Shareholders of the Columbia Floating Rate Advantage Fund and the Columbia Floating Rate Fund have approved Highland Capital Management as the investment advisor for the funds.

The fund trustees gave their approval for the advisor switch in April, pending shareholder approval of long-term contracts.

In April, Highland acquired Columbia Management Advisor's $2.7 billion Bank Loan Asset Management group. The BLAM was the former advisor to the two funds.

The Columbia Floating Rate Advantage Fund has approximately $684 million in assets and the Columbia Floating Rate Fund has approximately $778 million.

Although the funds still have "Columbia" in their names, the names are under review, said Highland spokesman Thomas Clohesy.

Five new trustees were elected to the funds' boards: Timothy Hui, Scott Kavanaugh, James Leary, Bryan Ward, and R. Joseph Dougherty.

The funds' officers are James Dondero, president; Mark Okada, executive vice president; R. Joseph Dougherty, senior vice president, and Jason Blackburn, secretary and treasurer. Dondero is president of Highland and Okada is chief investment officer of the advisor. Dougherty is a senior portfolio manager and head of retail activities.

PFPC will act as the transfer agent and administrator for the funds. 

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