This paper discusses a theory of conversion (zero derivation) in terms of phrasal spellout. In this approach, there are no zero morphemes. Instead, the ‘silent’ meaning components are pronounced cumulatively within overt morphemes. As an empirical case, we discuss adjective/verb ambiguity. We show how the theoretical tools of Nanosyntax allow us to capture a broad range of patterns, focussing mainly on English and Czech.