† 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.

* Income-Equity Strategy (with MLPs) Morningstar Sustainability Rating of 4 globes out of US Equity Large Cap Value portfolios, as of December 31, 2022 (100% of AUM).
** Income-Equity Strategy (No MLPs) Morningstar Sustainability Rating of 4 globes out of US Equity Large Cap Value portfolios, as of December 31, 2022 (100% of AUM).

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.

Past performance does not guarantee future results.

Risk Factors to Consider When Investing in Master Limited Partnerships (MLPs)

• Cash distributions are not guaranteed and may fluctuate with the MLP's operating or business performance.
• MLPs have a General Partner. 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.

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.

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:

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 December 31, 2022. 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.

© 2023 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.

© 2023 Miller/Howard Investments.