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          <principalTransaction>
            <principalName> BANK OF NEW YORK </principalName>
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          <principalTransaction>
            <principalName> MONTGOMERY/BANK OF AMERICA </principalName>
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            <principalRssdId>5112588</principalRssdId>
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        </principalTransactions>
        <principalAggregatePurchase>33244901.54</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>682246091.08</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Other</description>
          <securityClassTitle>Common</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="NASD" commonStockTickerSymbol="HFRO"/>
          </commonStocks>
          <otherSecurityDescription>Common stock</otherSecurityDescription>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0.91</managementFee>
      <netOperatingExpenses>2.35</netOperatingExpenses>
      <marketPricePerShare>5.98</marketPricePerShare>
      <netAssetValuePerShare>11.39</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isLegalProceedings>true</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>false</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="Highland Opportunities &amp; Income Fund" signedDate="2026-03-16" signature="Stephanie Vitiello" title="Chief Compliance Officer"/>
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</edgarSubmission>