Miller/Howard Income-Equity Fund (MHIEX)

The primary investment objective of the Miller/Howard Income-Equity Fund is to seek current income and, secondarily, long-term total return. It aims to achieve by investing primarily in a diversified portfolio of equity securities. The Income-Equity Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in dividend or distribution paying equity securities. However, the Fund focuses on investing in dividend paying securities. The Income-Equity Fund may invest in securities of companies with any market capitalization. Equity securities held by the Income-Equity 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. In addition, the Fund may invest up to 25% of its net assets in securities of master limited partnerships ("MLPs"). The Income-Equity Fund may also invest in U.S. dollar-denominated securities of U.S. and foreign issuers, and up to 20% of its total assets may be invested in securities denominated in non-U.S. dollar currencies. The Fund may also invest in American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts.

The Fund has two classes of shares:
Share Class Symbol CUSIP
Class I MHIEX 60040M107
Adviser Share Class MHIDX 60040M206


An investment in the Miller/Howard Income-Equity Fund is subject to risk, including the possible loss of principal. Fund risks include, but are not limited to, the following: Non-U.S. 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-U.S. 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.

Depositary receipts may be less liquid than the underlying shares in their primary trading market. Companies that issue dividend yielding equity securities are not required to continue to pay dividends on such stock. The Fund may be exposed to liquidity risk when trading volume, lack of a market maker, or legal restrictions impair the Fund’s ability to sell particular securities or close call option positions at an advantageous price or in a timely manner. The Fund invests in small and medium size companies, which carry greater risk than is customarily associated with larger, more established companies.

The Fund may be subject to increased expenses and reduced performance as a result of its investments in other registered investment companies and MLPs. An investment in units of MLPs involves certain risks that differ from an investment in the securities of a corporation. 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 could affect the treatment of distributions, including (but limited to) ordinary income, capital gains or return of contribution. The Fund is new with no operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size.