Highland Opportunities and Income Ord SEC Filings

Thomas J. Herzfeld Advisors, Inc. filed a Schedule 13G disclosing a passive stake in Highland Opportunities & Income Fund (HFRO). The firm reports beneficial ownership of 2,797,151 shares, representing 5.05% of the class as of 09/30/2025.

The filer has sole voting power over 2,797,151 shares and sole dispositive power over 2,797,151 shares, with no shared voting or dispositive authority. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. The reporting person is classified as an investment adviser (IA).

Amendment No. 1 to Schedule 13D reports updated beneficial ownership in Highland Opportunities & Income Fund (Common Shares). As of 10/07/2025, James D. Dondero and affiliated parties collectively beneficially own 3,499,031.37 shares, representing approximately 6.3% of the outstanding common shares. The filing discloses that Highland Global Allocation Fund purchased 621,484 shares in open-market transactions for an aggregate price of $4,090,440 using working capital. Individual holdings reported include 1,427,678 shares held by GAF/NexPoint (approximately 2.6%) and 1,997,527.92 shares held in a trust for which Nancy Marie Dondero is trustee (approximately 3.6%). Transactions were effected in the open market and the filing identifies voting and dispositive power allocations among the reporting persons.

Highland Opportunities & Income Fund (HFRO) Schedule 13D shows that James D. Dondero and affiliated entities increased their stake through open-market purchases between August 6, 2025 and September 15, 2025. The Reporting Persons bought a total of 1,372,189 Common Shares for an aggregate purchase price of $8,361,900 (900,000 shares for $5,379,758 by a trust for which Nancy Dondero is trustee; 472,189 shares for $2,982,142 by Highland Global Allocation Fund). As of September 15, 2025, combined beneficial ownership reported includes 2,877,547.37 shares (approximately 5.2% of the class) held or attributed to James D. Dondero; Nancy Marie Dondero as trustee holds 1,997,527.92 shares (3.6%); NexPoint and GAF each report 806,194 shares (1.5% each); and Drugcrafters holds 72,082 shares (0.1%). The purchases were made for investment purposes, with the Reporting Persons stating they may buy additional shares depending on market and company factors. Certain shares have been pledged as collateral under credit arrangements: a Lakeside credit facility (up to $8.0 million, maturity September 6, 2026) with 134,213.93 shares pledged, and CrossFirst loans/notes (aggregate ~$13.0 million loan and up to $5.0 million line, maturities February 10, 2026) with 376,075.51 shares pledged. The filing discloses discussions with the issuer's board and others may occur but states no definitive plans or proposals.

Saba Capital Management, L.P. and affiliates have filed Amendment No. 1 to Schedule 13D on Highland Opportunities and Income Fund (HFRO). The filing discloses that Saba Capital, Saba Capital Management GP, LLC, and founder Boaz R. Weinstein now beneficially own 3,414,241 common shares, equal to 6.17 % of HFRO’s outstanding stock (55.3 M shares as of 4/30/25). All shares are held with shared voting and dispositive power. Approximately $17.3 million was spent to accumulate the position via open-market purchases between the initial 13D (8/4/25) and the event date (8/5/25).

The amendment updates Items 3 (source of funds), 5 (interest in securities) and 7 (exhibits). Saba funded the purchases through investor subscriptions, capital appreciation and standard margin borrowings. No sole voting or dispositive power is reported, indicating a coordinated group holding. There are no criminal or civil proceedings involving the reporting persons in the past five years. The fund, known for activist strategies, now exceeds the 5 % threshold, positioning it to influence HFRO’s strategic or governance decisions.

Saba Capital Management, L.P., its general partner and founder Boaz R. Weinstein disclosed a new 5.05 % stake in Highland Opportunities and Income Fund (HFRO) via Schedule 13D dated 08/01/2025. The group owns 2,792,709 common shares, accumulated in open-market purchases costing about $13.93 million, based on 55.33 million shares outstanding as of 04/30/2025.

Saba believes HFRO is undervalued and may pursue activist measures. Item 4 states potential engagement with management and the board on discount-to-NAV, governance, capitalization, open- versus closed-end structure, or liquidation timing. Future actions could include additional buying or selling, proxy solicitations, or board nominations. No criminal or civil proceedings are disclosed against the reporting persons, and no agreements exist beyond a routine joint-filing agreement.