ACAS CLO 2015-1 LTD MP7 2015-1A FRR

NPORT-P false 0001710680 XXXXXXXX Highland Opportunities and Income Fund 811-23268 0001710680 254900CMUE9FRYL2UR80 200 CRESCENT COURT SUITE 700 DALLAS 75201 9726284100 Highland Opportunities and Income Fund 254900CMUE9FRYL2UR80 2025-12-31 2025-06-30 N 900533229.42 245280909.19 655252320.23 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 4183541.19000000 N MSCI US REIT Index RMZ Index MP CLO LTD N/A ACAS CLO 2015-1 LTD MP7 2015-1A FRR 55320TAD5 6162165.76020000 PA USD 747470.71000000 0.114073721972 Long ABS-CBDO CORP KY Y 2 2028-10-18 Floating 12.44108160 N N N N N N N/A N/A APNIMED, INC SERIES C-1 N/A 270246.00000000 NS USD 3383479.92000000 0.516362905637 Long EP US N 3 N N N N/A N/A APNIMED, INC SERIES C-2 N/A 144132.00000000 NS USD 1934251.44000000 0.295191849045 Long EP US N 3 N N N BRAEMAR HOTELS & RESORTS INC. 549300JDUUEBN868C776 Braemar Hotels & Resorts Inc PREFERRED STOCK 10482B200 318771.00000000 NS USD 4201401.78000000 0.641188386563 Long EP US N 1 N N N CARESTREAM HEALTH, INC. N/A CARESTREAM HEALTH, INC. 9/30/2027 14173VAT0 15833884.45500000 PA USD 7105455.65000000 1.084384660783 Long LON US N 2 2027-09-30 Floating 11.89560960 N N N N N N N/A N/A CCS MEDICAL INC.(CHRONIC CARE) LX113924 N/A 12026660.00000000 NS USD 40986857.28000000 6.255125852223 Long EC US N 3 N N N CIFC FUNDING LTD N/A CIFC 2013-2A SUB - CIFC Funding 2013-II Ltd 10/18/2030 12548YAD1 5462500.00000000 PA USD 258485.50000000 0.039448238795 Long ABS-MBS KY N 2 2030-10-18 Floating 0.00000000 N N N N N N CIFC FUNDING LTD N/A CIFC 2014-1A SUB - CIFC Funding 2014 Ltd 01/18/2031 12549LAE6 2500000.00000000 PA USD 2.50000000 0.000000381532 Long ABS-MBS KY N 2 2031-01-18 Floating 0.00000000 N N N N N N CIFC FUNDING LTD N/A CIFC 2014-4RA SUB - Cifc Funding 2014-IV-R Ltd 10/17/2030 12549WAE2 3324756.00000000 PA USD 731446.32000000 0.111628192288 Long ABS-MBS KY N 2 2030-10-17 Floating 13.37000015 N N N N N N CIFC FUNDING LTD N/A CIFC 2014-5A SUB - CIFC FUNDING 2014-V LTD 10/17/2031 12550BAE4 2000000.00000000 PA USD 712000.00000000 0.108660431717 Long ABS-MBS KY N 2 2031-10-17 Floating 0.00000000 N N N N N N CIFC FUNDING LTD N/A CIFC 2015-1A SUB - CIFC Funding 2015-I Ltd 01/22/2031 12548NAG8 3000000.00000000 PA USD 90000.00000000 0.013735166930 Long ABS-MBS KY N 2 2031-01-22 Floating 0.00000000 N N N N N N CLAYMORE COMMON STOCK N/A CLAYMORE COMMON STOCK N/A 11561679.50000000 NS USD 0.00000000 0.000000 Long EC US N 3 N N N COVENANT CREDIT PARTNERS CLO N/A CLOVER CREDIT PARTNERS CLO III LTD CLVR 2017-1A F 22284JAC3 2550000.00000000 PA USD 382500.00000000 0.058374459454 Long ABS-CBDO CORP KY Y 2 2029-10-15 Floating 12.46771080 N N N N N N N/A N/A DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A 261908107 26101494.84000000 PA USD 26101494.84000000 3.983426541830 Long STIV US N 1 N N N EDS LEGACY PARTNERS N/A EDS LEGACY PARTNERS 12/31/2049 N/A 55000000.00000000 PA USD 46475000.00000000 7.092687589978 Long LON US N 3 2033-12-28 Floating 8.49999960 N N N N N N Highland Global Allocation Fund 2549007A3RHSGZEL0R21 HIGHLAND GLOBAL ALLOCATION MUTUAL FUND 43010T104 86246.00000000 NS USD 750685.18000000 0.114564291773 Long EC US N 1 N N N IHEARTCOMMUNICATIONS, INC. 54930076J6KDZL504O62 IHEARTCOMMUNICATIONS INC 9.175000% 05/01/2029 45174HBJ5 2945.00000000 PA USD 2418.58000000 0.000369106667 Long DBT CORP US N 2 2029-05-01 Fixed 9.12500000 N N N N N N N/A N/A IQHQ INC PRIVATE COMPANY 44988Q106 2006665.00000000 NS USD 20227183.20000000 3.086930419857 Long EC US N 3 N N N N/A N/A JUNIOR CREDIT TERM LOAN N/A 18557211.10000000 PA USD 18557211.10000000 2.832071024713 Long DBT CORP US N 3 N/A Floating 12.99999960 N N N N N N LAKE AT LAS VEGAS N/A LAKE AT LAS VEGAS 12/31/22 50202LAB0 6468574.53000000 PA USD 6403888.78000000 0.977316459978 Long LON US N 3 2025-12-31 Floating 5.00000040 N N N N N N N/A N/A LLV HOLDCO INC LLVHSAM01 N/A 34511.92000000 NS USD 3750065.23000000 0.572308577050 Long EC US N 3 N N N N/A N/A LLV HOLDCO INC LLVHSBM01 N/A 435.65000000 NS USD 47337.73000000 0.007224351374 Long EC US N 3 N N N N/A N/A MEANINGFUL PARTNERS DEDICATEDCAPITAL VEHICLE II LP COMMON STOCK N/A 424675.43760000 NS USD 10616885.94000000 1.620274451874 Long EC US N 3 N N N MIDWAVE WIRELESS N/A MIDWAVE WIRELESS 2/27/2020 N/A 11559993.65300000 PA USD 11539185.66000000 1.761029347587 Long LON US N 3 2028-02-27 Floating 12.99999960 N N N N N N MIDWAVE WIRELESS 5/20 TL N/A MIDWAVE WIRELESS 5/20 TL 2/28/2022 N/A 89827.89700000 PA USD 89666.21000000 0.013684226248 Long LON US N 3 2025-12-31 Floating 12.99998880 N N N N N N MIDWAVE WIRELESS H N/A MIDWAVE WIRELESS H 2/28/2022 N/A 83810.15000000 PA USD 83659.29000000 0.012767492371 Long LON US N 3 2025-12-31 Floating 12.89999880 N N N N N N N/A N/A MIDWAVE WIRELESS, INC COMMON STOCK N/A 27134.00000000 NS USD 11540904.22000000 1.761291622126 Long EC US N 3 N N N N/A N/A MPM HOLDINGS INC/DE ESCROW SECURITY 55336L102 299032.00000000 NS USD 1495160.00000000 0.228180802087 Long EC US N 2 N N N MidWave Wireless, Inc. Tranche J Loan N/A MidWave Wireless, Inc. Tranche J Loan 12/31/2025 N/A 234208.40000000 PA USD 233786.82000000 0.035678899987 Long LON US N 2 2025-12-31 Floating 12.99999960 N N N N N N MidWave Wireless, Inc. Tranche K Loan N/A MidWave Wireless, Inc. Tranche K Loan 12/31/2025 N/A 1740101.35000000 PA USD 1740101.35000000 0.265562027981 Long LON US N 2 2025-12-31 Floating 12.99999960 N N N N N N N/A N/A NEXLS LLC N/A 994.27240000 NS USD 60335855.54000000 9.208033863782 Long EC US N 3 N N N NEXPOINT DIVERSIFIED REAL ESTATE TRUST 5493008KGR2NU3OXMR64 NEXPOINT DIVERSIFIED REAL ES REIT 65340G205 1444014.00000000 NS USD 6050418.66000000 0.923372336610 Long EC US N 1 N N N Nexpoint Real Estate Finance Inc N/A NEXPOINT REAL ESTATE FINANCE REIT 65342V101 4372285.79100000 NS USD 60293821.06000000 9.201618857119 Long EC US N 1 N N N NEXPOINT RESIDENTIAL TRUST, INC. 549300U2J6XVYBF87166 NEXPOINT RESIDENTIAL REIT 65341D102 207255.00000000 NS USD 6905736.60000000 1.053904944216 Long EC US N 1 N N N N/A N/A NEXPOINT STORAGE PARTNERS SERIES A PREFERRED STOCK N/A 16103.16000000 NS USD 11239844.68000000 1.715346032815 Long EC US N 3 N N N N/A N/A NFRO HOLDINGS, LLC N/A 2276658.20000000 NS USD 58869144.74000000 8.984194778484 Long EC US N 3 N N N N/A N/A NFRO REIT SUB LLC NFRO REIT SUB 933DXD000 116277473.27570000 NS USD 85886262.64000000 13.10735727114 Long EC US N 3 N N N N/A N/A NFRO REIT SUB LLC NFRO REIT SUB II N/A 104718415.85800000 NS USD 82360929.35000000 12.56934570198 Long EC US N 3 N N N N/A N/A NFRO SFR REIT SUB N/A 4869446.44600000 NS USD 79651054.78000000 12.15578370665 Long EC US N 3 N N N N/A N/A NFRO SPE, LLC - PROM NOTE N/A 6700222.55000000 PA USD 6700222.55000000 1.022540835513 Long DBT CORP US N 2 2026-12-30 Floating 5.45000040 N N N N N N N/A N/A NHT CONVERTIBLE PROM NOTE N/A 6400000.00000000 PA USD 4147200.00000000 0.632916492160 Long DBT CORP US N 3 N/A Floating 7.49999880 N N N N N N N/A N/A NHT CONVERTIBLE PROMISSORY NOTE N/A 42996609.88000000 PA USD 27861803.20000000 4.252072421539 Long DBT CORP US N 3 N/A Floating 3.70505520 N N N N N N NORTHWOODS CAPITAL LIMITED N/A NORTHWOODS CAPITAL XII-B LTD WOODS 2018-12BA F 66858EAC7 4000000.00000000 PA USD 1577600.00000000 0.240762214996 Long ABS-CBDO CORP KY Y 2 2031-06-15 Floating 12.75008040 N N N N N N N/A N/A NREF OP IV REIT SUB, LLC TERM LOAN @ FIXED 7.50% N/A 6500000.00000000 PA USD 6342472.50000000 0.967943539333 Long DBT CORP US N 3 2027-10-18 Floating 7.49999880 N N N N N N N/A N/A NXLST PROM NOTE 1 4.2% 12/31/28 N/A 5852169.85000000 PA USD 5852169.85000000 0.893116997730 Long DBT CORP US N 3 N/A Floating 4.20000120 N N N N N N Nexpoint Real Estate Finance Inc N/A Nexpoint Real Estate Finance Inc PREFERRED STOCK 65342V408 150977.00000000 NS USD 3484171.72000000 0.531729779877 Long EP US N 1 N N N OZLM FUNDING LTD N/A OZLM XXII LTD OZLM 2018-22A E 67111XAC6 3124992.70000000 PA USD 569686.17000000 0.086941496033 Long ABS-CBDO CORP KY Y 2 2031-01-17 Floating 11.93140080 N N N N N N N/A N/A SAPIENCE SERIES B PREFERRED SHARES N/A 2361111.00000000 NS USD 8074999.62000000 1.232349641610 Long EC US N 3 N N N N/A N/A SAPIENCE SERIES B-1 PREFERRED SHARES N/A 3440476.00000000 NS USD 9874166.12000000 1.506925777314 Long EC US N 3 N N N N/A N/A SAPIENCE THERAPEUTICS PROMISSORY NOTE N/A 150000.00000000 PA USD 15634500.00000000 2.386027415288 Long DBT CORP US N 3 N/A Floating 7.99999920 N N N N N N N/A N/A SAPIENCE WARRANTS 08/23/2027 003CVR016 1800000.00000000 NS USD 2844000.00000000 0.434031275005 Long EC US N 3 N N N SARANAC CLO LIMITED N/A SARANAC CLO III LTD SRANC 2014-3A ER 803166AG2 3150000.00000000 PA USD 910003.50000000 0.138878333109 Long ABS-CBDO CORP JE Y 2 2030-06-22 Floating 12.35372040 N N N N N N N/A N/A SFR OPERATING PARTNERSHIP, L.P. CONVERTIBLE NOTE N/A 45000000.00000000 PA USD 43785000.00000000 6.682158711720 Long DBT CORP US N 3 N/A Floating 7.49999880 N N N N N N SOUTH STREET SECURITIES FUNDING LLC N/A SOUTH STREET SECURITIES FUNDING LLC 144A 6.250000% 12/30/2026 84046SAF5 4000000.00000000 PA USD 3870000.00000000 0.590612178014 Long DBT CORP US Y 2 2026-12-30 Fixed 6.25000000 N N N N N N N/A N/A SPE OPERATING PARTNERSHIP, L.P. PROMISSORY NOTE N/A 11858333.00000000 PA USD 11858333.00000000 1.809735369702 Long DBT CORP US N 2 N/A Floating 5.15000160 N N N N N N TALOS ENERGY INC. 549300OKFHZ84SFJFT95 TALOS ENERGY INC COMMON STOCK 87484T108 1010612.00000000 NS USD 8569989.76000000 1.307891554964 Long EC US N 1 N N N N/A N/A TCAL MEZZ LENDER, LLC PROMISSORY NOTE N/A 21000000.00000000 PA USD 21000000.00000000 3.204872283798 Long DBT CORP US N 3 2027-11-26 Floating 12.99999960 N N N N N N Telesat Corporation N/A TELESAT CORP COMMON STOCK 879512309 152894.00000000 NS USD 3736729.36000000 0.570273350377 Long EC US N 1 N N N N/A N/A VALUE CREATION INC LX113920 N/A 1118286.00000000 NS USD 49872.20000000 0.007611144357 Long EC US N 3 N N N THL CREDIT WIND RIVER CLO LLC N/A WINDR 2014-2A SUB - THL CREDIT WIND RIVER 2014-2 C 01/15/2031 88432BAC2 5955627.00000000 PA USD 95290.03000000 0.014542494098 Long ABS-MBS KY N 2 2031-01-15 Floating 0.00000000 N N N N N N WHEELER REAL ESTATE INVESTMENT TRUST, INC. 5493005TOFFG62ETJY29 Wheeler Real Estate Investment Trust Inc PREFERRED STOCK 963025309 82301.00000000 NS USD 305336.71000000 0.046598340909 Long EP US N 2 N N N WHEELER REAL ESTATE INVESTMENT TRUST, INC. 5493005TOFFG62ETJY29 Wheeler Real Estate Investment Trust Inc PREFERRED STOCK 963025606 47300.00000000 NS USD 1616714.00000000 0.246731518544 Long EP US N 2 N N N 2025-06-30 Highland Income Fund Stephanie Vitiello Stephanie Vitiello CCO