<SEC-DOCUMENT>0001752724-20-257708.txt : 20201214
<SEC-HEADER>0001752724-20-257708.hdr.sgml : 20201214
<ACCEPTANCE-DATETIME>20201214172612
ACCESSION NUMBER:		0001752724-20-257708
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200930
FILED AS OF DATE:		20201214
DATE AS OF CHANGE:		20201214
EFFECTIVENESS DATE:		20201214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HIGHLAND GLOBAL ALLOCATION FUND
		CENTRAL INDEX KEY:			0001622148
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-23369
		FILM NUMBER:		201387157

	BUSINESS ADDRESS:	
		STREET 1:		200 CRESCENT COURT
		STREET 2:		SUITE 700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		972-628-4100

	MAIL ADDRESS:	
		STREET 1:		200 CRESCENT COURT
		STREET 2:		SUITE 700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <registrantLei>2549007A3RHSGZEL0R21</registrantLei>
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      <registrantstreet2>Suite 700</registrantstreet2>
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          <officeName>Highland Capital Management Fund Advisors, L.P.</officeName>
          <officeAddress1>300 Crescent Court</officeAddress1>
          <officeAddress2>Suite 700</officeAddress2>
          <officeCity>Dallas</officeCity>
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          <officeName>SEI Investments Global Funds Services</officeName>
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          <officeCity>OAKS</officeCity>
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          <booksRecordsDesc>Records as Distributor for Trust</booksRecordsDesc>
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          <officeName>Bank of New York Mellon</officeName>
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          <officeCity>New York</officeCity>
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          <officeName>American Stock Transfer &amp; Trust Company, LLC</officeName>
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          <officeCity>Brooklyn</officeCity>
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          <directorName>Ethan Powell</directorName>
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          <directorName>Bryan A. Ward</directorName>
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        <director>
          <directorName>John Honis</directorName>
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        <director>
          <directorName>Dr. Bob Froehlich</directorName>
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        <chiefComplianceOfficer>
          <ccoName>Jason Post</ccoName>
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      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
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        <releaseNumberInfo releaseNumber="IC-32078"/>
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        <principalUnderwriter>
          <principalUnderwriterName>NexPoint Securities, Inc.</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-69128</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000165013</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterCountry="US" principalUnderWriterState="US-TX"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>Y</isPrincipalUnderwriterAffiliatedWithRegistrant>
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      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
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        <publicAccountant>
          <publicAccountantName>Cohen &amp; Company, Ltd.</publicAccountantName>
          <pcaobNumber>925</pcaobNumber>
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      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <paymentDividendSeries isPaymentDividend="Y"/>
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    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>HIGHLAND GLOBAL ALLOCATION FUND</mgmtInvFundName>
        <mgmtInvSeriesId>S000063416</mgmtInvSeriesId>
        <mgmtInvLei>2549007A3RHSGZEL0R21</mgmtInvLei>
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          <relyOnRuleType>Rule 23c-1 (17 CFR 270.23c-1)</relyOnRuleType>
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        </brokerDealers>
        <brokers>
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            <brokerName>CREDIT SUISSE FIRST BOSTON LLC.</brokerName>
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            <brokerName>WOLF RESEARCH</brokerName>
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          </broker>
        </brokers>
        <aggregateCommission>535382.43</aggregateCommission>
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          <principalTransaction>
            <principalName>BANK OF NEW YORK (THE)</principalName>
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            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>UBS FINANCIAL SERVICES INC</principalName>
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            <principalLei>ETYRV6ORNFJB5NONI676</principalLei>
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          </principalTransaction>
          <principalTransaction>
            <principalName>RAYMOND JAMES</principalName>
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          </principalTransaction>
          <principalTransaction>
            <principalName>MORGAN STANLEY &amp; CO, INC</principalName>
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          <principalTransaction>
            <principalName>J.P. MORGAN SECURITIES</principalName>
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            <principalTotalPurchaseSale>4604000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CREDIT SUISSE FIRST BOSTON LLC.</principalName>
            <principalFileNo>008-00422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>30898.48</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BLACK DIAMOND CAPITAL MANAGEMENT, L.L.C</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000154495</principalCrdNo>
            <principalLei>549300YDRBE070QV6D21</principalLei>
            <principalStateCountry principalState="US-CT" principalCountry="US"/>
            <principalTotalPurchaseSale>1983988.75</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BTIG LLC</principalName>
            <principalFileNo>008-65473</principalFileNo>
            <principalCrdNo>000122225</principalCrdNo>
            <principalLei>549300GTG9PL6WO3EC51</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>1425865</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>25050114.59</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>235740647.06</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>Common Shares</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="HGLB"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0.004</managementFee>
      <netOperatingExpenses>0.0181</netOperatingExpenses>
      <marketPricePerShare>6.02</marketPricePerShare>
      <netAssetValuePerShare>9.45</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isLegalProceedings>true</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>false</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="HIGHLAND GLOBAL ALLOCATION FUND" signedDate="2020-12-14" signature="Jason Post" title="CCO"/>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>HGAF_ICL_2020.txt
<DESCRIPTION>INTERNAL CONTROL LETTER
<TEXT>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

To the Shareholders and Board of Trustees of
Highland Global Allocation Fund

In planning and performing our audit of the
financial statements of Highland Global Allocation
Fund (the Fund) as of and for the year ended
September 30, 2020, in accordance with the standards
of the Public Company Accounting Oversight Board
(United States), we considered the Funds internal
control over financial reporting, including controls
over safeguarding securities, as a basis for
designing our auditing procedures for the purpose of
expressing our opinion on the financial statements
and to comply with the requirements of Form N-CEN,
but not for the purpose of expressing an opinion on
the effectiveness of the Funds internal control over
financial reporting.  Accordingly, we express no
such opinion.

The management of the Fund is responsible for
establishing and maintaining effective internal
control over financial reporting.  In fulfilling
this responsibility, estimates and judgments by
management are required to assess the expected
benefits and related costs of controls.  A funds
internal control over financial reporting is a
process designed to provide reasonable assurance
regarding the reliability of financial reporting and
the preparation of financial statements for external
purposes in accordance with generally accepted
accounting principles (GAAP).  A funds internal
control over financial reporting includes those
policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and
dispositions of the assets of the fund; (2) provide
reasonable assurance that transactions are recorded
as necessary to permit preparation of financial
statements in accordance with GAAP, and that
receipts and expenditures of the fund are being made
only in accordance with authorizations of management
and trustees of the fund; and (3) provide reasonable
assurance regarding prevention or timely detection
of unauthorized acquisition, use or disposition of a
funds assets that could have a material effect on
the financial statements.

Because of its inherent limitations, internal
control over financial reporting may not prevent or
detect misstatements.  Also, projections of any
evaluation of effectiveness to future periods are
subject to the risk that controls may become
inadequate because of changes in conditions, or that
the degree of compliance with the policies or
procedures may deteriorate.

A deficiency in internal control over financial
reporting exists when the design or operation of a
control does not allow management or employees, in
the normal course of performing their assigned
functions, to prevent or detect misstatements on a
timely basis.  A material weakness is a deficiency,
or combination of deficiencies, in internal control
over financial reporting, such that there is a
reasonable possibility that a material misstatement
of the Funds annual or interim financial statements
will not be prevented or detected on a timely basis.

Our consideration of the Funds internal control over
financial reporting was for the limited purpose
described in the first paragraph and would not
necessarily disclose all deficiencies in internal
control that might be material weaknesses under
standards established by the Public Company
Accounting Oversight Board (United States).
However, we noted no deficiencies in the Funds
internal control over financial reporting and its
operation, including controls over safeguarding
securities, that we consider to be a material
weakness as defined above as of September 30, 2020.

This report is intended solely for the information
and use of management and the Board of Trustees of
the Fund and the Securities and Exchange Commission
and is not intended to be and should not be used by
anyone other than these specified parties.


COHEN & COMPANY, LTD.
Cleveland, Ohio
November 30, 2020











</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>LEGAL PROCEEDINGS
<SEQUENCE>3
<FILENAME>HF_GAF_Legal_Proceedings.txt
<DESCRIPTION>09.30.20 LEGAL PROCEEDINGS
<TEXT>
Stradley Ronon Stevens & Young, LLP v. Highland Funds
I, Highland Funds II, Highland Income Fund (formerly Highland Floating Rate
Opportunities Fund), Highland Global Allocation Fund,
NexPoint Strategic Opportunities Fund, NexPoint
Capital, Inc., NexPoint Real Estate Strategies Fund,
NexPoint Discount Strategies Fund, NexPoint Strategic
Income Fund, NexPoint Energy Opportunities Fund,
NexPoint Healthcare Opportunities Fund, NexPoint
Latin American Opportunities Fund, NexPoint Event-
Driven Fund, Dr. Bob Froehlich, John W. Honis, Timothy
K. Hui, Ethan K. Powell, Bryan A. Ward, Court of
Common Pleas Philadelphia County; Case ID:
181101406

Claim for breach of contract, promissory estoppel, and
unjust enrichment for failure to pay for legal services.
Settled. The effective date of the Settlement Agreement
is March 2, 2020.
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
