INVESTMENT PORTFOLIO (unaudited)
As of March 31, 2019	Highland Long/Short Equity Fund

Shares			Value ($)
	Common Stocks — 120.4%
	Communication Services — 12.8%
	8,000	Alphabet, Inc., Class A (a)(b)		9,415,120
	42,000	Facebook, Inc., Class A (a)(b)		7,000,980
	62,000	Live Nation Entertainment (a)(b)		3,939,480
	8,000	Netflix, Inc. (a)(b)		2,852,480
				23,208,060
	Consumer Discretionary — 12.1%
	20,000	Alibaba Group Holding ADR (a)(b)		3,649,000
	4,000	Amazon.com, Inc. (b)		7,123,000
	6,000	AutoZone (a)(b)		6,144,720
	20,000	Expedia Group		2,380,000
	57,000	Penske Automotive Group (a)		2,545,050
				21,841,770
	Energy — 4.5%
	57,000	Continental Resources, Inc. (a)(b)		2,551,890
	50,000	Devon Energy, Inc.		1,578,000
	17,500	EOG Resources		1,665,650
	15,000	Pioneer Natural Resources (a)		2,284,200
				8,079,740
	Financial — 10.4%
	13,500	Ameriprise Financial, Inc. (a)		1,729,350
	107,000	CIT Group, Inc. (a)		5,132,790
	10,000	Diamond Hill Investment Group (a)		1,400,000
	90,000	E*TRADE Financial Corp. (a)		4,178,700
	67,000	US Bancorp (a)		3,228,730
	75,000	Western Alliance Bancorp (a)(b)		3,078,000
				18,747,570
	Financials — 2.4%
	105,000	Morgan Stanley (a)		4,431,000
	Healthcare — 10.3%
	15,000	Bio-Rad Laboratories, Inc., Class A (b)		4,585,200
	59,000	CryoLife, Inc. (b)		1,721,030
	5,000	Intuitive Surgical, Inc. (a)(b)		2,852,900
	35,000	LHC Group, Inc. (a)(b)		3,880,100
	100,000	Portola Pharmaceuticals, Inc. (b)		3,470,000
	194,000	Surgery Partners, Inc. (a)(b)		2,188,320
				18,697,550
	Industrials — 9.8%
	20,000	Deere & Co.		3,196,800
	20,000	IHS Markit (b)		1,087,600
	88,000	JetBlue Airways Corp. (a)(b)		1,439,680
	1	Pendrell Corp. (b)		153,500
	18,000	Roper Technologies, Inc. (a)		6,155,460
	22,000	United Rentals (a)(b)		2,513,500
	30,500	Waste Management, Inc. (a)		3,169,255
				17,715,795
	Information Technology — 51.2%
	34,000	Automatic Data Processing (a)		5,431,160
	150,000	Avaya Holdings Corp. (a)(b)		2,524,500
	25,000	Broadcom, Inc. (a)		7,517,750
	138,000	CDK Global, Inc. (a)		8,117,160
	60,000	Ciena Corp. (b)		2,240,400
	200,000	Cloudera, Inc. (b)		2,188,000
	50,000	Cornerstone OnDemand, Inc. (a)(b)		2,739,000
	26,000	EPAM Systems (a)(b)		4,397,380

Shares			Value ($)
	Common Stocks (continued)
	Information Technology (continued)
	35,000	Fortinet, Inc. (a)(b)		2,938,950
	100,000	GDS Holdings ADR (b)		3,569,000
	55,000	Intel Corp. (a)		2,953,500
	50,000	Lumentum Holdings, Inc. (b)		2,827,000
	180,000	Marvell Technology Group (a)		3,580,200
	45,000	Mellanox Technologies, Ltd. (a)(b)		5,326,200
	55,000	Micron Technology (b)		2,273,150
	42,000	Microsoft Corp.		4,953,480
	25,000	Palo Alto Networks, Inc. (a)(b)		6,072,000
	193,000	Sage Group		1,763,439
	30,000	salesforce.com, Inc. (a)(b)		4,751,100
	18,000	Shopify, Class A (a)(b)		3,719,160
	60,000	Super Micro Computer (b)		1,267,650
	15,000	Twilio, Inc., Class A (b)		1,937,700
	61,000	Visa, Inc., Class A (a)		9,527,590
				92,615,469
	Pharmaceuticals — 2.7%
	55,000	Aerie Pharmaceuticals, Inc. (b)		2,612,500
	95,000	Heron Therapeutics, Inc. (b)		2,321,800
				4,934,300
	Real Estate — 2.5%
	23,000	SBA Communications, Class A, REIT(b)		4,592,180
	Telecommunication Services — 1.7%
	200,000	Intelsat (b)		3,132,000
		Total Common Stocks (Cost $195,349,752)		217,995,434
	Registered Investment Company — 3.8%
	374,333	Highland Merger Arbitrage Fund, Class Z (c)		6,891,464
		Total Registered Investment Company (Cost $7,507,823)		6,891,464
Contracts
	Purchased Put Options(b) — 0.8%
		Total Purchased Put Options (Cost $2,089,789)		1,493,798
	Purchased Call Options(b) — 0.1%
		Total Purchased Call Options (Cost $146,786)		142,450

INVESTMENT PORTFOLIO (unaudited)(continued)
As of March 31, 2019	Highland Long/Short Equity Fund

Shares			Value ($)
	Cash Equivalents — 0.3%
	Money Market Fund(d) — 0.3%
	466,415	State Street Institutional U.S. Government Money Market Fund, Premier Class 2.390%		466,415
		Total Cash Equivalents (Cost $466,415)		466,415
	Total Investments - 125.4% (Cost $205,560,565)			226,989,561
	Securities Sold Short — (30.2)%
	Exchange-Traded Funds — (5.4)%
	(28,000)	ETFMG Alternative Harvest ETF		(1,018,360	)
	(30,000)	Industrial Select Sector SPDR Fund ETF		(2,250,900	)
	(42,000)	SPDR S&P Regional Banking ETF		(2,156,280	)
	(50,000)	SPDR S&P Retail ETF		(2,250,500	)
	(19,000)	VanEck Vectors Semiconductor ETF		(2,020,270	)
		Total Exchange-Traded Funds (Proceeds $9,388,241)		(9,696,310	)
	Common Stocks — (24.8)%
	Communication Services — (0.9)%
	(50,000)	Twitter (e)		(1,644,000	)
	Consumer Discretionary — (3.5)%
	(7,000)	Domino’s Pizza		(1,806,700	)
	(40,000)	eBay, Inc.		(1,485,600	)
	(11,000)	Tesla, Inc. (e)		(3,078,460	)
				(6,370,760	)
	Financials — (2.2)%
	(60,000)	People’s United Financial, Inc.		(986,400	)
	(40,000)	Principal Financial Group		(2,007,600	)
	(15,000)	State Street		(987,150	)
				(3,981,150	)
	Industrials — (5.1)%
	(31,000)	Fastenal		(1,993,610	)
	(36,000)	JB Hunt Transport Services		(3,646,440	)
	(42,000)	Sensata Technologies Holding (e)		(1,890,840	)
	(30,000)	XPO Logistics, Inc. (e)		(1,612,200	)
				(9,143,090	)
	Information Technology — (12.2)%
	(8,000)	Adobe, Inc. (e)		(2,131,920	)
	(20,000)	Akamai Technologies, Inc. (e)		(1,434,200	)
	(5,000)	Apple, Inc.		(949,750	)
	(16,000)	Check Point Software Technologies (e)		(2,023,840	)
	(30,000)	Citrix Systems, Inc.		(2,989,800	)
	(10,000)	F5 Networks (e)		(1,569,300	)
	(4,000)	NVIDIA Corp.		(718,240	)
	(60,000)	Oracle		(3,222,600	)
	(28,000)	Paychex, Inc.		(2,245,600	)
	(25,000)	TE Connectivity		(2,018,750	)
	(10,000)	Texas Instruments, Inc.		(1,060,700	)

Shares			Value ($)
	Information Technology (continued)
	(25,000)	Zscaler (e)		(1,773,250	)
				(22,137,950	)
	Telecommunication Services — (0.9)%
	(45,000)	Zillow Group, Class A (e)		(1,539,000	)
		Total Common Stocks (Proceeds $43,435,018)		(44,815,950	)
		Total Securities Sold Short- (30.2)% (Proceeds $52,823,259)		(54,512,260	)
	Other Assets & Liabilities, Net - 5.2%			9,400,921
	Net Assets - 100.0%			181,022,996

(a) All or part of this security is pledged as collateral for short sales. The market value of the securities pledged as collateral was $119,587,513.

(b) Non-income producing security.

(c) Affiliated issuer. Assets with a total aggregate market value of $6,891,464, or 3.8% of net assets, were affiliated with the Fund as of March 31, 2019.

(d) Rate shown is 7 day effective yield.

(e) No dividend payable on security sold short.

INVESTMENT PORTFOLIO (unaudited)(continued)
As of March 31, 2019	Highland Long/Short Equity Fund

Purchased options contracts outstanding as of March 31, 2019 were as follows:

Description	Exercise price		Counterparty		Expiration Date		Number of Contracts			Notional Value			Premium			Value
PURCHASED PUT OPTIONS:
Alphabet	$	1,145.00		Jefferies		May 2019		50			5,884,450		$	103,064		$	136,900
AutoZone		937.50		Jefferies		April 2019		50			5,120,600			30,726			5,875
US Bancorp		48.00		Jefferies		April 2019		800			3,855,200			53,501			81,600
SPDR S&P Biotech ETF		87.00		Jefferies		April 2019		850			7,695,900			177,983			79,050
Automatic Data Processing		150.00		Jefferies		May 2019		170			2,715,580			72,509			27,710
CIT Group		48.00		Jefferies		April 2019		1,070			5,132,790			119,620			96,835
Visa		149.00		Jefferies		April 2019		610			9,527,590			65,690			44,530
Amazon.com		1,715.00		Jefferies		April 2019		20			3,561,500			42,619			29,600
Deere		155.00		Jefferies		April 2019		100			1,598,400			42,400			17,000
salesforce.com		155.00		Jefferies		April 2019		200			3,167,400			49,308			45,600
SPDR S&P 500 ETF Trust		264.00		Jefferies		April 2019		1,000			28,248,000			12,157			1,000
VanEck Vectors Semiconductor ETF		104.00		Jefferies		May 2019		300			3,189,900			78,602			80,100
Fortinet		80.00		Jefferies		April 2019		200			1,679,400			29,258			17,000
Bio-Rad Laboratories		300.00		Jefferies		April 2019		200			6,113,600			51,582			71,000
iShares Russell 2000 ETF		147.00		Jefferies		April 2019		1,250			19,136,250			231,038			85,000
Alibaba Group Holding		175.00		Jefferies		April 2019		180			3,284,100			35,704			27,720
Invesco QQQ Trust Series 1		176.00		Jefferies		May 2019		570			10,240,620			181,062			163,020
SPDR S&P 500 ETF Trust		275.00		Jefferies		May 2019		750			21,186,000			270,916			201,000
Microsoft		113.00		Jefferies		April 2019		300			3,538,200			24,617			18,000
Morgan Stanley		42.00		Jefferies		April 2019		310			1,308,200			15,620			31,620
Roper Technologies		320.00		Jefferies		April 2019		125			4,274,625			30,923			9,688
United Rentals		112.00		Jefferies		April 2019		200			2,285,000			70,718			82,000
Palo Alto Networks		230.00		Jefferies		April 2019		125			3,036,000			35,697			24,000
Shopify		190.00		Jefferies		April 2019		125			2,582,750			52,661			27,750
Intel		52.00		Jefferies		April 2019		800			4,296,000			35,031			31,200
Health Care Select Sector SPDR Fund		89.00		Jefferies		April 2019		1,250			11,468,750			110,361			45,000
CDK Global		55.00		Jefferies		April 2019		800			4,705,600			66,422			14,000
													$	2,089,789		$	1,493,798
Description	Exercise price		Counterparty		Expiration Date		Number of Contracts			Notional Value			Premium			Value
PURCHASED CALL OPTIONS:
Deere	$	175.00		Jefferies		April 2019		100			1,598,400		$	34,549		$	1,700
CDK Global		60.00		Jefferies		May 2019		400			2,352,800			68,478			60,000
Automatic Data Processing		160.00		Jefferies		May 2019		170			2,715,580			43,759			80,750
													$	146,786		$	142,450
Written options contracts outstanding as of March 31, 2019 were as follows:
Description	Exercise price		Counterparty		Expiration Date		Number of Contracts			Notional Value			Premium			Value
WRITTEN PUT OPTIONS:
US Bancorp	$	44.00		Jefferies		April 2019		(800	)		(3,855,200	)	$	(11,139	)	$	(13,200	)
VanEck Vectors Semiconductor ETF		93.00		Jefferies		May 2019		(300	)		(3,189,900	)		(18,428	)		(16,200	)
United Rentals		105.00		Jefferies		April 2019		(200	)		(2,285,000	)		(30,497	)		(28,000	)
													$	(60,064	)	$	(57,400	)
Description	Exercise price		Counterparty		Expiration Date		Number of Contracts			Notional Value			Premium			Value
WRITTEN CALL OPTIONS:
Shopify	$	230.00		Jefferies		April 2019		(125	)		(2,582,750	)	$	(12,964	)	$	(8,750	)
Microsoft		125.00		Jefferies		May 2019		(150	)		(1,769,100	)		(17,978	)		(17,250	)
Visa		165.00		Jefferies		June 2019		(250	)		(3,904,750	)		(45,777	)		(54,500	)
Fortinet		95.00		Jefferies		May 2019		(150	)		(1,259,550	)		(22,306	)		(15,750	)

INVESTMENT PORTFOLIO (unaudited)(concluded)
As of March 31, 2019	Highland Long/Short Equity Fund

Description	Exercise price		Counterparty		Expiration Date		Number of Contracts			Notional Value			Premium			Value
Roper Technologies		350.00		Jefferies		May 2019		(90	)		(3,077,730	)		(30,484	)		(59,400	)
CDK Global		55.00		Jefferies		May 2019		(400	)		(2,352,800	)		(92,973	)		(190,000	)
Intel		60.00		Jefferies		May 2019		(500	)		(2,685,000	)		(16,355	)		(11,500	)
VanEck Vectors Semiconductor ETF		112.00		Jefferies		May 2019		(150	)		(1,594,950	)		(29,206	)		(21,300	)
Bio-Rad Laboratories		350.00		Jefferies		May 2019		(100	)		(3,056,800	)		(39,418	)		(19,750	)
Amazon.com		1,890.00		Jefferies		April 2019		(20	)		(3,561,500	)		(22,295	)		(11,700	)
Invesco QQQ Trust Series 1		180.00		Jefferies		May 2019		(250	)		(4,491,500	)		(115,695	)		(112,750	)
SPDR S&P 500 ETF Trust		282.00		Jefferies		May 2019		(200	)		(5,649,600	)		(104,641	)		(123,800	)
Automatic Data Processing		155.00		Jefferies		May 2019		(170	)		(2,715,580	)		(76,890	)		(129,200	)
AutoZone		1,060.00		Jefferies		April 2019		(25	)		(2,560,300	)		(6,804	)		(14,675	)
Palo Alto Networks		262.50		Jefferies		April 2019		(125	)		(3,036,000	)		(12,464	)		(7,500	)
													$	(646,250	)	$	(797,825	)

The Fund had the following swap contracts, for which $440,000 was pledged as collateral, open at March 31, 2019:

Swap contracts outstanding as of March 31, 2019 were as follows:

Underlying Instrument	Financing Rate	Payment Frequency	Counterparty	Expiration Date	Currency	Notional Amount ($)			Upfront Premiums Paid (Received) ($)		Unrealized Appreciation/ (Depreciation) ($)			Market Value ($)
LONG EQUITY TRS
SSFT	1.57	Quarterly	Morgan Stanley	August 17, 2020	USD		(59,377	)		—		(59,377	)		(59,377	)
UMOL	1.47	Quarterly	Morgan Stanley	May 17, 2019	USD		(28,154	)		—		(28,154	)		(28,154	)
UTML	1.48	Quarterly	Morgan Stanley	May 17, 2019	USD		(45,848	)		—		(45,848	)		(45,848	)
Total Long Equity Index TRS															(133,379	)
Total Total Return Swaps															(133,379	)