Before you invest, you may want to
review the Fund’s Prospectus, which contains more information about the Fund and its risks. The Fund’s Prospectus and
Statement of Additional Information, both dated February 26, 2016, is incorporated by reference into this Summary Prospectus. You
can obtain these documents and other information about the Fund online at www.TheMillerFamilyOfFunds.com/funddocuments. You can
also obtain these documents at no cost by completing a document request form on our website, www.TheMillerFamilyOfFunds.com or
by calling 1-877-441-4434 or by sending an email request to firstname.lastname@example.org, or ask
any financial adviser, bank or broker-dealer that offers shares of the Fund.
The Fund’s primary investment objective
is to maximize total return comprising current income and capital appreciation, consistent with preservation of capital. The Fund
also seeks to realize a total return that outperforms both the Barclays U.S. Aggregate Bond Index and the S&P 500 Total Return
Index over full market cycles. The Fund’s investment objective is a non-fundamental policy and may be changed without shareholder
approval upon 60 days’ written notice to shareholders.
Fees and Expenses of the Fund
This table describes the fees and expenses
that you may pay if you buy and hold shares of the Fund.
You may qualify for sales charge discounts
on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More
information about these and other discounts is available from your financial professional and in How to Purchase Shares
on page 29 of the Fund’s Prospectus.
(fees paid directly from your investment)
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage
of the value of your investment)
This Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000
in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual
costs may be higher or lower, based upon these assumptions your costs would be:
The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher
transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected
in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the
Fund’s portfolio turnover rate was 46% of the average value of its portfolio.
Principal Investment Strategies
Wellesley Asset Management, Inc. (“Wellesley”
or the “Advisor”), the Fund’s advisor, seeks to maximize the Fund’s total return comprising current income
and capital appreciation and preserve principal by investing in convertible bonds. Convertible bonds often provide interest income,
as well as capital appreciation if the value of converting to the underlying equity increases over time. Wellesley also seeks to
minimize volatility and preserve capital using various strategies, such as investing in convertible bonds that have “put”
provisions, relatively short maturities, and/or a guarantee of principal by the issuer. Generally, the convertible bonds in the
portfolio will have remaining maturities or put provisions of less than seven years.
Under normal conditions, the Fund invests at
least 80% of its assets (defined as net assets plus borrowings for investment purposes) in convertible bonds (the “80% Policy”).
The Fund’s 80% Policy is a non-fundamental policy and may be changed without shareholder approval upon 60 days’ written
notice to shareholders. The Fund defines convertible bonds as including synthetic convertible bonds and other securities that Wellesley
identifies as having characteristics similar to convertible bonds, including any combination of bonds, options, index-linked securities,
debt and equity instruments that Wellesley believes have convertible bond-like characteristics.
The Convertible Bond Fund primarily invests
in convertible bonds of companies that are domiciled in, or have their principal place of business or principal securities trading
market in, or that derive at least 50% of their revenue or profits from goods produced, sales made or services performed in, the
United States (“U.S. companies”).
Convertible bonds are generally obligations
of a company that can be converted into a predetermined number of shares of common stock of the company issuing the security. Convertible
bonds generally offer both defensive characteristics (i.e., provide income during periods when the market price of the underlying
common stock declines) and upside potential (i.e., may provide capital appreciation when the market price of the underlying
common stock rises). The Fund is not restricted with respect to the credit quality of its holdings and invests in some convertible
bonds that are rated less than investment grade or determined to be of comparable credit quality by Wellesley.
Synthetic convertible bonds are financial instruments
created by combining two or more separate securities that, in total, have returns that are similar to a convertible bond. Synthetic
convertible bonds may be created by investment banks, brokerage firms or the Fund. They may include structured equity linked products
(“SELPs”) and index-linked and equity-linked convertible structured notes. There is no limit on the portion of the
Fund’s portfolio that will be allocated among convertible bonds and synthetic convertibles. The Fund generally will invest
in securities that have been privately placed but are eligible for purchase and sale by certain qualified institutional buyers
such as the Fund under Rule 144A under the Securities Act of 1933.
Wellesley will purchase a convertible bond
when it believes there is a high probability that the principal amount of the fixed-income component of the investment will be
repaid upon put or maturity and the conversion component offers potential upside. Wellesley attempts to identify convertible bonds
that are trading at attractive valuations relative to Wellesley’s evaluation of the issuer’s creditworthiness. Wellesley’s
investment process includes the use of both quantitative and fundamental research on each issuer to analyze credit quality and
the specific terms of each offering. In general, Wellesley sells securities when an issuer’s credit quality deteriorates,
the conversion feature of a security is no longer a likely source of capital appreciation, to increase diversification, or when
Wellesley believes more attractive investments are available.
Principal Investment Risks
Investing in any mutual fund involves
risk, including the risk that you may receive little or no return on your investment, and that you may lose part or all of your
investment. Therefore, before you invest in this Fund you should carefully evaluate the risks. The price of Fund shares will increase
and decrease according to changes in the value of the Fund’s investments. The other principal risks of investing in the Fund
An investment in the Fund is not a complete
investment program and you should consider it just one part of your total investment program. For a more complete discussion of
risk, please turn to page 23 of the Fund’s prospectus.
The bar chart and performance table below show
the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows
performance of the Fund’s Class A shares for each full calendar year since the Fund’s inception. The sales charge is
not reflected in the bar chart, and if it were, returns would be less than those shown. The performance table compares the performance
of the Fund’s Class A shares over time to the performance of two broad-based market indices: the Barclays U.S. Aggregate
Bond Index and the Standard & Poor’s 500® Index. The Standard & Poor’s 500® Index and Barclays U.S.
Aggregate Bond Index replaced the Merrill Lynch All Convertible and Mandatory Index as the Fund’s primary benchmark in 2013
as a more appropriate broad-based index against which to compare the Fund’s performance over a full market cycle. The Standard
& Poor’s 500® Index is an additional broad-based index against which the Fund compares its performance over the full
market cycle. The sales charge is reflected in the table, and if it was not included, the return would be more than that shown.
You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will
perform in the future.
Class A Shares Annual Total Return
for the Years Ended December 31,
During the period shown in the bar chart, the
highest return for a quarter was 12.46% during the quarter ended September 30, 2009, and the lowest return for a quarter
was -11.76% during the quarter ended September 30, 2011.
Average Annual Total Returns
(For periods ended December 31, 2016)
The inception date of Class A and Class I shares is December 27, 2007. The inception date of
Class C shares is December 1, 2009.
The Barclays 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 S&P 500® Index is an unmanaged index composed of 500 common stocks, classified
in eleven industry sectors, which represent approximately 75% of the U.S. equities market. The S&P 500® Index assigns relative
values to the stocks included in the index, weighted according to each stock’s total market value relative to the total market
value of the other stocks included in the index.
Unlike the Fund’s returns, however, an
index does not reflect any fees or expenses. An investor cannot invest directly in an index.
After-tax returns are estimated and were calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown
are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts. After-tax returns are shown for Class A shares and will vary for other classes of the Fund’s shares.
Wellesley Asset Management, Inc.
Greg Miller, Chief Executive Officer and Co-Chief
Investment Officer of Wellesley, shares responsibility for the day-to-day management of the Fund as Co-Portfolio Manager. From
the Fund’s inception to March 1, 2010, he was the sole Portfolio Manager. Michael Miller, Co-Chief Investment Officer of
Wellesley, shares responsibility for the day-to-day management of the Fund as Co-Portfolio Manager and has been Co-Portfolio Manager
of the Fund since March 1, 2010.
Purchase and Sale of Fund Shares
The minimum initial investment to open an account
in Class A and Class C shares is $2,500 for regular accounts and $500 for retirement accounts. The minimum initial investment for
Class I shares is $1 million for all account types. The minimum subsequent investment for all classes is $100 for all account types.
You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Purchases and redemptions may
be made by mailing an application or redemption request to Miller Convertible Bond Fund c/o Gemini Fund Services, LLC, 17605 Wright
Street, Suite 2, Omaha, Nebraska 68130, by calling 1-877-441-4434 or by visiting www.TheMillerFamilyOfFunds.com.
Dividends and capital gain distributions from
the Fund, whether reinvested in additional Fund shares or received in cash, are taxable as either ordinary income or capital gains
for federal income tax purposes unless you are tax-exempt or investing through a tax-deferred account such as an IRA or 401(k)
Payments to Broker-Dealers and Other Financial
If you purchase the Fund through a broker-dealer
or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund
shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary
and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s
website for more information.