DALLAS, April 24, 2020 /PRNewswire/ -- Highland
Capital Management Fund Advisors, L.P. ("HCMFA") announced today
that the Board of Trustees (the "Board") of the Highland Income
Fund (NYSE: HFRO) ("HFRO" or the "Fund") approved a repurchase
program pursuant to which the Fund may repurchase up to 10% of its
stock in open-market transactions over a one-year period.
The program allows for the Fund to repurchase shares, if trading
at a discount, in open-market transactions until the conclusion of
the repurchase period on April 24,
By purchasing Fund shares, which are currently trading at a
discount to the Fund's net asset value ("NAV"), HCMFA seeks to
enhance value for HFRO shareholders.
The total repurchase amount and the timing of repurchases will
be subject to the Fund's available cash, after consideration of
reserves necessary for anticipated fund expenses and contingencies,
and compliance with all applicable laws and regulations.
The Fund may sell portfolio securities in order to generate
cash. There is no assurance that the Fund will repurchase shares in
About the Highland Income Fund
The Highland Income Fund (NYSE:HFRO) is a closed-end fund
managed by Highland Capital Management Fund Advisors, L.P., an
adviser on the Highland Capital Management alternative investment
platform. Launched in 2000, HFRO aims to provide a high level of
current income, consistent with preservation of capital. For more
information visit www.highlandfunds.com/income-fund.
Shares of closed-end investment companies frequently trade
at a discount to NAV. The price of the Fund's shares is determined
by a number of factors, several of which are beyond the control of
the Fund. Therefore, the Fund cannot predict whether its shares
will trade at, below or above net asset value. Past performance
does not guarantee future results.
About Highland Capital Management Fund Advisors, L.P.
Highland Capital Management Fund Advisors, L.P. ("HCMFA") is an
investment adviser on Highland Capital Management's
multibillion-dollar global alternative investment platform
("Highland"). HCMFA is the adviser to a suite of registered funds,
including open-end mutual funds, closed-end funds, and an
exchange-traded fund ("ETF"). Covering a range of asset classes and
strategies, the funds draw on Highland's investment capabilities,
which include high-yield credit, public equities, real estate,
private equity and special situations, structured credit, and
sector- and region-specific verticals built around specialized
teams. For more information visit www.highlandfunds.com.
Before investing in the Fund, you should carefully
consider the Fund's investment objectives, risks, charges, and
expenses. For a copy of a prospectus or summary prospectus, which
contains this and other information, please visit our website
at www.highlandfunds.com or call 1-800-357-9167.
Please read the fund prospectus carefully before
Effective May 20, 2019, the Fund changed its name to
Highland Income Fund and expanded its investment strategy by
removing the Fund's policy of, under normal market circumstances,
investing at least 80% of its net assets in floating-rate loans and
other securities deemed to be floating-rate
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SOURCE Highland Capital Management Fund Advisors, L.P.