Welcome to our dedicated page for Highland Opportunities and Income Ord SEC filings (Ticker: HFRO), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Highland Opportunities and Income Fund (NYSE: HFRO) is a non-diversified, closed-end management investment company that seeks growth of capital along with income. As a registered investment company managed by NexPoint Asset Management, L.P., HFRO provides regulatory disclosures through SEC filings such as registration statements, periodic reports, and other documents that describe its strategy, risks, and operations.
On this SEC filings page, users can access HFRO’s regulatory history as it relates to its investment objective and portfolio focus. The fund’s public descriptions state that it invests directly and indirectly, including through derivatives, in securities and instruments secured by real estate, REITs, preferred equity, convertible securities, mezzanine debt, secured and unsecured loans, corporate bonds, distressed securities, mezzanine securities, structured products, convertible and preferred securities, equities, and floating rate loans. Filings typically elaborate on how these categories fit within the fund’s mandate to pursue growth of capital along with income.
AI-powered tools on this page can help interpret lengthy SEC documents by summarizing key points from annual and semi-annual reports, registration materials, and other required filings. These summaries can clarify how HFRO describes its closed-end fund structure, distribution policies, and risk factors, including closed-end fund risk, credit risk from below investment grade and unrated instruments, real estate industry risk, illiquidity of investments, and ongoing monitoring risk related to senior loans.
Users can also review filings that discuss the fund’s name change to Highland Opportunities and Income Fund and the associated modification of its investment objective. Real-time updates from EDGAR, combined with AI-generated highlights, allow readers to focus on sections dealing with investment strategy, risk disclosures, and other information the fund recommends investors consider before investing.
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
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.
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