# EDGAR Filing Document

**Accession Number:** 0000891079
**File Stem:** 0001752724-25-212275
**Filing Date:** 2025-8
**Character Count:** 38925
**Document Hash:** d6ceca1031386370ab93274837bcf6fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-212275.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001752724-25-212275

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEXPOINT FUNDS II
- **CENTRAL INDEX KEY:** 0000891079

**ORGANIZATION NAME:**
- **EIN:** 061357778
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07142
- **FILM NUMBER:** 251276836

**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 II
- **DATE OF NAME CHANGE:** 20130208

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIGHLAND FUNDS II
- **DATE OF NAME CHANGE:** 20110222

## Series and Classes Contracts Data

### NexPoint Climate Tech Fund (Series ID: S000001623)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004396 | Class A      | HSZAX           |
| C000004398 | Class C      | HSZCX           |
| C000004399 | Class Y      | HSZYX           |

## Nport-Ex

**INVESTMENT PORTFOLIO (unaudited)** 

---

| | |
|:---|:---|
| **As of June 30, 2025** | **NexPoint Climate Tech Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value ($)** |
| **Common Stock — 80.5%** | **Common Stock — 80.5%** |  |
| **CONSUMER DISCRETIONARY — 2.6%**  | **CONSUMER DISCRETIONARY — 2.6%**  |  |
| 4500 | BorgWarner, Inc.(a) | 150660 |
| **CONSUMER STAPLES** — **3.7%**  | **CONSUMER STAPLES** — **3.7%**  |  |
| 5600 | Darling Ingredients, Inc.(a)(b) | 212464 |
| **ENERGY** — **7.9%**  | **ENERGY** — **7.9%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;26200 | Clean Energy Fuels Corp.(b) | 51090 |
| 34563 | Green Plains, Inc.(a)(b) | 208415 |
| 50237 | John Wood Group PLC(b) | 12695 |
| 6300 | New Fortress Energy, Inc., Class A(a) | 20916 |
| 15000 | Ur-Energy, Inc.(b)(c) | 15750 |
| 20000 | Yellow Cake PLC(b) | 144298 |
|  |  | 453164 |
| **INDUSTRIALS — 17.3%** | **INDUSTRIALS — 17.3%** |  |
| 1500 | Advanced Drainage Systems, Inc. | 172290 |
| 1120 | AECOM(a) | 126403 |
| 1715 | Chart Industries, Inc.(a)(b) | 282375 |
| 1000 | Clean Harbors, Inc.(a)(b) | 231180 |
| 1600 | Fortive Corp. | 83408 |
| 533 | Ralliant Corp.(b) | 25861 |
| 16200 | SGL Carbon(b) | 66557 |
| 450 | Stem, Inc.(b)(c) | 2803 |
|  |  | 990877 |
| **INFORMATION TECHNOLOGY** — **3.7%**  | **INFORMATION TECHNOLOGY** — **3.7%**  |  |
| 59859 | indie Semiconductor, Inc.,<br>Class A(a)(b)(c) | 213098 |
| **MATERIALS** — **26.4%**  | **MATERIALS** — **26.4%**  |  |
| 3000 | Aspen Aerogels, Inc.(a)(b) | 17760 |
| 1665 | Crown Holdings, Inc.(a) | 171462 |
| 33339 | Ecovyst, Inc.(a)(b) | 274380 |
| 3200 | Freeport-McMoRan, Inc.(a) | 138720 |
| 4830 | International Paper Co. | 226189 |
| 5335 | Smurfit WestRock PLC | 230205 |
| 1 | Southern Copper Corp. | 94 |
| 7565 | Teck Resources, Ltd., Class B(a) | 305475 |
| 5300 | TriMas Corp.(a) | 151633 |
|  |  | 1515918 |
| **UTILITIES** — **18.9%**  | **UTILITIES** — **18.9%**  |  |
| 7000 | AES Corp.(a) | 73640 |
| 12100 | Clearway Energy, Inc., Class C(a) | 387200 |
| 10350 | RWE | 430450 |
| 1000 | Vistra Corp. | 193810 |
|  |  | 1085100 |
|  | Total Common Stock<br>(Cost $5,809,256) | 4621281 |
| **Master Limited Partnerships — 8.8%** | **Master Limited Partnerships — 8.8%** |  |
| **ENERGY** — **4.5%**  | **ENERGY** — **4.5%**  |  |
| 14322 | Energy Transfer L.P. (a) | 259658 |
| **UTILITIES** — **4.3%**  | **UTILITIES** — **4.3%**  |  |
| 9600 | Brookfield Renewable Partners L.P. (a) | 244896 |
|  | Total Master Limited Partnerships<br>(Cost $553,800) | 504554 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value ($)** |
| **<u>Units</u>** | **<u>Units</u>** |  |
| **Rights — 0.1%** | **Rights — 0.1%** |  |
| **HEALTHCARE — 0.1%** | **HEALTHCARE — 0.1%** |  |
| 64770 | Paratek Pharmaceuticals, Inc. (d)(e) | 5181 |
|  | Total Rights<br>(Cost $–) | 5181 |
| **<u>Principal Amount ($)</u>** | **<u>Principal Amount ($)</u>** |  |
| **Convertible Bond — 0.1%** | **Convertible Bond — 0.1%** |  |
| **UTILITIES — 0.1%**  | **UTILITIES — 0.1%**  |  |
| 350000 | Sunnova Energy International, Inc. 0.25%, 12/01/2026 (f) | 4375 |
|  | Total Convertible Bond<br>(Cost $261,446) | 4375 |
| **<u>Units</u>** | **<u>Units</u>** |  |
| **Warrants — 0.0%** | **Warrants — 0.0%** |  |
| **ENERGY — 0.0%** | **ENERGY — 0.0%** |  |
| 15000 | Ur-Energy, Inc., Expires 02/20/2026(b) | 150 |
|  | Total Warrants<br>(Cost $150) | 150 |
| **Principal Amount ($)** | **Principal Amount ($)** | **Value ($)** |
| **Repurchase Agreement(g)(h) — 1.2%** | **Repurchase Agreement(g)(h) — 1.2%** |  |
| 70661 | Citadel Securities 4.470%, dated 06/30/2025 to be repurchased on 07/01/2025, repurchase price $70,670 (collateralized by U.S. Government obligations, ranging in par value $5 - $7,349, 0.000% - 4.625%, 07/15/2025 - 05/15/2055; with total market value $72,083) | 70661 |
|  | Total Repurchase Agreement<br>(Cost $70,661) | 70661 |
| **<u>Shares</u>** | **<u>Shares</u>** |  |
| **Cash Equivalents — 30.4%** | **Cash Equivalents — 30.4%** |  |
| **MONEY MARKET FUND(i)** — **30.4%**  | **MONEY MARKET FUND(i)** — **30.4%**  |  |
| 1743828 | Dreyfus Treasury Obligations Cash Management, Institutional Shares 4.190% | 1743828 |
|  | Total Cash Equivalents<br>(Cost $1,743,828) | 1743828 |
| **Total Investments - 121.1%**<br> (Cost $8,439,141) | **Total Investments - 121.1%**<br> (Cost $8,439,141) | **6950030** |
| **Shares** | **Shares** | **Value ($)** |
| **Securities Sold Short — (21.1)%** | **Securities Sold Short — (21.1)%** |  |
| **Exchange-Traded Funds — (8.3)%** | **Exchange-Traded Funds — (8.3)%** |  |
| **EQUITY FUNDS** — **(8.3)%**  | **EQUITY FUNDS** — **(8.3)%**  |  |
| (1650) | Global X Copper Miners ETF | (74250) |

---

------

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

---

| | |
|:---|:---|
| **As of June 30, 2025** | **NexPoint Climate Tech Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value ($)** |
| **Exchange-Traded Funds (continued)** | **Exchange-Traded Funds (continued)** |  |
| **EQUITY FUNDS (continued)** | **EQUITY FUNDS (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(2660) | Global X U.S. Infrastructure Development ETF | (115922) |
| (790) | Industrial Select Sector SPDR Fund ETF | (116541) |
| (800) | iShares Russell 2000 ETF | (172632) |
|  | Total Exchange-Traded Funds<br>(Proceeds $472,737) | (479345) |
| **Common Stock — (12.8)%** | **Common Stock — (12.8)%** |  |
| **INDUSTRIALS** — **(5.4)%**  | **INDUSTRIALS** — **(5.4)%**  |  |
| (800) | Generac Holdings, Inc. (j) | (114568) |
| (7000) | Joby Aviation, Inc. (j) | (73850) |
| (280) | Watsco, Inc. | (123654) |
|  |  | (312072) |
| **INFORMATION TECHNOLOGY** — **(1.3)%**  | **INFORMATION TECHNOLOGY** — **(1.3)%**  |  |
| (3400) | JinkoSolar Holding Co, Ltd. ADR | (72148) |
| **MATERIALS** — **(2.9)%**  | **MATERIALS** — **(2.9)%**  |  |
| (150) | Avery Dennison Corp. | (26320) |
| (320) | Ecolab, Inc. | (86221) |
| (515) | Southern Copper Corp. | (52068) |
|  |  | (164609) |
| **UTILITIES** — **(3.2)%**  | **UTILITIES** — **(3.2)%**  |  |
| (570) | Constellation Energy Corp. | (183973) |
|  | Total Common Stock<br>(Proceeds $662,610) | (732802) |
|  | Total Securities Sold Short - (21.1)%<br>(Proceeds $1,135,347) | (1212147) |
| **Other Assets & Liabilities, Net - 0.0%(k)** | **Other Assets & Liabilities, Net - 0.0%(k)** | **80** |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **5737963** |

---

(a) All or part of this security is pledged as collateral for short sales. The fair value of the securities pledged
as collateral was $3,098,692.

(b) Non-income producing security.

(c) Securities (or a portion of securities) on loan. As of June 30, 2025, the fair value of securities loaned
was $67,037. The loaned securities were secured with cash and/or securities collateral of $72,408. Collateral is calculated based on prior day's prices.

(d) Securities with a total aggregate value of $5,181, or 0.1% 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.

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

(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 $5,181, or 0.1% of net assets, were fair valued under the Fund's valuation procedures as of June 30, 2025. Please see Notes to Investment Portfolio.

(f) The issuer is, or is in danger of being, in default of its payment obligation.

(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 June 30, 2025 was $70,661.

(i) Rate reported is 7 day effective yield.

(j) No dividend payable on security sold short.

(k) As of June 30, 2025, $0 in cash was segregated or on deposit with the brokers to cover investments sold
short and is included in "Other Assets & Liabilities, Net".

------

**NOTES TO INVESTMENT PORTFOLIO (unaudited)** 

---

| | |
|:---|:---|
| **As of June 30, 2025** | **NexPoint Funds II** |

---

**Organization** 

NexPoint Funds II (the "Trust") is a Massachusetts business trust organized on August 10, 1992. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company with one portfolio offered as of June 30, 2024, that is diversified. This report covers information for the period ended June 30, 2025 for the NexPoint Climate Tech Fund (the "Fund").

**Valuation of Investments** 

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board") has designated NexPoint Asset Management, L.P. ("NexPoint" or the "Investment Adviser") as the Fund's valuation designee to perform the fair valuation determination for securities and other assets held by the Fund. 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 net asset value ("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 Fund's investments are recorded at fair value. In computing the Fund's 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 established by NexPoint and approved by the 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 Fund's 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 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 Fund has 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 Fund's NAV) will be valued by the Fund 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 Fund's 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 Fund's 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 Fund. The NAV shown in the Fund's financial statements may vary from the NAV published by the Fund as of its period end because portfolio securities transactions are accounted for on the trade date (rather than the day following the trade date) for financial statement purposes.

------

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

---

| | |
|:---|:---|
| **As of June 30, 2025** | **NexPoint Funds II** |

---

**Fair Value Measurements** 

The Fund has performed an analysis of all existing investments and derivative instruments to determine the significance and character of inputs to its fair value determination. The levels of fair value inputs used to measure the Fund's 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 Valuation 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 Valuation 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.

As of June 30, 2025, the Fund's investments consisted of common stocks, preferred stocks, master limited partnerships, exchange-traded funds, corporate obligations, convertible bonds, rights, warrants, repurchase agreements, cash equivalents, and securities sold short.

The fair value of the Fund's common stocks and preferred stocks, 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.

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. Repurchase agreements are priced at their acquisition cost, which represents fair value.

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 Fund's 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 Fund 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.

For more information with regard to significant accounting policies, see the most recent annual or semi-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 II

- **b. Investment Company Act file number:** 811-07142

- **c. CIK number of Registrant:** 0000891079

- **d. LEI of Registrant:** 549300T75WFR889C2B67

- **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 Climate Tech Fund

- **b. EDGAR series identifier (if any):** S000001623

- **c. LEI of Series:** 549300KZRVIDFT0P7E80

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $7018166.69

**Total Liabilities:** $1279583.35

**Net Assets:** $5738583.34

**Cash Not Reported:** $106446.69

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004396 | 5.95%                | 5.70%                | -0.59%               |
| Class ID C000004398 | 5.90%                | 5.49%                | -0.73%               |
| Class ID C000004399 | 5.96%                | 5.79%                | -0.51%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-49171.93               | $407101.50                                 |
| Month 2  | $1452.11                 | $264475.31                                 |
| Month 3  | $7433.09                 | $-31024.01                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADVANCED DRAINAGE SYSTEMS, INC.            | ADVANCED DRAINAGE SYSTEMS IN COMMON STOCK                    | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               |  | US        |      1500 | NS      | $172290.00    | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                      | AECOM COMMON STOCK                                           | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               |  | US        |      1120 | NS      | $126403.20    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| THE AES CORPORATION                        | AES CORP COMMON STOCK                                        | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               |  | US        |      7000 | NS      | $73640.00     | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEN AEROGELS, INC.                       | ASPEN AEROGELS INC COMMON STOCK                              | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               |  | US        |      3000 | NS      | $17760.00     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AVERY DENNISON CORPORATION                 | AVERY DENNISON CORP COMMON STOCK                             | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Short            | EC               |  | US        |      -150 | NS      | $-26320.50    | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| BORGWARNER INC.                            | BORGWARNER INC COMMON STOCK                                  | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               |  | US        |      4500 | NS      | $150660.00    | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Partners L.P.         | BROOKFIELD RENEWABLE PARTNER PARTNERSHIP SHARES              | CUSIP: G16258108<br>LEI: VA8DFMRI2GY8Y7V79H93 | Long             | EC               |  | US        |      9600 | NS      | $244896.00    | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CHART INDUSTRIES, INC.                     | CHART INDUSTRIES INC COMMON STOCK                            | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               |  | US        |      1715 | NS      | $282374.75    | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CITADEL SECURITIES LLC                     | CITADEL SECURITIES LLC SLRPA 4.470% 07/01/2025               | CUSIP: N/A<br>LEI: N/A                        | Long             | RA               |  | US        |     70661 | PA      | $70661.00     | 1.23%             | 2025-07-01      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| CLEAN ENERGY FUELS CORP.                   | CLEAN ENERGY FUELS CORP COMMON STOCK                         | CUSIP: 184499101<br>LEI: 549300MTQB4VUAOPMF71 | Long             | EC               |  | US        |     26200 | NS      | $51090.00     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS, INC.                        | CLEAN HARBORS INC COMMON STOCK                               | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               |  | US        |      1000 | NS      | $231180.00    | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWAY ENERGY, INC.                      | CLEARWAY ENERGY INC-C COMMON STOCK                           | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               |  | US        |     12100 | NS      | $387200.00    | 6.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORPORATION.          | CONSTELLATION ENERGY COMMON STOCK                            | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Short            | EC               |  | US        |      -570 | NS      | $-183973.20   | -3.21%            |  |  |  | No            |                  1 | On Loan: No      |
| CROWN HOLDINGS, INC.                       | CROWN HOLDINGS INC COMMON STOCK                              | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               |  | US        |      1665 | NS      | $171461.70    | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| DARLING INGREDIENTS INC.                   | DARLING INGREDIENTS INC COMMON STOCK                         | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               |  | US        |      5600 | NS      | $212464.00    | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A              | CUSIP: 261908107<br>LEI: N/A                  | Long             | STIV             |  | US        |   1743828 | PA      | $1743827.59   | 30.39%            |  |  |  | No            |                  1 | On Loan: No      |
| ECOLAB INC.                                | ECOLAB INC COMMON STOCK                                      | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Short            | EC               |  | US        |      -320 | NS      | $-86220.80    | -1.50%            |  |  |  | No            |                  1 | On Loan: No      |
| ECOVYST INC.                               | ECOVYST INC COMMON STOCK                                     | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               |  | US        |     33339 | NS      | $274379.97    | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                         | ENERGY TRANSFER LP PARTNERSHIP SHARES                        | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               |  | US        |     14322 | NS      | $259657.86    | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTIVE CORPORATION                        | FORTIVE CORP COMMON STOCK                                    | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               |  | US        |      1600 | NS      | $83408.00     | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC.                      | FREEPORT-MCMORAN INC COMMON STOCK                            | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               |  | US        |      3200 | NS      | $138720.00    | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAC HOLDINGS INC.                      | GENERAC HOLDINGS INC COMMON STOCK                            | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Short            | EC               |  | US        |      -800 | NS      | $-114568.00   | -2.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Global X Copper Miners ETF                 | GLOBAL X COPPER MINERS ETF MUTUAL FUND                       | CUSIP: 37954Y830<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -1650 | NS      | $-74250.00    | -1.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Global X US Infrastructure Development ETF | GLOBAL X US INFRASTRUCTURE MUTUAL FUND                       | CUSIP: 37954Y673<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -2660 | NS      | $-115922.80   | -2.02%            |  |  |  | No            |                  1 | On Loan: No      |
| GREEN PLAINS INC.                          | GREEN PLAINS INC COMMON STOCK                                | CUSIP: 393222104<br>LEI: VJ5WLTHARBSDR14KIZ98 | Long             | EC               |  | US        |     34563 | NS      | $208414.89    | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| INDIE SEMICONDUCTOR, INC.                  | INDIE SEMICONDUCTOR INC-A COMMON STOCK                       | CUSIP: 45569U101<br>LEI: 254900L1MFXFYGB1PV53 | Long             | EC               |  | US        |     59859 | NS      | $213098.04    | 3.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Industrial Select Sector SPDR Fund         | INDUSTRIAL SELECT SECT SPDR MUTUAL FUND                      | CUSIP: 81369Y704<br>LEI: N/A                  | Short            | EC               | RF                | US        |      -790 | NS      | $-116540.80   | -2.03%            |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL PAPER COMPANY                | INTERNATIONAL PAPER CO COMMON STOCK                          | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               |  | US        |      4830 | NS      | $226188.90    | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 ETF                   | ISHARES RUSSELL 2000 ETF MUTUAL FUND                         | CUSIP: 464287655<br>LEI: N/A                  | Short            | EC               | RF                | US        |      -800 | NS      | $-172632.00   | -3.01%            |  |  |  | No            |                  1 | On Loan: No      |
| JinkoSolar Holding Co., Ltd.               | JINKOSOLAR HOLDING CO-ADR DEPOSITARY RECEIPT                 | CUSIP: 47759T100<br>LEI: 529900Y93WNCS05FG852 | Short            | EC               |  | US        |     -3400 | NS      | $-72148.00    | -1.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Joby Aviation Inc                          | JOBY AVIATION INC COMMON STOCK                               | CUSIP: G65163100<br>LEI: N/A                  | Short            | EC               |  | US        |     -7000 | NS      | $-73850.00    | -1.29%            |  |  |  | No            |                  1 | On Loan: No      |
| JOHN WOOD GROUP PLC                        | JOHN WOOD GROUP PLC COMMON STOCK                             | CUSIP: N/A<br>LEI: 549300PLYY6I10B6S323       | Long             | EC               |  | GB        |     50237 | NS      | $12694.52     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW FORTRESS ENERGY INC.                   | NEW FORTRESS ENERGY INC COMMON STOCK                         | CUSIP: 644393100<br>LEI: 254900EICTYTCHA5X705 | Long             | EC               |  | US        |      6300 | NS      | $20916.00     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | PARATEK PHARMACEUTICALS INC CONTINGENT VALUE RIGHT - PRTK US | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     64770 | NS      | $5181.60      | 0.09%             |  |  |  | No            |                  3 | On Loan: No      |
| Ralliant Corp                              | RALLIANT CORP COMMON STOCK                                   | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               |  | US        |       533 | NS      | $25861.33     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| RWE Aktiengesellschaft                     | RWE AG COMMON STOCK                                          | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               |  | DE        |     10350 | NS      | $430450.17    | 7.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SGL Carbon SE                              | SGL CARBON SE COMMON STOCK                                   | CUSIP: N/A<br>LEI: 52990038IB31TYK07X63       | Long             | EC               |  | DE        |     16200 | NS      | $66557.11     | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SMURFIT WESTROCK PUBLIC LIMITED COMPANY    | SMURFIT WESTROCK PLC COMMON STOCK                            | CUSIP: G8267P108<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               |  | US        |      5335 | NS      | $230205.25    | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN COPPER CORPORATION                | SOUTHERN COPPER CORP COMMON STOCK                            | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Short            | EC               |  | US        |      -515 | NS      | $-52067.72    | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN COPPER CORP                       | SOUTHERN COPPER CORP COMMON STOCK                            | CUSIP: 84265V105<br>LEI: N/A                  | Long             | EC               |  | US        |         1 | NS      | $94.41        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STEM, INC.                                 | STEM INC COMMON STOCK                                        | CUSIP: 85859N300<br>LEI: 549300GVWIYFILN5V546 | Long             | EC               |  | US        |       450 | NS      | $2803.50      | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| SUNNOVA ENERGY INTERNATIONAL INC.          | SUNNOVA ENERGY INTERNATIONAL INC 0.250000% 12/01/2026        | CUSIP: 86745KAF1<br>LEI: 549300JK1Y1VVC3JU540 | Long             | DBT              | CORP              | US        |    350000 | PA      | $4375.00      | 0.08%             | 2026-12-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Ressources Teck Limitee                    | TECK RESOURCES LTD-CLS B COMMON STOCK                        | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               |  | US        |      7565 | NS      | $305474.70    | 5.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIMAS CORPORATION                         | TRIMAS CORP COMMON STOCK                                     | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               |  | US        |      5300 | NS      | $151633.00    | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CANTOR FITZGERALD                          | UR ENERGY INC WTS EXPIRATION: 02/21/2026                     | CUSIP: 91688R132<br>LEI: N/A                  | N/A              | DE               |  | US        |     15000 | NC      | $150.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ur-Energy Inc                              | UR-ENERGY INC COMMON STOCK                                   | CUSIP: 91688R108<br>LEI: 5493004ZEMNWEC7T6X93 | Long             | EC               |  | US        |     15000 | NS      | $15750.00     | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| VISTRA CORP.                               | Vistra Corp. COMMON STOCK                                    | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               |  | US        |      1000 | NS      | $193810.00    | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| WATSCO, INC.                               | WATSCO INC COMMON STOCK                                      | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Short            | EC               |  | US        |      -280 | NS      | $-123653.60   | -2.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Yellow Cake PLC                            | YELLOW CAKE PLC COMMON STOCK                                 | CUSIP: N/A<br>LEI: 213800CVMYUGOA9EZY95       | Long             | EC               |  | GB        |     20000 | NS      | $144297.97    | 2.51%             |  |  |  | Yes           |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** NexPoint Funds II

**Signature:** Stephanie Vitiello

**Name of Signer:** Stephanie Vitiello

**Title:** CCO