We have recommended Highland Income Fund (NYSE:HFRO) as a "Hold" in our portfolio since management attempted to convert from a closed-end fund ("CEF") to a holding fund – a move that would dramatically restrict shareholder rights. Fortunately, shareholders were able to band together and prevent this move. Yet, once lost, trust is very hard to rebuild. We like the assets, we like the potential, and we like the performance through a really tough year. Today, we take a deeper dive into HFRO. Explaining why we are holding it, and why we aren't willing to endorse buying more.