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On June 14, the Board of Directors approved Highland Income Fund's (HFRO) conversion from an income-based closed-end fund (CEF) to a diversified holding company with no guaranteed dividend yield.
With their core reason for owning HFRO upended, angry income-oriented shareholders are rushing for the exits, selling shares down almost 10% to 10.75% as of June 18.
Rather than selling at a 20%+ discount to net asset value, I instead plan to vote against the conversion as it currently stands.