NPORT-EX 2 Small_Cap.htm SCHEDULE F HTML

INVESTMENT PORTFOLIO (unaudited)

 

 

As of December 31, 2019    Highland Small-Cap Equity Fund

 

  Shares    Value ($)  

Common Stocks — 100.7%

 

COMMUNICATION SERVICES — 1.3%

 

15,275   

Sinclair Broadcast Group, Inc., Class A

      509,269  
     

 

 

  

CONSUMER DISCRETIONARY — 6.5%

 

10,100   

Genesco, Inc. (a)

      483,992  
8,200   

Gentherm, Inc. (a)

      363,998  
14,000   

K12, Inc. (a)

      284,900  
7,075   

LKQ Corp. (a)

      252,577  
6,000   

Oxford Industries, Inc.

      452,520  
8,195   

Tractor Supply

      765,741  
     

 

 

  
        2,603,728  
     

 

 

  

CONSUMER STAPLES — 0.6%

 

18,400   

SpartanNash

      262,016  
     

 

 

  

ENERGY — 1.9%

 

6,420   

Dril-Quip, Inc. (a)

      301,162  
41,664   

NexTier Oilfield Solutions (a)

      279,149  
15,920   

SM Energy

      178,941  
     

 

 

  
        759,252  
     

 

 

  

FINANCIALS — 26.9%

 

5,000,000   

Alpha Bank AE ADR (a)

      2,775,000  
296   

Ashford (a)

      6,986  
3,094   

Canadian Imperial Bank of Commerce

      257,421  
19,070   

Cannae Holdings, Inc. (a)

      709,213  
9,550   

CIT Group, Inc.

      435,766  
6,377,500   

Eurobank Ergasias ADR (a)

      3,080,332  
2,430   

IBERIABANK Corp.

      181,837  
7,275   

KKR & Co., Inc., Class A

      212,212  
744,050   

National Bank of Greece (a)

      2,522,288  
57,120   

Oaktree Specialty Lending Corp.

      311,875  
3,835   

Raymond James Financial, Inc.

      343,079  
     

 

 

  
        10,836,009  
     

 

 

  

HEALTHCARE — 21.7%

 

10,700   

Aerie Pharmaceuticals, Inc. (a)

      258,619  
16,900   

Amicus Therapeutics, Inc. (a)

      164,606  
7,100   

ANI Pharmaceuticals, Inc. (a)(b)

      437,857  
2,582   

Charles River Laboratories International, Inc. (a)(b)

      394,426  
89,825   

Coherus Biosciences, Inc. (a)

      1,617,299  
35,716   

Collegium Pharmaceutical, Inc. (a)(b)

      735,035  
25,273   

Heron Therapeutics, Inc. (a)(b)

      593,915  
6,650   

Intersect ENT, Inc. (a)

      165,585  
4,025   

LHC Group, Inc. (a)

      554,484  
8,245   

MEDNAX, Inc. (a)(b)

      229,129  
4,220   

Molina Healthcare, Inc. (a)

      572,612  
2,100   

Nektar Therapeutics, Class A (a)(b)

      45,329  
2,450   

NuVasive, Inc. (a)(b)

      189,483  
8,750   

Pacira BioSciences, Inc. (a)(b)

      396,375  
77,800   

Paratek Pharmaceuticals, Inc. (a)

      313,534  
49,750   

Portola Pharmaceuticals, Inc. (a)(b)

      1,188,030  
4,255   

PRA Health Sciences, Inc. (a)

      472,943  
22,400   

Surgery Partners, Inc. (a)(b)

      350,672  
1,922   

Ultragenyx Pharmaceutical, Inc. (a)

      82,089  
     

 

 

  
        8,762,022  
     

 

 

  

Shares

    Value ($)  

Common Stocks (continued)

 

INDUSTRIALS — 4.5%

 

14,000   

JetBlue Airways Corp. (a)

      262,080  
28,100   

Luxfer Holdings (b)

      520,131  
5,160   

Matson, Inc.

      210,528  
20,000   

Resources Connection, Inc.

      326,600  
1,400   

Teledyne Technologies, Inc. (a)

      485,156  
     

 

 

  
        1,804,495  
     

 

 

  

INFORMATION TECHNOLOGY — 7.9%

 

26,300   

Avaya Holdings Corp. (a)

      355,050  
4,620   

CoreLogic, Inc.

      201,940  
5,500   

Cornerstone OnDemand, Inc. (a)

      322,025  
23,050   

Ebix, Inc.

      770,101  
6,750   

Science Applications International Corp.

      587,385  
12,700   

SS&C Technologies Holdings, Inc.

      779,780  
6,990   

Teradata Corp. (a)

      187,122  
     

 

 

  
        3,203,403  
     

 

 

  

MATERIALS — 5.6%

 

26,100   

Loma Negra Cia Industrial Argentina ADR (a)

      204,102  
250,000   

MPM Holdings, Inc. (a)(c)(d)

      1,250,000  
2,205   

Quaker Chemical Corp.

      362,767  
6,600   

Sensient Technologies Corp.

      436,194  
     

 

 

  
        2,253,063  
     

 

 

  

REAL ESTATE — 19.2%

 

176,500   

Ashford Hospitality Trust, REIT

      492,435  
48,500   

Independence Realty Trust, Inc., REIT

      682,880  
105,461   

Jernigan Capital, Inc., REIT

      2,018,523  
58,942   

NexPoint Residential Trust, REIT (e)

      2,652,390  
12,277   

RAIT Financial Trust, REIT (a)

      430  
14,300   

RLJ Lodging Trust, REIT

      253,396  
100,000   

SCEF REIT

      1,000,000  
10,266   

Spirit MTA, REIT

      7,880  
13,050   

Spirit Realty Capital, Inc., REIT

      641,799  
     

 

 

  
        7,749,733  
     

 

 

  

UTILITIES — 4.6%

 

61,000   

Central Puerto ADR

      296,460  
5,450   

NRG Energy, Inc.

      216,638  
58,975   

Vistra Energy Corp.

      1,355,835  
     

 

 

  
        1,868,933  
     

 

 

  

Total Common Stocks

   

(Cost $36,652,206)

      40,611,923  
  

 

 

  

Preferred Stock — 7.6%

 

REAL ESTATE — 7.6%

 

161,290   

Braemar Hotels & Resorts, Inc., REIT 5.50%

      3,064,510  
     

 

 

  
  

Total Preferred Stock
(Cost $2,499,995)

      3,064,510  
  

 

 

  
 

INVESTMENT PORTFOLIO (unaudited)(continued)

 

 

As of December 31, 2019    Highland Small-Cap Equity Fund

 

  Shares   Value ($)  
  Registered Investment Companies — 7.3%  
  39,647    

Highland Global Allocation Fund (e)

     370,303  
  118,673    

NexPoint Strategic Opportunities Fund (e)

     2,101,699  
  5,300    

VelocityShares 3x Long Silver ETN linked to the S&P GSCI Silver Index (a)(e)

     486,540  
   

 

 

  
 

Total Registered Investment Companies
(Cost $3,516,188)

     2,958,542  
 

 

 

  
 

Master Limited Partnerships — 3.8%

  
 

ENERGY — 3.8%

  
  24,220    

Dynagas LNG Partners LP

     51,116  
  71,290    

Energy Transfer LP

     914,651  
  7,150    

Plains All American Pipeline LP

     131,488  
  22,475    

Western Midstream Partners LP

     442,533  
   

 

 

  
 

Total Master Limited Partnerships (Cost $1,365,104)

     1,539,788  
 

 

 

  
 

Cash Equivalent — 9.1%

  
 

MONEY MARKET FUND(f) — 9.1%

  
  3,655,087    

Dreyfus Treasury & Agency Cash Management, Institutional Class 1.490%

     3,655,087  
   

 

 

  
 

Total Cash Equivalent (Cost $3,655,087)

     3,655,087  
 

 

 

  
 

Total Investments - 128.5%

     51,829,850  
 

 

 

  
 

    (Cost $47,688,580)

  
 

Other Assets & Liabilities, Net - (28.5)%

     (11,507,534 ) 
 

 

 

  
 

Net Assets - 100.0%

     40,322,316  
 

 

 

  
(a)

Non-income producing security.

(b)

All or part of this security is pledged as collateral for the credit facility with Bank of New York Mellon. The market value of the securities pledged as collateral was $3,348,792.

(c)

Represents fair value as determined by the Fund’s Board of Trustees (the “Board”), or its designee in good faith, pursuant to the policies and procedures approved by the Board. The Board 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 $1,250,000, or 3.1% of net assets, were fair valued under the Fund’s valuation procedures as of December 31, 2019. Please see Notes to Investment Portfolio.

(d)

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 procedures established by the Fund’s Board of Trustees. Additional Information regarding such securities follows:

 

Restricted

Security

   Security
Type		     Acquisition
Date		     Cost of
Security		     Market
Value at
Period
End		     Percent
of Net
Assets		  

MPM Holdings, Inc.

    
 Common
Stock		  
 		     5/15/2019     $ —       $ 1,250,000       3.1 % 

 

(e)

Affiliated issuer. Assets with a total aggregate market value of $5,610,932, or 13.9% of net assets, were affiliated with the Fund as of December 31, 2019.

(f)

Rate shown is 7 day effective yield.