Welcome to our dedicated page for Highland Opportunities and Income Fund 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.
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.
Saba Capital Management, L.P., a ten percent owner of Highland Opportunities & Income Fund (HFRO), reported an open-market purchase of additional shares. On May 21, 2026, it bought 20,490 shares of HFRO common stock at $6.25 per share.
After this transaction, Saba Capital now indirectly holds 5,657,776 HFRO common shares, making this a modest increase in an already large position.
Saba Capital Management, L.P., a ten percent owner of Highland Opportunities & Income Fund (HFRO), reported two open-market purchases of common stock. It bought 22,385 shares at $6.18 on May 19, 2026 and 40,591 shares at $6.23 on May 20, 2026, bringing its indirect holdings to 5,637,286 shares.
Saba Capital Management, L.P., a ten percent owner of Highland Opportunities & Income Fund, reported an open-market purchase of 16,100 shares of common stock at $6.18 per share. Following this transaction, Saba Capital’s indirect holdings increased to 5,574,310 shares of HFRO common stock.
Saba Capital Management, L.P. filed an initial ownership report as a ten percent owner of Highland Opportunities & Income Fund. The filing shows indirect beneficial ownership of 5,558,210 shares of Common Stock. This Form 3 records Saba’s existing position and does not disclose any new purchases or sales.
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.