Income and Opportunity®

Miller/Howard Investments focuses on income-producing equities. The emphasis is on high-quality stocks with high yield and strong dividend growth offering investors the opportunity for capital appreciation, current income, and growth of income. The firm has managed portfolios for major institutions and individuals for over two decades.

We are research and fact driven. Standing on a foundation of our own proprietary studies and research by others, we initiated our first dividend-focused strategy in 1991. (Read more about our history.)

Miller/Howard is an SEC-registered and employee-owned investment management firm, with more than $8.5 billion under management as of September 30, 2014.






Miller/Howard High Income Equity Fund

*It is anticipated that the Fund's shares will be approved for listing under the ticker symbol "HIE" on the New York Stock Exchange, subject to notice of issuance.

Prospective investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The preliminary prospectus contains this and other information about the Fund. Investors should read the preliminary prospectus carefully before investing in the Fund.

Once the Fund's registration statement is effective and prior to investing, investors should again consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The final prospectus, when available, will contain this and other important information about the Fund. The final prospectus, when available, should be read and considered carefully before investing. To obtain a copy of the final prospectus, when available, call 866-718-2880.

There is no assurance that the Fund will achieve its investment objectives. The Fund is not a complete investment program.

The information contained in the web page, brochure and preliminary prospectus is not complete and may be changed. A registration statement relating to the securities has been filed with the Securities and Exchange Commission, but has not yet become effective. We may not sell the securities until the registration statement filed with the Securities and Exchange Commission is effective. The web page, brochure and preliminary prospectus are not an offer to sell these securities and are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.


The Fund currently intends to use leverage to seek to achieve its investment objectives. The Fund currently anticipates that it will use leverage by borrowing funds from banks or other financial institutions. The use of leverage can create risks. Changes in the value of the Fund's portfolio, including securities bought with the proceeds of leverage, will be borne entirely by investors. If there is a net decrease or increase in the value of the Fund's investment portfolio, leverage will decrease or increase, as the case may be, the net asset value per common share to a greater extent than if the Fund did not utilize leverage.

The Fund intends to engage in a options writing strategy consisting principally of writing put options on securities already held in its portfolio or securities that are candidates for inclusion in its portfolio. This strategy is designed to provide the Fund with the potential to acquire securities that the Investment Adviser is interested in acquiring for the Fund at attractive valuations while earning put premium income. This strategy, however, is subject to substantial risks. See "Risk Factors and Special Considerations""Risks of Writing Options" in the preliminary prospectus. The Fund may, to a lesser extent, also engage in covered call writing strategies. As the Trust writes call options over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.

The Fund's primary investment objective is to seek a high level of current income. As a secondary objective, the Fund seeks capital appreciation. An investment in the Fund is not appropriate for all investors. We cannot assure you that the Fund's investment objectives will be achieved. The Fund's investment objectives may be changed by the Board of Trustees without shareholder approval.

A Summary of Risk Factors associated with an investment in the Fund is listed here: http://mhinvest.com/hie/risks.html. The summary is not complete and an investor should carefully review the more detailed risk disclosure set forth in the "Risk Factors and Special Considerations" section of the Fund's preliminary prospectus, a copy of which can be found by downloading the Investor Kit. The Fund's risks include but are not limited to, the following risks: No Operating or Trading History; Limited Term Risk, Interest Rate Risk; Market Risk; Common Stock Risk; Dividend Risk; Dividend-Paying Stock Risk; Leverage Risk; Liquidity Risk; Listing and Liquidity; Market Discount Risk; Long Term Objective""Not a Complete Investment Program; Equity Securities Risk; Convertible Securities Risk; Preferred Securities Risk; Equity Income Securities; Distribution Risk, Energy Sector Risk; Risks of Master Limited Partnerships; Royalty Trusts Risk; Small Capitalization Risk; Commodity Price Risk; Utilities Risk; Telecommunications Risk; Industrial Products, Services and Equipment Company Risk; Financial Services Companies; Real Estate Securities and Related Derivatives Risk; New Issues Risk; Regulatory Risk; American Depository Receipts (ADRs), American Depositary Shares (ADSs), Global Depositary Receipts (GDRs) Risks; Foreign Securities Risk; Emerging Markets Risk; Foreign; Currency Transactions Risk; Special Risks of Derivative Transactions; Counterparty Credit Risk; Calls, Puts and Other Option Transactions Risk; Exchange-Listed Options Risks; Over-the-Counter Option Risk; Index Option Risk; Limitation on Option Writing Risk; Tax Risk; Interest Rate; Transactions Risk; Repurchase Agreements Risk; Swaps and Related Derivatives Risk; Hedging Risk; Limitations on Activities in Swaps and Other Derivatives; Dodd Frank; Below Investment Grade Risk; Management Risk; Issuer Risk; Credit Risk; Prepayment Risk; Reinvestment Risk; Duration and Maturity Risk; Fixed Income Securities Risk; U.S. Government Securities Risk; Investment Companies and Exchange Traded Notes Risk; Difficult-to-Value or Illiquid Investments Risk; Temporary Defensive Investments; Market Disruption and Geopolitical Risk; Economic Events; Government Intervention in Financial Markets Risk; Inflation Risk; Portfolio Turnover; Lending Portfolio Securities Risk; Warrants Risk; Non Diversified Status Risk; and Anti-Takeover Provisions.

Closed-end funds, unlike open-end funds, are not continuously offered and do not provide daily liquidity. There is an initial public offering of shares and, once issued, shares of closed-end funds are purchased and sold in the open market on a stock exchange. Closed-end funds frequently trade at a discount to their net asset value.

NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE

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