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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DIGITALBRIDGE GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ELECTRONIC ARTS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ELECTRONIC ARTS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>EQV VENTURES ACQUISITION CORP II WT</name>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>CITADEL SECURITIES LLC</name>
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          <ticker value="CITA"/>
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        <curCd>USD</curCd>
        <valUSD>505261</valUSD>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <maturityDt>2026-04-01</maturityDt>
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        <name>DAIWA CAPITAL MARKETS AMERICA INC</name>
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        <title>DAIWA CAPITAL MARKETS AMERICA INC. SLRPD 3.670% 04/01/2026</title>
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        <curCd>USD</curCd>
        <valUSD>474946</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NOMURA SECURITIES INTERNATIONAL INC</name>
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        <title>Nomura Securities Intl, Inc. SLRPD 3.670% 04/01/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NMRA"/>
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        <balance>55901</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>55901</valUSD>
        <pctVal>0.004017218879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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              <principalCd>USD</principalCd>
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              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="Other" invstCat="Other instrument"/>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CHART INDUSTRIES, INC.</name>
        <lei>EM7QGKC1GYOF3LSZSL80</lei>
        <title>CHART INDUSTRIES INC COMMON STOCK</title>
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        <identifiers>
          <isin value="US16115Q3083"/>
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        <curCd>USD</curCd>
        <valUSD>36536860.00000000</valUSD>
        <pctVal>2.625651844872</pctVal>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>PROASSURANCE CORPORATION</name>
        <lei>54930015E5J57R675E89</lei>
        <title>PROASSURANCE CORP COMMON STOCK</title>
        <cusip>74267C106</cusip>
        <identifiers>
          <isin value="US74267C1062"/>
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        <balance>1234870.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30525986.40000000</valUSD>
        <pctVal>2.193691863715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SEALED AIR CORPORATION</name>
        <lei>Q0M0CZB4YN6JZ65WXI09</lei>
        <title>SEALED AIR CORP 144A 6.500000% 07/15/2032</title>
        <cusip>812127AC2</cusip>
        <identifiers>
          <isin value="US812127AC28"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4200782.72000000</valUSD>
        <pctVal>0.301881248106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>DEVON ENERGY CORPORATION</name>
        <lei>54930042348RKR3ZPN35</lei>
        <title>DEVON ENERGY CORP COMMON STOCK</title>
        <cusip>25179M103</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CSG SYSTEMS INTERNATIONAL, INC.</name>
        <lei>549300D7FJZUOHHXUA81</lei>
        <title>CSG SYSTEMS INTL INC COMMON STOCK</title>
        <cusip>126349109</cusip>
        <identifiers>
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        <curCd>USD</curCd>
        <valUSD>66842630.40000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>VERIS RESIDENTIAL, INC.</name>
        <lei>254900KTVBRYJCQU2J23</lei>
        <title>VERIS RESIDENTIAL INC REIT</title>
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        <balance>408253.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>WARNER BROS. DISCOVERY, INC.</name>
        <lei>5493006ZCRFWKF6B1K26</lei>
        <title>WBD US 07/17/26 P22 SHORT</title>
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          <ticker value="WBD US 07/17/26 P22 Equity"/>
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        <balance>-7500.00000000</balance>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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                <issueTitle>WBD Put 22 Jul 2026</issueTitle>
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                  <ticker value="WBD-07/2026-P-22"/>
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      </invstOrSec>
      <invstOrSec>
        <name>LightWave Acquisition Corp</name>
        <lei>N/A</lei>
        <title>LIGHTWAVE ACQUISITION CORP-A COMMON STOCK</title>
        <cusip>G5490M100</cusip>
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          <isin value="KYG5490M1006"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1016000.00000000</valUSD>
        <pctVal>0.073012904622</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <name>COTERRA ENERGY INC.</name>
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        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CANTOR FITZGERALD SECURITIES</name>
        <lei>N/A</lei>
        <title>CANTOR FITZGERALD SECURITIES SLRPD 3.690% 04/01/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CANS"/>
        </identifiers>
        <balance>474946</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>474946</valUSD>
        <pctVal>0.034131089565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.69</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="N/A" name="N/A"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.69</repurchaseRt>
          <maturityDt>2026-04-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>474946</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>474946</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="Other" invstCat="Other instrument"/>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="474946" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RBC DOMINION SECURITIES INC</name>
        <lei>N/A</lei>
        <title>RBC DOMINION SECURITIES INC. SLRPD 3.660% 04/01/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RBCD"/>
        </identifiers>
        <balance>474946</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>474946</valUSD>
        <pctVal>0.034131089565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.66</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="N/A" name="N/A"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.66</repurchaseRt>
          <maturityDt>2026-04-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>474946</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>474946</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="Other" invstCat="Other instrument"/>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="474946" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TD SECURITIES (USA) LLC</name>
        <lei>N/A</lei>
        <title>TD SECURITIES (USA) LLC SLRPA 3.660% 04/01/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TDSU"/>
        </identifiers>
        <balance>97750</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>97750</valUSD>
        <pctVal>0.007024617546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.66</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="N/A" name="N/A"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.66</repurchaseRt>
          <maturityDt>2026-04-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>97750</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>97750</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="Other" invstCat="Other instrument"/>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="97750" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The presentation of the Class A returns in Item B.5.a, includes the sales load associated with the share class. " noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-31</ncom:dateSigned>
      <ncom:nameOfApplicant>NexPoint Funds I</ncom:nameOfApplicant>
      <ncom:signature>Stephanie Vitiello</ncom:signature>
      <ncom:signerName>Stephanie Vitiello</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
