Highland Funds I NPORTP Monthly portfolio investment report

INVESTMENT PORTFOLIO (unaudited)


As of September 30, 2023		NexPoint Event Driven Fund


Shares			Value ($)
	Common Stock — 68.9%
	COMMUNICATION SERVICES — 12.3%
	28,185	Activision Blizzard(a)		2,638,961
	8,000	Atlanta Braves Holdings, Class C(a)(b)		285,840
	246,505	Kahoot!(b)		800,383

				3,725,184

	CONSUMER DISCRETIONARY — 4.3%
	1,000	Aramark		34,700
	33,372	Arco Platform, Class A(b)		459,866
	2,500	Atmus Filtration Technologies(a)(b)		52,125
	11,655	Capri Holdings(a)(b)		613,170
	2,150	Hasbro		142,201

				1,302,062

	CONSUMER STAPLES — 3.8%
	8,200	Hostess Brands, Class A(a)(b)		273,142
	26,840	Kenvue(a)		538,949
	15,500	Sovos Brands(a)(b)		349,525

				1,161,616

	ENERGY — 8.3%
	18,646	Denbury(a)(b)		1,827,494
	8,873	Earthstone Energy, Class A(a)(b)		179,590
	11,872	Holly Energy Partners(a)		260,709
	2,108	Natural Gas Services Group(a)(b)		30,693
	6,300	New Fortress Energy, Inc., Class A(a)		206,514

				2,505,000

	FINANCIALS — 3.8%
	3,622	Argo Group International Holdings(a)(b)		108,080
	81,838	Arlington Asset Investment, Class A(b)		350,267
	5,437	Avantax(b)		139,078
	115,643	Network International Holdings(b)		550,762

				1,148,187

	HEALTHCARE — 18.8%
	Biotechnology — 8.4%
	20,839	Horizon Therapeutics (a)(b)		2,410,864
	8,351	VectivBio Holding (b)		141,967

				2,552,831

	Healthcare Equipment & Supplies — 0.8%
	5,000	Globus Medical, Class A (a)(b)		248,250

	Healthcare Technology — 4.3%
	428,568	AMINO, Inc. (b)(c)(d)(e)		201,427
	46,269	EMIS Group		1,091,074

				1,292,501

	Life Sciences Tools & Services — 0.5%
	1,000	Illumina (a)(b)		137,280

	Pharmaceuticals — 4.8%
	31,453	Dechra Pharmaceuticals		1,451,145

				5,682,007

	INDUSTRIALS — 2.7%
	11,342	Heritage-Crystal Clean(b)		514,360
	1,385	Triton International(a)		114,401


Shares			Value ($)
	Common Stock (continued)
	INDUSTRIALS (continued)
	1,201	Veritiv		202,849

				831,610

	INFORMATION TECHNOLOGY — 8.9%
	67,882	Computer Task Group(b)		701,221
	214,500	eMagin(b)		426,855
	24,961	National Instruments(a)		1,488,175
	41,000	Rimini Street(b)		90,200

				2,706,451

	MATERIALS — 2.7%
	3,500	Crown Holdings, Inc.(a)		309,680
	11,529	Teck Resources, Ltd., Class B(a)		496,785

				806,465

	REAL ESTATE — 0.5%
	15,726	RPT Realty(a)		166,066

	UTILITIES — 2.8%
	18,180	Atlantica Sustainable Infrastructure PLC(a)		347,238
	9,742	PNM Resources(a)		434,591
	6,689	TransAlta Renewables		60,804

				842,633

		Total Common Stock (Cost $23,318,032)		20,877,281


Principal Amount ($)
	U.S. Senior Loans (f) — 18.0%
	CONSUMER DISCRETIONARY — 2.0%
	606,700	Hostess Brand, LLC, Term Loan 1st Lien, 06/21/30		608,784

	CONSUMER STAPLES — 1.9%
	582,435	Sovos Brands, Term Loan, 1st Lien, 06/08/28		583,163

	ENERGY — 2.7%
	804,000	Quarternorth Energy Holding, Term Loan, 2nd Lien, 08/27/26		802,324

	HEALTHCARE — 3.1%
	1,181,643	Carestream Health Inc., Term Loan, 1st Lien, 09/30/27		941,438

	INDUSTRIALS — 4.6%
	1,372,472	Circor International, Inc., Term Loan, 1st Lien, 12/20/28		1,375,430

	INFORMATION TECHNOLOGY — 3.7%
	1,125,000	Imperva, Term Loan, 1st Lien, 01/12/26		1,128,516

		Total U.S. Senior Loans (Cost $5,592,470)		5,439,655

INVESTMENT PORTFOLIO (unaudited)(continued)


As of September 30, 2023		NexPoint Event Driven Fund


Principal Amount ($)			Value ($)
	Convertible Bonds — 15.8%
	COMMUNICATION SERVICES — 4.6%
	1,400,000	Radius Global Infrastructure 2.50%, 09/15/26 (g)		1,404,200

	FINANCIALS — 0.8%
	250,000	Starwood Property Trust 6.75%, 07/15/27		257,375

	HEALTHCARE — 3.9%
	1,200,000	Tabula Rasa HealthCare 1.75%, 02/15/26		1,174,214

	INDUSTRIALS — 1.7%
	250,000	Fluor 1.13%, 08/15/29 (g)		259,313
	250,000	Tetra Tech 2.25%, 08/15/28 (g)		247,500

				506,813

	INFORMATION TECHNOLOGY — 3.6%
	1,094,000	Kaleyra 6.13%, 06/01/26 (g)		1,073,541

	MATERIALS — 1.2%
	500,000	PureCycle Technologies, Inc. 7.25%, 08/15/30 (g)		358,000

		Total Convertible Bonds (Cost $4,830,272)		4,774,143

	Corporate Obligations — 8.7%
	COMMUNICATION SERVICES — 0.7%
	400,000	Alphabet 2.25%, 08/15/60 (h)		213,193

	CONSUMER DISCRETIONARY — 5.8%
	400,000	Amazon.com 2.70%, 06/03/60		226,240
	300,000	Carriage Services 4.25%, 05/15/29 (g)		256,982
	1,285,000	Michael Kors USA 4.25%, 11/01/24 (g)		1,263,785

				1,747,007

	FINANCIALS — 2.2%
	684,000	SEG Holding 5.63%, 10/15/28 (g)		686,123

		Total Corporate Obligations (Cost $2,724,798)		2,646,323


Shares
	Preferred Stock — 3.6%
	REAL ESTATE — 1.6%
	1,942	Hersha Hospitality Trust 6.88%(i)		47,929
	1,955	Hersha Hospitality Trust 6.50%(i)		48,380
	17,000	Seritage Growth Properties 7.00%(i)		392,700

				489,009

	UTILITIES — 2.0%
	24,006	Brookfield Renewable Partners L.P. 6.05%(i)(j)		328,485
	7,000	NextEra Energy, Inc. 6.93%, 09/01/2025(h)		264,810

				593,295

		Total Preferred Stock (Cost $1,235,251)		1,082,304


Units			Value ($)
	Warrant — 1.7%
	ENERGY — 1.7%
	4,000	Quarternorth Energy Holding Inc. Tranche 3, Expires 08/27/2029		532,000

		Total Warrant (Cost $466,000)		532,000


Contracts
	Purchased Call Options(b) — 0.3%
	329	Total Purchased Call Options (Cost $147,884)		108,240


Contracts
	Purchased Put Options(b) — 0.1%
	241	Total Purchased Put Options (Cost $48,125)		17,965


Units
	Rights — 0.1%
	HEALTHCARE — 0.1%
	Healthcare Equipment & Supplies — 0.0%
	3,352	Abiomed, Inc. (h)		3,419
	7,303	Novartis		2,848

				6,267

	Pharmaceuticals — 0.1%
	225,000	Paratek Pharmaceuticals (d)		18,000

		Total Rights (Cost $–)		24,267


Shares
	Exchange-Traded Fund — 0.1%
	2,000	ProShares Ultra VIX Short-Term Futures ETF (b)		32,420

		Total Exchange-Traded Fund (Cost $136,812)		32,420


Principal Amount ($)
	Repurchase Agreements(k)(l) — 1.5%
	249,000	RBC Dominion Securities dated 9/30/2023 to be repurchased on 10/03/2023, repurchase price $249,110 (collateralized by U.S. Government Agencies, ranging in par value $10 - $53,436, 0.000% - 7.000%, 10/05/2023 – 09/01/2053; with total market value $253,980)		249,000

INVESTMENT PORTFOLIO (unaudited)(continued)


As of September 30, 2023		NexPoint Event Driven Fund


Principal Amount ($)			Value ($)
	Repurchase Agreements(k)(l) (continued)
	210,640	BofA Securities dated 9/30/2023 to be repurchased on 10/03/2023, repurchase price $210,733 (collateralized by U.S. Government Agencies, ranging in par value $521 - $47,843, 2.500% - 5.500%, 04/20/2043 – 09/01/2053; with total market value $214,853)		210,640

		Total Repurchase Agreements (Cost $459,640)		459,640


Shares
	Cash Equivalents — 0.9%
	MONEY MARKET FUND(m) — 0.9%
	278,467	Dreyfus Treasury Obligations Cash Management, Institutional Class 5.230%		278,467

		Total Cash Equivalents (Cost $278,467)		278,467

	Total Investments—119.7% (Cost $39,237,751)			36,272,705


Shares
	Securities Sold Short— (14.7)%
	Common Stock — (14.7)%
	CONSUMER DISCRETIONARY — (2.5)%
	(1,500)	America’s Car-Mart, Inc. (n)		(136,485	)
	(540)	Asbury Automotive Group (n)		(124,238	)
	(735)	AutoNation, Inc. (n)		(111,279	)
	(735)	Penske Automotive Group, Inc.		(122,789	)
	(2,500)	Sonic Automotive, Inc., Class A		(119,400	)
	(600)	Tesla, Inc. (n)		(150,132	)

				(764,323	)

	ENERGY — (7.4)%
	(15,658)	Exxon Mobil		(1,841,068	)
	(3,740)	HF Sinclair		(212,918	)
	(12,833)	Permian Resources, Class A		(179,149	)

				(2,233,135	)

	FINANCIALS — (2.6)%
	(315)	Credit Acceptance Corp. (n)		(144,938	)
	(29,622)	Ellington Financial, REIT		(369,386	)
	(19,353)	Greenhill		(286,425	)

				(800,749	)

	HEALTHCARE — (0.5)%
	Biotechnology — (0.5)%
	(8,456)	Intercept Pharmaceuticals (n)		(156,774	)

	INFORMATION TECHNOLOGY — (1.0)%
	(41,046)	PFSweb (n)		(305,382	)

	REAL ESTATE — (0.6)%
	(9,533)	Kimco Realty		(167,685	)


Shares			Value ($)
	UTILITIES — (0.1)%
	(539)	Brookfield Infrastructure, Class A		(19,048	)
	(2,913)	TransAlta		(25,489	)

				(44,537	)

		Total Common Stock (Proceeds $4,537,985)		(4,472,585	)

		Total Securities Sold Short - (14.7)% (Proceeds $4,537,985)		(4,472,585	)


Contracts
	Written Options— (0.3)%
	Written Put Options— (0.1)%
	(300)	Total Written Call Options - (0.1)% (Premiums Received $69,321)		(21,525	)

	Written Call Options— (0.2)%
	(548)	Total Written Call Options - (0.20)% (Premiums Received $76,688)		(60,723	)

	Other Assets & Liabilities, Net - (4.7)%(o)			(1,426,340	)

	Net Assets - 100.0%			30,291,532

(a)	All or part of this security is pledged as collateral for short sales. The fair value of the securities pledged as collateral was $14,723,307.

(b)	Non-income producing security.

(c)

Securities with a total aggregate value of $201,427, or 0.7% 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.

(d)

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 $219,427, or 0.7% of net assets, were fair valued under the Fund’s valuation procedures as of September 30, 2023. Please see Notes to Investment Portfolio.

INVESTMENT PORTFOLIO (unaudited)(continued)


As of September 30, 2023		NexPoint Event Driven Fund

(e)

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


Restricted Security	Security Type		Acquisition Date		Cost of Security		Fair Value at Period End		Percent of Net Assets
AMINO, Inc.		Common Stock		11/18/2016	$	2,464,266	$	201,427		0.7	%

(f)

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 September 30, 2023, the SOFR 1 Month and SOFR 3 Month rates were 5.43% and 5.66%, 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.

(g)

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 September 30, 2023, these securities amounted to $5,549,444 or 18.3% of net assets.

(h)	Securities (or a portion of securities) on loan. As of September 30, 2023, the fair value of securities loaned was $444,266. The loaned securities were secured with cash and/or securities collateral of $456,604. Collateral is calculated based on prior day’s prices.

(i)	Perpetual security with no stated maturity date.

(j)	Variable or floating rate security. The base lending rates are generally the lending rate offered by one or more European banks such as the LIBOR. The interest rate shown reflects the rate in effect September 30, 2023.

(k)	Tri-Party Repurchase Agreement.

(l)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of September 30, 2023 was $459,640.

(m)	Rate reported is 7 day effective yield.

(n)	No dividend payable on security sold short.

(o)	As of September 30, 2023, $4,509,232 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 September 30, 2023		NexPoint Event Driven Fund

Forward foreign currency contracts outstanding as of September 30, 2023, were as follows:


Counterparty	Settlement Date		Currency to Deliver		Notional Amount ($)		Currency to Receive		Notional Amount ($)		Unrealized Appreciation/ (Depreciation)
Goldman Sachs		12/29/23		GBP		443,022		USD		561,912	$	20,930
Goldman Sachs		10/13/23		GBP		769,416		USD		973,872		34,766
Goldman Sachs		10/20/23		GBP		890,678		USD		1,128,605		41,499
Goldman Sachs		11/01/23		GBP		74,331		USD		92,904		2,181
Goldman Sachs		11/10/23		GBP		1,208,802		USD		1,520,489		45,064
Goldman Sachs		11/17/23		GBP		431,769		USD		545,322		18,302
Goldman Sachs		10/20/23		NOK		7,588,665		USD		816,000		4,552
Goldman Sachs		11/01/23		USD		93,541		GBP		74,331		(2,819	)
Goldman Sachs		11/17/23		USD		547,588		GBP		431,769		(20,568	)

											$	143,907

Purchased options contracts outstanding as of September 30, 2023 were as follows:


Description	Exercise Price		Counterparty		Expiration Date		Number of Contracts		Notional Value		Premium		Value
PURCHASED PUT OPTIONS:
Apple	$	125.00		Pershing		January 2024		11	$	188,331	$	4,654	$	715
Vistra		30.00		Pershing		January 2024		230		763,140		43,471		17,250

											$	48,125	$	17,965


Description	Exercise Price		Counterparty		Expiration Date		Number of Contracts		Notional Value		Premium		Value
PURCHASED CALL OPTIONS:
Aptiv PLC	$	97.50		Pershing		October 2023		22	$	216,898	$	9,967	$	10,120
BorgWarner		40.00		Pershing		October 2023		67		270,479		12,101		10,720
Dana		16.00		Pershing		October 2023		130		190,710		11,336		1,300
MP Materials		22.50		Pershing		December 2023		40		76,400		14,902		2,800
Seagen		210.00		Pershing		January 2024		70		1,485,050		99,578		83,300

											$	147,884	$	108,240

Written options contracts outstanding as of September 30, 2023 were as follows:


Description	Exercise Price		Counterparty		Expiration Date		Number of Contracts			Notional Value			Premium			Value
WRITTEN PUT OPTIONS:
Seagen	$	185.00		Pershing		January 2024		(70	)	$	(1,485,050	)	$	(55,821	)	$	(17,500	)
Vistra		26.00		Pershing		January 2024		(230	)	$	(763,140	)		(13,500	)		(4,025	)

													$	(69,321	)	$	(21,525	)


Description	Exercise Price		Counterparty		Expiration Date		Number of Contracts			Notional Value		Premium			Value
WRITTEN CALL OPTIONS:
Apple	$	175.00		Pershing		January 2024		(11	)	$	188,331	$	(13,056	)	$	(9,449	)
BorgWarner		45.00		Pershing		October 2023		(67	)		270,479		(1,910	)		(804	)
Dana		19.00		Pershing		October 2023		(130	)		190,710		(1,313	)		(1,625	)
Seagen		220.00		Pershing		January 2024		(70	)		1,485,050		(46,723	)		(38,500	)
Sovos Brands		25.00		Pershing		February 2024		(155	)		349,525		(1,387	)		(3,100	)
Teck Resources		46.00		Pershing		October 2023		(115	)		495,535		(12,299	)		(7,245	)

												$	(76,688	)	$	(60,723	)

INVESTMENT PORTFOLIO (unaudited)


As of September 30, 2023		NexPoint Merger Arbitrage Fund


Shares			Value ($)
	Common Stock — 56.9%
	COMMUNICATION SERVICES — 10.7%
	826,696	Activision Blizzard(a)		77,403,547
	88,561	GCI Liberty, Inc., Class A(b)		—
	4,141,767	Kahoot!(b)		13,447,996

				90,851,543

	CONSUMER DISCRETIONARY — 2.0%
	23,964	Arco Platform, Class A(a)(b)		330,224
	325,663	Capri Holdings(a)(b)		17,133,130

				17,463,354

	CONSUMER STAPLES — 1.0%
	391,418	Sovos Brands(a)(b)		8,826,476

	ENERGY — 11.1%
	714,412	Denbury(a)(b)		70,019,520
	1,050,076	Earthstone Energy, Class A(b)		21,253,538
	203,839	Green Plains Partners		3,033,124
	15,183	Holly Energy Partners		333,419

				94,639,601

	FINANCIALS — 3.6%
	900,660	Argo Group International Holdings(b)		26,875,694
	151,910	Avantax(b)		3,885,858

				30,761,552

	HEALTHCARE — 17.7%
	306,121	AMINO, Inc.(b)(c)(d)(e)		143,877
	2,246	Biote, Class A(b)		11,500
	917,524	Dechra Pharmaceuticals		42,331,765
	1,592,044	EMIS Group		37,542,158
	607,890	Horizon Therapeutics(a)(b)		70,326,794

				150,356,094

	INDUSTRIALS — 4.2%
	641,413	Heritage-Crystal Clean(a)(b)		29,088,079
	50,210	Triton International(a)		4,147,346
	15,223	Veritiv		2,571,165

				35,806,590

	INFORMATION TECHNOLOGY — 5.3%
	84,286	Computer Task Group(a)(b)		870,675
	740,389	National Instruments		44,141,992

				45,012,667

	REAL ESTATE — 0.6%
	466,290	RPT Realty(a)		4,924,022

	UTILITIES — 0.7%
	137,580	PNM Resources		6,137,444
	37,911	TransAlta Renewables		344,620

				6,482,064

		Total Common Stock (Cost $479,082,605)		485,123,963


Principal Amount ($)
	U.S. Senior Loans (f) — 13.5%
	CONSUMER DISCRETIONARY — 5.3%
	44,582,600	Hostess Brand, LLC, Term Loan 1st Lien, 06/21/30		44,735,741

	CONSUMER STAPLES — 2.1%
	17,801,307	Sovos Brands, Term Loan, 1st Lien, 06/08/28		17,823,559


Principal Amount ($)			Value ($)
	U.S. Senior Loans (continued)
	ENERGY — 0.8%
	7,000,000	Quarternorth Energy Holding, Term Loan, 2nd Lien, 08/27/26		6,985,405

	INDUSTRIALS — 0.9%
	7,818,559	Circor International, Inc., Term Loan, 1st Lien, 12/20/28		7,835,408

	INFORMATION TECHNOLOGY — 4.4%
	37,375,000	Imperva, Term Loan, 1st Lien, 01/12/26		37,491,797

		Total U.S. Senior Loans (Cost $115,114,499)		114,871,910

	Convertible Bonds — 13.2%
	COMMUNICATION SERVICES — 9.2%
	78,096,000	Radius Global Infrastructure 2.50%, 09/15/26 (g)		78,330,288

	HEALTHCARE — 1.7%
	9,542,000	Intercept Pharmaceuticals 2.00%, 05/15/26		9,363,088
	5,469,000	Tabula Rasa HealthCare 1.75%, 02/15/26		5,351,480

				14,714,568

	INFORMATION TECHNOLOGY — 2.3%
	20,086,000	Kaleyra 6.13%, 06/01/26 (g)		19,710,379

		Total Convertible Bonds (Cost $111,946,153)		112,755,235

	Asset-Backed Securities — 13.2%
	5,000,000	Ares LXVII CLO, Series 2022-67A, Class A2 TSFR3M + 2.650%, 8.00%, 1/25/2036 (g)(h)		5,000,000
	5,000,000	Black Diamond CLO, Series 2022-1A, Class A1A TSFR3M + 2.500%, 7.85%, 10/25/2035 (g)(h)		5,012,500
	3,500,000	Bridge Street CLO III, Series 2022-1A, Class A2 TSFR3M + 2.950%, 8.28%, 10/20/2034 (g)(h)		3,507,875
	9,000,000	Bridge Street CLO III, Series 2022-1A, Class A1 TSFR3M + 2.300%, 7.63%, 10/20/2034 (g)(h)		9,024,750
	6,000,000	Capital Four US CLO III, Series 2023-2A, Class A2 TSFR3M + 3.000%, 8.33%, 1/21/2035 (g)(h)		6,030,000
	6,500,000	Carlyle US CLO, Series 2022-4A, Class A2 TSFR3M + 2.250%, 7.60%, 7/25/2034 (g)(h)		6,514,625

INVESTMENT PORTFOLIO (unaudited)(continued)


As of September 30, 2023		NexPoint Merger Arbitrage Fund


Principal Amount ($)			Value ($)
	Asset-Backed Securities (continued)
	5,000,000	Carlyle US CLO, Series 2022-6A, Class A TSFR3M + 2.250%, 7.60%, 10/25/2034 (g)(h)		5,011,250
	5,000,000	Danby Park CLO, Series 2022-1A, Class A2 TSFR3M + 2.750%, 8.08%, 10/21/2035 (g)(h)		5,025,000
	8,000,000	Empower CLO, Series 2022-1A, Class A2 TSFR3M + 2.500%, 7.83%, 10/20/2034 (g)(h)		8,018,000
	6,000,000	Halseypoint CLO VI, Series 2022-6A, Class A2 TSFR3M + 2.650%, 7.98%, 10/20/2034 (g)(h)		6,022,500
	3,898,837	Newark BSL CLO 1, Series 2020-1A, Class A1R TSFR3M + 1.362%, 6.72%, 12/21/2029 (g)(h)		3,886,751
	10,000,000	OFSI BSL XII, Series 2023-12A, Class A1 TSFR3M + 2.400%, 7.35%, 1/20/2035 (g)(h)		10,022,500
	6,000,000	Park Blue CLO II, Series 2023-2A, Class A2 TSFR3M + 2.900%, 8.23%, 1/20/2035 (g)(h)		6,003,000
	5,000,000	Saratoga Investment Senior Loan Fund, Series 2022-1A, Class A2 TSFR3M + 2.600%, 7.93%, 10/20/2033 (g)(h)		5,011,250
	10,000,000	Sycamore Tree CLO, Series 2023-2A, Class A TSFR3M + 2.330%, 7.66%, 4/20/2035 (g)(h)		10,059,900
	5,000,000	Tikehau US CLO II, Series 2022-1A, Class AJ TSFR3M + 2.600%, 7.93%, 7/20/2033 (g)(h)		5,006,250
	13,266,239	Venture XXVII CLO, Series 2017-27RA, Class A US0003M + 1.300%, 6.90%, 7/21/2030 (g)(h)		13,173,375

		Total Asset-Backed Securities (Cost $111,760,357)		112,329,526

	Corporate Obligations — 4.3%
	CONSUMER DISCRETIONARY — 3.6%
	31,473,000	Michael Kors USA 4.25%, 11/01/24 (g)		30,953,381

	FINANCIALS — 0.7%
	5,969,000	SEG Holding 5.63%, 10/15/28 (g)		5,987,522

		Total Corporate Obligations (Cost $37,075,361)		36,940,903


Shares			Value ($)
	Special Purpose Acquisition Companies — 0.8%
	SPECIAL PURPOSE ACQUISITION COMPANY — 0.8%
	10,000	Blockchain Coinvestors Acquisition I(b)		107,900
	225,000	Energem Acquisition(b)		2,675,250
	60,927	Everest Consolidator Acquisition(b)		661,058
	294,324	Integrated Rail and Resources Acquisition(b)		3,234,621

				6,678,829

		Total Special Purpose Acquisition Companies (Cost $5,942,124)		6,678,829

	Exchange-Traded Fund — 0.5%
	300,000	Bondbloxx USD High Yield Sector Rotation		4,313,280

		Total Exchange-Traded Fund (Cost $4,422,000)		4,313,280

	Preferred Stock — 0.3%
	REAL ESTATE — 0.3%
	56,916	Hersha Hospitality Trust 6.88%(i)		1,404,687
	57,548	Hersha Hospitality Trust 6.50%(i)		1,424,144

		Total Preferred Stock (Cost $2,839,510)		2,828,831


Contracts
	Purchased Call Options(b) — 0.1%
	1,000	Total Purchased Call Options (Cost $1,422,550)		1,190,000


Units
	Warrants — 0.0%
	HEALTHCARE — 0.0%
	71,084	Apollomics, Expires 12/11/2027(b)		3,483

	INFORMATION TECHNOLOGY — 0.0%
	113,155	SMX Security Matters, Expires 03/10/2028(b)		1,635

	REAL ESTATE — 0.0%
	12,612	Appreciate Holdings, Expires 12/02/2027(b)		155

	SPECIAL PURPOSE ACQUISITION COMPANY — 0.0%
	12,500	AltEnergy Acquisition, Expires 11/05/2028(b)		881
	150,000	Fat Projects Acquisition, Expires 06/19/2026(b)		5,137
	198,080	Perception Capital II, Expires 01/03/2029(b)		19,907
	108,741	Phoenix Biotech Acquisition, Expires 09/04/2026(b)		7,786
	21,237	Seaport Global Acquisition II, Expires 11/20/2026(b)		1,168

				34,879

		Total Warrants (Cost $302,468)		40,152

INVESTMENT PORTFOLIO (unaudited)(continued)


As of September 30, 2023		NexPoint Merger Arbitrage Fund


Units				Value ($)
	Rights — 0.0%
	HEALTHCARE — 0.0%
	171,486		Abiomed, Inc.		174,916
	268,873		Novartis		104,860

			Total Rights (Cost $–)		279,776


Shares
	Cash Equivalents — 4.9%
	MONEY MARKET FUND(j) — 4.9%
	42,071,225		Dreyfus Treasury Obligations Cash Management, Institutional Class 5.230%		42,071,225

			Total Cash Equivalents (Cost $42,071,225)		42,071,225

	Total Investments—107.7% (Cost $911,978,852)				919,423,630


Shares
	Securities Sold Short— (12.3)%
	Common Stock — (12.3)%
	ENERGY — (11.1)%
	(600,030)		Exxon Mobil		(70,551,528	)
	(82,563)		Green Plains (k)		(2,485,146	)
	(4,783)		HF Sinclair		(272,296	)
	(1,519,670)		Permian Resources, Class A		(21,214,593	)

					(94,523,563	)

	HEALTHCARE — (0.5)%
	(235,622)		Intercept Pharmaceuticals (k)		(4,368,432	)

	REAL ESTATE — (0.6)%
	(282,673)		Kimco Realty		(4,972,218	)

	UTILITIES — (0.1)%
	(19,558)		Brookfield Infrastructure, Class A		(691,180	)
	(16,511)		TransAlta		(144,471	)

					(835,651	)

			Total Common Stock (Proceeds $100,890,846)		(104,699,864	)
		��
			Total Securities Sold Short - (12.3)% (Proceeds $100,890,846)		(104,699,864	)


Contracts
	Written Put Options — (0.0)%
	(1,000)		Total Written Put Options - (0.0)% (Premiums Received $797,450)		(250,000	)

	Written Call Options — (0.1)%
	(4,731)		Total Written Call Options - (0.1)% (Premiums Received $700,919)		(624,620	)

	Other Assets & Liabilities, Net - 4.6%(l)				39,462,905

	Net Assets - 100.0%				853,312,051

(a)	All or part of this security is pledged as collateral for short sales. The fair value of the securities pledged as collateral was $283,069,813.

(b)	Non-income producing security.

(c)

Securities with a total aggregate value of $143,877, or 0.0% of net assets, were classified as Level 3 within the three-tier fair value hierarchy. Please see Notes to Investment Portfolio for an explanation of this hierarchy, as well as a list of unobservable inputs used in the valuation of these instruments.

(d)

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 $143,877, or 0.0% of net assets, were fair valued under the Fund’s valuation procedures as of September 30, 2023. Please see Notes to Investment Portfolio.

(e)


Restricted Security	Security Type	Acquisition Date		Cost of Security		Fair Value at Period End		Percent of Net Assets
AMINO, Inc.	Common Stock		11/18/2016	$	1,760,196	$	143,877		0.0	%

(f)

(g)

INVESTMENT PORTFOLIO (unaudited)(concluded)


As of September 30, 2023		NexPoint Merger Arbitrage Fund

(h)

Variable or floating rate security. The rate shown is the effective interest rate as of period end. 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.

(i)	Perpetual security with no stated maturity date.

(j)	Rate reported is 7 day effective yield.

(k)	No dividend payable on security sold short.

(l)	As of September 30, 2023, $– in cash was segregated or on deposit with the brokers to cover investments sold short and is included in “Other Assets & Liabilities, Net”.

Forward foreign currency contracts outstanding as of September 30, 2023, were as follows:


Counterparty	Settlement Date		Currency to Deliver		Notional Amount ($)		Currency to Receive		Notional Amount ($)		Unrealized Appreciation/ (Depreciation)
Goldman Sachs		10/20/23		GBP		30,646,847		USD		38,872,655	$	1,467,037
Goldman Sachs		11/10/23		GBP		35,350,924		USD		44,412,398		1,264,190
Goldman Sachs		11/17/23		GBP		13,330,799		USD		16,841,342		569,685
Goldman Sachs		10/20/23		NOK		2,844,835		USD		271,835		4,273
Goldman Sachs		10/20/23		NOK		142,117,010		USD		13,301,298		(65,052	)
Goldman Sachs		11/17/23		USD		16,907,362		GBP		13,330,799		(635,704	)

											$	2,604,429

Purchased options contracts outstanding as of September 30, 2023 were as follows:


Description	Exercise Price		Counterparty	Expiration Date		Number of Contracts		Notional Value		Premium		Value
PURCHASED CALL OPTIONS:
Seagen	$	210.00	Pershing		January 2024		1,000	$	21,215,000	$	1,422,550	$	1,190,000

Written options contracts outstanding as of September 30, 2023 were as follows:


Description	Exercise Price		Counterparty	Expiration Date		Number of Contracts			Notional Value			Premium			Value
WRITTEN PUT OPTIONS:
Seagen	$	185.00	Pershing		January 2024		(1,000	)	$	(21,215,000	)	$	(797,450	)	$	(250,000	)


Description	Exercise Price		Counterparty	Expiration Date		Number of Contracts			Notional Value		Premium			Value
WRITTEN CALL OPTIONS:
Seagen	$	220.00	Pershing		January 2024		(1,000	)	$	21,215,000	$	(667,450	)	$	(550,000	)
Sovos Brands		25.00	Pershing		February 2024		(3,731	)		8,413,405		(33,469	)		(74,620	)

											$	(700,919	)	$	(624,620	)

NOTES TO INVESTMENT PORTFOLIO (unaudited)


As of September 30, 2023		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 September 30, 2023, each of which is non-diversified. This report includes information for the three months ended September 30, 2023 for NexPoint Event Driven Fund (the “Event Driven Fund”) and NexPoint Merger Arbitrage Fund (the “Merger Arbitrage 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 September 30, 2023		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 September 30, 2023, the Funds’ investments consisted of common stocks, preferred stocks, senior loans, asset-backed securities, bonds and notes, exchange-traded funds, master limited partnerships, repurchase agreements, special purpose acquisition companies, cash equivalents, rights, warrants, securities sold short, forward foreign currency contracts and options. 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.

NOTES TO INVESTMENT PORTFOLIO (unaudited)(concluded)


As of September 30, 2023		NexPoint Funds I

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 Funds’ 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 Funds 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.

Affiliated Issuers

Under Section 2(a)(3) of the Investment Company Act of 1940, as amended, a portfolio company is defined as “affiliated” if a fund owns five percent or more of its outstanding voting securities or if the portfolio company is under common control.

The Event Driven Fund and Merger Arbitrage Fund did not have any affiliated issuers as of September 30, 2023.

For more information with regard to significant accounting policies, see the most recent annual report filed with the U.S. Securities and Exchange Commission.

Highland Funds I NPORT-PMonthly portfolio investment report