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, 2021.

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 any amount.

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 investing.

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 instruments. 

Media Contact
Lucy Bannon
1-972-419-6272
[email protected]

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SOURCE Highland Capital Management Fund Advisors, L.P.