DALLAS, July 10, 2019 /PRNewswire/ -- Highland Capital Management Fund Advisors, L.P. (together with its affiliates "Highland") announced today that the Highland Global Allocation Fund (NYSE:HGLB) (the "Fund") has completed $10 million in repurchases of the Fund's shares.

"The Fund's repurchase program represents our commitment to enhancing shareholder value and our conviction in the portfolio," said Dustin Norris, head of distribution and chief product strategist. "We expect the repurchases at a discount to NAV to result in a gain of approximately $2.3 million and save an estimated $1.2 million annually in dividends and expenses."

The repurchase program began following the conversion of the Fund from an open-end fund to a closed-end fund, which took place in February.

The program, which was authorized by the Board of Trustees of the Fund (the "Board") ahead of the conversion, provides a six-month time period following the conversion for the Fund to carry out repurchases. As such, the Fund may repurchase additional shares during the third quarter, with the ability to repurchase up to 5% of outstanding shares in total under the program.

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.

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SOURCE Highland Capital Management Fund Advisors, L.P.