Highland Opportunities and Income Fund filings document the regulatory record of a non-diversified closed-end management investment company. The fund’s SEC disclosures cover shareholder voting, annual meeting proxy materials, trustee governance, material-event reporting, and the registered securities associated with its capital structure.
Recent filings include definitive proxy materials for the fund’s annual shareholder meeting and Form 8-K disclosures addressing board classification and trustee matters. The filings also identify the fund’s NYSE-listed common shares and 5.375% Series A and Series B Cumulative Preferred Shares, alongside closed-end fund topics such as governance, distributions, listing status, and capital-structure disclosure.
Highland Opportunities and Income Fund is asking holders of its Preferred Shares to re-elect Dr. Bob Froehlich as a Class II Trustee for a three-year term ending at the 2029 annual meeting. Only Preferred shareholders vote on this seat, and the Board unanimously recommends a vote FOR his election.
The Fund, a closed-end management investment company advised and administered by NexPoint Asset Management, will hold its annual meeting on June 16, 2026 in Dallas, Texas. The proxy statement also outlines board structure, committee responsibilities, trustee compensation and major institutional holders of the Fund’s Common and Preferred Shares.
Saba Capital Management and affiliates report a significant holding in Highland Opportunities and Income Fund. In this Amendment No. 4 to Schedule 13D, Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein disclose beneficial ownership of 5,205,867 common shares, representing 9.4% of HFRO’s outstanding shares.
The percentage is based on 55,388,271 common shares outstanding as of 12/31/25. The filing states that approximately $28,093,756 was paid to acquire these shares, using investor subscription proceeds, related capital appreciation and ordinary-course margin borrowings. Recent trades over the sixty days before 04/10/26 were executed in the open market.
Highland Opportunities & Income Fund’s shareholder group led by James D. Dondero has updated its Schedule 13D, reporting an 8.5% beneficial stake in the fund’s common shares. As of March 30, 2025, related entities and a family trust collectively hold several sizable positions in HFRO.
Highland Global Allocation Fund and NexPoint Asset Management each beneficially own 2,612,465 common shares, representing about 4.7% of the class, while a trust for Nancy Marie Dondero holds about 3.6%. Drugcrafters, L.P. holds a smaller 0.1% position. Since the last amendment, Highland Global Allocation Fund purchased 548,460 shares in open‑market transactions for a total of $3,340,622 using working capital.
HFRO submitted an N-CEN annual report as the registrant's annual filing under the Investment Company Act. The filing lists operational details and limited financial activity for the reporting period, including securities lending average value of $5,174.10, securities lending net income of $146.16, aggregate brokerage commissions of $36,761.88, and several principal transaction totals such as $14,831,994.54 and $8,916,065.
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%).