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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ENERGY TRANSFER LP</name>
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          <isin value="US29273V1008"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Fermi Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>
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        <isRestrictedSec>N</isRestrictedSec>
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        <isRestrictedSec>N</isRestrictedSec>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>GL EVENTS SA</name>
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        <name>Grupo Clarin S.A.</name>
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        <name>HERON THERAPEUTICS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>HLS Therapeutics Inc.</name>
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        <name>IHEARTCOMMUNICATIONS, INC.</name>
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        <name>JAMES HARDIE INDUSTRIES PUBLIC LIMITED COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
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      <invstOrSec>
        <name>Maplebear Inc</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MASCO CORPORATION</name>
        <lei>5GCSNMQXHEYA1JO8QN11</lei>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MIDWAVE WIRELESS</name>
        <lei>N/A</lei>
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          <other otherDesc="All Others" value="933NZLII0"/>
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        <assetCat>LON</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="All Others" value="ACI09ZQM2"/>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>MidWave Wireless, Inc. Tranche J Loan</name>
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          <other otherDesc="All Others" value="BLA05FJ1"/>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>NEXPOINT DIVERSIFIED REAL ESTATE TRUST</name>
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        <title>NEXPOINT DIVERSIFIED REAL ES REIT</title>
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          <isin value="US65340G2057"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NEXPOINT REAL ESTATE FINANCE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NEXPOINT RESIDENTIAL TRUST, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>NRG ENERGY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>NEXPOINT DIVERSIFIED REAL ESTATE TRUST</name>
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        <title>NexPoint Diversified Real Estate Trust PREFERRED STOCK</title>
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        <name>N/A</name>
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        <title>PARATEK PHARMACEUTICALS INC CONTINGENT VALUE RIGHT - PRTK US</title>
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        <name>PRIMORIS SERVICES CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>READY CAPITAL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Republica Argentina</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Republica Argentina</name>
        <lei>549300KPBYGYF7HCHO27</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>SERITAGE GROWTH PROPERTIES</name>
        <lei>5493003CJFC2MM82WB25</lei>
        <title>SERITAGE GROWTH PROP- A COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <identifiers>
          <other otherDesc="All Others" value="NEXPOSFR"/>
        </identifiers>
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        <valUSD>4877500.00000000</valUSD>
        <pctVal>1.692690110687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.49999880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>StoneCo Ltd.</name>
        <lei>549300O1A9LEF0XZCR35</lei>
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        <identifiers>
          <isin value="KYG851581069"/>
        </identifiers>
        <balance>3995.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43305.80000000</valUSD>
        <pctVal>0.015028867123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TALOS ENERGY INC.</name>
        <lei>549300OKFHZ84SFJFT95</lei>
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        <identifiers>
          <isin value="US87484T1088"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4615118.44000000</valUSD>
        <pctVal>1.601633079044</pctVal>
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        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Telesat Corporation</name>
        <lei>N/A</lei>
        <title>TELESAT CORP COMMON STOCK</title>
        <cusip>879512309</cusip>
        <identifiers>
          <isin value="CA8795123097"/>
        </identifiers>
        <balance>189945.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9615015.90000000</valUSD>
        <pctVal>3.336800067254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Transocean Ltd.</name>
        <lei>529900QO4W5DQGBGEF32</lei>
        <title>TRANSOCEAN LTD COMMON STOCK</title>
        <cusip>H8817H100</cusip>
        <identifiers>
          <isin value="CH0048265513"/>
        </identifiers>
        <balance>121.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>591.69000000</valUSD>
        <pctVal>0.000205340402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TREX COMPANY, INC.</name>
        <lei>N/A</lei>
        <title>TREX COMPANY INC COMMON STOCK</title>
        <cusip>89531P105</cusip>
        <identifiers>
          <isin value="US89531P1057"/>
        </identifiers>
        <balance>-33006.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-1651620.24000000</valUSD>
        <pctVal>-0.57317913825</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>TXSE GROUP INC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value=".TXSEGRP"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2300000.00000000</valUSD>
        <pctVal>0.798193183922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED DEVELOPMENT FUNDING - CVR</name>
        <lei>N/A</lei>
        <title>UNITED DEVELOPMENT FUNDING - CVR CONTINGENT VALUE RIGHT</title>
        <cusip>910187103</cusip>
        <identifiers>
          <isin value="US9101871039"/>
        </identifiers>
        <balance>116480.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WD-40 COMPANY</name>
        <lei>549300UZHTN0CNKBOB19</lei>
        <title>WD-40 CO COMMON STOCK</title>
        <cusip>929236107</cusip>
        <identifiers>
          <isin value="US9292361071"/>
        </identifiers>
        <balance>-4000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>-974560.00000000</valUSD>
        <pctVal>-0.33821180405</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>HIGHLAND GLOBAL ALLOCATION FUND</ncom:nameOfApplicant>
      <ncom:signature>Stephanie Vitiello</ncom:signature>
      <ncom:signerName>Stephanie Vitiello</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
