<SEC-DOCUMENT>0001752724-22-278161.txt : 20221213
<SEC-HEADER>0001752724-22-278161.hdr.sgml : 20221213
<ACCEPTANCE-DATETIME>20221213140152
ACCESSION NUMBER:		0001752724-22-278161
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220930
FILED AS OF DATE:		20221213
DATE AS OF CHANGE:		20221213
EFFECTIVENESS DATE:		20221213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HIGHLAND GLOBAL ALLOCATION FUND
		CENTRAL INDEX KEY:			0001622148
		IRS NUMBER:				916361402
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-23369
		FILM NUMBER:		221459289

	BUSINESS ADDRESS:	
		STREET 1:		2515 MCKINNEY AVENUE
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		833-697-6246

	MAIL ADDRESS:	
		STREET 1:		2515 MCKINNEY AVENUE
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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        <chiefComplianceOfficer>
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      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
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        <seriesInfo seriesName="Highland Global Allocation Fund" seriesId="S000063416"/>
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        <principalUnderwriter>
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            <principalName>MIZUHO SECURITIES</principalName>
            <principalFileNo>008-37710</principalFileNo>
            <principalCrdNo>000019647</principalCrdNo>
            <principalLei>7TK5RJIZDFROZCA6XF66</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>7499544.70</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BTIG LLC</principalName>
            <principalFileNo>008-65473</principalFileNo>
            <principalCrdNo>000122225</principalCrdNo>
            <principalLei>549300GTG9PL6WO3EC51</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>133616.21</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>7633160.91</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>272522795.89</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>0.0101</netOperatingExpenses>
      <marketPricePerShare>8.72</marketPricePerShare>
      <netAssetValuePerShare>11.49</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="2022-12-06" signature="Stephanie Vitiello" title="CCO"/>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>GAF_ICL.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, 2022, in accordance with the
standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), 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 NCEN,
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 PCAOB.  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, 2022.

This report is intended solely for the information
and use of management and the Board of Trustees of
the Funds 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
Novmeber 29, 2022
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>LEGAL PROCEEDINGS
<SEQUENCE>3
<FILENAME>HF_GAF_Legal_Proceedings.txt
<DESCRIPTION>09.30.22 LEGAL PROCEEDINGS
<TEXT>
The Highland Global Allocation Fund (GAF) received a shareholder
demand letter dated March 1, 2018, from an individual purporting to
be a shareholder of GAF (the Demand Letter). The Demand Letter
alleges that the current and former Board of NexPoint Funds II f/k/a
Highland Funds II breached their fiduciary duties, and its adviser,
NexPoint Asset Management, L.P. f/k/a Highland Capital
Management Fund Advisors, L.P. (NAM), breached its advisory
agreement, in relation to GAFs investment in shares of an affiliated
mutual fund, the Highland Energy MLP Fund (also a series of
NexPoint Funds II). Upon receipt of the Demand Letter, the Board
formed a Demand Review Committee (DRC) comprised entirely of
independent trustees to investigate these claims and to make a
recommendation to the Board regarding whether pursuit of these
claims is in the best interests of GAF. Aided by independent
counsel to the committee, the DRC engaged in a thorough and
detailed review of the allegations contained in the Demand Letter.
Upon completion of its evaluation, the DRC recommended that
GAFs independent trustees, who represent a majority of the Board,
reject the demand specified in the shareholder Demand Letter.
After considering the report of the DRC, the independent trustees
unanimously agreed and rejected the demand, noting that the
Demand Letter contained material factual errors and incorrect
assumptions, and the proposed suit was meritless.

Notwithstanding the foregoing, the purported shareholder (the
Plaintiff) filed a shareholder derivative suit against GAF, certain
members of the Board and NAM on September 5, 2018.  The
defendants therein filed a Motion to Dismiss the Plaintiffs
complaint, which was granted on May 26, 2020.  Plaintiff has filed
an appeal.
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
