Business: Highland Opportunities and Income Fund formerly Highland Income Fund, 5.375% Series A Cumulative Preferred Shares,liquidation preference $25 per share, redeemable at the issuer's option on or after 9/30/2024 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 5.375% per annum (1.34375 per annum or $0.3359375 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date fixed by the board, on the 5th day proceeding the payment date (NOTE: the ex-dividend date is one business day prior to the record date). <p> Provided that certain holding period and other requirements are met, distributions may qualify (i) for the dividends received deduction in the case of corporate shareholders, and (ii) in the case of individual shareholders, as qualified dividend income eligible to be taxed at long term capital gains rates (see page 77 of the prospectus for further information). <p> This security was rated as A1 by Moody’s at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.