As of November 10, 2026, 4 holders' latest Schedule 13D or 13G filings report owning 5% or more of Highland Opportunities & Income Fund. The largest reported stake is Saba Capital Management, L.P.'s, at 10.47%. 15 filings are on record since August 4, 2025 (Schedule 13D/A, June 4, 2026).
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Key facts
- · Reporting person: Dondero James D · Sole voting: 1,744 · Shared voting: 5,217,131 · Sole dispositive: 1,744 · Shared dispositive: 5,217,131 · SCHEDULE 13D/A, 2026-07-29
- · Reporting person: Saba Capital Management, L.P. · Sole voting: 0 · Shared voting: 5,799,399 · Sole dispositive: 0 · Shared dispositive: 5,799,399 · SCHEDULE 13D/A, 2026-06-04
- · Holder: Saba Capital Management, L.P. · Percent: 9.4% · SCHEDULE 13D/A
- · Holder: Dondero James D · Percent: 8.5% · SCHEDULE 13D/A
- · Holder: Morgan Stanley · Percent: 5.1% · SCHEDULE 13G/A
Highland Opportunities & Income Fund has 15 Schedule 13D or 13G filings on record since 2025-08-04. 4 holders' latest filing reports 5% or more of common shares, par value $0.001 per share. Each figure below is the holder's own, as filed, with the filing linked.
Holders
| Holder | Percent | Shares | Latest | Event date |
|---|---|---|---|---|
| Saba Capital Management, L.P. | 10.47% | 5,799,399 | SCHEDULE 13D/A, 2026-06-04 | 2026-06-02 |
| 9.6% | 5,218,876 | SCHEDULE 13D/A, 2026-07-29 | 2026-07-27 | |
| 5.1% | 2,822,774 | SCHEDULE 13G/A, 2026-02-11 | 2025-12-31 | |
| Thomas J. Herzfeld Advisors, Inc. | 5.05% | 2,797,151 | SCHEDULE 13G, 2025-10-29 | 2025-09-30 |
| Raymond James & Associates | 4.5% | 3,212,551 | SCHEDULE 13G/A, 2025-10-31 | 2025-09-30 |
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Keep reading
More on Highland Opportunities & Income Fund and the records around it.
Highland Opportunities & Income Fund elsewhere on the record
Companies that share a holder
- DONDERO JAMES D also filed stake reports on 4 other companies: NexPoint Residential Trust, Inc. (Sep 2026), NEXPOINT DIVERSIFIED REAL ESTATE TRUST (Jan 2026), NexPoint Real Estate Finance, Inc. (Jan 2026)
- Thomas J. Herzfeld Advisors, Inc. also filed stake reports on 4 other companies: Saba Capital Income & Opportunities Fund II (Apr 2026), Destra Multi-Alternative Fund (Jul 2025), SuRo Capital Corp. (Jul 2025)
- RAYMOND JAMES & ASSOCIATES also filed stake reports on 7 other companies: Voya Asia Pacific High Dividend Equity Income Fund (Oct 2026)
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Voting and dispositive power, as filed
| Reporting person | Sole voting | Shared voting | Sole dispositive | Shared dispositive | Filing |
|---|---|---|---|---|---|
| Saba Capital Management, L.P. | 0 | 5,799,399 | 0 | 5,799,399 | SCHEDULE 13D/A, 2026-06-04 |
| Boaz R. Weinstein | 0 | 5,799,399 | 0 | 5,799,399 | SCHEDULE 13D/A, 2026-06-04 |
| Saba Capital Management GP, LLC | 0 | 5,799,399 | 0 | 5,799,399 | SCHEDULE 13D/A, 2026-06-04 |
| Dondero James D | 1,744 | 5,217,131 | 1,744 | 5,217,131 | SCHEDULE 13D/A, 2026-07-29 |
| Highland Global Allocation Fund | 0 | 3,115,253 | 0 | 3,115,253 | SCHEDULE 13D/A, 2026-07-29 |
| Drugcrafters, L.P. | 0 | 72,082 | 0 | 72,082 | SCHEDULE 13D/A, 2026-07-29 |
| Nexpoint Asset Management, L.P. | 0 | 3,115,253 | 0 | 3,115,253 | SCHEDULE 13D/A, 2026-07-29 |
| Dondero Nancy Marie | 0 | 2,029,796 | 0 | 2,029,796 | SCHEDULE 13D/A, 2026-07-29 |
The latest filing identifies Highland Opportunities & Income Fund by CUSIP 43010E404 and gives its principal executive office as 300 CRESCENT COURT, Suite 700, DALLAS, TX 75201 (SCHEDULE 13D/A, 2026-07-29).
Source of funds (Item 3)
Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein.Saba Capital Management, L.P., SCHEDULE 13D/A, 2026-06-04
Since the last transaction reported in the Schedule 13D, GAF has purchased 470,400 Common Shares in open market transactions with the Reporting Person's working capital, with an aggregate purchase price of $2,927,625.Dondero James D, SCHEDULE 13D/A, 2026-07-29
Purpose of Transaction (Item 4)
Saba Capital Management, L.P.
Not Applicable.Item 4 of the SCHEDULE 13D/A filed 2026-06-04
Timeline
| Filed | Holder | Percent | Filing |
|---|---|---|---|
| 2025-08-04 | Saba Capital Management, L.P. | 5.05% | SCHEDULE 13D |
| 2025-08-06 | Morgan Stanley | 6.3% | SCHEDULE 13G/A |
| 2025-08-07 | Saba Capital Management, L.P. | 6.17% | SCHEDULE 13D/A |
| 2025-09-22 | Dondero James D | 5.2% | SCHEDULE 13D |
| 2025-10-07 | Dondero James D | 6.3% | SCHEDULE 13D/A |
| 2025-10-29 | Thomas J. Herzfeld Advisors, Inc. | 5.05% | SCHEDULE 13G |
| 2025-10-31 | Raymond James & Associates | 4.5% | SCHEDULE 13G/A |
| 2025-12-10 | Dondero James D | 7.5% | SCHEDULE 13D/A |
| 2025-12-11 | Saba Capital Management, L.P. | 7.28% | SCHEDULE 13D/A |
| 2025-12-31 | Saba Capital Management, L.P. | 8.3% | SCHEDULE 13D/A |
| 2026-02-11 | Morgan Stanley | 5.1% | SCHEDULE 13G/A |
| 2026-04-01 | Dondero James D | 8.5% | SCHEDULE 13D/A |
| 2026-04-14 | Saba Capital Management, L.P. | 9.4% | SCHEDULE 13D/A |
| 2026-06-04 | Saba Capital Management, L.P. | 10.47% | SCHEDULE 13D/A |
| 2026-07-29 | Dondero James D | 9.6% | SCHEDULE 13D/A |
Questions about who owns Highland Opportunities & Income Fund
Who owns Highland Opportunities & Income Fund?
On this page, 4 holders' latest ownership filings report 5% or more of Highland Opportunities & Income Fund: Saba Capital Management, L.P. (10.47%, Schedule 13D/A, filed 2026-06-04), Dondero James D (9.6%, Schedule 13D/A, filed 2026-07-29), Morgan Stanley (5.1%, Schedule 13G/A, filed 2026-02-11) and Thomas J. Herzfeld Advisors, Inc. (5.05%, Schedule 13G, filed 2025-10-29).
Who are the largest shareholders of Highland Opportunities & Income Fund?
By the share each holder's latest filing reports, the largest holders of Highland Opportunities & Income Fund on this page are Saba Capital Management, L.P. (10.47%), Dondero James D (9.6%) and Morgan Stanley (5.1%).
When did Saba Capital Management, L.P. buy into Highland Opportunities & Income Fund?
The filings give report dates, not purchase dates. The earliest filing from Saba Capital Management, L.P. on this page is the Schedule 13D, filed 2025-08-04, reporting 5.05%; its latest, Schedule 13D/A filed 2026-06-04, reports 10.47%.
Is this an audit or a full list?
Neither. The ownership list on this page covers only Schedule 13D and 13G filings, which holders make once they own 5% or more of a class of shares (an amendment can report a stake that has since fallen below 5%); 15 such filings are shown here. It is not an audit and not a full cap table: holders who never reached 5% are not listed, and a stake can change after its latest filing.
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Where this comes from
Anyone who comes to own more than 5% of a class of a listed company's voting shares has to tell the SEC. A holder who may seek to change or influence the company files Schedule 13D, and has to say in Item 4, "Purpose of Transaction", what it intends to do. A holder with no such intent, such as many index and passive funds, may file the shorter Schedule 13G. Both are amended when the stake changes, including when it falls below 5%.
Every row here is one of those filings, linked to the filing itself. Percentages and share counts are exactly as the holder filed them, for the holder the filing names; an amendment showing a lower figure is shown as filed. Item 4 text is quoted word for word. Where a 13D's Item 4 contains a sentence stating a definite intent to influence the company, that sentence is marked and quoted; the page does not describe the holder or its motives beyond the words it filed. Nothing here is investment advice.