† Prior to March 31, 2022, North American Energy (with K-1s) strategy was known as the Drill Bit to Burner Tip® strategy. 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.
‡ Prior to March 31, 2022, North American Energy (without K-1s) strategy was known as the Drill Bit to Burner Tip® (No K-1s) strategy. This strategy’s name changed to North American Energy (without 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.
DISCLOSURE
Opinions and estimates offered constitute Miller/Howard Investments' judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. Nothing stated herein, including the mention of specific company names, should be construed as a recommendation to buy, hold, or sell any security, sector, or MLPs in general. To receive a list of all recommendations for the previous year, please email compliance@mhinvest.com. All investments carry a certain degree of risk, including possible loss of principal. It is important to note that there are risks inherent in any investment and there can be no assurance that any asset class will provide positive performance over any period of time. The material may also contain forward-looking statements that involve risk and uncertainty, and there is no guarantee they will come to pass.
Common stocks do not assure dividend payments. Dividends are paid only when declared by an issuer’s board of directors, and the amount of any dividend may vary over time. Dividend yield is one component of performance and should not be the only consideration for investment.
The information and analyses contained herein are not intended as tax, legal, or investment advice and may not be appropriate 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 appropriateness. Any investment returns — past, hypothetical, or otherwise — are not indicative of future performance.
Risk Factors to Consider When Investing in Master Limited Partnerships (MLPs)
Tax Considerations of MLPs
The tax treatment for investors in MLPs is different from 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 nontaxable 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.
Past performance does not guarantee future results.
© 2023 Miller/Howard Investments.
† Prior to March 31, 2022, North American Energy (with K-1s) strategy was known as the Drill Bit to Burner Tip® strategy. 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.
‡ Prior to March 31, 2022, North American Energy (without K-1s) strategy was known as the Drill Bit to Burner Tip® (No K-1s) strategy. This strategy’s name changed to North American Energy (without 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.
DISCLOSURE
Opinions and estimates offered constitute Miller/Howard Investments' judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. Nothing stated herein, including the mention of specific company names, should be construed as a recommendation to buy, hold, or sell any security, sector, or MLPs in general. To receive a list of all recommendations for the previous year, please email compliance@mhinvest.com. All investments carry a certain degree of risk, including possible loss of principal. It is important to note that there are risks inherent in any investment and there can be no assurance that any asset class will provide positive performance over any period of time. The material may also contain forward-looking statements that involve risk and uncertainty, and there is no guarantee they will come to pass.
Common stocks do not assure dividend payments. Dividends are paid only when declared by an issuer’s board of directors, and the amount of any dividend may vary over time. Dividend yield is one component of performance and should not be the only consideration for investment.
The information and analyses contained herein are not intended as tax, legal, or investment advice and may not be appropriate 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 appropriateness. Any investment returns — past, hypothetical, or otherwise — are not indicative of future performance.
Risk Factors to Consider When Investing in Master Limited Partnerships (MLPs)
Tax Considerations of MLPs
The tax treatment for investors in MLPs is different from 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 nontaxable 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.
Past performance does not guarantee future results.
© 2023 Miller/Howard Investments.