# EDGAR Filing Document

**Accession Number:** 0001622148
**File Stem:** 0002048251-26-001893
**Filing Date:** 2026-3
**Character Count:** 60325
**Document Hash:** 30771accd1c7e57a2d13924cdec1bc3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001893.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0002048251-26-001893

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**PERIOD START**: 20260930

**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:** 26709356

**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

## Nport-Ex

**INVESTMENT PORTFOLIO (unaudited)** 

---

| | |
|:---|:---|
| **As of December 31, 2025** | **Highland Global Allocation Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value ($)** |
| **U.S. Equity — 60.3%** | **U.S. Equity — 60.3%** | **U.S. Equity — 60.3%** |
| **Communication Services — 30.1%** | **Communication Services — 30.1%** | **Communication Services — 30.1%** |
| 169531 | MidWave Wireless, Inc. (fka Terrestar<br>Corp.) (a)(b)(c)(d)(e) | 80379733 |
| 189945 | Telesat (e)(f) | 5527400 |
|  |  | 85907133 |
| **Consumer Discretionary — 1.2%** | **Consumer Discretionary — 1.2%** | **Consumer Discretionary — 1.2%** |
| 73632 | YETI Holdings (e)(f) | 3252325 |
|  |  | 3252325 |
| **Consumer Staples — 1.5%** | **Consumer Staples — 1.5%** | **Consumer Staples — 1.5%** |
| 187800 | Reynolds Consumer Products (f) | 4304376 |
|  |  | 4304376 |
| **Energy — 5.5%** | **Energy — 5.5%** | **Energy — 5.5%** |
| 250000 | Green Plains, Inc. (e)(f) | 2450000 |
| 167500 | Hess Midstream L.P., Class A (f) | 5778750 |
| 27302 | Phillips 66 (f) | 3523050 |
| 357484 | Talos Energy, Inc. (e)(f) | 3939474 |
|  |  | 15691274 |
| **Financials — 0.9%** | **Financials — 0.9%** | **Financials — 0.9%** |
| 116480 | Ready Capital, REIT (g) | 253926 |
| 100000 | TXSE Group, Inc. (a)(b) | 2300000 |
|  |  | 2553926 |
| **Healthcare — 1.6%** | **Healthcare — 1.6%** | **Healthcare — 1.6%** |
| 232800 | Heron Therapeutics, Inc. (e)(f) | 302640 |
| 240468 | Sotera Health (e)(f) | 4241856 |
|  |  | 4544496 |
| **Materials — 3.4%** | **Materials — 3.4%** | **Materials — 3.4%** |
| 18886 | Amrize Ltd. (e)(f) | 1038641 |
| 57750 | International Paper Co. (f) | 2274772 |
| 188700 | James Hardie Industries (e)(f) | 3915525 |
| 64000 | Smurfit WestRock PLC (f) | 2474880 |
|  |  | 9703818 |
| **Real Estate — 16.1%** | **Real Estate — 16.1%** | **Real Estate — 16.1%** |
| 56000 | Alexandria Real Estate Equities, REIT (f) | 2740640 |
| 8055 | City Office, REIT (f) | 56304 |
| 1058010 | Fermi, Inc. (e) | 8464080 |
| 671954 | NexPoint Diversified Real Estate Trust,<br>REIT (c)(f) | 2573584 |
| 901385 | NexPoint Real Estate Finance, Inc.,<br>REIT (c)(f) | 12691506 |
| 195363 | NexPoint Residential Trust, Inc., REIT (c)(f) | 5880426 |
| 135 | NexPoint Storage Partners Operating Co.,<br>LLC (a)(b)(c) | 83668 |
| 417500 | Seritage Growth Properties (e)(f) | 1356875 |
| 875255 | Whitestone, REIT, Class B (f) | 12157292 |
|  |  | 46004375 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Equity<br>(Cost $162,630,870) | 171961723 |
| **Principal<br>Amount ($)** |  |  |
| **U.S. Senior Loans (h) — 18.2%** | **U.S. Senior Loans (h) — 18.2%** | **U.S. Senior Loans (h) — 18.2%** |
| **Communication Services — 10.6%** | **Communication Services — 10.6%** | **Communication Services — 10.6%** |
| 29713969 | MidWave Wireless, Inc. (fka Terrestar Corp.), Term Loan A, 1st Lien, Cash/PIK<br>02/27/28 (a)(b)(c) | 29749625 |
| 593104 | MidWave Wireless, Inc. (fka Terrestar Corp.), Term Loan J, 1st Lien, 12/31/26 (a)(b)(c) | 593816 |
|  |  | 30343441 |
| **Real Estate — 7.6%** | **Real Estate — 7.6%** | **Real Estate — 7.6%** |
| 2000000 | GAF NSP Promissory Note, (a)(b)(c) | 1985000 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount ($)** |  | **Value ($)** |
| **U.S. Senior Loans (continued)** | **U.S. Senior Loans (continued)** | **U.S. Senior Loans (continued)** |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| 8330000 | GAF SPE Promissory Note, (a)(b)(c) | 8330000 |
| 5000000 | NexPoint SFR Operating Partnership L.P.,<br>05/24/27 (a)(b)(c) | 4877500 |
| 8500000 | NXDT Hospitality Holdco LLC Promissory Note, Term Loan, 1st Lien, 02/22/27 (a)(b)(c) | 6511000 |
|  |  | 21703500 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Senior Loans<br>(Cost $54,132,006) | 52046941 |
| **Shares** |  |  |
| **U.S. Registered Investment Companies — 11.5%** | **U.S. Registered Investment Companies — 11.5%** | **U.S. Registered Investment Companies — 11.5%** |
| 2189005 | Highland Opportunities and Income Fund (c)(f) | 13090250 |
| 1038669 | NexPoint Event Driven Fund, Class Z (c) | 18166318 |
| 64838 | NexPoint Merger Arbitrage Fund, Class Z (c) | 1294176 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Registered Investment Companies<br>(Cost $32,818,101) | 32550744 |
| **U.S. LLC Interest — 7.2%** | **U.S. LLC Interest — 7.2%** | **U.S. LLC Interest — 7.2%** |
| **Real Estate — 7.2%** | **Real Estate — 7.2%** | **Real Estate — 7.2%** |
| 1147062 | GAF REIT (a)(b)(c)(e) | 10215225 |
| 349 | GAF REIT Sub II, LLC (a)(b)(c)(e) | 4620666 |
| 156528 | GAF REIT Sub III, LLC (a)(b)(c)(e) | 5613374 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. LLC Interest<br>(Cost $27,767,973) | 20449265 |
| **Non-U.S. Equity — 5.9%** | **Non-U.S. Equity — 5.9%** | **Non-U.S. Equity — 5.9%** |
| **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| 77866 | Grupo Clarin, Class B (e)(i) | 165489 |
| **Energy — 0.0%** | **Energy — 0.0%** | **Energy — 0.0%** |
| 121 | Transocean (e)(f)(i) | 500 |
| **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| 24300 | Grupo Supervielle ADR (f)(i) | 287226 |
| 3995 | StoneCo, Class A (e)(f)(i) | 59086 |
|  |  | 346312 |
| **Healthcare — 0.0%** | **Healthcare — 0.0%** | **Healthcare — 0.0%** |
| 10445 | HLS Therapeutics, Inc. (e)(i) | 36610 |
| **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** |
| 60593 | GL Events (i) | 2124235 |
| **Utilities — 5.0%** | **Utilities — 5.0%** | **Utilities — 5.0%** |
| 202250 | Central Puerto ADR (e)(f)(i) | 3539375 |
| 66500 | Vistra Corp. (f)(i) | 10728445 |
|  |  | 14267820 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Equity<br>(Cost $7,399,206) | 16940966 |

---

------

**INVESTMENT PORTFOLIO (unaudited)(continued)** 

---

| | |
|:---|:---|
| **As of December 31, 2025** | **Highland Global Allocation Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value ($)** |
| **U.S. Master Limited Partnership — 3.6%** | **U.S. Master Limited Partnership — 3.6%** | **U.S. Master Limited Partnership — 3.6%** |
| **Energy — 3.6%** | **Energy — 3.6%** | **Energy — 3.6%** |
| 627440 | Energy Transfer L.P. (f) | 10346486 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Master Limited Partnership<br>(Cost $8,225,864) | 10346486 |
| **U.S. Preferred Stock — 2.7%** | **U.S. Preferred Stock — 2.7%** | **U.S. Preferred Stock — 2.7%** |
| **Healthcare — 1.4%** | **Healthcare — 1.4%** | **Healthcare — 1.4%** |
| 202684 | Apnimed, Series C-1 (a)(b)(e)(j) | 2545711 |
| 108098 | Apnimed, Series C-2 (a)(b)(e)(j) | 1515534 |
|  |  | 4061245 |
| **Real Estate — 1.3%** | **Real Estate — 1.3%** | **Real Estate — 1.3%** |
| 239774 | Braemar Hotels & Resorts, Inc. (e)(j) | 3551053 |
| 13831 | NexPoint Diversified Real Estate Trust,<br>REIT (c)(f)(j) | 192389 |
|  |  | 3743442 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Preferred Stock<br>(Cost $6,366,199) | 7804687 |
| **Principal<br>Amount ($)** |  |  |
| **Non-U.S. Sovereign Bonds — 2.5%** | **Non-U.S. Sovereign Bonds — 2.5%** | **Non-U.S. Sovereign Bonds — 2.5%** |
|  | Argentine Republic Government International Bond |  |
| 72559 | 1.00%, (05/15/2024) (i) | 64795 |
| 10000000 | 3.50%, (05/15/2024)(i)(k) | 6950000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Sovereign Bonds<br>(Cost $6,327,681) | 7014795 |
| **Shares** |  |  |
| **Non-U.S. Registered Investment Company — 1.1%** | **Non-U.S. Registered Investment Company — 1.1%** | **Non-U.S. Registered Investment Company — 1.1%** |
| 10000 | BB Votorantim Highland Infrastructure,<br>LLC (a)(b)(c) | 3270591 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Registered Investment Company<br>(Cost $4,574,500) | 3270591 |
| **Principal<br>Amount ($)** |  |  |
| **U.S. Corporate Bonds & Notes — 0.2%** | **U.S. Corporate Bonds & Notes — 0.2%** | **U.S. Corporate Bonds & Notes — 0.2%** |
| **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** |
|  | iHeartCommunications, Inc. |  |
| 304583 | 9.13%, 05/01/29 (f) | 293594 |
| 467594 | 10.88%, 05/01/30 (f) | 404482 |
|  |  | 698076 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Corporate Bonds & Notes<br>(Cost $712,025) | 698076 |

---

---

| | | |
|:---|:---|:---|
| **Units** |  | **Value ($)** |
| **U.S. Warrants — 0.2%** | **U.S. Warrants — 0.2%** | **U.S. Warrants — 0.2%** |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| 1200000 | Fermi, Inc., Expires 11/19/2026(e) | 588000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Warrants<br>(Cost $–) | 588000 |
| **Principal<br>Amount ($)** |  |  |
| **U.S. Asset-Backed Security — 0.1%** | **U.S. Asset-Backed Security — 0.1%** | **U.S. Asset-Backed Security — 0.1%** |
| 250000 | CFCRE Commercial Mortgage Trust, Series 2017-C8, Class D 3.00%, (05/15/2024) | 223049 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Asset-Backed Security<br>(Cost $226,561) | 223049 |
| **Units** |  |  |
| **U.S. Rights — 0.1%** | **U.S. Rights — 0.1%** | **U.S. Rights — 0.1%** |
| **Financials — 0.0%** | **Financials — 0.0%** | **Financials — 0.0%** |
| 116480 | United Development Funding, CVR (a)(b)(e) |  |
| **Healthcare — 0.1%** | **Healthcare — 0.1%** | **Healthcare — 0.1%** |
| 2156000 | Paratek Pharmaceuticals (a)(b)(e)(f) | 172480 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Rights<br>(Cost $–) | 172480 |
| **Principal<br>Amount ($)** |  |  |
| **U.S. Repurchase Agreements — 0.1%** | **U.S. Repurchase Agreements — 0.1%** | **U.S. Repurchase Agreements — 0.1%** |
| 246000 | Citadel Securities LLC 3.940%, dated 12/31/2025 to be repurchased on 01/02/2026, repurchase price $246,054 (collateralized by U.S. Government obligations, ranging in par value $17 - $21,557, 0.000% - 5.250%, 01/31/2026 - 11/15/2055; with total market value $250,990)(l)(m) | 246000 |
| 16842 | Natwest Markets Securities, Inc. 3.840%, dated 12/31/2025 to be repurchased on 01/02/2026, repurchase price $16,846 (collateralized by U.S. Government obligations, ranging in par value $140 - $522, 0.625% - 4.875%, 04/30/2026 - 11/15/2034; with total market value<br>$17,179)(l)(m) | 16842 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Repurchase Agreements<br>(Cost $262,842) | 262842 |

---

------

**INVESTMENT PORTFOLIO (unaudited)(concluded)** 

---

| | |
|:---|:---|
| **As of December 31, 2025** | **Highland Global Allocation Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value ($)** |
| **U.S. Cash Equivalent — 2.3%** | **U.S. Cash Equivalent — 2.3%** | **U.S. Cash Equivalent — 2.3%** |
| **Money Market Fund(n) — 2.3%** | **Money Market Fund(n) — 2.3%** | **Money Market Fund(n) — 2.3%** |
| 6527439 | Dreyfus Treasury Obligations Cash Management, Institutional Shares 3.650% | 6527439 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Cash Equivalent<br>(Cost $6,527,439) | 6527439 |
| **Total Investments - 116.0%**<br> (Cost $317,971,267) | **Total Investments - 116.0%**<br> (Cost $317,971,267) | **330858084** |
| **Securities Sold Short — (8.7)%** | **Securities Sold Short — (8.7)%** | **Securities Sold Short — (8.7)%** |
| **U.S. Equity — (8.7)%** | **U.S. Equity — (8.7)%** | **U.S. Equity — (8.7)%** |
| **Communication Services — (3.2)%** | **Communication Services — (3.2)%** | **Communication Services — (3.2)%** |
| (74520) | Netflix, Inc. (o) | (6986995) |
| (3551) | Spotify Technology (o) | (2062101) |
|  |  | (9049096) |
| **Consumer Discretionary — (1.3)%** | **Consumer Discretionary — (1.3)%** | **Consumer Discretionary — (1.3)%** |
| (8400) | Tesla, Inc. (o) | (3777648) |
| **Consumer Staples — (1.0)%** | **Consumer Staples — (1.0)%** | **Consumer Staples — (1.0)%** |
| (47667) | Maplebear (o) | (2144062) |
| (4000) | WD-40 Co. | (787600) |
|  |  | (2931662) |
| **Energy — (1.2)%** | **Energy — (1.2)%** | **Energy — (1.2)%** |
| (8981) | Marathon Petroleum | (1460580) |
| (11713) | Valero Energy | (1906759) |
|  |  | (3367339) |
| **Healthcare — (0.5)%** | **Healthcare — (0.5)%** | **Healthcare — (0.5)%** |
| (5493) | STERIS PLC | (1392585) |
| **Industrials — (1.5)%** | **Industrials — (1.5)%** | **Industrials — (1.5)%** |
| (7280) | Caterpillar | (4170494) |
|  | Total U.S. Equity<br>(Proceeds $16,764,090) | (24688824) |
|  | Total Securities Sold Short- (8.7)%<br>(Proceeds $16,764,090) | (24688824) |
| **Other Assets & Liabilities, Net - (7.3)%(p)** | **Other Assets & Liabilities, Net - (7.3)%(p)** | **(20931910)** |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **285237350** |

---

(a) Securities with a total aggregate value of $162,763,923, or 57.1% of net assets, were classified as Level 3
within the three-tier fair value hierarchy. Please see Notes to Investment Portfolio for an explanation of this hierarchy, as well as a list of unobservable inputs used in the valuation of these instruments.

(b) Represents fair value as determined by the Investment Adviser pursuant to the policies and procedures approved
by the Board of Trustees (the "Board"). The Board has designated the Investment Adviser as "valuation designee" for the Fund pursuant to Rule 2a-5 of the Investment Company Act of 1940,
as amended. The Investment Adviser considers fair valued securities to be securities for which market quotations are not readily available and these securities may be valued using a combination of observable and unobservable inputs. Securities with
a total aggregate value of $162,763,923, or 57.1% of net assets, were fair valued under the Fund's valuation procedures as of December 31, 2025. Please see Notes to Investment Portfolio.

(c) Affiliated issuer. Assets with a total aggregate fair value of $210,118,847, or 73.7% of net assets, were
affiliated with the Fund as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) Restricted Securities. These securities are not registered and may not be sold to the public. There are legal
and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or
in good faith under the policies and procedures established by the Board. Additional Information regarding such securities follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted<br>Security** | **Security<br>Type** | **Acquisition<br>Date** | **Cost of<br>Security** | **Fair Value at<br>Period End** | Percent of<br>Net Assets |
|  MidWave Wireless, Inc. (fka Terrestar Corp.) | U.S. Equity | 5/15/2019 | $48015561 | $80379733 | 28.2% |

---

(e) Non-income producing security.

(f) All or part of this security is pledged as collateral for short sales. The fair value of the securities pledged
as collateral was $119,594,628.

(g) Securities (or a portion of securities) on loan. As of December 31, 2025, the fair value of securities
loaned was $253,926. The loaned securities were secured with cash and/or securities collateral of $253,926. Collateral is calculated based on prior day's prices.

(h) Senior loans (also called bank loans, leveraged loans, or floating rate loans) in which the Fund invests
generally pay interest at rates which are periodically determined by reference to a base lending rate plus a spread (unless otherwise identified, all senior loans carry a variable rate of interest). These base lending rates are generally
(i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the Secured Overnight Financing Rate ("SOFR") or (iii) the Certificate of Deposit
rate. As of December 31, 2025, the SOFR 1 Month and SOFR 3 Month rates were 3.79% and 4.01%, respectively. Senior loans, while exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"), contain certain
restrictions on resale and cannot be sold publicly. Senior secured floating rate loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual
requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity maybe substantially less than the stated maturity shown.

(i) As described in the Fund's prospectus, a company is considered to be a non-U.S. issuer if the company's securities principally trade on a market outside of the United States, the company derives a majority of its revenues or profits outside of the United States, the company
is not organized in the United States, or the company is significantly exposed to the economic fortunes and risks of regions outside the United States.

(j) Perpetual security with no stated maturity date.

(k) Step Coupon Security. Coupon rate will either increase (step-up bond) or
decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(l) Tri-Party Repurchase Agreement.

(m) This security was purchased with cash collateral held from securities on loan. The total value of such
securities as of December 31, 2025 was $262,842.

(n) Rate reported is 7 day effective yield.

(o) No dividend payable on security sold short.

(p) As of December 31, 2025, $24,803,045 in cash was segregated or on deposit with the brokers to cover
investments sold short and is included in "Other Assets & Liabilities, Net".

------

**GLOSSARY: (abbreviations that may be used in the preceding statements) (unaudited)** 

Other Abbreviations:

ADR American Depositary Receipt

CVR Contingent Value Right

LLC Limited Liability Company

L.P. Limited Partnership

PIK Payment-in-Kind

REIT Real Estate Investment Trust

------

**NOTES TO INVESTMENT PORTFOLIO (unaudited)** 

---

| | |
|:---|:---|
| **As of December 31, 2025** | **Highland Global Allocation Fund** |

---

**Organization** 

NexPoint Funds II (the "Trust") is a Massachusetts business trust organized on August 10, 1992. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management investment company. It comprises two portfolios (collectively the "Funds") that are currently being offered. This report covers information for the period ended December 31, 2025 for Highland Global Allocation Fund (the "Fund").

**Valuation of Investments** 

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated NexPoint as the Fund's valuation designee to perform the fair valuation determination for securities and other assets held by the Fund. NexPoint acting through its "Valuation Committee", is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of NexPoint and certain of NexPoint's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is subject to Board oversight and certain reporting and other requirements intended to provide the Board the information it needs to oversee NexPoint's fair value determinations.

The Fund's investments are recorded at fair value. In computing the Fund's net assets attributable to shares, securities with readily available market quotations on the New York Stock Exchange ("NYSE"), National Association of Securities Dealers Automated Quotation ("NASDAQ") or other nationally recognized exchange, use the closing quotations on the respective exchange for valuation of those securities. Securities for which there are no readily available market quotations will be valued pursuant to policies established by NexPoint and approved by the Fund's Board. Typically, such securities will be valued at the mean between the most recently quoted bid and ask prices provided by the principal market makers. If there is more than one such principal market maker, the value shall be the average of such means. Securities without a sale price or quotations from principal market makers on the valuation day may be priced by an independent pricing service. Generally, the Fund's loan and bond positions are not traded on exchanges and consequently are valued based on a mean of the bid and ask price from the third-party pricing services or broker-dealer sources that the Investment Adviser has determined to have the capability to provide appropriate pricing services.

Securities for which market quotations are not readily available, or for which the Fund has determined that the price received from a pricing service or broker-dealer is "stale" or otherwise does not represent fair value (such as when events materially affecting the value of securities occur between the time when market price is determined and calculation of the Fund's NAV) will be valued by the Fund at fair value, as determined by the Board or its designee in good faith in accordance with procedures approved by the Board, taking into account factors reasonably determined to be relevant including: (i) the fundamental analytical data relating to the investment; (ii) the nature and duration of restrictions on disposition of the securities; and (iii) an evaluation of the forces that influence the market in which these securities are purchased and sold. In these cases, the Fund's NAV will reflect the affected portfolio securities' fair value as determined in the judgment of the Board or its designee instead of being determined by the market. Using a fair value pricing methodology to value securities may result in a value that is different from a security's most recent sale price and from the prices used by other investment companies to calculate their NAVs. Determination of fair value is uncertain because it involves subjective judgments and estimates.

There can be no assurance that the Fund's valuation of a security will not differ from the amount that it realizes upon the sale of such security. Those differences could have a material impact to the Fund.

**Fair Value Measurements** 

The Fund has performed an analysis of all existing investments and derivative instruments to determine the significance and character of inputs to their fair value determination. The levels of fair value inputs used to measure the Fund's investments are characterized into a fair value hierarchy. Where inputs for an asset or liability fall into more than one level in the fair value hierarchy, the investment is classified in its entirety based on the lowest level input that is significant to that investment's valuation. The three levels of the fair value hierarchy are described below:

Level 1 — Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement;

Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active, but are valued based on executed trades; broker quotations that constitute an executable price; and alternative pricing sources supported by observable inputs are classified within Level 2. Level 2 inputs are either directly or indirectly observable for the asset in connection with market data at the measurement date; and

------

**NOTES TO INVESTMENT PORTFOLIO (unaudited) (continued)** 

---

| | |
|:---|:---|
| **As of December 31, 2025** | **Highland Global Allocation Fund** |

---

Level 3 — Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. In certain cases, investments classified within Level 3 may include securities for which the Fund has obtained indicative quotes from broker-dealers that do not necessarily represent prices the broker may be willing to trade on, as such quotes can be subject to material management judgment. Unobservable inputs are those inputs that reflect the Fund's own assumptions that market participants would use to price the asset or liability based on the best available information.

The Investment Adviser has established policies and procedures, as described above and approved by the Board, to ensure that valuation methodologies for investments and financial instruments that are categorized within all levels of the fair value hierarchy are fair and consistent. A Valuation Committee has been established to provide oversight of the valuation policies, processes and procedures, and is comprised of personnel from the Investment Adviser and its affiliates. The Valuation Committee meets monthly to review the proposed valuations for investments and financial instruments and is responsible for evaluating the overall fairness and consistent application of established policies.

As of December 31, 2025, the Fund's investments consisted of senior loans, asset-backed securities, bonds and notes, common stocks, preferred stocks, LLC interests, master limited investment companies, cash equivalents, repurchase agreements, rights, warrants and securities sold short. The fair value of the Fund's loans, bonds and asset-backed securities are generally based on quotes received from brokers or independent pricing services. Loans, bonds and asset-backed securities with quotes that are based on actual trades with a sufficient level of activity on or near the measurement date are classified as Level 2 assets. Senior loans, bonds and asset-backed securities that are priced using quotes derived from implied values, indicative bids, or a limited number of actual trades are classified as Level 3 assets because the inputs used by the brokers and pricing services to derive the values are not readily observable.

The fair value of the Fund's common stocks, exchange traded funds, rights and warrants that are not actively traded on national exchanges are generally priced using quotes derived from implied values, indicative bids, or a limited amount of actual trades and are classified as Level 3 assets because the inputs used by the brokers and pricing services to derive the values are not readily observable. Exchange-traded options are valued based on the last trade price on the primary exchange on which they trade. If an option does not trade, the mid-price, which is the mean of the bid and ask price, is utilized to value the option. At the end of each calendar quarter, the Investment Adviser evaluates the Level 2 and 3 assets and liabilities for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, the Investment Adviser evaluates the Level 1 and 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

------

**NOTES TO INVESTMENT PORTFOLIO (unaudited) (concluded)** 

---

| | |
|:---|:---|
| **As of December 31, 2025** | **Highland Global Allocation Fund** |

---

**Affiliated Issuers**

Under Section 2(a)(3) of the Investment Company Act of 1940, as amended, a portfolio company is defined as "affiliated" if a fund owns five percent or more of its outstanding voting securities or if the portfolio company is under common control. The table below shows affiliated issuers of the Fund as of December 31, 2025:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Shares/**<br>**Principal**<br>**Amount ($)**<br>**September 30,**<br>**2025** | **Beginning**<br>**Value as of**<br>**September<br>30, 2025**<br>**$** | **Purchases at**<br>**Cost**<br>**$** | **Proceeds**<br>**from Sales**<br>**$** | **Distribution**<br>**to Return of**<br>**Capital**<br>**$** | **Net**<br>**Amortization**<br>**(Accretion)**<br>**of Premium/**<br>**(Discount)**<br>**$** | **Net**<br>**Realized**<br>**Gain (Loss)**<br>**on Sales of**<br>**Affiliated**<br>**Issuers\***<br>**$** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)**<br>**$** | **Ending Value**<br>**as of**<br>**December 31,**<br>**2025**<br>**$** | **Shares/**<br>**Principal**<br>**Amount ($)**<br>**December 31,**<br>**2025** | **Affiliated**<br>**Income**<br>**$** |  |
|  **Majority Owned, Not Consolidated** |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Other Affiliates** |  |  |  |  |  |  |  |  |  |  |  |  |
|  MidWave Wireless, Inc. (fka Terrestar Corp.) (U.S. Equity) | 169531 | 80978177 |  |  |  |  |  | (598444) | 80379733 | 169531 |  |  |
|  NexPoint Diversified Real Estate Trust (U.S. Equity) | 655435 | 2418555 | 65147 |  |  |  |  | 89882 | 2573584 | 671954 | 98315 |  |
|  NexPoint Real Estate Finance (U.S. Equity) | 901385 | 12781644 |  |  | (41969) |  |  | (48169) | 12691506 | 901385 | 408723 |  |
|  NexPoint Residential Trust, Inc. (U.S. Equity) | 195363 | 6297959 |  |  | (33213) |  |  | (384320) | 5880426 | 195363 | 70330 |  |
|  NexPoint Storage Partners Operating Co., LLC (U.S. Equity) |  |  | 83668 |  |  |  |  |  | 83668 | 135 |  |  |
|  MidWave Wireless, Inc. (fka Terrestar Corp.) (U.S. Senior Loan) | 28768842 | 28797611 | 945126 |  |  | 502 |  | 6386 | 29749625 | 29713969 | 965999 |  |
|  MidWave Wireless, Inc. (fka Terrestar Corp.) (U.S. Senior Loan) | 574239 | 574813 | 18865 |  |  |  |  | 138 | 593816 | 593104 | 19282 |  |
|  GAF NSP Promisory Note (U.S. Senior Loan) | 2000000 | 1985000 |  |  |  |  |  |  | 1985000 | 2000000 | 45000 |  |
|  GAF SPE Promissory Note (U.S. Senior Loan) |  |  | 8330000 |  |  |  |  |  | 8330000 | 8330000 | 130989 |  |
|  NexPoint SFR Operating Partnership, LP (U.S. Senior Loan) | 5000000 | 4877500 |  |  |  |  |  |  | 4877500 | 5000000 | 93750 |  |
|  NXDT Hospitality Holdco LLC Promissory Note Term Loan, 1st Lien (U.S. Senior Loan) | 8500000 | 6511000 |  |  |  |  |  |  | 6511000 | 8500000 | 116875 |  |
|  Highland Opportunities and Income Fund (U.S. Registered Investment Company) | 1334005 | 8470932 | 5437618 |  |  |  |  | (818300) | 13090250 | 2189005 | 219711 |  |
|  NexPoint Event Driven Fund (U.S. Registered Investment Company) | 1038669 | 17740464 |  |  |  |  |  | 425854 | 18166318 | 1038669 |  |  |
|  NexPoint Merger Arbitrage Fund (U.S. Registered Investment Company) | 64025 | 1276015 | 16240 |  |  |  |  | 1921 | 1294176 | 64838 | 16240 |  |
|  GAF REIT (U.S. LLC Interest) | 1147062 | 10133820 |  |  | 141450 |  |  | (60045) | 10215225 | 1147062 |  |  |
|  GAF REIT Sub II, LLC (U.S. LLC Interest) | 349 | 4568219 |  |  | 330050 |  |  | (277603) | 4620666 | 349 |  |  |
|  GAF REIT Sub III, LLC (U.S. LLC Interest) | 156528 | 10907751 |  | (2370) | (431170) |  | 2370 | (4863207) | 5613374 | 156528 | (431170) |) \*\* |
|  NexPoint Diversified Real Estate Trust (U.S. Preferred Stock) | 13831 | 197092 |  |  |  |  |  | (4703) | 192389 | 13831 | 4755 |  |
|  BB Votorantim Highland Infrastructure LLC (Non-U.S. Registered Investment Company) | 10000 | 3314135 |  |  |  |  |  | (43544) | 3270591 | 10000 |  |  |
|  **Other Controlled** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Total | 50529264 | 201830687 | 14896664 | (2370) | (34852) | 502 | 2370 | (6574154) | 210118847 | 60695723 | 1758799 |  |

---

\* Includes capital gain distributions of $2,370 included in realized gain (loss) on investments from affiliated issuers, which is excluded from the change in unrealized appreciation/depreciation. 

\*\* The Fund's reported affiliated income from GAF REIT Sub III, LLC (U.S. LLC Interest) includes a return of capital of $(431170), resulting in the Fund reporting a negative value for income received from GAF REIT Sub III, LLC (U.S. LLC Interest).

## 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:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $311129373.83

**Total Liabilities:** $25892023.60

**Net Assets:** $285237350.23

**Cash Not Reported:** $8774.85

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -7.05%               | -7.38%               | 20.46%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9024844.98              | $-18892525.82                              |
| Month 2  | $1991386.83              | $-15751964.17                              |
| Month 3  | $4615551.40              | $30200199.48                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALEXANDRIA REAL ESTATE EQUITIES, INC.          | ALEXANDRIA REAL ESTATE EQUIT REIT                             | CUSIP: N/A<br>LEI: MGCJBT4MKTQBVLNUIS88       | Long             | EC               |  | US        |     56000 | NS      | $2740640.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Amrize AG                                      | AMRIZE LTD COMMON STOCK                                       | CUSIP: N/A<br>LEI: 529900SLCCO6K43P8146       | Long             | EC               |  | CH        |     18886 | NS      | $1038640.61   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | APNIMED, INC SERIES C-1                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |    202684 | NS      | $2545711.04   | 0.89%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                            | APNIMED, INC SERIES C-2                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |    108098 | NS      | $1515533.96   | 0.53%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                            | BB VOTORANTIM HIGH MUTUAL FUND                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     10000 | NS      | $3270591.00   | 1.15%             |  |  |  | No            |                  3 | On Loan: No      |
| BRAEMAR HOTELS & RESORTS INC.                  | Braemar Hotels & Resorts Inc PREFERRED STOCK                  | CUSIP: 10482B200<br>LEI: 549300JDUUEBN868C776 | Long             | EP               |  | US        |    239774 | NS      | $3551052.94   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC.                               | CATERPILLAR INC COMMON STOCK                                  | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Short            | EC               |  | US        |     -7280 | NS      | $-4170493.60  | -1.46%            |  |  |  | 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      | $3539375.00   | 1.24%             |  |  |  | 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      | $223048.43    | 0.08%             | 2050-06-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| CITY OFFICE REIT, INC.                         | CITY OFFICE REIT INC REIT                                     | CUSIP: 178587101<br>LEI: 5493003J7157VP25NL57 | Long             | EC               |  | US        |      8055 | NS      | $56304.45     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A               | CUSIP: 261908107<br>LEI: N/A                  | Long             | STIV             |  | US        |   6527439 | PA      | $6527439.36   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                             | ENERGY TRANSFER LP PARTNERSHIP SHARES                         | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               |  | US        |    627440 | NS      | $10346485.60  | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Fermi Inc                                      | FERMI INC COMMON STOCK                                        | CUSIP: 314911108<br>LEI: 529900TSHBYBCFMYZ228 | Long             | EC               |  | US        |   1058010 | NS      | $8464080.00   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| UNKNOWN                                        | FERMI WARRANTS EXPIRATION: UNKNOWN                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | MY        |   1200000 | NC      | $588000.00    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | GAF NSP PROMISSORY NOTE                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1985000.00   | 0.70%             | N/A             | Floating      | 9.00%                 | No            |                  3 | On Loan: No      |
| N/A                                            | GAF REIT                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   1147062 | NS      | $10215224.75  | 3.58%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                            | GAF REIT SUB II, LLC                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |       349 | NS      | $4620666.55   | 1.62%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                            | GAF REIT SUB III, LLC                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |    156528 | NS      | $5613373.84   | 1.97%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                            | GAF SPE PROMISSORY NOTE                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   8330000 | PA      | $8330000.00   | 2.92%             | N/A             | Floating      | 6.29%                 | No            |                  3 | On Loan: No      |
| GL EVENTS SA                                   | GL EVENTS COMMON STOCK                                        | CUSIP: N/A<br>LEI: 9695002PXZMQNBPY2P44       | Long             | EC               |  | FR        |     60593 | NS      | $2124234.90   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| GREEN PLAINS INC.                              | GREEN PLAINS INC COMMON STOCK                                 | CUSIP: 393222104<br>LEI: VJ5WLTHARBSDR14KIZ98 | Long             | EC               |  | US        |    250000 | NS      | $2450000.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Clarin S.A.                              | GRUPO CLARIN-B COMMON STOCK                                   | CUSIP: N/A<br>LEI: 254900FY8R51KBIIVA82       | Long             | EC               |  | AR        |     77866 | NS      | $165489.43    | 0.06%             |  |  |  | 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      | $287226.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HERON THERAPEUTICS, INC.                       | HERON THERAPEUTICS INC COMMON STOCK                           | CUSIP: 427746102<br>LEI: 549300DR2I1DOPD2IX53 | Long             | EC               |  | US        |    232800 | NS      | $302640.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| HESS MIDSTREAM LP                              | HESS MIDSTREAM LP - CLASS A COMMON STOCK                      | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               |  | US        |    167500 | NS      | $5778750.00   | 2.03%             |  |  |  | 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        |   2189005 | NS      | $13090249.90  | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| HLS Therapeutics Inc.                          | HLS THERAPEUTICS INC COMMON STOCK                             | CUSIP: 40390B109<br>LEI: 549300QKXFY1J71L2D68 | Long             | EC               |  | US        |     10445 | NS      | $36609.73     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.                     | IHEARTCOMMUNICATIONS INC 144A 10.875000% 05/01/2030           | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    467594 | PA      | $404482.37    | 0.14%             | 2030-05-01      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.                     | IHEARTCOMMUNICATIONS INC 144A 9.125000% 05/01/2029            | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    304583 | PA      | $293593.65    | 0.10%             | 2029-05-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| INTERNATIONAL PAPER COMPANY                    | INTERNATIONAL PAPER CO COMMON STOCK                           | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               |  | US        |     57750 | NS      | $2274772.50   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| JAMES HARDIE INDUSTRIES PUBLIC LIMITED COMPANY | JAMES HARDIE IND PLC COMMON STOCK                             | CUSIP: G4253H101<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               |  | US        |    188700 | NS      | $3915525.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc                                  | MAPLEBEAR INC COMMON STOCK                                    | CUSIP: 565394103<br>LEI: N/A                  | Short            | EC               |  | US        |    -47667 | NS      | $-2144061.66  | -0.75%            |  |  |  | No            |                  1 | On Loan: No      |
| MARATHON PETROLEUM CORPORATION                 | MARATHON PETROLEUM CORP COMMON STOCK                          | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Short            | EC               |  | US        |     -8981 | NS      | $-1460580.03  | -0.51%            |  |  |  | No            |                  1 | On Loan: No      |
| MIDWAVE WIRELESS                               | MIDWAVE WIRELESS 2/27/2020                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |  29713969 | PA      | $29749625.33  | 10.43%            | 2028-02-27      | Floating      | 13.00%                | No            |                  3 | On Loan: No      |
| N/A                                            | MIDWAVE WIRELESS, INC COMMON STOCK                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |    169531 | NS      | $80379733.03  | 28.18%            |  |  |  | No            |                  3 | 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        |    593104 | PA      | $593815.50    | 0.21%             | 2026-12-31      | Floating      | 13.00%                | No            |                  3 | On Loan: No      |
| NETFLIX, INC.                                  | NETFLIX INC COMMON STOCK                                      | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Short            | EC               |  | US        |    -74520 | NS      | $-6986995.20  | -2.45%            |  |  |  | No            |                  1 | On Loan: No      |
| NEXPOINT DIVERSIFIED REAL ESTATE TRUST         | NEXPOINT DIVERSIFIED REAL ES REIT                             | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               |  | US        |    671954 | NS      | $2573583.82   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | NEXPOINT EVENT DRIVEN F-Z MUTUAL FUND                         | CUSIP: 430101873<br>LEI: N/A                  | Long             | EC               |  | US        |   1038669 | NS      | $18166317.96  | 6.37%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | NEXPOINT MERGER ARBITRAGE CLASS Z                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     64838 | NS      | $1294176.24   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexpoint Real Estate Finance Inc               | NEXPOINT REAL ESTATE FINANCE REIT                             | CUSIP: 65342V101<br>LEI: N/A                  | Long             | EC               |  | US        |    901385 | NS      | $12691505.87  | 4.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXPOINT RESIDENTIAL TRUST, INC.               | NEXPOINT RESIDENTIAL REIT                                     | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               |  | US        |    195363 | NS      | $5880426.30   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | NEXPOINT STORAGE PARTNERS OPERATING COMPANY, LLC COMMON STOCK | CUSIP: NPALP0527<br>LEI: N/A                  | Long             | EC               |  | US        |       135 | NS      | $83667.99     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | NXDT HOSPITALITY CONVERTIBLE PROMISSORY NOTE                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   8500000 | PA      | $6511000.00   | 2.28%             | N/A             | Floating      | 5.50%                 | No            |                  3 | 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      | $192389.21    | 0.07%             |  |  |  | No            |                  2 | 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      |
| PHILLIPS 66                                    | PHILLIPS 66 COMMON STOCK                                      | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               |  | US        |     27302 | NS      | $3523050.08   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| READY CAPITAL CORPORATION                      | READY CAPITAL CORP REIT                                       | CUSIP: 75574U101<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EC               |  | US        |    116480 | NS      | $253926.40    | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Republica Argentina                            | REPUBLIC OF ARGENTINA 1.000000% 07/09/2029                    | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     72559 | PA      | $64795.37     | 0.02%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Republica Argentina                            | REPUBLIC OF ARGENTINA 3.500000% 07/09/2041                    | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |  10000000 | PA      | $6950000.00   | 2.44%             | 2041-07-09      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REYNOLDS CONSUMER PRODUCTS INC.                | REYNOLDS CONSUMER PRODUCTS I COMMON STOCK                     | CUSIP: 76171L106<br>LEI: 894500ZQLNYY77S80A06 | Long             | EC               |  | US        |    187800 | NS      | $4304376.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SERITAGE GROWTH PROPERTIES                     | SERITAGE GROWTH PROP- A COMMON STOCK                          | CUSIP: 81752R100<br>LEI: 5493003CJFC2MM82WB25 | Long             | EC               |  | US        |    417500 | NS      | $1356875.00   | 0.48%             |  |  |  | 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      | $4877500.00   | 1.71%             | N/A             | Floating      | 7.50%                 | No            |                  3 | On Loan: No      |
| SMURFIT WESTROCK PUBLIC LIMITED COMPANY        | SMURFIT WESTROCK PLC COMMON STOCK                             | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               |  | US        |     64000 | NS      | $2474880.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| SOTERA HEALTH COMPANY                          | SOTERA HEALTH CO COMMON STOCK                                 | CUSIP: 83601L102<br>LEI: N/A                  | Long             | EC               |  | US        |    240468 | NS      | $4241855.52   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY S.A.                        | SPOTIFY TECHNOLOGY SA COMMON STOCK                            | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Short            | EC               |  | US        |     -3551 | NS      | $-2062101.21  | -0.72%            |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PUBLIC LIMITED COMPANY                  | STERIS PLC COMMON STOCK                                       | CUSIP: G8473T100<br>LEI: N/A                  | Short            | EC               |  | US        |     -5493 | NS      | $-1392585.36  | -0.49%            |  |  |  | No            |                  1 | On Loan: No      |
| StoneCo Ltd.                                   | STONECO LTD-A COMMON STOCK                                    | CUSIP: G85158106<br>LEI: 549300O1A9LEF0XZCR35 | Long             | EC               |  | US        |      3995 | NS      | $59086.05     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TALOS ENERGY INC.                              | TALOS ENERGY INC COMMON STOCK                                 | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               |  | US        |    357484 | NS      | $3939473.68   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Telesat Corporation                            | TELESAT CORP COMMON STOCK                                     | CUSIP: 879512309<br>LEI: N/A                  | Long             | EC               |  | US        |    189945 | NS      | $5527399.50   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA, INC.                                    | TESLA INC COMMON STOCK                                        | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Short            | EC               |  | US        |     -8400 | NS      | $-3777648.00  | -1.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Ltd.                                | TRANSOCEAN LTD COMMON STOCK                                   | CUSIP: H8817H100<br>LEI: 529900QO4W5DQGBGEF32 | Long             | EC               |  | US        |       121 | NS      | $499.73       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | TXSE GROUP INC COMMON STOCK                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |    100000 | NS      | $2300000.00   | 0.81%             |  |  |  | No            |                  3 | 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            |                  3 | On Loan: No      |
| VALERO ENERGY CORPORATION                      | VALERO ENERGY CORP COMMON STOCK                               | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Short            | EC               |  | US        |    -11713 | NS      | $-1906759.27  | -0.67%            |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP.                                   | Vistra Corp. COMMON STOCK                                     | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               |  | US        |     66500 | NS      | $10728445.00  | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| WD-40 COMPANY                                  | WD-40 CO COMMON STOCK                                         | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Short            | EC               |  | US        |     -4000 | NS      | $-787600.00   | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| WHITESTONE REIT                                | WHITESTONE REIT REIT                                          | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               |  | US        |    875255 | NS      | $12157291.95  | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI HOLDINGS, INC.                            | YETI HOLDINGS INC COMMON STOCK                                | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               |  | US        |     73632 | NS      | $3252325.44   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

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

**Signature:** Stephanie Vitiello

**Name of Signer:** Stephanie Vitiello

**Title:** CCO