Highland Global Allocation Fund's Board Approves up to $20 Million in Additional Share Repurchases, Extends Repurchase Program

DALLAS, Aug. 20, 2019 /PRNewswire/ -- Highland Capital Management Fund Advisors, L.P. (together with its affiliates "Highland") announced today that the Board of Trustees (the "Board") of the Highland Global Allocation Fund (NYSE:HGLB) (the "Fund") approved up to an additional $20 million of share repurchases of the Fund's shares and an extension of the repurchase program for a period of six months.

This comes following the Fund's completion of $10 million in share repurchases in July, which the Board approved in conjunction with the conversion of the Fund from an open-end fund to a closed-end fund. The Fund converted to closed-end fund in February 2019.

With the latest Board approval, the Fund's total repurchases may reach a maximum of $30 million.

The extended repurchase program provides a six-month period in which the Fund may repurchase the additional $20 million of shares in the open market pursuant to the same conditions as set forth in the Highland Funds II October 2018 definitive proxy statement. The extension period commenced August 15, 2019.

About Highland Capital Management Fund Advisors, L.P.

Highland Capital Management Fund Advisors, L.P. is an affiliated adviser of Highland Capital Management, L.P. (together with its affiliates "Highland"), a multibillion-dollar global alternative investment manager. A pioneer in the leveraged loan market, the firm has evolved over 25 years, building on its credit expertise and value-based approach to expand into other asset classes. Today, Highland operates a diverse investment platform, serving both institutional and retail investors worldwide. In addition to high yield credit, Highland's investment capabilities include public equities, real estate, private equity and special situations, structured credit, and sector- and region-specific verticals built around specialized teams. For more information visit www.highlandfunds.com.

Investors should consider the investment objectives, risks, charges and expenses of the Highland Global Allocation Fund carefully before investing. This and other information can be found in the Fund's prospectus, which may be obtained by calling 1-800-357-9167 or visiting www.highlandfunds.com. Please read the prospectus carefully before you invest.

Shares of closed-end investment companies frequently trade at a discount to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value. Past performance does not guarantee future results.

Media Contact
Lucy Bannon
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1-972-419-6272

SOURCE Highland Capital Management Fund Advisors, L.P.

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