9.23% for the three and five-year periods, respectively. Similarly, the Fund outperformed the “Convertibles” Morningstar Category average for the one year period of (16.73)%, but underperformed the returns of 11.18% and 10.30% for the three and five-year periods, respectively. The Adviser attributed the Fund’s outperformance on a relative basis in this category for these periods in part to its focus on high quality attributes, as well as its focus on buying convertible bonds in companies that are profitable and have low levels of debt. The Board considered that the Adviser’s goal is for the Fund’s total return to out-perform its peer group over full market cycles. In addition, the Fund has a high percentage of assets invested in convertible bonds as compared to other assets, generally causing it to outperform other convertible bonds funds that take greater risk by investing a greater percentage of their assets in common stocks during bear markets. It was further noted that it is the Adviser’s expectation that the Fund will have strong performance relative to its peer group during bear markets. The Board also noted that the Fund’s use of leverage is unique in the convertible bond mutual fund space, greatly limiting the number of pure peer funds, which was largely proven during the most recent one-year period.

Intermediate Bond Fund. The Board noted that for the one, three and five-year periods ended August 31, 2022, the Intermediate Bond Fund had returns of (6.55)%, 4.37% and 3.82%, respectively. It was noted that the Intermediate Bond Fund outperformed its peer group average of (13.59)% for the one year period, but underperformed the averages of 6.93% and 7.12% during the three and five-year periods, respectively. It was noted that the Intermediate Bond Fund outperformed the Morningstar Category average of (16.73)% for the one year period; however, underperformed the Morningstar Category averages of 11.18% and 10.30% for the three and five-year periods ended August 31, 2022. The Adviser attributed the Fund’s outperformance on a relative basis in this category for these periods in part to its focus on high quality attributes, as well as its focus on buying convertible bonds in companies that are profitable and have low levels of debt. It was noted that it is the Adviser’s expectation for the Fund to have strong performance relative to its peer group during bear markets.

With respect to each of the Funds, the Board found that the Adviser continues to not deviate from its strategy to achieve favorable risk-adjusted returns throughout the stages of market cycles. The Board concluded that each Fund’s performance was reasonable, especially considering recent market volatility and economic uncertainty.

Fees & Expenses. The Trustees reviewed the fees charged by the Funds, including reviewing the fees compared to the Funds’ respective peer groups and Morningstar Categories. The Trustees further

considered the fact that the Adviser manages separately managed accounts and a private fund with similar investment strategies and with different costs associated with providing advisory services to such clients.

Convertible Bond Fund. The Trustees noted that the Convertible Bond Fund’s advisory fee rate of 0.75% was higher than the peer group average of 0.61% and equal to the Morningstar Category average of 0.75%. The Trustees further noted that the Convertible Bond Fund’s net expense ratio rate of 0.97% was higher than the peer group average of 0.67% but lower than the Morningstar Category average of 1.11%. The Trustees concluded that the advisory fee and net expense ratio were within an acceptable range of fees for the Fund when compared to peer funds and the Morningstar Category, especially in light of the fact that certain peer funds were considerably larger in terms of assets.

Convertible Plus Fund. The Trustees noted that the Convertible Plus Fund’s advisory fee rate of 1.37% was significantly higher than both the peer group average of 0.70% and Morningstar Category average of 0.75%. The Trustees further noted that the Convertible Plus Fund’s net expense ratio rate of 2.60% was significantly higher than both the peer group average of 0.82% and the Morningstar Category average of 1.11%. The Adviser asserted that managing the Convertible Plus Fund is likely significantly more complex and requires more resources than managing the funds in the peer group because of the Convertible Plus Fund’s more time intensive leveraged strategy. The Trustees noted that the Convertible Plus Fund, unlike its peer funds, is the only fund in its peer group that is a leveraged convertible mutual fund and that the cost of leverage is a significant part of the net expense ratio. The Trustees accepted the Adviser’s explanation and concluded that the advisory fee and net expense ratio were within an acceptable range of fees for the Fund when compared to peer funds.

Intermediate Bond Fund. The Trustees noted that the Intermediate Bond Fund’s fee rate of 0.75% was higher than the peer group average of 0.63%. The Trustees further noted that the Intermediate Bond Fund’s net expense ratio rate of 0.96% was higher than the peer group average of 0.77% but lower than the Morningstar Category average of 1.11%. The Trustees concluded that the advisory fee and net expense ratio were within an acceptable range of fees for the Fund when compared to peer funds, especially in light of the level and quality of services provided by the Adviser to the Fund and the fact that certain peer funds were considerably larger in terms of assets.

Economies of Scale. The Trustees considered whether the Adviser has realized or will realize economies of scale with respect to the management of the Funds. The Trustees stated that they will continue to review the Adviser’s projections for asset growth of each Fund over the next 12 months. Furthermore, the Board concluded that the size of each Fund had not reached sufficient size to result in material economies of scale and thus fee breakpoints were not appropriate at this time.

Profitability. The Trustees considered the expenses of the Adviser associated with managing each Fund, and reviewed the profits realized by the Adviser with respect to each Fund and took into consideration other benefits to the Adviser. The Board found the profit earned by the Adviser with respect to each Fund to be acceptable and not unreasonable or excessive. Based on financial information provided by the Adviser, the Board also found that the Adviser was in a strong position to continue to provide the high level and quality of services that it currently provides to the Funds.

Fall Out Benefits. The Trustees considered the fact that there is some slight benefit to the Adviser’s SMA and private fund business due to the publicity that the registered Funds receive.

Conclusion. Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Management Agreements, the Board, including all of the Independent Trustees, concluded that the advisory fee for each Fund is fair and reasonable and approved the continuance of the respective Management Agreements and the advisory fees thereunder as in the best interest of each Fund and its shareholders.

Approval and Renewal of the Management Agreements and Review of 15(c) Materials

At an in person meeting held October 26, 2022, the Board of Trustees (the “Board”) including the Trustees who are not “interested persons”, as such term is defined under Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered the renewal of the Management Agreement between the Miller Investment Trust and Wellesley Asset Management, Inc. (the “Adviser”) with respect to the Miller Market Neutral Income Fund (the “Management Agreement”). In its consideration of the renewal of the Management Agreement, the Board including the Independent Trustees, did not identify any single factor as all-important or controlling, and the following summary does not detail all the matters considered.

The Board relied upon each Trustee’s own business judgment in determining the material factors to be considered when evaluating the Management Agreement and the weight to be given to each factor. The Board based its conclusions on a comprehensive evaluation of all the information provided and not on any one factor exclusively. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Management Agreement. Matters considered by the Board, including the Independent Trustees, in connection with its approval of the Management Agreement included the following:

Market Neutral Income Fund (the “Market Neutral Fund” or the “Fund”)

Nature, Extent and Quality of Services and Personnel. The Board examined the nature, extent and quality of the services provided by the Adviser to the Fund. The Trustees also engaged in discussions with the Adviser’s senior management responsible for the overall functioning of the advisory services provided to the Fund. The Board considered information regarding the Adviser’s efforts around compliance and investment processes. The Trustees discussed the Adviser’s personnel, and the quality of service provided by them including managing the growth of Fund assets, which among other things requires specialized skill in sourcing sufficient suitable convertible and synthetic convertible bonds. The Board discussed the financial strength of the Adviser after reviewing financial information about it and concluded that it is satisfied that the Adviser continues to be in the position to deliver high quality services to the Fund and its shareholders. The Board further concluded that the Adviser’s management team and the Adviser’s overall resources were adequate, and that the Adviser has personnel with the requisite investment management skills and who are more than capable to perform its duties under the Management Agreement.

Performance. The Board noted that the Fund did not have performance data available since it had not yet been launched.

Market Neutral Fund. The Board noted that the Fund had not yet commenced operations and therefore had no performance history.

Fees & Expenses. The Trustees reviewed the fees charged by the Fund, including reviewing the fees compared to the Fund’s respective peer groups and Morningstar Categories. The Trustees further considered the fact that the Adviser manages separately managed accounts and a private fund with similar investment strategies and with different costs associated with providing advisory services to such clients. The Board noted that there were no current expenses for the Fund since it had not yet been launched.

Economies of Scale. The Trustees considered whether the Adviser has realized or will realize economies of scale with respect to the management of the Fund. The Trustees stated that they will continue to review the

Adviser’s projections for asset growth of the Fund over the next 12 months. Furthermore, the Board concluded that the size of the Fund had not reached sufficient size to result in material economies of scale and thus fee breakpoints were not appropriate at this time.

Profitability. The Trustees considered the expenses of the Adviser associated with managing the Fund, and reviewed the expected profits to be realized by the Adviser with respect to the Fund and took into consideration other benefits to the Adviser. The Board found the profit earned by the Adviser with respect to the Fund to be acceptable and not unreasonable or excessive. Based on financial information provided by the Adviser, the Board also found that the Adviser was in a strong position to continue to provide the high level and quality of services that it currently provides to the Fund.

Fall Out Benefits. The Trustees considered the fact that there is some slight benefit to the Adviser’s SMA and private fund business due to the publicity that the registered Funds receive.

Market Neutral Fund. The Trustees noted that the Fund’s fee rate of 1.25% was higher than the peer group average of 0.99%. The Trustees further noted that the Fund’s estimated net expense ratio rate of 1.56% for Class A shares was higher than the peer group average of 1.41% and the Morningstar Category average of 1.35%. The Trustees concluded that the advisory fee and net expense ratio were within an acceptable range of fees for the Fund when compared to peer funds, especially in light of the level and quality of services provided by the Adviser to the Fund and the fact that certain peer funds were considerably larger in terms of assets.

Conclusion. Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Management Agreement, the Board, including all of the Independent Trustees, concluded that the advisory fee for the Fund is fair and reasonable and approved the continuance of the Management Agreement and the advisory fee thereunder as in the best interest of the Fund and its shareholders.

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on March 16, 2023 (the “Meeting”) to review the liquidity risk management program (the “Program”) established for the Funds. The Funds have adopted and implemented the Program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940. The Board appointed Wellesley Asset Management, Inc., the investment adviser to the Funds, the program administrator for the Funds’ Program. The Adviser has delegated oversight of the Program to the Liquidity Risk Management Program Committee (the “Committee”).

At the Meeting, the Board was provided with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation (the “Report”). The Report covered the period from November 1, 2022 through January 31, 2023 (the “Program Reporting Period”).

The Report stated that the Committee concluded that based on how it functions, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule. The Report noted that during the Program Reporting Period, the Committee reviewed historical net redemption activity, and used this information and other factors as a component to establish each Fund’s reasonably anticipated trading size (“RATS”). The Report further provided that the Program is reasonably designed to assess and manage the Funds’ liquidity risk, taking into consideration, among other factors, each Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the fiscal period ended April 30, 2023, the Committee reviewed the Funds’ investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented. There were no material changes to the Program during the Program Reporting Period.

Tax information (Unaudited)

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The Convertible Bond Fund hereby designates the following amounts for the Fund’s fiscal year ended October 31, 2022:

	Long-Term
	Capital Gains
Convertible Bond Fund	$	12,751,200
Convertible Plus Fund		N/A
Intermediate Bond Fund		N/A

Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2023, to determine the calendar year amounts to be included on their 2022 tax returns. Shareholders should consult their tax advisors.

PRIVACY notice

FACTS	WHAT DOES MILLER INVESTMENT TRUST DO WITH YOUR PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:

	■	Social Security number	■	Purchase History

	■	Assets	■	Account Balances

	■	Retirement Assets	■	Account Transactions

	■	Transaction History	■	Wire Transfer Instructions

	■	Checking Account Information

	When you are no longer our customer, we continue to share your information as described in this notice.

How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Miller Investment Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Miller Investment Trust share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We don’t share
For non-affiliates to market to you	No	We don’t share

Questions?

Call 1-877-441-4434

Who we are
Who is providing this notice?			Miller Investment Trust
What we do
How does Miller Investment Trust protect my personal information?			To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Miller Investment Trust collect my personal information?			We collect your personal information, for example, when you ■ Open an account ■ Provide account information ■ Give us your contact information ■ Make deposits or withdrawals from your account ■ Make a wire transfer ■ Tell us where to send the money ■ Tells us who receives the money ■ Show your government-issued ID ■ Show your driver’s license We also collect your personal information from other companies.
Why can’t I limit all sharing?			Federal law gives you the right to limit only ■ Sharing for affiliates’ everyday business purposes – information about your creditworthiness ■ Affiliates from using your information to market to you ■ Sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates			Companies related by common ownership or control. They can be financial and nonfinancial companies. ■ Miller Investment Trust does not share with our affiliates.
Non-affiliates			Companies not related by common ownership or control. They can be financial and nonfinancial companies ■ Miller Investment Trust does not share with non-affiliates so they can market you.
Joint marketing			A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■ Miller Investment Trust does not jointly market.



MILLER FUNDS

	Advisor	Wellesley Asset Management, Inc. The Wellesley Office Park 20 William Street, Suite 310 Wellesley, MA 02481
	Distributor	Northern Lights Distributors, LLC 4221 North 203rd Street, Suite 100 Elkhorn, NE 68022
	Legal Counsel	Thompson Hine LLP 1919 M Street, N.W. – Suite 700 Washington, DC 20036
	Transfer Agent	Ultimus Fund Solutions, LLC 4221 North 203rd Street, Suite 100 Elkhorn, NE 68022
	Custodian	Bank of New York Mellon Corp. 101 Barclay Street New York, NY 10286

















How to Obtain Proxy Voting Information Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ending June 30^th, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling toll-free 877-441-4434 or by referring to the Security and Exchange Commission’s (“SEC”) website at http://www.sec.gov. How to Obtain 1^st and 3^rd Fiscal Quarter Portfolio Holdings The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 877-441-4434. Miller Funds ● 225 Pictoria Drive ● Suite 450 ● Cincinnati, OH 45246 877-441-4434 MILLER-SAR23

(b) Not applicable.

Item 2. Code of Ethics. Not applicable.

Item 3. Audit Committee Financial Expert. Not applicable.

Item 4. Principal Accountant Fees and Services. Not applicable.

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

Item 6. Schedule of Investments.

(a)

Schedule of investments in securities of unaffiliated issuers is included under Item 1.

(b)

Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. None

Item 11. Controls and Procedures.

(a) Based on an evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the President and Treasurer has concluded that disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(b) Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Miller Investment Trust

By (Signature and Title)

/s/ Greg Miller

Greg Miller, President

Date 5/24/23

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/Greg Miller

Greg Miller, President

Date 5/24/23

By (Signature and Title)

/s/Michael Miller

Michael Miller, Treasurer

Date 5/24/23

Miller Investment Trust N-CSRSCertified semi-annual shareholder report (management investment company)