The plot with the Highland funds thickens.
If you look under "U.S. Registered Investment Company" holdings on the latest holdings as of 6/30/19, you will see 117,437 shares of the Highland Global Allocation Fund. This is HGLB, the fund itself buying itself. This was not a holding disclosed in the 3/31/19 filings, so it was bought some time during Q2 2019.
https://
www.sec.gov/Archives/edgar/data/1622148/000175272419115570/hgaf_nportex.htm Understanding that the fund has a share repurchase program, these shares should not show up as an asset on the books as they do.
Under what circumstance would a fund buy itself as an investment? I've never come across such an oddity. No footnotes about fee waivers either.