[SCHEDULE 13G] HIGHLAND OPPORTUNITIES & INCOME FUND SEC Filing

Rhea-AI Filing Summary

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).

Insights

Equity ownership & governance analyst

Passive 5.05% HFRO stake disclosed; no control intent stated.

Thomas J. Herzfeld Advisors reports ownership of 2,797,151 HFRO shares, or 5.05% of the class, as of 09/30/2025. The filing indicates sole voting and dispositive power over the same share count, suggesting centralized decision-making within the adviser for these holdings.

Filed on Schedule 13G, this is a passive ownership report, with a certification that the position was acquired and is held in the ordinary course and not to influence control. Actual market impact depends on portfolio and trading decisions, which are not detailed in this disclosure.

Subsequent ownership updates would appear in future beneficial ownership filings if the percentage changes materially or if the filer changes reporting status.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

HIGHLAND OPPORTUNITIES & INCOME FUND

(Name of Issuer)

Common Stock

(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

Thomas J. Herzfeld Advisors, Inc.

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

FLORIDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,797,151.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,797,151.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,797,151.00

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)

5.05 %

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, SUITE 700, DALLAS, TX, 7520
Item 2.
(a)	Name of person filing: Thomas J. Herzfeld Advisors, Inc.
(b)	Address or principal business office or, if none, residence: 119 Washington Ave, Suite 504, Miami Beach, FL 33139
(c)	Citizenship: A Florida Corporation
(d)	Title of class of securities: Common Stock
(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: 2,797,151
(b)	Percent of class: 5.05%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,797,151
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,797,151
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	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.

Thomas J. Herzfeld Advisors, Inc.

Signature:	/s/ Erik M. Herzfeld
Name/Title:	Erik M. Herzfeld, President
Date:	10/29/2025

FAQ

What stake in HFRO did Thomas J. Herzfeld Advisors report?

They reported 2,797,151 shares, representing 5.05% of HFRO’s common stock.

As of what date is the HFRO ownership information reported?

The ownership information is reported as of 09/30/2025.

Does the filer have sole or shared voting power over the HFRO shares?

The filer has sole voting power over 2,797,151 shares and no shared voting power.

What dispositive power did the filer disclose over HFRO shares?

They disclosed sole dispositive power over 2,797,151 shares and no shared dispositive power.

How is the reporting person classified in the filing?

The reporting person is classified as an Investment Adviser (IA).

Did the filer indicate any intent to influence control of HFRO?

No. The certification states the securities were acquired and are held in the ordinary course and not to change or influence control.