# EDGAR Filing Document

**Accession Number:** 0001354917
**File Stem:** 0002048251-26-004757
**Filing Date:** 2026-6
**Character Count:** 76139
**Document Hash:** 86f372c2bc83ea9a6b3ffb2c4c1481f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-004757.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0002048251-26-004757

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEXPOINT FUNDS I
- **CENTRAL INDEX KEY:** 0001354917

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21866
- **FILM NUMBER:** 261052173

**BUSINESS ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-276-6300

**MAIL ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Highland Funds I
- **DATE OF NAME CHANGE:** 20130208

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PYXIS FUNDS I
- **DATE OF NAME CHANGE:** 20120109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Highland Funds I
- **DATE OF NAME CHANGE:** 20060302

## Series and Classes Contracts Data

### NexPoint Credit Catalyst Fund (Series ID: S000093541)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000261876 | Class Z      |  |
| C000261877 | Class A      |  |
| C000261878 | Class C      |  |

## Nport-Ex

**INVESTMENT PORTFOLIO (unaudited)** 

---

| | |
|:---|:---|
| **As of March 31, 2026** | **NexPoint Event Driven Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value ($)** |
| **Common Stock — 97.1%** | **Common Stock — 97.1%** | **Common Stock — 97.1%** |
| **COMMUNICATION SERVICES** — **16.0%** | **COMMUNICATION SERVICES** — **16.0%** | **COMMUNICATION SERVICES** — **16.0%** |
| 571170 | Clear Channel Outdoor Holdings, Inc., Class A(a) | 1353673 |
| 14340 | Electronic Arts, Inc. | 2923496 |
| 282790 | Kyivstar Group(a)(b) | 2861835 |
| 298140 | Lionsgate Studios Corp.(a)(c) | 2859162 |
| 96000 | Warner Bros Discoveryn Inc.(a) | 2636160 |
|  |  | 12634326 |
| **CONSUMER DISCRETIONARY** — **8.5%** | **CONSUMER DISCRETIONARY** — **8.5%** | **CONSUMER DISCRETIONARY** — **8.5%** |
| 29230 | Aptiv PLC(a) | 2029731 |
| 17750 | Genuine Parts | 1877063 |
| 161640 | Leggett & Platt | 1597003 |
| 32266 | YETI Holdings(a)(c) | 1180613 |
|  |  | 6684410 |
| **CONSUMER STAPLES** — **4.4%** | **CONSUMER STAPLES** — **4.4%** | **CONSUMER STAPLES** — **4.4%** |
| 72000 | Primo Brands Corp., Class A | 1355760 |
| 98150 | Reynolds Consumer Products(b)(c) | 2078817 |
|  |  | 3434577 |
| **FINANCIALS** — **3.7%** | **FINANCIALS** — **3.7%** | **FINANCIALS** — **3.7%** |
| 5000 | 1RT Acquisition Corp., Class A(a) | 50700 |
| 6526 | Brighthouse Financial(a) | 390777 |
| 90750 | ProAssurance(a)(c) | 2243340 |
| 20671 | Two Harbors Investment | 236063 |
|  |  | 2920880 |
| **HEALTHCARE** — **17.7%** | **HEALTHCARE** — **17.7%** | **HEALTHCARE** — **17.7%** |
| 124550 | Amicus Therapeutics, Inc.(a) | 1800993 |
| 10033 | Atrium Therapeutics(a)(c) | 134141 |
| 7742 | Becton Dickinson | 1217275 |
| 39410 | Hologic, Inc.(a)(c) | 2979002 |
| 164420 | Select Medical Holdings | 2678402 |
| 75011 | Sotera Health(a)(c) | 1075658 |
| 74740 | Terns Pharmaceuticals(a) | 3940293 |
| 256565 | Walgreens Boots Alliance, Inc.(a)(c)(d)(e) | 135979 |
|  |  | 13961743 |
| **INDUSTRIALS** — **15.5%** | **INDUSTRIALS** — **15.5%** | **INDUSTRIALS** — **15.5%** |
| 33499 | Air Lease, Class A | 2175425 |
| 31960 | CSG Systems International | 2554882 |
| 35000 | CSX Corp.(c) | 1436750 |
| 39800 | Fortune Brands Innovations | 1551006 |
| 8950 | Middleby(a) | 1186591 |
| 26000 | Parsons(a) | 1408420 |
| 58300 | Resideo Technologies(a) | 1965293 |
|  |  | 12278367 |
| **INFORMATION TECHNOLOGY** — **15.7%** | **INFORMATION TECHNOLOGY** — **15.7%** | **INFORMATION TECHNOLOGY** — **15.7%** |
| 2896 | Adobe, Inc.(a) | 703960 |
| 46300 | BILL Holdings(a)(b) | 1773290 |
| 35450 | Blackline, Inc.(a)(b) | 1311650 |
| 74955 | Braze, Inc., Class A(a)(b)(c) | 1769687 |
| 69862 | Gitlab, Class A(a)(c) | 1511814 |
| 106100 | indie Semiconductor, Inc., Class A(a)(b)(c) | 341642 |
| 20159 | Okta, Class A(a) | 1586715 |
| 43934 | Ralliant(c) | 1827229 |
| 5192 | Workday, Class A(a) | 674545 |
| 15320 | Workiva, Class A(a)(b) | 913531 |
|  |  | 12414063 |
| **MATERIALS** — **6.6%** | **MATERIALS** — **6.6%** | **MATERIALS** — **6.6%** |
| 12666 | Amrize(a)(c) | 698586 |
| 138000 | James Hardie Industries PLC(a)(c) | 2613720 |
| 26032 | Smurfit WestRock PLC(c) | 1037375 |
| 16850 | Teck Resources, Ltd., Class B(c) | 871987 |
|  |  | 5221668 |
| **REAL ESTATE** — **1.8%** | **REAL ESTATE** — **1.8%** | **REAL ESTATE** — **1.8%** |
| 243467 | Fermi, Inc.(a)(b) | 1421847 |
| 3083 | Kennedy-Wilson Holdings | 33358 |
|  |  | 1455205 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value ($)** |
| **Common Stock (continued)** | **Common Stock (continued)** | **Common Stock (continued)** |
| **UTILITIES** — **7.2%** | **UTILITIES** — **7.2%** | **UTILITIES** — **7.2%** |
| 38650 | Southwest Gas Holdings | 3358685 |
| 39549 | TXNM Energy(c) | 2312035 |
|  |  | 5670720 |
|  | Total Common Stock<br>(Cost $84,119,891) | 76675959 |
| **Master Limited Partnerships — 3.8%** | **Master Limited Partnerships — 3.8%** | **Master Limited Partnerships — 3.8%** |
| **ENERGY** — **1.4%** | **ENERGY** — **1.4%** | **ENERGY** — **1.4%** |
| 408240 | Martin Midstream Partners L.P. | 1126742 |
| **UTILITIES** — **2.4%** | **UTILITIES** — **2.4%** | **UTILITIES** — **2.4%** |
| 57506 | Brookfield Renewable Partners L.P. (c) | 1876996 |
|  | Total Master Limited Partnerships<br>(Cost $3,071,555) | 3003738 |
| **Principal Amount ($)** | **Principal Amount ($)** |  |
| **Corporate Obligations — 2.0%** | **Corporate Obligations — 2.0%** | **Corporate Obligations — 2.0%** |
| **MATERIALS** — **2.0%** | **MATERIALS** — **2.0%** | **MATERIALS** — **2.0%** |
|  | Sealed Air |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2032 (f) | 525098 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2031 (f) | 1049255 |
|  |  | 1574353 |
|  | Total Corporate Obligations<br>(Cost $1,548,910) | 1574353 |
| **Contracts** | **Contracts** |  |
| **Purchased Put Options(a) — 0.1%** | **Purchased Put Options(a) — 0.1%** | **Purchased Put Options(a) — 0.1%** |
| 960 | Total Purchased Put Options<br>(Cost $154,080) | 115200 |
| **Units** | **Units** |  |
| **Rights — 0.1%** | **Rights — 0.1%** | **Rights — 0.1%** |
| **HEALTHCARE** — **0.1%** | **HEALTHCARE** — **0.1%** | **HEALTHCARE** — **0.1%** |
| 3352 | Abiomed, Inc. (a)(c)(d)(e) | 3419 |
| 22042 | Blueprint Medicines Corp. (a)(c)(d)(e) | 10140 |
| 7303 | Novartis (a)(d)(e) |  |
| 225000 | Paratek Pharmaceuticals (a)(d)(e) | 18000 |
| 90000 | Roche Holding AG (a)(d)(e) | 30600 |
|  | Total Rights<br>(Cost $–) | 62159 |
| **Contracts** | **Contracts** |  |
| **Purchased Call Options(a) — 0.0%** | **Purchased Call Options(a) — 0.0%** | **Purchased Call Options(a) — 0.0%** |
| 1440 | Total Purchased Call Options<br>(Cost $23,040) | 7200 |
| **Units** | **Units** |  |
| **Warrants — 0.0%** | **Warrants — 0.0%** | **Warrants — 0.0%** |
| **FINANCIALS** — **0.0%** | **FINANCIALS** — **0.0%** | **FINANCIALS** — **0.0%** |
| 1250 | 1RT Acquisition Corp., Expires 06/23/2031(a) | 556 |
| 17000 | EQV Ventures Acquisition Corp. II, Expires 07/03/2031(a) | 5271 |
|  | Total Warrants<br>(Cost $6,197) | 5827 |

---

------

**INVESTMENT PORTFOLIO (unaudited)(continued)** 

---

| | |
|:---|:---|
| **As of March 31, 2026** | **NexPoint Event Driven Fund** |

---

---

| | | |
|:---|:---|:---|
| **Units** |  | **Value ($)** |
| **Warrants (continued)** | **Warrants (continued)** | **Warrants (continued)** |
| **REAL ESTATE** — **0.0%** | **REAL ESTATE** — **0.0%** | **REAL ESTATE** — **0.0%** |
| 240000 | Fermi, Inc., Expires 11/19/2026(a) |  |
|  | Total Warrants<br>(Cost $–) |  |
| **Principal Amount ($)** | **Principal Amount ($)** |  |
| **Repurchase Agreements(g)(h) — 1.5%** | **Repurchase Agreements(g)(h) — 1.5%** | **Repurchase Agreements(g)(h) — 1.5%** |
| 262960 | Cantor Fitzgerald Securities<br>dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $262,987 (collateralized by U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $54 - $32,115, 2.000% - 6.869%, 11/30/2027 – 10/20/2075; with total market value $268,219) | 262960 |
| 279745 | Citadel Securities LLC<br>dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $279,774 (collateralized by U.S. Treasury Obligations, ranging in par value $19 - $14,008, 0.000% - 5.375%, 04/15/2026 – 02/15/2056; with total market value $285,369) | 279745 |
| 54699 | Citigroup Global Markets, Inc.<br>dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $54,705 (collateralized by U.S. Treasury Obligations, ranging in par value $55.153, 4.250%, 05/15/2035; with total market value $55,793) | 54699 |
| 262960 | Daiwa Capital Markets America, Inc.<br>dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $262,987 (collateralized by U.S. Government Obligations, ranging in par value $36 - $109,612, 2.000% - 6.500%, 05/12/2027 – 02/20/2066; with total market value $268,219) | 262960 |
| 16785 | Daiwa Capital Markets America, Inc.<br>dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $16,787 (collateralized by U.S. Treasury Obligations, ranging in par value $35 - $6,845, 0.000% - 4.750%, 05/07/2026 – 05/15/2055; with total market value $17,121) | 16785 |
| 30375 | Nomura Securities International, Inc.<br>dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $30,378 (collateralized by U.S. Government Obligations, ranging in par value $19 - $6,075, 1.500% - 6.500%, 06/01/2037 – 06/20/2062; with total market value $30,982) | 30375 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount ($)** | **Principal Amount ($)** | **Value ($)** |
| **Repurchase Agreements(g)(h) (continued)** | **Repurchase Agreements(g)(h) (continued)** | **Repurchase Agreements(g)(h) (continued)** |
| 262960 | RBC Dominion Securities, Inc.<br>dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $262,987 (collateralized by U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $15 - $132,316, 0.000% - 7.000%, 05/05/2026 – 01/15/2066; with total market value $268,219) | 262960 |
|  | Total Repurchase Agreements<br>(Cost $1,170,484) | 1170484 |
| **Shares** |  |  |
| **Cash Equivalents — 0.5%** | **Cash Equivalents — 0.5%** | **Cash Equivalents — 0.5%** |
| **MONEY MARKET FUND(i) — 0.5%** | **MONEY MARKET FUND(i) — 0.5%** | **MONEY MARKET FUND(i) — 0.5%** |
| 385066 | Dreyfus Treasury Obligations Cash Management, Institutional Shares 3.540% | 385066 |
|  | Total Cash Equivalents<br>(Cost $385,066) | 385066 |
| **Total Investments - 105.1%**<br> (Cost $90,479,223) | **Total Investments - 105.1%**<br> (Cost $90,479,223) | **82999986** |
| **Securities Sold Short— (15.5)%** | **Securities Sold Short— (15.5)%** | **Securities Sold Short— (15.5)%** |
| **Common Stock — (15.5)%** | **Common Stock — (15.5)%** | **Common Stock — (15.5)%** |
| **COMMUNICATION SERVICES** — **(1.1)%** | **COMMUNICATION SERVICES** — **(1.1)%** | **COMMUNICATION SERVICES** — **(1.1)%** |
| (20865) | Atlanta Braves Holdings, Class C (j) | (890935) |
| **CONSUMER DISCRETIONARY** — **(5.7)%** | **CONSUMER DISCRETIONARY** — **(5.7)%** | **CONSUMER DISCRETIONARY** — **(5.7)%** |
| (2600) | Tesla, Inc. (j) | (966550) |
| (58650) | Tri Pointe Homes (j) | (2740715) |
| (37360) | Warby Parker, Class A (j) | (787175) |
|  |  | (4494440) |
| **CONSUMER STAPLES** — **(0.7)%** | **CONSUMER STAPLES** — **(0.7)%** | **CONSUMER STAPLES** — **(0.7)%** |
| (14633) | Maplebear (j) | (548152) |
| **FINANCIALS** — **(3.1)%** | **FINANCIALS** — **(3.1)%** | **FINANCIALS** — **(3.1)%** |
| (16889) | Cantaloupe (j) | (182570) |
| (144000) | DigitalBridge Group, Inc. | (2220480) |
|  |  | (2403050) |
| **INDUSTRIALS** — **(2.0)%** | **INDUSTRIALS** — **(2.0)%** | **INDUSTRIALS** — **(2.0)%** |
| (2250) | Caterpillar | (1594035) |
| **INFORMATION TECHNOLOGY** — **(0.7)%** | **INFORMATION TECHNOLOGY** — **(0.7)%** | **INFORMATION TECHNOLOGY** — **(0.7)%** |
| (15472) | RingCentral, Class A | (575404) |
| **UTILITIES** — **(2.2)%** | **UTILITIES** — **(2.2)%** | **UTILITIES** — **(2.2)%** |
| (43506) | Brookfield Renewable Corporation | (1732844) |
|  | Total Common Stock<br>(Proceeds $11,512,880) | (12238860) |
|  | Total Securities Sold Short - (15.5)%<br>(Proceeds $11,512,880) | (12238860) |
| **Other Assets & Liabilities,<br>Net - 10.4%(k)** | **Other Assets & Liabilities,<br>Net - 10.4%(k)** | **8202268** |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **78963394** |

---

------

**INVESTMENT PORTFOLIO (unaudited)(continued)** 

---

| | |
|:---|:---|
| **As of March 31, 2026** | **NexPoint Event Driven Fund** |

---

(a) Non-income producing security.

(b) Securities (or a portion of securities) on loan. As of March 31, 2026, the fair value of securities loaned
was $6,629,847. The loaned securities were secured with cash and/or securities collateral of $6,689,423. Collateral is calculated based on prior day's prices.

(c) All or part of this security is pledged as collateral for short sales. The fair value of the securities pledged
as collateral was $19,313,192.

(d) Securities with a total aggregate value of $198,138, or 0.3% of net assets, were classified as Level 3
within the three-tier fair value hierarchy. Please see Notes to Investment Portfolio for an explanation of this hierarchy, as well as a list of unobservable inputs used in the valuation of these instruments.

(e) Represents fair value as determined by the Investment Adviser pursuant to the policies and procedures approved
by the Board of Trustees (the "Board"). The Board has designated the Investment Adviser as "valuation designee" for the Fund pursuant to Rule 2a-5 of the Investment Company Act of 1940,
as amended. The Investment Adviser considers fair valued securities to be securities for which market quotations are not readily available and these securities may be valued using a combination of observable and unobservable inputs. Securities with
a total aggregate value of $198,138, or 0.3% of net assets, were fair valued under the Fund's valuation procedures as of March 31, 2026. Please see Notes to Investment Portfolio.

(f) Securities exempt from registration under Rule 144A of the 1933 Act. These securities may only be resold in
transactions exempt from registration to qualified institutional buyers. The Board has determined these investments to be liquid. At March 31, 2026, these securities amounted to $1,574,353 or 2.0% of net assets.

(g) Tri-Party Repurchase Agreement.

(h) This security was purchased with cash collateral held from securities on loan. The total value of such
securities as of March 31, 2026 was $1,170,484.

(i) Rate reported is 7 day effective yield.

(j) No dividend payable on security sold short.

(k) As of March 31, 2026, $13,497,487 in cash was segregated or on deposit with the brokers to cover
investments sold short and is included in "Other Assets & Liabilities, Net".

------

**INVESTMENT PORTFOLIO (unaudited)(concluded)** 

---

| | |
|:---|:---|
| **As of March 31, 2026** | **NexPoint Event Driven Fund** |

---

Purchased options contracts outstanding as of March 31, 2026 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise Price<br>($)** | **Counterparty** | **Expiration Date** | **Number of<br>Contracts** | **Notional Value<br>($)** | **Premium ($)** | **Value ($)** |
|  **PURCHASED PUT OPTIONS:** |  |  |  |  |  |  |  |
|  Warner Bros Discovery, Inc. | 28.00 | Pershing | July 2026 | 960 | 2636160 | 154080 | 115200 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise Price<br>($)** | **Counterparty** | **Expiration Date** | **Number of<br>Contracts** | **Notional Value<br>($)** | **Premium ($)** | **Value ($)** |
|  **PURCHASED CALL OPTIONS:** |  |  |  |  |  |  |  |
|  DigitalBridge Group, Inc. | 16.00 | Pershing | April 2026 | 1440 | 2220480 | 23040 | 7200 |

---

Written options contracts outstanding as of March 31, 2026 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise Price<br>($)** | **Counterparty** | **Expiration Date** | **Number of<br>Contracts** | **Notional Value<br>($)** | **Premium ($)** | **Value ($)** |
|  **WRITTEN PUT OPTIONS:** |  |  |  |  |  |  |  |
|  Warner Bros Discovery, Inc. | 22.00 | Pershing | July 2026 | (960) | (2636160) | (21120) | (12960) |

---

The Fund had the following swaps contracts, which did not require pledged collateral, open at March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying<br>Instrument** | **Financing Rate** | **Payment<br>Frequency** | **Counterparty** | **Expiration<br>Date** | **Currency** | **Notional<br>Amount**<br>**($)** | **Fair<br>Value<br>($)** | **Upfront<br>Premiums<br>Paid<br>(Received)<br>($)** | **Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** |
|  **Long Equity Total Return Swaps** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corporation | 1 Day USD-SOFR plus<br>0.61% | Upon Maturity | Goldman Sachs | 09/03/2026 | USD | 1317826 | 8138 |  | 8138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ECN Capital | 1 Day CAD-CORRA plus<br>0.50% | Upon Maturity | Goldman Sachs | 01/08/2027 | CAD | 2659129 | (4719) |  | (4719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air | 1 Day USD-SOFR plus<br>0.61% | Upon Maturity | Goldman Sachs | 12/18/2026 | USD | 1812157 | 7019 |  | 7019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Long Equity Total Return Swaps** |  |  |  |  |  |  | 10438 |  | 10438 |

---

------

**INVESTMENT PORTFOLIO (unaudited)** 

---

| | |
|:---|:---|
| **As of March 31, 2026** | **NexPoint Merger Arbitrage Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value ($)** |
| **Common Stock — 74.0%** | **Common Stock — 74.0%** | **Common Stock — 74.0%** |
| **COMMUNICATION SERVICES** — **7.0%** | **COMMUNICATION SERVICES** — **7.0%** | **COMMUNICATION SERVICES** — **7.0%** |
| 8484650 | Clear Channel Outdoor Holdings, Inc., Class A(a) | 20108621 |
| 274570 | Electronic Arts, Inc.(b) | 55976586 |
| 750000 | Warner Bros Discoveryn Inc.(a) | 20595000 |
|  |  | 96680207 |
| **ENERGY** — **1.2%** | **ENERGY** — **1.2%** | **ENERGY** — **1.2%** |
| 464640 | Coterra Energy | 16327450 |
| **FINANCIALS** — **5.4%** | **FINANCIALS** — **5.4%** | **FINANCIALS** — **5.4%** |
| 548392 | Brighthouse Financial(a) | 32837713 |
| 100000 | Lightwave Acquisition, Class A(a) | 1016000 |
| 1234870 | ProAssurance(a)(b) | 30525986 |
| 971054 | Two Harbors Investment | 11089437 |
|  |  | 75469136 |
| **HEALTHCARE** — **22.3%** | **HEALTHCARE** — **22.3%** | **HEALTHCARE** — **22.3%** |
| 1845880 | Amicus Therapeutics, Inc.(a) | 26691425 |
| 361510 | Arcellx(a) | 41508578 |
| 135138 | Atrium Therapeutics(a)(c) | 1806795 |
| 1452200 | Hologic, Inc.(a) | 109771798 |
| 297500 | Masimo(a) | 52916325 |
| 1232660 | Select Medical Holdings | 20080031 |
| 2677220 | Talkspace(a) | 13854614 |
| 787570 | Terns Pharmaceuticals(a) | 41520690 |
| 3915428 | Walgreens Boots Alliance,<br>Inc.(a)(b)(d)(e) | 2075177 |
|  |  | 310225433 |
| **INDUSTRIALS** — **12.6%** | **INDUSTRIALS** — **12.6%** | **INDUSTRIALS** — **12.6%** |
| 1102855 | Air Lease, Class A(b) | 71619404 |
| 176720 | Chart Industries(a) | 36536860 |
| 836160 | CSG Systems International(c) | 66842630 |
| 1 | McGrath RentCorp | 110 |
|  |  | 174999004 |
| **INFORMATION TECHNOLOGY** — **16.4%** | **INFORMATION TECHNOLOGY** — **16.4%** | **INFORMATION TECHNOLOGY** — **16.4%** |
| 3978350 | Clearwater Analytics Holdings, Class A(a) | 94087977 |
| 3338207 | Onestream, Class A(a)(c) | 80116968 |
| 4574904 | SEMrush Holdings, Class A(a) | 54624354 |
|  |  | 228829299 |
| **MATERIALS** — **5.9%** | **MATERIALS** — **5.9%** | **MATERIALS** — **5.9%** |
| 1965700 | Sealed Air | 82657685 |
| **REAL ESTATE** — **1.1%** | **REAL ESTATE** — **1.1%** | **REAL ESTATE** — **1.1%** |
| 784900 | InterRent Real Estate Investment Trust | 7457830 |
| 45567 | Kennedy-Wilson Holdings | 493035 |
| 3682 | National Storage Affiliates Trust | 138959 |
| 422005 | Veris Residential | 7963234 |
|  |  | 16053058 |
| **UTILITIES** — **2.1%** | **UTILITIES** — **2.1%** | **UTILITIES** — **2.1%** |
| 500324 | TXNM Energy(b)(c) | 29248941 |
|  | Total Common Stock<br>(Cost $1,021,950,362) | 1030490213 |
| **Principal Amount ($)** | **Principal Amount ($)** |  |
| **Corporate Obligations — 2.9%** | **Corporate Obligations — 2.9%** | **Corporate Obligations — 2.9%** |
| **COMMUNICATION SERVICES** — **1.2%** | **COMMUNICATION SERVICES** — **1.2%** | **COMMUNICATION SERVICES** — **1.2%** |
|  | EchoStar |  |
| 15750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 11/30/2029 | 17023636 |
| **INFORMATION TECHNOLOGY** — **0.8%** | **INFORMATION TECHNOLOGY** — **0.8%** | **INFORMATION TECHNOLOGY** — **0.8%** |
|  | Getty Images, Inc. |  |
| 11500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 11/15/2030 (f) | 10324499 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount ($)** | **Principal Amount ($)** | **Value ($)** |
| **Corporate Obligations (continued)** | **Corporate Obligations (continued)** | **Corporate Obligations (continued)** |
| **MATERIALS** — **0.9%** | **MATERIALS** — **0.9%** | **MATERIALS** — **0.9%** |
|  | Sealed Air |  |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2032 (f) | 4200783 |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2031 (f) | 8394041 |
|  |  | 12594824 |
|  | Total Corporate Obligations<br>(Cost $40,968,523) | 39942959 |
| **U.S. Senior Loan (g) — 1.1%** | **U.S. Senior Loan (g) — 1.1%** | **U.S. Senior Loan (g) — 1.1%** |
| **CONSUMER STAPLES** — **1.1%** | **CONSUMER STAPLES** — **1.1%** | **CONSUMER STAPLES** — **1.1%** |
|  | Olaplex Holdings, Inc., Term Loan, 1st Lien,7.273%, |  |
| 15100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/17/2029 | 15148773 |
|  | Total U.S. Senior Loan<br>(Cost $15,156,625) | 15148773 |
| **Contracts** | **Contracts** |  |
| **Purchased Put Options(a) — 0.1%** | **Purchased Put Options(a) — 0.1%** | **Purchased Put Options(a) — 0.1%** |
| 7500 | Total Purchased Put Options<br>(Cost $1,203,750) | 900000 |
| **Purchased Call Options(a) — 0.0%** | **Purchased Call Options(a) — 0.0%** | **Purchased Call Options(a) — 0.0%** |
| 19680 | Total Purchased Call Options<br>(Cost $314,880) | 98400 |
| **Units** | **Units** |  |
| **Warrants — 0.0%** | **Warrants — 0.0%** | **Warrants — 0.0%** |
| **FINANCIALS** — **0.0%** | **FINANCIALS** — **0.0%** | **FINANCIALS** — **0.0%** |
| 50000 | EQV Ventures Acquisition Corp. II, Expires 07/03/2031(a) | 15502 |
| 147162 | Integrated Rail and Resouces Acquisition Corp., Expires 11/15/2026(a) | 85354 |
| 50000 | Lightwave Acquisition, Expires 06/27/2030(a) | 12503 |
|  |  | 113359 |
| **HEALTHCARE** — **0.0%** | **HEALTHCARE** — **0.0%** | **HEALTHCARE** — **0.0%** |
| 71084 | Apollomics, Inc., Expires 12/11/2027(a) | 1180 |
| 108741 | CERo Therapeutics Holdings, Expires 02/17/2029(a) | 527 |
|  |  | 1707 |
| **INFORMATION TECHNOLOGY** — **0.0%** | **INFORMATION TECHNOLOGY** — **0.0%** | **INFORMATION TECHNOLOGY** — **0.0%** |
| 113155 | SMX Security Matters, Expires 03/10/2028(a) | 5499 |
| 198080 | Spectaire Holdings, Expires 10/20/2028(a) | 852 |
|  |  | 6351 |
| **REAL ESTATE** — **0.0%** | **REAL ESTATE** — **0.0%** | **REAL ESTATE** — **0.0%** |
| 12612 | Appreciate Holdings, Expires 12/02/2027(a) |  |
| **SPECIAL PURPOSE ACQUISITION<br>COMPANIES** — **0.0%** | **SPECIAL PURPOSE ACQUISITION<br>COMPANIES** — **0.0%** | **SPECIAL PURPOSE ACQUISITION<br>COMPANIES** — **0.0%** |
| 12500 | AltEnergy Acquisition, Expires 11/05/2028(a) | 963 |
| 225000 | Energem, Expires 11/19/2026(a) |  |
| 30463 | Everest Consolidator Acquisition, Expires 07/22/2028(a) |  |
|  |  | 963 |
|  | Total Warrants<br>(Cost $278,842) | 122380 |

---

------

**INVESTMENT PORTFOLIO (unaudited)(continued)** 

---

| | |
|:---|:---|
| **As of March 31, 2026** | **NexPoint Merger Arbitrage Fund** |

---

---

| | | |
|:---|:---|:---|
| **Units** | **Units** | **Value ($)** |
| **Rights — 0.0%** | **Rights — 0.0%** | **Rights — 0.0%** |
| **HEALTHCARE** — **0.0%** | **HEALTHCARE** — **0.0%** | **HEALTHCARE** — **0.0%** |
| 171486 | Abiomed, Inc. (a)(d)(e) | 174916 |
| 428410 | Blueprint Medicines Corp. (a)(d)(e) | 197068 |
| 268873 | Novartis (a)(b)(d)(e) |  |
| 214300 | Novo Nordisk A/S (a)(d) | 139295 |
|  | Total Rights<br>(Cost $–) | 511279 |
| **Principal Amount ($)** | **Principal Amount ($)** |  |
| **Repurchase Agreements(h)(i) — 0.2%** | **Repurchase Agreements(h)(i) — 0.2%** | **Repurchase Agreements(h)(i) — 0.2%** |
| 474946 | Cantor Fitzgerald Securities<br>dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $474,997 (collateralized by U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $98 - $58,004, 2.000% - 6.869%, 11/30/2027 – 10/20/2075; with total market value $484,445) | 474946 |
| 505261 | Citadel Securities LLC<br>dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $505,315 (collateralized by U.S. Treasury Obligations, ranging in par value $35 - $25,300, 0.000% - 3.375%, 04/15/2026 – 02/15/2056; with total market value $515,420) | 505261 |
| 30315 | Daiwa Capital Markets America, Inc.<br>dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $30,318 (collateralized by U.S. Treasury Obligations, ranging in par value $64 - $12,363, 0.000% - 4.750%, 05/07/2026 – 05/15/2055; with total market value $30,921) | 30315 |
| 474946 | Daiwa Capital Markets America, Inc.<br>dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $474,997 (collateralized by U.S. Government Obligations, ranging in par value $65 - $197,977, 2.000% - 7.000%, 05/12/2027 – 02/20/2066; with total market value $484,445) | 474946 |
| 55901 | Nomura Securities International, Inc.<br>dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $55,907 (collateralized by U.S. Government Obligations, ranging in par value $35 - $11,180, 1.500% - 6.500%, 06/01/2037 – 06/20/2062; with total market value $57,019) | 55901 |
| 474946 | RBC Dominion Securities, Inc.<br>dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $474,997 (collateralized by U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $26 - $238,982, 0.000% - 7.000%, 05/05/2026 – 01/15/2066; with total market value $484,445) | 474946 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount ($)** | **Principal Amount ($)** | **Value ($)** |
| **Repurchase Agreements(h)(i) (continued)** | **Repurchase Agreements(h)(i) (continued)** | **Repurchase Agreements(h)(i) (continued)** |
| 97750 | TD Securities USA LLC<br>dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $97,705 (collateralized by U.S. Treasury Obligations, ranging in par value $32,716 - $72,580, 1.250% - 1.375%, 05/31/2028 – 12/31/2028; with total market value $99,705) | 97750 |
|  | Total Repurchase Agreements<br>(Cost $2,114,065) | 2114065 |
| **Shares** | **Shares** |  |
| **Cash Equivalents — 21.7%** | **Cash Equivalents — 21.7%** | **Cash Equivalents — 21.7%** |
| **MONEY MARKET FUND(j)** — **21.7%** | **MONEY MARKET FUND(j)** — **21.7%** | **MONEY MARKET FUND(j)** — **21.7%** |
| 302558532 | Dreyfus Treasury Obligations Cash Management, Institutional Shares 3.540% | 302558532 |
|  | Total Cash Equivalents<br>(Cost $302,558,532) | 302558532 |
| **Total Investments - 100.0%**<br> (Cost $1,384,545,579) | **Total Investments - 100.0%**<br> (Cost $1,384,545,579) | **1391886601** |
| **Securities Sold Short— (5.8)%** | **Securities Sold Short— (5.8)%** | **Securities Sold Short— (5.8)%** |
| **Common Stock — (5.8)%** | **Common Stock — (5.8)%** | **Common Stock — (5.8)%** |
| **CONSUMER DISCRETIONARY** — **(2.4)%** | **CONSUMER DISCRETIONARY** — **(2.4)%** | **CONSUMER DISCRETIONARY** — **(2.4)%** |
| (723670) | Tri Pointe Homes (k) | (33817099) |
| **ENERGY** — **(1.2)%** | **ENERGY** — **(1.2)%** | **ENERGY** — **(1.2)%** |
| (325523) | Devon Energy | (16380317) |
| **FINANCIALS** — **(2.2)%** | **FINANCIALS** — **(2.2)%** | **FINANCIALS** — **(2.2)%** |
| (54082) | Cantaloupe (k) | (584627) |
| (1968000) | DigitalBridge Group, Inc. | (30346560) |
|  |  | (30931187) |
| **INDUSTRIALS** — **((0.0))%** | **INDUSTRIALS** — **((0.0))%** | **INDUSTRIALS** — **((0.0))%** |
| (1) | McGrath RentCorp | (110) |
| **REAL ESTATE** — **((0.0))%** | **REAL ESTATE** — **((0.0))%** | **REAL ESTATE** — **((0.0))%** |
| (516) | Public Storage | (139774) |
|  | Total Common Stock<br>(Proceeds $80,275,423) | (81268487) |
|  | Total Securities Sold Short - (5.8)%<br>(Proceeds $80,275,423) | (81268487) |
| **Other Assets & Liabilities, Net - 5.8%(l)** | **Other Assets & Liabilities, Net - 5.8%(l)** | **80881415** |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **1391499529** |

---

(a) Non-income producing security.

(b) All or part of this security is pledged as collateral for short sales. The fair value of the securities pledged
as collateral was $138,690,627.

(c) Securities (or a portion of securities) on loan. As of March 31, 2026, the fair value of securities loaned
was $7,852,795. The loaned securities were secured with cash and/or securities collateral of $8,116,448. Collateral is calculated based on prior day's prices.

------

**INVESTMENT PORTFOLIO (unaudited)(continued)** 

---

| | |
|:---|:---|
| **As of March 31, 2026** | **NexPoint Merger Arbitrage Fund** |

---

(d) Securities with a total aggregate value of $2,586,456, or 0.2% of net assets, were classified as Level 3
within the three-tier fair value hierarchy. Please see Notes to Investment Portfolio for an explanation of this hierarchy, as well as a list of unobservable inputs used in the valuation of these instruments.

(e) Represents fair value as determined by the Investment Adviser pursuant to the policies and procedures approved
by the Board of Trustees (the "Board"). The Board has designated the Investment Adviser as "valuation designee" for the Fund pursuant to Rule 2a-5 of the Investment Company Act of 1940,
as amended. The Investment Adviser considers fair valued securities to be securities for which market quotations are not readily available and these securities may be valued using a combination of observable and unobservable inputs. Securities with
a total aggregate value of $2,586,456, or 0.2% of net assets, were fair valued under the Fund's valuation procedures as of March 31, 2026. Please see Notes to Investment Portfolio.

(f) Securities exempt from registration under Rule 144A of the 1933 Act. These securities may only be resold in
transactions exempt from registration to qualified institutional buyers. The Board has determined these investments to be liquid. At March 31, 2026, these securities amounted to $22,919,323 or 1.6% of net assets.

(g) Senior loans (also called bank loans, leveraged loans, or floating rate loans) in which the Fund invests
generally pay interest at rates which are periodically determined by reference to a base lending rate plus a spread (unless otherwise identified, all senior loans carry a variable rate of interest). These base lending rates are generally
(i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the Secured Overnight Financing Rate ("SOFR") or (iii) the Certificate of Deposit
rate. As of March 31, 2026, the SOFR 1 Month and SOFR 3 Month rates were 3.65% and 3.68%, respectively. Senior loans, while exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"), contain certain
restrictions on resale and cannot be sold publicly. Senior secured floating rate loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual
requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity maybe substantially less than the stated maturity shown.

(h) Tri-Party Repurchase Agreement.

(i) This security was purchased with cash collateral held from securities on loan. The total value of such
securities as of March 31, 2026 was $2,114,065.

(j) Rate reported is 7 day effective yield.

(k) No dividend payable on security sold short.

(l) As of March 31, 2026, $110,717,335 in cash was segregated or on deposit with the brokers to cover
investments sold short and is included in "Other Assets & Liabilities, Net".

------

**INVESTMENT PORTFOLIO (unaudited)(concluded)** 

---

| | |
|:---|:---|
| **As of March 31, 2026** | **NexPoint Merger Arbitrage Fund** |

---

Forward foreign currency contracts outstanding as of March 31, 2026, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency to<br>Deliver** | **Notional<br>Amount**<br>**($)** | **Currency to<br>Receive** | **Notional<br>Amount**<br>**($)** | **Unrealized<br>Appreciation<br>($)** | **Unrealized<br>(Depreciation)<br>($)** |
|  Goldman Sachs | 04/30/26 | CAD | 10556905 | USD | 7714256 | 139381 |  |

---

Purchased options contracts outstanding as of March 31, 2026 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise Price<br>($)** | **Counterparty** | **Expiration Date** | **Number of<br>Contracts** | **Notional Value<br>($)** | **Premium ($)** | **Value ($)** |
|  **PURCHASED PUT OPTIONS:** |  |  |  |  |  |  |  |
|  Warner Bros Discovery, Inc. | 28.00 | Pershing | July 2026 | 7500 | 20595000 | 1203750 | 900000 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise Price<br>($)** | **Counterparty** | **Expiration Date** | **Number of<br>Contracts** | **Notional Value<br>($)** | **Premium ($)** | **Value ($)** |
|  **PURCHASED CALL OPTIONS:** |  |  |  |  |  |  |  |
|  DigitalBridge Group, Inc. | 16.00 | Pershing | April 2026 | 19680 | 30346560 | 314880 | 98400 |

---

Written options contracts outstanding as of March 31, 2026 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise Price<br>($)** | **Counterparty** | **Expiration Date** | **Number of<br>Contracts** | **Notional Value<br>($)** | **Premium ($)** | **Value ($)** |
|  **WRITTEN PUT OPTIONS:** |  |  |  |  |  |  |  |
|  Electronic Arts, Inc. | 190.00 | Pershing | June 2026 | (770) | (15697990) | (306460) | (142450) |
|  Warner Bros Discovery, Inc. | 22.00 | Pershing | July 2026 | (7500) | (20595000) | (165000) | (101250) |
|  |  |  |  |  |  | (471460) | (243700) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise Price<br>($)** | **Counterparty** | **Expiration Date** | **Number of<br>Contracts** | **Notional Value<br>($)** | **Premium ($)** | **Value ($)** |
|  **WRITTEN CALL OPTIONS:** |  |  |  |  |  |  |  |
|  Electronic Arts, Inc. | 200.00 | Pershing | June 2026 | (770) | (15697990) | (487410) | (564410) |

---

The Fund had the following swaps contracts, which did not require pledged collateral, open at March 31, 2026:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying**<br> **Instrument** | **Financing**<br>**Rate** | **Payment<br>Frequency** | **Counterparty** | **Expiration<br>Date** | **Currency** | **Notional<br>Amount**<br>**($)** | **Fair<br>Value**<br>**($)** | **Upfront<br>Premiums<br>Paid<br>(Received)<br>($)** | **Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** |
|  **Long Equity Total Return Swaps** | **Long Equity Total Return Swaps** | **Long Equity Total Return Swaps** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jde Peets NV | 1 Day EUR-ESTR plus<br> 0.55% | Upon Maturity | Goldman Sachs | 9/1/2026 | EUR | 20211975 | 184001 |  | 184001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JTC PLC | 1 Day GBP-SONIA plus<br> 0.53% | Upon Maturity | Goldman Sachs | 11/18/2026 | GBP | 17631463 | (223221) |  | (223221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | 1 Day GBP-SONIA plus<br> 0.53% | Upon Maturity | Goldman Sachs | 8/20/2026 | GBP | 64721609 | 660689 |  | 660689 |
|  **Total Long Equity Total Return Swaps** |  |  |  |  |  |  | 621469 |  | 621469 |

---

------

**INVESTMENT PORTFOLIO (unaudited)** 

---

| | |
|:---|:---|
| **As of March 31, 2026** | **Nexpoint Credit Catalyst Fund** |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount ($)** | **Principal Amount ($)** | **Value ($)** |
| **Corporate Obligations — 37.9%** | **Corporate Obligations — 37.9%** | **Corporate Obligations — 37.9%** |
| **COMMUNICATION SERVICES — 6.1%** | **COMMUNICATION SERVICES — 6.1%** | **COMMUNICATION SERVICES — 6.1%** |
|  | EchoStar |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 11/30/2029 | 1080866 |
|  | Starz Capital Holdings 1 |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2030 (a) | 460625 |
|  |  | 1541491 |
| **CONSUMER DISCRETIONARY — 7.7%** | **CONSUMER DISCRETIONARY — 7.7%** | **CONSUMER DISCRETIONARY — 7.7%** |
|  | Empire Resorts |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/01/2026 (a) | 978774 |
|  | Victoria's Secret |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2029 (a)(b) | 951636 |
|  |  | 1930410 |
| **ENERGY — 5.8%** | **ENERGY — 5.8%** | **ENERGY — 5.8%** |
|  | Hess Midstream Operations L.P. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2030 (a)(b) | 961526 |
|  | Martin Midstream Partners |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.50%, 02/15/2028 (a) | 512345 |
|  |  | 1473871 |
| **FINANCIALS — 3.9%** | **FINANCIALS — 3.9%** | **FINANCIALS — 3.9%** |
|  | Apollo Commercial Real Estate Finance |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/15/2029 (a) | 992086 |
| **HEALTHCARE — 1.9%** | **HEALTHCARE — 1.9%** | **HEALTHCARE — 1.9%** |
|  | Charles River Laboratories International |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/2031 (a) | 465485 |
| **INDUSTRIALS — 5.8%** | **INDUSTRIALS — 5.8%** | **INDUSTRIALS — 5.8%** |
|  | Clue Opco |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 10/15/2031 (a) | 484856 |
|  | Resideo Funding |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2032 (a)(b) | 986251 |
|  |  | 1471107 |
| **INFORMATION TECHNOLOGY — 3.6%** | **INFORMATION TECHNOLOGY — 3.6%** | **INFORMATION TECHNOLOGY — 3.6%** |
|  | Getty Images, Inc. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 11/15/2030 (a) | 897783 |
| **MATERIALS — 3.1%** | **MATERIALS — 3.1%** | **MATERIALS — 3.1%** |
|  | Sealed Air |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2032 (a) | 262549 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2031 (a) | 524628 |
|  |  | 787177 |
|  | Total Corporate Obligations<br>(Cost $9,877,983) | 9559410 |
| **U.S. Senior Loans (c) — 24.5%** | **U.S. Senior Loans (c) — 24.5%** | **U.S. Senior Loans (c) — 24.5%** |
| **CONSUMER DISCRETIONARY — 3.6%** | **CONSUMER DISCRETIONARY — 3.6%** | **CONSUMER DISCRETIONARY — 3.6%** |
|  | Majordrive Holdings IV, LLC, Initial Term Loan, 1st Lien,7.934%, |  |
| 994792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/2028 | 906842 |
| **CONSUMER STAPLES — 6.0%** | **CONSUMER STAPLES — 6.0%** | **CONSUMER STAPLES — 6.0%** |
|  | Olaplex Holdings, Inc., Term Loan, 1st Lien,7.273%, |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/17/2029 | 1504845 |
| **FINANCIALS — 3.9%** | **FINANCIALS — 3.9%** | **FINANCIALS — 3.9%** |
|  | Bausch + Lomb Corp., Fourth Amendment Term Loan, 1st Lien,7.423%, |  |
| 994911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/2031 | 998333 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount ($)** | **Principal Amount ($)** | **Value ($)** |
| **U.S. Senior Loans (continued)** | **U.S. Senior Loans (continued)** | **U.S. Senior Loans (continued)** |
| **HEALTHCARE — 3.9%** | **HEALTHCARE — 3.9%** | **HEALTHCARE — 3.9%** |
|  | Sotera Health Holdings, LLC, 2025 Refinancing Term Loan, 1st Lien,6.173%, |  |
| 997500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/30/2031 | 999685 |
| **INDUSTRIALS — 4.0%** | **INDUSTRIALS — 4.0%** | **INDUSTRIALS — 4.0%** |
|  | Tiger Acquisition, LLC, August 2025 Incremental Term Loan, 1st Lien,6.176%, |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/23/2032 | 1002125 |
| **UTILITIES — 3.1%** | **UTILITIES — 3.1%** | **UTILITIES — 3.1%** |
|  | Dye & Durham Corp., Term Loan B, 1st Lien,8.022%, |  |
| 914452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/04/2031 | 778427 |
|  | Total U.S. Senior Loans<br>(Cost $6,365,968) | 6190257 |
| **Mortgage-Backed Securities — 21.8%** | **Mortgage-Backed Securities — 21.8%** | **Mortgage-Backed Securities — 21.8%** |
|  | BFLD Commercial Mortgage Trust, Series 2025-660F |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82%, 11/15/2042 | 1000000 |
|  | DBC Mortgage Trust, Series 2025-DBC, Class D |  |
| 1000000 | TSFR1M + 2.600%, 6.27%,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/2042 (a)(d) | 1002173 |
|  | Extended Stay America Trust, Series 2026-ESH2 |  |
| 1486019 | TSFR1M + 2.500%, 5.92%, 2/15/2043 | 1494043 |
|  | SYCA Commercial Mortgage Trust, Series 2025-WAG, Class E |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.39%, 11/10/2042 (a) | 1007762 |
|  | Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class D |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.05%, 9/15/2040 (a) | 995899 |
|  | Total Mortgage-Backed Securities<br>(Cost $5,486,019) | 5499877 |
| **Convertible Bonds — 8.3%** | **Convertible Bonds — 8.3%** | **Convertible Bonds — 8.3%** |
| **COMMUNICATION SERVICES — 3.9%** | **COMMUNICATION SERVICES — 3.9%** | **COMMUNICATION SERVICES — 3.9%** |
|  | Eventbrite |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 09/15/2026 | 985000 |
| **INFORMATION TECHNOLOGY — 4.4%** | **INFORMATION TECHNOLOGY — 4.4%** | **INFORMATION TECHNOLOGY — 4.4%** |
|  | Confluent |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/15/2027 (e) | 1001000 |
|  | Jamf Holding |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 09/01/2026 | 99750 |
|  |  | 1100750 |
|  | Total Convertible Bonds<br>(Cost $2,068,375) | 2085750 |
| **Shares** |  |  |
| **Preferred Stock — 1.8%** | **Preferred Stock — 1.8%** | **Preferred Stock — 1.8%** |
| **INFORMATION TECHNOLOGY — 1.8%** | **INFORMATION TECHNOLOGY — 1.8%** | **INFORMATION TECHNOLOGY — 1.8%** |
| 10000 | Oracle 6.50%, 01/15/2029(f) | 450100 |
|  | Total Preferred Stock<br>(Cost $492,014) | 450100 |

---

------

**INVESTMENT PORTFOLIO (unaudited)(continued)** 

---

| | |
|:---|:---|
| **As of March 31, 2026** | **Nexpoint Credit Catalyst Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value ($)** |
| **Cash Equivalents — 16.1%** | **Cash Equivalents — 16.1%** |  |
| **MONEY MARKET FUND(g)** — **16.1%** | **MONEY MARKET FUND(g)** — **16.1%** |  |
| 4071341 | Dreyfus Treasury Obligations Cash Management, Institutional Shares 3.540% | 4071341 |
|  | Total Cash Equivalents<br>(Cost $4,071,341) | 4071341 |
| **Total Investments - 110.4%**<br> (Cost $28,361,700) | **Total Investments - 110.4%**<br> (Cost $28,361,700) | **27856735** |
| **Securities Sold Short— (1.4)%** | **Securities Sold Short— (1.4)%** | **Securities Sold Short— (1.4)%** |
| **Common Stock — (1.4)%** | **Common Stock — (1.4)%** | **Common Stock — (1.4)%** |
| **INFORMATION TECHNOLOGY** — **(1.4)%** | **INFORMATION TECHNOLOGY** — **(1.4)%** | **INFORMATION TECHNOLOGY** — **(1.4)%** |
| (2441) | Oracle | (359096) |
|  | Total Common Stock<br>(Proceeds $380,009) | (359096) |
|  | Total Securities Sold Short - (1.4)%<br>(Proceeds $380,009) | (359096) |
| **Other Assets & Liabilities, Net - (9.0)%(h)** | **Other Assets & Liabilities, Net - (9.0)%(h)** | **(2271059)** |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **25226580** |

---

(a) Securities exempt from registration under Rule 144A of the 1933 Act. These securities may only be resold in
transactions exempt from registration to qualified institutional buyers. The Board has determined these investments to be liquid. At March 31, 2026, these securities amounted to $11,484,378 or 45.5% of net assets.

(b) All or part of this security is pledged as collateral for short sales. The fair value of the securities pledged
as collateral was $2,899,414.

(c) Senior loans (also called bank loans, leveraged loans, or floating rate loans) in which the Fund invests
generally pay interest at rates which are periodically determined by reference to a base lending rate plus a spread (unless otherwise identified, all senior loans carry a variable rate of interest). These base lending rates are generally
(i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the Secured Overnight Financing Rate ("SOFR") or (iii) the Certificate of Deposit
rate. As of March 31, 2026, the SOFR 1 Month and SOFR 3 Month rates were 3.65% and 3.68%, respectively. Senior loans, while exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"), contain certain
restrictions on resale and cannot be sold publicly. Senior secured floating rate loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual
requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity maybe substantially less than the stated maturity shown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) Variable or floating rate security. The interest rate shown reflects the rate in effect March 31, 2026.
The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting
periodically based on prevailing interest rates.

(e) Zero coupon security.

(f) Non-income producing security.

(g) Rate reported is 7 day effective yield.

(h) As of March 31, 2026, $338,811 in cash was segregated or on deposit with the brokers to cover investments
sold short and is included in "Other Assets & Liabilities, Net".

------

**INVESTMENT PORTFOLIO (unaudited)(concluded)** 

---

| | |
|:---|:---|
| **As of March 31, 2026** | **Nexpoint Credit Catalyst Fund** |

---

Reverse Repurchase Agreements outstanding as of March 31, 2026 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Collateral Pledged** | **Interest Rate%** | **Trade**<br>**Date** | **Maturity<br>Date** | **Repurchase<br>Amount** | **Principal Amount** | **Value** |
|  Mizuho | DBC Mortgage Trust, 2025-DBC, 11/15/2042 | 4.67 | 3/10/2026 | 4/9/2026 | $(750911) | $(748000) | $(748000) |
|  Mizuho | BFLD Commercial Mortgage Trust 2025-<br>660F, 11/15/2042 | 4.47 | 3/10/2026 | 4/9/2026 | (828073) | (825000) | (825000) |
|  Mizuho | Wells Fargo Commercial Mortgage Trust,<br>2025-1918, 9/15/2040 | 4.67 | 3/10/2026 | 4/9/2026 | (752919) | (750000) | (750000) |
|  **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  |  |  |  | $(2323000) | $(2323000) |

---

------

**NOTES TO INVESTMENT PORTFOLIO (unaudited)** 

---

| | |
|:---|:---|
| **As of March 31, 2026** | **NexPoint Funds I** |

---

**Organization** 

NexPoint Funds I (the "Trust") was organized as a Delaware statutory trust on February 28, 2006. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company with three portfolios that were offered as of March 31, 2026, each of which is non-diversified. This report includes information for the three months ended September 30, 2025 for NexPoint Event Driven Fund (the "Event Driven Fund"), NexPoint Merger Arbitrage Fund (the "Merger Arbitrage Fund") and NexPoint Credit Catalyst Fund (the "Credit Catalyst Fund") (each a "Fund" and, collectively, the "Funds").

On September 15, 2022, the Board of Trustees (the "Board") of Highland Funds I approved a change of the Trust's name from Highland Funds I to the NexPoint Funds I.

**Valuation of Investments** 

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated NexPoint as the Funds' valuation designee to perform the fair valuation determination for securities and other assets held by the Funds. NexPoint acting through its "Valuation Committee," is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of NexPoint and certain of NexPoint's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is subject to Board oversight and certain reporting and other requirements intended to provide the Board the information it needs to oversee NexPoint's fair value determinations.

The Funds' investments are recorded at fair value. In computing the Funds' net assets attributable to shares, securities with readily available market quotations on the New York Stock Exchange ("NYSE"), National Association of Securities Dealers Automated Quotation ("NASDAQ") or other nationally recognized exchange, use the closing quotations on the respective exchange for valuation of those securities. Securities for which there are no readily available market quotations will be valued pursuant to policies and procedures adopted by NexPoint and approved by the Funds' Board. Typically, such securities will be valued at the mean between the most recently quoted bid and ask prices provided by the principal market makers. If there is more than one such principal market maker, the value shall be the average of such means. Securities without a sale price or quotations from principal market makers on the valuation day may be priced by an independent pricing service. Generally, the Funds' loan and bond positions are not traded on exchanges and consequently are valued based on a mean of the bid and ask price from the third-party pricing services or broker-dealer sources that NexPoint Asset Management, L.P. ("NexPoint", "NAM", or the "Investment Adviser") has determined to have the capability to provide appropriate pricing services.

Securities for which market quotations are not readily available, or for which the Funds have determined that the price received from a pricing service or broker-dealer is "stale" or otherwise does not represent fair value (such as when events materially affecting the value of securities occur between the time when market price is determined and calculation of the Funds' net asset value ("NAV"), will be valued by the Funds at fair value, as determined by the Valuation Committee in good faith in accordance with policies and procedures established by NexPoint and approved by the Board, taking into account factors reasonably determined to be relevant, including, but not limited to: (i) the fundamental analytical data relating to the investment; (ii) the nature and duration of restrictions on disposition of the securities; and (iii) an evaluation of the forces that influence the market in which these securities are purchased and sold. In these cases, the Funds' NAV will reflect the affected portfolio securities' fair value as determined in the judgment of the Valuation Committee instead of being determined by the market. Using a fair value pricing methodology to value securities may result in a value that is different from a security's most recent sale price and from the prices used by other investment companies to calculate their NAVs. Determination of fair value is uncertain because it involves subjective judgments and estimates.

There can be no assurance that the Funds' valuation of a security will not differ from the amount that it realizes upon the sale of such security. Those differences could have a material impact to the Funds.

------

**NOTES TO INVESTMENT PORTFOLIO (unaudited) (continued)** 

---

| | |
|:---|:---|
| **As of March 31, 2026** | **NexPoint Funds I** |

---

**Fair Value Measurements** 

The Funds have performed an analysis of all existing investments and derivative instruments to determine the significance and character of inputs to their fair value determination. The levels of fair value inputs used to measure the Funds' investments are characterized into a fair value hierarchy. Where inputs for an asset or liability fall into more than one level in the fair value hierarchy, the investment is classified in its entirety based on the lowest level input that is significant to that investment's valuation. The three levels of the fair value hierarchy are described below:

---

| | |
|:---|:---|
| Level 1 — | Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement; |
| Level 2 *—* | Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active, but are valued based on executed trades; broker quotations that constitute an executable price; and alternative pricing sources supported by observable inputs are classified within Level 2. Level 2 inputs are either directly or indirectly observable for the asset in connection with market data at the measurement date; and |
| Level 3 *—* | Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. In certain cases, investments classified within Level 3 may include securities for which the Fund has obtained indicative quotes from broker-dealers that do not necessarily represent prices the broker may be willing to trade on, as such quotes can be subject to material management judgment. Unobservable inputs are those inputs that reflect the Fund's own assumptions that market participants would use to price the asset or liability based on the best available information. |

---

The Investment Adviser has established policies and procedures, as described above and approved by the Board, to ensure that valuation methodologies for investments and financial instruments that are categorized within all levels of the fair value hierarchy are fair and consistent. A Pricing Committee has been established to provide oversight of the valuation policies, processes and procedures, and is comprised of personnel from the Investment Adviser and its affiliates. The Pricing Committee meets monthly to review the proposed valuations for investments and financial instruments and is responsible for evaluating the overall fairness and consistent application of established policies.

The fair value of the Funds' senior loans and bonds are generally based on quotes received from brokers or independent pricing services. Loans, bonds and asset-backed securities with quotes that are based on actual trades with a sufficient level of activity on or near the measurement date are classified as Level 2 assets. Loans and bonds that are priced using quotes derived from implied values, indicative bids, or a limited number of actual trades are classified as Level 3 assets because the inputs used by the brokers and pricing services to derive the values are not readily observable.

As of March 31, 2026, the Funds' investments consisted of common stocks, corporate obligations, preferred stocks, senior loans, asset-backed securities, bonds and notes, exchange-traded funds, repurchase agreements, special purpose acquisition companies, cash equivalents, rights, warrants, securities sold short, forward foreign currency contracts, options and swaps. The fair value of the Funds' common stocks, preferred stocks, other registered investment companies, rights, warrants, forward contracts and options that are not actively traded on national exchanges are generally priced using quotes derived from implied values, indicative bids, or a limited amount of actual trades and are classified as Level 3 assets because the inputs used by the brokers and pricing services to derive the values are not readily observable. Exchange-traded options are valued based on the last trade price on the primary exchange on which they trade. If an option does not trade, the mid-price, which is the mean of the bid and ask price, is utilized to value the option.

At the end of each calendar quarter, the Investment Adviser evaluates the Level 2 and 3 assets and liabilities for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, the Investment Adviser evaluates the Level 1 and 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

------

**NOTES TO INVESTMENT PORTFOLIO (unaudited) (concluded)** 

---

| | |
|:---|:---|
| **As of March 31, 2026** | **NexPoint Funds I** |

---

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds' investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise be less liquid than publicly traded securities.

**Affiliated Issuers** 

Under Section 2(a)(3) of the Investment Company Act of 1940, as amended, a portfolio company is defined as "affiliated" if a fund owns five percent or more of its outstanding voting securities or if the portfolio company is under common control.

The Event Driven Fund, Merger Arbitrage Fund and Credit Catalyst Fund did not have any affiliated issuers as of March 31, 2026.

For more information with regard to significant accounting policies, see the most recent annual report filed with the U.S. Securities and Exchange Commission.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** NexPoint Funds I

- **b. Investment Company Act file number:** 811-21866

- **c. CIK number of Registrant:** 0001354917

- **d. LEI of Registrant:** 549300D4RVXJJ0JOL180

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 200 CRESCENT COURT

  - **City:** DALLAS

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 75201

  - **Telephone number:** 9726284100

**Item A.2. Information about the Series.**

- **a. Name of Series:** Nexpoint Credit Catalyst Fund

- **b. EDGAR series identifier (if any):** S000093541

- **c. LEI of Series:** 529900SMKBT2LWYJD836

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $28589067.36

**Total Liabilities:** $3362487.84

**Net Assets:** $25226579.52

**Cash Not Reported:** $437522.94

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -3.15951335 | **1-Year:** -173.33469238 | **5-Year:** -546.38046666 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -163.95567774 | **1-Year:** -1451.54929960 | **5-Year:** -3141.00239992 | **10-Year:** -70.27998273 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261877 | -0.23%               | -0.86%               | 1.08%                |
| Class ID C000261876 | -0.35%               | -0.93%               | 0.96%                |
| Class ID C000261878 | -0.15%               | -0.82%               | 1.12%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $73405.57                | $-265460.90                                |
| Month 2  | $-217070.32              | $-126187.21                                |
| Month 3  | $-21987.94               | $120446.69                                 |

**Designated Index Information**

- **Index Name:** MSCI AC World Index

- **Index Identifier:** MXWD Index

### Schedule of Portfolio Investments

| Name                                           | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| STARZ CAPITAL HOLDINGS 1, INC                  | STARZ CAPITAL HOLDINGS 1 INC 144A 6.000000% 04/15/2030                   | CUSIP: 535939AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $460625.00    | 1.83%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABORATORIES INTERNATIONAL, INC. | CHARLES RIVER LABORATORIES INTERNATIONAL INC 144A 4.000000% 03/15/2031   | CUSIP: 159864AJ6<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |    500000 | PA      | $465485.40    | 1.85%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JAMF HOLDING CORP.                             | JAMF HOLDING CORP 0.125000% 09/01/2026                                   | CUSIP: 47074LAB1<br>LEI: 254900IHLXZU4Z5ANA12 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99750.00     | 0.40%             | 2026-09-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORPORATION                         | SEALED AIR CORP/SEALED AIR CORP US 144A 7.250000% 02/15/2031             | CUSIP: 812127AB4<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    500000 | PA      | $524627.59    | 2.08%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORPORATION                      | BAUSCH + LOMB CORPORATION 1/15/2031                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    994911 | PA      | $998333.43    | 3.96%             | 2031-01-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV L                       | MAJORDRIVE HOLDINGS IV L 5/12/2028                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    994792 | PA      | $906842.13    | 3.59%             | 2028-06-01      | Floating      | 7.93%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORPORATION                           | ECHOSTAR CORP 10.750000% 11/30/2029                                      | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1080865.77   | 4.28%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| EVENTBRITE, INC.                               | EVENTBRITE INC 0.750000% 09/15/2026                                      | CUSIP: 29975EAD1<br>LEI: 549300N6XBV2B1FAUF55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $985000.00    | 3.90%             | 2026-09-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| RESIDEO FUNDING INC                            | RESIDEO FUNDING INC 144A 6.500000% 07/15/2032                            | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $986251.40    | 3.91%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                            | WFCM 2025-1918 D 4.47                                                    | CUSIP: BFLDRRC06<br>LEI: N/A                  | Short            | RA               |  | US        |   -825000 | PA      | $-825000.00   | -3.27%            |  |  |  | No            |                  2 | On Loan: No      |
| Olaplex 2/22 TL                                | Olaplex 2/22 TL 2/17/2029                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1500000 | PA      | $1504845.00   | 5.97%             | 2029-02-17      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| Sabre Industries 8/5 Cov-Lite                  | Sabre Industries 8/5 Cov-Lite 8/23/2032                                  | CUSIP: 88675UAE2<br>LEI: N/A                  | Long             | LON              |  | US        |   1000000 | PA      | $1002125.00   | 3.97%             | 2032-08-23      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| VICTORIA'S SECRET & CO.                        | VICTORIA'S SECRET & CO 144A 4.625000% 07/15/2029                         | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $951636.40    | 3.77%             | 2029-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATIONS LP                   | HESS MIDSTREAM OPERATIONS LP 144A 4.250000% 02/15/2030                   | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $961526.30    | 3.81%             | 2030-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES, INC.                             | GETTY IMAGES INC 144A 10.500000% 11/15/2030                              | CUSIP: 374276AR4<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $897782.50    | 3.56%             | 2030-11-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| DBC MORTGAGE TRUST                             | DBC 2025-DBC MORTGAGE TRUST DBC 2025-DBC D                               | CUSIP: 23306HAG0<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1000000 | PA      | $1002172.40   | 3.97%             | 2042-11-15      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| APOLLO COMMERCIAL REAL ESTATE FINANCE, INC.    | APOLLO COMMERCIAL REAL ESTATE FINANCE INC 144A 4.625000% 06/15/2029      | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $992086.50    | 3.93%             | 2029-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| EXTENDED STAY AMERICA TRUST                    | EXTENDED STAY AMERICA TRUST 2026-ESH2 ESA 2026-ESH2 D                    | CUSIP: 30227WAG8<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1486019 | PA      | $1494043.22   | 5.92%             | 2043-02-15      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| N/A                                            | DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A                          | CUSIP: 261908107<br>LEI: N/A                  | Long             | STIV             |  | US        |   4071341 | PA      | $4071341.37   | 16.14%            |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST          | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-1918 WFCM 2025-1918 D         | CUSIP: 95004QAG3<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1000000 | PA      | $995899.20    | 3.95%             | 2040-09-15      | Floating      | 8.05%                 | Yes           |                  2 | On Loan: No      |
| CONFLUENT, INC.                                | CONFLUENT INC ZERO COUPON 01/15/2027                                     | CUSIP: 20717MAB9<br>LEI: 254900MRZ83YWUV7SN74 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001000.00   | 3.97%             | 2027-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| DYE & DURHAM 3/24 TLB                          | DYE & DURHAM 3/24 TLB 4/4/2031                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    914452 | PA      | $778427.05    | 3.09%             | 2031-04-04      | Floating      | 8.02%                 | No            |                  2 | On Loan: No      |
| EMPIRE RESORTS, INC.                           | EMPIRE RESORTS INC 144A 7.750000% 11/01/2026                             | CUSIP: 292052AF4<br>LEI: 549300WBFN23L9HI5N68 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $978773.80    | 3.88%             | 2026-11-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                             | Oracle Corp PREFERRED STOCK                                              | CUSIP: 68389X204<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EP               |  | US        |     10000 | NS      | $450100.00    | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                             | ORACLE CORP COMMON STOCK                                                 | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Short            | EC               |  | US        |     -2441 | NS      | $-359095.51   | -1.42%            |  |  |  | No            |                  1 | On Loan: No      |
| MARTIN MIDSTREAM PARTNERS L.P.                 | MARTIN MIDSTREAM PARTNERS LP / MARTIN MIDSTREAM FI 11.500000% 02/15/2028 | CUSIP: 573334AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $512345.00    | 2.03%             | 2028-02-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                        | SOTERA HEALTH HLDGS LLC 5/30/2031                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    997500 | PA      | $999684.53    | 3.96%             | 2031-05-30      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| SYCA COMMERCIAL MORTGAGE TRUST                 | SYCA COMMERCIAL MORTGAGE TRUST 2025-WAG SYCA 2025-WAG E                  | CUSIP: 87114AAJ6<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1000000 | PA      | $1007761.80   | 3.99%             | 2042-11-10      | Floating      | 7.39%                 | Yes           |                  2 | On Loan: No      |
| N/A                                            | WFCM 2025-1918 D 4.67                                                    | CUSIP: WFCMRRD06<br>LEI: N/A                  | Short            | RA               |  | US        |   -750000 | PA      | $-750000.00   | -2.97%            |  |  |  | No            |                  2 | On Loan: No      |
| BFLD TRUST                                     | BFLD COMMERCIAL MORTGAGE TRUST 2025-660F BFLD 2025-660F C                | CUSIP: 05556QAE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |   1000000 | PA      | $1000000.00   | 3.96%             | 2042-11-15      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| CLUE OPCO LLC                                  | CLUE OPCO LLC 144A 9.500000% 10/15/2031                                  | CUSIP: 36267QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $484855.50    | 1.92%             | 2031-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| N/A                                            | DBC 2025-DBC D 4.67                                                      | CUSIP: DBCDRRD06<br>LEI: N/A                  | Short            | RA               |  | US        |   -748000 | PA      | $-748000.00   | -2.97%            |  |  |  | No            |                  2 | On Loan: No      |
| SEALED AIR CORPORATION                         | SEALED AIR CORP 144A 6.500000% 07/15/2032                                | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    250000 | PA      | $262548.92    | 1.04%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

**Name of Applicant:** NexPoint Funds I

**Signature:** Stephanie Vitiello

**Name of Signer:** Stephanie Vitiello

**Title:** CCO