HFRO: Raymond James files 13G/A with 4.5% beneficial stake

Rhea-AI Filing Summary

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

HIGHLAND OPPORTUNITIES & INCOME FUND

(Name of Issuer)

Common Shares

(Title of Class of Securities)

43010E404

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 43010E404

1

Names of Reporting Persons

RAYMOND JAMES & ASSOCIATES

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power
6	Shared Voting Power
7	Sole Dispositive Power 3,212,550.96
8	Shared Dispositive Power

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,212,550.96

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.5 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: HIGHLAND OPPORTUNITIES & INCOME FUND
(b)	Address of issuer's principal executive offices: 300 CRESCENT COURT, 300 CRESCENT COURT, DALLAS, TEXAS, 75201.
Item 2.
(a)	Name of person filing: RAYMOND JAMES & ASSOCIATES
(b)	Address or principal business office or, if none, residence: 880 CARILLON PARKWAY, ST PETERSBURG FL 33716
(c)	Citizenship: US
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 43010E404
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,212,550.96
(b)	Percent of class: 4.5%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3,212,550.96
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

RAYMOND JAMES & ASSOCIATES

Signature:	Rachel Jacobson
Name/Title:	Manager, Operations
Date:	10/31/2025

FAQ

What stake in HFRO did Raymond James & Associates disclose?

It reported beneficial ownership of 3,212,550.96 common shares, or 4.5% of HFRO’s outstanding class.

As of what date is the HFRO ownership information reported?

The ownership percentages and share count are stated as of 09/30/2025.

Does Raymond James & Associates have voting power over the HFRO shares?

No. The filing indicates no voting power and sole dispositive power over the reported shares.

What is the filer’s classification in the Schedule 13G/A?

It is classified as an Investment Adviser (IA) under Rule 13d-1(b)(1)(ii)(E).

Is this a passive investment or an effort to influence control of HFRO?

The certification states the securities were acquired and are held in the ordinary course, not to change or influence control.

Which security and CUSIP does the filing reference?

It covers HFRO Common Shares with CUSIP 43010E404.