Fund Description: Highland Opportunities and Income Fund formerly Highland Income Fund, formerly Highland Floating Rate Opportunities Fund, is an exchange-traded closed-end fund (CEF) or a closed-end ETF that is officially described as a non-diversified, closed-end management investment company. <p> INVESTMENT OBJECTIVE: The Highland Opportunities and Income Fund seeks to provide a high level of current income, consistent with preservation of capital. <p> FUND STRATEGY: The Fund seeks to achieve its objective by investing directly and indirectly (e.g., through derivatives that are the economic equivalent of floating rate loans and other floating rate investments) at least 80% of its net assets (plus any borrowings for investment purposes) under normal circumstances in floating rate loans and other securities deemed to be floating rate investments. Floating rate investments may include, by way of example, floating rate debt securities, money market securities of all types, repurchase agreements with remaining maturities of no more than 60 days, collateralized loan obligations and asset backed securities. Floating rate loans in which the Fund invests are expected to be adjustable rate senior loans to domestic or foreign corporations, partnerships and other entities that operate in a variety of industries and geographic regions. The Fund may invest in securities of any credit quality. The Fund may invest without limitation in below investment grade or unrated securities, including in insolvent borrowers or borrowers in default. The Fund may invest up to 20% of its total assets in equity or debt securities other than floating rate investments. The Fund may invest in equity securities of companies of any market capitalization, market sector or industry. Equity securities of U.S. or non-U.S. issuers in which the Fund may invest include common stocks, preferred stocks, convertible securities, depositary receipts and warrants to buy common stocks. The Fund may invest in securities issued by other investment companies, including exchange-traded funds (ETFs). The Fund may invest without limitation in warrants and may also use derivatives, primarily swaps (including equity, variance and volatility swaps), options and futures contracts on securities, interest rates, non-physical commodities and/or currencies, as substitutes for direct investments the Fund can make. <p> FUND MANAGEMENT: NexPoint Asset Management, L.P. serves as the investment adviser to the Fund.