Highland Opportunities and Income Fund HFRO

Highland Income Fund (Fund) is a non-diversified, closed-end management investment company. The Fund’s investment objective is to provide a high level of current income, consistent with preservation of capital. The Fund invests directly and indirectly in the categories of securities and instruments: floating rate loans and other securities deemed to be floating rate investments; investments in securities or other instruments directly or indirectly secured by real estate, including real estate investment trusts (REITs), preferred equity, securities convertible into equity securities and mezzanine debt; and other instruments, including, but not limited to, secured and unsecured fixed-rate loans and corporate bonds, distressed securities, mezzanine securities, structured products, convertible and preferred securities, equities (public and private), and futures and options. The Fund’s investment adviser is Highland Capital Management Fund Advisors, L.P.