Highland Funds has merged the Highland Floating Rate Advantage Fund and the Highland Floating Rate Fund into the Highland Floating Rate Opportunities Fund, which offers better, daily liquidity features.

The fund can invest up to 20% of its portfolio in non-floating rate securities and can hedge against systemic risk. The new fund has $930 million in assets.

“We are pleased to meet investor demand with our new enhanced floating rate offering and will continue to demonstrate our leadership as a premier bank loan fund manager,” said Joe Dougherty, president of Highland Funds.

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