Miller/Howard Mutual Funds

© 2019 Miller/Howard Investments, Inc.

DISCLOSURE
Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. The prospectus contains this and additional information regarding the Fund. To obtain a prospectus, please download from this site or call 1-844-MHFUNDS. The prospectus should be read carefully before investing.

Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. The prospectus contains this and additional information regarding the Fund. To obtain a prospectus, please download from this site or call 1-844-MHFUNDS. The prospectus should be read carefully before investing.

An investment in the Miller/Howard Funds is subject to risk, including the possible loss of principal. The Funds risks also include, but are not limited to, the following:

Companies that issue dividend yielding equity securities are not required to continue to pay dividends on such stock. The Funds may be exposed to liquidity risk that effect the Funds' ability to sell particular securities or close call option positions at an advantageous price or in a timely manner. The Funds invest in small and medium size companies, which carry greater risk than with larger, more established companies.

MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on the Fund. Changes to current tax law and regulations could affect the treatment of distributions, including (but limited to) ordinary income, capital gains or return of contribution.

An investment in the Miller/Howard Income-Equity Fund is also subject to the following: Non-US markets may be smaller, less liquid and more volatile than the major markets in the United States and, as a result, Fund share values may be more volatile. Trading in non-US markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. These additional risks may be heightened for securities of companies located in, or with significant operations in emerging market countries.

An investment in the Miller/Howard Drill Bit to Burner Tip® Fund is subject to the following: The Fund's focus on the securities that are the beneficiaries of the North American energy value chain presents more risk than if it were more broadly diversified over additional industries and sectors of the economy. General problems of energy companies include volatile fluctuations in price and supply of energy fuels, international politics, terrorist attacks, reserve and depletion risk and reduced demand.

Distributed by Foreside Fund Services, LLC.

More information about the Funds can be obtained by calling MHI Funds, LLC sales representative at 845-679-9166.

Morningstar® Sustainability Rating™

The Morningstar® Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund's portfolio are managing their environmental, social, and governance ("ESG") risks and opportunities relative to the fund's Morningstar® category peers. The Morningstar Sustainability Rating™ calculation is a two-step process. First, each fund with at least 50% of assets covered by a company-level ESG score from Sustainalytics receives a Morningstar Portfolio Sustainability Score.™

The Morningstar® Portfolio Sustainability Score™ is an asset-weighted average of normalized company-level ESG scores with deductions made for controversial incidents by the issuing companies, such as environmental accidents, fraud, or discriminatory behavior.

The Morningstar® Sustainability Rating™ is then assigned to all scored funds within Morningstar® Categories in which at least ten (10) funds receive a Portfolio Sustainability Score and is determined by each fund's rank within the following distribution:

  • High (highest 10%)
  • Above Average (next 22.5%)
  • Average (next 35%)
  • Below Average (next 22.5%) and
  • Low (lowest 10%)

The Morningstar Sustainability Rating™ is depicted by globe icons where High equals 5 globes and Low equals 1 globe.

A Sustainability Rating is assigned to any fund that has more than half of its underlying assets rated by Sustainalytics and is within a Morningstar Category with at least 10 scored funds; therefore, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. Portfolios receive a Morningstar Portfolio Sustainability Score and Sustainability Rating one month and six business days after their reported as-of date based on the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics' ESG scores from the same month as the portfolio as-of date.

Please visit http://corporate1.morningstar.com/SustainableInvesting/ for more detailed information about the Morningstar Sustainability Rating™ and its calculation.

Sustainability Score and Sustainability Rating as of June 30, 2019. Sustainalytics provides company-level analysis used in the calculation of Morningstar's® Sustainability Score. Sustainability Mandate information is derived from the fund prospectus.

Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm and is not an affiliated company of Morningstar, Inc.

© 2019 Morningstar® All rights reserved. The information contained herein: (1) is proprietary to Morningstar® and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar® nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. The prospectus contains this and additional information regarding the Fund. To obtain a prospectus, please download from this site or call 1-844-MHFUNDS. The prospectus should be read carefully before investing.

An investment in the Miller/Howard Funds is subject to risk, including the possible loss of principal. The Funds risks also include, but are not limited to, the following:

Companies that issue dividend yielding equity securities are not required to continue to pay dividends on such stock. The Funds may be exposed to liquidity risk that effect the Funds' ability to sell particular securities or close call option positions at an advantageous price or in a timely manner. The Funds invest in small and medium size companies, which carry greater risk than with larger, more established companies.

MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on the Fund. Changes to current tax law and regulations could affect the treatment of distributions, including (but limited to) ordinary income, capital gains or return of contribution. The Funds are new with limited operating history and there can be no assurance that the Funds will grow to or maintain an economically viable size.

An investment in the Miller/Howard Income-Equity Fund is also subject to the following: Non-US markets may be smaller, less liquid and more volatile than the major markets in the United States and, as a result, Fund share values may be more volatile. Trading in non-US markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. These additional risks may be heightened for securities of companies located in, or with significant operations in emerging market countries.

An investment in the Miller/Howard Drill Bit to Burner Tip® Fund is subject to the following: The Fund's focus on the securities that are the beneficiaries of the North American energy value chain presents more risk than if it were more broadly diversified over additional industries and sectors of the economy. General problems of energy companies include volatile fluctuations in price and supply of energy fuels, international politics, terrorist attacks, reserve and depletion risk and reduced demand.

Distributed by Foreside Fund Services, LLC.

More information about the Funds can be obtained by calling MHI Funds, LLC sales representative at 845-679-9166.

Morningstar® Sustainability Rating™
The Morningstar® Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund's portfolio are managing their environmental, social, and governance ("ESG") risks and opportunities relative to the fund's Morningstar® category peers. The Morningstar Sustainability Rating™ calculation is a two-step process. First, each fund with at least 50% of assets covered by a company-level ESG score from Sustainalytics receives a Morningstar Portfolio Sustainability Score.™

The Morningstar® Portfolio Sustainability Score™ is an asset-weighted average of normalized company-level ESG scores with deductions made for controversial incidents by the issuing companies, such as environmental accidents, fraud, or discriminatory behavior.

The Morningstar® Sustainability Rating™ is then assigned to all scored funds within Morningstar® Categories in which at least ten (10) funds receive a Portfolio Sustainability Score and is determined by each fund's rank within the following distribution:

  • High (highest 10%)
  • Above Average (next 22.5%)
  • Average (next 35%)
  • Below Average (next 22.5%) and
  • Low (lowest 10%)

The Morningstar Sustainability Rating™ is depicted by globe icons where High equals 5 globes and Low equals 1 globe.

A Sustainability Rating is assigned to any fund that has more than half of its underlying assets rated by Sustainalytics and is within a Morningstar Category with at least 10 scored funds; therefore, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. Portfolios receive a Morningstar Portfolio Sustainability Score and Sustainability Rating one month and six business days after their reported as-of date based on the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics' ESG scores from the same month as the portfolio as-of date.

Please visit http://corporate1.morningstar.com/SustainableInvesting/ for more detailed information about the Morningstar Sustainability Rating™ and its calculation.

Sustainability Score and Sustainability Rating as of June 30, 2019. Sustainalytics provides company-level analysis used in the calculation of Morningstar's® Sustainability Score. Sustainability Mandate information is derived from the fund prospectus.

Sustainalytics is an independent ESG and corporate governance research, ratings, and analysis firm and is not an affiliated company of Morningstar, Inc.

© 2019 Morningstar® All rights reserved. The information contained herein: (1) is proprietary to Morningstar® and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar® nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.