# EDGAR Filing Document

**Accession Number:** 0001710680
**File Stem:** 0002048251-25-002966
**Filing Date:** 2025-12
**Character Count:** 58385
**Document Hash:** 985f35634e84a3ffa64abbd2fefea61e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002966.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0002048251-25-002966

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**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:** 251539007

**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

## Nport-Ex

**INVESTMENT PORTFOLIO (unaudited)** 

---

| | |
|:---|:---|
| **As of September 30, 2025** | **Highland Opportunities and Income Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value ($)** |
| **Common Stock — 73.2%** | **Common Stock — 73.2%** |  |
| **COMMUNICATION SERVICES — 1.8%** | **COMMUNICATION SERVICES — 1.8%** |  |
| 27134 | MidWave Wireless, Inc. (fka Terrestar Corp.)(a)(b)(c)(d) | 11278790 |
| **ENERGY — 1.4%** | **ENERGY — 1.4%** |  |
| 899112 | Talos Energy, Inc.(d) | 8622484 |
| 1118286 | Value Creation, Inc.(a)(b)(d) | 49872 |
|  |  | 8672356 |
| **FINANCIALS — 1.9%** | **FINANCIALS — 1.9%** |  |
| 453675 | Meaningful PDCV LP(a)(b)(d) | 11988907 |
| **HEALTHCARE — 5.2%** | **HEALTHCARE — 5.2%** |  |
| 12026660 | CCS Medical Inc.(a)(b)(d)(e) | 33410062 |
| **MATERIALS — 0.2%** | **MATERIALS — 0.2%** |  |
| 299032 | MPM Holdings, Inc.(d) | 1495160 |
| **REAL ESTATE — 62.7%** | **REAL ESTATE — 62.7%** |  |
| 11561680 | Claymore(a)(b)(d)(e) |  |
| 2006665 | IQHQ, Inc.(b)(d)(f) | 15491454 |
| 34512 | LLV Holdco LLC - Series A, Membership Interest(a)(b)(d)(e) | 3820815 |
| 436 | LLV Holdco LLC - Series B, Membership Interest(a)(b)(d)(e) | 48231 |
| 1482975 | NexPoint Diversified Real Estate Trust, REIT(e) | 5472178 |
| 4372286 | NexPoint Real Estate Finance, Inc., REIT(e) | 61999012 |
| 210356 | NexPoint Residential Trust, Inc., REIT(e) | 6777670 |
| 16103 | NexPoint Storage Partners, Inc.(a)(b)(d)(e) | 9479608 |
| 116277473 | NFRO Diversified REIT, LLC(a)(b)(d)(e) | 84256750 |
| 2276658 | NFRO Holdings, LLC(a)(b)(d)(e) | 59431145 |
| 104718416 | NFRO Self Storage REIT, LLC(a)(b)(d)(e) | 69381815 |
| 4869446 | NFRO SFR REIT, LLC(a)(b)(d)(e) | 82716434 |
|  |  | 398875112 |
|  | Total Common Stock<br>(Cost $905,595,680) | 465720387 |
| **Principal Amount ($)** |  |  |
| **U.S. Senior Loans (g) — 37.0%** | **U.S. Senior Loans (g) — 37.0%** |  |
| **COMMUNICATION SERVICES — 2.2%** | **COMMUNICATION SERVICES — 2.2%** |  |
| 11948307 | MidWave Wireless, Inc. (fka Terrestar Corp.), Term Loan D, 1st Lien,13.000%, 02/27/2028 (a)(b) | 11936359 |
| 92845 | MidWave Wireless, Inc. (fka TerreStar Corp.), Term Loan G, 1st Lien,13.000%, 12/31/2025 (a)(b) | 92752 |
| 86625 | MidWave Wireless, Inc. (fka Terrestar Corp.), Term Loan H, 1st Lien,13.000%, 12/31/2025 (a)(b) | 86539 |
| 242076 | MidWave Wireless, Inc. (fka Terrestar Corp.), Term Loan J, 1st Lien,13.000%, 12/31/2025 (a)(b) | 241834 |
| 1798553 | MidWave Wireless, Inc. (fka Terrestar Corp.), Term Loan K, 1st Lien,13.000%, 12/31/2025 (a)(b) | 1796755 |
|  |  | 14154239 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount ($)** |  | **Value ($)** |
| **U.S. Senior Loans (continued)** | **U.S. Senior Loans (continued)** |  |
| **HEALTHCARE — 6.8%** | **HEALTHCARE — 6.8%** |  |
| 15704488 | Carestream Health Inc., Term Loan, 1st Lien,11.602%, 09/30/2027 (h) | 8009289 |
| 19401564 | CCS Medical Inc., Junior Credit Term Loan, 1st Lien,13.000%, 01/04/2027 (a)(b)(e) | 19401564 |
| 15000000 | Sapience Therapeutics Inc Promissory Note,8.000%,<br>(a)(b) | 15634500 |
|  |  | 43045353 |
| **REAL ESTATE — 28.0%** | **REAL ESTATE — 28.0%** |  |
| 6550330 | LLV Holdco LLC, Revolving Exit Loan, 5.000%, 12/31/2025 (a)(b)(e) | 6321068 |
| 45000000 | NexPoint SFR Operating Partnership L.P., 7.500%, 05/24/2027 (a)(b)(e) | 43830000 |
| 11909225 | NFRO SPE, LLC Promissory Note, 5.150%, (a)(b)(e) | 11909225 |
| 6201118 | NFRO SPE, LLC Promissory Note Term Loan, 5.450%, 12/30/2026 (a)(b)(e) | 6201118 |
| 6500000 | NREF Operating IV REIT Sub, LLC, 7.500%, 10/18/2027 (a)(b)(e) | 6488287 |
| 6400000 | NXDT Hospitality Holdco, LLC Convertible Promissory Note, 7.500%, 09/30/2042 (a)(b)(e) | 4163200 |
| 42996610 | NXDT Hospitality Holdco, LLC Promissory Note, 3.705%, 02/14/2027 (a)(b)(e) | 27969295 |
| 5852170 | NXLST Operating Partnership, LP Promissory Note, 4.200%, 12/31/2028 (a)(b) | 5989111 |
| 21000000 | TCAL Mezz Lender, LLC Promissory Note, 13.000%, 11/26/2027 (a)(b) | 20105194 |
| 55000000 | TRQ Plano, LLC, 8.500%, 12/28/2033 (a)(b) | 45292500 |
|  |  | 178268998 |
|  | Total U.S. Senior Loans<br>(Cost $295,906,285) | 235468590 |
| **Shares** | **Shares** |  |
| **LLC Interest — 10.3%** | **LLC Interest — 10.3%** |  |
| 994 | NEXLS LLC(a)(b)(e) | 65443636 |
|  | Total LLC Interest<br>(Cost $39,205,217) | 65443636 |
| **Preferred Stock — 5.1%** | **Preferred Stock — 5.1%** |  |
| **HEALTHCARE — 3.5%** | **HEALTHCARE — 3.5%** |  |
| 270246 | Apnimed, Series C-1 (a)(b)(d)(i)(j) | 2543015 |
| 144132 | Apnimed, Series C-2 (a)(b)(d)(i)(j) | 1473029 |
| 2361111 | Sapience Therapeutics Inc 8.00%(a)(b)(d)(j) | 8075000 |
| 3440476 | Sapience Therapeutics Inc, Class B 8.00%(a)(b)(d)(j) | 9874166 |
|  |  | 21965210 |
| **REAL ESTATE — 1.6%** | **REAL ESTATE — 1.6%** |  |
| 283683 | Braemar Hotels & Resorts, Inc. 5.50%(d)(j) | 4607012 |

---

------

**INVESTMENT PORTFOLIO (unaudited) (continued)** 

---

| | |
|:---|:---|
| **As of September 30, 2025** | **Highland Opportunities and Income Fund** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value ($)** |
| **Preferred Stock (continued)** | **Preferred Stock (continued)** | **Preferred Stock (continued)** |
| **REAL ESTATE (continued)** | **REAL ESTATE (continued)** | **REAL ESTATE (continued)** |
| 150977 | NexPoint Real Estate Finance, Inc., REIT 8.50%(e)(j)(k) | 3637036 |
| 47300 | Wheeler Real Estate Investment Trust 14.00%, 09/21/2026(d)(l) | 1737329 |
| 82301 | Wheeler Real Estate Investment Trust 9.00%(d)(j) | 348133 |
|  |  | 10329510 |
|  | Total Preferred Stock<br>(Cost $29,890,558) | 32294720 |
| **Registered Investment Company — 4.0%** | **Registered Investment Company — 4.0%** |  |
| 1000000 | NexPoint Credit Catalyst Fund, Class Z (d)(e) | 25250000 |
|  | Total Registered Investment Company<br>(Cost $25,000,000) | 25250000 |
| **Principal Amount ($)** |  |  |
| **Collateralized Loan Obligations — 0.9%** | **Collateralized Loan Obligations — 0.9%** | **Collateralized Loan Obligations — 0.9%** |
| 6162166 | ACAS CLO, Series 2018-1A, Class FRR TSFR3M + 8.172%, 12.50%, 10/18/2028 (h)(m) | 468664 |
| 2000000 | CIFC Funding, Series 2014-5A 0.00%, 7/17/2037 (m)(n)(o) | 824000 |
| 3324756 | CIFC Funding, Series 2014-4RA 0.00%, 1/17/2035 (m)(n)(o) | 930267 |
| 5462500 | CIFC Funding, Series 2013-2A 0.00%, 10/18/2030 (m)(n) | 251712 |
| 2500000 | CIFC Funding, Series 2014-1A 0.00%, 1/18/2031 (m)(n) | 50000 |
| 3000000 | CIFC Funding, Series 2015-1A 0.00%, 1/22/2031 (m)(n)(o) | 108000 |
| 2308143 | Clover Credit Partners CLO III, Series 2017-1A, Class F TSFR3M + 8.212%, 12.53%, 10/15/2029 (h)(m) | 346221 |
| 4000000 | Northwoods Capital XII-B, Ltd., Series 2018-12BA, Class F TSFR3M + 8.432%, 12.47%, 6/15/2031 (h)(m) | 1400000 |
| 3219242 | OZLM XXII, Ltd., Series 2018-22A, Class E TSFR3M + 7.652%, 11.97%, 1/17/2031 (h)(m) | 418501 |
| 3185057 | Saranac CLO III, Ltd., Series 2018-3A, Class ER TSFR3M + 7.500%, 12.09%, 6/22/2030 (h)(m) | 796264 |
| 5955627 | THL Credit Wind River, Series 2014-2A 0.00%, 1/15/2031 (m)(n)(p) | 68490 |
|  | Total Collateralized Loan Obligations<br>(Cost $26,250,047) | 5662119 |
| **Corporate Bonds & Notes — 0.6%** | **Corporate Bonds & Notes — 0.6%** | **Corporate Bonds & Notes — 0.6%** |
| **COMMUNICATION SERVICES — 0.0%** | **COMMUNICATION SERVICES — 0.0%** | **COMMUNICATION SERVICES — 0.0%** |
| 2945 | iHeartCommunications, Inc. 9.13%, 05/01/2029 (m) | 2659 |

---

---

| | | |
|:---|:---|:---|
| **Principal Amount ($)** |  | **Value ($)** |
| **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** | **Corporate Bonds & Notes (continued)** |
| **FINANCIALS** — **0.6%** | **FINANCIALS** — **0.6%** | **FINANCIALS** — **0.6%** |
| 4000000 | South Street Securities Funding LLC 6.25%, 12/30/2026 (m) | 3880000 |
|  | Total Corporate Bonds & Notes<br>(Cost $4,002,798) | 3882659 |
| **Units** | **Units** |  |
| **Warrants — 0.5%** | **Warrants — 0.5%** |  |
| **HEALTHCARE** — **0.5%** | **HEALTHCARE** — **0.5%** | **HEALTHCARE** — **0.5%** |
| 1800000 | Sapience Therapeutics Inc(a)(b)(d)(q) | 2844000 |
|  | Total Warrants<br>(Cost $–) | 2844000 |
| **Principal Amount ($)** | **Principal Amount ($)** |  |
| **Repurchase Agreement(r)(s) — 0.0%** | **Repurchase Agreement(r)(s) — 0.0%** | **Repurchase Agreement(r)(s) — 0.0%** |
| 12419 | Citadel Securities 4.270%, dated 09/30/2025 to be repurchased on 10/01/2025, repurchase price $12,420 (collateralized by various U.S. Treasury obligations, ranging in par value $1 - $1,525, 0.000% - 4.104%, 11/15/2025 – 08/15/2055; with total market value $12,669) | 12419 |
|  | Total Repurchase Agreement<br>(Cost $12,419) | 12419 |
| **Shares** | **Shares** |  |
| **Cash Equivalent — 0.5%** | **Cash Equivalent — 0.5%** | **Cash Equivalent — 0.5%** |
| **MONEY MARKET FUND(t) — 0.5%** | **MONEY MARKET FUND(t) — 0.5%** | **MONEY MARKET FUND(t) — 0.5%** |
| 3220141 | Dreyfus Treasury Obligations Cash Management, Institutional Class 4.000% | 3220141 |
|  | Total Cash Equivalent<br>(Cost $3,220,141) | 3220141 |
| **Total Investments - 132.1%<br>(Cost $1,329,083,145)** | **Total Investments - 132.1%<br>(Cost $1,329,083,145)** | **839798671** |
| **Other Assets & Liabilities,<br>Net - (32.1)%(u)** | **Other Assets & Liabilities,<br>Net - (32.1)%(u)** | **(203951726)** |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **635846945** |

---

(a) Securities with a total aggregate value of $683,574,576, or 107.5% of net assets, were classified as Level 3
within the three-tier fair value hierarchy. Please see Notes to Investment Portfolio for an explanation of this hierarchy, as well as a list of unobservable inputs used in the valuation of these instruments.

------

**INVESTMENT PORTFOLIO (unaudited) (concluded)** 

---

| | |
|:---|:---|
| **As of September 30, 2025** | **Highland Opportunities and Income Fund** |

---

(b) Represents fair value as determined by the Investment Adviser pursuant to the policies and procedures approved
by the Board of Trustees (the "Board"). The Board has designated the Investment Adviser as "valuation designee" for the Fund pursuant to Rule 2a-5 of the Investment Company Act of 1940,
as amended. The Investment Adviser 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 $699,066,030, or 109.9% of net assets, were fair valued under the Fund's valuation procedures as of September 30, 2025. Please see Notes to Investment Portfolio.

(c) 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 policies and procedures established by the Board. Additional Information regarding such securities follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted<br>Security** | **Security<br>Type** | **Acquisition<br>Date** | **Cost of<br>Security** | **Fair Value at<br>Period End** | **Percent of<br>Net Assets** |
|  MidWave Wireless, Inc. (fka Terrestar Corp.) | Common<br>Stock | 3/16/2008 | $3093276 | $11278790 | 1.8% |

---

(d) Non-income producing security.

(e) Affiliated issuer. Assets with a total aggregate fair value of $637,408,149, or 100.2% of net assets, were
affiliated with the Fund as of September 30, 2025.

(f) Securities with a total aggregate value of $15,491,454, or 2.4% of net assets, were valued using the
issuer's fair market value NAV as practical expedient under ASC 820. Please see Notes to Investment Portfolio for an explanation of this hierarchy.

(g) Senior loans (also called bank loans, leveraged loans, or floating rate loans) in which the Fund invests
generally pay interest at rates which are periodically determined by reference to a base lending rate plus a spread (unless otherwise identified, all senior loans carry a variable rate of interest). These base lending rates are generally
(i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the Secured Overnight Financing Rate ("SOFR") or (iii) the Certificate of Deposit
rate. As of September 30, 2025, the SOFR 1 Month and SOFR 3 Month rates were 4.31% and 4.35%, respectively. Senior loans, while exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"), contain certain
restrictions on resale and cannot be sold publicly. Senior secured floating rate loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual
requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity maybe substantially less than the stated maturity shown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(h) Variable or floating rate security. The interest rate shown reflects the rate in effect September 30,
2025. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by
adjusting periodically based on prevailing interest rates.

(i) There is currently no rate available.

(j) Perpetual security with no stated maturity date.

(k) Securities (or a portion of securities) on loan. As of September 30, 2025, the fair value of securities
loaned was $12,055. The loaned securities were secured with cash and/or securities collateral of $12,375. Collateral is calculated based on prior day's prices.

(l) Step Coupon Security. Coupon rate will either increase (step-up bond)
or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(m) Securities exempt from registration under Rule 144A of the 1933 Act. These securities may only be resold in
transactions exempt from registration to qualified institutional buyers. The Board has determined these investments to be liquid. At September 30, 2025, these securities amounted to $9,544,778 or 1.5% of net assets.

(n) No interest rate available.

(o) Interest only security ("IO"). These types of securities represent the right to receive the monthly
interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.

(p) The issuer is, or is in danger of being, in default of its payment obligation.

(q) Expiration date not available.

(r) Tri-Party Repurchase Agreement.

(s) This security was purchased with cash collateral held from securities on loan. The total value of such
securities as of September 30, 2025 was $12,419.

(t) Rate reported is 7 day effective yield.

(u) As of September 30, 2025, $16 in cash was segregated or on deposit with the brokers to cover investments
sold short and is included in "Other Assets & Liabilities, Net".

------

**NOTES TO INVESTMENT PORTFOLIO (unaudited)**

---

| | |
|:---|:---|
| **As of September 30, 2025** | **Highland Opportunities and Income Fund** |

---

**Organization** 

Highland Opportunities and Income Fund (the "Fund") is organized as an unincorporated business trust under the laws of The Commonwealth of Massachusetts. The Fund is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. On September 25, 2017, the Fund acquired the assets of Highland Floating Rate Opportunities Fund (the "Predecessor Fund"), a series of NexPoint Funds I (formerly Highland Funds I), a Delaware statutory trust. The Fund is the successor to the accounting and performance information of the Predecessor Fund.

**Valuation of Investments** 

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated NexPoint as the Fund's valuation designee to perform the fair valuation determination for securities and other assets held by the Fund. NexPoint acting through its "Valuation Committee," is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of NexPoint and certain of NexPoint's affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is subject to Board oversight and certain reporting and other requirements intended to provide the Board the information it needs to oversee NexPoint's fair value determinations.

The Fund's investments are recorded at fair value. In computing the Fund's net assets attributable to shares, securities with readily available market quotations on the NYSE, National Association of Securities Dealers Automated Quotation ("NASDAQ") or other nationally recognized exchange, use the closing quotations on the respective exchange for valuation of those securities. Securities for which there are no readily available market quotations will be valued pursuant to policies and procedures adopted by NexPoint and approved by the Board. Typically, such securities will be valued at the mean between the most recently quoted bid and ask prices provided by the principal market makers. If there is more than one such principal market maker, the value shall be the average of such means. Securities without a sale price or quotations from principal market makers on the valuation day may be priced by an independent pricing service. Generally, the Fund's loan and bond positions are not traded on exchanges and consequently are valued based on a mean of the bid and ask price from the third-party pricing services or broker-dealer sources that the Investment Adviser has determined to have the capability to provide appropriate pricing services.

Securities for which market quotations are not readily available, or for which the Fund has determined that the price received from a pricing service or broker-dealer is "stale" or otherwise does not represent fair value (such as when events materially affecting the value of securities occur between the time when market price is determined and calculation of the Fund's NAV, will be valued by the Fund at fair value, as determined by the Valuation Committee in good faith in accordance with policies and procedures established by NexPoint and approved by the Board, taking into account factors reasonably determined to be relevant, including, but not limited to: (i) the fundamental analytical data relating to the investment; (ii) the nature and duration of restrictions on disposition of the securities; and (iii) an evaluation of the forces that influence the market in which these securities are purchased and sold. In these cases, the Fund's NAV will reflect the affected portfolio securities' fair value as determined in the judgment of the Valuation Committee instead of being determined by the market. Using a fair value pricing methodology to value securities may result in a value that is different from a security's most recent sale price and from the prices used by other investment companies to calculate their NAVs. Determination of fair value is uncertain because it involves subjective judgments and estimates.

There can be no assurance that the Fund's valuation of a security will not differ from the amount that it realizes upon the sale of such security. Those differences could have a material impact to the Fund. The NAV shown in the Fund's financial statements may vary from the NAV published by the Fund as of its year end because portfolio securities transactions are accounted for on the trade date (rather than the day following the trade date) for financial statement purposes.

**Fair Value Measurements** 

The Fund has performed an analysis of all existing investments and derivative instruments to determine the significance and character of inputs to their fair value determination. The levels of fair value inputs used to measure the Fund's investments are characterized into a fair value hierarchy. Where inputs for an asset or liability fall into more than one level in the fair value hierarchy, the investment is classified in its entirety based on the lowest level input that is significant to that investment's valuation. The three levels of the fair value hierarchy are described below:

*Level 1 —* Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement;

------

**NOTES TO INVESTMENT PORTFOLIO (unaudited) (continued)**

---

| | |
|:---|:---|
| **As of September 30, 2025** | **Highland Opportunities and Income Fund** |

---

---

| | |
|:---|:---|
| *Level 2 —* | Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active, but are valued based on executed trades; broker quotations that constitute an executable price; and alternative pricing sources supported by observable inputs are classified within Level 2. Level 2 inputs are either directly or indirectly observable for the asset in connection with market data at the measurement date; and |
| *Level 3 —* | Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. In certain cases, investments classified within Level 3 may include securities for which the Fund has obtained indicative quotes from broker-dealers that do not necessarily represent prices the broker may be willing to trade on, as such quotes can be subject to material management judgment. Unobservable inputs are those inputs that reflect the Fund's own assumptions that market participants would use to price the asset or liability based on the best available information. |

---

The Investment Adviser has established policies and procedures, as described above and approved by the Board, to ensure that valuation methodologies for investments and financial instruments that are categorized within all levels of the fair value hierarchy are fair and consistent. A Valuation Committee has been established to provide oversight of the valuation policies, processes and procedures, and is comprised of personnel from the Investment Adviser and its affiliates. The Valuation Committee meets monthly to review the proposed valuations for investments and financial instruments and is responsible for evaluating the overall fairness and consistent application of established policies.

As of September 30, 2025, the Fund's investments consisted of common stock, U.S. senior loans, LLC interests, preferred stock, a registered investment company, collateralized loan obligations, corporate bonds and notes, warrants, a repurchase agreement, and a cash equivalent. The fair value of the Fund's senior loans and bonds are generally based on quotes received from brokers or independent pricing services. Loans, bonds and asset-backed securities with quotes that are based on actual trades with a sufficient level of activity on or near the measurement date are classified as Level 2 assets. Loans and bonds that are priced using quotes derived from implied values, indicative bids, or a limited number of actual trades are classified as Level 3 assets because the inputs\ used by the brokers and pricing services to derive the values are not readily observable. The fair value of the Fund's futures contracts are valued based on the settlement price established each day by the board of trade or exchange on which they principally trade and are classified as Level 1 liabilities.

The fair value of the Fund's common stock, registered investment companies, rights and warrants that are not actively traded on national exchanges are generally priced using quotes derived from implied values, indicative bids, or a limited amount of actual trades and are classified as Level 3 assets because the inputs used by the brokers and pricing services to derive the values are not readily observable. Exchange-traded options are valued based on the last trade price on the primary exchange on which they trade. If an option does not trade, the mid-price, which is the mean of the bid and ask price, is utilized to value the option.

At the end of each calendar quarter, the Investment Adviser evaluates the Level 2 and 3 assets and liabilities for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, the Investment Adviser evaluates the Level 1 and 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise be less liquid than publicly traded securities.

------

**NOTES TO INVESTMENT PORTFOLIO (unaudited) (concluded)**

---

| | |
|:---|:---|
| **As of September 30, 2025** | **Highland Opportunities and Income Fund** |

---

**Affiliated Issuers** 

Under Section 2 (a)(3) of the Investment Company Act of 1940, as amended, a portfolio company is defined as "affiliated" if a fund owns five percent or more of its outstanding voting securities or if the portfolio company is under common control. The table below shows affiliated issuers of the Fund for the period ended September 30, 2025:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Shares at<br>December 31,<br>2024** | **Beginning<br>Value as of<br>December 31,<br>2024<br>$** | **Value of<br>Transfers In<br>$** | **Value of<br>Transfers Out<br>$** | **Purchases at<br>Cost<br>$** | **Proceeds<br>from Sales<br>$** | **Distribution** <br>**to** <br>**Return of**<br>**Capital<br>$** | **Net<br>Realized<br>Gain/(Loss)<br>on Sales<br>$** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>$** | **Ending Value<br>as of<br>September 30,<br>2025<br>$** | **Shares at<br>September 30,<br>2025** | **Affiliated<br>Income<br>$** |
|  **Majority Owned, Not Consolidated** | **Majority Owned, Not Consolidated** | **Majority Owned, Not Consolidated** | **Majority Owned, Not Consolidated** | **Majority Owned, Not Consolidated** | **Majority Owned, Not Consolidated** | **Majority Owned, Not Consolidated** | **Majority Owned, Not Consolidated** | **Majority Owned, Not Consolidated** | **Majority Owned, Not Consolidated** | **Majority Owned, Not Consolidated** | **Majority Owned, Not Consolidated** | **Majority Owned, Not Consolidated** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allenby (Common Stock) | 3209880 |  |  |  |  | (5510824) | (3209880) | 5508523 | 3212181 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claymore (Common Stock) | 11561680 |  |  |  |  |  |  |  |  |  | 11561680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haygood (Common Stock) | 68830 |  |  |  |  |  |  | (68830) | 68830 |  |  |  |
|  **Other Affiliates** | **Other Affiliates** | **Other Affiliates** | **Other Affiliates** | **Other Affiliates** | **Other Affiliates** | **Other Affiliates** | **Other Affiliates** | **Other Affiliates** | **Other Affiliates** | **Other Affiliates** | **Other Affiliates** | **Other Affiliates** |
|  CCS Medical, Inc. (Common Stock) | 12026660 | 38785979 |  |  |  |  |  |  | (5375917) | 33410062 | 12026660 |  |
|  LLV Holdco LLC - Series A, Membership Interest (Common Stock) | 34512 | 3348346 |  |  |  |  |  |  | 472469 | 3820815 | 34512 |  |
|  LLV Holdco LLC - Series B, Membership Interest (Common Stock) | 436 | 42267 |  |  |  |  |  |  | 5964 | 48231 | 436 |  |
|  NexPoint Diversified Real Estate Trust REIT (Common Stock) | 1406480 | 8579528 |  |  | 295715 |  |  |  | (3403065) | 5472178 | 1482975 | 650143 |
|  NexPoint Real Estate Finance, Inc. REIT (Common Stock) | 4372286 | 68601164 |  |  |  |  | (1207065) |  | (5395087) | 61999012 | 4372286 | 5351364 |
|  NexPoint Residential Trust, Inc. (Common Stock) | 204648 | 8544054 |  |  | 210071 |  | (68317) |  | (1908138) | 6777670 | 210356 | 249035 |
|  NexPoint Storage Partners, Inc. (Common Stock) | 16103 | 11691860 |  |  |  |  |  |  | (2212252) | 9479608 | 16103 |  |
|  NFRO Diversified REIT, LLC (Common Stock) | 113416076 | 82169947 |  |  | 2119677 |  |  |  | (32874) | 84256750 | 116277473 | 198000 |
|  NFRO Holdings, LLC (Common Stock) | 2276658 | 58659144 |  |  |  |  |  |  | 772001 | 59431145 | 2276658 |  |
|  NFRO Self Storage REIT, LLC (Common Stock) | 104718416 | 85644271 |  |  |  |  | (121000) |  | (16141456) | 69381815 | 104718416 |  |
|  NFRO SFR REIT, LLC (Common Stock) | 4576922 | 84258871 |  |  | 5086918 |  | (123000) |  | (6506355) | 82716434 | 4869446 |  |
|  CCS Medical, Inc. (U.S. Senior Loan) | 17823953 | 17800782 |  |  | 1577611 |  |  |  | 23171 | 19401564 | 19401564 | 1876115 |
|  LLV Holdco LLC (U.S. Senior Loan) | 6417314 | 6083613 |  |  | 161654 | (28638) |  |  | 104439 | 6321068 | 6550330 | 246094 |
|  NexPoint SFR Operating Partnership, L.P., 7.500%, 05/24/2027 (U.S. Senior Loan) | 50000000 | 48575000 |  |  |  | (5000000) |  |  | 255000 | 43830000 | 45000000 | 3185418 |
|  NexPoint SFR Operating Partnership, L.P., 7.500%, 06/30/2027 (U.S. Senior Loan) | 5000000 | 4857500 |  |  |  | (5000000) |  |  | 142500 |  |  | 166666 |
|  NFRO SPE, LLC Promissory Note (U.S. Senior Loan) |  |  |  |  | 11909225 |  |  |  |  | 11909225 | 11909225 | 205490 |
|  NFRO SPE, LLC Promissory Note Term Loan (U.S. Senior Loan) | 6700223 | 6700223 |  |  | 185895 | (685000) |  |  |  | 6201118 | 6201118 | 273948 |
|  NREF Operating IV REIT Sub, LLC (U.S. Senior Loan) | 6500000 | 6210750 |  |  |  |  |  |  | 277537 | 6488287 | 6500000 | 487500 |
|  NXDT Hospitality Holdco, LLC Convertible Promissory Note (U.S. Senior Loan) | 6400000 | 4243200 |  |  |  |  |  |  | (80000) | 4163200 | 6400000 | 611617 |
|  NXDT Hospitality Holdco, LLC Promissory Note (U.S. Senior Loan) | 42996610 | 28509488 |  |  |  |  |  |  | (540193) | 27969295 | 42996610 | 696062 |
|  NEXLS LLC (LLC Interest) | 974 | 54387928 |  |  | 1130000 |  |  |  | 9925708 | 65443636 | 994 |  |
|  NexPoint Real Estate Finance REIT (Preferred Stock) | 150977 | 3532862 |  |  |  |  |  |  | 104174 | 3637036 | 150977 | 240620 |
|  Highland Global Allocation Fund (Registered Investment Company) | 86246 | 587335 |  |  |  | (726927) |  | 328958 | (189366) |  |  | 57650 |
|  NexPoint Credit Catalyst Fund (Registered Investment Company) |  |  |  |  | 25000000 |  |  |  | 250000 | 25250000 | 1000000 |  |
|  Total | 399965884 | 631814112 |  |  | 47676766 | (16951389) | (4729262) | 5768651 | (26170729) | 637408149 | 403957819 | 14495722 |

---

† Includes paydowns.

## 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:** 2025-09-30

**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:** $880850621.93

**Total Liabilities:** $245019676.88

**Net Assets:** $635830945.05

**Cash Not Reported:** $4676884.09

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.07%                | 1.93%                | -4.00%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-351687.60              | $91086.24                                  |
| Month 2  | $354677.75               | $9264109.08                                |
| Month 3  | $-2023183.75             | $-25193837.12                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Nexpoint Real Estate Finance Inc           | NEXPOINT REAL ESTATE FINANCE REIT                               | CUSIP: 65342V101<br>LEI: N/A                  | Long             | EC               |  | US        |   4372286 | NS      | $61999012.52  | 9.75%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | NXDT HOSPITALITY CONVERTIBLE PROMISSORY NOTE                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  42996610 | PA      | $27969294.73  | 4.40%             | N/A             | Floating      | 3.71%                 | 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      | $3880000.00   | 0.61%             | 2026-12-30      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                        | NFRO SFR REIT SUB                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   4869446 | NS      | $82716434.63  | 13.01%            |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A                 | CUSIP: 261908107<br>LEI: N/A                  | Long             | STIV             |  | US        |    434438 | PA      | $434438.11    | 0.07%             |  |  |  | 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      | $1400000.00   | 0.22%             | 2031-06-15      | Floating      | 12.47%                | Yes           |                  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      | $930266.73    | 0.15%             | 2030-10-17      | Floating      | 13.37%                | No            |                  2 | On Loan: No      |
| TALOS ENERGY INC.                          | TALOS ENERGY INC COMMON STOCK                                   | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               |  | US        |    899112 | NS      | $8622484.08   | 1.36%             |  |  |  | No            |                  1 | 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      | $3637035.93   | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| 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        |    242076 | PA      | $241833.65    | 0.04%             | 2025-12-31      | Floating      | 13.00%                | No            |                  2 | 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      | $69381814.74  | 10.91%            |  |  |  | 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      | $84256750.13  | 13.25%            |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | NFRO HOLDINGS, LLC                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   2276658 | NS      | $59431144.64  | 9.35%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | JUNIOR CREDIT TERM LOAN                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  19401564 | PA      | $19401564.20  | 3.05%             | N/A             | Floating      | 13.00%                | No            |                  3 | 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      | $1737329.00   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                        | NEXPOINT CREDIT CATALYST-Z MUTUAL FUND                          | CUSIP: 430101576<br>LEI: N/A                  | Long             | EC               |  | US        |   1000000 | NS      | $25250000.00  | 3.97%             |  |  |  | No            |                  1 | 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   | 0.94%             | N/A             | Floating      | 4.20%                 | No            |                  3 | On Loan: No      |
| MIDWAVE WIRELESS H                         | MIDWAVE WIRELESS H 2/28/2022                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |     86625 | PA      | $86538.80     | 0.01%             | 2025-12-31      | Floating      | 13.00%                | No            |                  3 | 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      | $6488287.00   | 1.02%             | 2027-10-18      | Floating      | 7.50%                 | No            |                  3 | On Loan: No      |
| N/A                                        | SPE OPERATING PARTNERSHIP, L.P. PROMISSORY NOTE                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  11909225 | PA      | $11909225.00  | 1.87%             | N/A             | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES LLC                     | CITADEL SECURITIES LLC SLRPA 4.270% 10/01/2025                  | CUSIP: N/A<br>LEI: N/A                        | Long             | RA               |  | US        |     12419 | PA      | $12419.00     | 0.00%             | 2025-10-01      | Fixed         | 4.27%                 | 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        |   3185057 | PA      | $796264.23    | 0.13%             | 2030-06-22      | Floating      | 12.09%                | Yes           |                  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      | $824000.00    | 0.13%             | 2031-10-17      | Floating      | 0.00%                 | No            |                  2 | 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        |   1798553 | PA      | $1796754.85   | 0.28%             | 2025-12-31      | Floating      | 13.00%                | 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      | $108000.00    | 0.02%             | 2031-01-22      | 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      |
| NEXPOINT DIVERSIFIED REAL ESTATE TRUST     | NEXPOINT DIVERSIFIED REAL ES REIT                               | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               |  | US        |   1482975 | NS      | $5472177.75   | 0.86%             |  |  |  | No            |                  1 | 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      | $11988907.41  | 1.89%             |  |  |  | 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      |
| N/A                                        | NXDT HOSPITALITY CONVERTIBLE PROM NOTE                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   6400000 | PA      | $4147200.00   | 0.65%             | N/A             | Floating      | 7.50%                 | No            |                  3 | On Loan: No      |
| N/A                                        | LLV HOLDCO INC LLVHSBM01                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |       436 | NS      | $48230.81     | 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      | $1473029.04   | 0.23%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | APNIMED, INC SERIES C-1                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | US        |    270246 | NS      | $2543014.86   | 0.40%             |  |  |  | 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      | 12.53%                | Yes           |                  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      |
| N/A                                        | NEXPOINT STORAGE PARTNERS SERIES A PREFERRED STOCK              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     16103 | NS      | $9479608.20   | 1.49%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | TCAL MEZZ LENDER, LLC PROMISSORY NOTE                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  21000000 | PA      | $20105193.78  | 3.16%             | 2027-11-26      | 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        |     92845 | PA      | $92752.47     | 0.01%             | 2025-12-31      | Floating      | 13.00%                | 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  | 2.46%             | N/A             | Floating      | 8.00%                 | No            |                  3 | On Loan: No      |
| N/A                                        | MIDWAVE WIRELESS, INC COMMON STOCK                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     27134 | NS      | $11278789.78  | 1.77%             |  |  |  | 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        |   6550330 | PA      | $6321068.57   | 0.99%             | 2025-12-31      | Floating      | 5.00%                 | No            |                  3 | On Loan: No      |
| MIDWAVE WIRELESS                           | MIDWAVE WIRELESS 2/27/2020                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |  11948307 | PA      | $11936359.15  | 1.88%             | 2028-02-27      | 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  | 7.12%             | 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      |
| N/A                                        | NFRO SPE, LLC - PROM NOTE                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   6201118 | PA      | $6201118.00   | 0.98%             | 2026-12-30      | Floating      | 5.45%                 | No            |                  2 | 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   | 1.55%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | SAPIENCE SERIES B PREFERRED SHARES                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   2361111 | NS      | $8074999.62   | 1.27%             |  |  |  | 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      | $348133.23    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.                 | IHEARTCOMMUNICATIONS INC 144A 9.125000% 05/01/2029              | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      2945 | PA      | $2659.51      | 0.00%             | 2029-05-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                        | CCS MEDICAL INC.(CHRONIC CARE) LX113924                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |  12026660 | NS      | $33410061.48  | 5.25%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | MPM HOLDINGS INC/DE ESCROW SECURITY                             | CUSIP: 55336L102<br>LEI: N/A                  | Long             | EC               |  | US        |    299032 | NS      | $1495160.00   | 0.24%             |  |  |  | No            |                  2 | 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      | $68489.71     | 0.01%             | 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      | $3820814.66   | 0.60%             |  |  |  | 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      | $251712.00    | 0.04%             | 2030-10-18      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                        | NEXLS LLC                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |       994 | NS      | $65443635.89  | 10.29%            |  |  |  | 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        |  45000000 | PA      | $43830000.00  | 6.89%             | N/A             | Floating      | 7.50%                 | 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        |   6162166 | PA      | $468663.52    | 0.07%             | 2028-10-18      | Floating      | 12.50%                | Yes           |                  2 | On Loan: No      |
| CARESTREAM HEALTH, INC.                    | CARESTREAM HEALTH, INC. 9/30/2027                               | CUSIP: 14173VAT0<br>LEI: N/A                  | Long             | LON              |  | US        |  15704488 | PA      | $8009288.79   | 1.26%             | 2027-09-30      | Floating      | 11.60%                | No            |                  2 | On Loan: No      |
| N/A                                        | IQHQ INC PRIVATE COMPANY                                        | CUSIP: 44988Q106<br>LEI: N/A                  | Long             | EC               |  | US        |   2006665 | NS      | $15491453.80  | 2.44%             |  |  |  | No            |                  3 | On Loan: No      |
| OZLM FUNDING LTD                           | OZLM XXII LTD OZLM 2018-22A E                                   | CUSIP: 67111XAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3219242 | PA      | $418501.49    | 0.07%             | 2031-01-17      | Floating      | 11.97%                | Yes           |                  2 | On Loan: No      |
| BRAEMAR HOTELS & RESORTS INC.              | Braemar Hotels & Resorts Inc PREFERRED STOCK                    | CUSIP: 10482B200<br>LEI: 549300JDUUEBN868C776 | Long             | EP               |  | US        |    283683 | NS      | $4607011.92   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXPOINT RESIDENTIAL TRUST, INC.           | NEXPOINT RESIDENTIAL REIT                                       | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               |  | US        |    210356 | NS      | $6777670.32   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Highland Income Fund

**Signature:** Stephanie Vitiello

**Name of Signer:** Stephanie Vitiello

**Title:** CCO