SOURCE: Miller/Howard Investments

Miller/Howard Investments

October 03, 2016 09:00 ET

Miller/Howard High Income Equity Fund Pays Monthly Distributions

Declaring Distribution of $0.116 Per Share; Also Announcing Update to Portfolio Management Team; CUSIP-600379 101

WOODSTOCK, NY--(Marketwired - October 03, 2016) - The Board of Trustees of the Miller/Howard High Income Equity Fund (NYSE: HIE) (the "Fund") declares cash distributions of $0.116 per share for each of October, November, and December 2016.

Declaration Ex-Date Record Payable
October 3, 2016 October 19, 2016 October 21, 2016 October 31, 2016
October 3, 2016 November 17, 2016 November 21, 2016 November 30, 2016
October 3, 2016 December 19, 2016 December 21, 2016 December 30, 2016

The Fund's current indicated yield based on its closing price on the New York Stock Exchange on September 30, 2016 ($12.43) is 11.20%. The current indicated yield based on the Fund's net asset value per share ($12.67) is 10.99%. The Fund intends to pay monthly distributions to its shareholders.

Each quarter, the Board of Trustees reviews the 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.

Portfolio Manager Roger G. Young to Retire in September 2017

It is with mixed emotions that Miller/Howard Investments Inc., the investment adviser to the Fund, announces the future retirement of our friend and colleague, Portfolio Manager Roger G. Young, CFA, effective September 2017. Mr. Young joined Miller/Howard in 2008, bringing with him nearly four decades of experience investing in US energy.

"It is with deep gratitude that we share the news of Roger's planned retirement," said Lowell Miller, Chief Investment Officer of Miller/Howard Investments. "We thank Roger for his immense contributions to Miller/Howard."

Mr. Young will remain an active contributor to the portfolio management team as he transitions his work responsibilities to the team prior to retirement. Miller/Howard's investment management team has grown significantly over the past year with the promotion of Portfolio Managers John Cusick, CFA, and Michael Roomberg, CFA. Mr. Cusick and Mr. Roomberg both joined in 2013 as senior research analysts. With more than 25 years of investment experience between them, they have made tremendous contributions to coverage of the North American energy, energy infrastructure, Master Limited Partnerships (MLPs), utilities, and industrial sectors.

About the Portfolio Management Team

• Lowell G. Miller, Founder, has been the Chief Investment Officer and Director of Research of Miller/Howard since establishing the firm in 1984. He received a Bachelor of Science from Sarah Lawrence College and a Juris Doctor degree from New York University School of Law. He has pursued the notion of disciplined investment strategies for more than 40 years. He authored three acclaimed books on investing, including The Single Best Investment: Creating Wealth with Dividend Growth (Print Project, Second Edition, 2006).

• John Cusick, CFA, joined Miller/Howard as a senior research analyst in 2013 and was promoted to portfolio manager in 2015. He received a Bachelor of Arts in Finance and Marketing from Temple University, and a Master of Business Administration in Finance from Fordham University School of Business in New York City. Mr. Cusick spent more than a decade at Oppenheimer & Co. in New York, where he started his career as a junior analyst working on the energy team, and then as a senior research analyst specializing in the midstream sector. Prior to joining Miller/Howard, he served as senior vice president and research analyst at Wunderlich Securities Inc. in New York, covering energy in North America including partnerships focused on natural gas, liquids, and exploration & production (E&P).

• John E. Leslie III, CFA, has been a portfolio manager and research analyst at Miller/Howard since 2004. He received a Bachelor of Science in Finance from Suffolk University and a Master of Business Administration from Babson College. He began his career in investments more than 30 years ago and has focused on equity income stocks since 1987. Prior to Miller/Howard, Mr. Leslie was a portfolio manager at Value Line Asset Management, M&T Capital Advisors Group (a division of M&T Bank), and Dewey Square Investors (a division of UAM). He brings expertise in both fundamental and quantitative research skills.

• Michael Roomberg, CFA, joined Miller/Howard as a senior research analyst in 2013 and was promoted to portfolio manager in 2015. Mr. Roomberg received a Bachelor of Arts in International Relations, Economics, and Finance from University of Wisconsin-Madison and a Master of Business Administration from Georgetown University's McDonough School of Business. He began his career as a research associate in 2008 at Boenning & Scattergood, a financial services firm in greater Philadelphia. There he specialized in energy E&P, and water utilities and industrials. Prior to joining Miller/Howard, he served as head of water/infrastructure equity research at Ladenburg Thalmann & Co. in New York City.

• Bryan J. Spratt, CFA, has been a portfolio manager and research analyst at Miller/Howard since 2004. He received a Bachelor of Arts in Economics/Computer Science from Spring Arbor College (graduating summa cum laude). He has worked as an analyst and portfolio manager since 1990. At Munder Capital (1994-2001), Mr. Spratt was a member of the energy and power team that developed and managed the Munder Power Plus Fund, among other portfolio management responsibilities. From 2001‒2004, Mr. Spratt was responsible for the utilities and telecom sectors for the value team at Banc One Investment Advisors and the One Group Funds.

• Roger G. Young, CFA, has been a portfolio manager and research analyst at Miller/Howard since 2008. He earned a Bachelor of Science in Economics from the Wharton School, University of Pennsylvania; a Bachelor of Foreign Trade from the Thunderbird School of Global Management; and a Master of Business Administration from Michigan State University. During his career, he started and managed the Transamerica Capital Appreciation Fund, which received a 5-star ranking by Morningstar. Prior to joining Miller/Howard's portfolio team in 2008, Mr. Young worked as a financial consultant with the Kenneth King Foundation.

About the Fund

The Fund is managed by Miller/Howard Investments Inc., based in Woodstock, New York. As of June 30, 2016 the firm managed $6.4 billion in assets. 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.

Contact Information

  • www.hiefund.com
    For information, call shareholder servicing:
    American Stock Transfer
    1-800-937-5449

    For Miller/Howard Investments Inc.:
    Steve Chun
    845-679-9166
    Executive VP/Director of Marketing
    schun@mhinvest.com