Highland Funds I NPORT-P Highland Long/Short Equity Fund (Mar 2020 report)

INVESTMENT PORTFOLIO (unaudited)
As of March 31, 2020	Highland Long/Short Equity Fund

Shares			Value ($)
	Common Stocks — 83.5%
	COMMUNICATION SERVICES —5.8%
	870	Alphabet, Inc., Class A (a)(b)		1,010,897
	11,500	Facebook, Inc., Class A (a)(b)		1,918,200
	15,000	Meet Group (b)		88,050
				3,017,147
	CONSUMER DISCRETIONARY —2.3%
	530	Amazon.com, Inc. (b)		1,033,352
	16,784	Rubicon Project, Inc. (b)		93,151
	550	Tiffany		71,225
				1,197,728
	ENERGY —1.1%
	34,804	EQM Midstream Partners		410,687
	8,700	Tallgrass Energy, Class A		143,202
				553,889
	FINANCIALS —22.8%
	4,500	Ameriprise Financial, Inc. (a)		461,160
	20,000	Bolsas y Mercados Espanoles SHMSF		720,090
	56,891	Carolina Financial		1,471,770
	170	Central Federal Bancshares (b)		2,508
	2,458	CHP Merger, Class A (b)		23,843
	30,000	CIT Group, Inc.		517,800
	23,690	E*TRADE Financial Corp. (a)		813,041
	35,000	Essent Group (a)		921,900
	386	FB Financial		7,612
	77,447	FGL Holdings		758,980
	35,000	Fidelity National Financial (a)		870,800
	560	Hennessy Capital Acquisition IV, Class A (b)		5,662
	9,817	IBERIABANK Corp.		354,983
	10,306	Juniper Industrial Holdings (b)		99,144
	24,200	Legg Mason		1,182,170
	8,000	LPL Financial Holdings, Inc. (a)		435,440
	3,417	MSB Financial		41,824
	460	MutualFirst Financial		12,972
	27,055	PB Bancorp		403,119
	6,800	S&P Global (a)		1,666,340
	31,173	SB One Bancorp		529,941
	21,050	Thunder Bridge Acquisition II, Class A (b)		207,763
	11,934	Tortoise Acquisition, Class A (b)		117,311
	14,834	Trine Acquisition, Class A (b)		147,450
				11,773,623
	HEALTHCARE —6.7%
	7,811	Allergan		1,383,328
	22,204	Forty Seven (b)		2,118,706
				3,502,034
	INDUSTRIALS —8.3%
	28,300	Advanced Disposal Services (b)		928,240
	1	Pendrell Corp. (b)		72,500
	2,550	Roper Technologies, Inc. (a)		795,115
	4,480	WABCO Holdings (b)		605,024
	14,000	Waste Connections		1,085,000
	9,000	Waste Management, Inc. (a)		833,040
				4,318,919

Shares			Value ($)
	INFORMATION TECHNOLOGY —29.4%
	5,000	Apple, Inc. (a)		1,271,450
	39,600	CDK Global, Inc. (a)		1,300,860
	20,369	Cypress Semiconductor		475,005
	16,500	Fidelity National Information Services		2,007,060
	5,000	Global Payments (a)		721,150
	6,000	Mastercard, Class A (a)		1,449,360
	7,100	Microsoft Corp. (a)		1,119,741
	14,100	Motorola Solutions (a)		1,874,172
	9,765	RIB Software (b)		304,351
	7,000	salesforce.com, Inc. (a)(b)		1,007,860
	50,000	StoneCo, Class A (b)		1,088,500
	49,858	Telaria, Inc. (b)		299,148
	10,500	Visa, Inc., Class A		1,691,760
	43,283	Xperi (a)		602,067
				15,212,484
	MATERIALS —4.4%
	221,124	OMNOVA Solutions (a)(b)		2,242,197
	569	Pope Resources a Delaware		48,815
				2,291,012
	REAL ESTATE —2.4%
	19,250	CBRE Group, Class A (a)(b)		725,918
	400,000	LSE REIT		—
	12,900	Taubman Centers , REIT		540,252
				1,266,170
	UTILITIES —0.3%
	450	El Paso Electric		30,582
	6,868	TerraForm Power, Class A		108,308
				138,890
		Total Common Stocks (Cost $49,091,823)		43,271,896
	Registered Investment Company — 14.0%
	375,558	Highland Merger Arbitrage Fund, Class Z (c)		7,252,031
		Total Registered Investment Companies (Cost $7,531,626)		7,252,031
	Exchange-Traded Fund — 5.2%
	82,000	SPDR S&P Regional Banking ETF		2,672,380
		Total Exchange-Traded Funds (Cost $2,322,713)		2,672,380
	Preferred Stock — 2.9%
	FINANCIALS —2.9%
	200,000	Tectonic Financial 9.00%		1,500,000
		Total Preferred Stock (Cost $1,562,000)		1,500,000

INVESTMENT PORTFOLIO (unaudited) (continued)
As of March 31, 2020	Highland Long/Short Equity Fund

Shares			Value ($)
	Purchased Call Options (b) — 0.5%
		Total Purchased Call Options (Cost $609,796)		275,450
	Purchased Put Options(b) — 0.1%
		Total Purchased Put Options (Cost $137,081)		80,400
	Total Investments - 106.2% (Cost $61,255,039)			55,052,157
	Securities Sold Short — (19.4)%
	Exchange-Traded Funds — (8.5)%
	(10,102)	Invesco CurrencyShares Euro Currency Trust		(1,053,639	)
	(18,500)	iShares Russell 2000 ETF		(2,117,510	)
	(4,750)	SPDR S&P 500 ETF Trust ETF		(1,224,312	)
		Total Exchange-Traded Funds (Proceeds $4,406,529)		(4,395,461	)
	Common Stocks — (10.9)%
	CONSUMER DISCRETIONARY —(0.6)%
	(54,017)	Rubicon Project, Inc. (d)		(299,944	)
	ENERGY —(0.8)%
	(84,762)	Equitrans Midstream		(426,353	)
	FINANCIALS —(6.7)%
	(7,928)	Fidelity National Financial		(197,248	)
	(44,962)	First Horizon National		(362,394	)
	(392)	Franklin Financial Network		(7,993	)
	(3,998)	Kearny Financial		(34,343	)
	(24,665)	Morgan Stanley		(838,610	)
	(1,104)	Northwest Bancshares		(12,773	)
	(42,315)	Provident Financial Services		(544,171	)
	(64,386)	United Bankshares, Inc.		(1,486,029	)
				(3,483,561	)
	HEALTHCARE —(1.0)%
	(6,763)	AbbVie, Inc.		(515,273	)
	INFORMATION TECHNOLOGY —(1.5)%
	(15,419)	Telaria, Inc. (d)		(92,514	)
	(95,127)	TiVo		(673,499	)
				(766,013	)
	REAL ESTATE —(0.1)%
	(1,567)	Rayonier, Inc.		(36,903	)
	UTILITIES —(0.2)%
	(2,650)	Brookfield Renewable Partners		(112,598	)
		Total Common Stocks (Proceeds $6,255,642)		(5,640,646	)

Shares			Value ($)
		Total Securities Sold Short - (19.4)% (Proceeds $10,662,171)		(10,036,107	)
	Other Assets & Liabilities, Net -13.2%(e)			6,817,247
	Net Assets - 100.0%			51,833,297

(a) All or part of this security is pledged as collateral for short sales. The market value of the securities pledged as collateral was $12,908,191.

(b) Non-income producing security.

(c) Affiliated issuer. Assets with a total aggregate market value of $7,252,031, or 14.0% of net assets, were affiliated with the Fund as of March 31, 2020.

(d) No dividend payable on security sold short.

(e) As of March 31, 2020, $4,915,055 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, 2020	Highland Long/Short Equity Fund

Purchased options contracts outstanding as of March 31, 2020 were as follows:

Description	Exercise price		Expiration Date		Number of Contracts		Notional Value		Premium		Value
PURCHASED PUT OPTIONS:
iShares China Large-Capital ETF	$	35.00		May 2020		300	$	1,304,700	$	68,937	$	29,400
iShares MSCI Hong Kong ETF		19.00		June 2020		500	$	1,214,500		68,144		51,000
									$	137,081	$	80,400

Description	Exercise price		Expiration Date		Number of Contracts		Notional Value		Premium		Value
PURCHASED CALL OPTIONS:
Western Alliance Bancorp	$	45.00		June 2020		255	$	1,457,070	$	98,345	$	8,925
Amazon.com		1,920.00		June 2020		10	$	1,846,890		138,887		156,375
Athene Holding		40.00		May 2020		241	$	1,131,736		83,152		10,845
CIT Group		37.00		July 2020		475	$	2,166,000		177,770		49,875
TFC USA		47.50		April 2020		280	$	863,520		60,228		4,480
Amazon.com		2,000.00		May 2020		5	$	974,860		51,414		44,950
									$	609,796	$	275,450

Futures contracts outstanding as of March 31, 2020 were as follows:

Description	Expiration Date		Number of Contracts		Notional Value		Unrealized (Depreciation)			Value
Short Futures:
S&P 500 IndexE-MINI		June 2020		40	$	4,803,456	$	(335,944	)	$	(5,139,400	)