# EDGAR Filing Document

**Accession Number:** 0001710680
**File Stem:** 0001752724-25-147374
**Filing Date:** 2025-6
**Character Count:** 32237
**Document Hash:** 730591ab360b87d570d44d06ef4c4769
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-147374.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0001752724-25-147374

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**PERIOD START**: 20241231

**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/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23268
- **FILM NUMBER:** 251055165

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** DALLAS

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 75201

  - **Telephone number:** 9726284100

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

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

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

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

- **a. Date of fiscal year-end:** 2024-12-31

- **b. Date as of which information is reported:** 2024-12-31

**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:** $994490303.41

**Total Liabilities:** $153852446.97

**Net Assets:** $840637856.44

**Cash Not Reported:** $2343094.85

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.23%                | 1.01%                | -0.94%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-426577.22              | $945127.17                                 |
| Month 2  | $-629017.44              | $7746483.93                                |
| Month 3  | $20559.74                | $-9942229.78                               |

**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      | $68601164.06  | 8.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | NHT CONVERTIBLE PROMISSORY NOTE                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  42889333 | PA      | $29529306.09  | 3.51%             | N/A             | Floating      | 4.21%                 | No            |                  3 | On Loan: No      |
| HAYGOOD, LLC                               | HAYGOOD, LLC COMMON STOCK                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     68830 | NS      | $0.00         | 0.00%             |  |  |  | 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      | $3700000.00   | 0.44%             | 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        |     86246 | NS      | $587335.26    | 0.07%             |  |  |  | No            |                  1 | 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      | $1521630.00   | 0.18%             | 2029-04-15      | Floating      | 11.80%                | No            |                  2 | On Loan: No      |
| N/A                                        | NFRO SFR REIT SUB                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   4576922 | NS      | $93539843.71  | 11.13%            |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A                  | CUSIP: 261908107<br>LEI: N/A                  | Long             | STIV             |  | US        |  27043500 | PA      | $27043500.03  | 3.22%             |  |  |  | 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      | $2930000.00   | 0.35%             | 2031-06-15      | Floating      | 12.79%                | No            |                  2 | On Loan: No      |
| CIFC FUNDING LTD                           | CIFC 2014-4RA SUB - Cifc Funding 2014-IV-R Ltd 10/17/2030        | CUSIP: 12549WAE2<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |   3324756 | PA      | $797941.44    | 0.09%             | 2030-10-17      | Floating      | 13.37%                | No            |                  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      | $979125.00    | 0.12%             | 2030-01-16      | Floating      | 12.06%                | No            |                  2 | On Loan: No      |
| TALOS ENERGY INC.                          | TALOS ENERGY INC COMMON STOCK                                    | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               |  | US        |   1010612 | NS      | $9813042.52   | 1.17%             |  |  |  | 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      | $3532861.80   | 0.42%             |  |  |  | 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        | 104718416 | NS      | $100274166.29 | 11.93%            |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | NFRO REIT SUB LLC NFRO REIT SUB                                  | CUSIP: 933DXD000<br>LEI: N/A                  | Long             | EC               |  | US        | 113300177 | NS      | $97758112.23  | 11.63%            |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | NFRO HOLDINGS, LLC                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   2276658 | NS      | $57785227.77  | 6.87%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | JUNIOR CREDIT TERM LOAN                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |  17823953 | PA      | $17788305.55  | 2.12%             | N/A             | Floating      | 12.00%                | 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      | $1283485.50   | 0.15%             |  |  |  | No            |                  2 | 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      | $5852169.85   | 0.70%             | 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        |     78507 | PA      | $78248.11     | 0.01%             | 2025-02-28      | Floating      | 12.00%                | 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      | $6149000.00   | 0.73%             | 2027-10-18      | Floating      | 7.50%                 | No            |                  3 | On Loan: No      |
| Telesat Corporation                        | TELESAT CORP COMMON STOCK                                        | CUSIP: 879512309<br>LEI: N/A                  | Long             | EC               |  | US        |    194300 | NS      | $3194292.00   | 0.38%             |  |  |  | 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      | $1224000.00   | 0.15%             | 2031-04-25      | Floating      | 10.49%                | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INCORPORATED             | TEXAS INSTRUMENTS INC COMMON STOCK                               | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Short            | EC               |  | US        |    -41100 | NS      | $-7706661.00  | -0.92%            |  |  |  | No            |                  1 | 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      | $1770300.00   | 0.21%             | 2030-06-22      | Floating      | 12.35%                | No            |                  2 | On Loan: No      |
| CIFC FUNDING LTD                           | CIFC 2014-5A SUB - CIFC Funding 2014-V Ltd 10/17/2031            | CUSIP: 12550BAE4<br>LEI: N/A                  | Long             | ABS-MBS          |  | KY        |   2000000 | PA      | $1105000.00   | 0.13%             | 2031-10-17      | Floating      | 0.00%                 | No            |                  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      | $1933000.00   | 0.23%             | 2034-07-15      | Floating      | 11.93%                | Yes           |                  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      | $225000.00    | 0.03%             | 2031-01-22      | Floating      | 0.00%                 | No            |                  2 | 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      | $125000.00    | 0.01%             | 2031-01-18      | Floating      | 0.00%                 | No            |                  2 | 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      | $927900.00    | 0.11%             | 2031-07-20      | Floating      | 11.13%                | No            |                  2 | On Loan: No      |
| NEXPOINT DIVERSIFIED REAL ESTATE TRUST     | NEXPOINT DIVERSIFIED REAL ES MUTUAL FUND                         | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               |  | US        |   1406480 | NS      | $8579528.00   | 1.02%             |  |  |  | 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        |    522750 | NS      | $13068739.65  | 1.55%             |  |  |  | No            |                  3 | On Loan: No      |
| SAPIENCE WARRANTS 08/23/2027               | SAPIENCE WARRANTS 08/23/2027                                     | CUSIP: 003CVR016<br>LEI: N/A                  | Long             | EC               |  | US        |   1800000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | NHT CONVERTIBLE PROM NOTE                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   6400000 | PA      | $4406400.00   | 0.52%             | 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      | $2246400.00   | 0.27%             | 2031-07-15      | Floating      | 11.83%                | 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      | $1944000.00   | 0.23%             | 2031-10-24      | Floating      | 10.85%                | No            |                  2 | On Loan: No      |
| N/A                                        | LLV HOLDCO INC LLVHSBM01                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |       436 | NS      | $53114.45     | 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      | $1909749.00   | 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      | $3359157.78   | 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        |   3088947 | PA      | $749069.71    | 0.09%             | 2029-10-15      | Floating      | 12.87%                | 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      | $2264375.00   | 0.27%             | 2030-04-22      | Floating      | 10.78%                | No            |                  2 | On Loan: No      |
| CLAYMORE COMMON STOCK                      | CLAYMORE COMMON STOCK                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |  11561680 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | NEXPOINT STORAGE PARTNERS SERIES A PREFERRED STOCK               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |     16103 | NS      | $13693161.06  | 1.63%             |  |  |  | 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      | $21000000.00  | 2.50%             | 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        |     84144 | PA      | $83866.48     | 0.01%             | 2025-02-28      | Floating      | 12.00%                | No            |                  3 | On Loan: No      |
| N/A                                        | SAPIENCE THERAPEUTICS PROMISSORY NOTE                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    150000 | PA      | $15000000.00  | 1.78%             | 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      | $12190763.52  | 1.45%             |  |  |  | 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        |   7050472 | PA      | $6507585.21   | 0.77%             | 2025-12-31      | Floating      | 0.05%                 | 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      | $977800.00    | 0.12%             | 2030-04-20      | Floating      | 11.38%                | No            |                  2 | On Loan: No      |
| MIDWAVE WIRELESS                           | MIDWAVE WIRELESS 2/27/2020                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |  10828551 | PA      | $10792817.09  | 1.28%             | 2028-02-27      | Floating      | 12.00%                | No            |                  3 | On Loan: No      |
| EDS LEGACY PARTNERS                        | EDS LEGACY PARTNERS 12/31/2049                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |  55000000 | PA      | $55000000.00  | 6.54%             | 2033-12-28      | Floating      | 8.50%                 | 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      | $1972880.00   | 0.23%             | 2033-04-20      | Floating      | 12.38%                | Yes           |                  2 | 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        |     67002 | PA      | $6700223.00   | 0.80%             | 2026-12-30      | Floating      | 5.45%                 | 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      | $10459047.04  | 1.24%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                        | SAPIENCE SERIES B PREFERRED SHARES                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   2361111 | NS      | $8476388.49   | 1.01%             |  |  |  | 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      | $255133.10    | 0.03%             |  |  |  | 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      | $38834085.14  | 4.62%             |  |  |  | No            |                  3 | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.                 | IHEARTCOMMUNICATIONS INC 10.875000% 05/01/2030                   | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      2945 | PA      | $2270.29      | 0.00%             | 2030-05-01      | Fixed         | 10.88%                | 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      | $1003600.00   | 0.12%             | 2031-01-18      | Floating      | 10.74%                | 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      | $5123000.00   | 0.61%             | 2031-11-22      | Floating      | 12.78%                | 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   | 0.18%             |  |  |  | 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      | $59556.27     | 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      | $4207693.29   | 0.50%             |  |  |  | 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      | $520139.25    | 0.06%             | 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        |       974 | NS      | $56835801.43  | 6.76%             |  |  |  | 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        |  50000000 | PA      | $49075000.00  | 5.84%             | N/A             | Floating      | 7.50%                 | No            |                  3 | On Loan: No      |
| ALLENBY COMMON STOCK                       | ALLENBY COMMON STOCK                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | US        |   3209880 | 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        |   6142519 | PA      | $1707313.06   | 0.20%             | 2028-10-18      | Floating      | 12.80%                | No            |                  2 | On Loan: No      |
| CARESTREAM HEALTH, INC.                    | CARESTREAM HEALTH, INC. 9/30/2027                                | CUSIP: 14173VAT0<br>LEI: N/A                  | Long             | LON              |  | US        |  16089540 | PA      | $12354755.67  | 1.47%             | 2027-09-30      | Floating      | 12.20%                | No            |                  2 | On Loan: No      |
| N/A                                        | IQHQ INC PRIVATE COMPANY                                         | CUSIP: 44988Q106<br>LEI: N/A                  | Long             | EC               |  | US        |   2006665 | NS      | $30641774.55  | 3.65%             |  |  |  | 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        |   5000000 | PA      | $4907500.00   | 0.58%             | N/A             | Floating      | 7.50%                 | 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        |   3110000 | PA      | $1710500.00   | 0.20%             | 2031-01-17      | Floating      | 12.30%                | No            |                  2 | 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      | $1940000.00   | 0.23%             | 2030-10-18      | Floating      | 12.46%                | 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      | $4482170.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXPOINT RESIDENTIAL TRUST, INC.           | NEXPOINT RESIDENTIAL REIT                                        | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               |  | US        |    202161 | NS      | $8440221.75   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2024-12-31

**Name of Applicant:** Highland Income Fund

**Signature:** Stephanie Vitiello

**Name of Signer:** Stephanie Vitiello

**Title:** CCO