Highland Tax-Exempt Fund gets new subadviser, portfolio managers

By Toni Weeks

San Luis Obispo, Calif., Aug. 18 – The board of trustees of Highland Funds II approved a new subadviser for the Highland Tax-Exempt Fund, according to a 497 filing with the Securities and Exchange Commission.

Effective Aug. 1, First Foundation Advisors has replaced GE Asset Management Inc. as subadviser.

As a result, John Hakopian and Susan King Riechel of FFA have been appointed as the portfolio managers.

The fund seeks a high level of income exempt from federal income taxation as is consistent with preservation of capital by investing at least 80% of its net assets in investment-grade municipal obligations whose income is exempt from both regular federal income taxes and the federal alternative minimum tax.

Boston-based Highland Capital Management Fund Advisors, LP is the fund’s investment adviser.

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