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        <lei>N/A</lei>
        <title>CCS MEDICAL INC.(CHRONIC CARE) LX113924</title>
        <cusip>N/A</cusip>
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          <other otherDesc="All Others" value="ACI04HQ13"/>
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        <curCd>USD</curCd>
        <valUSD>30018543.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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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 2013-2A SUB - CIFC Funding 2013-II Ltd 10/18/2030</title>
        <cusip>12548YAD1</cusip>
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          <isin value="US12548YAD13"/>
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        <balance>5462500.00000000</balance>
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        <curCd>USD</curCd>
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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>
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        <curCd>USD</curCd>
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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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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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>
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          <isin value="US12549WAE21"/>
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        <balance>3324756.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <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>
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          <isin value="US12550BAE48"/>
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        <assetCat>ABS-MBS</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      </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>
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          <isin value="US12548NAG88"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>CITADEL SECURITIES LLC</name>
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          <ticker value="CITA"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <counterpartyInfo lei="N/A" name="N/A"/>
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            <repurchaseCollateral>
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              <collateralCd>USD</collateralCd>
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        <securityLending>
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      <invstOrSec>
        <name>CLAYMORE COMMON STOCK</name>
        <lei>N/A</lei>
        <title>CLAYMORE COMMON STOCK</title>
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          <other otherDesc="All Others" value="ACI06QHT0"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
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      <invstOrSec>
        <name>COVENANT CREDIT PARTNERS CLO</name>
        <lei>N/A</lei>
        <title>CLOVER CREDIT PARTNERS CLO III LTD CLVR 2017-1A F</title>
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          <isin value="US22284JAC36"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <assetCat>STIV</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>IHEARTCOMMUNICATIONS, INC.</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>IQHQ INC PRIVATE COMPANY</title>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>JUNIOR CREDIT TERM LOAN</title>
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          <other otherDesc="All Others" value="JUNIORCTL"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
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        <name>LAKE AT LAS VEGAS</name>
        <lei>N/A</lei>
        <title>LAKE AT LAS VEGAS 12/31/2022</title>
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          <other otherDesc="All Others" value="930WMKII9"/>
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        <isRestrictedSec>N</isRestrictedSec>
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          <couponKind>Floating</couponKind>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>LLV HOLDCO INC LLVHSAM01</title>
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        <title>LLV HOLDCO INC LLVHSBM01</title>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>MEANINGFUL PARTNERS DEDICATEDCAPITAL VEHICLE II LP COMMON STOCK</title>
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        <name>MIDWAVE WIRELESS</name>
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        <title>MIDWAVE WIRELESS 2/27/2020</title>
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        <isRestrictedSec>N</isRestrictedSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MIDWAVE WIRELESS 5/20 TL</name>
        <lei>N/A</lei>
        <title>MIDWAVE WIRELESS 5/20 TL 2/28/2022</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="LX188359"/>
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        <curCd>USD</curCd>
        <valUSD>96010.58000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-31</maturityDt>
          <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIDWAVE WIRELESS H</name>
        <lei>N/A</lei>
        <title>MIDWAVE WIRELESS H 2/28/2022</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="BLA05FKD"/>
        </identifiers>
        <balance>89471.29000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>89578.65000000</valUSD>
        <pctVal>0.014220420808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-31</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>MIDWAVE WIRELESS, INC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="ACI09ZQM2"/>
        </identifiers>
        <balance>27134.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12865043.42000000</valUSD>
        <pctVal>2.042298372993</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>MidWave Wireless, Inc. Tranche J Loan</name>
        <lei>N/A</lei>
        <title>MidWave Wireless, Inc. Tranche J Loan 12/31/2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="BLA05FJ1"/>
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        <balance>250028.51000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250328.54000000</valUSD>
        <pctVal>0.039739125105</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.99999960</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>MidWave Wireless, Inc. Tranche K Loan</name>
        <lei>N/A</lei>
        <title>MidWave Wireless, Inc. Tranche K Loan 12/31/2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="BLA05FK1"/>
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        <balance>1857640.25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1859869.42000000</valUSD>
        <pctVal>0.295250328074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.99999960</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>NATWEST MARKETS SECURITIES INC</name>
        <lei>N/A</lei>
        <title>NATWEST MARKETS SECURITIES INC. SLRPA 3.840% 01/02/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NWST"/>
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        <balance>1448</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1448</valUSD>
        <pctVal>0.000229866930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-02</maturityDt>
          <couponKind>Fixed</couponKind>
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          <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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          <isTriParty>Y</isTriParty>
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          <maturityDt>2026-01-02</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1448</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1448</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="Other" invstCat="Other instrument"/>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1448" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NEXLS LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="NEXLS LLC"/>
        </identifiers>
        <balance>994.27240000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>66054552.80000000</valUSD>
        <pctVal>10.48602024168</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>N/A</name>
        <lei>N/A</lei>
        <title>NEXPOINT CREDIT CATALYST-Z MUTUAL FUND</title>
        <cusip>430101576</cusip>
        <identifiers>
          <isin value="US4301015768"/>
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        <balance>1000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24800000.00000000</valUSD>
        <pctVal>3.936947431635</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>NEXPOINT DIVERSIFIED REAL ESTATE TRUST</name>
        <lei>5493008KGR2NU3OXMR64</lei>
        <title>NEXPOINT DIVERSIFIED REAL ES REIT</title>
        <cusip>65340G205</cusip>
        <identifiers>
          <isin value="US65340G2057"/>
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        <balance>1559149.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5971540.67000000</valUSD>
        <pctVal>0.947969423534</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>Nexpoint Real Estate Finance Inc</name>
        <lei>N/A</lei>
        <title>NEXPOINT REAL ESTATE FINANCE REIT</title>
        <cusip>65342V101</cusip>
        <identifiers>
          <isin value="US65342V1017"/>
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        <balance>4372285.79100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>61561783.94000000</valUSD>
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        <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>NEXPOINT RESIDENTIAL TRUST, INC.</name>
        <lei>549300U2J6XVYBF87166</lei>
        <title>NEXPOINT RESIDENTIAL REIT</title>
        <cusip>65341D102</cusip>
        <identifiers>
          <isin value="US65341D1028"/>
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        <balance>213700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6432370.00000000</valUSD>
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        <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>NEXPOINT STORAGE PARTNERS SERIES A PREFERRED STOCK</title>
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        <identifiers>
          <other otherDesc="All Others" value="NSPSSTOCK"/>
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        <balance>16103.16000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NFRO HOLDINGS, LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="NFRO HOLD"/>
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        <curCd>USD</curCd>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NFRO REIT SUB LLC NFRO REIT SUB</title>
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          <other otherDesc="All Others" value="933DXD000"/>
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        <curCd>USD</curCd>
        <valUSD>83259903.35000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NFRO REIT SUB LLC NFRO REIT SUB II</title>
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          <other otherDesc="All Others" value="NFROREIT2"/>
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        <curCd>USD</curCd>
        <valUSD>73059944.38000000</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>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NFRO SFR REIT SUB</title>
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          <other otherDesc="All Others" value="NFROREIT3"/>
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        <balance>4869446.44600000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="All Others" value="NSPEPROM"/>
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        <curCd>USD</curCd>
        <valUSD>6383152.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-30</maturityDt>
          <couponKind>Floating</couponKind>
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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>NORTHWOODS CAPITAL LIMITED</name>
        <lei>N/A</lei>
        <title>NORTHWOODS CAPITAL XII-B LTD WOODS 2018-12BA F</title>
        <cusip>66858EAC7</cusip>
        <identifiers>
          <isin value="US66858EAC75"/>
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        <balance>4000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2300000.00000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>NREF OP IV REIT SUB, LLC TERM LOAN @ FIXED 7.50%</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="NREFOP TL"/>
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        <balance>6500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6636792.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>7.49999880</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>N/A</name>
        <lei>N/A</lei>
        <title>NXDT HOSPITALITY CONVERTIBLE PROM NOTE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="PNOTE2357"/>
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        <balance>6400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4700800.00000000</valUSD>
        <pctVal>0.746242035751</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.49999880</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>
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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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          <isin value="US67111XAC65"/>
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        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="All Others" value="SAPIWARR2"/>
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        <isRestrictedSec>N</isRestrictedSec>
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        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="All Others" value="SAPIWARR"/>
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        <name>SARANAC CLO LIMITED</name>
        <lei>N/A</lei>
        <title>SARANAC CLO III LTD SRANC 2014-3A ER</title>
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          <isin value="US803166AG25"/>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <name>SOUTH STREET SECURITIES FUNDING LLC</name>
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        <name>TALOS ENERGY INC.</name>
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        <name>TRQ PLANO, LLC</name>
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        <name>N/A</name>
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        <title>VALUE CREATION INC LX113920</title>
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        <name>THL CREDIT WIND RIVER CLO LLC</name>
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        <title>WINDR 2014-2A SUB - THL CREDIT WIND RIVER 2014-2 C 1/15/2031</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <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>419735.10000000</valUSD>
        <pctVal>0.066632057415</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>963025606</cusip>
        <identifiers>
          <isin value="US9630256066"/>
        </identifiers>
        <balance>2990.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>113769.50000000</valUSD>
        <pctVal>0.018060666968</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>2025-12-31</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>