United Development Funding IV fka UDFI

[Enterprising Investor]

Change is possible.

A total of five trustees are scheduled to be elected at the Annual Meeting to serve for a one-year term ending on the date of the 2016 Annual Meeting of Shareholders and until their successors are duly elected and qualify.

Once financials have been filed, an annual meeting can then be held, where new trustees can be nominated and elected.

However, first we need a change agent. I think we already have at least one.

Relationships are very important in my work. Some of you may be familiar to the idea of "six degrees of separation" - everything in the world is six or fewer steps away from each other.

I purchased my initial of UDFI stake at $1.64 per unit on 10/20/16. The position was sold six days later on 10/26/16 at $5.01. Really? Yes. I patiently waited for the price to decline before reinvesting the sales proceeds at $3.75 on 11/22/16.

[I did play "market maker" during October 2017, selling at the ask and buying back at the bid to increase my stake without putting in any more funds. I am NOT normally a day trader.]

Why am I telling you this?

The Nexpoint Credit Strategies Fund (now NexPoint Strategic Opportunities Fund) did not report a position in UDFI until 6/30/17, which means the fund did not buy any units until on or after 3/01/17. I considered its purchases to be proof of concept or verification that this REIT had value in excess of the current market price. I just had at least a 132-day head start.

Did you know that my postings of NHF's stake also provided you with valuable information? Since the stake is well below 5 percent, no Schedule 13D has been filed yet. I learned of the position when I received the semi-annual report and actually reviewed it. Only one degree of separation.

Now, some of you may discount NHF. Fine with me. I think the fund will be one of the change agents. Time will tell. However, I am very patient.