The Miller/Howard High Income Equity Fund (NYSE:HIE) is a closed-end-fund that utilizes leverage and options strategies like covered calls to invest in high-yield equities. While HIE maintains a multi-sector approach, the fund has an overweight exposure to the energy sector, including Master Limited Partnerships (MLPs) which have been particularly pressured from the crash in oil and gas prices amid the coronavirus selloff. The fund's current yield at 24% is based on a monthly rate of $0.116 per share achieved with a return of capital component. We believe the distribution is at risk of