Highland Capital Management Fund Advisors announced that shareholders of its Highland Floating Rate Opportunities Fund approved the firm's proposal authorizing the conversion of the fund from an open-end fund to a closed-end fund. The board of trustees subsequently acted to convert the fund to a closed-end fund on Nov. 3, 2017. The proposal sought to protect shareholders in the event that the fund's previously-disclosed judgment against Credit Suisse Group is upheld on appeal, in which case Highland expects that approximately $279 million would be allocated to the fund, less attorneys' fees and other litigation-related expenses.
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