MILLER/HOWARD HIGH INCOME EQUITY FUND ANNOUNCES 6.25% DISTRIBUTION INCREASE

Kingston, NY, Sept. 13, 2022 (GLOBE NEWSWIRE) — The Board of Trustees of the Miller/Howard High Income Equity Fund (NYSE: HIE) (the “Fund”) declares cash distributions of $0.051 per share for each of October, November, and December 2022. This is a 6.25% increase from the previous monthly distribution of $0.048 per share.

The change in distribution takes into account the current market environment, Miller/Howard Investments Inc.’s (the investment adviser to the Fund [the “Adviser” or “Miller/Howard”]) outlook regarding the dividends and distributions of the companies in the Fund’s universe, and the projected proceeds from other investment activities.

“In recent quarters, dividend increases have been a common theme across the universe of higher-yielding equities,” said Michael Roomberg, CFA, Portfolio Manager at Miller/Howard. “Consistent with our expectations for the outlook of the Fund holdings, shareholders should share in this prosperity.”

Greg Powell, Chief Investment Officer at Miller/Howard, added, “The objective of the HIE Fund is to pay a high level of current income to shareholders, with distributions sourced from dividends and options premiums. We believe the underlying position of the Fund has continued to improve, allowing for an increase in monthly distributions.”

Miller/Howard believes that this increase in the monthly distribution reflects the portfolio’s capacity to deliver a high level of current income to our investors over the long term.

HIE: CUSIP–600379 101

The Fund’s current indicated distribution rate based on its closing price on the New York Stock Exchange on September 12, 2022 ($10.60) is 5.77%. The current indicated rate based on the Fund’s net asset value per share ($11.30) is 5.42%. The Fund intends to pay monthly distributions to its shareholders.

Each quarter, the Board of Trustees reviews the Adviser’s recommended amount of any potential distribution to shareholders. The Board of Trustees will monitor the Fund’s distribution level. The Fund’s distribution rate may be affected by numerous factors, including changes in realized and projected market returns, Fund performance and other factors. There can be no assurance that an unanticipated change in market conditions or other unforeseen factors will not result in a change in the Fund’s distribution rate at a future time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

MILLER/HOWARD HIGH INCOME EQUITY FUND ANNOUNCES REDUCTION TO THE MANAGEMENT FEE

Given the rising industry costs experienced by the Fund, Miller/Howard is announcing a reduction to the management fee of the Fund. In consideration of the advisory services provided by the Investment Adviser to the Fund, the Fund shall pay to the Investment Adviser at the end of each calendar month a management fee at the annual rate of 0.90% of the Fund’s average weekly Managed Assets (the “Management Fee”), effective as of the next Fund fiscal year beginning November 1, 2022. This is a 10% decrease from the previous Management Fee of 1.00% of the Fund’s average weekly Managed Assets that is in effect through the end of the Fund fiscal year, October 31, 2022. The Management Fee is an expense paid out of the Fund’s assets.

About the Fund

The Fund is managed by Miller/Howard Investments Inc., based in Kingston, New York. Miller/Howard Investments Inc.’s total firm assets as of June 30, 2022 were approximately $2.9 billion, including $0.3 billion in assets under advisement. Miller/Howard Investments Inc. focuses on income-producing equities, with an emphasis 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 three decades.

For information, call shareholder servicing:

American Stock Transfer

1-800-937-5449

CONTACT: Catherine Johnston
Miller/Howard Investments Inc.
845-679-9166
cjohnston@mhinvest.com