MLPs held in our Drill Bit to Burner Tip®* Strategy during 2021

A K-1 package will be sent to your clients by mail from each MLP entity owned during 2021, typically by the end of March, usually sooner. Also, the MLP K-1s can be accessed electronically by following the links below (after the available dates noted). These links will take you to the login page where your client or client's representative can download the necessary K-1 forms to complete their tax returns.

To download the K-1s one must create a username and password for Tax Package Support (which will be good for all the individual MLP pages). Next log in to each MLP web page by entering the client name and tax ID in order to access the K-1 information. Here is a link to instructions for downloading K-1s for Drill Bit to Burner Tip®*.

*This strategy’s name changed to North American Energy (with K-1s), and it is now benchmarked versus the S&P 1500 Energy Index. We believe this change best reflects the investment objective of the strategy, which will continue to invest in all facets of the North American energy value chain.

Names with trims or sells during the year will result in a Statement of Sale included with the K-1 package: The Statement of Sale determines adjustments to basis, which, together with Form 1099 from the custodian, determines profit and loss of MLPs.

Telephone and fax numbers for each MLP can be found at www.taxpackagesupport.com.

This presentation is to report on the investment strategies as reported by Miller/Howard Investments and is for illustration purposes only. The information contained herein is obtained from multiple sources and believed to be reliable. Information has not been verified by any custodian, brokerage firm or financial institution, and may differ from documents created by the brokerage firm. For additional information on other programs, please speak to your Financial Advisor.

Risk Factors to consider when investing in MLPs:

• Cash distributions are not guaranteed and may fluctuate with the MLP's operating or business performance.
• MLPs typically have a General Partner that maintains an aggregate 2% General Partner interest. Unit holders will have limited voting rights and do not own an interest in, vote with, or control the General Partner. The General Partner often cannot be removed without its own consent, and the General Partner has conflicts of interest and limited fiduciary responsibilities, which may permit it to favor its own interests to the detriment of unit holders.
• The MLP may issue additional common units, diluting existing unit holders’ interests.
• Unit holders may be required to pay taxes on income from the MLP even if they do not receive cash distributions.
• The IRS could reclassify the MLP as a taxable entity, which could reduce the cash available for distribution to unit holders.
• If at any time the GP owns 85% or more of the issued and outstanding limited partner interests, the GP will have the right to purchase all of the limited partnership interests not held by the GP at a price that may be undesirable.

MLP Tax Considerations: The tax treatment for investors in MLPs is different than that of an investment in stock, including (a) the investor's share of the MLP's income, deductions and expenses are reported on Schedule K-1, not Form 1099, (b) because of the possibility of unrelated business taxable income, charitable remainder trusts should not invest in this strategy, and other non-taxable investors (such as ERISA and IRA accounts) should carefully consider whether to invest in this strategy, (c) investors may have to file income tax returns in states in which the MLP's do business and (d) MLP tax information is sent directly from the partnership which generally has until April 15th to provide this information. You should discuss these and any other tax implications with your tax advisor.

The securities referenced represent a portion or all of the companies held in a representative account in this strategy during the period stated and are intended for informational purposes only. Non-performance based criteria have been used to select the securities listed. The past performance of these stocks is no guarantee of future results. The specific securities identified and described do not represent all of the securities purchased, sold or recommended for this strategy, and the reader should not assume that investments in the securities identified or discussed were or will prove to be profitable. Portfolio holdings are not recommendations to buy or sell any security, and may no longer be held in the representative account. For a complete list of all recommendations for the last year, please contact compliance@mhinvest.com.

The information and analyses contained herein are not intended as tax, legal or investment advice and may not be suitable for your specific circumstances; accordingly, you should consult your own tax, legal, investment or other advisors, at both the outset of any transaction and on an ongoing basis, to determine such suitability.

The information contained herein is accurate as of the date of publication. There is no assurance that such information may not change subsequent thereto.