# EDGAR Filing Document

**Accession Number:** 0001710680
**File Stem:** 0002048251-26-001891
**Filing Date:** 2026-3
**Character Count:** 27515
**Document Hash:** bb124d88e055761968c04b981a4af8ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001891.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0002048251-26-001891

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HIGHLAND OPPORTUNITIES & INCOME FUND
- **CENTRAL INDEX KEY:** 0001710680

**ORGANIZATION NAME:**
- **EIN:** 456245636
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23268
- **FILM NUMBER:** 26709354

**BUSINESS ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-276-6300

**MAIL ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIGHLAND INCOME FUND\MA
- **DATE OF NAME CHANGE:** 20190521

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIGHLAND FLOATING RATE OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 20170925

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIGHLAND FLOATING RATE OPPORTUNITIES FUND II
- **DATE OF NAME CHANGE:** 20170628

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Highland Opportunities and Income Fund

- **b. Investment Company Act file number:** 811-23268

- **c. CIK number of Registrant:** 0001710680

- **d. LEI of Registrant:** 254900CMUE9FRYL2UR80

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 200 CRESCENT COURT

  - **City:** DALLAS

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 75201

  - **Telephone number:** 9726284100

**Item A.2. Information about the Series.**

- **a. Name of Series:** Highland Opportunities and Income Fund

- **c. LEI of Series:** 254900CMUE9FRYL2UR80

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $875450911.25

**Total Liabilities:** $245521240.34

**Net Assets:** $629929670.91

**Cash Not Reported:** $5437646.55

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.27%               | -0.10%               | 0.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3213901.02              | $-3847867.32                               |
| Month 2  | $-513816.75              | $-1010365.47                               |
| Month 3  | $-35236.30               | $-1249670.28                               |

**Designated Index Information**

- **Index Name:** MSCI US REIT Index

- **Index Identifier:** RMZ Index

### Schedule of Portfolio Investments

| Name                                       | Title                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| MP CLO LTD                                 | ACAS CLO 2015-1 LTD MP7 2015-1A FRR                             | CUSIP: 55320TAD5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6527471 | PA      | $597655.26    | 0.09%             | 2028-10-18      | Floating      | 12.06%                | Yes           | 2                  | On Loan: No      |
| N/A                                        | APNIMED, INC SERIES C-1                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |    270246 | NS      | $3394289.76   | 0.54%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                        | APNIMED, INC SERIES C-2                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |    144132 | NS      | $2020730.64   | 0.32%             |  |  |  | No            | 3                  | On Loan: No      |
| BRAEMAR HOTELS & RESORTS INC.              | Braemar Hotels & Resorts Inc PREFERRED STOCK                    | CUSIP: 10482B200<br>LEI: 549300JDUUEBN868C776 | Long             | EP               |  | US        |    100000 | NS      | $1481000.00   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| CARESTREAM HEALTH, INC.                    | CARESTREAM HEALTH, INC. 9/30/2027                               | CUSIP: 14173VAT0<br>LEI: N/A                  | Long             | LON              |  | US        |  15573430 | PA      | $8000849.76   | 1.27%             | 2027-09-30      | Floating      | 11.60%                | No            | 2                  | On Loan: No      |
| N/A                                        | CCS MEDICAL INC.(CHRONIC CARE) LX113924                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |  12026660 | NS      | $30018543.36  | 4.77%             |  |  |  | No            | 3                  | On Loan: No      |
| CIFC FUNDING LTD                           | CIFC 2013-2A SUB - CIFC Funding 2013-II Ltd 10/18/2030          | CUSIP: 12548YAD1<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |   5462500 | PA      | $233849.63    | 0.04%             | 2030-10-18      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CIFC FUNDING LTD                           | CIFC 2014-1A SUB - CIFC Funding 2014 Ltd 1/18/2031              | CUSIP: 12549LAE6<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |   2500000 | PA      | $50000.00     | 0.01%             | 2031-01-18      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CIFC FUNDING LTD                           | CIFC 2014-4RA SUB - Cifc Funding 2014-IV-R Ltd 10/17/2030       | CUSIP: 12549WAE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |   3324756 | PA      | $705845.70    | 0.11%             | 2030-10-17      | Floating      | 13.37%                | No            | 2                  | On Loan: No      |
| CIFC FUNDING LTD                           | CIFC 2014-5A SUB - CIFC FUNDING 2014-V LTD 10/17/2031           | CUSIP: 12550BAE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |   2000000 | PA      | $610000.00    | 0.10%             | 2031-10-17      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CIFC FUNDING LTD                           | CIFC 2015-1A SUB - CIFC Funding 2015-I Ltd 1/22/2031            | CUSIP: 12548NAG8<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |   3000000 | PA      | $1500.00      | 0.00%             | 2031-01-22      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| CITADEL SECURITIES LLC                     | CITADEL SECURITIES LLC SLRPA 3.940% 01/02/2026                  | CUSIP: N/A<br>LEI: N/A                        | Long             | RA               |  | US        |      6000 | PA      | $6000.00      | 0.00%             | 2026-01-02      | Fixed         | 3.94%                 | No            | 2                  | On Loan: No      |
| CLAYMORE COMMON STOCK                      | CLAYMORE COMMON STOCK                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |  11561680 | NS      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| COVENANT CREDIT PARTNERS CLO               | CLOVER CREDIT PARTNERS CLO III LTD CLVR 2017-1A F               | CUSIP: 22284JAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2308143 | PA      | $346221.39    | 0.05%             | 2029-10-15      | Floating      | 12.12%                | Yes           | 2                  | On Loan: No      |
| N/A                                        | DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A                 | CUSIP: 261908107<br>LEI: N/A                  | Long             | STIV             |  | US        |   7120701 | PA      | $7120701.00   | 1.13%             |  |  |  | No            | 1                  | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.                 | IHEARTCOMMUNICATIONS INC 144A 9.125000% 05/01/2029              | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      2945 | PA      | $2838.74      | 0.00%             | 2029-05-01      | Fixed         | 9.12%                 | Yes           | 2                  | On Loan: No      |
| N/A                                        | IQHQ INC PRIVATE COMPANY                                        | CUSIP: 44988Q106<br>LEI: N/A                  | Long             | EC               |  | US        |   2006665 | NS      | $11738990.25  | 1.86%             |  |  |  | No            | N/A                | On Loan: No      |
| N/A                                        | JUNIOR CREDIT TERM LOAN                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  19401564 | PA      | $19401564.20  | 3.08%             | N/A             | Floating      | 13.00%                | No            | 3                  | On Loan: No      |
| LAKE AT LAS VEGAS                          | LAKE AT LAS VEGAS 12/31/2022                                    | CUSIP: 50202LAB0<br>LEI: N/A                  | Long             | LON              |  | US        |   6634029 | PA      | $6554420.43   | 1.04%             | 2026-12-31      | Floating      | 5.00%                 | No            | 3                  | On Loan: No      |
| N/A                                        | LLV HOLDCO INC LLVHSAM01                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     34512 | NS      | $3375610.90   | 0.54%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                        | LLV HOLDCO INC LLVHSBM01                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |       436 | NS      | $42610.93     | 0.01%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                        | MEANINGFUL PARTNERS DEDICATEDCAPITAL VEHICLE II LP COMMON STOCK | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |    453675 | NS      | $12747878.29  | 2.02%             |  |  |  | No            | N/A                | On Loan: No      |
| MIDWAVE WIRELESS                           | MIDWAVE WIRELESS 2/27/2020                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |  12340838 | PA      | $12355647.42  | 1.96%             | 2028-02-27      | Floating      | 13.00%                | No            | 3                  | On Loan: No      |
| MIDWAVE WIRELESS 5/20 TL                   | MIDWAVE WIRELESS 5/20 TL 2/28/2022                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |     95896 | PA      | $96010.58     | 0.02%             | 2026-12-31      | Floating      | 13.00%                | No            | 3                  | On Loan: No      |
| MIDWAVE WIRELESS H                         | MIDWAVE WIRELESS H 2/28/2022                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |     89471 | PA      | $89578.65     | 0.01%             | 2026-12-31      | Floating      | 13.00%                | No            | 3                  | On Loan: No      |
| N/A                                        | MIDWAVE WIRELESS, INC COMMON STOCK                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     27134 | NS      | $12865043.42  | 2.04%             |  |  |  | No            | 3                  | On Loan: No      |
| MidWave Wireless, Inc. Tranche J Loan      | MidWave Wireless, Inc. Tranche J Loan 12/31/2025                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    250029 | PA      | $250328.54    | 0.04%             | 2026-12-31      | Floating      | 13.00%                | No            | 3                  | On Loan: No      |
| MidWave Wireless, Inc. Tranche K Loan      | MidWave Wireless, Inc. Tranche K Loan 12/31/2025                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1857640 | PA      | $1859869.42   | 0.30%             | 2026-12-31      | Floating      | 13.00%                | No            | 3                  | On Loan: No      |
| NATWEST MARKETS SECURITIES INC             | NATWEST MARKETS SECURITIES INC. SLRPA 3.840% 01/02/2026         | CUSIP: N/A<br>LEI: N/A                        | Long             | RA               |  | GB        |      1448 | PA      | $1448.00      | 0.00%             | 2026-01-02      | Fixed         | 3.84%                 | No            | 2                  | On Loan: No      |
| N/A                                        | NEXLS LLC                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |       994 | NS      | $66054552.80  | 10.49%            |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                        | NEXPOINT CREDIT CATALYST-Z MUTUAL FUND                          | CUSIP: 430101576<br>LEI: N/A                  | Long             | EC               |  | US        |   1000000 | NS      | $24800000.00  | 3.94%             |  |  |  | No            | 1                  | On Loan: No      |
| NEXPOINT DIVERSIFIED REAL ESTATE TRUST     | NEXPOINT DIVERSIFIED REAL ES REIT                               | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               |  | US        |   1559149 | NS      | $5971540.67   | 0.95%             |  |  |  | No            | 1                  | On Loan: No      |
| Nexpoint Real Estate Finance Inc           | NEXPOINT REAL ESTATE FINANCE REIT                               | CUSIP: 65342V101<br>LEI: N/A                  | Long             | EC               |  | US        |   4372286 | NS      | $61561783.94  | 9.77%             |  |  |  | No            | 1                  | On Loan: No      |
| NEXPOINT RESIDENTIAL TRUST, INC.           | NEXPOINT RESIDENTIAL REIT                                       | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               |  | US        |    213700 | NS      | $6432370.00   | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                        | NEXPOINT STORAGE PARTNERS SERIES A PREFERRED STOCK              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     16103 | NS      | $9981543.74   | 1.58%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                        | NFRO HOLDINGS, LLC                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   2276658 | NS      | $59954143.12  | 9.52%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                        | NFRO REIT SUB LLC NFRO REIT SUB                                 | CUSIP: 933DXD000<br>LEI: N/A                  | Long             | EC               |  | US        | 116277473 | NS      | $83259903.35  | 13.22%            |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                        | NFRO REIT SUB LLC NFRO REIT SUB II                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        | 104718416 | NS      | $73059944.38  | 11.60%            |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                        | NFRO SFR REIT SUB                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   4869446 | NS      | $73274388.06  | 11.63%            |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                        | NFRO SPE, LLC - PROM NOTE                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   6383153 | PA      | $6383152.60   | 1.01%             | 2026-12-30      | Floating      | 5.45%                 | No            | 3                  | On Loan: No      |
| NORTHWOODS CAPITAL LIMITED                 | NORTHWOODS CAPITAL XII-B LTD WOODS 2018-12BA F                  | CUSIP: 66858EAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $2300000.00   | 0.37%             | 2031-06-15      | Floating      | 12.15%                | Yes           | 2                  | On Loan: No      |
| N/A                                        | NREF OP IV REIT SUB, LLC TERM LOAN @ FIXED 7.50%                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6636792.50   | 1.05%             | 2027-10-18      | Floating      | 7.50%                 | No            | 3                  | On Loan: No      |
| N/A                                        | NXDT HOSPITALITY CONVERTIBLE PROM NOTE                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   6400000 | PA      | $4700800.00   | 0.75%             | N/A             | Floating      | 7.50%                 | No            | 3                  | On Loan: No      |
| N/A                                        | NXDT HOSPITALITY CONVERTIBLE PROMISSORY NOTE                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  42996610 | PA      | $31581009.96  | 5.01%             | N/A             | Floating      | 3.71%                 | No            | 3                  | On Loan: No      |
| N/A                                        | NXLST PROM NOTE 1  4.2% 12/31/28                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   5852170 | PA      | $5989110.62   | 0.95%             | N/A             | Floating      | 4.20%                 | No            | 3                  | On Loan: No      |
| Nexpoint Real Estate Finance Inc           | Nexpoint Real Estate Finance Inc PREFERRED STOCK                | CUSIP: 65342V408<br>LEI: N/A                  | Long             | EP               |  | US        |    150977 | NS      | $3607187.78   | 0.57%             |  |  |  | No            | 1                  | On Loan: —       |
| OZLM FUNDING LTD                           | OZLM XXII LTD OZLM 2018-22A E                                   | CUSIP: 67111XAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3317752 | PA      | $431307.74    | 0.07%             | 2031-01-17      | Floating      | 11.53%                | Yes           | 2                  | On Loan: No      |
| N/A                                        | SAPIENCE SERIES B PREFERRED SHARES                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   2361111 | NS      | $8074999.62   | 1.28%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                        | SAPIENCE SERIES B-1 PREFERRED SHARES                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   3440476 | NS      | $9874166.12   | 1.57%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                        | SAPIENCE THERAPEUTICS PROMISSORY NOTE                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  15000000 | PA      | $15634500.00  | 2.48%             | N/A             | Floating      | 8.00%                 | No            | 3                  | On Loan: No      |
| N/A                                        | SAPIENCE THERAPEUTICS PROMISSORY NOTE 2                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3000000.00   | 0.48%             | 2027-08-23      | Floating      | 12.00%                | No            | 3                  | On Loan: No      |
| N/A                                        | SAPIENCE WARRANTS 08/23/2027                                    | CUSIP: 003CVR016<br>LEI: N/A                  | Long             | EC               |  | US        |    360000 | NS      | $511200.00    | 0.08%             |  |  |  | No            | 3                  | On Loan: No      |
| N/A                                        | SAPIENCE WARRANTS 08/23/2027                                    | CUSIP: 003CVR016<br>LEI: N/A                  | Long             | EC               |  | US        |   1800000 | NS      | $2844000.00   | 0.45%             |  |  |  | No            | 3                  | On Loan: No      |
| SARANAC CLO LIMITED                        | SARANAC CLO III LTD SRANC 2014-3A ER                            | CUSIP: 803166AG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   3236831 | PA      | $776839.52    | 0.12%             | 2030-06-22      | Floating      | 12.09%                | Yes           | 2                  | On Loan: No      |
| N/A                                        | SFR OPERATING PARTNERSHIP, L.P. CONVERTIBLE NOTE                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  45000000 | PA      | $43897500.00  | 6.97%             | N/A             | Floating      | 7.50%                 | No            | 3                  | On Loan: No      |
| SOUTH STREET SECURITIES FUNDING LLC        | SOUTH STREET SECURITIES FUNDING LLC 144A 6.250000% 12/30/2026   | CUSIP: 84046SAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3920000.00   | 0.62%             | 2026-12-30      | Fixed         | 6.25%                 | Yes           | 2                  | On Loan: No      |
| N/A                                        | SPE OPERATING PARTNERSHIP, L.P. PROMISSORY NOTE                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  12065964 | PA      | $12065964.00  | 1.92%             | N/A             | Floating      | 5.15%                 | No            | 3                  | On Loan: No      |
| TALOS ENERGY INC.                          | TALOS ENERGY INC COMMON STOCK                                   | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               |  | US        |    139112 | NS      | $1533014.24   | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                        | TCAL MEZZ LENDER, LLC PROMISSORY NOTE                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  23316329 | PA      | $22314123.71  | 3.54%             | 2027-11-26      | Floating      | 13.00%                | No            | 3                  | On Loan: No      |
| TRQ PLANO, LLC                             | TRQ PLANO, LLC 12/31/2049                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |  55000000 | PA      | $45292500.00  | 7.19%             | 2033-12-28      | Floating      | 8.50%                 | No            | 3                  | On Loan: No      |
| N/A                                        | VALUE CREATION INC LX113920                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   1118286 | NS      | $49872.20     | 0.01%             |  |  |  | No            | 3                  | On Loan: No      |
| THL CREDIT WIND RIVER CLO LLC              | WINDR 2014-2A SUB - THL CREDIT WIND RIVER 2014-2 C 1/15/2031    | CUSIP: 88432BAC2<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |   5955627 | PA      | $14889.07     | 0.00%             | 2031-01-15      | Floating      | 0.00%                 | No            | 2                  | On Loan: No      |
| WHEELER REAL ESTATE INVESTMENT TRUST, INC. | Wheeler Real Estate Investment Trust Inc PREFERRED STOCK        | CUSIP: 963025309<br>LEI: 5493005TOFFG62ETJY29 | Long             | EP               |  | US        |     82301 | NS      | $419735.10    | 0.07%             |  |  |  | No            | 2                  | On Loan: No      |
| WHEELER REAL ESTATE INVESTMENT TRUST, INC. | Wheeler Real Estate Investment Trust Inc PREFERRED STOCK        | CUSIP: 963025606<br>LEI: 5493005TOFFG62ETJY29 | Long             | EP               |  | US        |      2990 | NS      | $113769.50    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

**Name of Applicant:** Highland Income Fund

**Signature:** Stephanie Vitiello

**Name of Signer:** Stephanie Vitiello

**Title:** CCO