The Miller/Howard
Income-Equity Fund
(MHIEX)

About the Fund

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.


Out of US Large Value Funds as of September 30, 2019. Based on 100% of AUM.
Class Share
Symbol
CUSIP
Class I
MHIEX
60040M107
Adviser Share Class
MHIDX
60040M206

Quick Links

© 2020 Miller/Howard Investments, Inc.

Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. The prospectus contains this and additional information regarding the Fund. To obtain a prospectus, please download from this site or call 1-844-MHFUNDS. The prospectus should be read carefully before investing.

IMPORTANT DISCLOSURES AND RISKS

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.

Distributed by Foreside Fund Services, LLC.

Morningstar® Sustainability Rating™

The Morningstar® Sustainability Rating™ is a measure of the financially material environmental, social, and governance, or ESG, risks in a portfolio relative to a portfolio's peer group. The rating is a historical holdings-based calculation using company-level ESG Risk Rating from Sustainalytics, a leading provider of ESG research. It is calculated for managed products and indexes globally using Morningstar’s portfolio holdings database. This Rating is the result of a three-step process. First, Morningstar Portfolio Sustainability Score is calculated for every portfolio reported within the trailing 12 months. Second, these scores are used to calculate a portfolio's Morningstar Historical Portfolio Sustainability Score. Third, a Morningstar Sustainability Rating is assigned for a portfolio based on its Morningstar Historical Portfolio Sustainability Score relative to its Morningstar Global Category. Additionally, ratings buffers are applied to increase the rating's stability and make ratings adjustments for portfolios with extreme Morningstar Historical Portfolio Sustainability Scores.

The Morningstar Portfolio Sustainability Score is an asset-weighted average of Sustainalytics' company-level ESG Risk Rating. The Morningstar Historical Portfolio Sustainability Score is a weighted average of the trailing 12 months of Morningstar Portfolio Sustainability Scores. For historical portfolio scores, more-recent portfolios are weighted more heavily than more-distant portfolios.

The Morningstar Sustainability Rating is depicted by globe icons where 5 globes equals Best 10% and Worst 10% equals 1 globe:

  • 5 Globes: Best 10% (Lowest Risk)
  • 2 Globes: Below Average (next 22.5%)
  • 4 Globes: Above Average (next 22.5%
  • 1 Globe: Worst 10% (Highest Risk)
  • 3 Globes: Average (next 35%)

Sustainability Rating as of September 30, 2019. Portfolios receive a (monthly) rating one month and six business days after their reported as-of date based on the most recent portfolio. Sustainalytics provides underlying company ESG Risk Ratings used in the calculation of Morningstar’s® Sustainability Rating. Please visit http://corporate1.morningstar.com/SustainableInvesting/ for more detailed information about the Morningstar Sustainability Rating and its calculation.

© 2020 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.

Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. The prospectus contains this and additional information regarding the Fund. To obtain a prospectus, please download from this site or call 1-844-MHFUNDS. The prospectus should be read carefully before investing.

IMPORTANT DISCLOSURES AND RISKS

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.

Distributed by Foreside Fund Services, LLC.

Morningstar® Sustainability Rating™

The Morningstar® Sustainability Rating™ is a measure of the financially material environmental, social, and governance, or ESG, risks in a portfolio relative to a portfolio's peer group. The rating is a historical holdings-based calculation using company-level ESG Risk Rating from Sustainalytics, a leading provider of ESG research. It is calculated for managed products and indexes globally using Morningstar’s portfolio holdings database. This Rating is the result of a three-step process. First, Morningstar Portfolio Sustainability Score is calculated for every portfolio reported within the trailing 12 months. Second, these scores are used to calculate a portfolio's Morningstar Historical Portfolio Sustainability Score. Third, a Morningstar Sustainability Rating is assigned for a portfolio based on its Morningstar Historical Portfolio Sustainability Score relative to its Morningstar Global Category. Additionally, ratings buffers are applied to increase the rating's stability and make ratings adjustments for portfolios with extreme Morningstar Historical Portfolio Sustainability Scores.

The Morningstar Portfolio Sustainability Score is an asset-weighted average of Sustainalytics' company-level ESG Risk Rating. The Morningstar Historical Portfolio Sustainability Score is a weighted average of the trailing 12 months of Morningstar Portfolio Sustainability Scores. For historical portfolio scores, more-recent portfolios are weighted more heavily than more-distant portfolios.

The Morningstar Sustainability Rating is depicted by globe icons where 5 globes equals Best 10% and Worst 10% equals 1 globe:

  • 5 Globes: Best 10% (Lowest Risk)
  • 2 Globes: Below Average (next 22.5%)
  • 4 Globes: Above Average (next 22.5%
  • 1 Globe: Worst 10% (Highest Risk)
  • 3 Globes: Average (next 35%)

Sustainability Rating as of September 30, 2019. Portfolios receive a (monthly) rating one month and six business days after their reported as-of date based on the most recent portfolio. Sustainalytics provides underlying company ESG Risk Ratings used in the calculation of Morningstar’s® Sustainability Rating. Please visit http://corporate1.morningstar.com/SustainableInvesting/ for more detailed information about the Morningstar Sustainability Rating and its calculation.

© 2020 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.