Highland Opportunities and Income Ord SEC Filings

Highland Opportunities and Income Fund files its annual certified shareholder report for the year ended December 31, 2025, reporting net assets of $630.7 million. For the 12‑month period the Fund’s NAV declined -1.31% while its market price total return (including distributions) rose +25.05%. The Fund paid common distributions of $0.08 per share and return of capital totaling $0.38 per share during the year. The report discloses the portfolio composition (approximately 71% commercial real estate exposure of long assets totaling $828.3 million), 64 positions, and top‑10 holdings representing about 69% of long assets. Financial statements, portfolio fair‑value disclosures (including Level 3 valuation methodologies), preferred share mezzanine equity details, and liquidity/cash flow schedules are included.

Highland Opportunities & Income Fund (HFRO) received an amended ownership report from Morgan Stanley and Morgan Stanley Smith Barney LLC. They report beneficial ownership of 2,822,774 common shares, representing 5.1% of the fund’s outstanding class.

The firms report shared voting power over 26 shares and shared dispositive power over 2,822,774 shares, with no sole voting or dispositive power. They certify the position is held in the ordinary course of business and not for the purpose of changing or influencing control of HFRO.

Highland Opportunities and Income Fund reports governance updates following the passing of Class I Trustee Bryan A. Ward. To rebalance its board classes, the Board accepted the resignation of Dorri McWhorter and, effective January 16, 2026, immediately appointed her as a Class I Trustee.

Ms. McWhorter resumes all prior committee roles, including chairing the audit committee, and will be paid under the Fund’s standard non‑employee trustee compensation program. The Board also approved a Fourth Amended and Restated Declaration of Trust and Bylaws effective January 27, 2026, which consolidate prior changes and further refine provisions on forum selection, shareholder proposals and nominations, and shareholder meetings.

Highland Opportunities and Income Fund received an updated ownership disclosure from Saba Capital Management and related parties. The filing reports that Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein (together, the reporting persons) beneficially own 4,594,550 common shares, representing 8.3% of the fund’s common shares. This percentage is based on 55,350,790 shares outstanding as of 6/30/25, as disclosed in the fund’s N‑CSRS filed 9/8/25.

The reporting persons state that approximately $24,380,371 was paid to acquire these common shares, using investor subscription proceeds, capital appreciation, and margin borrowings in the ordinary course. All recent trades from 12/11/25 through 12/29/25 were effected in the open market. The filing lists the reporting persons’ shared voting and dispositive power over the 4,594,550 shares and notes that funds and accounts advised by Saba Capital have the right to receive dividends and sale proceeds.

Saba Capital Management and related reporting persons filed an amended Schedule 13D disclosing a significant position in Highland Opportunities and Income Fund (HFRO). They report beneficial ownership of 4,030,338 common shares, representing 7.28% of HFRO’s outstanding common shares, based on 55,350,790 shares outstanding as of 6/30/25 from the fund’s N-CSRS. The investors state that about $20,998,875 was paid to acquire these shares, using investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings.

Highland Opportunities & Income Fund (HFRO) received an updated Schedule 13D/A (Amendment No. 2) from a group of affiliated investors led by James D. Dondero. The filing reports that since the last disclosed transaction, Highland Global Allocation Fund purchased 636,327 Common Shares in open-market transactions for an aggregate $4,055,613, funded with working capital.

As of December 10, 2025, James D. Dondero may be deemed to beneficially own 4,144,711.77 Common Shares, or about 7.5% of HFRO’s outstanding Common Shares. Drugcrafters, L.P. holds 72,082 shares (about 0.1%), Highland Global Allocation Fund and NexPoint Asset Management, L.P. each report 2,064,005 shares (about 3.7% each), and a trust for which Nancy Marie Dondero serves as trustee holds 2,006,881.1 shares (about 3.6%).

Raymond James & Associates filed an amended Schedule 13G reporting a passive stake in Highland Opportunities & Income Fund (HFRO). The firm beneficially owns 3,212,550.96 common shares, representing 4.5% of the class as of 09/30/2025.

The filer reports sole dispositive power over 3,212,550.96 shares and no voting power. It is classified as an investment adviser (IA) and certifies the holdings were acquired and are held in the ordinary course, not to change or influence control.

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.