HGLB Overview

New Portfolio Manager Announcement: Scott Johnson has been appointed as a portfolio manager for the Highland Global Allocation Fund, joining James Dondero in overseeing the Fund's investment activities. Johnson brings over 25 years of investment management experience, including expertise in private equity and hedge funds.

Fund's NAV Increase: The Fund's net asset value (NAV) rose by 18.86% on October 1, 2025, primarily due to a successful investment in Fermi, Inc., a data center REIT that transitioned from a convertible preferred equity position to common stock. This investment significantly impacted the Fund's NAV despite being a smaller position.

Monthly Distributions Announced: The Highland Global Allocation Fund (HGLB) declared monthly distributions of $0.088 per share for October through December 2025, with an annual distribution rate set at 8.5% of the average net asset value (NAV) per share.

Level Distribution Policy Details: The Fund's level distribution policy allows for monthly distributions at a fixed rate, which can be adjusted annually based on NAV calculations. Shareholders can choose to reinvest distributions or receive cash, but the policy may be amended or terminated without prior notice.