Raymond James reports 10.1% holding in Highland Global Allocation Fund (HGLB)

Rhea-AI Filing Summary

Highland Global Allocation Fund ownership disclosure: Raymond James & Associates reports beneficial ownership of 2,353,160.53 common shares, representing 10.1% of the fund's common shares as of 03/31/2026. The filing shows sole dispositive power for 2,353,160.53 shares and no voting power. The amendment is signed on 04/07/2026.

Key Figures

Shares beneficially owned: 2,353,160.53 shares Percent of class: 10.1% Sole dispositive power: 2,353,160.53 shares +2 more

5 metrics

Shares beneficially owned 2,353,160.53 shares beneficial ownership as of 03/31/2026

Percent of class 10.1% percent of common shares as reported

Sole dispositive power 2,353,160.53 shares reported dispositive authority in the Schedule 13G/A

Sole voting power 0 no sole voting power reported

Filing snapshot date 03/31/2026 ownership snapshot date on the amendment cover

Key Terms

Schedule 13G/A, beneficially owned, sole dispositive power, shared voting power

4 terms

Schedule 13G/A regulatory

"Amendment No. 2 ) HIGHLAND GLOBAL ALLOCATION FUND Common Shares"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 2,353,160.53"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole dispositive power regulatory

"(iii) Sole power to dispose or to direct the disposition of: 2,353,160.53"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

shared voting power regulatory

"(ii) Shared power to vote or to direct the vote: 0"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

HIGHLAND GLOBAL ALLOCATION FUND

(Name of Issuer)

Common Shares

(Title of Class of Securities)

43010T104

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 43010T104

1

Names of Reporting Persons

RAYMOND JAMES & ASSOCIATES

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,353,160.53
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,353,160.53

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.1 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: HIGHLAND GLOBAL ALLOCATION FUND
(b)	Address of issuer's principal executive offices: 300 CRESCENT COURT, SUITE 700, DALLAS, TEXAS, 75201
Item 2.
(a)	Name of person filing: RAYMOND JAMES & ASSOCIATES
(b)	Address or principal business office or, if none, residence: 880 CARILLON PARKWAY, ST PETERSBURG FL 33716
(c)	Citizenship: US
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.:
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,353,160.53
(b)	Percent of class: 10.1%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,353,160.53
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

RAYMOND JAMES & ASSOCIATES

Signature:	Rachel Jacobson
Name/Title:	Operations Manager
Date:	04/07/2026

FAQ

What stake does Raymond James hold in Highland Global Allocation Fund (HGLB)?

Raymond James holds 2,353,160.53 shares, equal to 10.1% of the common shares. The Schedule 13G/A lists this as beneficial ownership as of 03/31/2026, with dispositive but not voting power.

Does Raymond James have voting authority over HGLB shares?

No. The filing states 0 sole and 0 shared voting power. Raymond James reports only dispositive power to direct disposition of the 2,353,160.53 shares listed.

When was the Schedule 13G/A amendment signed and dated?

The amendment is signed by Rachel Jacobson, Operations Manager on 04/07/2026. The ownership snapshot in the filing is dated 03/31/2026, per the document header.

What does "sole dispositive power" mean in this filing for HGLB?

It means Raymond James can direct the disposition of the listed shares. The Schedule 13G/A shows sole dispositive power for 2,353,160.53 shares and no shared dispositive power.

Is this Schedule 13G/A considered a material change for HGLB shareholders?

This filing discloses a >10% beneficial owner, which is a disclosure event. It does not, by itself, indicate further corporate actions or voting changes in the fund.