X0306 4 2017-08-11 0 0001663712 NEXPOINT REAL ESTATE STRATEGIES FUND NRESF 0001228922 DONDERO JAMES D 300 CRESCENT COURT, SUITE 700 DALLAS TX 75201 0 1 1 0 See Remarks Class Z Shares of Beneficial Interest 2017-08-11 4 S 0 96399.616 20.57 A 51473.84 I See Footnote Class Z Shares of Beneficial Interest 5221.75 I See Footnote Class Z Shares of Beneficial Interest 144271.47 I See Footnote There were no matchable transactions during the previous six months at a purchase price below the sales price. Therefore, no disgorgement was necessary. These shares are held by Highland Capital Management, L.P ("HCMLP") both directly and indirectly through advised accounts. The Reporting Person is the President and a director of Strand Advisors, Inc., HCMLP's general partner, and may be deemed to be an indirect beneficial owner of shares held by HCMLP. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. These shares are held by NexPoint Advisors, L.P. ("NexPoint"). The Reporting Person is the President and a director of NexPoint Advisors GP, LLC, NexPoint's general partner, and may be deemed to be an indirect beneficial owner of shares held by NexPoint. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. These shares are held by The Dugaboy Investment Trust. Mr. Dondero disclaims beneficial ownership of such shares. President (Principal Executive Officer) /s/ James D. Dondero 2017-08-15