About the Fund
The investment objective of the Miller/Howard Drill Bit to Burner Tip® Fund is to seek capital appreciation, with income as a secondary objective. The Drill Bit to Burner Tip® Fund will invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in securities that seek to participate in all phases of the North American energy value chain. The Drill Bit to Burner Tip® Fund seeks to capture the benefits from developments across the entire value chain—from exploration and production companies to midstream pipeline companies transporting, processing, and storing commodities, to customers such as utility companies, and to the other issuers providing related goods and services across all stages of the value chain. Equity securities held by the Fund may include common stocks, preferred shares, securities or other instruments whose price is linked to the value of common stock, including registered investment companies, exchange traded funds and exchange traded notes. The Drill Bit to Burner Tip® Fund may invest in securities of companies with any market capitalization. In addition, the Fund may invest up to 25% of its net assets in securities of MLPs. The Fund may also invest in American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts.
The fund has two classes of shares: