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INVESTMENT PORTFOLIO (unaudited)


As of March 31, 2026		NexPoint Event Driven Fund


Shares			Value ($)
	Common Stock — 97.1%
	COMMUNICATION SERVICES — 16.0%
	571,170	Clear Channel Outdoor Holdings, Inc., Class A(a)		1,353,673
	14,340	Electronic Arts, Inc.		2,923,496
	282,790	Kyivstar Group(a)(b)		2,861,835
	298,140	Lionsgate Studios Corp.(a)(c)		2,859,162
	96,000	Warner Bros Discoveryn Inc.(a)		2,636,160

				12,634,326

	CONSUMER DISCRETIONARY — 8.5%
	29,230	Aptiv PLC(a)		2,029,731
	17,750	Genuine Parts		1,877,063
	161,640	Leggett & Platt		1,597,003
	32,266	YETI Holdings(a)(c)		1,180,613

				6,684,410

	CONSUMER STAPLES — 4.4%
	72,000	Primo Brands Corp., Class A		1,355,760
	98,150	Reynolds Consumer Products(b)(c)		2,078,817

				3,434,577

	FINANCIALS — 3.7%
	5,000	1RT Acquisition Corp., Class A(a)		50,700
	6,526	Brighthouse Financial(a)		390,777
	90,750	ProAssurance(a)(c)		2,243,340
	20,671	Two Harbors Investment		236,063

				2,920,880

	HEALTHCARE — 17.7%
	124,550	Amicus Therapeutics, Inc.(a)		1,800,993
	10,033	Atrium Therapeutics(a)(c)		134,141
	7,742	Becton Dickinson		1,217,275
	39,410	Hologic, Inc.(a)(c)		2,979,002
	164,420	Select Medical Holdings		2,678,402
	75,011	Sotera Health(a)(c)		1,075,658
	74,740	Terns Pharmaceuticals(a)		3,940,293
	256,565	Walgreens Boots Alliance, Inc.(a)(c)(d)(e)		135,979

				13,961,743

	INDUSTRIALS — 15.5%
	33,499	Air Lease, Class A		2,175,425
	31,960	CSG Systems International		2,554,882
	35,000	CSX Corp.(c)		1,436,750
	39,800	Fortune Brands Innovations		1,551,006
	8,950	Middleby(a)		1,186,591
	26,000	Parsons(a)		1,408,420
	58,300	Resideo Technologies(a)		1,965,293

				12,278,367

	INFORMATION TECHNOLOGY — 15.7%
	2,896	Adobe, Inc.(a)		703,960
	46,300	BILL Holdings(a)(b)		1,773,290
	35,450	Blackline, Inc.(a)(b)		1,311,650
	74,955	Braze, Inc., Class A(a)(b)(c)		1,769,687
	69,862	Gitlab, Class A(a)(c)		1,511,814
	106,100	indie Semiconductor, Inc., Class A(a)(b)(c)		341,642
	20,159	Okta, Class A(a)		1,586,715
	43,934	Ralliant(c)		1,827,229
	5,192	Workday, Class A(a)		674,545
	15,320	Workiva, Class A(a)(b)		913,531

				12,414,063

	MATERIALS — 6.6%
	12,666	Amrize(a)(c)		698,586
	138,000	James Hardie Industries PLC(a)(c)		2,613,720
	26,032	Smurfit WestRock PLC(c)		1,037,375
	16,850	Teck Resources, Ltd., Class B(c)		871,987

				5,221,668

	REAL ESTATE — 1.8%
	243,467	Fermi, Inc.(a)(b)		1,421,847
	3,083	Kennedy-Wilson Holdings		33,358

				1,455,205


Shares			Value ($)
	Common Stock (continued)
	UTILITIES — 7.2%
	38,650	Southwest Gas Holdings		3,358,685
	39,549	TXNM Energy(c)		2,312,035

				5,670,720

		Total Common Stock (Cost $84,119,891)		76,675,959

	Master Limited Partnerships — 3.8%
	ENERGY — 1.4%
	408,240	Martin Midstream Partners L.P.		1,126,742

	UTILITIES — 2.4%
	57,506	Brookfield Renewable Partners L.P. (c)		1,876,996

		Total Master Limited Partnerships (Cost $3,071,555)		3,003,738


Principal Amount ($)
	Corporate Obligations — 2.0%
	MATERIALS — 2.0%
		Sealed Air
	500,000	6.50%, 07/15/2032 (f)		525,098
	1,000,000	7.25%, 02/15/2031 (f)		1,049,255

				1,574,353

		Total Corporate Obligations (Cost $1,548,910)		1,574,353


Contracts
	Purchased Put Options(a) — 0.1%
	960	Total Purchased Put Options (Cost $154,080)		115,200


Units
	Rights — 0.1%
	HEALTHCARE — 0.1%
	3,352	Abiomed, Inc. (a)(c)(d)(e)		3,419
	22,042	Blueprint Medicines Corp. (a)(c)(d)(e)		10,140
	7,303	Novartis (a)(d)(e)		—
	225,000	Paratek Pharmaceuticals (a)(d)(e)		18,000
	90,000	Roche Holding AG (a)(d)(e)		30,600

		Total Rights (Cost $–)		62,159


Contracts
	Purchased Call Options(a) — 0.0%
	1,440	Total Purchased Call Options (Cost $23,040)		7,200


Units
	Warrants — 0.0%
	FINANCIALS — 0.0%
	1,250	1RT Acquisition Corp., Expires 06/23/2031(a)		556
	17,000	EQV Ventures Acquisition Corp. II, Expires 07/03/2031(a)		5,271

		Total Warrants (Cost $6,197)		5,827

INVESTMENT PORTFOLIO (unaudited)(continued)


As of March 31, 2026		NexPoint Event Driven Fund


Units			Value ($)
	Warrants (continued)
	REAL ESTATE — 0.0%
	240,000	Fermi, Inc., Expires 11/19/2026(a)		—

		Total Warrants (Cost $–)		—


Principal Amount ($)
	Repurchase Agreements(g)(h) — 1.5%
	262,960	Cantor Fitzgerald Securities dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $262,987 (collateralized by U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $54 - $32,115, 2.000% - 6.869%, 11/30/2027 – 10/20/2075; with total market value $268,219)		262,960
	279,745	Citadel Securities LLC dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $279,774 (collateralized by U.S. Treasury Obligations, ranging in par value $19 - $14,008, 0.000% - 5.375%, 04/15/2026 – 02/15/2056; with total market value $285,369)		279,745
	54,699	Citigroup Global Markets, Inc. dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $54,705 (collateralized by U.S. Treasury Obligations, ranging in par value $55.153, 4.250%, 05/15/2035; with total market value $55,793)		54,699
	262,960	Daiwa Capital Markets America, Inc. dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $262,987 (collateralized by U.S. Government Obligations, ranging in par value $36 - $109,612, 2.000% - 6.500%, 05/12/2027 – 02/20/2066; with total market value $268,219)		262,960
	16,785	Daiwa Capital Markets America, Inc. dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $16,787 (collateralized by U.S. Treasury Obligations, ranging in par value $35 - $6,845, 0.000% - 4.750%, 05/07/2026 – 05/15/2055; with total market value $17,121)		16,785
	30,375	Nomura Securities International, Inc. dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $30,378 (collateralized by U.S. Government Obligations, ranging in par value $19 - $6,075, 1.500% - 6.500%, 06/01/2037 – 06/20/2062; with total market value $30,982)		30,375


Principal Amount ($)			Value ($)
	Repurchase Agreements(g)(h) (continued)
	262,960	RBC Dominion Securities, Inc. dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $262,987 (collateralized by U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $15 - $132,316, 0.000% - 7.000%, 05/05/2026 – 01/15/2066; with total market value $268,219)		262,960

		Total Repurchase Agreements (Cost $1,170,484)		1,170,484

Shares
	Cash Equivalents — 0.5%
	MONEY MARKET FUND(i) — 0.5%
	385,066	Dreyfus Treasury Obligations Cash Management, Institutional Shares 3.540%		385,066

		Total Cash Equivalents (Cost $385,066)		385,066

	Total Investments - 105.1% (Cost $90,479,223)			82,999,986

	Securities Sold Short— (15.5)%
	Common Stock — (15.5)%
	COMMUNICATION SERVICES — (1.1)%
	(20,865)	Atlanta Braves Holdings, Class C (j)		(890,935	)

	CONSUMER DISCRETIONARY — (5.7)%
	(2,600)	Tesla, Inc. (j)		(966,550	)
	(58,650)	Tri Pointe Homes (j)		(2,740,715	)
	(37,360)	Warby Parker, Class A (j)		(787,175	)

				(4,494,440	)

	CONSUMER STAPLES — (0.7)%
	(14,633)	Maplebear (j)		(548,152	)

	FINANCIALS — (3.1)%
	(16,889)	Cantaloupe (j)		(182,570	)
	(144,000)	DigitalBridge Group, Inc.		(2,220,480	)

				(2,403,050	)

	INDUSTRIALS — (2.0)%
	(2,250)	Caterpillar		(1,594,035	)

	INFORMATION TECHNOLOGY — (0.7)%
	(15,472)	RingCentral, Class A		(575,404	)

	UTILITIES — (2.2)%
	(43,506)	Brookfield Renewable Corporation		(1,732,844	)

		Total Common Stock (Proceeds $11,512,880)		(12,238,860	)

		Total Securities Sold Short - (15.5)% (Proceeds $11,512,880)		(12,238,860	)

	Other Assets & Liabilities, Net - 10.4%(k)			8,202,268

	Net Assets - 100.0%			78,963,394

INVESTMENT PORTFOLIO (unaudited)(continued)


As of March 31, 2026		NexPoint Event Driven Fund

(a)	Non-income producing security.

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

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

(d)

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

(e)

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

(f)

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

(g)	Tri-Party Repurchase Agreement.

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

(i)	Rate reported is 7 day effective yield.

(j)	No dividend payable on security sold short.

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

INVESTMENT PORTFOLIO (unaudited)(concluded)


As of March 31, 2026		NexPoint Event Driven Fund

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

Description

Exercise Price
($)

Counterparty

Expiration Date

Number of
Contracts

Notional Value
($)

Premium ($)

Value ($)

PURCHASED PUT OPTIONS:

Warner Bros Discovery, Inc.

28.00

Pershing

July 2026

960

2,636,160

154,080

115,200

Description

Exercise Price
($)

Counterparty

Expiration Date

Number of
Contracts

Notional Value
($)

Premium ($)

Value ($)

PURCHASED CALL OPTIONS:

DigitalBridge Group, Inc.

16.00

Pershing

April 2026

1,440

2,220,480

23,040

7,200

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


Description	Exercise Price ($)		Counterparty		Expiration Date		Number of Contracts			Notional Value ($)			Premium ($)			Value ($)
WRITTEN PUT OPTIONS:
Warner Bros Discovery, Inc.		22.00		Pershing		July 2026		(960	)		(2,636,160	)		(21,120	)		(12,960	)

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

Underlying
Instrument

Financing Rate

Payment
Frequency

Counterparty

Expiration
Date

Currency

Notional
Amount
($)

Fair
Value
($)

Upfront
Premiums
Paid
(Received)
($)

Unrealized
Appreciation/
(Depreciation)
($)

Long Equity Total Return Swaps

Air Lease Corporation

1 Day USD-SOFR plus
0.61%

Upon Maturity

Goldman Sachs

09/03/2026

USD

1,317,826

8,138

—

8,138

ECN Capital

1 Day CAD-CORRA plus
0.50%

Upon Maturity

Goldman Sachs

01/08/2027

CAD

2,659,129

(4,719

)

—

(4,719

)

Sealed Air

1 Day USD-SOFR plus
0.61%

Upon Maturity

Goldman Sachs

12/18/2026

USD

1,812,157

7,019

—

7,019

Total Long Equity Total Return Swaps

10,438

—

10,438

INVESTMENT PORTFOLIO (unaudited)


As of March 31, 2026		NexPoint Merger Arbitrage Fund


Shares			Value ($)
	Common Stock — 74.0%
	COMMUNICATION SERVICES — 7.0%
	8,484,650	Clear Channel Outdoor Holdings, Inc., Class A(a)		20,108,621
	274,570	Electronic Arts, Inc.(b)		55,976,586
	750,000	Warner Bros Discoveryn Inc.(a)		20,595,000

				96,680,207

	ENERGY — 1.2%
	464,640	Coterra Energy		16,327,450

	FINANCIALS — 5.4%
	548,392	Brighthouse Financial(a)		32,837,713
	100,000	Lightwave Acquisition, Class A(a)		1,016,000
	1,234,870	ProAssurance(a)(b)		30,525,986
	971,054	Two Harbors Investment		11,089,437

				75,469,136

	HEALTHCARE — 22.3%
	1,845,880	Amicus Therapeutics, Inc.(a)		26,691,425
	361,510	Arcellx(a)		41,508,578
	135,138	Atrium Therapeutics(a)(c)		1,806,795
	1,452,200	Hologic, Inc.(a)		109,771,798
	297,500	Masimo(a)		52,916,325
	1,232,660	Select Medical Holdings		20,080,031
	2,677,220	Talkspace(a)		13,854,614
	787,570	Terns Pharmaceuticals(a)		41,520,690
	3,915,428	Walgreens Boots Alliance, Inc.(a)(b)(d)(e)		2,075,177

				310,225,433

	INDUSTRIALS — 12.6%
	1,102,855	Air Lease, Class A(b)		71,619,404
	176,720	Chart Industries(a)		36,536,860
	836,160	CSG Systems International(c)		66,842,630
	1	McGrath RentCorp		110

				174,999,004

	INFORMATION TECHNOLOGY — 16.4%
	3,978,350	Clearwater Analytics Holdings, Class A(a)		94,087,977
	3,338,207	Onestream, Class A(a)(c)		80,116,968
	4,574,904	SEMrush Holdings, Class A(a)		54,624,354

				228,829,299

	MATERIALS — 5.9%
	1,965,700	Sealed Air		82,657,685

	REAL ESTATE — 1.1%
	784,900	InterRent Real Estate Investment Trust		7,457,830
	45,567	Kennedy-Wilson Holdings		493,035
	3,682	National Storage Affiliates Trust		138,959
	422,005	Veris Residential		7,963,234

				16,053,058

	UTILITIES — 2.1%
	500,324	TXNM Energy(b)(c)		29,248,941

		Total Common Stock (Cost $1,021,950,362)		1,030,490,213


Principal Amount ($)
	Corporate Obligations — 2.9%
	COMMUNICATION SERVICES — 1.2%
		EchoStar
	15,750,000	10.75%, 11/30/2029		17,023,636

	INFORMATION TECHNOLOGY — 0.8%
		Getty Images, Inc.
	11,500,000	10.50%, 11/15/2030 (f)		10,324,499


Principal Amount ($)			Value ($)
	Corporate Obligations (continued)
	MATERIALS — 0.9%
		Sealed Air
	4,000,000	6.50%, 07/15/2032 (f)		4,200,783
	8,000,000	7.25%, 02/15/2031 (f)		8,394,041

				12,594,824

		Total Corporate Obligations (Cost $40,968,523)		39,942,959

	U.S. Senior Loan (g) — 1.1%
	CONSUMER STAPLES — 1.1%
		Olaplex Holdings, Inc., Term Loan, 1st Lien,7.273%,
	15,100,000	02/17/2029		15,148,773

		Total U.S. Senior Loan (Cost $15,156,625)		15,148,773


Contracts
	Purchased Put Options(a) — 0.1%
	7,500	Total Purchased Put Options (Cost $1,203,750)		900,000

	Purchased Call Options(a) — 0.0%
	19,680	Total Purchased Call Options (Cost $314,880)		98,400


Units
	Warrants — 0.0%
	FINANCIALS — 0.0%
	50,000	EQV Ventures Acquisition Corp. II, Expires 07/03/2031(a)		15,502
	147,162	Integrated Rail and Resouces Acquisition Corp., Expires 11/15/2026(a)		85,354
	50,000	Lightwave Acquisition, Expires 06/27/2030(a)		12,503

				113,359

	HEALTHCARE — 0.0%
	71,084	Apollomics, Inc., Expires 12/11/2027(a)		1,180
	108,741	CERo Therapeutics Holdings, Expires 02/17/2029(a)		527

				1,707

	INFORMATION TECHNOLOGY — 0.0%
	113,155	SMX Security Matters, Expires 03/10/2028(a)		5,499
	198,080	Spectaire Holdings, Expires 10/20/2028(a)		852

				6,351

	REAL ESTATE — 0.0%
	12,612	Appreciate Holdings, Expires 12/02/2027(a)		—

	SPECIAL PURPOSE ACQUISITION COMPANIES — 0.0%
	12,500	AltEnergy Acquisition, Expires 11/05/2028(a)		963
	225,000	Energem, Expires 11/19/2026(a)		—
	30,463	Everest Consolidator Acquisition, Expires 07/22/2028(a)		—

				963

		Total Warrants (Cost $278,842)		122,380

INVESTMENT PORTFOLIO (unaudited)(continued)


As of March 31, 2026		NexPoint Merger Arbitrage Fund


Units			Value ($)
	Rights — 0.0%
	HEALTHCARE — 0.0%
	171,486	Abiomed, Inc. (a)(d)(e)		174,916
	428,410	Blueprint Medicines Corp. (a)(d)(e)		197,068
	268,873	Novartis (a)(b)(d)(e)		—
	214,300	Novo Nordisk A/S (a)(d)		139,295

		Total Rights (Cost $–)		511,279


Principal Amount ($)
	Repurchase Agreements(h)(i) — 0.2%
	474,946	Cantor Fitzgerald Securities dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $474,997 (collateralized by U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $98 - $58,004, 2.000% - 6.869%, 11/30/2027 – 10/20/2075; with total market value $484,445)		474,946
	505,261	Citadel Securities LLC dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $505,315 (collateralized by U.S. Treasury Obligations, ranging in par value $35 - $25,300, 0.000% - 3.375%, 04/15/2026 – 02/15/2056; with total market value $515,420)		505,261
	30,315	Daiwa Capital Markets America, Inc. dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $30,318 (collateralized by U.S. Treasury Obligations, ranging in par value $64 - $12,363, 0.000% - 4.750%, 05/07/2026 – 05/15/2055; with total market value $30,921)		30,315
	474,946	Daiwa Capital Markets America, Inc. dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $474,997 (collateralized by U.S. Government Obligations, ranging in par value $65 - $197,977, 2.000% - 7.000%, 05/12/2027 – 02/20/2066; with total market value $484,445)		474,946
	55,901	Nomura Securities International, Inc. dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $55,907 (collateralized by U.S. Government Obligations, ranging in par value $35 - $11,180, 1.500% - 6.500%, 06/01/2037 – 06/20/2062; with total market value $57,019)		55,901
	474,946	RBC Dominion Securities, Inc. dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $474,997 (collateralized by U.S. Government Obligations and U.S. Treasury Obligations, ranging in par value $26 - $238,982, 0.000% - 7.000%, 05/05/2026 – 01/15/2066; with total market value $484,445)		474,946


Principal Amount ($)			Value ($)
	Repurchase Agreements(h)(i) (continued)
	97,750	TD Securities USA LLC dated 03/31/2026 to be repurchased on 04/01/2026, repurchase price $97,705 (collateralized by U.S. Treasury Obligations, ranging in par value $32,716 - $72,580, 1.250% - 1.375%, 05/31/2028 – 12/31/2028; with total market value $99,705)		97,750

		Total Repurchase Agreements (Cost $2,114,065)		2,114,065


Shares
	Cash Equivalents — 21.7%
	MONEY MARKET FUND(j) — 21.7%
	302,558,532	Dreyfus Treasury Obligations Cash Management, Institutional Shares 3.540%		302,558,532

		Total Cash Equivalents (Cost $302,558,532)		302,558,532

	Total Investments - 100.0% (Cost $1,384,545,579)			1,391,886,601

	Securities Sold Short— (5.8)%
	Common Stock — (5.8)%
	CONSUMER DISCRETIONARY — (2.4)%
	(723,670)	Tri Pointe Homes (k)		(33,817,099	)

	ENERGY — (1.2)%
	(325,523)	Devon Energy		(16,380,317	)

	FINANCIALS — (2.2)%
	(54,082)	Cantaloupe (k)		(584,627	)
	(1,968,000)	DigitalBridge Group, Inc.		(30,346,560	)

				(30,931,187	)

	INDUSTRIALS — ((0.0))%
	(1)	McGrath RentCorp		(110	)

	REAL ESTATE — ((0.0))%
	(516)	Public Storage		(139,774	)

		Total Common Stock (Proceeds $80,275,423)		(81,268,487	)

		Total Securities Sold Short - (5.8)% (Proceeds $80,275,423)		(81,268,487	)

	Other Assets & Liabilities, Net - 5.8%(l)			80,881,415

	Net Assets - 100.0%			1,391,499,529

(a)	Non-income producing security.

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

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

INVESTMENT PORTFOLIO (unaudited)(continued)


As of March 31, 2026		NexPoint Merger Arbitrage Fund

(d)

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

(e)

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

(f)

(g)

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

(h)	Tri-Party Repurchase Agreement.

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

(j)	Rate reported is 7 day effective yield.

(k)	No dividend payable on security sold short.

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

INVESTMENT PORTFOLIO (unaudited)(concluded)


As of March 31, 2026		NexPoint Merger Arbitrage Fund

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

Counterparty

Settlement
Date

Currency to
Deliver

Notional
Amount
($)

Currency to
Receive

Notional
Amount
($)

Unrealized
Appreciation
($)

Unrealized
(Depreciation)
($)

Goldman Sachs

04/30/26

CAD

10,556,905

USD

7,714,256

139,381

—

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

Description

Exercise Price
($)

Counterparty

Expiration Date

Number of
Contracts

Notional Value
($)

Premium ($)

Value ($)

PURCHASED PUT OPTIONS:

Warner Bros Discovery, Inc.

28.00

Pershing

July 2026

7,500

20,595,000

1,203,750

900,000

Description

Exercise Price
($)

Counterparty

Expiration Date

Number of
Contracts

Notional Value
($)

Premium ($)

Value ($)

PURCHASED CALL OPTIONS:

DigitalBridge Group, Inc.

16.00

Pershing

April 2026

19,680

30,346,560

314,880

98,400

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


Description	Exercise Price ($)		Counterparty		Expiration Date		Number of Contracts			Notional Value ($)			Premium ($)			Value ($)
WRITTEN PUT OPTIONS:
Electronic Arts, Inc.		190.00		Pershing		June 2026		(770	)		(15,697,990	)		(306,460	)		(142,450	)
Warner Bros Discovery, Inc.		22.00		Pershing		July 2026		(7,500	)		(20,595,000	)		(165,000	)		(101,250	)

														(471,460	)		(243,700	)


Description	Exercise Price ($)		Counterparty		Expiration Date		Number of Contracts			Notional Value ($)			Premium ($)			Value ($)
WRITTEN CALL OPTIONS:
Electronic Arts, Inc.		200.00		Pershing		June 2026		(770	)		(15,697,990	)		(487,410	)		(564,410	)

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

Underlying

Instrument

Financing
Rate

Payment
Frequency

Counterparty

Expiration
Date

Currency

Notional
Amount
($)

Fair
Value
($)

Upfront
Premiums
Paid
(Received)
($)

Unrealized
Appreciation/
(Depreciation)
($)

Long Equity Total Return Swaps

Jde Peets NV

1 Day EUR-ESTR plus

0.55%

Upon Maturity

Goldman Sachs

9/1/2026

EUR

20,211,975

184,001

—

184,001

JTC PLC

1 Day GBP-SONIA plus

0.53%

Upon Maturity

Goldman Sachs

11/18/2026

GBP

17,631,463

(223,221

)

—

(223,221

)

Just Group PLC

1 Day GBP-SONIA plus

0.53%

Upon Maturity

Goldman Sachs

8/20/2026

GBP

64,721,609

660,689

—

660,689

Total Long Equity Total Return Swaps

621,469

—

621,469

INVESTMENT PORTFOLIO (unaudited)


As of March 31, 2026		Nexpoint Credit Catalyst Fund


Principal Amount ($)			Value ($)
	Corporate Obligations — 37.9%
	COMMUNICATION SERVICES — 6.1%
		EchoStar
	1,000,000	10.75%, 11/30/2029		1,080,866
		Starz Capital Holdings 1
	500,000	6.00%, 04/15/2030 (a)		460,625

				1,541,491

	CONSUMER DISCRETIONARY — 7.7%
		Empire Resorts
	1,000,000	7.75%, 11/01/2026 (a)		978,774
		Victoria’s Secret
	1,000,000	4.63%, 07/15/2029 (a)(b)		951,636

				1,930,410

	ENERGY — 5.8%
		Hess Midstream Operations L.P.
	1,000,000	4.25%, 02/15/2030 (a)(b)		961,526
		Martin Midstream Partners
	500,000	11.50%, 02/15/2028 (a)		512,345

				1,473,871

	FINANCIALS — 3.9%
		Apollo Commercial Real Estate Finance
	1,000,000	4.63%, 06/15/2029 (a)		992,086

	HEALTHCARE — 1.9%
		Charles River Laboratories International
	500,000	4.00%, 03/15/2031 (a)		465,485

	INDUSTRIALS — 5.8%
		Clue Opco
	500,000	9.50%, 10/15/2031 (a)		484,856
		Resideo Funding
	1,000,000	6.50%, 07/15/2032 (a)(b)		986,251

				1,471,107

	INFORMATION TECHNOLOGY — 3.6%
		Getty Images, Inc.
	1,000,000	10.50%, 11/15/2030 (a)		897,783

	MATERIALS — 3.1%
		Sealed Air
	250,000	6.50%, 07/15/2032 (a)		262,549
	500,000	7.25%, 02/15/2031 (a)		524,628

				787,177

		Total Corporate Obligations (Cost $9,877,983)		9,559,410

	U.S. Senior Loans (c) — 24.5%
	CONSUMER DISCRETIONARY — 3.6%
		Majordrive Holdings IV, LLC, Initial Term Loan, 1st Lien,7.934%,
	994,792	06/01/2028		906,842

	CONSUMER STAPLES — 6.0%
		Olaplex Holdings, Inc., Term Loan, 1st Lien,7.273%,
	1,500,000	02/17/2029		1,504,845

	FINANCIALS — 3.9%
		Bausch + Lomb Corp., Fourth Amendment Term Loan, 1st Lien,7.423%,
	994,911	01/15/2031		998,333


Principal Amount ($)			Value ($)
	U.S. Senior Loans (continued)
	HEALTHCARE — 3.9%
		Sotera Health Holdings, LLC, 2025 Refinancing Term Loan, 1st Lien,6.173%,
	997,500	05/30/2031		999,685

	INDUSTRIALS — 4.0%
		Tiger Acquisition, LLC, August 2025 Incremental Term Loan, 1st Lien,6.176%,
	1,000,000	08/23/2032		1,002,125

	UTILITIES — 3.1%
		Dye & Durham Corp., Term Loan B, 1st Lien,8.022%,
	914,452	04/04/2031		778,427

		Total U.S. Senior Loans (Cost $6,365,968)		6,190,257

	Mortgage-Backed Securities — 21.8%
		BFLD Commercial Mortgage Trust, Series 2025-660F
	1,000,000	5.82%, 11/15/2042		1,000,000
		DBC Mortgage Trust, Series 2025-DBC, Class D
	1,000,000	TSFR1M + 2.600%, 6.27%, 11/15/2042 (a)(d)		1,002,173
		Extended Stay America Trust, Series 2026-ESH2
	1,486,019	TSFR1M + 2.500%, 5.92%, 2/15/2043		1,494,043
		SYCA Commercial Mortgage Trust, Series 2025-WAG, Class E
	1,000,000	7.39%, 11/10/2042 (a)		1,007,762
		Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class D
	1,000,000	8.05%, 9/15/2040 (a)		995,899

		Total Mortgage-Backed Securities (Cost $5,486,019)		5,499,877

	Convertible Bonds — 8.3%
	COMMUNICATION SERVICES — 3.9%
		Eventbrite
	1,000,000	0.75%, 09/15/2026		985,000

	INFORMATION TECHNOLOGY — 4.4%
		Confluent
	1,000,000	0.00%, 01/15/2027 (e)		1,001,000
		Jamf Holding
	100,000	0.13%, 09/01/2026		99,750

				1,100,750

		Total Convertible Bonds (Cost $2,068,375)		2,085,750

Shares
	Preferred Stock — 1.8%
	INFORMATION TECHNOLOGY — 1.8%
	10,000	Oracle 6.50%, 01/15/2029(f)		450,100

		Total Preferred Stock (Cost $492,014)		450,100

INVESTMENT PORTFOLIO (unaudited)(continued)


As of March 31, 2026		Nexpoint Credit Catalyst Fund


Shares			Value ($)
	Cash Equivalents — 16.1%
	MONEY MARKET FUND(g) — 16.1%
	4,071,341	Dreyfus Treasury Obligations Cash Management, Institutional Shares 3.540%		4,071,341

		Total Cash Equivalents (Cost $4,071,341)		4,071,341

	Total Investments - 110.4% (Cost $28,361,700)			27,856,735

	Securities Sold Short— (1.4)%
	Common Stock — (1.4)%
	INFORMATION TECHNOLOGY — (1.4)%
	(2,441)	Oracle		(359,096	)

		Total Common Stock (Proceeds $380,009)		(359,096	)

		Total Securities Sold Short - (1.4)% (Proceeds $380,009)		(359,096	)

	Other Assets & Liabilities, Net - (9.0)%(h)			(2,271,059	)

	Net Assets - 100.0%			25,226,580

(a)

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

(c)

(d)

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

(e)	Zero coupon security.

(f)	Non-income producing security.

(g)	Rate reported is 7 day effective yield.

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

NOTES TO INVESTMENT PORTFOLIO (unaudited)


As of March 31, 2026		NexPoint Funds I

Organization

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

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

Valuation of Investments

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

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

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

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

NOTES TO INVESTMENT PORTFOLIO (unaudited) (continued)


As of March 31, 2026		NexPoint Funds I

Fair Value Measurements

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


Level 1 —		Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement;

Level 2 —		Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active, but are valued based on executed trades; broker quotations that constitute an executable price; and alternative pricing sources supported by observable inputs are classified within Level 2. Level 2 inputs are either directly or indirectly observable for the asset in connection with market data at the measurement date; and

Level 3 —		Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. In certain cases, investments classified within Level 3 may include securities for which the Fund has obtained indicative quotes from broker-dealers that do not necessarily represent prices the broker may be willing to trade on, as such quotes can be subject to material management judgment. Unobservable inputs are those inputs that reflect the Fund’s own assumptions that market participants would use to price the asset or liability based on the best available information.

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

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

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

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


Counterparty	Collateral Pledged	Interest Rate %		Trade Date		Maturity Date		Repurchase Amount			Principal Amount			Value
Mizuho	DBC Mortgage Trust, 2025-DBC, 11/15/2042		4.67		3/10/2026		4/9/2026	$	(750,911	)	$	(748,000	)	$	(748,000	)
Mizuho	BFLD Commercial Mortgage Trust 2025- 660F, 11/15/2042		4.47		3/10/2026		4/9/2026		(828,073	)		(825,000	)		(825,000	)
Mizuho	Wells Fargo Commercial Mortgage Trust, 2025-1918, 9/15/2040		4.67		3/10/2026		4/9/2026		(752,919	)		(750,000	)		(750,000	)

Total Reverse Repurchase Agreements											$	(2,323,000	)	$	(2,323,000	)