# EDGAR Filing Document

**Accession Number:** 0001354917
**File Stem:** 0002048251-25-002968
**Filing Date:** 2025-12
**Character Count:** 79781
**Document Hash:** 5440461df23106f7feef9bdafc2ab3f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002968.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0002048251-25-002968

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**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:** 251539009

**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 September 30, 2025** | **NexPoint Event Driven Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value ($)** |
| **Common Stock — 84.3%** | **Common Stock — 84.3%** | **Common Stock — 84.3%** |
| **COMMUNICATION SERVICES** — **7.2%** | **COMMUNICATION SERVICES** — **7.2%** | **COMMUNICATION SERVICES** — **7.2%** |
| 8480 | Electronic Arts | 1710416 |
| 90700 | Frontier Communications Parent(a)(b) | 3387645 |
| 165129 | Lionsgate Studios Corp.(a)(b) | 1139390 |
|  |  | 6237451 |
| **CONSUMER DISCRETIONARY** — **6.7%** | **CONSUMER DISCRETIONARY** — **6.7%** | **CONSUMER DISCRETIONARY** — **6.7%** |
| 1208054 | Deliveroo PLC, Class A(b) | 2927022 |
| 139034 | Hanesbrands(b) | 916234 |
| 44041 | Victoria's Secret(a)(b) | 1195273 |
| 22266 | YETI Holdings(a)(b) | 738786 |
|  |  | 5777315 |
| **CONSUMER STAPLES** — **5.1%** | **CONSUMER STAPLES** — **5.1%** | **CONSUMER STAPLES** — **5.1%** |
| 30586 | Calavo Growers(a) | 787284 |
| 7121 | Kellanova(a) | 584064 |
| 16685 | Lamb Weston Holdings(a) | 969065 |
| 57775 | Reynolds Consumer Products(a)(c) | 1413754 |
| 25778 | Simply Good Foods(a)(b) | 639810 |
|  |  | 4393977 |
| **ENERGY** — **3.6%** | **ENERGY** — **3.6%** | **ENERGY** — **3.6%** |
| 98000 | Green Plains, Inc.(a)(b) | 861420 |
| 129613 | John Wood Group PLC(b) | 32176 |
| 30630 | Parkland | 847531 |
| 9173 | Phillips 66(a) | 1247711 |
| 11333 | Talos Energy, Inc.(a)(b) | 108684 |
|  |  | 3097522 |
| **FINANCIALS** — **8.8%** | **FINANCIALS** — **8.8%** | **FINANCIALS** — **8.8%** |
| 5000 | 1RT Acquisition Corp., Class A(b) | 52250 |
| 51000 | EQV Ventures Acquisition Corp. II, Class A(b) | 507450 |
| 60780 | International Money Express(b) | 849097 |
| 18900 | Mr Cooper Group | 3983931 |
| 90750 | ProAssurance(a)(b) | 2177092 |
|  |  | 7569820 |
| **HEALTHCARE** — **8.7%** | **HEALTHCARE** — **8.7%** | **HEALTHCARE** — **8.7%** |
| 90000 | 89bio(b) | 1323000 |
| 8354 | Charles River Laboratories International, Inc.(a)(b) | 1307067 |
| 55966 | Sotera Health(a)(b) | 880345 |
| 16270 | STAAR Surgical(b) | 437175 |
| 20742 | Surmodics(b) | 619978 |
| 26711 | Verona Pharma PLC ADR(b) | 2850331 |
| 256565 | Walgreens Boots Alliance, Inc.(a) | 135980 |
|  |  | 7553876 |
| **INDUSTRIALS** — **15.3%** | **INDUSTRIALS** — **15.3%** | **INDUSTRIALS** — **15.3%** |
| 33499 | Air Lease, Class A | 2132211 |
| 13290 | Chart Industries(a)(b) | 2659994 |
| 35000 | CSX Corp.(a) | 1242850 |
| 9436 | Dayforce(b) | 650046 |
| 31200 | Fluor(b) | 1312584 |
| 17353 | KBR(a) | 820623 |
| 31408 | Ralliant Corp.(a) | 1373486 |
| 37415 | WillScot Holdings, Class A(a) | 789831 |
| 29263 | WNS Holdings(a)(b) | 2231889 |
|  |  | 13213514 |
| **INFORMATION TECHNOLOGY** — **16.2%** | **INFORMATION TECHNOLOGY** — **16.2%** | **INFORMATION TECHNOLOGY** — **16.2%** |
| 2153 | Adobe, Inc.(b) | 759471 |
| 2700 | Advanced Micro Devices(b) | 436833 |
| 16022 | BILL Holdings(b) | 848685 |
| 42079 | Braze, Class A(b) | 1196727 |
| 9545 | CyberArk Software(b) | 4611667 |
| 2980 | Datadog, Class A(b) | 424352 |
| 28957 | Gitlab, Class A(a)(b)(c) | 1305382 |
| 1915 | Guidewire Software(b) | 440182 |
| 106100 | indie Semiconductor, Inc., Class A(a)(b) | 431827 |
| 75560 | Jamf Holding(b) | 808492 |
| 3229 | Synopsys(b) | 1593156 |
| 19920 | Verint Systems(a)(b) | 403380 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value ($)** |
| **Common Stock (continued)** | **Common Stock (continued)** | **Common Stock (continued)** |
| **INFORMATION TECHNOLOGY (continued)** | **INFORMATION TECHNOLOGY (continued)** | **INFORMATION TECHNOLOGY (continued)** |
| 11945 | Vertex, Class A(b)(c) | 296116 |
| 1780 | Workday, Class A(b) | 428499 |
|  |  | 13984769 |
| **MATERIALS** — **3.6%** | **MATERIALS** — **3.6%** | **MATERIALS** — **3.6%** |
| 12666 | Amrize Ltd.(a)(b) | 619626 |
| 15750 | Freeport-McMoRan, Inc.(a) | 617715 |
| 9450 | International Paper Co.(a) | 438480 |
| 15700 | Smurfit WestRock PLC(a) | 668349 |
| 16850 | Teck Resources, Ltd., Class B(a) | 739547 |
|  |  | 3083717 |
| **REAL ESTATE** — **3.0%** | **REAL ESTATE** — **3.0%** | **REAL ESTATE** — **3.0%** |
| 312550 | City Office, REIT | 2175348 |
| 4715 | CoStar Group(b) | 397805 |
|  |  | 2573153 |
| **UTILITIES** — **6.1%** | **UTILITIES** — **6.1%** | **UTILITIES** — **6.1%** |
| 12275 | RWE | 546420 |
| 57010 | TXNM Energy(a) | 3223915 |
| 8000 | Vistra Corp.(a) | 1567360 |
|  |  | 5337695 |
|  | Total Common Stock<br>(Cost $72,456,363) | 72822809 |
| **Principal Amount ($)** | **Principal Amount ($)** |  |
| **Corporate Obligations — 8.0%** | **Corporate Obligations — 8.0%** | **Corporate Obligations — 8.0%** |
| **CONSUMER DISCRETIONARY** — **4.2%** | **CONSUMER DISCRETIONARY** — **4.2%** | **CONSUMER DISCRETIONARY** — **4.2%** |
|  | Boost Newco Borrower |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2031(d) | 1592392 |
|  | Matthews International |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 10/01/2027(d) | 2068632 |
|  |  | 3661024 |
| **ENERGY** — **2.4%** | **ENERGY** — **2.4%** | **ENERGY** — **2.4%** |
|  | Shelf Drilling Holdings |  |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 04/15/2029(c)(d) | 1572756 |
|  | Talos Production |  |
| 462000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 02/01/2031(d) | 481530 |
|  |  | 2054286 |
| **INFORMATION TECHNOLOGY** — **1.4%** | **INFORMATION TECHNOLOGY** — **1.4%** | **INFORMATION TECHNOLOGY** — **1.4%** |
|  | Hewlett Packard Enterprise |  |
| 1252000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 10/15/2054 | 1198007 |
|  | Total Corporate Obligations<br>(Cost $6,816,257) | 6913317 |
| **Shares** | **Shares** |  |
| **Master Limited Partnerships — 4.6%** | **Master Limited Partnerships — 4.6%** | **Master Limited Partnerships — 4.6%** |
| **ENERGY** — **2.9%** | **ENERGY** — **2.9%** | **ENERGY** — **2.9%** |
| 74600 | Energy Transfer L.P.(a) | 1280136 |
| 408240 | Martin Midstream Partners L.P. | 1249214 |
|  |  | 2529350 |
| **UTILITIES** — **1.7%** | **UTILITIES** — **1.7%** | **UTILITIES** — **1.7%** |
| 57506 | Brookfield Renewable Partners L.P.(a) | 1483080 |
|  | Total Master Limited Partnerships<br>(Cost $4,411,495) | 4012430 |
| **Preferred Stock — 3.5%** | **Preferred Stock — 3.5%** | **Preferred Stock — 3.5%** |
| **ENERGY** — **3.5%** | **ENERGY** — **3.5%** | **ENERGY** — **3.5%** |
| 3000000 | Fermi, LLC 15.00%(b)(e) | 3000000 |
|  | Total Preferred Stock<br>(Cost $3,000,000) | 3000000 |

---

------

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

---

| | |
|:---|:---|
| **As of September 30, 2025** | **NexPoint Event Driven Fund** |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount ($)** | **Principal Amount ($)** | **Value ($)** |
| **U.S. Senior Loans(f) — 2.8%** | **U.S. Senior Loans(f) — 2.8%** | **U.S. Senior Loans(f) — 2.8%** |
| **CONSUMER DISCRETIONARY — 1.7%** | **CONSUMER DISCRETIONARY — 1.7%** | **CONSUMER DISCRETIONARY — 1.7%** |
|  | Boost Newco Borrower, LLC, USD Term B-2 Loan, 6.002%, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/2031(g) | 1416581 |
| **HEALTHCARE** — **1.1%** | **HEALTHCARE** — **1.1%** | **HEALTHCARE** — **1.1%** |
|  | Carestream Health Inc., Term Loan, 1st Lien,11.602%, |  |
| 1907463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/30/2027(g) | 956906 |
|  | Total U.S. Senior Loans<br>(Cost $3,170,452) | 2373487 |
| **Contracts** | **Contracts** |  |
| **Purchased Put Options(b) — 0.3%** | **Purchased Put Options(b) — 0.3%** | **Purchased Put Options(b) — 0.3%** |
| 3359 | Total Purchased Put Options<br>(Cost $375,222) | 287672 |
| **Purchased Call Options(b) — 0.2%** | **Purchased Call Options(b) — 0.2%** | **Purchased Call Options(b) — 0.2%** |
| 550 | Total Purchased Call Options<br>(Cost $211,205) | 148500 |
| **Units** | **Units** |  |
| **Rights — 0.0%** | **Rights — 0.0%** | **Rights — 0.0%** |
| **HEALTHCARE** — **0.0%** | **HEALTHCARE** — **0.0%** | **HEALTHCARE** — **0.0%** |
| 3352 | Abiomed, Inc.(b)(h)(i) | 3419 |
| 22042 | Blueprint Medicines Corp.(a)(b)(h)(i) | 10139 |
| 7303 | Novartis(a)(b)(h)(i) |  |
| 225000 | Paratek Pharmaceuticals(b)(h)(i) | 18000 |
|  | Total Rights<br>(Cost $–) | 31558 |
| **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(b) | 1100 |
| 17000 | EQV Ventures Acquisition Corp. II, Expires 07/03/2031(b) | 4080 |
|  | Total Warrants<br>(Cost $6,197) | 5180 |
| **Principal Amount ($)** | **Principal Amount ($)** |  |
| **Repurchase Agreements(j)(k) — 1.4%** | **Repurchase Agreements(j)(k) — 1.4%** | **Repurchase Agreements(j)(k) — 1.4%** |
| 281694 | Citadel Securities LLC<br>dated 9/30/2025 to be repurchased on 10/01/2025, repurchase price $281,727 (collateralized by U.S. Treasury Obligations, ranging in par value $16 - $34,583, 0.000% - 4.100%, 11/15/2025 – 8/15/2055; with total market value $287,362) | 281694 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount ($)** | **Principal Amount ($)** | **Value ($)** |
| **Repurchase Agreements(j)(k) (continued)** | **Repurchase Agreements(j)(k) (continued)** | **Repurchase Agreements(j)(k) (continued)** |
| 189391 | HSBC Securities (USA), Inc.<br>dated 9/30/2025 to be repurchased on 10/01/2025, repurchase price $189,413 (collateralized by U.S. Treasury Obligations, ranging in par value $522 - $73,253, 0.000% - 4.000%, 7/15/2026 – 8/15/2054; with total market value $193,179) | 189391 |
| 267079 | JPMorgan Securities<br>dated 9/30/2025 to be repurchased on 10/01/2025, repurchase price $267,110 (collateralized by U.S. Treasury Obligations, ranging in par value $17,888 - $246,919, 4.125% - 4.500%, 12/31/2031 – 5/31/2032; with total market value $272,421) | 267079 |
| 281694 | Natwest Markets Securities<br>dated 9/30/2025 to be repurchased on 10/01/2025, repurchase price $281,727 (collateralized by U.S. Treasury Obligations, ranging in par value $71 - $12,464, 0.000% - 6.625%, 11/18/2025 – 8/15/2055; with total market value $287,328) | 281694 |
| 158779 | RBC Dominion Securities<br>dated 9/30/2025 to be repurchased on 10/01/2025, repurchase price $158,797 (collateralized by U.S. Treasury Obligations, ranging in par value $19 - $37,960, 0.000% - 4.750%, 10/23/2025 – 8/15/2055; with total market value $161,955) | 158779 |
|  | Total Repurchase Agreements<br>(Cost $1,178,637) | 1178637 |
| **Shares** | **Shares** |  |
| **Cash Equivalents — 1.6%** | **Cash Equivalents — 1.6%** | **Cash Equivalents — 1.6%** |
| **MONEY MARKET FUND(l)** — **1.6%** | **MONEY MARKET FUND(l)** — **1.6%** | **MONEY MARKET FUND(l)** — **1.6%** |
| 1421082 | Dreyfus Treasury Obligations Cash Management, Institutional Shares 4.000% | 1421082 |
|  | Total Cash Equivalents<br>(Cost $1,421,082) | 1421082 |
| **Total Investments — 106.7%** | **Total Investments — 106.7%** | **92194672** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $93,046,910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $93,046,910) |  |
| **Securities Sold Short — (28.8)%** | **Securities Sold Short — (28.8)%** | **Securities Sold Short — (28.8)%** |
| **Exchange-Traded Funds — (4.3)%** | **Exchange-Traded Funds — (4.3)%** | **Exchange-Traded Funds — (4.3)%** |
| **EQUITY FUNDS — (4.3)%** | **EQUITY FUNDS — (4.3)%** | **EQUITY FUNDS — (4.3)%** |
| (22000) | Global X U.S. Infrastructure Development ETF | (1047860) |
| (23020) | iShares Expanded Tech-Software Sector ETF(m) | (2647530) |
|  | Total Exchange-Traded Funds<br>(Proceeds $3,491,755) | (3695390) |
| **Common Stock — (24.5)%** | **Common Stock — (24.5)%** | **Common Stock — (24.5)%** |
| **CONSUMER DISCRETIONARY** — **(2.9)%** | **CONSUMER DISCRETIONARY** — **(2.9)%** | **CONSUMER DISCRETIONARY** — **(2.9)%** |
| (10100) | Cheesecake Factory | (551864) |

---

------

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

---

| | |
|:---|:---|
| **As of September 30, 2025** | **NexPoint Event Driven Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value ($)** |
| **CONSUMER DISCRETIONARY (continued)** | **CONSUMER DISCRETIONARY (continued)** | **CONSUMER DISCRETIONARY (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14184) | Gildan Activewear, Class A | (819835) |
| (2600) | Tesla, Inc.(m) | (1156272) |
|  |  | (2527971) |
| **CONSUMER STAPLES** — **(1.0)%** | **CONSUMER STAPLES** — **(1.0)%** | **CONSUMER STAPLES** — **(1.0)%** |
| (15315) | Dole PLC | (205833) |
| (52782) | Mission Produce(m) | (634440) |
|  |  | (840273) |
| **ENERGY** — **(1.5)%** | **ENERGY** — **(1.5)%** | **ENERGY** — **(1.5)%** |
| (3048) | Marathon Petroleum | (587472) |
| (3970) | Valero Energy | (675932) |
|  |  | (1263404) |
| **FINANCIALS** — **(6.6)%** | **FINANCIALS** — **(6.6)%** | **FINANCIALS** — **(6.6)%** |
| (155820) | Cantaloupe(m) | (1647018) |
| (207905) | Rocket, Class A | (4029199) |
|  |  | (5676217) |
| **HEALTHCARE** — **(0.5)%** | **HEALTHCARE** — **(0.5)%** | **HEALTHCARE** — **(0.5)%** |
| (1871) | STERIS PLC | (462960) |
| **INFORMATION TECHNOLOGY** — **(8.6)%** | **INFORMATION TECHNOLOGY** — **(8.6)%** | **INFORMATION TECHNOLOGY** — **(8.6)%** |
| (3231) | Atlassian, Class A(m) | (515991) |
| (70490) | Informatica, Class A(m) | (1750971) |
| (21006) | Palo Alto Networks(m) | (4277242) |
| (4164) | Twilio, Inc., Class A(m) | (416775) |
| (23901) | Zeta Global Holdings, Class A(m) | (474913) |
|  |  | (7435892) |
| **UTILITIES** — **(3.4)%** | **UTILITIES** — **(3.4)%** | **UTILITIES** — **(3.4)%** |
| (43506) | Brookfield Renewable Corporation | (1497476) |
| (4575) | Constellation Energy Corp. | (1505495) |
|  |  | (3002971) |
|  | Total Common Stock<br>(Proceeds $19,811,859) | (21209688) |
|  | Total Securities Sold Short - (28.8)%<br>(Proceeds $23,303,614) | (24905078) |
| **Other Assets & Liabilities, Net - 22.1%(n)** | **Other Assets & Liabilities, Net - 22.1%(n)** | **19088080** |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **86377674** |

---

(a) All or part of this security is pledged as collateral for short sales. The fair value of the securities pledged
as collateral was $30,430,806.

(b) Non-income producing security.

(c) Securities (or a portion of securities) on loan. As of September 30, 2025, the fair value of securities
loaned was $2,839,937. The loaned securities were secured with cash and/or securities collateral of $2,468,562. Collateral is calculated based on prior day's prices.

(d) 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 September 30, 2025, these securities amounted to $5,715,310 or 6.6% of net assets.

(e) Perpetual security with no stated maturity date.

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

(f) 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 September 30, 2025, the SOFR 1 Month and SOFR 3 Month rates were 4.31% and 4.35%, 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.

(g) Variable or floating rate security. The interest rate shown reflects the rate in effect September 30,
2025. 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.

(h) Securities with a total aggregate value of $31,558, or 0.0% 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.

(i) 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 $31,558, or 0.0% of net assets, were fair valued under the Fund's valuation procedures as of September 30, 2025. Please see Notes to Investment Portfolio.

(j) Tri-Party Repurchase Agreement.

(k) This security was purchased with cash collateral held from securities on loan. The total value of such
securities as of September 30, 2025 was $1,178,637.

(l) Rate reported is 7 day effective yield.

(m) No dividend payable on security sold short.

(n) As of September 30, 2025, $28,179,415 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)(continued)** 

---

| | |
|:---|:---|
| **As of September 30, 2025** | **NexPoint Event Driven Fund** |

---

Forward foreign currency contracts outstanding as of September 30, 2025, 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** | **Unrealized<br>(Depreciation)** |
|  Goldman Sachs | 10/01/25 | CAD | 606474 | USD | 446374 | $10500 | $— |
|  Goldman Sachs | 10/27/25 | CAD | 606474 | USD | 436052 |  | (452) |
|  Goldman Sachs | 10/24/25 | GBP | 2041425 | USD | 2765378 | 17122 |  |
|  Goldman Sachs | 10/24/25 | GBP | 133072 | USD | 178204 |  | (944) |
|  Goldman Sachs | 10/31/25 | EUR | 1485856 | USD | 1739748 |  | (9261) |
|  Goldman Sachs | 10/31/25 | USD | 1706452 | EUR | 1457838 | 9575 |  |
|  Goldman Sachs | 10/31/25 | USD | 2294 | EUR | 1947 |  | (2) |
|  |  |  |  |  |  | 37197 | (10659) |

---

Purchased options contracts outstanding as of September 30, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise Price** | **Counterparty** | **Expiration Date** | **Number of<br>Contracts** | **Notional Value** | **Premium** | **Value** |
|  **PURCHASED PUT OPTIONS:** |  |  |  |  |  |  |  |
|  ANSYS, Inc. | $360.00 | Pershing | October 2025 | 95 | $4687205 | $142737 | $24225 |
|  89bio, Inc. | 14.00 | Pershing | December 2025 | 1800 | 2646000 | 41847 | 36000 |
|  NuScale Power Corp. | 30.00 | Pershing | December 2025 | 71 | 255600 | 23288 | 23004 |
|  STAAR Surgical Co. | 27.50 | Pershing | December 2025 | 393 | 1055991 | 48143 | 87443 |
|  Warner Bros Discovery, Inc. | 18.00 | Pershing | November 2025 | 1000 | 1953000 | 119207 | 117000 |
|  |  |  |  |  |  | $375222 | $287672 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise Price** | **Counterparty** | **Expiration Date** | **Number of<br>Contracts** | **Notional Value** | **Premium** | **Value** |
|  **PURCHASED CALL OPTIONS:** |  |  |  |  |  |  |  |
|  Chicago Board Options Exchange Volatility Index | $20.00 | Pershing | December 2025 | 550 | $895400 | $211205 | $148500 |

---

Written options contracts outstanding as of September 30, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise Price** | **Counterparty** | **Expiration Date** | **Number of<br>Contracts** | **Notional Value** | **Premium** | **Value** |
|  **WRITTEN PUT OPTIONS:** |  |  |  |  |  |  |  |
|  Warner Bros Discovery, Inc. | $14.00 | Pershing | November 2025 | (1000) | $(1953000) | $(26411) | $(29000) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise Price** | **Counterparty** | **Expiration Date** | **Number of<br>Contracts** | **Notional Value** | **Premium** | **Value** |
|  **WRITTEN CALL OPTIONS:** |  |  |  |  |  |  |  |
|  ANSYS, Inc. | $380.00 | Pershing | October 2025 | (95) | $(4687205) | $(118512) | $(19000) |

---

------

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

---

| | |
|:---|:---|
| **As of September 30, 2025** | **NexPoint Event Driven Fund** |

---

The Fund had the following swaps contracts, which did not require pledged collateral, open at September 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corporation | 1 Day USD-LIBOR plus<br>0.61% | Upon<br>Maturity | Goldman<br>Sachs | 09/03/2026 | USD | 1317826 | (9937) |  | (9937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Eat Takeaway.com | 1 Day EUR-ESTR plus<br>0.55% | Upon<br>Maturity | Goldman<br>Sachs | 03/23/2026 | EUR | 3804113 | 48514 |  | 48514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merus NV | 1 Day USD-LIBOR plus<br>—% | Upon<br>Maturity | Goldman<br>Sachs | 10/01/2026 | USD | 1402314 | 1369 |  | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performant Financial Corporation | 1 Day USD-LIBOR plus<br>0.61% | Upon<br>Maturity | Goldman<br>Sachs | 08/20/2026 | USD | 3529891 | 31134 |  | 31134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prosper Cap Corporation Ltd | 1 Day USD-LIBOR plus<br>0.61% | Upon<br>Maturity | Goldman<br>Sachs | 09/24/2026 | USD | 3013215 | 117 |  | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verint Systems Inc | 1 Day USD-LIBOR plus<br>0.61% | Upon<br>Maturity | Goldman<br>Sachs | 09/24/2026 | USD | 2602692 | (6080) |  | (6080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vimeo Inc | 1 Day USD-LIBOR plus<br>0.61% | Upon<br>Maturity | Goldman<br>Sachs | 09/24/2026 | USD | 1994356 | 1937 |  | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Long Equity Total Return Swaps** |  |  |  |  |  |  | 67054 |  | 67054 |

---

------

**INVESTMENT PORTFOLIO (unaudited)** 

---

| | |
|:---|:---|
| **As of September 30, 2025** | **NexPoint Merger Arbitrage Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value ($)** |
| **Common Stock — 83.3%** | **Common Stock — 83.3%** | **Common Stock — 83.3%** |
| **COMMUNICATION SERVICES** — **10.0%** | **COMMUNICATION SERVICES** — **10.0%** | **COMMUNICATION SERVICES** — **10.0%** |
| 140430 | Electronic Arts | 28324731 |
| 1195500 | Frontier Communications Parent(a) | 44651925 |
| 88561 | GCI Liberty, Inc., Class A(a)(b)(c) |  |
| 2683061 | Integral Ad Science Holding(a) | 27286730 |
| 1783001 | Vimeo(a) | 13818258 |
|  |  | 114081644 |
| **CONSUMER DISCRETIONARY** — **6.4%** | **CONSUMER DISCRETIONARY** — **6.4%** | **CONSUMER DISCRETIONARY** — **6.4%** |
| 15629916 | Deliveroo PLC, Class A(a) | 37870079 |
| 416492 | Guess?(d) | 6959581 |
| 1768585 | Hanesbrands(a) | 11654975 |
| 1943510 | Soho House, Class A(a) | 17200064 |
|  |  | 73684699 |
| **CONSUMER STAPLES** — **0.8%** | **CONSUMER STAPLES** — **0.8%** | **CONSUMER STAPLES** — **0.8%** |
| 114248 | Kellanova(e) | 9370621 |
| **ENERGY** — **2.0%** | **ENERGY** — **2.0%** | **ENERGY** — **2.0%** |
| 449898 | Aris Water Solutions, Class A | 11094485 |
| 394470 | Parkland | 10914974 |
|  |  | 22009459 |
| **FINANCIALS** — **14.6%** | **FINANCIALS** — **14.6%** | **FINANCIALS** — **14.6%** |
| 8869060 | AvidXchange Holdings(a) | 88247147 |
| 150000 | EQV Ventures Acquisition Corp. II, Class A(a) | 1492500 |
| 732990 | Guild Holdings, Class A | 14615820 |
| 160235 | Mr Cooper Group | 33775936 |
| 1162610 | ProAssurance(a) | 27891014 |
|  |  | 166022417 |
| **HEALTHCARE** — **10.1%** | **HEALTHCARE** — **10.1%** | **HEALTHCARE** — **10.1%** |
| 284490 | Andlauer Healthcare Group | 10789520 |
| 198814 | Merus(a) | 18718338 |
| 207000 | STAAR Surgical(a) | 5562090 |
| 455360 | Tourmaline Bio(a) | 21779869 |
| 528890 | Verona Pharma PLC ADR(a)(e) | 56437852 |
| 3915428 | Walgreens Boots Alliance, Inc. | 2075177 |
|  |  | 115362846 |
| **INDUSTRIALS** — **18.2%** | **INDUSTRIALS** — **18.2%** | **INDUSTRIALS** — **18.2%** |
| 709050 | Air Lease, Class A | 45131032 |
| 169010 | Chart Industries(a)(d) | 33827352 |
| 208403 | Dayforce(a) | 14356883 |
| 839024 | MRC Global(a) | 12098726 |
| 665152 | Steelcase, Class A | 11440614 |
| 1183033 | WNS Holdings(a) | 90229927 |
|  |  | 207084534 |
| **INFORMATION TECHNOLOGY** — **11.8%** | **INFORMATION TECHNOLOGY** — **11.8%** | **INFORMATION TECHNOLOGY** — **11.8%** |
| 121408 | CyberArk Software(a)(e) | 58658275 |
| 440130 | Meridianlink(a) | 8771791 |
| 450618 | PROS Holdings(a) | 10323658 |
| 622470 | Spectris PLC | 34453182 |
| 1121920 | Verint Systems(a) | 22718880 |
|  |  | 134925786 |
| **REAL ESTATE** — **5.8%** | **REAL ESTATE** — **5.8%** | **REAL ESTATE** — **5.8%** |
| 6240620 | InterRent Real Estate Investment Trust | 59966285 |
| 812559 | Paramount Group(a) | 5314136 |
|  |  | 65280421 |
| **UTILITIES** — **3.6%** | **UTILITIES** — **3.6%** | **UTILITIES** — **3.6%** |
| 44976 | Allete, Inc. | 2986406 |
| 668650 | TXNM Energy(e) | 37812158 |
|  |  | 40798564 |
|  | Total Common Stock<br>(Cost $931,426,247) | 948620991 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount ($)** | **Principal Amount ($)** | **Value ($)** |
| **Corporate Obligations — 7.9%** | **Corporate Obligations — 7.9%** | **Corporate Obligations — 7.9%** |
| **COMMUNICATION SERVICES** — **1.1%** | **COMMUNICATION SERVICES** — **1.1%** | **COMMUNICATION SERVICES** — **1.1%** |
|  | EchoStar |  |
| 11750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 11/30/2029 | 12948852 |
| **CONSUMER DISCRETIONARY** — **2.8%** | **CONSUMER DISCRETIONARY** — **2.8%** | **CONSUMER DISCRETIONARY** — **2.8%** |
|  | Boost Newco Borrower |  |
| 17450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2031(f) | 18524833 |
|  | Foundation Building Materials |  |
| 13500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2029(f) | 13692152 |
|  |  | 32216985 |
| **ENERGY** — **2.8%** | **ENERGY** — **2.8%** | **ENERGY** — **2.8%** |
|  | Shelf Drilling Holdings |  |
| 30230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 04/15/2029(d)(f) | 31696276 |
| **INFORMATION TECHNOLOGY** — **1.2%** | **INFORMATION TECHNOLOGY** — **1.2%** | **INFORMATION TECHNOLOGY** — **1.2%** |
|  | Hewlett Packard Enterprise |  |
| 13598000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 10/15/2054 | 13011576 |
|  | Total Corporate Obligations<br>(Cost $88,645,903) | 89873689 |
| **U.S. Senior Loans(g) — 7.1%** | **U.S. Senior Loans(g) — 7.1%** | **U.S. Senior Loans(g) — 7.1%** |
| **COMMUNICATION SERVICES** — **4.6%** | **COMMUNICATION SERVICES** — **4.6%** | **COMMUNICATION SERVICES** — **4.6%** |
|  | Commscope, LLC, Initial Term Loan, 8.913%, |  |
| 26500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/17/2029 | 26858413 |
|  | Lumen Technologies Inc., Term B-1 Loan, 6.628%, |  |
| 25386238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/16/2029(h) | 25262860 |
|  |  | 52121273 |
| **CONSUMER DISCRETIONARY** — **2.5%** | **CONSUMER DISCRETIONARY** — **2.5%** | **CONSUMER DISCRETIONARY** — **2.5%** |
|  | Boost Newco Borrower, LLC, USD Term B-2 Loan, 6.002%, |  |
| 24315356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/2031(h) | 24378698 |
|  | Foundation Building Materials, Inc., 2025 Incremental Term Loan, 1st Lien, 9.546%, |  |
| 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/29/2031(h) | 3525322 |
|  |  | 27904020 |
| **MATERIALS** — **0.0%** | **MATERIALS** — **0.0%** | **MATERIALS** — **0.0%** |
|  | Anchor Packaging, LLC, Amendment No.5 Term Loan, 1st Lien, 7.386%, |  |
| 504894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/18/2029 | 507682 |
|  | Total U.S. Senior Loans<br>(Cost $81,058,529) | 80532975 |
| **Asset-Backed Securities — 0.6%** | **Asset-Backed Securities — 0.6%** | **Asset-Backed Securities — 0.6%** |
| **OTHER ASSET-BACKED SECURITIES** — **0.6%** | **OTHER ASSET-BACKED SECURITIES** — **0.6%** | **OTHER ASSET-BACKED SECURITIES** — **0.6%** |
|  | Black Diamond CLO, Series 2022-1A, Class A1A |  |
| 5000000 | TSFR3M + 2.500%, 6.82%, 10/25/2035(f)(h) | 5017500 |
|  | Venture XXVII CLO, Series 2017-27RA, Class A |  |
| 2176903 | US0003M + 1.300%, 6.59%, 7/21/2030(f)(h) | 2177991 |
|  | Total Asset-Backed Securities (Cost $7,145,437) | 7195491 |

---

------

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

---

| | |
|:---|:---|
| **As of September 30, 2025** | **NexPoint Merger Arbitrage Fund** |

---

---

| | | |
|:---|:---|:---|
| **Contracts** | **Contracts** | **Value ($)** |
| **Purchased Put Options(a) — 0.1%** | **Purchased Put Options(a) — 0.1%** | **Purchased Put Options(a) — 0.1%** |
| 5000 | Total Purchased Put Options<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $612,500) | 1112500 |
| **Units** |  |  |
| **Warrants — 0.1%** | **Warrants — 0.1%** | **Warrants — 0.1%** |
| **FINANCIALS** — **0.0%** | **FINANCIALS** — **0.0%** | **FINANCIALS** — **0.0%** |
| 50000 | EQV Ventures Acquisition Corp. II,<br>Expires 07/03/2031(a) | 12000 |
| **HEALTHCARE** — **0.0%** | **HEALTHCARE** — **0.0%** | **HEALTHCARE** — **0.0%** |
| 71084 | Apollomics, Expires 12/11/2027(a) | 1351 |
| 108741 | CERo Therapeutics Holdings,<br>Expires 02/17/2029(a) | 1446 |
|  |  | 2797 |
| **INFORMATION TECHNOLOGY** — **0.0%** | **INFORMATION TECHNOLOGY** — **0.0%** | **INFORMATION TECHNOLOGY** — **0.0%** |
| 113155 | SMX Security Matters, Expires<br>03/10/2028(a) | 2750 |
| 198080 | Spectaire Holdings, Expires<br>10/20/2028(a)(b)(c) | 851 |
|  |  | 3601 |
| **REAL ESTATE** — **0.0%** | **REAL ESTATE** — **0.0%** | **REAL ESTATE** — **0.0%** |
| 12612 | Appreciate Holdings, Expires<br>12/02/2027(a)(b)(c) |  |
| **SPECIAL PURPOSE ACQUISITION<br>COMPANIES** — **0.1%** | **SPECIAL PURPOSE ACQUISITION<br>COMPANIES** — **0.1%** | **SPECIAL PURPOSE ACQUISITION<br>COMPANIES** — **0.1%** |
| 12500 | AltEnergy Acquisition, Expires<br>11/05/2028(a) | 511 |
| 225000 | Energem, Expires<br>11/19/2026(a)(b)(c) |  |
| 30463 | Everest Consolidator Acquisition,<br>Expires 07/22/2028(a) |  |
| 147162 | Integrated Rail and Resources<br>Acquisition, Expires 11/15/2026(a) | 40470 |
| 100000 | LightWave Acquisition Corp.(a)(i) | 1004000 |
|  |  | 1044981 |
|  | Total Warrants<br>(Cost $1,266,630) | 1063379 |
| **Rights — 0.1%** | **Rights — 0.1%** | **Rights — 0.1%** |
| **HEALTHCARE** — **0.1%** | **HEALTHCARE** — **0.1%** | **HEALTHCARE** — **0.1%** |
| 171486 | Abiomed, Inc.(a)(b)(c) | 174916 |
| 428410 | Blueprint Medicines Corp.(a)(b)(c) | 197069 |
| 268873 | Novartis(a)(b)(c)(e) |  |
|  | Total Rights<br>(Cost $–) | 371985 |
| **<u>Principal Amount ($)</u>** | **<u>Principal Amount ($)</u>** |  |
| **Repurchase Agreements(j)(k) — 0.1%** | **Repurchase Agreements(j)(k) — 0.1%** | **Repurchase Agreements(j)(k) — 0.1%** |
| 328456 | Citadel Securities LLC<br>dated 9/30/2025 to be repurchased on 10/01/2025, repurchase price $328,495 (collateralized by U.S. Treasury Obligations, ranging in par value $19 - $40,323, 0.000% - 4.104%, 11/15/2025 – 8/15/2055; with total market value $335,065) | 328456 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount ($)** | **Principal Amount ($)** | **Value ($)** |
| **Repurchase Agreements(j)(k) (continued)** | **Repurchase Agreements(j)(k) (continued)** | **Repurchase Agreements(j)(k) (continued)** |
| 220829 | HSBC Securities (USA), Inc.<br>dated 9/30/2025 to be repurchased on 10/01/2025, repurchase price $220,855 (collateralized by U.S. Treasury Obligations, ranging in par value $608 - $85,413, 0.000% - 4.000%, 7/15/2026 – 8/15/2054; with total market value $225,246) | 220829 |
| 311415 | JPMorgan Securities<br>dated 9/30/2025 to be repurchased on 10/01/2025, repurchase price $311,451 (collateralized by U.S. Treasury Obligations, ranging in par value $20,858 - $287,909, 4.125% - 4.500%, 12/31/2031 – 5/31/2032; with total market value $317,643) | 311415 |
| 328456 | Natwest Markets Securities<br>dated 9/30/2025 to be repurchased on 10/01/2025, repurchase price $328,494 (collateralized by U.S. Treasury Obligations, ranging in par value $82 - $14,533, 0.000% - 6.625%, 11/18/2025 – 8/15/2055; with total market value $335,025) | 328456 |
| 185137 | RBC Dominion Securities<br>dated 9/30/2025 to be repurchased on 10/01/2025, repurchase price $185,159 (collateralized by U.S. Treasury Obligations, ranging in par value $22 - $44,261, 0.000% - 4.750%, 10/23/2025 – 8/15/2055; with total market value $188,840) | 185137 |
|  | Total Repurchase Agreements<br>(Cost $1,374,293) | 1374293 |
| **Shares** |  |  |
| **Cash Equivalents — 0.5%** | **Cash Equivalents — 0.5%** | **Cash Equivalents — 0.5%** |
| **MONEY MARKET FUND(l)** — **0.5%** | **MONEY MARKET FUND(l)** — **0.5%** | **MONEY MARKET FUND(l)** — **0.5%** |
| 6028257 | Dreyfus Treasury Obligations Cash Management, Institutional Shares 4.000% | 6028257 |
|  | Total Cash Equivalents<br>(Cost $6,028,257) | 6028257 |
| **Total Investments - 99.8%** | **Total Investments - 99.8%** | **1136173560** |
| (Cost $1,117,557,796) | (Cost $1,117,557,796) |  |
| **Securities Sold Short — (14.4)%** | **Securities Sold Short — (14.4)%** | **Securities Sold Short — (14.4)%** |
| **Master Limited Partnership — (0.7)%** | **Master Limited Partnership — (0.7)%** | **Master Limited Partnership — (0.7)%** |
| **Energy** — **(0.7)%** | **Energy** — **(0.7)%** | **Energy** — **(0.7)%** |
| (202474) | Western Midstream Partners L.P. | (7955203) |
|  | Total Master Limited Partnership<br>(Proceeds $7,753,497) | (7955203) |
| **Common Stock — (13.7)%** | **Common Stock — (13.7)%** | **Common Stock — (13.7)%** |
| **CONSUMER DISCRETIONARY** — **(0.9)%** | **CONSUMER DISCRETIONARY** — **(0.9)%** | **CONSUMER DISCRETIONARY** — **(0.9)%** |
| (180430) | Gildan Activewear, Class A | (10428854) |
| **FINANCIALS** — **(4.4)%** | **FINANCIALS** — **(4.4)%** | **FINANCIALS** — **(4.4)%** |
| (147039) | Aspen Insurance Holdings(m) | (5397802) |
| (997990) | Cantaloupe(m) | (10548754) |

---

------

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

---

| | |
|:---|:---|
| **As of September 30, 2025** | **NexPoint Merger Arbitrage Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value ($)** |
| **FINANCIALS (continued)** | **FINANCIALS (continued)** | **FINANCIALS (continued)** |
| (1762589) | Rocket, Class A | (34158975) |
|  |  | (50105531) |
| **INDUSTRIALS** — **(1.7)%** | **INDUSTRIALS** — **(1.7)%** | **INDUSTRIALS** — **(1.7)%** |
| (145804) | HNI | (6830917) |
| (796218) | Now(m) | (12142325) |
|  |  | (18973242) |
| **INFORMATION TECHNOLOGY** — **(6.7)%** | **INFORMATION TECHNOLOGY** — **(6.7)%** | **INFORMATION TECHNOLOGY** — **(6.7)%** |
| (905590) | Informatica, Class A(m) | (22494856) |
| (267170) | Palo Alto Networks(m) | (54401155) |
|  |  | (76896011) |
|  | Total Common Stock<br>(Proceeds $147,461,845) | (156403638) |
|  | Total Securities Sold Short - (14.4)%<br>(Proceeds $155,215,342) | (164358841) |
| **Other Assets & Liabilities,<br>Net - 14.6%(n)** | **Other Assets & Liabilities,<br>Net - 14.6%(n)** | **166952157** |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **1138766876** |

---

(a) Non-income producing security.

(b) Securities with a total aggregate value of $372,836, or 0.0% 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.

(c) 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 $372,836, or 0.0% of net assets, were fair valued under the Fund's valuation procedures as of September 30, 2025. Please see Notes to Investment Portfolio.

(d) Securities (or a portion of securities) on loan. As of September 30, 2025, the fair value of securities
loaned was $1,664,176. The loaned securities were secured with cash and/or securities collateral of $1,374,293. Collateral is calculated based on prior day's prices.

(e) All or part of this security is pledged as collateral for short sales. The fair value of the securities pledged
as collateral was $96,201,214.

(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 September 30, 2025, these securities amounted to $71,108,752 or 6.2% of net assets.

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

(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 September 30, 2025, the SOFR 1 Month and SOFR 3 Month rates were 4.31% and 4.35%, 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) Variable or floating rate security. The interest rate shown reflects the rate in effect September 30,
2025. 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.

(i) Expiration date not available.

(j) Tri-Party Repurchase Agreement.

(k) This security was purchased with cash collateral held from securities on loan. The total value of such
securities as of September 30, 2025 was $1,374,293.

(l) Rate reported is 7 day effective yield.

(m) No dividend payable on security sold short.

(n) As of September 30, 2025, $191,100,296 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 September 30, 2025** | **NexPoint Merger Arbitrage Fund** |

---

Forward foreign currency contracts outstanding as of September 30, 2025, 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** | **Unrealized<br>(Depreciation)** |
|  Goldman Sachs | 10/01/25 | CAD | 7810506 | USD | 5748645 | $135230 | $— |
|  Goldman Sachs | 10/24/25 | CAD | 10993733 | USD | 8008572 | 97308 |  |
|  Goldman Sachs | 12/15/25 | CAD | 83248158 | USD | 60995532 | 943158 |  |
|  Goldman Sachs | 10/24/25 | CAD | 3252189 | USD | 2338345 |  | (1982) |
|  Goldman Sachs | 10/27/25 | CAD | 7810506 | USD | 5611169 |  | (10369) |
|  Goldman Sachs | 10/31/25 | EUR | 1313975 | USD | 1558732 | 12046 |  |
|  Goldman Sachs | 10/10/25 | EUR | 28731402 | USD | 33759627 |  | (16560) |
|  Goldman Sachs | 10/31/25 | EUR | 18438242 | USD | 21588761 |  | (114977) |
|  Goldman Sachs | 11/28/25 | EUR | 9106227 | USD | 9981284 |  | (753713) |
|  Goldman Sachs | 10/24/25 | GBP | 26524314 | USD | 35934076 | 225875 |  |
|  Goldman Sachs | 02/18/26 | GBP | 25081955 | USD | 33970008 | 219000 |  |
|  Goldman Sachs | 10/24/25 | GBP | 1609535 | USD | 2155189 |  | (11638) |
|  Goldman Sachs | 10/31/25 | USD | 22672793 | EUR | 19369557 | 127200 |  |
|  Goldman Sachs | 10/31/25 | USD | 30100 | EUR | 25547 |  | (28) |
|  Goldman Sachs | 11/28/25 | USD | 10736615 | EUR | 9106227 |  | (1619) |
|  |  |  |  |  |  | 1759817 | (910886) |

---

Purchased options contracts outstanding as of September 30, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise Price** | **Counterparty** | **Expiration Date** | **Number of<br>Contracts** | **Notional<br>Value** | **Premium** | **Value** |
|  **PURCHASED PUT OPTIONS:** |  |  |  |  |  |  |  |
|  STAAR Surgical Co. | $27.50 | Pershing | December 2025 | 5000 | $13435000 | $612500 | $1112500 |

---

The Fund had the following swaps contracts, which did not require pledged collateral, open at September 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying<br>Instrument** | **Financing**<br>**Rate** | **Payment<br>Frequency** | **Counterparty** | **Expiration<br>Date** | **Currency** | **Notional<br>Amount**<br>**($)** | **Fair<br>Value**<br>**($)** | **Paid<br>(Received)<br>($)** | **Appreciation/<br>(Depreciation)<br>($)** |
|  **Long Equity Total Return Swaps** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Group International PLC | 1 Day GBP-SONIA<br>plus 0.53% | Upon Maturity | Goldman Sachs | 8/20/2026 | GBP | 33922253 | 245868 |  | 245868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jde Peets NV | 1 Day EUR-ESTR<br>plus 0.55% | Upon Maturity | Goldman Sachs | 9/1/2026 | EUR | 33841149 | (124) |  | (124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Eat Takeaway.com | 1 Day EUR-ESTR<br>plus 0.55% | Upon Maturity | Goldman Sachs | 9/16/2026 | EUR | 3985284 | (1293) |  | (1293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | 1 Day GBP-SONIA<br>plus 0.53% | Upon Maturity | Goldman Sachs | 8/20/2026 | GBP | 34014420 | 112080 |  | 112080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sapiens International Corporation NV | 1 Day USD-LIBOR<br>plus 0.61% | Upon Maturity | Goldman Sachs | 8/17/2026 | USD | 30532 | 342 |  | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spectris PLC | 1 Day GBP-SONIA<br>plus 0.53% | Upon Maturity | Goldman Sachs | 9/2/2026 | GBP | 22338444 | 253417 |  | 253417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Long Equity Total Return Swaps** |  |  |  |  |  |  | 610290 |  | 610290 |

---

------

**INVESTMENT PORTFOLIO (unaudited)** 

---

| | |
|:---|:---|
| **As of September 30, 2025** | **Nexpoint Credit Catalyst Fund** |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount ($)** | **Principal Amount ($)** | **Value ($)** |
| **Corporate Obligations — 47.4%** | **Corporate Obligations — 47.4%** | **Corporate Obligations — 47.4%** |
| **COMMUNICATION SERVICES** — **4.1%** | **COMMUNICATION SERVICES** — **4.1%** | **COMMUNICATION SERVICES** — **4.1%** |
|  | EchoStar |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 11/30/2029 | 550625 |
|  | Starz Capital Holdings 1 |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2030(a) | 474170 |
|  |  | 1024795 |
| **CONSUMER DISCRETIONARY** — **12.1%** | **CONSUMER DISCRETIONARY** — **12.1%** | **CONSUMER DISCRETIONARY** — **12.1%** |
|  | Boost Newco Borrower |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2031(a) | 530425 |
|  | Empire Resorts |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/01/2026(a) | 996528 |
|  | Foundation Building Materials |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2029(a) | 506804 |
|  | Matthews International |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 10/01/2027(a) | 1033421 |
|  |  | 3067178 |
| **CONSUMER STAPLES** — **2.0%** | **CONSUMER STAPLES** — **2.0%** | **CONSUMER STAPLES** — **2.0%** |
|  | Performance Food Group |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/15/2032(a) | 512152 |
| **ENERGY** — **15.3%** | **ENERGY** — **15.3%** | **ENERGY** — **15.3%** |
|  | Hess Midstream Operations L.P. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2030(a) | 969235 |
|  | Martin Midstream Partners |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.50%, 02/15/2028(a) | 529051 |
|  | Shelf Drilling Holdings |  |
| 1632000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 04/15/2029(a) | 1710041 |
|  | Talos Production |  |
| 625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 02/01/2031(a) | 650923 |
|  |  | 3859250 |
| **FINANCIALS** — **7.9%** | **FINANCIALS** — **7.9%** | **FINANCIALS** — **7.9%** |
|  | Nationstar Mortgage Holdings |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2027(a) | 2000000 |
| **HEALTH CARE** — **1.8%** | **HEALTH CARE** — **1.8%** | **HEALTH CARE** — **1.8%** |
|  | Charles River Laboratories International |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/2031(a) | 465649 |
| **INDUSTRIALS** — **4.2%** | **INDUSTRIALS** — **4.2%** | **INDUSTRIALS** — **4.2%** |
|  | Clue Opco |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 10/15/2031(a) | 534710 |
|  | Resideo Funding |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2032(a) | 512375 |
|  |  | 1047085 |
|  | Total Corporate Obligations<br>(Cost $11,952,314) | 11976109 |
| **U.S. Senior Loans(b) — 30.5%** | **U.S. Senior Loans(b) — 30.5%** | **U.S. Senior Loans(b) — 30.5%** |
| **COMMUNICATION SERVICES** — **11.9%** | **COMMUNICATION SERVICES** — **11.9%** | **COMMUNICATION SERVICES** — **11.9%** |
|  | Commscope, LLC, Initial Term Loan, 8.913%, |  |
| 1000000 | 12/17/2029 | 1011250 |
|  | Frontier Communications Holdings, LLC, Initial Term Loan, 6.650%, |  |
| 1000000 | 07/01/2031(c) | 998330 |
|  | Lumen Technologies Inc., Term B-1 Loan, 6.628%, |  |
| 1000000 | 04/16/2029(c) | 992640 |
|  |  | 3002220 |
| **CONSUMER DISCRETIONARY** — **9.8%** | **CONSUMER DISCRETIONARY** — **9.8%** | **CONSUMER DISCRETIONARY** — **9.8%** |
|  | Foundation Building Materials, Inc., 2025 Incremental Term Loan, 1st Lien, 9.546%, |  |
| 500000 | 01/29/2031(c) | 501965 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount ($)** | **Principal Amount ($)** | **Value ($)** |
| **U.S. Senior Loans (continued)** | **U.S. Senior Loans (continued)** | **U.S. Senior Loans (continued)** |
| **CONSUMER DISCRETIONARY (continued)** | **CONSUMER DISCRETIONARY (continued)** | **CONSUMER DISCRETIONARY (continued)** |
|  | Gogo Intermediate Holdings LLC, Initial Term Loan, 1st Lien, 8.181%, |  |
| 1000000 | 04/30/2028(c) | 991560 |
|  | Majordrive Holdings IV, LLC, Initial Term Loan, 8.263%, |  |
| 1000000 | 06/01/2028 | 973610 |
|  |  | 2467135 |
| **HEALTHCARE** — **3.9%** | **HEALTHCARE** — **3.9%** | **HEALTHCARE** — **3.9%** |
|  | Bausch + Lomb Corp., First Incremental Term Loan, 8.166%, |  |
| 1000000 | 09/29/2028 | 998750 |
| **INDUSTRIALS** — **3.9%** | **INDUSTRIALS** — **3.9%** | **INDUSTRIALS** — **3.9%** |
|  | Stubhub Holdco Sub, LLC, Extended USD Term B Loan, 8.913%, |  |
| 1000000 | 03/15/2030(c) | 989580 |
| **MATERIALS** — **1.0%** | **MATERIALS** — **1.0%** | **MATERIALS** — **1.0%** |
|  | Anchor Packaging, LLC, Amendment No.5 Term Loan, 1st Lien, 7.386%, |  |
| 250000 | 07/18/2029 | 250885 |
|  | Total U.S. Senior Loans<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,754,043) | 7708570 |
| **Asset-Backed Security — 4.0%** | **Asset-Backed Security — 4.0%** | **Asset-Backed Security — 4.0%** |
|  | Wells Fargo Commercial Mortgage Trust 2025-1918, Series 1918, Class D |  |
| 1000000 | 8.62%, 9/15/2040(a) | 1000000 |
|  | Total Asset-Backed Security<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,000,000) | 1000000 |
| **Shares** |  |  |
| **Cash Equivalents — 21.7%** | **Cash Equivalents — 21.7%** | **Cash Equivalents — 21.7%** |
| **MONEY MARKET FUND(d)** — **21.7%** | **MONEY MARKET FUND(d)** — **21.7%** | **MONEY MARKET FUND(d)** — **21.7%** |
| 5477388 | Dreyfus Treasury Obligations Cash Management, Institutional Shares 4.000% | 5477388 |
|  | Total Cash Equivalents<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,477,388) | 5477388 |
| **Total Investments - 103.6%** | **Total Investments - 103.6%** | **26162067** |
| (Cost $26,183,745) | (Cost $26,183,745) |  |
| **Other Assets & Liabilities, Net - (3.6)%** | **Other Assets & Liabilities, Net - (3.6)%** | **(908673)** |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **25253394** |

---

(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 September 30, 2025, these securities amounted to $12,425,484 or 49.2% of net assets.

------

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

---

| | |
|:---|:---|
| **As of September 30, 2025** | **Nexpoint Credit Catalyst Fund** |

---

(b) 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 September 30, 2025, the SOFR 1 Month and SOFR 3 Month rates were 4.31% and 4.35%, 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.

(c) Variable or floating rate security. The interest rate shown reflects the rate in effect September 30,
2025. 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.

(d) Rate reported is 7 day effective yield.

------

**NOTES TO INVESTMENT PORTFOLIO (unaudited)** 

---

| | |
|:---|:---|
| **As of September 30, 2025** | **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 September 30, 2025, 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 September 30, 2025** | **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 September 30, 2025, 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 September 30, 2025** | **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 September 30, 2025.

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:** 2025-09-30

**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:** $26552252.95

**Total Liabilities:** $1298858.65

**Net Assets:** $25253394.30

**Cash Not Reported:** $26247.52

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1.04329396 | **1-Year:** -94.53881415 | **5-Year:** -228.25205365 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -46.47223218 | **1-Year:** -1360.32766248 | **5-Year:** -1767.79459333 | **10-Year:** -76.41050160 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261877 | 0.68%                | 0.40%                |  |
| Class ID C000261876 | 0.56%                | 0.40%                |  |
| Class ID C000261878 | 0.79%                | 0.56%                |  |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5000.00                | $34463.76                                  |
| Month 2  | $16775.66                | $-32363.32                                 |
| Month 3  | $0.00                    | $-23778.01                                 |

### 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      | $474170.00    | 1.88%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SHELF DRILLING HOLDINGS, LTD.                  | SHELF DRILLING HOLDINGS LTD 144A 9.625000% 04/15/2029                    | CUSIP: 822538AH7<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | NUSS              | AE        |   1632000 | PA      | $1710040.61   | 6.77%             | 2029-04-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC.                          | TALOS PRODUCTION INC 144A 9.375000% 02/01/2031                           | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    625000 | PA      | $650923.13    | 2.58%             | 2031-02-01      | Fixed         | 9.38%                 | 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      | $465649.40    | 1.84%             | 2031-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STUBHUB HOLDCO SUB, LLC                        | STUBHUB HOLDCO SUB, LLC 3/15/2030                                        | CUSIP: 74530DAH8<br>LEI: N/A                  | Long             | LON              |  | US        |   1000000 | PA      | $989580.00    | 3.92%             | 2030-03-15      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| Performance Food Group, Inc.                   | PERFORMANCE FOOD GROUP INC 144A 6.125000% 09/15/2032                     | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    500000 | PA      | $512151.51    | 2.03%             | 2032-09-15      | Fixed         | 6.12%                 | 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        |   1000000 | PA      | $973610.00    | 3.86%             | 2028-06-01      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORPORATION                           | ECHOSTAR CORP 10.750000% 11/30/2029                                      | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    500000 | PA      | $550625.00    | 2.18%             | 2029-11-30      | Fixed         | 10.75%                | 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        |    500000 | PA      | $512375.00    | 2.03%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC.                        | LUMEN TECHNOLOGIES INC. 4/16/2029                                        | CUSIP: 55024EAF2<br>LEI: N/A                  | Long             | LON              |  | US        |   1000000 | PA      | $992640.00    | 3.93%             | 2029-04-16      | Floating      | 6.78%                 | 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      | $969234.50    | 3.84%             | 2030-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Anchor Packaging 12/24 Cov-Lite TLB            | Anchor Packaging 12/24 Cov-Lite TLB 7/18/2029                            | CUSIP: 03306UAH1<br>LEI: N/A                  | Long             | LON              |  | US        |    250000 | PA      | $250885.00    | 0.99%             | 2029-07-18      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| Frontier Communications 1/25 Cov-Lite TLB      | Frontier Communications 1/25 Cov-Lite TLB 7/1/2031                       | CUSIP: 35906EAU4<br>LEI: N/A                  | Long             | LON              |  | US        |   1000000 | PA      | $998330.00    | 3.95%             | 2031-07-01      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| Gogo Intermediate Holdings LLC                 | Gogo Intermediate Holdings LLC 4/30/2028                                 | CUSIP: 38046JAB0<br>LEI: N/A                  | Long             | LON              |  | US        |   1000000 | PA      | $991560.00    | 3.93%             | 2028-04-30      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| FOUNDATION BUILDING MATERIALS, INC.            | FOUNDATION BUILDING MATERIALS INC 144A 6.000000% 03/01/2029              | CUSIP: 350392AA4<br>LEI: 549300ZVE6MONHB01I28 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506804.24    | 2.01%             | 2029-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                            | DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A                          | CUSIP: 261908107<br>LEI: N/A                  | Long             | STIV             |  | US        |   5477388 | PA      | $5477388.17   | 21.69%            |  |  |  | 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      | $1000000.00   | 3.96%             | 2040-09-15      | Floating      | 8.62%                 | Yes           |                  2 | On Loan: No      |
| COMMSCOPE, LLC                                 | COMMSCOPE, LLC 12/17/2029                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1000000 | PA      | $1011250.00   | 4.00%             | 2029-12-17      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORPORATION                      | BAUSCH + LOMB CORPORATION 9/29/2028                                      | CUSIP: C0787FAG7<br>LEI: N/A                  | Long             | LON              |  | US        |   1000000 | PA      | $998750.00    | 3.95%             | 2028-09-29      | Floating      | 8.32%                 | 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      | $996528.00    | 3.95%             | 2026-11-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER, LLC                      | BOOST NEWCO BORROWER LLC 144A 7.500000% 01/15/2031                       | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |    500000 | PA      | $530425.00    | 2.10%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | 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      | $529051.30    | 2.09%             | 2028-02-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| NATIONSTAR MORTGAGE HOLDINGS INC.              | NATIONSTAR MORTGAGE HOLDINGS INC 144A 6.000000% 01/15/2027               | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2000000.00   | 7.92%             | 2027-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL CORPORATION             | MATTHEWS INTERNATIONAL CORP 144A 8.625000% 10/01/2027                    | CUSIP: 577128AC5<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1033421.00   | 4.09%             | 2027-10-01      | Fixed         | 8.62%                 | No            |                  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      | $534710.50    | 2.12%             | 2031-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| FNDTN BLD MT TL1/29/2031                       | FNDTN BLD MT TL1/29/2031 1/29/2031                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    500000 | PA      | $501965.00    | 1.99%             | 2031-01-29      | Floating      | 9.55%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** NexPoint Funds I

**Signature:** Stephanie Vitiello

**Name of Signer:** Stephanie Vitiello

**Title:** CCO