X0306 4 2016-07-20 0 0001663712 NEXPOINT REAL ESTATE STRATEGIES FUND NONE 0001228922 DONDERO JAMES D 300 CRESCENT COURT, SUITE 700 DALLAS TX 75201 0 1 1 0 See Remarks Class A Shares of Beneficial Interest 2016-07-20 4 P 0 50 20.00 A 50 I See Footnote Class C Shares of Beneficial Interest 2016-07-20 4 P 0 50 20.00 A 50 I See Footnote These shares are held by Highland Capital Management, L.P. ("HCMLP"). Mr. Dondero is the President and the director of Strand Advisors, Inc., HCMLP's general partner, and may be deemed to be an indirect beneficial owner of shares held by HCMLP. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. President (Principal Executive Officer) /s/ James D. Dondero 2016-07-22