Highland Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3D SYSTEMS CORPORATION	COMMON STOCK	88554D205	439	10,000	SH		SOLE		0	0	0
ABBVIE INC	COMMON STOCK	00287Y109	2,538	61,390	SH		SOLE		0	0	0
ACADIA HEALTHCARE CO INC	COMMON STOCK	00404A109	16,076	486,127	SH		DFND		0	0	0
ACME PACKAGING CORP.	COMMON STOCK	004764106	0	155,179	SH		SOLE		0	0	0
ACTAVIS, INC.	COMMON STOCK	00507K103	1,174	9,300	SH		DFND		0	0	0
ADCARE HEALTH SYSTEMS INC.	COMMON STOCK	00650W300	575	119,875	SH		SOLE		0	0	0
AERCAP HOLDINGS N.V.	COMMON STOCK	N00985106	10,326	591,385	SH		SOLE		0	0	0
AETNA INC.	COMMON STOCK	00817Y108	3,158	49,700	SH		DFND		0	0	0
AFFILIATED MANAGERS GROUP INC.	COMMON STOCK	008252108	9,317	56,832	SH		SOLE		0	0	0
AGILENT TECHNOLOGIES INC.	COMMON STOCK	00846U101	4,396	102,800	SH		DFND		0	0	0
AKORN INC.	COMMON STOCK	009728106	10,360	766,300	SH		SOLE		0	0	0
ALLEGHENY TECHNOLOGIES, INC.	COMMON STOCK	01741R102	2,690	102,257	SH		DFND		0	0	0
ALLIANCE DATA SYSTEMS	COMMON STOCK	018581108	37,604	207,721	SH		SOLE		0	0	0
ALNYLAM PHARMACEUTICALS INC.	COMMON STOCK	02043Q107	824	26,592	SH		SOLE		0	0	0
AMERICAN INTERNATIONAL GROUP INC.	COMMON STOCK	026874784	28,022	626,900	SH		SOLE		0	0	0
AMERIPRISE FINANCIAL, INC.	COMMON STOCK	03076C106	12,117	149,819	SH		SOLE		0	0	0
APOLLO GROUP	COMMON STOCK	037604105	2,636	148,750	SH		SOLE		0	0	0
ARTHUR J GALLAGHER & CO	COMMON STOCK	363576109	44,413	1,016,541	SH		SOLE		0	0	0
BALL CORPORATION	COMMON STOCK	058498106	5,650	136,025	SH		SOLE		0	0	0
BANK OF AMERICA CORPORATION	EQUITY WARRANTS	060505153	1,112	1,443,664	SH		SOLE		0	0	0
BE AEROSPACE, INC	COMMON STOCK	073302101	6,784	107,550	SH		SOLE		0	0	0
BIG LOTS INC.	COMMON STOCK	089302103	348	11,050	SH		SOLE		0	0	0
BIOSCRIP, INC.	COMMON STOCK	09069N108	612	37,098	SH		SOLE		0	0	0
BIOVAIL CORP	COMMON STOCK	91911K102	15,324	178,023	SH		SOLE		0	0	0
BRUKER CORP	COMMON STOCK	116794108	288	17,819	SH		SOLE		0	0	0
CARDINAL HEALTH INC.	COMMON STOCK	14149Y108	3,616	76,600	SH		DFND		0	0	0
CARDIOVASCULAR SYSTEMS INC	COMMON STOCK	141619106	637	30,036	SH		SOLE		0	0	0
CBS CORP	COMMON STOCK	124857202	42,094	861,351	SH		SOLE		0	0	0
CEDAR FAIR LP/CANADA'S WONDERLAND	LTD PARTNERSHIP	150185106	36,864	890,436	SH		SOLE		0	0	0
CHARTWELL DIV & INC FUND INC	CLOSE END FIXED INCOME MUTUAL FUNDS	25538A204	215	13,475	SH		SOLE		0	0	0
CHELSEA THERAPEUTICS INTERNA	COMMON STOCK	163428105	184	80,000	SH		SOLE		0	0	0
CHIMERIX INC	COMMON STOCK	16934W106	242	10,000	SH		SOLE		0	0	0
CHUBB CORPORATION	COMMON STOCK	171232101	330	3,900	SH		SOLE		0	0	0
CIENA CORPORATION	COMMON STOCK	171779309	2,290	117,850	SH		SOLE		0	0	0
CLAYMORE/MAC GLBL SOLAR ENRG	EXCHANGE TRADED FUNDS	18383Q739	2,375	100,000	SH		SOLE		0	0	0
COCA-COLA ENTERPRISES INC.	COMMON STOCK	19122T109	3,228	91,800	SH		DFND		0	0	0
COLGATE-PALMOLIVE CO	COMMON STOCK	194162103	539	9,400	SH		SOLE		0	0	0
COMPUWARE CORPORATION	COMMON STOCK	205638109	14,320	1,384,919	SH		SOLE		0	0	0
CONN'S INC	COMMON STOCK	208242107	5,887	113,742	SH		SOLE		0	0	0
CORNING INC.	COMMON STOCK	219350105	1,357	95,385	SH		SOLE		0	0	0
CORRECTIONS CORPORATION OF AMERICA	EQUITY	22025Y407	25,844	763,025	SH		DFND		0	0	0
CREDIT SUISSE ASSET MGMT INC	CLOSE END FIXED INCOME MUTUAL FUNDS	224916106	47	12,254	SH		SOLE		0	0	0
CREDIT SUISSE HIGH YIELD BD	CLOSE END FIXED INCOME MUTUAL FUNDS	22544F103	49	15,575	SH		SOLE		0	0	0
CST BRANDS INC-WHEN ISSUE	COMMON STOCK	12646R105	10,784	350,000	SH		SOLE		0	0	0
DEAN FOODS COMPANY	COMMON STOCK	242370104	159	15,900	SH		SOLE		0	0	0
DEERE & CO.	COMMON STOCK	244199105	1,085	13,349	SH		SOLE		0	0	0
DEVRY INC.	COMMON STOCK	251893103	23,147	746,200	SH		DFND		0	0	0
DIAMONDBACK ENERGY INC	COMMON STOCK	25278X109	8,103	243,200	SH		SOLE		0	0	0
DOLLAR GENERAL CORPORATION	COMMON STOCK	256677105	303	6,000	SH		SOLE		0	0	0
DOLLAR TREE INC	COMMON STOCK	256746108	7,001	137,700	SH		SOLE		0	0	0
DOMUS HOLDINGS	COMMON STOCK	75605Y106	11,931	248,350	SH		SOLE		0	0	0
EAGLE CAPITAL GROWTH FUND	CLOSE END FIXED INCOME MUTUAL FUNDS	269451100	94	12,250	SH		SOLE		0	0	0
EDWARDS LIFESCIENCES CORPORATION	COMMON STOCK	28176E108	1,519	22,600	SH		SOLE		0	0	0
ELLSWORTH FUND LTD	CLOSE END FIXED INCOME MUTUAL FUNDS	289074106	182	23,700	SH		SOLE		0	0	0
ENDOCYTE INC	COMMON STOCK	29269A102	1,588	120,909	SH		SOLE		0	0	0
ENTERPRISE PRODUCTS PARTNERS LP	LTD PARTNERSHIP	293792107	232	3,737	SH		SOLE		0	0	0
EXAMWORKS INC	COMMON STOCK	30066A105	1,599	75,333	SH		SOLE		0	0	0
FAIRPOINT COMMUNICATIONS, INC.	COMMON STOCK	305560302	1,885	225,708	SH		DFND		0	0	0
FAMILY DOLLAR STORES, INC.	COMMON STOCK	307000109	18,551	297,725	SH		DFND		0	0	0
FIDELITY NATIONAL INFORMATIO	COMMON STOCK	31620M106	29,594	690,796	SH		SOLE		0	0	0
GENERAC HOLDINGS INC	COMMON STOCK	368736104	925	25,000	SH		SOLE		0	0	0
GILEAD SCIENCES, INC.	COMMON STOCK	375558103	2,822	55,035	SH		DFND		0	0	0
GNC ACQUISITION HOLDINGS INC	COMMON STOCK	36191G107	16,298	368,640	SH		SOLE		0	0	0
GRAY TELEVISION, INC.	COMMON STOCK	389375205	125	18,000	SH		SOLE		0	0	0
GULFPORT ENERGY	COMMON STOCK	402635304	14,592	309,876	SH		SOLE		0	0	0
HCA HOLDINGS INC.	COMMON STOCK	40412C101	9,137	253,392	SH		DFND		0	0	0
HEALTHSTREAM INC.	COMMON STOCK	42222N103	597	23,581	SH		SOLE		0	0	0
HERTZ GLOBAL HOLDINGS INC.	COMMON STOCK	42805T105	70,108	2,826,921	SH		DFND		0	0	0
HESS CORPORATION	COMMON STOCK	42809H107	7,886	118,600	SH		DFND		0	0	0
ILLUMINA INC.	COMMON STOCK	452327109	973	13,000	SH		SOLE		0	0	0
INFORMATICA CORPORATION	COMMON STOCK	45666Q102	9,135	261,139	SH		SOLE		0	0	0
INTERCEPT PHARMACEUTICALS INC	COMMON STOCK	45845p108	2,255	50,300	SH		SOLE		0	0	0
IRONWOOD PHARMACEUTICALS INC	COMMON STOCK	46333X108	613	61,699	SH		SOLE		0	0	0
ISHARES DJ US TRANSPORT AVG	EXCHANGE TRADED FUNDS	464287192	264	2,400	SH		SOLE		0	0	0
ISHARES MSCI GERMANY INDEX	EXCHANGE TRADED FUNDS	464286806	247	10,000	SH		SOLE		0	0	0
JACK IN THE BOX, INC.	COMMON STOCK	466367109	7,998	203,554	SH		SOLE		0	0	0
K12 INC	COMMON STOCK	48273U102	899	34,237	SH		SOLE		0	0	0
KIRBY CORP.	COMMON STOCK	497266106	5,472	68,800	SH		SOLE		0	0	0
LIFE TIME FITNESS	COMMON STOCK	53217R207	15,308	305,492	SH		SOLE		0	0	0
LIVE NATION ENTERTAINMENT, INC.	COMMON STOCK	538034109	6,033	389,200	SH		SOLE		0	0	0
LORAL SPACECOM CORP	COMMON STOCK	543881106	107,964	1,800,000	SH		SOLE		0	0	0
LYONDELLBASELL INDUSTRIES NV	COMMON STOCK	N53745100	258	3,900	SH		SOLE		0	0	0
MANAGED HI YLD PLUS FUND INC	CLOSE END FIXED INCOME MUTUAL FUNDS	561911108	46	23,040	SH		SOLE		0	0	0
MARKET VECTORS OIL SERVICE E	EXCHANGE TRADED FUNDS	57060U191	257	6,000	SH		SOLE		0	0	0
MARKWEST ENERGY PARTNERS, L.P.	LTD PARTNERSHIP	570759100	209	3,124	SH		SOLE		0	0	0
MEDIVATION INC.	COMMON STOCK	58501N101	438	8,894	SH		SOLE		0	0	0
MELCO CROWN ENTERTAINME-ADR	ADR	585464100	12,984	580,700	SH		SOLE		0	0	0
MERCK & CO., INC.	COMMON STOCK	58933Y105	3,767	81,100	SH		DFND		0	0	0
MICROSEMI CORPORATION	COMMON STOCK	595137100	341	15,000	SH		SOLE		0	0	0
MICROSOFT CORPORATION	COMMON STOCK	594918104	520	15,050	SH		SOLE		0	0	0
MICROVISION, INC.	EQUITY WARRANTS	594960163	12	402,361	SH		DFND		0	0	0
MIDCAP SPDR TRUST SERIES 1	EXCHANGE TRADED FUNDS	78467Y107	504	2,400	SH		SOLE		0	0	0
MOHAWK INDUSTRIES INC.	COMMON STOCK	608190104	6,299	56,000	SH		SOLE		0	0	0
MOLINA HEALTHCARE, INC	COMMON STOCK	60855R100	803	21,601	SH		DFND		0	0	0
MONEYGRAM INTERNATIONAL, INC.	COMMON STOCK	60935Y208	430	19,000	SH		SOLE		0	0	0
MONOLITHIC POWER SYSTEMS INC.	COMMON STOCK	609839105	14,265	591,674	SH		SOLE		0	0	0
NETAPP INC	COMMON STOCK	64110D104	555	14,700	SH		SOLE		0	0	0
NEWCASTLE INVESTMENT CORPORATION	EQUITY	65105M108	37,573	7,184,090	SH		SOLE		0	0	0
NEXPOINT CREDIT STRATEGIES FUND (FKA HIGHLAND CREDIT STRATEGIES FUND)	CLOSE END FIXED INCOME MUTUAL FUNDS	65340G106	6,645	844,389	SH		DFND		0	0	0
NU SKIN ENTERPRISES INC - A	COMMON STOCK	67018T105	917	15,000	SH		SOLE		0	0	0
NUPATHE INC	COMMON STOCK	67059M100	173	56,569	SH		SOLE		0	0	0
NXP SEMICONDUCTOR NV	COMMON STOCK	n6596x109	8,633	278,300	SH		SOLE		0	0	0
OCCULOGIX INC.	COMMON STOCK	878193101	1,186	111,700	SH		SOLE		0	0	0
OMNICELL INC.	COMMON STOCK	68213N109	1,046	50,900	SH		SOLE		0	0	0
PACKAGING CORP OF AMERICA	COMMON STOCK	695156109	490	10,000	SH		SOLE		0	0	0
PAREXEL INTERNATIONAL CORPORATION	COMMON STOCK	699462107	363	7,905	SH		SOLE		0	0	0
PENDRELL CORPORATION ( F.K.A. ICO GLOBAL COMMUNICATIONS)	COMMON STOCK	70686R104	119,045	45,611,145	SH		DFND		0	0	0
PHARMACYCLICS INC.	COMMON STOCK	716933106	691	8,692	SH		SOLE		0	0	0
PIMCO 0-5 YEAR H/Y CORP BOND	EXCHANGE TRADED FUNDS	72201R783	205	2,000	SH		SOLE		0	0	0
PLAINS ALL AMER PIPELINE LP	LTD PARTNERSHIP	726503105	220	3,945	SH		SOLE		0	0	0
PRECISION CASTPARTS CORP.	COMMON STOCK	740189105	9,628	42,600	SH		SOLE		0	0	0
PROGENICS PHARMACEUTICALS	COMMON STOCK	743187106	18,865	155,847,101	SH		SOLE		0	0	0
PROSHARES SHORT HIGH YIELD	EXCHANGE TRADED FUNDS	74347R131	1,610	50,800	SH		SOLE		0	0	0
PROSHARES ULTRA GOLD	EXCHANGE TRADED FUNDS	74347W601	3,802	85,195	SH		DFND		0	0	0
PROSHARES ULTRA SILVER	EXCHANGE TRADED FUNDS	74347W841	30,861	1,815,380	SH		DFND		0	0	0
PROSHRE U/S DJ-AIG CRUDE OIL	EXCHANGE TRADED FUNDS	74347W668	3,791	104,000	SH		SOLE		0	0	0
PROTO LABS INC	COMMON STOCK	743713109	650	10,000	SH		SOLE		0	0	0
PYXIS/IBOXX SENIOR LOAN ETF	EXCHANGE TRADED FUNDS	430101774	38,018	1,900,000	SH		SOLE		0	0	0
QUANTA SERVICES	COMMON STOCK	74762E102	7,165	270,800	SH		SOLE		0	0	0
QUINTILES TRANSNATIONAL HOLD	COMMON STOCK	74876Y101	512	12,041	SH		SOLE		0	0	0
RELIANCE STEEL & ALUMINUM	COMMON STOCK	759509102	210	3,200	SH		SOLE		0	0	0
REPROS THERAPEUTICS INC.	COMMON STOCK	76028H209	3,046	165,074	SH		DFND		0	0	0
RITE AID CORPORATION	COMMON STOCK	767754104	385	134,539	SH		SOLE		0	0	0
ROCKWOOD HOLDINGS INC.	COMMON STOCK	774415103	527	8,225	SH		SOLE		0	0	0
SBA COMMUNICATIONS CORP-CL A	COMMON STOCK	78388J106	51,902	700,242	SH		SOLE		0	0	0
SERVICE CORPORATION INTERNATIONAL	COMMON STOCK	817565104	16,666	924,370	SH		DFND		0	0	0
SILICON LABORATORIES INC.	COMMON STOCK	826919102	6,431	155,294	SH		SOLE		0	0	0
SKILLED HEALTHCARE GROUP, INC.	COMMON STOCK	83066R107	444	66,400	SH		SOLE		0	0	0
SONY CORP-SPONSORED ADR	ADR	835699307	19,677	928,600	SH		SOLE		0	0	0
SPDR TRUST SERIES 1	EXCHANGE TRADED FUNDS	78462F103	642	4,000	SH		SOLE		0	0	0
STAPLES INC.	COMMON STOCK	855030102	18,800	1,184,650	SH		DFND		0	0	0
STEALTHGAS INC.	COMMON STOCK	y81669106	281	25,500	SH		SOLE		0	0	0
SWS GROUP INC.	COMMON STOCK	78503N107	12,119	2,223,632	SH		DFND		0	0	0
SXC HEALTH SOLUTIONS CORP	COMMON STOCK	148887102	526	10,781	SH		SOLE		0	0	0
SYMANTEC CORPORATION	COMMON STOCK	871503108	41,052	1,826,153	SH		SOLE		0	0	0
TEAM FINANCE LLC (A.K.A TEAM HEALTH HOLDINGS, LLC)	COMMON STOCK	87817A107	1,643	40,000	SH		DFND		0	0	0
TIME WARNER INC.	COMMON STOCK	887317303	4,094	70,800	SH		SOLE		0	0	0
TORCHMARK CORP.	COMMON STOCK	891027104	5,231	80,300	SH		SOLE		0	0	0
TORNIER NV	COMMON STOCK	N87237108	670	38,286	SH		SOLE		0	0	0
TRACTOR SUPPLY COMPANY	COMMON STOCK	892356106	4,725	40,200	SH		SOLE		0	0	0
TRW AUTOMOTIVE HOLDINGS CORPORATION	COMMON STOCK	87264S106	1,698	25,555	SH		SOLE		0	0	0
ULTRASHORT QQQ PROSHARES	EXCHANGE TRADED FUNDS	74347X237	2,371	100,000	SH		SOLE		0	0	0
ULTRASHORT RUSSELL2000 PROSH	EXCHANGE TRADED FUNDS	74348A202	6,920	383,400	SH		SOLE		0	0	0
ULTRASHORT S&P500 PROSHARES	EXCHANGE TRADED FUNDS	74347B300	807	19,762	SH		SOLE		0	0	0
VENTAS REALTY, LIMITED PARTNERSHIP	EQUITY	92276F100	858	12,347	SH		SOLE		0	0	0
W.W. GRAINGER INC.	COMMON STOCK	384802104	4,590	18,200	SH		SOLE		0	0	0
WATERS CORPORATION	COMMON STOCK	941848103	2,350	23,485	SH		DFND		0	0	0
WEBSITE PROS INC.	COMMON STOCK	94733A104	768	30,000	SH		SOLE		0	0	0
WELLCARE HEALTH PLANS, INC.	COMMON STOCK	94946T106	619	11,145	SH		SOLE		0	0	0
WISDOMTREE JAPAN DIVIDEND FD	EXCHANGE TRADED FUNDS	97717W851	1,710	37,500	SH		SOLE		0	0	0
WRIGHT MEDICAL GROUP INC.	EQUITY WARRANTS	98235T115	143	52,949	SH		SOLE		0	0	0
XEROX CORPORATION	COMMON STOCK	984121103	11,138	1,228,050	SH		SOLE		0	0	0
YANDEX NV	COMMON STOCK	n97284108	968	35,000	SH		SOLE		0	0	0