# EDGAR Filing Document

**Accession Number:** 0000891079
**File Stem:** 0001752724-23-049895
**Filing Date:** 2023-3
**Character Count:** 45771
**Document Hash:** 4968f43a4f128f0a41a519bfd5496d58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049895.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049895

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEXPOINT FUNDS II
- **CENTRAL INDEX KEY:** 0000891079
- **IRS NUMBER:** 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:** 23691810

**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 December 31, 2022** | **NexPoint Climate Tech Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value ($)** |
| **Common Stock — 80.4%** | **Common Stock — 80.4%** | **Common Stock — 80.4%** |
| **CONSUMER STAPLES** — **7.4%** | **CONSUMER STAPLES** — **7.4%** | **CONSUMER STAPLES** — **7.4%** |
| 6000 | Darling Ingredients, Inc.(a)(b) | 375540 |
| 32400 | Primo Water Corp. | 503496 |
|  |  | 879036 |
| **ENERGY** — **4.5%** | **ENERGY** — **4.5%** | **ENERGY** — **4.5%** |
| 27200 | Clean Energy Fuels Corp.(a) | 141440 |
| 9300 | New Fortress Energy, Inc., Class A(c) | 394506 |
|  |  | 535946 |
| **FINANCIALS** — **4.9%** | **FINANCIALS** — **4.9%** | **FINANCIALS** — **4.9%** |
| 2437000 | Alpha Services and Holdings ADR | 572573 |
| **HEALTHCARE** — **1.5%** | **HEALTHCARE** — **1.5%** | **HEALTHCARE** — **1.5%** |
| 23381 | Heron Therapeutics, Inc.(a)(b) | 58452 |
| 64770 | Paratek Pharmaceuticals, Inc.(a) | 121120 |
|  |  | 179572 |
| **INDUSTRIALS** — **20.5%** | **INDUSTRIALS** — **20.5%** | **INDUSTRIALS** — **20.5%** |
| 3000 | Advanced Drainage Systems, Inc. | 245910 |
| 12600 | Bloom Energy Corp.,<br>Class A(a)(b)(c) | 240912 |
| 22100 | ChargePoint Holdings, Inc.(a)(c) | 210613 |
| 3200 | Chart Industries, Inc.(a)(c) | 368736 |
| 10000 | FREYR Battery(a)(c) | 86800 |
| 39000 | Genuit Group PLC | 131826 |
| 1229 | MasTec, Inc.(a) | 104871 |
| 20000 | Planet Labs PBC(a) | 87000 |
| 79500 | ReneSola Ltd. ADR(a) | 359340 |
| 32000 | Stem, Inc.(a)(c) | 286080 |
| 12600 | Sunrun, Inc.(a) | 302652 |
|  |  | 2424740 |
| **INFORMATION TECHNOLOGY** — **5.5%** | **INFORMATION TECHNOLOGY** — **5.5%** | **INFORMATION TECHNOLOGY** — **5.5%** |
| 4144 | Itron, Inc.(a)(c) | 209894 |
| 1530 | SolarEdge Technologies, Inc.(a)(b) | 433403 |
|  |  | 643297 |
| **MATERIALS** — **18.5%** | **MATERIALS** — **18.5%** | **MATERIALS** — **18.5%** |
| 17050 | Aspen Aerogels, Inc.(a)(b) | 201020 |
| 20000 | Ecovyst, Inc.(a) | 177200 |
| 5600 | Minerals Technologies, Inc.(b) | 340032 |
| 9200 | MP Materials Corp.(a) | 223376 |
| 250000 | MPM Holdings, Inc.(a)(d) | 1250000 |
|  |  | 2191628 |
| **REAL ESTATE** — **0.0%** | **REAL ESTATE** — **0.0%** | **REAL ESTATE** — **0.0%** |
| 10266 | Spirit MTA, REIT(e) | 1018 |
| **UTILITIES** — **17.6%** | **UTILITIES** — **17.6%** | **UTILITIES** — **17.6%** |
| 40000 | Altus Power, Inc., Class A(a) | 260800 |
| 13500 | Atlantica Sustainable Infrastructure PLC | 349650 |
| 11400 | Brookfield Renewable Partners L.P. | 288876 |
| 6000 | Clearway Energy, Inc., Class C | 191220 |
| 5600 | NextEra Energy Partners L.P.(c) | 392504 |
| 1800 | NextEra Energy, Inc. | 150480 |
| 2375 | Orsted | 214065 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value ($)** |
| **Common Stock (continued)** | **Common Stock (continued)** | **Common Stock (continued)** |
| **UTILITIES (continued)** | **UTILITIES (continued)** | **UTILITIES (continued)** |
| 12920 | Sunnova Energy International,<br>Inc.(a)(b) | 232689 |
|  |  | 2080284 |
|  | Total Common Stock<br>(Cost $10,696,891) | 9508094 |
| **Preferred Stock — 3.6%** | **Preferred Stock — 3.6%** | **Preferred Stock — 3.6%** |
| **UTILITIES** — **3.6%** | **UTILITIES** — **3.6%** | **UTILITIES** — **3.6%** |
| 8500 | NextEra Energy, Inc. 6.93%, 09/01/2025 | 426615 |
|  | Total Preferred Stock<br>(Cost $421,028) | 426615 |
| **Master Limited Partnership — 3.3%** | **Master Limited Partnership — 3.3%** | **Master Limited Partnership — 3.3%** |
| **ENERGY** — **3.3%** | **ENERGY** — **3.3%** | **ENERGY** — **3.3%** |
| 32972 | Energy Transfer L.P. | 391378 |
|  | Total Master Limited Partnership<br>(Cost $301,169) | 391378 |
| **Registered Investment Company — 3.0%** | **Registered Investment Company — 3.0%** | **Registered Investment Company — 3.0%** |
| 37597 | Highland Global Allocation Fund (b)(f) | 354164 |
|  | Total Registered Investment Company<br>(Cost $435,003) | 354164 |
| **Exchange-Traded Fund — 2.1%** | **Exchange-Traded Fund — 2.1%** | **Exchange-Traded Fund — 2.1%** |
| 35300 | ProShares Ultra VIX Short-Term Futures ETF (a) | 242158 |
|  | Total Exchange-Traded Fund (Cost $241,291) | 242158 |
| **Contracts** |  |  |
| **Purchased Put Options(a) — 0.2%** | **Purchased Put Options(a) — 0.2%** | **Purchased Put Options(a) — 0.2%** |
| 25 | Total Purchased Put Options<br>(Cost $19,117) | 21000 |
| **Principal Amount ($)** | **Principal Amount ($)** | **Value ($)** |
| **Repurchase Agreements(g)(h) — 5.2%** | **Repurchase Agreements(g)(h) — 5.2%** | **Repurchase Agreements(g)(h) — 5.2%** |
| 249000 | Bank of America Securities, Inc. 0.430%, dated 12/30/2022 to be repurchased on 01/03/2023, repurchase price $249,012 (collateralized by U.S. Government obligations, ranging in par value $989—$34,047, 1.500%—6.500%, 05/01/2037—05/01/2058; with total market value $253,980) | 249000 |

---

------

---

| | |
|:---|:---|
| **INVESTMENT PORTFOLIO (unaudited) (continued)** | |
| **As of December 31, 2022** | **NexPoint Climate Tech Fund** |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount ($)/Shares** | **Principal Amount ($)/Shares** | **Value ($)** |
| **Repurchase Agreements(g)(h) (continued)** | **Repurchase Agreements(g)(h) (continued)** | **Repurchase Agreements(g)(h) (continued)** |
| 249000 | RBC Dominion Securities, Inc. 0.430%, dated 12/30/2022 to be repurchased on 01/03/2023, repurchase price $249,012 (collateralized by U.S. Government obligations, ranging in par value $0—$68,175, 2.000%—6.000%, 06/01/2036—10/20/2052; with total market value $253,980) | 249000 |
| 121936 | Nomura Securities, Inc. 0.430%, dated 12/30/2022 to be repurchased on 01/03/2023, repurchase price $121,942 (collateralized by U.S. Government obligations, ranging in par value $0—$58,319, 1.973%—9.000%, 02/01/2023—07/01/2060; with total market value $124,375) | 121936 |
|  | Total Repurchase Agreements<br>(Cost $619,936) | 619936 |
| **Cash Equivalents — 8.0%** | **Cash Equivalents — 8.0%** | **Cash Equivalents — 8.0%** |
| **MONEY MARKET FUND(i)** — **8.0%** | **MONEY MARKET FUND(i)** — **8.0%** | **MONEY MARKET FUND(i)** — **8.0%** |
| 950600 | Dreyfus Treasury Obligations Cash Management, Institutional Class 4.170% | 950600 |
|  | Total Cash Equivalents<br>(Cost $950,600) | 950600 |
| **Total Investments—105.8%** | **Total Investments—105.8%** | **12513945** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,685,035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,685,035) |  |
| **Securities Sold Short— (25.6)%** | **Securities Sold Short— (25.6)%** | **Securities Sold Short— (25.6)%** |
| **Exchange-Traded Funds — (20.5)%** | **Exchange-Traded Funds — (20.5)%** | **Exchange-Traded Funds — (20.5)%** |
| (2300) | First Trust NYSE Arca Biotechnology Index Fund (j) | (354499) |
| (5100) | Invesco Solar ETF (j) | (371994) |
| (9200) | iShares U.S. Home Construction ETF | (557566) |
| (2400) | iShares U.S. Infrastructure ETF | (87024) |
| (4300) | iShares U.S. Real Estate ETF | (362017) |
| (6500) | Materials Select Sector SPDR Fund | (504920) |
| (3100) | SPDR S&P Regional Banking ETF | (182094) |
|  | Total Exchange-Traded Funds (Proceeds $2,469,769) | (2420114) |
| **Common Stock — (5.1)%** | **Common Stock — (5.1)%** | **Common Stock — (5.1)%** |
| **CONSUMER STAPLES** — **(0.8)%** | **CONSUMER STAPLES** — **(0.8)%** | **CONSUMER STAPLES** — **(0.8)%** |
| (550) | WD-40 Co. | (88665) |
| **INDUSTRIALS** — **(3.4)%** | **INDUSTRIALS** — **(3.4)%** | **INDUSTRIALS** — **(3.4)%** |
| (1625) | Evoqua Water Technologies Corp. (j) | (64350) |
| (4100) | Fluence Energy, Inc., Class A (j) | (70315) |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value ($)** |
| **INDUSTRIALS (continued)** | **INDUSTRIALS (continued)** | **INDUSTRIALS (continued)** |
| (11000) | SunPower Corp., Class A (j) | (198330) |
| (635) | Xylem, Inc. | (70212) |
|  |  | (403207) |
| **INFORMATION TECHNOLOGY** — **(0.9)%** | **INFORMATION TECHNOLOGY** — **(0.9)%** | **INFORMATION TECHNOLOGY** — **(0.9)%** |
| (1000) | Universal Display Corp. | (108040) |
|  | Total Common Stock<br>(Proceeds $640,028) | (599912) |
|  | Total Securities Sold Short - (25.6)%<br>(Proceeds $3,109,797) | (3020026) |
| **Other Assets & Liabilities, Net<br>- 19.8%(k)** | **Other Assets & Liabilities, Net<br>- 19.8%(k)** | **2338878** |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **11832797** |

---

(a) Non-Income producing security.

(b) All or part of this security is pledged as collateral for short sales. The fair value of the securities pledged
as collateral was $2,887,532.

(c) Securities (or a portion of securities) on loan. As of December 31, 2022, the fair value of securities
loaned was $796,309. The loaned securities were secured with cash and/or securities collateral of $814,106. Collateral is calculated based on prior day's prices.

(d) Restricted Securities. These securities are not registered and may not be sold to the public. There are legal
and/or contractual restrictions on resale. The Fund does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or
in good faith under the policies and procedures established by the Board. Additional Information regarding such securities follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted<br>Security** | **Security Type** | **Acquisition<br>Date** | **Cost of<br>Security** | **Fair Value at<br>Period End** | **Percent of<br>Net Assets** |
|  MPM Holdings, Inc. | Common<br>Stock | 5/15/2019 | $– $| 1250000 | 10.6% |

---

(e) Securities with a total aggregate value of $1,018, 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.

(f) Affiliated issuer. Assets with a total aggregate fair value of $354,164, or 3.0% of net assets, were affiliated
with the Fund as of December 31, 2022.

(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 December 31, 2022 was $619,936.

(i) Rate reported is 7 day effective yield.

(j) No dividend payable on security sold short.

(k) As of December 31, 2022, $2,691,682 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 December 31, 2022** | **NexPoint Climate Tech Fund** |

---

Purchased options contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise Price** | **Counterparty** | **Expiration Date** | **Number of<br>Contracts** | **Notional Value** | **Premium** | **Value** |
|  **PURCHASED PUT OPTIONS:** |  |  |  |  |  |  |  |
|  Air Products and Chemicals, Inc. | $290.00 | Pershing | March 2023 | 25 | $725000 | $19117 | $21000 |

---

Written options contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise Price** | **Counterparty** | **Expiration Date** | **Number of<br>Contracts** | **Notional<br>Value** | **Notional<br>Value** | **Premium** | **Premium** | **Value** | **Value** |
|  **WRITTEN PUT OPTIONS:** |  |  |  |  |  |  |  |  |  |  |
|  Air Products and Chemicals, Inc. | $250.00 | Pershing | March 2023 | (25) | ($| 625000) | ($| 5830) | ($| 5000) |

---

------

**NOTES TO INVESTMENT PORTFOLIO (unaudited)** 

------

---

| | |
|:---|:---|
| **As of December 31, 2022** | **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. It comprises one portfolio that is currently being offered. This report covers information for the period ended December 31, 2022 for the NexPoint Climate Tech Fund (the "Fund").

**Valuation of Investments** 

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated NexPoint 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 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 established by NexPoint and approved by the Fund's 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 Pricing Committee in good faith in accordance with procedures established by NexPoint 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 Pricing 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.

**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:

------

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

------

---

| | |
|:---|:---|
| **As of December 31, 2022** | **NexPoint Funds II** |

---

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.

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

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.

------

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

------

---

| | |
|:---|:---|
| **As of December 31, 2022** | **NexPoint Funds II** |

---

**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 table below shows affiliated issuers of the Fund as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NexPoint<br>Climate<br>Tech Fund** | | | | | | | | | | | |
| **Issuer** | **Shares at**<br> **September 30,**<br> **2022** | **Beginning Value as**<br> **of September 30,**<br> **2022**<br> **$** | **Purchases at**<br> **Cost**<br> **$** | **Proceeds from**<br> **Sales**<br> **$** | **Distribution to**<br> **Return of**<br> **Capital**<br> **$** | **Net Realized**<br> **Gain/(Loss) on**<br> **Sales of**<br> **Affiliated**<br> **Issuers**<br> **$** | **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br> **$** | **Ending Value as**<br> **of December 31,**<br> **2022**<br> **$** | **Shares at**<br> **December 31,**<br> **2022** | **Affiliated**<br> **Income**<br> **$** | **Cap Gain**<br> **Distributions**<br> **$** |
|  **Majority Owned, Not Consolidated** |  |  |  |  |  |  |  |  |  |  |  |
|  **Other Affiliates** |  |  |  |  |  |  |  |  |  |  |  |
|  NexPoint Residential Trust, Inc. (Common Stock) | 28488 | 1316431 |  | (1275692) |  | 617290 | (658029) |  |  |  |  |
|  Highland Global Allocation Fund (Registered Investment Company) | 37597 | 327846 |  |  |  |  | 26318 | 354164 | 37597 | 9136 |  |
|  NexPoint Diversified Real Estate Trust (Registered Investment Company) | 118673 | 1489346 |  | (1641247) |  | (469207) | 621108 |  |  |  |  |
|  **Other Controlled** |  |  |  |  |  |  |  |  |  |  |  |
|  Total | 184758 | 3133623 |  | (2916939) |  | 148083 | (10603) | 354164 | 37597 | 9136 |  |

---

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:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $15022993.26

**Total Liabilities:** $3190036.82

**Net Assets:** $11832956.44

**Cash Not Reported:** $3076549.33

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004396 | -6.06%               | 2.36%                | 2.73%                |
| Class ID C000004398 | -6.28%               | 2.41%                | 2.75%                |
| Class ID C000004399 | -6.05%               | 2.32%                | 2.92%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7898.85                | $-790354.01                                |
| Month 2  | $-7700.10                | $296535.32                                 |
| Month 3  | $247037.72               | $779812.94                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Planet Labs PBC                                                    | PLANET LABS PBC COMMON STOCK                    | CUSIP: 72703X106<br>LEI: N/A                  | Long             | EC               |  | US        |     20000 | NS      | $87000.00     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARGEPOINT HOLDINGS, INC.                                         | CHARGEPOINT HOLDINGS INC COMMON STOCK           | CUSIP: 15961R105<br>LEI: 254900DVN9TAC2GIPG25 | Long             | EC               |  | US        |     22100 | NS      | $210613.00    | 1.78%             |  |  |  | No            |                  1 | On Loan: —       |
| MP MATERIALS CORP.                                                 | MP MATERIALS CORP COMMON STOCK                  | CUSIP: 553368101<br>LEI: N/A                  | Long             | EC               |  | US        |      9200 | NS      | $223376.00    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| DARLING INGREDIENTS INC.                                           | DARLING INGREDIENTS INC COMMON STOCK            | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               |  | US        |      6000 | NS      | $375540.00    | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                                               | NEXTERA ENERGY INC COMMON STOCK                 | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               |  | US        |      1800 | NS      | $150480.00    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management; Institutional Shares | DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A | CUSIP: 261908107<br>LEI: N/A                  | Long             | STIV             |  | US        |    950600 | PA      | $950600.28    | 8.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GENUIT GROUP PLC                                                   | Genuit Group plc COMMON STOCK                   | CUSIP: N/A<br>LEI: 2138005IF1N2RKJ6KO18       | Long             | EC               |  | GB        |     39000 | NS      | $131826.49    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOVYST INC.                                                       | ECOVYST INC COMMON STOCK                        | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               |  | US        |     20000 | NS      | $177200.00    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HERON THERAPEUTICS, INC.                                           | HERON THERAPEUTICS INC COMMON STOCK             | CUSIP: 427746102<br>LEI: 549300DR2I1DOPD2IX53 | Long             | EC               |  | US        |     23381 | NS      | $58452.50     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Orsted A/S                                                         | ORSTED A/S COMMON STOCK                         | CUSIP: N/A<br>LEI: W9NG6WMZIYEU8VEDOG48       | Long             | EC               |  | DK        |      2375 | NS      | $214064.75    | 1.81%             |  |  |  | Yes           |                  1 | On Loan: No      |
| First Trust NYSE Arca Biotechnology Index Fund                     | FIRST TRUST NYSE ARCA BIOTEC MUTUAL FUND        | CUSIP: 33733E203<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -2300 | NS      | $-354499.00   | -3.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL DISPLAY CORPORATION                                      | UNIVERSAL DISPLAY CORP COMMON STOCK             | CUSIP: 91347P105<br>LEI: N/A                  | Short            | EC               |  | US        |     -1000 | NS      | $-108040.00   | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEMS, INC.                                    | ADVANCED DRAINAGE SYSTEMS IN COMMON STOCK       | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               |  | US        |      3000 | NS      | $245910.00    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR PRODUCTS AND CHEMICALS, INC.                                   | APD US 03/17/23 P250 SHORT                      | CUSIP: N/A<br>LEI: 7QEON6Y1RL5XR3R1W237       | N/A              | DE               |  | US        |       -25 | NC      | $-5000.00     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Highland Global Allocation Fund                                    | HIGHLAND GLOBAL ALLOCATION MUTUAL FUND          | CUSIP: 43010T104<br>LEI: 2549007A3RHSGZEL0R21 | Long             | EC               |  | US        |     37597 | NS      | $354163.74    | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLAREDGE TECHNOLOGIES, INC.                                       | SOLAREDGE TECHNOLOGIES INC COMMON STOCK         | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               |  | US        |      1530 | NS      | $433403.10    | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Partners L.P.                                 | BROOKFIELD RENEWABLE PARTNER PARTNERSHIP SHARES | CUSIP: G16258108<br>LEI: VA8DFMRI2GY8Y7V79H93 | Long             | EC               |  | US        |     11400 | NS      | $288876.00    | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares US Real Estate ETF                                         | ISHARES US REAL ESTATE ETF MUTUAL FUND          | CUSIP: 464287739<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -4300 | NS      | $-362017.00   | -3.06%            |  |  |  | No            |                  1 | On Loan: No      |
| XYLEM INC.                                                         | XYLEM INC COMMON STOCK                          | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Short            | EC               |  | US        |      -635 | NS      | $-70211.95    | -0.59%            |  |  |  | No            |                  1 | On Loan: No      |
| EVOQUA WATER TECHNOLOGIES CORP.                                    | EVOQUA WATER TECHNOLOGIES CO COMMON STOCK       | CUSIP: 30057T105<br>LEI: 529900YQAOMEZRGRRP43 | Short            | EC               |  | US        |     -1625 | NS      | $-64350.00    | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                | MPM HOLDINGS INC/DE ESCROW SECURITY             | CUSIP: 55336L102<br>LEI: N/A                  | Long             | EC               |  | US        |    250000 | NS      | $1250000.00   | 10.56%            |  |  |  | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOGIES INC.                                         | MINERALS TECHNOLOGIES INC COMMON STOCK          | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               |  | US        |      5600 | NS      | $340032.00    | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC                           | ATLANTICA SUSTAINABLE INFRAS COMMON STOCK       | CUSIP: G0751N103<br>LEI: 549300ITBBGKJ651R879 | Long             | EC               |  | US        |     13500 | NS      | $349650.00    | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHA SERVICES AND HOLDINGS S.A.                                   | ALPHA SERVICES & HDS-SP ADR DEPOSITARY RECEIPT  | CUSIP: 02071M507<br>LEI: 5299009N55YRQC69CN08 | Long             | EC               |  | US        |   2437000 | NS      | $572573.15    | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares Ultra VIX Short-Term Futures ETF                         | PROSHARES ULTRA VIX ST FUTUR MUTUAL FUND        | CUSIP: 74347Y839<br>LEI: N/A                  | Long             | EC               | RF                | US        |     35300 | NS      | $242158.00    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWAY ENERGY, INC.                                              | CLEARWAY ENERGY INC-C COMMON STOCK              | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               |  | US        |      6000 | NS      | $191220.00    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FREYR Battery SA                                                   | FREYR BATTERY SA COMMON STOCK                   | CUSIP: L4135L100<br>LEI: 222100QIBHPZGVW6UT76 | Long             | EC               |  | US        |     10000 | NS      | $86800.00     | 0.73%             |  |  |  | No            |                  1 | On Loan: —       |
| MASTEC, INC.                                                       | MASTEC INC COMMON STOCK                         | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               |  | US        |      1229 | NS      | $104870.57    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Altus Power Inc                                                    | ALTUS POWER INC COMMON STOCK                    | CUSIP: 02217A102<br>LEI: 5493005V83PBRWNLK259 | Long             | EC               |  | US        |     40000 | NS      | $260800.00    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEN AEROGELS, INC.                                               | ASPEN AEROGELS INC COMMON STOCK                 | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               |  | US        |     17050 | NS      | $201019.50    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNRUN INC.                                                        | SUNRUN INC COMMON STOCK                         | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               |  | US        |     12600 | NS      | $302652.00    | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PARATEK PHARMACEUTICALS, INC.                                      | PARATEK PHARMACEUTICALS INC COMMON STOCK        | CUSIP: 699374302<br>LEI: 5493007V5QDIWECEYV79 | Long             | EC               |  | US        |     64770 | NS      | $121119.90    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNNOVA ENERGY INTERNATIONAL INC.                                  | SUNNOVA ENERGY INTERNATIONAL COMMON STOCK       | CUSIP: 86745K104<br>LEI: 549300JK1Y1VVC3JU540 | Long             | EC               |  | US        |     12920 | NS      | $232689.20    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CHART INDUSTRIES, INC.                                             | CHART INDUSTRIES INC COMMON STOCK               | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               |  | US        |      3200 | NS      | $368736.00    | 3.12%             |  |  |  | No            |                  1 | On Loan: —       |
| NEXTERA ENERGY PARTNERS, LP                                        | NEXTERA ENERGY PARTNERS LP COMMON STOCK         | CUSIP: 65341B106<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | EC               |  | US        |      5600 | NS      | $392504.00    | 3.32%             |  |  |  | No            |                  1 | On Loan: —       |
| Spdr Kbw Regional Banking (Etf)                                    | SPDR S&P REGIONAL BANKING MUTUAL FUND           | CUSIP: 78464A698<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -3100 | NS      | $-182094.00   | -1.54%            |  |  |  | No            |                  1 | On Loan: No      |
| ITRON, INC.                                                        | ITRON INC COMMON STOCK                          | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               |  | US        |      4144 | NS      | $209893.60    | 1.77%             |  |  |  | No            |                  1 | On Loan: —       |
| Materials Select Sector SPDR                                       | MATERIALS SELECT SECTOR SPDR MUTUAL FUND        | CUSIP: 81369Y100<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -6500 | NS      | $-504920.00   | -4.27%            |  |  |  | No            |                  1 | On Loan: No      |
| BLOOM ENERGY CORPORATION                                           | BLOOM ENERGY CORP- A COMMON STOCK               | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               |  | US        |     12600 | NS      | $240912.00    | 2.04%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares US Home Construction ETF                                   | ISHARES U.S. HOME CONSTRUCTI MUTUAL FUND        | CUSIP: 464288752<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -9200 | NS      | $-557566.00   | -4.71%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                | SPIRIT MTA REIT REIT                            | CUSIP: 84861U105<br>LEI: N/A                  | Long             | EC               |  | US        |     10266 | NS      | $1018.20      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| iShares US Infrastructure ETF                                      | ISHARES US INFRASTRUCTURE MUTUAL FUND           | CUSIP: 46435U713<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -2400 | NS      | $-87024.00    | -0.74%            |  |  |  | No            |                  1 | On Loan: No      |
| ReneSola Ltd                                                       | RENESOLA LTD-ADR DEPOSITARY RECEIPT             | CUSIP: 75971T301<br>LEI: 529900AE4IM429A3P568 | Long             | EC               |  | US        |     79500 | NS      | $359340.00    | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Solar ETF                                                  | INVESCO SOLAR ETF MUTUAL FUND                   | CUSIP: 46138G706<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -5100 | NS      | $-371994.00   | -3.14%            |  |  |  | No            |                  1 | On Loan: No      |
| SUNPOWER CORPORATION                                               | SUNPOWER CORP COMMON STOCK                      | CUSIP: 867652406<br>LEI: 549300TXO070764WUH65 | Short            | EC               |  | US        |    -11000 | NS      | $-198330.00   | -1.68%            |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                                                 | ENERGY TRANSFER LP PARTNERSHIP SHARES           | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               |  | US        |     32972 | NS      | $391377.64    | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Water Corporation                                            | PRIMO WATER CORP COMMON STOCK                   | CUSIP: 74167P108<br>LEI: N/A                  | Long             | EC               |  | US        |     32400 | NS      | $503496.00    | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| STEM, INC                                                          | STEM INC COMMON STOCK                           | CUSIP: 85859N102<br>LEI: 549300GVWIYFILN5V546 | Long             | EC               |  | US        |     32000 | NS      | $286080.00    | 2.42%             |  |  |  | No            |                  1 | On Loan: —       |
| NEXTERA ENERGY, INC.                                               | NextEra Energy Inc PREFERRED STOCK              | CUSIP: 65339F713<br>LEI: N/A                  | Long             | EP               |  | US        |      8500 | NS      | $426615.00    | 3.61%             |  |  |  | No            |                  2 | On Loan: No      |
| CLEAN ENERGY FUELS CORP.                                           | CLEAN ENERGY FUELS CORP COMMON STOCK            | CUSIP: 184499101<br>LEI: 549300MTQB4VUAOPMF71 | Long             | EC               |  | US        |     27200 | NS      | $141440.00    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WD-40 COMPANY                                                      | WD-40 CO COMMON STOCK                           | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Short            | EC               |  | US        |      -550 | NS      | $-88665.50    | -0.75%            |  |  |  | No            |                  1 | On Loan: No      |
| AIR PRODUCTS AND CHEMICALS, INC.                                   | APD US 03/17/23 P290 LONG                       | CUSIP: N/A<br>LEI: 7QEON6Y1RL5XR3R1W237       | N/A              | DE               |  | US        |        25 | NC      | $21000.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW FORTRESS ENERGY INC.                                           | NEW FORTRESS ENERGY INC COMMON STOCK            | CUSIP: 644393100<br>LEI: N/A                  | Long             | EC               |  | US        |      9300 | NS      | $394506.00    | 3.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Fluence Energy Inc                                                 | FLUENCE ENERGY INC COMMON STOCK                 | CUSIP: 34379V103<br>LEI: N/A                  | Short            | EC               |  | US        |     -4100 | NS      | $-70315.00    | -0.59%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

**Name of Applicant:** NexPoint Funds II

**Signature:** Stephanie Vitiello

**Name of Signer:** Stephanie Vitiello

**Title:** CCO