DALLAS, May 14, 2020 /PRNewswire/ -- Highland Global
Allocation Fund (NYSE: HGLB) ("the "Fund") today announced that it
will continue its 8.5% level distribution policy in 2020. The Fund
is therefore declaring distributions of $0.084 per month for January through December 2020.
The following dates apply to the distributions declared:
|
Ex-Date
|
Record
Date
|
Payable
Date
|
|
January 23,
2020
|
January 24,
2020
|
January 31,
2020
|
|
February 20,
2020
|
February 21,
2020
|
February 28,
2020
|
|
March 23,
2020
|
March 24,
2020
|
March 31,
2020
|
|
April 22,
2020
|
April 23,
2020
|
April 30,
2020
|
|
May 21,
2020
|
May 22,
2020
|
May 29,
2020
|
|
June 22,
2020
|
June 23,
2020
|
June 30,
2020
|
|
July 23,
2020
|
July 24,
2020
|
July 31,
2020
|
|
August 24,
2020
|
August 25,
2020
|
August 31,
2020
|
|
September 21,
2020
|
September 22,
2020
|
September 30,
2020
|
|
October 23,
2020
|
October 26,
2020
|
October 30,
2020
|
|
November 20,
2020
|
November 23,
2020
|
November 30,
2020
|
|
December 21,
2020
|
December 22,
2020
|
December 31,
2020
|
About the Level Distribution Policy
In March 2019, the Fund's Board of
Trustees (the "Board") approved a level distribution policy (the
"Level Distribution Policy") under which the Fund makes monthly
distributions to stockholders at a constant and fixed (but not
guaranteed) rate that will reset annually to a rate equal to 8.5%
of the average of the Fund's NAV per share (the "Distribution
Amount"), as reported for the final five trading days of the month
preceding the announcement of distributions. The Distribution
Amount applicable to the 2020 calendar year was reset based upon
the results of the distribution rate calculation. The Distribution
Amount applicable to the next calendar year will likewise be reset
based upon the results of the distribution rate calculation.
There can be no guarantee that the Level Distribution Policy
will be successful in its goals. The Fund's ability to maintain a
stable level of distributions to shareholders will depend on a
number of factors, including changes in the financial market,
market interest rates, and performance of overall equity and
fixed-income markets. As portfolio and market conditions change,
the ability of the Fund to continue to make distributions in
accordance with the Level Distribution Policy may be affected.
Shareholders have the option of reinvesting distributions in
additional common shares through the Fund's Dividend Reinvestment
Plan, or electing to receive cash by contacting AST, their
financial adviser or their brokerage firm. Shareholders who
wish to receive their distribution in cash must opt out of the
Fund's Dividend Reinvestment Plan. For further information,
shareholders should carefully read the description of the Dividend
Reinvestment Plan in the prospectus.
The Board may amend the Level Distribution Policy, the
Distribution Amount or distribution intervals, or the Fund may
cease distributions entirely, at any time, without prior notice to
shareholders. The announcement of, amendment to, or later
termination of this Level Distribution Policy may have an adverse
effect on the market price of the Fund's shares of common
stock.
The Fund may at times, in its discretion, pay out less than the
entire amount of net investment income earned in any particular
period and may at times pay out such accumulated undistributed
income in addition to net investment income earned in other periods
in order to permit the Fund to maintain a stable level of
distributions. As a result, the dividend paid by the Fund to
shareholders for any particular period may be more or less than the
amount of net investment income earned by the Fund during such
period. The Fund intends to distribute all realized net long-term
capital gains, if any, no more than once every twelve months.
To the extent that sufficient investment income is not available
on a monthly basis, the Fund's distributions may consist of return
of capital in order to maintain the distribution amount. A return
of capital occurs when some or all of the money that shareholders
invested in the Fund is paid back to them. A return of capital does
not necessarily reflect the Fund's investment performance and
should not be confused with 'yield' or 'income.' Any such returns
of capital will decrease the Fund's total assets and, therefore,
could have the effect of increasing the Fund's expense ratio. In
addition, the Level Distribution Policy may require the Fund to
sell its portfolio securities at a less than opportune time to meet
the distribution amount.
Shareholders should not make any conclusions about the Fund's
investment performance from the amount of the Fund's distributions
or the Fund's Level Distribution Policy. With each distribution
that does not consist solely of net investment income, the Fund
will issue a notice to shareholders that will provide detailed
information regarding the amount and composition of the
distribution and other related information. The amounts and sources
of distributions reported in the notice to shareholders are only
estimates and are not being provided for tax reporting purposes.
The actual amounts and sources of the distributions for tax
reporting purposes will depend upon the Fund's investment
experience during its full fiscal year and may be subject to
changes based on tax regulations. The Fund will send individual
shareholders a Form 1099-DIV for each calendar year that will tell
them how to report these distributions for federal income tax
purposes. Please consult your tax advisor about any tax
implications applicable to you in light of your particular
circumstances.
About the Highland Global Allocation Fund
The Highland Global Allocation Fund ("HGLB") (NYSE: HGLB) is a
closed-end fund managed by Highland Capital Management Fund
Advisors, L.P., an adviser on the Highland Capital Management
alternative investment platform. HGLB focuses on value-oriented
investments in U.S. and global equity and debt securities, as well
as select alternatives. With a thematic approach to portfolio
construction, drawing on the best ideas from investment teams
across the platform, the fund seeks to deliver long-term capital
growth and future income. For more information visit
www.highlandfunds.com/global-allocation-fund.
About Highland Capital Management Fund Advisors, L.P.
Highland Capital Management Fund Advisors, L.P. ("HCMFA") is an
investment adviser on Highland Capital Management's
multibillion-dollar global alternative investment platform
("Highland"). HCMFA is the adviser to a suite of registered funds,
including open-end mutual funds, closed-end funds, and an
exchange-traded fund ("ETF"). Covering a range of asset classes and
strategies, the funds draw on Highland's investment capabilities,
which include high-yield credit, 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.
No assurance can be given that the Fund will achieve its
investment objectives.
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.
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
1-866-745-0264 or
visiting www.highlandfunds.com. Please
read the prospectus carefully before you invest.
Media Contact
Lucy
Bannon
lbannon@highlandcapital.com
1-972-419-6272
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SOURCE Highland Capital Management Fund Advisors, L.P.