Highland Capital Management Fund Advisors has completed the conversion of the Highland Global Allocation Fund, a series of Highland Funds II, from an open-end fund to a closed-end fund.
The conversion was approved by shareholders during the 8 November, 2018 special meeting. The Fund expects to list its shares for trading on the New York Stock Exchange (NYSE) on or about 19 February 2019.
As a result of the conversion, the fund will effect a reverse stock split of Class A, Class C and Class Y shares of the Fund and will combine such shares into a single class of common shares under the CUSIP 43010T104 with an initial net asset value of USD15.00 per share.
Shareholders will not receive fractional shares because of the conversion, but instead will receive a number of shares, rounded down to a whole number. Shareholders will receive a cash-in-lieu check related to the fractional portion of their shares shortly after the conversion.
The shares will be listed under the ticker HGLB and at an initial listing price of USD15.00. Any shareholder seeking to move shares to a brokerage account will need an adviser or broker dealer to transfer the shares through the Depository Trust Company’s (DTC) Profile System. Shares of the Fund are DTC Eligible.
