HFRO - Highland Opportunities & Income Fund

What this means for you

Saba has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. June 4, 2026

   Saba raised its stake to 10.5% (from 9.4%). It has said it may push for changes.

   Original document →

2. April 14, 2026

   Saba raised its stake to 9.4% (from 8.3%). It has said it may push for changes.

   Original document →

3. Dec 31, 2025

   Saba raised its stake to 8.3% (from 7.3%). It has said it may push for changes.

   Original document →

4. Dec 11, 2025

   Saba raised its stake to 7.3% (from 6.2%). It has said it may push for changes.

   Original document →

5. Oct 29, 2025

   Herzfeld now owns 5.1%, as a passive investor.

   Original document →

About this fund

• Run by NexPoint Asset Management, L.P. Part of the NexPoint Asset Management, L.P fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $652 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 28% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.9% a year in management fees; 2.4% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $0.46 a share. $0.08 of that was income; $0.38 was your own money back, not income. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $11.39. The shares traded at $5.98, about 47.5% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 5.5% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: +3.8%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• How the share price did: the shares returned +25.1% over the last fiscal year (ended Dec 31, 2025), counting payouts and the change in the market price. As of Dec 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 2017.

What the fund holds

Mostly shares (67%), the rest bonds, cash and short-term holdings and loans. About 99% issued in the U.S.

1. (unnamed), Nfro REIT Sub LLC Nfro REIT Sub - 17.3%
2. (unnamed), Nfro Holdings, LLC - 11%
3. (unnamed), Nfro REIT Sub LLC Nfro REIT Sub II - 10.6%
4. (unnamed), Nfro Sfr REIT Sub - 9.8%
5. (unnamed), Nexls LLC - 7.8%
6. NexPoint Real Estate Finance, Inc. - 6.8%
7. (unnamed), Sfr Operating Partnership, L.P. Convertible Note - 6.7%
8. Cash and short-term - 6.6%
9. (unnamed), Nxdt Hospitality Convertible Promissory Note - 5.1%
10. (unnamed), NexPoint Credit Catalyst-Z Mutual Fund - 3.9%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →