# EDGAR Filing Document

**Accession Number:** 0001622148
**File Stem:** 0002048251-25-002963
**Filing Date:** 2025-12
**Character Count:** 27624
**Document Hash:** c26515a19f5247cb0d6ddcc22bfb4d6b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002963.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0002048251-25-002963

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HIGHLAND GLOBAL ALLOCATION FUND
- **CENTRAL INDEX KEY:** 0001622148

**ORGANIZATION NAME:**
- **EIN:** 916361402
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23369
- **FILM NUMBER:** 251539004

**BUSINESS ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-276-6300

**MAIL ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** HIGHLAND GLOBAL ALLOCATION FUND

- **b. Investment Company Act file number:** 811-23369

- **c. CIK number of Registrant:** 0001622148

- **d. LEI of Registrant:** 2549007A3RHSGZEL0R21

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 200 CRESCENT COURT

  - **City:** DALLAS

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 75201

  - **Telephone number:** 9726284100

**Item A.2. Information about the Series.**

- **a. Name of Series:** Highland Global Allocation Fund

- **c. LEI of Series:** 2549007A3RHSGZEL0R21

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $297575008.37

**Total Liabilities:** $20246697.46

**Net Assets:** $277328310.91

**Cash Not Reported:** $4011.88

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -1.26%               | 1.06%                | 1.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3067933.22              | $-7879254.89                               |
| Month 2  | $1243159.96              | $876727.58                                 |
| Month 3  | $486747.51               | $3131199.96                                |

### Schedule of Portfolio Investments

| Name                                    | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GREEN PLAINS INC.                       | GREEN PLAINS INC COMMON STOCK                                | CUSIP: 393222104<br>LEI: VJ5WLTHARBSDR14KIZ98 | Long             | EC               |  | US        |    250000 | NS      | $2197500.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                         | CSX CORP COMMON STOCK                                        | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               |  | US        |     80000 | NS      | $2840800.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                      | ENERGY TRANSFER LP PARTNERSHIP SHARES                        | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               |  | US        |    627440 | NS      | $10766870.40  | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Republica Argentina                     | REPUBLIC OF ARGENTINA 1.000000% 07/09/2029                   | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     72559 | PA      | $53254.82     | 0.02%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| N/A                                     | APNIMED, INC SERIES C-1                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |    202684 | NS      | $1907256.44   | 0.69%             |  |  |  | No            |                  3 | On Loan: No      |
| READY CAPITAL CORPORATION               | READY CAPITAL CORP REIT                                      | CUSIP: 75574U101<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EC               |  | US        |    116480 | NS      | $450777.60    | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| LAMB WESTON HOLDINGS, INC.              | LAMB WESTON HOLDINGS INC COMMON STOCK                        | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               |  | US        |     54732 | NS      | $3178834.56   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BRAEMAR HOTELS & RESORTS INC.           | Braemar Hotels & Resorts Inc PREFERRED STOCK                 | CUSIP: 10482B200<br>LEI: 549300JDUUEBN868C776 | Long             | EP               |  | US        |    239774 | NS      | $3893929.76   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Ltd.                         | TRANSOCEAN LTD COMMON STOCK                                  | CUSIP: H8817H100<br>LEI: 529900QO4W5DQGBGEF32 | Long             | EC               |  | US        |       121 | NS      | $377.52       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CITY OFFICE REIT, INC.                  | CITY OFFICE REIT INC REIT                                    | CUSIP: 178587101<br>LEI: 5493003J7157VP25NL57 | Long             | EC               |  | US        |      8055 | NS      | $56062.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SMURFIT WESTROCK PUBLIC LIMITED COMPANY | SMURFIT WESTROCK PLC COMMON STOCK                            | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               |  | US        |     64000 | NS      | $2724480.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORPORATION               | VALERO ENERGY CORP COMMON STOCK                              | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Short            | EC               |  | US        |    -11713 | NS      | $-1994255.38  | -0.72%            |  |  |  | No            |                  1 | On Loan: No      |
| KBR, INC.                               | KBR INC COMMON STOCK                                         | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               |  | US        |     28561 | NS      | $1350649.69   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneCo Ltd.                            | STONECO LTD-A COMMON STOCK                                   | CUSIP: G85158106<br>LEI: 549300O1A9LEF0XZCR35 | Long             | EC               |  | US        |      3995 | NS      | $75545.45     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXPOINT DIVERSIFIED REAL ESTATE TRUST  | NexPoint Diversified Real Estate Trust PREFERRED STOCK       | CUSIP: 65340G304<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EP               |  | US        |     13831 | NS      | $197091.75    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexpoint Real Estate Finance Inc        | NEXPOINT REAL ESTATE FINANCE REIT                            | CUSIP: 65342V101<br>LEI: N/A                  | Long             | EC               |  | US        |    901385 | NS      | $12781644.40  | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.              | IHEARTCOMMUNICATIONS INC 144A 9.125000% 05/01/2029           | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    304583 | PA      | $275056.58    | 0.10%             | 2029-05-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| FIRST HORIZON CORPORATION               | First Horizon Corp PREFERRED STOCK                           | CUSIP: 320517600<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EP               |  | US        |     25000 | NS      | $634415.00    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Amrize AG                               | AMRIZE LTD COMMON STOCK                                      | CUSIP: N/A<br>LEI: 529900SLCCO6K43P8146       | Long             | EC               |  | CH        |     18886 | NS      | $923910.88    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| GL EVENTS SA                            | GL EVENTS COMMON STOCK                                       | CUSIP: N/A<br>LEI: 9695002PXZMQNBPY2P44       | Long             | EC               |  | FR        |     60593 | NS      | $2212640.54   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CFCRE COMMERCIAL MORTGAGE TRUST         | CFCRE COMMERCIAL MORTGAGE TRUST 2017-C8 CFCRE 2017-C8 D      | CUSIP: 12532CAA3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |    250000 | PA      | $218110.08    | 0.08%             | 2050-06-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                     | NXDT HOSPITALITY CONVERTIBLE PROMISSORY NOTE                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   8500000 | PA      | $5818250.00   | 2.10%             | N/A             | Floating      | 5.50%                 | No            |                  3 | On Loan: No      |
| N/A                                     | GAF NSP PROMISSORY NOTE                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1977400.00   | 0.71%             | N/A             | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| WD-40 COMPANY                           | WD-40 CO COMMON STOCK                                        | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Short            | EC               |  | US        |     -4000 | NS      | $-790400.00   | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| UNITED DEVELOPMENT FUNDING - CVR        | UNITED DEVELOPMENT FUNDING - CVR CONTINGENT VALUE RIGHT      | CUSIP: 910187103<br>LEI: N/A                  | Long             | EC               |  | US        |    116480 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHLAND OPPORTUNITIES AND INCOME FUND  | HIGHLAND OPPORTUNITIES AND INCOME FUND MUTUAL FUND           | CUSIP: 43010E404<br>LEI: 254900CMUE9FRYL2UR80 | Long             | EC               |  | US        |   1334005 | NS      | $8470931.75   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | SFR OPERATING PARTNERSHIP, L.P. CONVERTIBLE NOTE             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4870000.00   | 1.76%             | N/A             | Floating      | 7.50%                 | No            |                  3 | On Loan: No      |
| N/A                                     | NEXPOINT EVENT DRIVEN F-Z MUTUAL FUND                        | CUSIP: 430101873<br>LEI: N/A                  | Long             | EC               |  | US        |   1038669 | NS      | $17740463.74  | 6.40%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | GAF REIT SUB II, LLC                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |       349 | NS      | $4967161.77   | 1.79%             |  |  |  | No            |                  3 | On Loan: No      |
| TALOS ENERGY INC.                       | TALOS ENERGY INC COMMON STOCK                                | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               |  | US        |    357484 | NS      | $3428271.56   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX, INC.                           | NETFLIX INC COMMON STOCK                                     | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Short            | EC               |  | US        |     -7452 | NS      | $-8934351.84  | -3.22%            |  |  |  | No            |                  1 | On Loan: No      |
| NEXPOINT DIVERSIFIED REAL ESTATE TRUST  | NEXPOINT DIVERSIFIED REAL ES REIT                            | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               |  | US        |    639126 | NS      | $2358374.94   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | MIDWAVE WIRELESS, INC COMMON STOCK                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |    169531 | NS      | $70468950.77  | 25.41%            |  |  |  | No            |                  3 | On Loan: No      |
| Republica Argentina                     | REPUBLIC OF ARGENTINA 3.500000% 07/09/2041                   | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |  19000000 | PA      | $9330900.00   | 3.36%             | 2041-07-09      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TESLA, INC.                             | TESLA INC COMMON STOCK                                       | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Short            | EC               |  | US        |     -8400 | NS      | $-3735648.00  | -1.35%            |  |  |  | No            |                  1 | On Loan: No      |
| ALEXANDRIA REAL ESTATE EQUITIES, INC.   | ALEXANDRIA REAL ESTATE EQUIT REIT                            | CUSIP: N/A<br>LEI: MGCJBT4MKTQBVLNUIS88       | Long             | EC               |  | US        |     56000 | NS      | $4667040.00   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | FERMI LLC CONVERTIBLE PREF UNITS                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15000000.00  | 5.41%             | N/A             | Floating      | 15.00%                | No            |                  2 | On Loan: No      |
| RWE Aktiengesellschaft                  | RWE AG COMMON STOCK                                          | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               |  | DE        |     75000 | NS      | $3338617.78   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | VIX US 12/17/25 C20 LONG                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       750 | NC      | $202500.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Puerto S.A.                     | CENTRAL PUERTO-SPONSORED ADR DEPOSITARY RECEIPT              | CUSIP: 155038201<br>LEI: 2549005JLIWQ6B7VNR38 | Long             | EC               |  | US        |    202250 | NS      | $1620022.50   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXIMUS, INC.                           | MAXIMUS INC COMMON STOCK                                     | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Short            | EC               |  | US        |    -15929 | NS      | $-1455432.73  | -0.52%            |  |  |  | No            |                  1 | On Loan: No      |
| WHITESTONE REIT                         | WHITESTONE REIT REIT                                         | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               |  | US        |    875255 | NS      | $10748131.40  | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | GAF REIT                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   1147062 | NS      | $10442326.91  | 3.77%             |  |  |  | No            |                  3 | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.              | IHEARTCOMMUNICATIONS INC 144A 10.875000% 05/01/2030          | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    467594 | PA      | $315114.68    | 0.11%             | 2030-05-01      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| STERIS PUBLIC LIMITED COMPANY           | STERIS PLC COMMON STOCK                                      | CUSIP: G8473T100<br>LEI: N/A                  | Short            | EC               |  | US        |     -5493 | NS      | $-1359187.92  | -0.49%            |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO SUPERVIELLE SOCIEDAD ANONIMA      | GRUPO SUPERVIELLE SA-SP ADR DEPOSITARY RECEIPT               | CUSIP: 40054A108<br>LEI: 549300IQJL3KLZ3IYQ14 | Long             | EC               |  | US        |     24300 | NS      | $120285.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI HOLDINGS, INC.                     | YETI HOLDINGS INC COMMON STOCK                               | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               |  | US        |     73632 | NS      | $2443109.76   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MidWave Wireless, Inc. Tranche J Loan   | MidWave Wireless, Inc. Tranche J Loan 12/31/2025             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    574239 | PA      | $573664.41    | 0.21%             | 2025-12-31      | Floating      | 13.00%                | No            |                  3 | On Loan: No      |
| MARATHON PETROLEUM CORPORATION          | MARATHON PETROLEUM CORP COMMON STOCK                         | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Short            | EC               |  | US        |     -8981 | NS      | $-1730997.94  | -0.62%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A              | CUSIP: 261908107<br>LEI: N/A                  | Long             | STIV             |  | US        |    888973 | PA      | $888973.02    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MIDWAVE WIRELESS                        | MIDWAVE WIRELESS 2/27/2020                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |  28768842 | PA      | $28740073.29  | 10.36%            | 2028-02-27      | Floating      | 13.00%                | No            |                  3 | On Loan: No      |
| PHILLIPS 66                             | PHILLIPS 66 COMMON STOCK                                     | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               |  | US        |     27302 | NS      | $3713618.04   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| REYNOLDS CONSUMER PRODUCTS INC.         | REYNOLDS CONSUMER PRODUCTS I COMMON STOCK                    | CUSIP: 76171L106<br>LEI: 894500ZQLNYY77S80A06 | Long             | EC               |  | US        |    187800 | NS      | $4595466.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| HLS Therapeutics Inc.                   | HLS THERAPEUTICS INC COMMON STOCK                            | CUSIP: 40390B109<br>LEI: 549300QKXFY1J71L2D68 | Long             | EC               |  | US        |     10445 | NS      | $42667.83     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SOTERA HEALTH COMPANY                   | SOTERA HEALTH CO COMMON STOCK                                | CUSIP: 83601L102<br>LEI: N/A                  | Long             | EC               |  | US        |    181376 | NS      | $2853044.48   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | BB VOTORANTIM HIGH MUTUAL FUND                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     10000 | NS      | $3250911.00   | 1.17%             |  |  |  | No            |                  3 | On Loan: No      |
| INTERNATIONAL PAPER COMPANY             | INTERNATIONAL PAPER CO COMMON STOCK                          | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               |  | US        |     57750 | NS      | $2679600.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | MPM HOLDINGS INC/DE ESCROW SECURITY                          | CUSIP: 55336L102<br>LEI: N/A                  | Long             | EC               |  | US        |    730484 | NS      | $3652420.00   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                     | TXSE GROUP INC COMMON STOCK                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |    100000 | NS      | $1000000.00   | 0.36%             |  |  |  | No            |                  3 | On Loan: No      |
| SERITAGE GROWTH PROPERTIES              | SERITAGE GROWTH PROP- A COMMON STOCK                         | CUSIP: 81752R100<br>LEI: 5493003CJFC2MM82WB25 | Long             | EC               |  | US        |    417500 | NS      | $1774375.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXPOINT RESIDENTIAL TRUST, INC.        | NEXPOINT RESIDENTIAL REIT                                    | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               |  | US        |    192306 | NS      | $6196099.32   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | APNIMED, INC SERIES C-2                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |    108098 | NS      | $1104761.56   | 0.40%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                     | GAF REIT SUB III, LLC                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |    156528 | NS      | $10860674.36  | 3.92%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                     | PARATEK PHARMACEUTICALS INC CONTINGENT VALUE RIGHT - PRTK US | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   2156000 | NS      | $172480.00    | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| Grupo Clarin S.A.                       | GRUPO CLARIN-B COMMON STOCK                                  | CUSIP: N/A<br>LEI: 254900FY8R51KBIIVA82       | Long             | EC               |  | AR        |     77866 | NS      | $99566.36     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| VICTORIA'S SECRET & CO.                 | VICTORIA'S SECRET & CO COMMON STOCK                          | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               |  | US        |    221500 | NS      | $6011510.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                     | NEXPOINT MERGER ARBITRAGE CLASS Z                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     64025 | NS      | $1276015.40   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP.                            | Vistra Corp. COMMON STOCK                                    | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               |  | US        |     66500 | NS      | $13028680.00  | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| HERON THERAPEUTICS, INC.                | HERON THERAPEUTICS INC COMMON STOCK                          | CUSIP: 427746102<br>LEI: 549300DR2I1DOPD2IX53 | Long             | EC               |  | US        |    232800 | NS      | $293328.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Telesat Corporation                     | TELESAT CORP COMMON STOCK                                    | CUSIP: 879512309<br>LEI: N/A                  | Long             | EC               |  | US        |    189945 | NS      | $5033542.50   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RESOURCES CORP.                   | TARGA RESOURCES CORP COMMON STOCK                            | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               |  | US        |     35800 | NS      | $5997932.00   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** HIGHLAND GLOBAL ALLOCATION FUND

**Signature:** Stephanie Vitiello

**Name of Signer:** Stephanie Vitiello

**Title:** CCO