HIGHLAND OPPORTUNITIES & INCOME FUND

Highland Opportunities & Income Fund is a closed-end fixed income mutual fund incorporated in Massachusetts and headquartered in Dallas, Texas. The fund is launched and managed by Highland Capital Management, L.P. and its affiliate, Highland Capital Management Fund Advisors, L.P. The fund operates in the asset management sector, providing investment vehicles for fixed income exposure.

The fund's primary strategy involves investing in floating rate securities across global fixed income markets, with particular emphasis on adjustable rate senior secured loans to corporations and partnerships. It maintains a below investment grade investment mandate, targeting corporate debt securities that typically offer higher yields than investment-grade alternatives. The fund also employs derivative instruments as part of its investment approach. Portfolio performance is benchmarked against the Credit Suisse Leveraged Loan Index, reflecting its focus on the leveraged loan market segment.

The fund was established in January 2000 and operates as a closed-end structure, meaning it issues a fixed number of shares that trade on the New York Stock Exchange under ticker HFRO-PB. As a mutual fund, the entity generates revenue through management fees charged to investors based on assets under management rather than through traditional operating segments.