Miller/Howard Investments, Inc. is an employee-owned, research-driven firm managing portfolios for a range of investors, from high-net-worth individuals to large institutions. We offer several investment options that use an integrated environmental, social, and governance (ESG) approach, and we combine our disciplined financial analysis with research on companies’ ESG policies and practices. Our firm emphasizes:
• Financially sound companies with rising dividends—high-quality stocks with high current dividend yield and strong prospects for dividend growth. • Sustainable Income Opportunities®—a focused approach that integrates income and ESG investing.
• Rigorous research and analysis—conducting original studies and white papers, as well as bottom-up fundamental analysis that drives stock selection.
• Accountability and transparency—we focus on the sustainability of a company’s business model and its ESG policies and practices; we engage with companies when we see opportunities for improvement. We design and manage the following portfolios that are currently offered to the public with the goals of strong current income, growth of income, and appreciation: INCOME-EQUITY This is a diversified equity portfolio that seeks high-quality companies that pay high cur- rent dividend yields and offer prospects for dividend growth. Stocks are primarily US-based, multi-cap companies from across the broad equity market. In the portfolio, up to 30% can be invested in American depository receipts (“ADRs”) and up to 30% can be exchange-traded master limited partnerships (“MLPs”). Another version of this portfolio is Income-Equity (No MLPs) which has the same invest- ment philosophy, objective, and approach, but it does not invest in MLPs and therefore does not generate K-1 tax reports. In this version, up to 40% can be invested in ADRs.
Additionally, we offer Income-Equity Ex-Carbon Energy, a version of the Income-Equity (No MLPs) portfolio that generally excludes the traditional energy sector and also certain utilities companies. Income-Equity Ex-Carbon Energy permits investments in pure-play renewable energy companies and utilities such as those whose significant business is in water and/or wastewater treatment. We also offer High-Yield Equity, a concentrated, rules-based portfolio modeled on our In- come-Equity (No MLPs) portfolio. High-Yield Equity is invested in companies that we expect will continue to pay and potentially raise their dividends. MLP & MIDSTREAM ENERGY INCOME This portfolio is composed of high quality US exchange-traded master limited partnerships (MLPs) and midstream energy C-corporations, companies that provide essential transporta- tion and storage infrastructure. We seek high-quality MLPs and midstream companies that are focused on financial discipline and also offer high current income and prospects for dis- tribution growth.
INFRASTRUCTURE This portfolio seeks to participate in both the stability and dynamic growth of essential services and infrastructure, industries that typically have high barriers to entry. Demand for essential services is relatively stable, making them less sensitive to the business cycle. Also infrastructure companies hold long-lived assets that

provide the potential for growth. These characteristics support a high and growing dividend. UTILITIES PLUS This portfolio seeks to participate in both the stability and dynamic growth of utilities compa- nies. We invest in utilities with rate base growth opportunities, including those with growing exposure to renewable energy. These characteristics support a high and growing dividend. NORTH AMERICAN ENERGY North American Energy (No K-1s) is a thematic portfolio designed to capture the benefits of the North American economy’s ongoing return to energy self-sufficiency. It invests across all facets of the North American energy value chain—upstream, midstream, downstream, and enablers/ beneficiaries. This portfolio does not invest in MLPs that generate K-1 reports.
There is another version of this portfolio, North American Energy (With K-1s), which includes MLPs that generate K-1 reports. This portfolio was previously known as Drill Bit to Burner Tip®. We believe this change best reflects the investment objective of the portfolio.
SMALL CAP DIVIDEND This is a diversified equity portfolio that seeks high-quality, small market capitalization com- panies. Our approach emphasizes dividend-paying companies, attractive valuations, and low leverage. Stocks are US-traded, small-cap companies from across the broad equity market, with a sector-neutral approach relative to the portfolio’s benchmark.
We manage advisory accounts on a discretionary basis. Clients work with us or with financial advisers to identify portfolios that are appropriate for the client’s investment situation, finan- cial goals, and risk tolerance. Once a client has selected a portfolio, that portfolio is managed based on the portfolio’s goal, rather than on each client’s individual needs. Clients may have the opportunity to place reasonable restrictions on the types of investments to be held in their ac- counts. For separately managed investment accounts, we do not pool clients’ assets, and clients retain individual ownership of all securities.
As appropriate, we may also invest in mutual fund shares, US government securities, exchange-traded products (“ETPs”), and options contracts on securities. Our investment rec- ommendations are not limited to any specific product or service offered by a broker dealer or insurance company.
From time to time, we may purchase initial public offerings (“IPOs”) for institutional clients only. We will only purchase an IPO for an institutional client after determining that the IPO is appropriate for the portfolio. If it is found appropriate, shares purchased will be allocated on a pro rata basis as accurately as is practicable among all the accounts for which the security has been found to be appropriate.
Miller/Howard created a closed-end registered investment company in 2014, Miller/Howard High Income Equity Fund (“HIE”). HIE invests in a portfolio of high-dividend-yield stocks and uses leverage and options to seek a high distribution rate for shareholders.
AMOUNT OF MANAGED ASSETS Regulatory assets under management (RAUM) as of December 31, 2023. Types of ServicesRAUM (US Dollars) Discretionary$2.9 Billion Non-Discretionary$0.3 Billion Total RAUM$3.2 Billion