Highland Capital Management Fund Advisors 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
hours per response:		23.8

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
ABSOLUTE SOFTWARE CORP	COM	00386B109	9,712,407	847,505	SH		SOLE		847,505	0	0
ABSOLUTE SOFTWARE CORP	COM	00386B109	621,843	54,262	SH		DFND		54,262	0	0
ACTIVISION BLIZZARD INC	COM	00507V109	13,117,080	155,600	SH	Call	SOLE		155,600	0	0
ADVANCED DRAIN SYS INC DEL	COM	00790R104	238,938	2,100	SH		SOLE		2,100	0	0
AEROJET ROCKETDYNE HLDGS INC	COM	007800105	344,748	6,283	SH		DFND		6,283	0	0
AEROJET ROCKETDYNE HLDGS INC	COM	007800105	16,846,133	307,019	SH		SOLE		307,019	0	0
AFC GAMMA INC	COM	00109K105	409,095	32,859	SH		DFND		32,859	0	0
ALEXANDRIA REAL ESTATE EQ IN	COM	015271109	6,355,440	56,000	SH		SOLE		56,000	0	0
ALTENERGY ACQUISITION CORP	*W EXP 10/29/202	02157M116	438	12,500	SH		SOLE		12,500	0	0
ALTUS POWER INC	COM CL A	02217A102	208,710	38,650	SH		SOLE		38,650	0	0
APPLE INC	COM	037833100	213,367	1,100	SH	Put	SOLE		1,100	0	0
APPRECIATE HOLDINGS INC	*W EXP 11/29/202	03832J114	378	12,612	SH		SOLE		12,612	0	0
ARCONIC CORPORATION	COM	03966V107	239,805	8,107	SH		DFND		8,107	0	0
ARCONIC CORPORATION	COM	03966V107	12,367,487	418,103	SH		SOLE		418,103	0	0
ARGO GROUP INTL HLDGS LTD	COM	G0464B107	747,386	25,241	SH		DFND		25,241	0	0
ARGO GROUP INTL HLDGS LTD	COM	G0464B107	4,760,311	160,767	SH		SOLE		160,767	0	0
ASPEN AEROGELS INC	COM	04523Y105	194,489	24,650	SH		SOLE		24,650	0	0
ATHENA CONSUMER ACQ CORP	*W EXP 07/31/202	04684M114	5,647	125,076	SH		SOLE		125,076	0	0
ATLAS ENERGY SOLUTIONS INC	COM CLASS A	04930R107	173,600	10,000	SH		SOLE		10,000	0	0
BLOCKCHAIN COINVSTRS ACQ CRP	UNIT 09/01/2026	G11765123	105,000	10,000	SH		SOLE		10,000	0	0
BLOOM ENERGY CORP	COM CL A	093712107	196,200	12,000	SH		SOLE		12,000	0	0
BORGWARNER INC	COM	099724106	423,854	8,666	SH		SOLE		8,666	0	0
BRAEMAR HOTELS & RESORTS INC	5.5 CUM CV PFD B	10482B200	7,920,500	565,750	SH		SOLE		565,750	0	0
BROOKFIELD RENEWABLE PARTNER	PARTNERSHIP UNIT	G16258108	241,818	8,200	SH		SOLE		8,200	0	0
CENTRAL PUERTO S A	SPONSORED ADR	155038201	1,401,593	202,250	SH		SOLE		202,250	0	0
CENTRAL PUERTO S A	SPONSORED ADR	155038201	2,271,308	327,750	SH		DFND		327,750	0	0
CHART INDS INC	COM	16115Q308	343,549	2,150	SH		SOLE		2,150	0	0
CHINOOK THERAPEUTICS INC	COM	16961L106	10,610,682	276,176	SH		SOLE		276,176	0	0
CHINOOK THERAPEUTICS INC	COM	16961L106	246,503	6,416	SH		DFND		6,416	0	0
CITY OFFICE REIT INC	COM	178587101	44,866	8,055	SH		SOLE		8,055	0	0
CITY OFFICE REIT INC	COM	178587101	584,850	105,000	SH		DFND		105,000	0	0
CLEAN ENERGY FUELS CORP	COM	184499101	129,952	26,200	SH		SOLE		26,200	0	0
CLEARWAY ENERGY INC	CL C	18539C204	456,960	16,000	SH		SOLE		16,000	0	0
CONSTELLATION ENERGY CORP	COM	21037T109	283,805	3,100	SH		SOLE		3,100	0	0
CRESUD S A C I F Y A	SPONSORED ADR	226406106	1,296,831	167,766	SH		DFND		167,766	0	0
CROWN HLDGS INC	COM	228368106	477,785	5,500	SH		SOLE		5,500	0	0
DARLING INGREDIENTS INC	COM	237266101	446,530	7,000	SH		SOLE		7,000	0	0
DICE THERAPEUTICS INC	COM	23345J104	736,670	15,856	SH		DFND		15,856	0	0
DICE THERAPEUTICS INC	COM	23345J104	32,590,110	701,466	SH		SOLE		701,466	0	0
ECOVYST INC	COM	27923Q109	261,918	22,855	SH		SOLE		22,855	0	0
ELME COMMUNITIES	SH BEN INT	939653101	1,844,979	112,225	SH		SOLE		112,225	0	0
ELME COMMUNITIES	SH BEN INT	939653101	2,491,877	151,574	SH		DFND		151,574	0	0
EMEREN GROUP LTD	SPONSORED ADS	75971T301	259,615	68,500	SH		SOLE		68,500	0	0
ENERGEM CORP	UNIT 11/15/2026	G30449113	2,452,500	225,000	SH		SOLE		225,000	0	0
ENERGY TRANSFER L P	COM UT LTD PTN	29273V100	762,000	60,000	SH		DFND		60,000	0	0
ENERGY TRANSFER L P	COM UT LTD PTN	29273V100	17,852,542	1,405,712	SH		SOLE		1,405,712	0	0
ENTERPRISE PRODS PARTNERS L	COM	293792107	2,071,927	78,631	SH		SOLE		78,631	0	0
EVEREST CONSOLIDATOR ACQ COR	UNIT 99/99/9999	29978K201	654,965	60,927	SH		SOLE		60,927	0	0
FARMLAND PARTNERS INC	COM	31154R109	598,290	49,000	SH		DFND		49,000	0	0
FAT PROJECTS ACQUISITION COR	*W EXP 08/31/202	G3400W110	7,455	150,000	SH		SOLE		150,000	0	0
FIRST HORIZON CORPORATION	COM	320517105	552,005	48,980	SH		SOLE		48,980	0	0
FOCUS FINL PARTNERS INC	COM CL A	34417P100	747,427	14,234	SH		DFND		14,234	0	0
FOCUS FINL PARTNERS INC	COM CL A	34417P100	18,998,433	361,806	SH		SOLE		361,806	0	0
GASLOG PARTNERS LP	UNIT LTD PTNRP	Y2687W108	30,883,202	3,582,738	SH		SOLE		3,582,738	0	0
GASLOG PARTNERS LP	UNIT LTD PTNRP	Y2687W108	1,718,388	199,349	SH		DFND		199,349	0	0
GLOBUS MED INC	CL A	379577208	192,671	3,236	SH		DFND		3,236	0	0
GLOBUS MED INC	CL A	379577208	297,700	5,000	SH		SOLE		5,000	0	0
GOGREEN INVESTMENTS CORP	*W EXP 05/31/202	G9461B119	178,311	181,950	SH		SOLE		181,950	0	0
GRUPO SUPERVIELLE S.A.	SPONSORED ADR	40054A108	75,573	24,300	SH		SOLE		24,300	0	0
HEALTHCARE RLTY TR	CL A COM	42226K105	6,686,492	354,533	SH		SOLE		354,533	0	0
HERON THERAPEUTICS INC	COM	427746102	297,170	256,181	SH		SOLE		256,181	0	0
HERON THERAPEUTICS INC	COM	427746102	281,822	242,950	SH		DFND		242,950	0	0
HIGHLAND GLOBAL ALLOCATION F	COM	43010T104	746,028	86,246	SH		SOLE		86,246	0	0
HIGHLAND OPPORTUNITIES	HIGHLAND INCOME	43010E404	3,016,065	334,005	SH		SOLE		334,005	0	0
HIGHLAND OPPORTUNITIES	HIGHLAND INCOME	43010E404	5,273,899	584,042	SH		DFND		584,042	0	0
HOME PT CAPITAL INCORPORATED	COM	43734L106	787,533	339,454	SH		SOLE		339,454	0	0
HOME PT CAPITAL INCORPORATED	COM	43734L106	525,422	226,475	SH		DFND		226,475	0	0
HORIZON THERAPEUTICS PUB L	SHS	G46188101	59,853,249	581,947	SH		SOLE		581,947	0	0
INDEPENDENCE RLTY TR INC	COM	45378A106	463,936	25,463	SH		SOLE		25,463	0	0
INTEGRATED RAIL AND RES ACQ	UNIT 99/99/9999	45827R205	3,208,132	294,324	SH		SOLE		294,324	0	0
INVESCO QQQ TR	UNIT SER 1	46090E103	3,694,200	10,000	SH	Put	SOLE		10,000	0	0
ISHARES TR	20 YR TR BD ETF	464287432	1,183,810	11,500	SH	Call	SOLE		11,500	0	0
LABORATORY CORP AMER HLDGS	COM NEW	50540R409	313,729	1,300	SH		SOLE		1,300	0	0
LIFE STORAGE INC	COM	53223X107	47,301,983	355,761	SH		SOLE		355,761	0	0
LOMA NEGRA C I A S A MTN 14	SPONSORED ADS	54150E104	435,200	64,000	SH		DFND		64,000	0	0
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	28,496,568	457,262	SH		SOLE		457,262	0	0
MERCADOLIBRE INC	COM	58733R102	3,553,800	3,000	SH		SOLE		3,000	0	0
MFA FINL INC	COM	55272X607	252,900	22,500	SH		DFND		22,500	0	0
MINERALS TECHNOLOGIES INC	COM	603158106	207,684	3,600	SH		SOLE		3,600	0	0
MP MATERIALS CORP	COM CL A	553368101	159,748	6,982	SH		SOLE		6,982	0	0
MP MATERIALS CORP	COM CL A	553368101	125,840	5,500	SH	Call	SOLE		5,500	0	0
NATIONAL INSTRS CORP	COM	636518102	313,634	5,464	SH		DFND		5,464	0	0
NATIONAL INSTRS CORP	COM	636518102	468,901	8,169	SH		SOLE		8,169	0	0
NEW FORTRESS ENERGY INC	COM CL A	644393100	417,768	15,600	SH		SOLE		15,600	0	0
NEXPOINT DIVERSIFIED REL ET	COM NEW	65340G205	22,854,997	1,825,479	SH		SOLE		1,825,479	0	0
NEXPOINT DIVERSIFIED REL ET	COM NEW	65340G205	8,900,555	710,907	SH		DFND		710,907	0	0
NEXPOINT REAL ESTATE FIN INC	COM	65342V101	82,216,537	5,273,671	SH		SOLE		5,273,671	0	0
NEXPOINT REAL ESTATE FIN INC	COM	65342V101	51,660,476	3,313,693	SH		DFND		3,313,693	0	0
NEXPOINT RESIDENTIAL TR INC	COM	65341D102	16,919,652	372,024	SH		SOLE		372,024	0	0
NEXPOINT RESIDENTIAL TR INC	COM	65341D102	13,674,837	300,678	SH		DFND		300,678	0	0
NEXTERA ENERGY PARTNERS LP	COM UNIT PART IN	65341B106	328,384	5,600	SH		SOLE		5,600	0	0
NRG ENERGY INC	COM NEW	629377508	1,028,225	27,500	SH	Call	SOLE		27,500	0	0
NRG ENERGY INC	COM NEW	629377508	10,544	282	SH		SOLE		282	0	0
PAMPA ENERGIA S A	SPONS ADR LVL I	697660207	2,932,764	67,700	SH		SOLE		67,700	0	0
PARATEK PHARMACEUTICALS INC	COM	699374302	5,405,152	2,445,770	SH		SOLE		2,445,770	0	0
PARATEK PHARMACEUTICALS INC	COM	699374302	110,500	50,000	SH		DFND		50,000	0	0
PATTERSON COS INC	COM	703395103	572,072	17,200	SH		SOLE		17,200	0	0
PERCEPTION CAPITAL CORP II	*W EXP 10/25/202	G7007D110	20,917	198,080	SH		SOLE		198,080	0	0
PHOENIX BIOTECH ACQUISITION	*W EXP 09/01/202	71902K113	6,644	108,741	SH		SOLE		108,741	0	0
PLANET LABS PBC	COM CL A	72703X106	257,600	80,000	SH		SOLE		80,000	0	0
PNM RES INC	COM	69349H107	9,092,521	201,608	SH		SOLE		201,608	0	0
PNM RES INC	COM	69349H107	420,107	9,315	SH		DFND		9,315	0	0
PRIMO WATER CORPORATION	COM	74167P108	406,296	32,400	SH		SOLE		32,400	0	0
PROSHARES TR II	ULTRA BLOOMBERG	74347Y763	1,690,255	24,500	SH		SOLE		24,500	0	0
SAFEHOLD INC	COM	78646V107	884,085	37,256	SH		DFND		37,256	0	0
SEAPORT GLOBAL ACQUISITION I	*W EXP 11/17/202	81221H113	1,805	21,237	SH		SOLE		21,237	0	0
SERITAGE GROWTH PPTYS	CL A	81752R100	3,724,100	417,500	SH		SOLE		417,500	0	0
SMX SEC MATTERS PLC	*W EXP 03/07/202	G8267K117	2,308	113,155	SH		SOLE		113,155	0	0
SOLAREDGE TECHNOLOGIES INC	COM	83417M104	411,647	1,530	SH		SOLE		1,530	0	0
SUNNOVA ENERGY INTL INC.	COM	86745K104	199,945	10,920	SH		SOLE		10,920	0	0
SUNRUN INC	COM	86771W105	225,036	12,600	SH		SOLE		12,600	0	0
TARGA RES CORP	COM	87612G101	5,007,380	65,800	SH		SOLE		65,800	0	0
TECK RESOURCES LTD	CL B	878742204	707,027	16,794	SH		SOLE		16,794	0	0
TELESAT CORP	CL A & CL B SHS	879512309	5,122,813	543,823	SH		SOLE		543,823	0	0
TELESAT CORP	CL A & CL B SHS	879512309	443,682	47,100	SH		DFND		47,100	0	0
TEUCRIUM COMMODITY TR	CORN FD SHS	88166A102	4,590,002	206,850	SH		SOLE		206,850	0	0
U S XPRESS ENTERPRISES INC	COM CL A	90338N202	1,907,102	310,603	SH		DFND		310,603	0	0
U S XPRESS ENTERPRISES INC	COM CL A	90338N202	2,267,256	369,260	SH		SOLE		369,260	0	0
UNITED PARCEL SERVICE INC	CL B	911312106	1,792,500	10,000	SH	Put	SOLE		10,000	0	0
UNIVAR SOLUTIONS INC	COM	91336L107	823,890	22,988	SH		DFND		22,988	0	0
UNIVAR SOLUTIONS INC	COM	91336L107	42,511,974	1,186,160	SH		SOLE		1,186,160	0	0
UR-ENERGY INC	COM	91688R108	15,750	15,000	SH		SOLE		15,000	0	0
URSTADT BIDDLE PPTYS INC	CL A	917286205	969,860	45,619	SH		SOLE		45,619	0	0
VISTRA CORP	COM	92840M102	2,065,875	78,700	SH		SOLE		78,700	0	0
WESTERN MIDSTREAM PARTNERS L	COM UNIT LP INT	958669103	3,687,606	139,050	SH		SOLE		139,050	0	0
WHEELER REAL ESTATE INVT TR	CV PFD SER B	963025309	131,682	82,301	SH		SOLE		82,301	0	0
WHEELER REAL ESTATE INVT TR	PFD CNV SER D	963025606	591,250	47,300	SH		SOLE		47,300	0	0
WHITESTONE REIT	COM	966084204	1,867,250	192,500	SH		DFND		192,500	0	0
WHITESTONE REIT	COM	966084204	8,489,974	875,255	SH		SOLE		875,255	0	0