# EDGAR Filing Document

**Accession Number:** 0000891079
**File Stem:** 0001752724-25-147373
**Filing Date:** 2025-6
**Character Count:** 39296
**Document Hash:** 318325abe6cc154ab852147d6b466747
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-147373.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0001752724-25-147373

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**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/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07142
- **FILM NUMBER:** 251055163

**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, 2024** | **NexPoint Climate Tech Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value ($)** |
| **Common Stock — 74.9%** | **Common Stock — 74.9%** | **Common Stock — 74.9%** |
| **CONSUMER DISCRETIONARY** — **2.2%**  | **CONSUMER DISCRETIONARY** — **2.2%**  | **CONSUMER DISCRETIONARY** — **2.2%**  |
| 2250 | BorgWarner, Inc.(a) | 71528 |
| 7039 | Goodyear Tire & Rubber(a)(b) | 63351 |
|  |  | 134879 |
| **CONSUMER STAPLES — 8.6%**  | **CONSUMER STAPLES — 8.6%**  |  |
| 5600 | Darling Ingredients, Inc. (a)(b) | 188664 |
| 5400 | Primo Brands Corp.(a) | 166158 |
| 4600 | Vital Farms, Inc.(b) | 173374 |
|  |  | 528196 |
| **ENERGY — 6.7%**  | **ENERGY — 6.7%**  |  |
| 26200 | Clean Energy Fuels Corp.(b) | 65762 |
| 7300 | Green Plains, Inc.(a)(b) | 69204 |
| 50237 | John Wood Group PLC(b) | 41273 |
| 6300 | New Fortress Energy, Inc., Class A(a) | 95256 |
| 15000 | Ur-Energy, Inc.(b) | 17250 |
| 20000 | Yellow Cake PLC(b) | 125190 |
|  |  | 413935 |
| **INDUSTRIALS — 17.6%** | **INDUSTRIALS — 17.6%** | **INDUSTRIALS — 17.6%** |
| 1120 | AECOM(a) | 119638 |
| 2000 | Chart Industries, Inc.(a)(b) | 381680 |
| 780 | Clean Harbors, Inc.(a)(b) | 179509 |
| 7612 | Montrose Environmental Group,<br>Inc.(a)(b) | 141203 |
| 1250 | MYR Group, Inc.(a)(b) | 185963 |
| 16200 | SGL Carbon(b) | 67100 |
| 9000 | Stem, Inc.(b) | 5427 |
|  |  | 1080520 |
| **INFORMATION TECHNOLOGY — 2.0%**  | **INFORMATION TECHNOLOGY — 2.0%**  | **INFORMATION TECHNOLOGY — 2.0%**  |
| 30000 | indie Semiconductor, Inc.,<br>Class A(a)(b)(c) | 121500 |
| **MATERIALS — 20.7%**  | **MATERIALS — 20.7%**  |  |
| 3000 | Aspen Aerogels, Inc.(a)(b) | 35640 |
| 1100 | Crown Holdings, Inc (a) | 90959 |
| 48000 | DS Smith PLC | 325823 |
| 26705 | Ecovyst, Inc.(a)(b) | 204026 |
| 3200 | Freeport-McMoRan, Inc.(a) | 121856 |
| 11982 | MP Materials Corp.(a)(b) | 186919 |
| 1 | Southern Copper Corp. | 84 |
| 7565 | Teck Resources, Ltd., Class B(a) | 306609 |
|  |  | 1271916 |
| **UTILITIES — 17.1%**  | **UTILITIES — 17.1%**  |  |
| 7000 | AES Corp.(a) | 90090 |
| 30000 | Altus Power, Inc., Class A (a)(b) | 122100 |
| 9600 | Brookfield Renewable Partners L.P (a) | 218784 |
| 12100 | Clearway Energy, Inc., Class C(a) | 314600 |
| 10350 | RWE | 308982 |
|  |  | 1054556 |
|  | Total Common Stock<br>(Cost $5,917,886) | 4605502 |
| **Corporate Obligation — 6.2%** | **Corporate Obligation — 6.2%** |  |
| **Principal Amount ($)** | **Principal Amount ($)** |  |
| **UTILITIES — 6.2%**  | **UTILITIES — 6.2%**  |  |
| 400000 | Atlantica Sustainable Infrastructure PLC<br>4.13%, 06/15/28 (d) | 378188 |
|  | Total Corporate Obligation<br>(Cost $400,974) | 378188 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value ($)** |
| **Preferred Stock — 4.8%** | **Preferred Stock — 4.8%** | **Preferred Stock — 4.8%** |
| **UTILITIES — 4.8%**  | **UTILITIES — 4.8%**  |  |
| 7200 | NextEra Energy, Inc. 6.93%,<br>09/01/2025(b) | 294624 |
|  | Total Preferred Stock<br>(Cost $355,293) | 294624 |
| **Convertible Bond — 3.4%** | **Convertible Bond — 3.4%** | **Convertible Bond — 3.4%** |
| **Principal Amount ($)** | **Principal Amount ($)** |  |
| **UTILITIES — 3.4%**  | **UTILITIES — 3.4%**  |  |
| 350000 | Sunnova Energy International, Inc.<br>0.25%, 12/01/26 | 210542 |
|  | Total Convertible Bond<br>(Cost $235,939) | 210542 |
| **Master Limited Partnership — 3.2%** | **Master Limited Partnership — 3.2%** | **Master Limited Partnership — 3.2%** |
| **ENERGY — 3.2%** | **ENERGY — 3.2%** |  |
| 10072 | Energy Transfer L.P. (a) | 197310 |
|  | Total Master Limited Partnership<br>(Cost $177,291) | 197310 |
| **Rights — 0.1%** | **Rights — 0.1%** |  |
| **Units** |  |  |
| **HEALTHCARE — 0.1%**  | **HEALTHCARE — 0.1%**  |  |
| 64770 | Paratek Pharmaceuticals, Inc. | 5182 |
|  | Total Rights<br>(Cost $–) | 5182 |
| **Warrants — 0.0%** | **Warrants — 0.0%** |  |
| **Units** |  |  |
| **ENERGY — 0.0%** | **ENERGY — 0.0%** |  |
| 15000 | Ur-Energy, Inc., Expires 02/20/2026(b) | 1650 |
|  | Total Warrants<br>(Cost $150) | 1650 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount ($)** | **Principal Amount ($)** | **Value ($)** |
| **Repurchase Agreement(e)(f) — 0.0%** | **Repurchase Agreement(e)(f) — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>1 | Daiwa Capital Markets 4.470%, dated 12/31/2024 to be repurchased on 01/02/2025, repurchase price $1 (collateralized by U.S. Government obligations, ranging in par value $0, 0.000% - 7.500%, 03/27/2025 - 01/01/2055; with total market value $1) | 1 |
|  | Total Repurchase Agreement<br>(Cost $1) | 1 |

---

------

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

------

---

| | |
|:---|:---|
| **As of December 31, 2024** | **NexPoint Climate Tech Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value ($)** |
| **Cash Equivalents — 3.4%** | **Cash Equivalents — 3.4%** |  |
| **MONEY MARKET FUND(g) — 3.4%**  | **MONEY MARKET FUND(g) — 3.4%**  |  |
| 209542 | Dreyfus Treasury Obligations Cash Management, Institutional Shares 4.340% | 209542 |
|  | Total Cash Equivalents<br>(Cost $209,542) | 209542 |
| **Total Investments—96.0%**<br> (Cost $7,297,076) | **Total Investments—96.0%**<br> (Cost $7,297,076) | **5902541** |
| **Shares** |  | **Value ($)** |
| **Securities Sold Short— (12.8)%** | **Securities Sold Short— (12.8)%** |  |
| **Exchange-Traded Fund — (1.0)%** | **Exchange-Traded Fund — (1.0)%** |  |
| (1650) | Global X Copper Miners ETF | (62997) |
|  | Total Exchange-Traded Fund<br>(Proceeds $69,371) | (62997) |
| **Common Stock — (11.8)%** | **Common Stock — (11.8)%** |  |
| **INDUSTRIALS — (7.3)%**  | **INDUSTRIALS — (7.3)%**  |  |
| (1100) | EnerSys | (101673) |
| (800) | Generac Holdings, Inc. (h) | (124040) |
| (7000) | Joby Aviation, Inc. (h) | (56910) |
| (280) | Watsco, Inc. | (132689) |
| (1508) | ZIM Integrated Shipping Services,<br>Ltd. | (32377) |
|  |  | (447689) |
| **INFORMATION TECHNOLOGY — (1.4)%**  | **INFORMATION TECHNOLOGY — (1.4)%**  | **INFORMATION TECHNOLOGY — (1.4)%**  |
| (3400) | JinkoSolar Holding Co, Ltd. ADR | (84660) |
| **MATERIALS — (3.1)%**  | **MATERIALS — (3.1)%**  |  |
| (150) | Avery Dennison Corp. | (28070) |
| (320) | Ecolab, Inc. | (74982) |
| (190) | Packaging Corp of America | (42775) |
| (506) | Southern Copper Corp. | (46104) |
|  |  | (191931) |
|  | Total Common Stock<br>(Proceeds $653,619) | (724280) |
|  | Total Securities Sold Short - (12.8)%<br>(Proceeds $722,990) | (787277) |
| **Other Assets & Liabilities, Net — 16.8%(i)** | **Other Assets & Liabilities, Net — 16.8%(i)** | **1034581** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **6149845** |

---

(a) All or part of this security is pledged as collateral for short sales. The fair value of the securities pledged
as collateral was $3,617,873.

(b) Non-income producing security.

(c) Securities (or a portion of securities) on loan. As of December 31, 2024, the fair value of securities
loaned was $54,675. The loaned securities were secured with cash and/or securities collateral of $56,525. 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 December 31, 2024, these securities amounted to $378,188 or 6.1% of net assets.

(e) Tri-Party Repurchase Agreement.

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

(f) This security was purchased with cash collateral held from securities on loan. The total value of such
securities as of December 31, 2024 was $1.

(g) Rate reported is 7 day effective yield.

(h) No dividend payable on security sold short.

(i) As of December 31, 2024, $787,355 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 December 31, 2024** | **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 December 31, 2024 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 December 31, 2024** | **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 December 31, 2024, the Fund's investments consisted of common stocks, preferred stocks, master limited partnerships, exchange-traded funds, corporate obligations, convertible bonds, 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.

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:** 2024-12-31

**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:** $6997544.89

**Total Liabilities:** $846379.86

**Net Assets:** $6151165.03

**Cash Not Reported:** $1047787.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004396 | -6.00%               | 5.06%                | -1.21%               |
| Class ID C000004398 | -6.14%               | 5.14%                | -1.27%               |
| Class ID C000004399 | -5.97%               | 5.15%                | -1.20%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13464.10                | $-407339.49                                |
| Month 2  | $23965.30                | $277633.85                                 |
| Month 3  | $158859.77               | $-228413.20                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AECOM                                    | AECOM COMMON STOCK                                                 | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               |  | US        |      1120 | NS      | $119638.40    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOLAB INC.                              | ECOLAB INC COMMON STOCK                                            | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Short            | EC               |  | US        |      -320 | NS      | $-74982.40    | -1.22%            |  |  |  | No            |                  1 | On Loan: No      |
| MP MATERIALS CORP                        | MP MATERIALS CORP COMMON STOCK                                     | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               |  | US        |     11982 | NS      | $186919.20    | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DARLING INGREDIENTS INC.                 | DARLING INGREDIENTS INC COMMON STOCK                               | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               |  | US        |      5600 | NS      | $188664.00    | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                      | DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A                    | CUSIP: 261908107<br>LEI: N/A                  | Long             | STIV             |  | US        |    209542 | PA      | $209542.14    | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOVYST INC.                             | ECOVYST INC COMMON STOCK                                           | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               |  | US        |     26705 | NS      | $204026.20    | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BORGWARNER INC.                          | BORGWARNER INC COMMON STOCK                                        | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               |  | US        |      2250 | NS      | $71527.50     | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PACKAGING CORPORATION OF AMERICA         | PACKAGING CORP OF AMERICA COMMON STOCK                             | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Short            | EC               |  | US        |      -190 | NS      | $-42774.70    | -0.70%            |  |  |  | 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      | $-84660.00    | -1.38%            |  |  |  | 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      | $-62997.00    | -1.02%            |  |  |  | No            |                  1 | On Loan: No      |
| WATSCO, INC.                             | WATSCO INC COMMON STOCK                                            | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Short            | EC               |  | US        |      -280 | NS      | $-132689.20   | -2.16%            |  |  |  | No            |                  1 | On Loan: No      |
| RWE Aktiengesellschaft                   | RWE AG COMMON STOCK                                                | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               |  | DE        |     10350 | NS      | $308982.42    | 5.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN HOLDINGS, INC.                     | CROWN HOLDINGS INC COMMON STOCK                                    | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               |  | US        |      1100 | NS      | $90959.00     | 1.48%             |  |  |  | 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      | $218784.00    | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| THE AES CORPORATION                      | AES CORP COMMON STOCK                                              | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               |  | US        |      7000 | NS      | $90090.00     | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AVERY DENNISON CORPORATION               | AVERY DENNISON CORP COMMON STOCK                                   | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Short            | EC               |  | US        |      -150 | NS      | $-28069.50    | -0.46%            |  |  |  | No            |                  1 | On Loan: No      |
| THE GOODYEAR TIRE & RUBBER COMPANY       | GOODYEAR TIRE & RUBBER CO COMMON STOCK                             | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               |  | US        |      7039 | NS      | $63351.00     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIWA CAPITAL MARKETS AMERICA INC        | DAIWA CAPITAL MARKETS AMERICA INC. SLRPD 4.470% 01/02/2025         | CUSIP: N/A<br>LEI: N/A                        | Long             | RA               |  | US        |         1 | PA      | $1.00         | 0.00%             | 2025-01-02      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| SOUTHERN COPPER CORP                     | SOUTHERN COPPER CORP COMMON STOCK                                  | CUSIP: 84265V105<br>LEI: N/A                  | Long             | EC               |  | US        |         1 | NS      | $83.60        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Yellow Cake PLC                          | YELLOW CAKE PLC COMMON STOCK                                       | CUSIP: N/A<br>LEI: 213800CVMYUGOA9EZY95       | Long             | EC               |  | GB        |     20000 | NS      | $125189.42    | 2.04%             |  |  |  | Yes           |                  1 | On Loan: No      |
| VITAL FARMS, INC.                        | VITAL FARMS INC COMMON STOCK                                       | CUSIP: 92847W103<br>LEI: 549300S6NYY7ER3XOT61 | Long             | EC               |  | US        |      4600 | NS      | $173374.00    | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| DS SMITH PLC                             | DS SMITH PLC COMMON STOCK                                          | CUSIP: N/A<br>LEI: 39RSBE4RCI4M15BLWH36       | Long             | EC               |  | GB        |     48000 | NS      | $325823.14    | 5.30%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC.                    | FREEPORT-MCMORAN INC COMMON STOCK                                  | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               |  | US        |      3200 | NS      | $121856.00    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWAY ENERGY, INC.                    | CLEARWAY ENERGY INC-C COMMON STOCK                                 | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               |  | US        |     12100 | NS      | $314600.00    | 5.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SGL Carbon SE                            | SGL CARBON SE COMMON STOCK                                         | CUSIP: N/A<br>LEI: 52990038IB31TYK07X63       | Long             | EC               |  | DE        |     16200 | NS      | $67100.19     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| INDIE SEMICONDUCTOR, INC.                | INDIE SEMICONDUCTOR INC-A COMMON STOCK                             | CUSIP: 45569U101<br>LEI: 254900L1MFXFYGB1PV53 | Long             | EC               |  | US        |     30000 | NS      | $121500.00    | 1.98%             |  |  |  | No            |                  1 | On Loan: —       |
| Altus Power, Inc.                        | ALTUS POWER INC COMMON STOCK                                       | CUSIP: 02217A102<br>LEI: 5493005V83PBRWNLK259 | Long             | EC               |  | US        |     30000 | NS      | $122100.00    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEN AEROGELS, INC.                     | ASPEN AEROGELS INC COMMON STOCK                                    | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               |  | US        |      3000 | NS      | $35640.00     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN COPPER CORPORATION              | SOUTHERN COPPER CORP COMMON STOCK                                  | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Short            | EC               |  | US        |      -506 | NS      | $-46104.25    | -0.75%            |  |  |  | No            |                  1 | On Loan: No      |
| ZIM INTEGRATED SHIPPING SERVICES LTD     | ZIM INTEGRATED SHIPPING SERV COMMON STOCK                          | CUSIP: M9T951109<br>LEI: 21380089EIJRELKAIL21 | Short            | EC               |  | US        |     -1508 | NS      | $-32376.76    | -0.53%            |  |  |  | No            |                  1 | On Loan: No      |
| CHART INDUSTRIES, INC.                   | CHART INDUSTRIES INC COMMON STOCK                                  | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               |  | US        |      2000 | NS      | $381680.00    | 6.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERSYS                                  | ENERSYS COMMON STOCK                                               | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Short            | EC               |  | US        |     -1100 | NS      | $-101673.00   | -1.65%            |  |  |  | No            |                  1 | On Loan: No      |
| SUNNOVA ENERGY INTERNATIONAL INC.        | SUNNOVA ENERGY INTERNATIONAL INC 0.250000% 12/01/2026              | CUSIP: 86745KAF1<br>LEI: 549300JK1Y1VVC3JU540 | Long             | DBT              | CORP              | US        |    350000 | PA      | $210542.21    | 3.42%             | 2026-12-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| MYR GROUP INC.                           | MYR GROUP INC/DELAWARE COMMON STOCK                                | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               |  | US        |      1250 | NS      | $185962.50    | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS, INC.                      | CLEAN HARBORS INC COMMON STOCK                                     | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               |  | US        |       780 | NS      | $179509.20    | 2.92%             |  |  |  | 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      | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| GREEN PLAINS INC.                        | GREEN PLAINS INC COMMON STOCK                                      | CUSIP: 393222104<br>LEI: VJ5WLTHARBSDR14KIZ98 | Long             | EC               |  | US        |      7300 | NS      | $69204.00     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC | ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC 144A 4.125000% 06/15/2028 | CUSIP: 04916WAA2<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | NUSS              | ES        |    400000 | PA      | $378187.87    | 6.15%             | 2028-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| GENERAC HOLDINGS INC.                    | GENERAC HOLDINGS INC COMMON STOCK                                  | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Short            | EC               |  | US        |      -800 | NS      | $-124040.00   | -2.02%            |  |  |  | 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      | $1650.00      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                       | ENERGY TRANSFER LP PARTNERSHIP SHARES                              | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               |  | US        |     10072 | NS      | $197310.48    | 3.21%             |  |  |  | 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      | $41273.27     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| STEM, INC.                               | STEM INC COMMON STOCK                                              | CUSIP: 85859N102<br>LEI: 549300GVWIYFILN5V546 | Long             | EC               |  | US        |      9000 | NS      | $5427.00      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY, INC.                     | NextEra Energy Inc PREFERRED STOCK                                 | CUSIP: 65339F713<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               |  | US        |      7200 | NS      | $294624.00    | 4.79%             |  |  |  | No            |                  2 | On Loan: No      |
| PRIMO BRANDS CORPORATION                 | PRIMO BRANDS CORP COMMON STOCK                                     | CUSIP: 741623102<br>LEI: N/A                  | Long             | EC               |  | US        |      5400 | NS      | $166158.00    | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Joby Aviation Inc                        | JOBY AVIATION INC COMMON STOCK                                     | CUSIP: G65163100<br>LEI: N/A                  | Short            | EC               |  | US        |     -7000 | NS      | $-56910.00    | -0.93%            |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN ENERGY FUELS CORP.                 | CLEAN ENERGY FUELS CORP COMMON STOCK                               | CUSIP: 184499101<br>LEI: 549300MTQB4VUAOPMF71 | Long             | EC               |  | US        |     26200 | NS      | $65762.00     | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ressources Teck Limitee                  | TECK RESOURCES LTD-CLS B COMMON STOCK                              | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               |  | US        |      7565 | NS      | $306609.45    | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Ur-Energy Inc                            | UR-ENERGY INC COMMON STOCK                                         | CUSIP: 91688R108<br>LEI: 5493004ZEMNWEC7T6X93 | Long             | EC               |  | US        |     15000 | NS      | $17250.00     | 0.28%             |  |  |  | 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      | $95256.00     | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MONTROSE ENVIRONMENTAL GROUP, INC.       | MONTROSE ENVIRONMENTAL GROUP COMMON STOCK                          | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               |  | US        |      7612 | NS      | $141202.60    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2024-12-31

**Name of Applicant:** NexPoint Funds II

**Signature:** Stephanie Vitiello

**Name of Signer:** Stephanie Vitiello

**Title:** CCO