PR Newswire17 days ago
DALLAS, Nov. 3, 2017 /PRNewswire/ -- Highland Capital Management Fund Advisors, L.P. (together with its affiliates, "Highland") announced today that shareholders of the Highland Floating Rate Opportunities Fund (the "Fund", HFRAX, HFRCX, and HFRZX) approved a proposal authorizing the Board of Trustees (the "Board") of the Fund to convert the Fund from an open-end fund to a closed-end fund (the "Conversion") at a special meeting of shareholders on November 3, 2017. The Board took action to convert the Fund to a closed-end fund effective shortly after 4:00 p.m. Eastern Time on November 3, 2017. As of close of business on November 2, 2017, the Fund had total assets of approximately $1.09 billion. Originally announced by Highland on September 25, 2017, the proposal sought to protect the interests of shareholders in the event that the Fund's previously-disclosed judgment against Credit Suisse Group AG ("Credit Suisse") is upheld on appeal by a Dallas County District Court.