TXU TCEH TRA RIGHTS

NPORT-P false 0001622148 XXXXXXXX HIGHLAND GLOBAL ALLOCATION FUND 811-23369 0001622148 2549007A3RHSGZEL0R21 200 CRESCENT COURT SUITE 700 DALLAS 75201 9726284100 Highland Global Allocation Fund 2549007A3RHSGZEL0R21 2022-09-30 2021-12-31 N 295575972.61 42439059.85 253136912.76 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 5856728.51000000 UST N/A N/A TXU TCEH TRA RIGHTS 931ESA903 7905143.00000000 NS USD 10790520.20000000 4.262720945099 Long EC US N 2 N N N ENERGY TRANSFER LP MTLVN9N7JE8MIBIJ1H73 ENERGY TRANSFER LP PARTNERSHIP SHARES 29273V100 1558690.00000000 NS USD 12828018.70000000 5.067620743309 Long EC US N 1 N N N Republica Argentina 549300KPBYGYF7HCHO27 REPUBLIC OF ARGENTINA 1.000000% 07/09/2029 040114HX1 90699.00000000 PA USD 33106.04000000 0.013078313881 Long DBT NUSS AR N 2 2029-07-09 Fixed 1.00000000 N N N N N N WYNN RESORTS, LIMITED 254900CEKKWIHTEAB172 WYNN RESORTS LTD COMMON STOCK 983134107 -25000.00000000 NS USD -2126000.00000000 -0.83986170836 Short EC US N 1 N N N BRAEMAR HOTELS & RESORTS INC. 549300JDUUEBN868C776 Braemar Hotels & Resorts Inc PREFERRED STOCK 10482B200 239774.00000000 NS USD 4987299.20000000 1.970198319013 Long EP US N 1 N N N Transocean Ltd. 529900QO4W5DQGBGEF32 TRANSOCEAN LTD COMMON STOCK H8817H100 121.00000000 NS USD 333.96000000 0.000131928605 Long EC US N 1 N N N CITY OFFICE REIT, INC. 5493003J7157VP25NL57 CITY OFFICE REIT INC REIT 178587101 69047.00000000 NS USD 1361606.84000000 0.537893436857 Long EC US N 1 N N N CBL & ASSOCIATES PROPERTIES, INC. 529900EIVFBRS4PUBZ13 CBL & ASSOCIATES PROPERTIES REIT 124830878 4410.00000000 NS USD 137592.00000000 0.054354775247 Long EC US N 1 N N N INDEPENDENCE REALTY TRUST, INC 549300Z3L8NU44NQEB29 INDEPENDENCE REALTY TRUST IN REIT 45378A106 30000.00000000 NS USD 774900.00000000 0.306118926533 Long EC US N 1 N N N N/A N/A QUARTERNORTH ENERGY INC. SLTL TRANCHE 3 WARRANT N/A 79147.00000000 NS USD 7743228.02000000 3.058909084247 Long EC US N 1 N N N StoneCo Ltd. 549300O1A9LEF0XZCR35 STONECO LTD-A COMMON STOCK G85158106 5000.00000000 NS USD 84300.00000000 0.033302136413 Long EC US N 1 N N N Nexpoint Real Estate Finance Inc N/A NEXPOINT REAL ESTATE FINANCE REIT 65342V101 644511.00000000 NS USD 12406836.75000000 4.901235704712 Long EC US N 2 N N N COUPA SOFTWARE INCORPORATED 549300Q95ICR2GFL2K37 COUPA SOFTWARE INC COMMON STOCK 22266L106 -2133.00000000 NS USD -337120.65000000 -0.13317719898 Short EC US N 1 N N N GL EVENTS S.A. 9695002PXZMQNBPY2P44 GL EVENTS COMMON STOCK N/A 65931.00000000 NS 1304599.31000000 0.515373003397 Long EC FR N 1 N N N CFCRE COMMERCIAL MORTGAGE TRUST N/A CFCRE COMMERCIAL MORTGAGE TRUST 2017-C8 CFCRE 2017-C8 D 12532CAA3 250000.00000000 PA USD 225771.70000000 0.089189560518 Long ABS-MBS US Y 2 2050-06-15 Fixed 3.00000000 N N N N N N AVAYA HOLDINGS CORP WT N/A AVAYA HOLDINGS CORP WT EXPIRATION: 12/15/22 05351X119 38742.00000000 NC USD 108477.60000000 0.042853331352 N/A DE US N 2 AVAYA HOLDINGS CORP WT N/A Call Purchased N/A N/A 38742.00000000 25.55000000 USD 2022-12-18 XXXX 54097.54000000 N N N ProShares UltraPro QQQ N/A PROSHARES ULTRAPRO QQQ MUTUAL FUND 74347X831 -119650.00000000 NS USD -19901384.50000000 -7.86190535509 Short EC RF US N 1 N N N WD-40 COMPANY 549300UZHTN0CNKBOB19 WD-40 CO COMMON STOCK 929236107 -5000.00000000 NS USD -1223200.00000000 -0.48321676466 Short EC US N 1 N N N N/A N/A SFR WLIF II, LLC N/A 4437497.41000000 NS USD 4235236.28000000 1.673101024193 Long EC US N 3 N N N HIGHLAND INCOME FUND 254900CMUE9FRYL2UR80 HIGHLAND INCOME FUND MUTUAL FUND 43010E404 334005.00000000 NS USD 3670714.95000000 1.450090747326 Long EC US N 1 N N N Credit Suisse AG ANGGYXNX0JLX3X63JN86 VELOCITYSHARES 3X LNG SILVER MUTUAL FUND 22542D290 8750.00000000 NS USD 562187.50000000 0.222088313344 Long EC RF US N 1 N N N N/A N/A TOYS R US WSLI EQUITY N/A 717.80000000 NS USD 56482.25000000 0.022312925200 Long EC US N 2 N N N IHEARTCOMMUNICATIONS, INC. 54930076J6KDZL504O62 IHEARTCOMMUNICATIONS INC 8.375000% 05/01/2027 45174HBD8 584493.00000000 PA USD 617005.42000000 0.243743756401 Long DBT CORP US N 2 2027-05-01 Fixed 8.37500000 N N N N N N Highland Funds I: Highland Healthcare Opportunities Fund; Class Z Shares N/A NEXPOINT EVENT DRIVEN F-Z MUTUAL FUND 430101873 706236.46200000 NS USD 11200910.29000000 4.424842733473 Long EC US N 1 N N N N/A N/A GAF REIT SUB II, LLC N/A 100.00000000 NS USD 4049600.00000000 1.599766685880 Long EC US N 1 N N N AVAYA HOLDINGS CORP. 549300NZS2OZN6Q63A60 AVAYA HOLDINGS CORP COMMON STOCK 05351X101 84188.00000000 NS USD 1666922.40000000 0.658506253325 Long EC US N 1 N N N IHEARTCOMMUNICATIONS, INC. 54930076J6KDZL504O62 IHEARTCOMMUNICATIONS INC 6.375000% 05/01/2026 45174HBC0 317929.00000000 PA USD 330201.06000000 0.130443662443 Long DBT CORP US N 2 2026-05-01 Fixed 6.37500000 N N N N N N Direxion Daily S&P 500 Bull 3X Shares N/A DIREXION DLY S&P 500 BULL 3X MUTUAL FUND 25459W862 -26150.00000000 NS USD -3750171.50000000 -1.48147951205 Short EC RF US N 1 N N N N/A N/A QUARTERNORTH PENNY WARRANT SLTL PENNY WARRANT N/A 28562.00000000 NS USD 2794320.43000000 1.103877107266 Long EC US N 1 N N N N/A N/A QUARTERNORTH ENERGY INC. SLTL TRANCHE 2 WARRANT N/A 245732.00000000 NS USD 1423156.88000000 0.562208357715 Long EC US N 1 N N N N/A N/A TELESAT UNITS DUMMY TELESATU1 189945.00000000 NS USD 5445723.15000000 2.151295554103 Long EC US N 1 N N N Direxion Daily Small Cap Bull 3X Shares N/A DIREXION DLY SM CAP BULL 3X MUTUAL FUND 25459W847 -38275.00000000 NS USD -3243806.25000000 -1.28144339544 Short EC RF US N 1 N N N NETFLIX, INC. 549300Y7VHGU0I7CE873 NETFLIX INC COMMON STOCK 64110L106 -18665.00000000 NS USD -11244542.60000000 -4.44207937807 Short EC US N 1 N N N NEXPOINT DIVERSIFIED REAL ESTATE TRUST 5493008KGR2NU3OXMR64 NEXPOINT DIVERSIFIED REAL ES MUTUAL FUND 65340G205 549863.00000000 NS USD 7467139.54000000 2.949842225135 Long EC US N 1 N N N ENTERPRISE PRODUCTS PARTNERS L.P. K4CDIF4M54DJZ6TB4Q48 ENTERPRISE PRODUCTS PARTNERS PARTNERSHIP SHARES 293792107 78631.00000000 NS USD 1726736.76000000 0.682135505712 Long EC US N 1 N N N N/A N/A SFR WLIF I, LLC N/A 6773494.17000000 NS USD 6425959.73000000 2.538531287253 Long EC US N 3 N N N N/A N/A TERRESTAR CORP COMMON STOCK N/A 169531.00000000 NS USD 56519940.09000000 22.32781441226 Long EC US N 3 N N N Republica Argentina 549300KPBYGYF7HCHO27 REPUBLIC OF ARGENTINA 2.500000% 07/09/2041 040114HV5 29000000.00000000 PA USD 10280500.00000000 4.061240965574 Long DBT NUSS AR N 2 2041-07-09 Fixed 2.50000000 N N N N N N WESTERN MIDSTREAM PARTNERS, LP N/A WESTERN MIDSTREAM PARTNERS L PARTNERSHIP SHARES 958669103 278100.00000000 NS USD 6193287.00000000 2.446615522198 Long EC US N 1 N N N PAMPA ENERGIA S.A. 254900QNIK0CVURGML24 PAMPA ENERGIA SA-SPON ADR DEPOSITARY RECEIPT 697660207 67700.00000000 NS USD 1429147.00000000 0.564574713508 Long EC US N 1 N N N CENTRAL PUERTO SOC. ANONIMA 2549005JLIWQ6B7VNR38 CENTRAL PUERTO-SPONSORED ADR DEPOSITARY RECEIPT 155038201 202250.00000000 NS USD 633042.50000000 0.250079094786 Long EC US N 1 N N N WHITESTONE REIT N/A WHITESTONE REIT REIT 966084204 875255.00000000 NS USD 8866333.15000000 3.502584057508 Long EC US N 1 N N N Nexpoint Real Estate Finance Inc N/A NREF OP I REIT REIT 65342V101 124046.02000000 NS USD 2387885.89000000 0.943317931772 Long EC US N 2 N N N N/A N/A QUARTERNORTH ENERGY INC. SLTL TRANCHE 1 WARRANT N/A 127592.00000000 NS USD 1068583.00000000 0.422136380012 Long EC US N 1 N N N N/A N/A SFR WLIF III, LLC N/A 3789008.42000000 NS USD 3535599.54000000 1.396714331959 Long EC US N 3 N N N N/A N/A GAF REIT N/A 963568.00000000 NS USD 13423754.88000000 5.302962232429 Long EC US N 3 N N N BROOKDALE SENIOR LIVING INC. LH7MQB13NWY7CJ9VC445 BROOKDALE SENIOR LIVING INC COMMON STOCK 112463104 61625.00000000 NS USD 317985.00000000 0.125617791784 Long EC US N 1 N N N PAMCO III PRINCIPAL PROTECTED TRUST N/A PAMCO CAYMAN LTD PAMCO 1997-1A B 697638AC8 295080.32000000 PA USD 56374.06000000 0.022270185483 Long ABS-CBDO CORP KY Y 3 2013-08-06 Fixed 7.91000000 N N N N N N AMERICAN AIRLINES N/A AMERICAN AIRLINES 001ESC102 1260362.00000000 NS USD 0.00000000 0.000000 Long EC US N 2 N N N GRUPO SUPERVIELLE SOCIEDAD ANONIMA 549300IQJL3KLZ3IYQ14 GRUPO SUPERVIELLE SA-SP ADR DEPOSITARY RECEIPT 40054A108 188858.00000000 NS USD 368273.10000000 0.145483760540 Long EC US N 1 N N N N/A N/A UNITED DEVELOPMENT FUNDING I REIT 910187103 280000.00000000 NS USD 296800.00000000 0.117248802935 Long EC US N 3 N N N TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC N/A TEXAS COMPETITIVE ELECTRIC HOLDINGS COMPANY LLC TXU ESCROW LOAN 964KQZ906 471039552.53000000 PA USD 473394.75000000 0.187011346878 Long LON US N 2 2049-12-31 Floating 0.00000000 N N N N N N Dreyfus Treasury Obligations Cash Management; Institutional Shares N/A DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A 261908107 8213771.32000000 PA USD 8213771.32000000 3.244793985374 Long STIV US N 1 N N N TERRESTAR CORPORATION N/A TERRESTAR CORPORATION 2/27/2020 N/A 18397787.04000000 PA USD 18397787.04000000 7.267919498347 Long LON US N 3 2022-02-25 Floating 11.00000160 N N N N N N AERIE PHARMACEUTICALS, INC. 529900SFXHDHUO324R09 AERIE PHARMACEUTICALS INC COMMON STOCK 00771V108 77700.00000000 NS USD 545454.00000000 0.215477859018 Long EC US N 1 N N N N/A N/A IHEART COMMUNICATIONS WARRANT N/A 1109.00000000 NS USD 20516.50000000 0.008104902511 Long EC US N 2 N N N NextDecade Corp 549300XB4GCLNGHFTT48 NEXTDECADE CORP COMMON STOCK 65342K105 29751.00000000 NS USD 84790.35000000 0.033495845815 Long EC US N 1 N N HLS Therapeutics Inc. 549300QKXFY1J71L2D68 HLS THERAPEUTICS INC COMMON STOCK 40390B109 10445.00000000 NS USD 123512.13000000 0.048792619240 Long EC US N 1 N N N N/A N/A BB VOTORANTIM HIGH MUTUAL FUND N/A 10000.00000000 NS USD 3009615.00000000 1.188927749487 Long EC US N 3 N N N N/A N/A MPM HOLDINGS INC/DE ESCROW SECURITY 55336L102 730484.00000000 NS USD 3652420.00000000 1.442863452894 Long EC US N 2 N N N PATTERSON COMPANIES, INC. YM48Q2087CUE26GWEK09 PATTERSON COS INC COMMON STOCK 703395103 17200.00000000 NS USD 504820.00000000 0.199425676206 Long EC US N 1 N N N CBL & ASSOCIATES HOLDCO II, LLC N/A CBL & ASSOCIATES HOLDCO II LLC 10.000000% 11/15/2029 12511CAA8 133283.00000000 PA USD 133803.47000000 0.052858142473 Long DBT CORP US N 2 2029-11-15 Fixed 10.00000000 N N N N N N NEXPOINT RESIDENTIAL TRUST, INC. 549300U2J6XVYBF87166 NEXPOINT RESIDENTIAL REIT 65341D102 164942.00000000 NS USD 13827087.86000000 5.462296157933 Long EC US N 1 N N N Grupo Clarin S.A. 254900FY8R51KBIIVA82 GRUPO CLARIN-B COMMON STOCK N/A 77866.00000000 NS 47210.28000000 0.018650097089 Long EC AR N 1 N N N N/A N/A NEXPOINT MERGER ARBITRAGE CLASS Z N/A 52948.60000000 NS USD 1073797.61000000 0.424196375902 Long EC US N 1 N N N MERCADOLIBRE, INC. 549300DKPDN9M5S8GB14 MERCADOLIBRE INC COMMON STOCK 58733R102 3000.00000000 NS USD 4045200.00000000 1.598028496079 Long EC US N 1 N N N VISTRA CORP. 549300KP43CPCUJOOG15 Vistra Corp. COMMON STOCK 92840M102 688500.00000000 NS USD 15677145.00000000 6.193148533364 Long EC US N 1 N N N HERON THERAPEUTICS, INC. 549300DR2I1DOPD2IX53 HERON THERAPEUTICS INC COMMON STOCK 427746102 232800.00000000 NS USD 2125464.00000000 0.839649965240 Long EC US N 1 N N TARGA RESOURCES CORP. 5493003QENHHS261UR94 TARGA RESOURCES CORP COMMON STOCK 87612G101 131600.00000000 NS USD 6874784.00000000 2.715836234645 Long EC US N 1 N N N 2021-12-31 HIGHLAND GLOBAL ALLOCATION FUND Stephanie Vitiello Stephanie Vitiello CCO XXXX