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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>CCS MEDICAL INC.(CHRONIC CARE) LX113924</title>
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          <other otherDesc="All Others" value="ACI04HQ13"/>
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        <curCd>USD</curCd>
        <valUSD>18015936.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIFC FUNDING LTD</name>
        <lei>N/A</lei>
        <title>CIFC 2013-2A SUB - CIFC Funding 2013-II Ltd 10/18/2030</title>
        <cusip>12548YAD1</cusip>
        <identifiers>
          <isin value="US12548YAD13"/>
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        <balance>5462500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29552.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIFC FUNDING LTD</name>
        <lei>N/A</lei>
        <title>CIFC 2014-1A SUB - CIFC Funding 2014 Ltd 1/18/2031</title>
        <cusip>12549LAE6</cusip>
        <identifiers>
          <isin value="US12549LAE65"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>50000.00000000</valUSD>
        <pctVal>0.007666346503</pctVal>
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        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CIFC FUNDING LTD</name>
        <lei>N/A</lei>
        <title>CIFC 2014-4RA SUB - Cifc Funding 2014-IV-R Ltd 10/17/2030</title>
        <cusip>12549WAE2</cusip>
        <identifiers>
          <isin value="US12549WAE21"/>
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        <balance>3324756.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>506360.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.37000016</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CIFC FUNDING LTD</name>
        <lei>N/A</lei>
        <title>CIFC 2014-5A SUB - CIFC FUNDING 2014-V LTD 10/17/2031</title>
        <cusip>12550BAE4</cusip>
        <identifiers>
          <isin value="US12550BAE48"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>535000.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIFC FUNDING LTD</name>
        <lei>N/A</lei>
        <title>CIFC 2015-1A SUB - CIFC Funding 2015-I Ltd 1/22/2031</title>
        <cusip>12548NAG8</cusip>
        <identifiers>
          <isin value="US12548NAG88"/>
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        <balance>3000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>300.00000000</valUSD>
        <pctVal>0.000045998079</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-22</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITADEL SECURITIES LLC</name>
        <lei>N/A</lei>
        <title>CITADEL SECURITIES LLC SLRPA 3.710% 07/01/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CITA"/>
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        <balance>249000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249000</valUSD>
        <pctVal>0.038178405587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.71</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="N/A" name="N/A"/>
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          <isTriParty>Y</isTriParty>
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          <maturityDt>2026-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>249000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>249000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="Other" invstCat="Other instrument"/>
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        <securityLending>
          <cashCollateralCondition cashCollateralVal="249000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS INC</name>
        <lei>N/A</lei>
        <title>CITIGROUP GLOBAL MARKETS INC. SLRPA 3.640% 07/01/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CIGM"/>
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        <balance>135079</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>135079</valUSD>
        <pctVal>0.020711248386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.64</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="N/A" name="N/A"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.64</repurchaseRt>
          <maturityDt>2026-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>135079</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>135079</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="Other" invstCat="Other instrument"/>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="135079" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLAYMORE COMMON STOCK</name>
        <lei>N/A</lei>
        <title>CLAYMORE COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="ACI06QHT0"/>
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        <balance>11561679.50000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COVENANT CREDIT PARTNERS CLO</name>
        <lei>N/A</lei>
        <title>CLOVER CREDIT PARTNERS CLO III LTD CLVR 2017-1A F</title>
        <cusip>22284JAC3</cusip>
        <identifiers>
          <isin value="US22284JAC36"/>
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        <balance>2308142.58000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46162.85000000</valUSD>
        <pctVal>0.007078008073</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DAIWA CAPITAL MARKETS AMERICA INC</name>
        <lei>N/A</lei>
        <title>DAIWA CAPITAL MARKETS AMERICA INC. SLRPA 3.640% 07/01/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DAIW"/>
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        <balance>249000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>249000</valUSD>
        <pctVal>0.038178405587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.64</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="N/A" name="N/A"/>
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          <maturityDt>2026-07-01</maturityDt>
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            <repurchaseCollateral>
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              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="Other" invstCat="Other instrument"/>
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        <securityLending>
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      <invstOrSec>
        <name>DISCOVERY HLDG TL B</name>
        <lei>N/A</lei>
        <title>DISCOVERY HLDG TL B 5/27/2033</title>
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          <other otherDesc="All Others" value="LX291101"/>
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        <curCd>USD</curCd>
        <valUSD>6009120.00000000</valUSD>
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        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.11930880</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>DREYFUS TREASURY PRIME CASH MANAGEMENT/ CLASS A</title>
        <cusip>261908107</cusip>
        <identifiers>
          <isin value="US2619081076"/>
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        <balance>42173600.95000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42173600.95000000</valUSD>
        <pctVal>6.466348763589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DWIGHT ISSUER LLC</name>
        <lei>N/A</lei>
        <title>DWIGHT 2026-FL2 ISSUER LLC DWIGHT 2026-FL2 C</title>
        <cusip>233641AG4</cusip>
        <identifiers>
          <isin value="US233641AG46"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4000000.00000000</valUSD>
        <pctVal>0.613307720273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-01-18</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fermi Inc</name>
        <lei>529900TSHBYBCFMYZ228</lei>
        <title>FERMI INC COMMON STOCK</title>
        <cusip>314911108</cusip>
        <identifiers>
          <isin value="US3149111086"/>
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        <balance>1400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12824000.00000000</valUSD>
        <pctVal>1.966264551196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HIGHLAND OPPORTUNITIES AND INCOME FUND</name>
        <lei>254900CMUE9FRYL2UR80</lei>
        <title>HIGHLAND OPPORTUNITIES AND INCOME FUND MUTUAL FUND</title>
        <cusip>43010E404</cusip>
        <identifiers>
          <isin value="US43010E4044"/>
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        <balance>207152.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1476993.76000000</valUSD>
        <pctVal>0.226462918950</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IHEARTCOMMUNICATIONS, INC.</name>
        <lei>54930076J6KDZL504O62</lei>
        <title>IHEARTCOMMUNICATIONS INC 144A 9.125000% 05/01/2029</title>
        <cusip>45174HBJ5</cusip>
        <identifiers>
          <isin value="US45174HBJ59"/>
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        <name>N/A</name>
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        <name>MIDWAVE WIRELESS</name>
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        <name>MIDWAVE WIRELESS 5/20 TL</name>
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        <name>MIDWAVE WIRELESS H</name>
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          <other otherDesc="All Others" value="BLA05FKD"/>
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        <name>N/A</name>
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        <name>MidWave Wireless, Inc. Tranche J Loan</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>NORTHWOODS CAPITAL LIMITED</name>
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        <name>N/A</name>
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        <name>NEXPOINT REAL ESTATE FINANCE, INC.</name>
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        <name>OZLM FUNDING LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>SARANAC CLO LIMITED</name>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>
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          <maturityDt>N/A</maturityDt>
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        <name>SOUTH STREET SECURITIES FUNDING LLC</name>
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        <title>SOUTH STREET SECURITIES FUNDING LLC 144A 6.250000% 12/30/2026</title>
        <cusip>84046SAF5</cusip>
        <identifiers>
          <isin value="US84046SAF56"/>
        </identifiers>
        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3920000.00000000</valUSD>
        <pctVal>0.601041565867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SPE OPERATING PARTNERSHIP, L.P. PROMISSORY NOTE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="NEXPOSPE"/>
        </identifiers>
        <balance>12382159.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12382159.00000000</valUSD>
        <pctVal>1.898518427087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.15000160</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TALOS ENERGY INC.</name>
        <lei>549300OKFHZ84SFJFT95</lei>
        <title>TALOS ENERGY INC COMMON STOCK</title>
        <cusip>87484T108</cusip>
        <identifiers>
          <isin value="US87484T1088"/>
        </identifiers>
        <balance>139112.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1795935.92000000</valUSD>
        <pctVal>0.275365341213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>TCAL MEZZ LENDER, LLC PROMISSORY NOTE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="TCALPROM"/>
        </identifiers>
        <balance>12761636.71000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12738960.43000000</valUSD>
        <pctVal>1.953225694993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.99999960</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>VALUE CREATION INC LX113920</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="ACI04HYQ9"/>
        </identifiers>
        <balance>1118286.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43613.15000000</valUSD>
        <pctVal>0.006687070400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THL CREDIT WIND RIVER CLO LLC</name>
        <lei>N/A</lei>
        <title>WINDR 2014-2A SUB - THL CREDIT WIND RIVER 2014-2 C 1/15/2031</title>
        <cusip>88432BAC2</cusip>
        <identifiers>
          <isin value="US88432BAC28"/>
        </identifiers>
        <balance>5955627.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>29778.14000000</valUSD>
        <pctVal>0.004565790789</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WHEELER REAL ESTATE INVESTMENT TRUST, INC.</name>
        <lei>5493005TOFFG62ETJY29</lei>
        <title>Wheeler Real Estate Investment Trust Inc PREFERRED STOCK</title>
        <cusip>963025606</cusip>
        <identifiers>
          <isin value="US9630256066"/>
        </identifiers>
        <balance>2990.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>107640.00000000</valUSD>
        <pctVal>0.016504110752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WHEELER REAL ESTATE INVESTMENT TRUST, INC.</name>
        <lei>5493005TOFFG62ETJY29</lei>
        <title>Wheeler Real Estate Investment Trust Inc PREFERRED STOCK</title>
        <cusip>963025309</cusip>
        <identifiers>
          <isin value="US9630253097"/>
        </identifiers>
        <balance>82301.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>823010.00000000</valUSD>
        <pctVal>0.126189596715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Highland Income Fund</ncom:nameOfApplicant>
      <ncom:signature>Stephanie Vitiello</ncom:signature>
      <ncom:signerName>Stephanie Vitiello</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
