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Highland Opportunities and Income Fund
Ticker Symbol: HFRO CUSIP: 43010E404 Exchange: NYSE
Company's Online Profile
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FUND DESCRIPTION: Highland Opportunities and Income Fund formerly Highland Income Fund, formerly Highland Floating Rate Opportunities Fund, is an exchange-traded closed-end fund (CEF) or a closed-end ETF that is officially described as a non-diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Highland Opportunities and Income Fund seeks to provide a high level of current income, consistent with preservation of capital. FUND STRATEGY: The Fund seeks to achieve its objective by investing directly and indirectly (e.g., through derivatives that are the economic equivalent of floating rate loans and other floating rate investments) at least 80% of its net assets (plus any borrowings for investment purposes) under normal circumstances in floating rate loans and other securities deemed to be floating rate investments. Floating rate investments may include, by way of example, floating rate debt securities, money market securities of all types, repurchase agreements with remaining maturities of no more than 60 days, collateralized loan obligations and asset backed securities. Floating rate loans in which the Fund invests are expected to be adjustable rate senior loans to domestic or foreign corporations, partnerships and other entities that operate in a variety of industries and geographic regions. The Fund may invest in securities of any credit quality. The Fund may invest without limitation in below investment grade or unrated securities, including in insolvent borrowers or borrowers in default. The Fund may invest up to 20% of its total assets in equity or debt securities other than floating rate investments. The Fund may invest in equity securities of companies of any market capitalization, market sector or industry. Equity securities of U.S. or non-U.S. issuers in which the Fund may invest include common stocks, preferred stocks, convertible securities, depositary receipts and warrants to buy common stocks. The Fund may invest in securities issued by other investment companies, including exchange-traded funds (ETFs). The Fund may invest without limitation in warrants and may also use derivatives, primarily swaps (including equity, variance and volatility swaps), options and futures contracts on securities, interest rates, non-physical commodities and/or currencies, as substitutes for direct investments the Fund can make. FUND MANAGEMENT: NexPoint Asset Management, L.P. serves as the investment adviser to the Fund.
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Notes: Nov. 3, 2017 -- Highland Capital Management Fund Advisors, L.P. announced today that shareholders of the Highland Floating Rate Opportunities Fund HFRAX, HFRCX, and HFRZX) approved a proposal to convert the Fund from an open-end fund to a closed-end fund. As part of the Conversion, the Fund effected a reverse stock split of Class A, Class C and Class Z shares of the Fund, with exchange ratios of 2.0626 for one for Class A shares, 2.0636 for one for Class C shares, and 2.0645 for one for Class Z shares, and combined such shares into a single class of common shares a under the CUSIP 43010E404. Although the number of shares owned by each shareholder decreased in the Conversion, each shareholder holds the same percentage of the Fund's outstanding shares immediately following the reverse stock split as such shareholder held immediately prior to the reverse stock split. Effective shortly after close of business on November 3, 2017, the Highland Floating Rate Fund converted from an open-end fund to a closed-end fund, and began trading on the NYSE under the symbol HFRO on November 6, 2017.
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IPO - 1/13/2001 -
Link to IPO Prospectus
Previous Name: Highland Income Fund Changed: 5/30/2023
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 300 Crescent Court, Suite 700, Dallas, TX 75201 |
| Main Phone Number |
972-628-4100 |
| Fax Number |
Not Available |
| Investor Relations
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877-665-1287
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| Toll Free Phone Number |
877-665-1287 |
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