# EDGAR Filing Document

**Accession Number:** 0001710680
**File Stem:** 0001752724-23-049891
**Filing Date:** 2023-3
**Character Count:** 49279
**Document Hash:** d634785d141aa108eb6aedc71b71354d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049891.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049891

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HIGHLAND INCOME FUND\MA
- **CENTRAL INDEX KEY:** 0001710680
- **IRS NUMBER:** 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:** 23691793

**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 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 INCOME FUND\MA

- **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 Income Fund

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

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $1151488394.92

**Total Liabilities:** $175562190.58

**Net Assets:** $975926204.34

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -3.25%               | 0.99%                | 0.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-67029264.74            | $30631293.20                               |
| Month 2  | $-6717.77                | $8141542.17                                |
| Month 3  | $12686.86                | $165672.30                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Nexpoint Real Estate Finance Inc                                   | NEXPOINT REAL ESTATE FINANCE REIT                                                       | CUSIP: 65342V101<br>LEI: N/A                  | Long             | EC               |  | US        |   4372286 | NS      | $69475621.22  | 7.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                | NHT CONVERTIBLE PROMISSORY NOTE                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  42550000 | PA      | $40975650.00  | 4.20%             | N/A             | Floating      | 5.50%                 | 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      | $3510000.00   | 0.36%             | 2026-12-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Highland Global Allocation Fund                                    | HIGHLAND GLOBAL ALLOCATION MUTUAL FUND                                                  | CUSIP: 43010T104<br>LEI: 2549007A3RHSGZEL0R21 | Long             | EC               |  | US        |     48649 | NS      | $458273.58    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JAY PARK CLO, LTD.                                                 | JAY PARK CLO LTD JPARK 2016-1A ER                                                       | CUSIP: 47206WAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3370000.00   | 0.35%             | 2027-10-20      | Floating      | 11.59%                | No            |                  2 | On Loan: No      |
| GNC HOLDINGS, INC                                                  | GNC HOLDINGS, INC 10/7/2026                                                             | CUSIP: 36260UAB8<br>LEI: N/A                  | Long             | LON              |  | US        |   3843933 | PA      | $3570052.46   | 0.37%             | 2026-10-07      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| DRYDEN SENIOR LOAN FUND                                            | DRYDEN 36 SENIOR LOAN FUND DRSLF 2014-36A ER2                                           | CUSIP: 26249LAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1537000 | PA      | $1335038.20   | 0.14%             | 2029-04-15      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| WEBSTER PARK CLO LTD                                               | WEBSTER PARK CLO LTD WPARK 2015-1A ER                                                   | CUSIP: 948210AG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $795000.00    | 0.08%             | 2030-07-20      | Floating      | 11.99%                | No            |                  2 | On Loan: No      |
| N/A                                                                | NFRO SFR REIT SUB                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   2828294 | NS      | $69793139.16  | 7.15%             |  |  |  | No            |                  3 | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management; Institutional Shares | DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A                                         | CUSIP: 261908107<br>LEI: N/A                  | Long             | STIV             |  | US        |  24603374 | PA      | $24603374.40  | 2.52%             |  |  |  | No            |                  1 | 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      | $2480000.00   | 0.25%             | 2031-06-15      | Floating      | 12.94%                | No            |                  2 | On Loan: No      |
| GRAYSON CLO LTD.                                                   | Grayson CLO Ltd PREFERRED STOCK                                                         | CUSIP: 389668302<br>LEI: N/A                  | Long             | EP               |  | KY        |     62600 | NS      | $588089.50    | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| ProShares UltraPro QQQ                                             | PROSHARES ULTRAPRO QQQ MUTUAL FUND                                                      | CUSIP: 74347X831<br>LEI: N/A                  | Long             | EC               | RF                | US        |    293675 | NS      | $5080577.50   | 0.52%             |  |  |  | No            |                  1 | 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      | $748070.10    | 0.08%             | 2030-10-17      | Floating      | 1.14%                 | No            |                  2 | On Loan: No      |
| CATHEDRAL LAKE CLO LTD.                                            | CATHEDRAL LAKE VII LTD CATLK 2021-7RA E                                                 | CUSIP: 14919JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1620000.00   | 0.17%             | 2032-01-15      | Floating      | 11.85%                | Yes           |                  2 | On Loan: No      |
| ATLAS SENIOR LOAN FUND, LTD                                        | ATLAS SENIOR LOAN FUND LTD ATCLO 2017-8A F                                              | CUSIP: 04942LAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $822450.00    | 0.08%             | 2030-01-16      | Floating      | 11.23%                | No            |                  2 | On Loan: No      |
| N/A                                                                | FREMF 21K-F103 CS 5.88                                                                  | CUSIP: FREMFR002<br>LEI: N/A                  | Short            | RA               |  | US        | -21722000 | PA      | $-21722000.00 | -2.23%            |  |  |  | No            |                  2 | On Loan: No      |
| EASTLAND CLO LTD                                                   | EASTLAND CLO LTD                                                                        | CUSIP: 27734A806<br>LEI: N/A                  | Long             | EP               |  | US        |      3980 | NS      | $38031.54     | 0.00%             |  |  |  | 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      | $2818544.32   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDENTREE LOAN OPPORTUNITIES LIMITED                              | GOLDENTREE LOAN OPPORTUNITIES IX LTD GOLD9 2014-9A FR2                                  | CUSIP: 38123GAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $1968333.33   | 0.20%             | 2029-10-29      | Floating      | 12.05%                | No            |                  2 | On Loan: No      |
| ELME COMMUNITIES                                                   | ELME COMMUNITIES REIT                                                                   | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               |  | US        |    844371 | NS      | $15029803.80  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                | NFRO REIT SUB LLC NFRO REIT SUB II                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |  90436434 | NS      | $135068714.02 | 13.84%            |  |  |  | No            |                  3 | On Loan: No      |
| EASTLAND CLO LTD                                                   | EASTLAND CLO LTD II                                                                     | CUSIP: 27734A400<br>LEI: N/A                  | Long             | EP               |  | US        |     34500 | NS      | $329670.37    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                | NFRO REIT SUB LLC NFRO REIT SUB                                                         | CUSIP: 933DXD000<br>LEI: N/A                  | Long             | EC               |  | US        |  45676099 | NS      | $142809430.53 | 14.63%            |  |  |  | No            |                  3 | On Loan: No      |
| Direxion Daily S&P 500 Bull 3X Shares                              | DIREXION DLY S&P 500 BULL 3X MUTUAL FUND                                                | CUSIP: 25459W862<br>LEI: N/A                  | Long             | EC               | RF                | US        |    109265 | NS      | $6786449.15   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                | TELESAT UNITS DUMMY                                                                     | CUSIP: TELESATU1<br>LEI: N/A                  | Long             | EC               |  | US        |     96700 | NS      | $725250.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                | JUNIOR CREDIT TERM LOAN                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  15501667 | PA      | $15501666.53  | 1.59%             | N/A             | Floating      | 10.00%                | 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        |     47300 | NS      | $606265.43    | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| OHA CREDIT PARTNERS LTD                                            | OHA CREDIT PARTNERS XII LTD OAKC 2015-12A FR                                            | CUSIP: 67110BAG6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2900000 | PA      | $2315940.00   | 0.24%             | 2030-07-23      | Floating      | 12.00%                | No            |                  2 | On Loan: No      |
| TERRESTAR TRANCHE H                                                | TERRESTAR TRANCHE H 2/28/2022                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |     61901 | PA      | $61517.58     | 0.01%             | 2023-02-28      | Floating      | 11.00%                | No            |                  3 | On Loan: No      |
| FREMF MORTGAGE TRUST                                               | FREMF 2021-KF112 MORTGAGE TRUST FREMF 21K-F103 CS                                       | CUSIP: 30319FAE9<br>LEI: N/A                  | Long             | ABS-MBS          |  | US        |  36203269 | PA      | $36203269.22  | 3.71%             | 2031-01-25      | Floating      | 9.98%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                | SFR WLIF III, LLC                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |  10000000 | NS      | $9409390.00   | 0.96%             |  |  |  | No            |                  3 | On Loan: No      |
| Telesat Corporation                                                | TELESAT CORP COMMON STOCK                                                               | CUSIP: 879512309<br>LEI: N/A                  | Long             | EC               |  | US        |     97600 | NS      | $732000.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA CLO                                                           | VOYA CLO 2013-2 LTD INGIM 2013-2A DR                                                    | CUSIP: 92916YAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1275000 | PA      | $938017.50    | 0.10%             | 2031-04-25      | Floating      | 9.92%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INCORPORATED                                     | TEXAS INSTRUMENTS INC COMMON STOCK                                                      | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Short            | EC               |  | US        |    -41100 | NS      | $-6790542.00  | -0.70%            |  |  |  | No            |                  1 | On Loan: No      |
| MADISON PARK FUNDING, LTD.                                         | MADISON PARK FUNDING XXIV LTD MDPK 2016-24A ER                                          | CUSIP: 55820QAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2350000 | PA      | $2158475.00   | 0.22%             | 2029-10-20      | Floating      | 11.42%                | No            |                  2 | On Loan: No      |
| N/A                                                                | QUARTERNORTH ENERGY INC. SLTL TRANCHE 1 WARRANT                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     85465 | NS      | $961481.25    | 0.10%             |  |  |  | No            |                  2 | 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        |   3150000 | PA      | $1997100.00   | 0.20%             | 2030-06-22      | Floating      | 12.25%                | No            |                  2 | On Loan: No      |
| EATON VANCE CLO LTD                                                | EATON VANCE CLO 2019-1 LTD EATON 2019-1A F                                              | CUSIP: 27830VAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3080000.00   | 0.32%             | 2031-04-15      | Floating      | 12.33%                | No            |                  2 | On Loan: No      |
| CATHEDRAL LAKE CLO LTD.                                            | CATHEDRAL LAKE LTD SERIES: 2013-1A CLASS: DR                                            | CUSIP: 14918DAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1250000 | PA      | $879500.00    | 0.09%             | 2029-10-15      | Floating      | 9.76%                 | No            |                  2 | On Loan: No      |
| ICG US CLO                                                         | ICG US CLO 2022-1I LTD ICG 2022-1A DJ                                                   | CUSIP: 44933EAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2125000 | PA      | $1964520.00   | 0.20%             | 2035-07-20      | Floating      | 7.84%                 | Yes           |                  2 | On Loan: No      |
| PARK AVENUE INSTITUTIONAL ADVISERS CLO LTD                         | PARK AVENUE INSTITUTIONAL ADVISERS CLO LTD 2021-2 PAIA 2021-2A E                        | CUSIP: 70019FAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1680000.00   | 0.17%             | 2034-07-15      | Floating      | 11.09%                | Yes           |                  2 | On Loan: No      |
| ZAIS CLO LIMITED                                                   | ZAIS CLO 8 LTD ZAIS8 2018-1A E                                                          | CUSIP: 98885HAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3300000 | PA      | $2458500.00   | 0.25%             | 2029-04-15      | Floating      | 9.33%                 | No            |                  2 | On Loan: No      |
| CIFC FUNDING LTD                                                   | CIFC 2015-1A SUB - CIFC Funding 2015-I Ltd 01/22/2031                                   | CUSIP: 12548NAG8<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |   3000000 | PA      | $637500.00    | 0.07%             | 2031-01-22      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                | TOYS R US WSLI EQUITY                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |      1450 | NS      | $32916.74     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CIFC FUNDING LTD                                                   | CIFC 2014-1A SUB - CIFC Funding 2014 Ltd 01/18/2031                                     | CUSIP: 12549LAE6<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |   2500000 | PA      | $375000.00    | 0.04%             | 2031-01-18      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES                                                  | AMERICAN AIRLINES                                                                       | CUSIP: 001ESC9D6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7500000 | PA      | $0.00         | 0.00%             | 2049-12-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| HEALTHCARE REALTY TRUST INCORPORATED                               | HEALTHCARE REALTY TRUST INC REIT                                                        | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               |  | US        |    574004 | NS      | $11061057.08  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| VIBRANT CLO LTD                                                    | VIBRANT CLO 1X LTD VIBR 2018-9A D                                                       | CUSIP: 92558JAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $752500.00    | 0.08%             | 2031-07-20      | Floating      | 10.49%                | No            |                  2 | On Loan: No      |
| NEXPOINT DIVERSIFIED REAL ESTATE TRUST                             | NEXPOINT DIVERSIFIED REAL ES MUTUAL FUND                                                | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               |  | US        |   1275616 | NS      | $14299655.36  | 1.47%             |  |  |  | No            |                  1 | On Loan: —       |
| QUARTERNORTH ENERGY HOLD.                                          | QUARTERNORTH ENERGY HOLD. 8/27/2026                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   6403998 | PA      | $6389332.52   | 0.65%             | 2026-08-27      | Floating      | 12.07%                | No            |                  2 | On Loan: No      |
| ARCH RESOURCES INC WT                                              | ARCH RESOURCES INC WT EXPIRATION: 10/05/23                                              | CUSIP: 03940R115<br>LEI: N/A                  | N/A              | DE               |  | US        |      5801 | NC      | $545410.02    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                | NHT OPERATING PARTNERSHIP CONVERTIBLE PROMISSORY NOTE TERM LOAN @ PRIME 7.50% 9/30/2042 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   6400000 | PA      | $6163200.00   | 0.63%             | N/A             | Floating      | 7.50%                 | No            |                  3 | On Loan: No      |
| ZAIS CLO LIMITED                                                   | ZAIS CLO 3 LTD ZCLO3 2015-3A DR                                                         | CUSIP: 98887JAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $1995000.00   | 0.20%             | 2031-07-15      | Floating      | 10.99%                | No            |                  2 | On Loan: No      |
| ATLAS SENIOR LOAN FUND, LTD                                        | ATLAS SENIOR LOAN FUND XII LTD ATCLO 2018-12A E                                         | CUSIP: 04942TAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2400000 | PA      | $1983840.00   | 0.20%             | 2031-10-24      | Floating      | 10.27%                | No            |                  2 | On Loan: No      |
| TICP CLO LTD                                                       | TICP CLO III-2 LTD TICP 2018-3R F                                                       | CUSIP: 87249GAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4150000 | PA      | $3564850.00   | 0.37%             | 2028-04-20      | Floating      | 12.22%                | No            |                  2 | On Loan: No      |
| N/A                                                                | LLV HOLDCO INC LLVHSBM01                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |       436 | NS      | $69732.27     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                | APNIMED, INC SERIES C-2                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |    144132 | NS      | $1600009.33   | 0.16%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                | APNIMED, INC SERIES C-1                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |    270246 | NS      | $3000000.85   | 0.31%             |  |  |  | No            |                  3 | On Loan: No      |
| COVENANT CREDIT PARTNERS CLO                                       | COVENANT CREDIT PARTNERS CLO III LTD COV 2017-1A F                                      | CUSIP: 22284JAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $1815000.00   | 0.19%             | 2029-10-15      | Floating      | 12.03%                | No            |                  2 | On Loan: No      |
| ECP CLO LTD                                                        | MAN GLG US CLO GLGU 2018-1A DR                                                          | CUSIP: 26829DAQ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2500000 | PA      | $1921062.50   | 0.20%             | 2030-04-22      | Floating      | 10.14%                | No            |                  2 | On Loan: No      |
| CLAYMORE COMMON STOCK                                              | CLAYMORE COMMON STOCK                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |  10359801 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                | NEXPOINT STORAGE PARTNERS SERIES A PREFERRED STOCK                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     32203 | NS      | $42771593.11  | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                | TXU  TCEH TRA RIGHTS                                                                    | CUSIP: 931ESA903<br>LEI: N/A                  | Long             | EC               |  | US        |      4933 | NS      | $6227.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MAGNETITE CLO, LIMITED                                             | MAGNETITE VII LTD MAGNE 2012-7A ER2                                                     | CUSIP: 55952XAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    490000 | PA      | $401800.00    | 0.04%             | 2028-01-15      | Floating      | 10.58%                | No            |                  2 | On Loan: No      |
| ROCKWALL CDO                                                       | Rockwall CDO Ltd PREFERRED STOCK                                                        | CUSIP: 77426R203<br>LEI: N/A                  | Long             | EP               |  | KY        |     12552 | NS      | $69200.20     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| TerreStar 5/20 tl                                                  | TerreStar 5/20 tl 2/28/2022                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |     66346 | PA      | $65934.70     | 0.01%             | 2023-02-28      | Floating      | 11.00%                | No            |                  3 | On Loan: No      |
| INDEPENDENCE REALTY TRUST, INC                                     | INDEPENDENCE REALTY TRUST IN REIT                                                       | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               |  | US        |     68862 | NS      | $1161013.32   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                | TERRESTAR CORP COMMON STOCK                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     27134 | NS      | $9938641.52   | 1.02%             |  |  |  | No            |                  3 | On Loan: No      |
| LAKE AT LAS VEGAS                                                  | LAKE AT LAS VEGAS 12/31/22                                                              | CUSIP: 50202LAB0<br>LEI: N/A                  | Long             | LON              |  | US        |  15473255 | PA      | $13415312.04  | 1.37%             | 2022-12-31      | Floating      | 5.00%                 | No            |                  3 | On Loan: No      |
| GOLDENTREE LOAN MANAGEMENT US CLO LTD                              | GOLDENTREE LOAN MANAGEMENT US CLO 3 LTD GLM 2018-3A F                                   | CUSIP: 38138AAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $756250.00    | 0.08%             | 2030-04-20      | Floating      | 10.74%                | No            |                  2 | On Loan: No      |
| TERRESTAR CORPORATION                                              | TERRESTAR CORPORATION 2/27/2020                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   8538103 | PA      | $8485166.54   | 0.87%             | 2028-02-27      | Floating      | 11.00%                | No            |                  3 | On Loan: No      |
| EDS Legacy Partners                                                | EDS Legacy Partners 12/31/2049                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |  61411237 | PA      | $58876423.37  | 6.03%             | 2023-12-14      | Floating      | 10.25%                | No            |                  3 | On Loan: No      |
| SYMPHONY CLO, LTD.                                                 | SYMPHONY CLO XXVI LTD SYMP 2021-26A ER                                                  | CUSIP: 87167VAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1740000.00   | 0.18%             | 2033-04-20      | Floating      | 11.74%                | Yes           |                  2 | On Loan: No      |
| GLENEAGLES CLO LTD                                                 | Gleneagles CLO Ltd PREFERRED STOCK                                                      | CUSIP: 37866PAB5<br>LEI: N/A                  | Long             | EP               |  | KY        |      8860 | NS      | $153534.87    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| VALUE CREATION INC LX113920                                        | VALUE CREATION INC LX113920                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   1118286 | NS      | $0.00         | 0.00%             |  |  |  | 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      | $9805356.60   | 1.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BRUCE MANSFIELD UNIT 1 2007                                        | BRUCE MANSFIELD UNIT 1 2007 PASS THROUGH TRUST 6.850000% 06/01/2035                     | CUSIP: 116663AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15222107 | PA      | $86908.08     | 0.01%             | 2034-06-01      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| N/A                                                                | SAPIENCE SERIES B PREFERRED SHARES                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   2361111 | NS      | $7791666.30   | 0.80%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                | QUARTERNORTH ENERGY INC. SLTL TRANCHE 3 WARRANT                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |    254538 | NS      | $35126244.00  | 3.60%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                 | ENERGY TRANSFER LP PARTNERSHIP SHARES                                                   | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               |  | US        |    179200 | NS      | $2127104.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TICP CLO LTD                                                       | TICP CLO I-2 LTD TICP 2018-IA E                                                         | CUSIP: 87248YAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2200000 | PA      | $1782220.00   | 0.18%             | 2028-04-26      | Floating      | 12.33%                | No            |                  2 | On Loan: No      |
| ROCKWALL CDO                                                       | ROCKWALL INVESTORS CORP 144A PREFERRED STOCK                                            | CUSIP: 774272207<br>LEI: N/A                  | Long             | EP               |  | KY        |      4800 | NS      | $57.77        | 0.00%             |  |  |  | No            |                  3 | 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      | $125097.52    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.                                         | IHEARTCOMMUNICATIONS INC 6.375000% 05/01/2026                                           | CUSIP: 45174HBC0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      3100 | PA      | $2856.90      | 0.00%             | 2026-05-01      | Fixed         | 6.38%                 | 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      | $25280039.32  | 2.59%             |  |  |  | No            |                  3 | On Loan: No      |
| KKR FINANCIAL CLO, LTD.                                            | KKR CLO 18 LTD KKR 18 E                                                                 | CUSIP: 48251HAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2595000.00   | 0.27%             | 2030-07-18      | Floating      | 10.64%                | No            |                  2 | On Loan: No      |
| CIFC FUNDING LTD                                                   | CIFC FUNDING 2014 LTD CIFC 2014-1A ER2                                                  | CUSIP: 12549LAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $845000.00    | 0.09%             | 2031-01-18      | Floating      | 10.04%                | No            |                  2 | On Loan: No      |
| N/A                                                                | QUARTERNORTH ENERGY INC. SLTL TRANCHE 2 WARRANT                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |    164598 | NS      | $1440232.50   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| GALAXY CLO, LTD                                                    | GALAXY XXVI CLO LTD GALXY 2018-26A F                                                    | CUSIP: 36321MAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5450000 | PA      | $3924000.00   | 0.40%             | 2031-11-22      | Floating      | 12.66%                | No            |                  2 | On Loan: No      |
| N/A                                                                | MPM HOLDINGS INC/DE ESCROW SECURITY                                                     | CUSIP: 55336L102<br>LEI: N/A                  | Long             | EC               |  | US        |    299032 | NS      | $1495160.00   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| THL CREDIT WIND RIVER CLO LLC                                      | WINDR 2014-2A SUB - THL Credit Wind River 2014-2 C 01/15/2031                           | CUSIP: 88432BAC2<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |   5955627 | PA      | $1116680.06   | 0.11%             | 2031-01-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                | LLV HOLDCO INC LLVHSAM01                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     34512 | NS      | $5524145.54   | 0.57%             |  |  |  | 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      | $901312.50    | 0.09%             | 2030-10-18      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| MADISON PARK FUNDING, LTD.                                         | MADISON PARK FUNDING XX LTD MDPK 2016-20A ER                                            | CUSIP: 55819UAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1400000 | PA      | $1166760.00   | 0.12%             | 2030-07-27      | Floating      | 9.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                                | NEXLS LLC                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |       882 | NS      | $43933882.78  | 4.50%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                | SFR OPERATING PARTNERSHIP, L.P. CONVERTIBLE NOTE                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  65000000 | PA      | $65000000.00  | 6.66%             | N/A             | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| ALLENBY COMMON STOCK                                               | ALLENBY COMMON STOCK                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   1474379 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MP CLO LTD                                                         | ACAS CLO 2015-1 LTD MP7 2015-1A FRR                                                     | CUSIP: 55320TAD5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5800000 | PA      | $2861720.00   | 0.29%             | 2028-10-18      | Floating      | 12.10%                | No            |                  2 | On Loan: No      |
| CARESTREAM HEALTH, INC.                                            | CARESTREAM HEALTH, INC. 9/30/2027                                                       | CUSIP: 14173VAT0<br>LEI: N/A                  | Long             | LON              |  | US        |  16657339 | PA      | $12742864.15  | 1.31%             | 2027-09-30      | Floating      | 11.15%                | No            |                  2 | On Loan: No      |
| N/A                                                                | IQHQ INC PRIVATE COMPANY                                                                | CUSIP: 44988Q106<br>LEI: N/A                  | Long             | EC               |  | US        |   2356665 | NS      | $65986620.00  | 6.76%             |  |  |  | No            |                  3 | On Loan: No      |
| APEX CREDIT CLO 2019 LTD                                           | APEX CREDIT CLO 2019 LTD APEXC 2019-1A D                                                | CUSIP: 03754BAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1580000.00   | 0.16%             | 2032-04-18      | Floating      | 11.29%                | No            |                  2 | On Loan: No      |
| GRANITE POINT MORTGAGE TRUST INC.                                  | Granite Point Mortgage Trust Inc PREFERRED STOCK                                        | CUSIP: 38741L305<br>LEI: 529900VX2HQZ76AYIE02 | Long             | EP               |  | US        |     40000 | NS      | $686000.00    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| OZLM FUNDING LTD                                                   | OZLM XXII LTD OZLM 2018-22A E                                                           | CUSIP: 67111XAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3110000 | PA      | $1866000.00   | 0.19%             | 2031-01-17      | Floating      | 11.47%                | No            |                  2 | On Loan: No      |
| TERRESTAR CORPORATION                                              | TERRESTAR CORPORATION 2/27/2020                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |         0 | PA      | $0.01         | 0.00%             | 2028-02-27      | Floating      | 11.00%                | No            |                  3 | On Loan: No      |
| MADISON PARK FUNDING, LTD.                                         | MADISON PARK FUNDING XXIX LTD MDPK 2018-29A F                                           | CUSIP: 55820EAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1817000.00   | 0.19%             | 2030-10-18      | Floating      | 11.76%                | No            |                  2 | On Loan: No      |
| BRAEMAR HOTELS & RESORTS INC.                                      | Braemar Hotels & Resorts Inc PREFERRED STOCK                                            | CUSIP: 10482B200<br>LEI: 549300JDUUEBN868C776 | Long             | EP               |  | US        |    325976 | NS      | $5081965.84   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXPOINT RESIDENTIAL TRUST, INC.                                   | NEXPOINT RESIDENTIAL REIT                                                               | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               |  | US        |    184601 | NS      | $8033835.52   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MADISON PARK FUNDING, LTD.                                         | MADISON PARK FUNDING XXX LTD MDPK 2018-30A F                                            | CUSIP: 55822HAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $770000.00    | 0.08%             | 2029-04-15      | Floating      | 10.93%                | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

**Name of Applicant:** Highland Income Fund

**Signature:** Stephanie Vitiello

**Name of Signer:** Stephanie Vitiello

**Title:** CCO