Our conservative, dividend-growth portfolios invest in high-quality companies with rising income.
 
  -Lowell Miller
 
 
Performance Disclosure  
 


 

GIPS Performance Disclosure
Miller/Howard Investments Inc. is an SEC registered investment advisor specializing in dividend and dividend-growth core equity strategies. Miller/Howard Investments Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). The firm is currently undergoing a firm wide verification being conducted by Ashland Partners & Company LLP. To receive a complete list and description of Miller/Howard Investments’ composites and/or a presentation that adheres to the GIPS standards, contact Marilyn Marecek at 845-679-9166, or write Miller/Howard Investments, P O Box 549, Woodstock, NY 12498, or marilyn@mhinvest.com.

GIPS Composite Disclosure,shown in US $
As of 12/31/07
Period to Date (3 mths to 12/31/07)
1 Year (ending 12/31/07)
3 Years per annum (ending 12/31/07)
5 Years per annum (ending 12/31/07)
7 Years per annum (ending 12/31/07)
Income-Equity Strategy (Includes MLPs) (Net)
-3.7%
-2.5%

5.6%
10.3%
3.2%
Income-Equity Strategy (Includes MLPs) (Gross)
-3.0%
0.5%
8.8%
13.6%
6.4%
Income-Equity Strategy (No MLPs) (Net)
-6.0%
-2.9%
5.0%
Not enough data
Not enough data
Income-Equity Strategy (No MLPs) (Gross)
-5.3%
0.1%
8.1%
Not enough data
Not enough data
Rising Dividend Plus (Net)
-3.9%
-0.3%
12.0%
Not enough data
Not enough data
Rising Dividend Plus (Gross)
-3.2%
2.8%
15.4%
Not enough data
Not enough data
Better Than Bonds/Utilities (Net)
3.7%
17.4%
16.5%
16.1%
2.8%
Better Than Bonds/Utilities (Gross)
4.5%
20.9%
20.0%
19.5%
6.0%
Distribution/Merging Utilities (Net)
3.0%
7.5%
12.7%
13.8%
5.5%
Distribution/Merging Utilities (Gross)
3.8%
10.8%
16.1%
17.3%
8.6%
Russell 1000
-3.2%
5.7%
9.1%
13.4%
3.7%
Russell 3000 Utilities
-1.4%
9.1%
13.9%
15.5%
2.3%
S&P Utility
7.5%
19.4%
19.0%
21.5%
3.7%

The Income-Equity Strategy Composite focuses on multi-cap, high-quality, high-yield dividend-growth investments across the broad market, including American Depository Receipts. The No MLP portfolio excludes exchange traded Master Limited Partnerships. For comparison purposes this strategy is measured against the Russell 1000 Index which offers investors access to the extensive large-cap segment of the US equity universe representing approximately 92 % of the US market.

The Rising Dividend Plus Composite is a mid- and large-cap core strategy focusing on companies in which dividend growth is the key variable. For comparison purposes this strategy is measured against the Russell 1000 Index offers investors access to the extensive large-cap segment of the US equity universe representing approximately 92% of the US market.

The Better Than Bonds/Utilities Composite focuses on opportunities in the broad utilities industry seeking to provide growth and income for total return investors. For comparison purposes this strategy is measured against the Russell 3000 Utilities index is comprised of over 200 utility stocks that are included in the Russell 3000 Index.

The Distribution/Merging Utilities Composite focuses on investments in public securities of undervalued small and mid-capitalization utility companies subject to acquisition. For comparison purposes this strategy is measured against the S&P Utility Index which is an unmanaged, market-value-weighted total return index of all utility stocks in the S&P 500.