HIGHLAND OPPORTUNITIES & INCOME FUND HFRO

expiry = 2025-03-04...NGE COMMON SHARES, PAR VALUE $0.001 PER SHARE, FOR 5.375% SERIES B CUMULATIVE PREFERRED SHARES, PAR VALUE $0.001 AND LIQUIDATION PREFERENCE $25.00 PER SHARE Dated February 3, 2025 THIS EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON MARCH 4, 2025, UNLESS THE EXCHANGE OFFER IS EXTENDED (SUCH DATE AND TIME, AS IT MAY BE EXTENDED, THE “EXPIRATION DATE”). To the Shareholders of Highland Opportunities and Income Fund: Highland Opportunities and Income Fund, a Massachusetts business trus...

listed = True...inistrator of the Company. Throughout this Offer to Exchange, we refer to Highland Opportunities and Income Fund as the “Company,” “Fund” or as “we.” The Company’s outstanding common shares of beneficial interest (“Common Shares”), par value $0.001 per share, are listed on the New York Stock Exchange (“NYSE”) under the symbol “HFRO.” Securities Subject to the Exchange Offer Common Shares of the Company No Recommendation Neither we, our Board of Trustees of the Company (the “Board”), the Investment Adviser, the Information Agent, the Depositary, nor any affiliate of any of the foregoing nor any other person is making any recommendatio...

mechanism = NAV...losing market prices of the Common Shares on the NYSE, the corresponding NAV per share on such dates and the corresponding premium/discount to NAV per share on such dates. See “Net Asset Value” for information as to how the Company’s NAV is determined. Market Price Net Asset Value per Share Premium/(Discount) as a % of Net Asset Value High Low High Low High Low 3rd Quarter 2017 $15.07 $14.97 $15.05 $14.95 0% 0% 4th Quarter 2017 $15.65 $15.01 $15.17 $14.94 4% 0% 1st Quarter 2018 $16.24 $15.30 $15.30 $15.11 7% 1% 2nd Quarter 2018 $16.12 $15.58 $15.27 $15.05 7% 3% 3rd Quarter 2018 $16.00 $15.42 $15.23 $15.07 6% 2% 4th Quarter...

threshold = 100...on Date, and will only prorate tenders of Common Shares if necessary to ensure the Consideration Cap is not exceeded. Odd Lots. Accepting shareholders should note that acceptance of the offer may result in their holding of odd lots of Common Shares. The term “odd lots” means, any person who beneficially owns fewer than 100 Common Shares. Limited Offering We are making the Exchange Offer only to existing holders of Common Shares in reliance upon the exemption from the registration requirements of the Securities Act afforded by Section 3(a)(9) of the Securities Act. We will not pay any commission or other remuneration to any broker, dealer, salesman or other person for so...

txn_type = TENDER_OFFER...ts under the Exchange Offer, the Depositary may retain tendered Common Shares, and the Common Shares may not be withdrawn except as otherwise provided in this Offer to Exchange, subject to provisions under the Exchange Act that provide that an issuer making a tender offer shall either pay the consideration offered or return tendered securities promptly after the termination or withdrawal of the tender offer. All questions as to the validity, form and eligibility, including time or receipt, of notices of withdrawal will be determined by us. Our determination will be final and binding on all parties, subjec...