MILLER/HOWARD HIGH INCOME EQUITY FUND

Woodstock, NY, Dec. 15, 2020 (GLOBE NEWSWIRE) -- The Board of Trustees of the Miller/Howard High Income Equity Fund HIE (the "Fund") declares cash distributions of $0.048 per share for each of January, February, and March 2021. This is a 20% increase from the previous monthly distribution of $0.040 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.

"Amid market turmoil in early 2020, we reduced HIE's distribution to best position the Fund to hurdle a moment of extreme market weakness, particularly among high dividend paying equities," said Michael Roomberg, CFA, Portfolio Manager at Miller/Howard. "Our objective of providing a high and stable level of current income for our shareholders did not change."

As the market has navigated the COVID-19 pandemic and the economic outlook has improved, companies in the Fund's investment universe have begun to increase their dividends or distributions again.

Gregory Powell, Chief Investment Officer at Miller/Howard, added, "As a result of our actions and the market recovery, we believe the Fund is in an improved position, with better underlying distribution coverage among the holdings, that allows for an increase to HIE's monthly distribution."

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 yield based on its closing price on the New York Stock Exchange on December 14, 2020 ($7.80) is 7.38%. The current indicated yield based on the Fund's net asset value per share ($8.56) is 6.73%. 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.

The Board of Trustees of the Miller/Howard High Income Fund is pleased to announce the following Officer and Trustee appointments.

Effective December 15, 2020, Lowell G. Miller has resigned from his positions as Chairman of the Board, President, and Class I Trustee of the Miller/Howard High Income Equity Fund, and has been designated as Chairman Emeritus. In November 2019, Mr. Miller announced his planned retirement from Miller/Howard. Further, John E. Leslie, III, CFA, has resigned from his position as Vice President of the Fund, effective December 15, 2020. Mr. Leslie, Portfolio Manager and Research Analyst at Miller/Howard, remains as a key member of the Adviser's investment team, focused on separately managed account strategies.

The Board of Trustees has elected James E. Hillman, currently the Fund's Lead Independent Trustee, as Chairman of the Board, and Catherine M. Johnston, CFA, as President and Class I Trustee. Because of Ms. Johnston's role within the Adviser, she is classified as an "interested person." Mr. Hillman has been a Trustee of the Fund since inception in 2014. Ms. Johnston previously served as Secretary of the Fund since March 2019 and is the Head of Marketing at the Adviser.

The Board of Trustees has also elected Eva Horowitz as Secretary of the Fund, and Gregory Powell as Vice President of the Fund. Ms. Horowitz previously served as Assistant Secretary of the Fund since June 2019 and is the Chief Operating Officer at the Adviser. Mr. Powell joined Miller/Howard in 2017 and serves as the Chief Investment Officer at the Adviser.

For a list of the Fund's Officers and Trustees, please visit hiefund.com.

About the Fund

The Fund is managed by Miller/Howard Investments Inc., based in Woodstock, New York. Miller/Howard Investments Inc.'s total firm assets as of September 30, 2020 were approximately $2.2 billion, including $0.2 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 nearly three decades.

For information, call shareholder servicing:

American Stock Transfer

1-800-937-5449

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