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
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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
ABBVIE INC	COMMON STOCK	00287Y109	3,160	70,656	SH		SOLE		0	0	0
ACADIA HEALTHCARE CO INC	COMMON STOCK	00404A109	20,448	518,601	SH		DFND		0	0	0
ACME PACKAGING CORP.	COMMON STOCK	004816104	0	155,179	SH		SOLE		0	0	0
ADCARE HEALTH SYSTEMS INC.	COMMON STOCK	00650W300	505	124,786	SH		DFND		0	0	0
PERITUS HIGH YIELD ETF	EXCHANGE TRADED FUNDS	00768Y503	1,286	25,000	SH		SOLE		0	0	0
AETNA INC.	COMMON STOCK	00817Y108	960	15,000	SH		SOLE		0	0	0
AFFILIATED MANAGERS GROUP INC.	COMMON STOCK	008252108	16,717	91,532	SH		SOLE		0	0	0
AGILENT TECHNOLOGIES INC.	COMMON STOCK	00846U101	3,280	64,000	SH		DFND		0	0	0
AKORN INC.	COMMON STOCK	009728106	7,420	377,054	SH		SOLE		0	0	0
ALLEGHENY TECHNOLOGIES, INC.	COMMON STOCK	01741R102	2,133	69,900	SH		SOLE		0	0	0
ALLIANCE DATA SYSTEMS CORP	COMMON STOCK	018581108	61,105	288,953	SH		DFND		0	0	0
AMERICAN INTERNATIONAL GROUP INC.	COMMON STOCK	026874784	36,243	745,282	SH		DFND		0	0	0
AMERICAN TOWER CORP-CL A	EQUITY	03027X100	588	7,926	SH		SOLE		0	0	0
APOLLO GROUP	COMMON STOCK	037604105	3,095	148,750	SH		SOLE		0	0	0
ARMSTRONG WORLD INDUSTRIES, INC.	COMMON STOCK	04247X102	9,992	181,800	SH		SOLE		0	0	0
BALL CORPORATION	COMMON STOCK	058498106	6,105	136,025	SH		SOLE		0	0	0
BANK OF AMERICA CORPORATION	EQUITY WARRANTS	060505153	570	721,832	SH		SOLE		0	0	0
BE AEROSPACE, INC	COMMON STOCK	073302101	11,077	150,050	SH		SOLE		0	0	0
BIG LOTS INC.	COMMON STOCK	089302103	410	11,050	SH		SOLE		0	0	0
BIO-RAD LABORATORIES -CL B	COMMON STOCK	090572207	478	4,062	SH		SOLE		0	0	0
BIOCRYST PHARMACEUTICALS	COMMON STOCK	09058V103	675	92,680	SH		SOLE		0	0	0
BIOSCRIP, INC.	COMMON STOCK	09069N108	1,124	128,000	SH		DFND		0	0	0
BRUKER CORP	COMMON STOCK	116794108	1,076	52,119	SH		SOLE		0	0	0
CBS CORP	COMMON STOCK	124857202	54,186	982,346	SH		DFND		0	0	0
CIT GROUP INC.	COMMON STOCK	125581801	7,291	149,500	SH		SOLE		0	0	0
CME GROUP INC.	COMMON STOCK	12572Q105	612	8,278	SH		SOLE		0	0	0
CAPITAL SOURCE	COMMON STOCK	14055X102	1,485	125,000	SH		SOLE		0	0	0
CARDINAL HEALTH INC.	COMMON STOCK	14149Y108	5,306	101,753	SH		DFND		0	0	0
REPLIDYNE INC.	COMMON STOCK	141619106	401	20,000	SH		SOLE		0	0	0
CEDAR FAIR LP/CANADA'S WONDERLAND	LTD PARTNERSHIP	150185106	35,574	815,912	SH		DFND		0	0	0
CELGENE CORP	COMMON STOCK	151020104	771	5,000	SH		SOLE		0	0	0
CEPHEID	COMMON STOCK	15670R107	663	16,992	SH		SOLE		0	0	0
CHELSEA THERAPEUTICS INTERNA	COMMON STOCK	163428105	717	239,800	SH		SOLE		0	0	0
CHIMERIX INC	COMMON STOCK	16934W106	401	18,262	SH		SOLE		0	0	0
CHUBB CORPORATION	COMMON STOCK	171232101	348	3,900	SH		SOLE		0	0	0
CIENA CORPORATION	COMMON STOCK	171779309	10,070	402,650	SH		SOLE		0	0	0
CIMAREX ENERGY CO	COMMON STOCK	171798101	10,305	106,900	SH		SOLE		0	0	0
CLAYMORE/MAC GLBL SOLAR ENRG	EXCHANGE TRADED FUNDS	18383Q739	4,398	127,446	SH		SOLE		0	0	0
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION	COMMON STOCK	192446102	5,018	61,100	SH		SOLE		0	0	0
COLGATE-PALMOLIVE CO	COMMON STOCK	194162103	557	9,400	SH		SOLE		0	0	0
COMPUWARE CORPORATION	COMMON STOCK	205638109	22,320	1,994,619	SH		DFND		0	0	0
CONCHO RESOURCES INC.	COMMON STOCK	20605P101	19,640	180,500	SH		SOLE		0	0	0
CONN'S INC	COMMON STOCK	208242107	7,216	144,242	SH		SOLE		0	0	0
CORNING INC.	COMMON STOCK	219350105	235	16,135	SH		SOLE		0	0	0
CORRECTIONS CORPORATION OF AMERICA	EQUITY	22025Y407	27,618	799,360	SH		DFND		0	0	0
CREDIT SUISSE ASSET MGMT INC	CLOSE END FIXED INCOME MUTUAL FUNDS	224916106	45	12,254	SH		SOLE		0	0	0
CREDIT SUISSE HIGH YIELD BD	CLOSE END FIXED INCOME MUTUAL FUNDS	22544F103	48	15,575	SH		SOLE		0	0	0
CUMMINS INC.	COMMON STOCK	231021106	601	4,525	SH		SOLE		0	0	0
DEAN FOODS COMPANY	COMMON STOCK	242370203	386	20,000	SH		SOLE		0	0	0
DEVRY INC.	COMMON STOCK	251893103	21,497	703,430	SH		DFND		0	0	0
DIAMONDBACK ENERGY INC	COMMON STOCK	25278X109	9,350	219,275	SH		SOLE		0	0	0
SMALL CAP BULL 3X SHARES	EXCHANGE TRADED FUNDS	25459W847	627	10,000	SH		SOLE		0	0	0
DIREXION GOLD MINERS BULL 2X	EXCHANGE TRADED FUNDS	25459Y389	1,176	23,400	SH		SOLE		0	0	0
CHARTWELL DIV & INC FUND INC	CLOSE END FIXED INCOME MUTUAL FUNDS	25538A204	194	13,475	SH		SOLE		0	0	0
DOLLAR GENERAL CORPORATION	COMMON STOCK	256677105	915	16,204	SH		SOLE		0	0	0
DOLLAR TREE INC	COMMON STOCK	256746108	14,702	257,200	SH		SOLE		0	0	0
EMC CORPORATION	COMMON STOCK	268648102	505	19,755	SH		SOLE		0	0	0
EQT MIDSTREAM PARTNERS LP	COMMON STOCK	26885B100	985	20,000	SH		SOLE		0	0	0
EAGLE CAPITAL GROWTH FUND	CLOSE END FIXED INCOME MUTUAL FUNDS	269451100	101	12,250	SH		SOLE		0	0	0
EDWARDS LIFESCIENCES CORPORATION	COMMON STOCK	28176E108	1,574	22,600	SH		SOLE		0	0	0
ELLSWORTH FUND LTD	CLOSE END FIXED INCOME MUTUAL FUNDS	289074106	187	23,700	SH		SOLE		0	0	0
ENDOCYTE INC	COMMON STOCK	29269A102	1,924	144,365	SH		SOLE		0	0	0
ENTERPRISE PRODUCTS PARTNERS LP	LTD PARTNERSHIP	293792107	228	3,737	SH		SOLE		0	0	0
EXAMWORKS INC	COMMON STOCK	30066A105	752	28,929	SH		SOLE		0	0	0
EXPRESS SCRIPTS HOLDING COMPANY (FKA EXPRESS SCRIPTS, INC.)	COMMON STOCK	30219G108	3,910	63,265	SH		SOLE		0	0	0
FACEBOOK INC	COMMON STOCK	30303M102	16,224	322,985	SH		SOLE		0	0	0
FAIRPOINT COMMUNICATIONS, INC.	COMMON STOCK	305560302	2,156	225,708	SH		DFND		0	0	0
FAMILY DOLLAR STORES, INC.	COMMON STOCK	307000109	3,578	49,685	SH		DFND		0	0	0
FEDEX CORPORATION	COMMON STOCK	31428X106	16,854	147,700	SH		SOLE		0	0	0
FIDELITY NATIONAL INFORMATIO	COMMON STOCK	31620M106	14,398	310,043	SH		SOLE		0	0	0
FREEPORT-MCMORAN CORP	COMMON STOCK	35671D857	8,263	249,800	SH		SOLE		0	0	0
GNC ACQUISITION HOLDINGS INC	COMMON STOCK	36191G107	32,529	595,434	SH		DFND		0	0	0
RXI PHARMACEUTICALS CORP	COMMON STOCK	363256108	1,824	800,000	SH		DFND		0	0	0
ARTHUR J GALLAGHER & CO	COMMON STOCK	363576109	16,971	388,807	SH		SOLE		0	0	0
GAMESTOP CORP-CLASS A	COMMON STOCK	36467W109	228	4,600	SH		SOLE		0	0	0
GENMARK DIAGNOSTICS INC	COMMON STOCK	372309104	774	63,728	SH		SOLE		0	0	0
GILEAD SCIENCES, INC.	COMMON STOCK	375558103	2,106	33,500	SH		DFND		0	0	0
GOOGLE INC-CL A	COMMON STOCK	38259P508	877	1,001	SH		SOLE		0	0	0
W.R. GRACE & CO.	COMMON STOCK	38388F108	557	6,370	SH		SOLE		0	0	0
GRAY TELEVISION, INC.	COMMON STOCK	389375205	132	18,000	SH		SOLE		0	0	0
GUIDEWIRE SOFTWARE INC	COMMON STOCK	40171V100	942	20,000	SH		SOLE		0	0	0
GULFPORT ENERGY	COMMON STOCK	402635304	9,292	144,419	SH		SOLE		0	0	0
HANGER ORTHOPEDIC GROUP, INC.	COMMON STOCK	41043F208	566	16,769	SH		SOLE		0	0	0
HEALTH NET INC.	COMMON STOCK	42222G108	316	9,982	SH		SOLE		0	0	0
HEALTHSTREAM INC.	COMMON STOCK	42222N103	777	20,500	SH		SOLE		0	0	0
HERTZ GLOBAL HOLDINGS INC.	COMMON STOCK	42805T105	11,456	516,954	SH		SOLE		0	0	0
HESS CORPORATION	COMMON STOCK	42809H107	7,115	91,995	SH		DFND		0	0	0
PYXIS/IBOXX SENIOR LOAN ETF	EXCHANGE TRADED FUNDS	430101774	37,988	1,900,000	SH		SOLE		0	0	0
HONEYWELL INTERNATIONAL INC.	COMMON STOCK	438516106	905	10,900	SH		SOLE		0	0	0
ICONIX BRAND GROUP, INC.	COMMON STOCK	451055107	997	30,000	SH		SOLE		0	0	0
ILLUMINA INC.	COMMON STOCK	452327109	1,051	13,000	SH		SOLE		0	0	0
INTERCEPT PHARMACEUTICALS INC	COMMON STOCK	45845P108	1,998	28,951	SH		SOLE		0	0	0
ISHARES FTSE/XINHUA CHINA 25	EXCHANGE TRADED FUNDS	464287184	445	12,000	SH		SOLE		0	0	0
JOHNSON & JOHNSON	COMMON STOCK	478160104	1,232	14,206	SH		SOLE		0	0	0
K12 INC	COMMON STOCK	48273U102	434	14,046	SH		SOLE		0	0	0
KIRBY CORP.	COMMON STOCK	497266106	11,805	136,400	SH		SOLE		0	0	0
LEGG MASON	COMMON STOCK	524901105	9,226	275,900	SH		SOLE		0	0	0
LIFE TIME FITNESS	COMMON STOCK	53217R207	19,208	373,192	SH		DFND		0	0	0
LORAL SPACECOM CORP	COMMON STOCK	543881106	121,914	1,800,000	SH		SOLE		0	0	0
LUXOTTICA GROUP S.P.A.	EQUITY	55068R202	986	18,542	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	471	10,000	SH		SOLE		0	0	0
MARKWEST ENERGY PARTNERS, L.P.	LTD PARTNERSHIP	570759100	226	3,124	SH		SOLE		0	0	0
MACTEC, INC.	COMMON STOCK	576323109	11,347	374,500	SH		SOLE		0	0	0
MAZOR ROBOTICS LTD	ADR	57886P103	312	18,433	SH		SOLE		0	0	0
MEDIVATION INC.	COMMON STOCK	58501N101	455	7,594	SH		SOLE		0	0	0
MELCO CROWN ENTERTAINME-ADR	ADR	585464100	22,529	707,802	SH		DFND		0	0	0
MERCADOLIBRE INC	COMMON STOCK	58733R102	944	7,000	SH		SOLE		0	0	0
MERCK & CO., INC.	COMMON STOCK	58933Y105	2,618	55,000	SH		DFND		0	0	0
MICROSOFT CORPORATION	COMMON STOCK	594918104	501	15,050	SH		SOLE		0	0	0
MICRON TECHNOLOGY, INC.	COMMON STOCK	595112103	9,765	559,000	SH		SOLE		0	0	0
MOLINA HEALTHCARE, INC	COMMON STOCK	60855R100	852	23,935	SH		DFND		0	0	0
MONOLITHIC POWER SYSTEMS INC.	COMMON STOCK	609839105	14,077	464,886	SH		SOLE		0	0	0
MYRAID GENETICS INC.	COMMON STOCK	62855J104	13,952	593,705	SH		SOLE		0	0	0
NEKTAR THERAPEUTICS INC.	COMMON STOCK	640268108	0	0	SH		SOLE		0	0	0
NETAPP INC	COMMON STOCK	64110D104	627	14,700	SH		SOLE		0	0	0
NEWCASTLE INVESTMENT CORP.	EQUITY	65105M108	45,297	8,059,924	SH		DFND		0	0	0
NEWS CORP/NEW-CL A-W/I	COMMON STOCK	65249B109	16,796	1,045,800	SH		SOLE		0	0	0
NEXPOINT CREDIT STRATEGIES FUND (FKA HIGHLAND CREDIT STRATEGIES FUND)	CLOSE END FIXED INCOME MUTUAL FUNDS	65340G106	8,860	1,158,195	SH		DFND		0	0	0
NOVAVAX INC.	COMMON STOCK	670002104	551	175,000	SH		SOLE		0	0	0
NUPATHE INC	COMMON STOCK	67059M100	63	26,099	SH		SOLE		0	0	0
NUVASIVE INC.	COMMON STOCK	670704105	693	28,312	SH		SOLE		0	0	0
OCCIDENTAL PETROLEUM CORP.	COMMON STOCK	674599105	648	6,932	SH		SOLE		0	0	0
PAREXEL INTERNATIONAL CORPORATION	COMMON STOCK	699462107	541	10,786	SH		SOLE		0	0	0
PENDRELL CORPORATION ( F.K.A. ICO GLOBAL COMMUNICATIONS)	COMMON STOCK	70686R104	88,486	45,611,145	SH		DFND		0	0	0
PIMCO 0-5 YEAR H/Y CORP BOND	EXCHANGE TRADED FUNDS	72201R783	1,259	12,000	SH		SOLE		0	0	0
PLAINS ALL AMER PIPELINE LP	LTD PARTNERSHIP	726503105	208	3,945	SH		SOLE		0	0	0
PRAXAIR INC.	COMMON STOCK	74005P104	617	5,136	SH		SOLE		0	0	0
PRECISION CASTPARTS CORP.	COMMON STOCK	740189105	11,089	48,800	SH		SOLE		0	0	0
PROGENICS PHARMACEUTICALS	COMMON STOCK	743187106	10,978	2,186,853	SH		SOLE		0	0	0
ULTRA QQQ PROSHARES	EXCHANGE TRADED FUNDS	74347R206	1,200	15,000	SH		SOLE		0	0	0
PROSHARES ULTRA GOLD	EXCHANGE TRADED FUNDS	74347W601	4,333	85,195	SH		DFND		0	0	0
PROSHRE U/S DJ-AIG CRUDE OIL	EXCHANGE TRADED FUNDS	74347W668	3,146	104,000	SH		SOLE		0	0	0
PROSHARES ULTRA SILVER	EXCHANGE TRADED FUNDS	74347W841	36,398	1,815,380	SH		DFND		0	0	0
ULTRASHORT RUSSELL2000 PROSH	EXCHANGE TRADED FUNDS	74348A202	5,559	383,400	SH		SOLE		0	0	0
QUALCOMM INC	COMMON STOCK	747525103	1,001	14,862	SH		SOLE		0	0	0
QUALITY SYSTEMS INC.	COMMON STOCK	747582104	1,954	89,900	SH		SOLE		0	0	0
QUANTA SERVICES	COMMON STOCK	74762E102	4,863	176,767	SH		SOLE		0	0	0
RELIANCE STEEL & ALUMINUM	COMMON STOCK	759509102	234	3,200	SH		SOLE		0	0	0
ROCKWELL MEDICAL TECH INC	COMMON STOCK	774374102	798	70,000	SH		SOLE		0	0	0
ROCKWOOD HOLDINGS INC.	COMMON STOCK	774415103	550	8,225	SH		SOLE		0	0	0
ROMACORP	COMMON STOCK	77581P109	9,332	224,388	SH		SOLE		0	0	0
SBA COMMUNICATIONS CORP-CL A	COMMON STOCK	78388J106	67,200	835,202	SH		DFND		0	0	0
SPDR TRUST SERIES 1	EXCHANGE TRADED FUNDS	78462F103	840	5,000	SH		SOLE		0	0	0
SPDR LEHMAN HIGH YIELD BOND	EXCHANGE TRADED FUNDS	78464A417	2,391	60,000	SH		SOLE		0	0	0
SWS GROUP INC.	COMMON STOCK	78503N107	13,023	2,333,786	SH		DFND		0	0	0
SANGAMO BIOSCIENCES INC.	COMMON STOCK	800677106	417	39,734	SH		SOLE		0	0	0
SAP AG-SPONSORED ADR	COMMON STOCK	803054204	589	7,946	SH		SOLE		0	0	0
SCHLUMBERGER LTD	COMMON STOCK	806857108	841	9,519	SH		SOLE		0	0	0
SERVICE CORPORATION INTERNATIONAL	COMMON STOCK	817565104	32,586	1,750,059	SH		DFND		0	0	0
SONY CORP-SPONSORED ADR	ADR	835699307	19,983	928,600	SH		SOLE		0	0	0
SPIRIT REALTY CAPITAL, INC. (FKA SPIRIT FINANCE CORPORATION)	EQUITY	84860W102	88,992	9,694,106	SH		DFND		0	0	0
STAPLES INC.	COMMON STOCK	855030102	19,406	1,324,650	SH		DFND		0	0	0
SYMANTEC CORPORATION	COMMON STOCK	871503108	34,942	1,411,786	SH		DFND		0	0	0
TEAM FINANCE LLC (A.K.A TEAM HEALTH HOLDINGS, LLC)	COMMON STOCK	87817A107	578	15,229	SH		SOLE		0	0	0
TESLA MOTORS INC	COMMON STOCK	88160R101	16,920	87,500	SH		SOLE		0	0	0
THERMO FISHER SCIENTIFIC INC.	COMMON STOCK	883556102	825	8,949	SH		SOLE		0	0	0
THORATEC CORP.	COMMON STOCK	885175307	717	19,241	SH		SOLE		0	0	0
TIME WARNER INC.	COMMON STOCK	887317303	340	5,160	SH		SOLE		0	0	0
TORCHMARK CORP.	COMMON STOCK	891027104	3,784	52,300	SH		SOLE		0	0	0
TOYOTA MOTOR CORPORATION	EQUITY	892331307	980	15,300	SH		SOLE		0	0	0
U.S. BANCORP	COMMON STOCK	902973304	744	20,350	SH		SOLE		0	0	0
US SILICA HOLDINGS INC	COMMON STOCK	90346E103	996	40,000	SH		SOLE		0	0	0
BIOVAIL CORP	COMMON STOCK	91911K102	14,567	139,623	SH		SOLE		0	0	0
VANDA PHARMACEUTICALS INC.	COMMON STOCK	921659108	2,408	219,941	SH		SOLE		0	0	0
VENTAS REALTY, LIMITED PARTNERSHIP	EQUITY	92276F100	1,230	20,000	SH		SOLE		0	0	0
VISA INC	COMMON STOCK	92826C839	497	2,599	SH		SOLE		0	0	0
WATERS CORPORATION	COMMON STOCK	941848103	1,062	10,000	SH		SOLE		0	0	0
WELLCARE HEALTH PLANS, INC.	COMMON STOCK	94946T106	349	5,000	SH		SOLE		0	0	0
WRIGHT MEDICAL GROUP INC.	EQUITY WARRANTS	98235T115	25	69,326	SH		SOLE		0	0	0
XEROX CORPORATION	COMMON STOCK	984121103	16,911	1,643,448	SH		DFND		0	0	0
YY INC	ADR	98426T106	936	20,000	SH		SOLE		0	0	0
MICHAEL KORS HOLDINGS LTD	COMMON STOCK	G60754101	9,906	132,930	SH		SOLE		0	0	0
GARMIN LTD.	COMMON STOCK	H2906T109	1,738	38,450	SH		SOLE		0	0	0
MELLANOX TECHNOLOGIES LTD.	COMMON STOCK	M51363113	6,176	162,633	SH		SOLE		0	0	0
AERCAP HOLDINGS N.V.	COMMON STOCK	N00985106	8,589	441,385	SH		SOLE		0	0	0
LYONDELLBASELL INDUSTRIES NV	COMMON STOCK	N53745100	286	3,900	SH		SOLE		0	0	0
NXP SEMICONDUCTOR NV	COMMON STOCK	N6596X109	9,243	248,400	SH		SOLE		0	0	0
YANDEX NV	COMMON STOCK	N97284108	1,093	30,000	SH		SOLE		0	0	0
FLEXTRONICS INTERNATIONAL LTD.	COMMON STOCK	Y2573F102	9,099	1,001,000	SH		SOLE		0	0	0
STEALTHGAS INC.	COMMON STOCK	Y81669106	507	55,500	SH		SOLE		0	0	0