# EDGAR Filing Document

**Accession Number:** 0001510281
**File Stem:** 0001062993-25-013466
**Filing Date:** 2025-8
**Character Count:** 18075
**Document Hash:** 11407584e84638eb0af26c5f17d3f170
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-013466.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001062993-25-013466

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HIGHLAND OPPORTUNITIES & INCOME FUND
- **CENTRAL INDEX KEY:** 0001710680

**ORGANIZATION NAME:**
- **EIN:** 456245636
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90216
- **FILM NUMBER:** 251177988

**BUSINESS ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-276-6300

**MAIL ADDRESS:**
- **STREET 1:** 300 CRESCENT COURT
- **STREET 2:** SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIGHLAND INCOME FUND\MA
- **DATE OF NAME CHANGE:** 20190521

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIGHLAND FLOATING RATE OPPORTUNITIES FUND
- **DATE OF NAME CHANGE:** 20170925

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIGHLAND FLOATING RATE OPPORTUNITIES FUND II
- **DATE OF NAME CHANGE:** 20170628
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Saba Capital Management, L.P.
- **CENTRAL INDEX KEY:** 0001510281

**ORGANIZATION NAME:**
- **EIN:** 800361690
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 405 LEXINGTON AVENUE
- **STREET 2:** 58TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10174
- **BUSINESS PHONE:** 212-542-4635

**MAIL ADDRESS:**
- **STREET 1:** 405 LEXINGTON AVENUE
- **STREET 2:** 58TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10174

## Ex-1

------

**EXHIBIT 1**

**JOINT FILING AGREEMENT**<br>**PURSUANT TO RULE 13d-1(k)**

The undersigned acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13D shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

DATE: August 1, 2025

---

| |
|:---|
| SABA CAPITAL MANAGEMENT, L.P. |
| /s/ Michael D'Angelo |
| Name: Michael D'Angelo |
| Title: General Counsel |
| SABA CAPITAL MANAGEMENT GP, LLC |
| /s/ Michael D'Angelo |
| Name: Michael D'Angelo |
| Title: Authorized Signatory |
| BOAZ R. WEINSTEIN |
| /s/ Michael D'Angelo |
| Name: Michael D'Angelo |
| Title: Attorney-in-fact\* |
| Title: Attorney-in-fact\* |

---

------

## Ex-2

------

<u>EXHIBIT 2</u>

<u>Schedule A</u>

This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital within the past sixty days prior to 7/30/25, the date of the event which required filing of this Schedule 13D. All transactions were effectuated in the open market through a broker.

---

| | | | |
|:---|:---|:---|:---|
| **Trade Date** | **Buy/Sell** | **Shares** | **Price** |
| 6/3/2025 | Buy | 107276 | 5.10 |
| 6/4/2025 | Buy | 66864 | 5.14 |
| 6/5/2025 | Buy | 38272 | 5.17 |
| 6/6/2025 | Buy | 60300 | 5.17 |
| 6/9/2025 | Buy | 23668 | 5.15 |
| 6/10/2025 | Buy | 80243 | 5.21 |
| 6/11/2025 | Buy | 46157 | 5.22 |
| 6/12/2025 | Buy | 41685 | 5.21 |
| 6/18/2025 | Buy | 45500 | 5.20 |
| 6/23/2025 | Buy | 3980 | 5.18 |
| 6/24/2025 | Buy | 61554 | 5.24 |
| 6/25/2025 | Buy | 2012 | 5.20 |
| 6/26/2025 | Buy | 17266 | 5.22 |
| 6/27/2025 | Buy | 16565 | 5.25 |
| 6/30/2025 | Buy | 17877 | 5.21 |
| 7/1/2025 | Buy | 1785 | 5.25 |
| 7/8/2025 | Buy | 1857 | 5.20 |
| 7/10/2025 | Buy | 10372 | 5.23 |
| 7/11/2025 | Buy | 24872 | 5.19 |
| 7/14/2025 | Buy | 1307 | 5.21 |
| 7/16/2025 | Buy | 4693 | 5.23 |
| 7/17/2025 | Buy | 10050 | 5.22 |
| 7/18/2025 | Buy | 101515 | 5.19 |
| 7/21/2025 | Buy | 108420 | 5.18 |
| 7/22/2025 | Buy | 28353 | 5.19 |
| 7/23/2025 | Buy | 127598 | 5.23 |
| 7/25/2025 | Buy | 37651 | 5.23 |
| 7/28/2025 | Buy | 2200 | 5.20 |
| 7/29/2025 | Buy | 14070 | 5.21 |
| 7/30/2025 | Buy | 46807 | 5.28 |

---

------

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Highland Opportunities and Income Fund**

*(Name of Issuer)*

**Common Shares, $0.001 par value**

*(Title of Class of Securities)*

**43010E404**

*(CUSIP Number)*

**Saba Capital Management, L.P.**<br>405 Lexington Avenue, 58th Floor<br>Attention: Michael D'Angelo<br>New York NY 10174<br>(212) 542-4635

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**07/30/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **43010E404** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Saba Capital Management, L.P.** | Name of reporting person<br>**Saba Capital Management, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2792709.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2792709.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2792709.00** | Aggregate amount beneficially owned by each reporting person<br>**2792709.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.05%** | Percent of class represented by amount in Row (11)<br>**5.05%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The percentages used herein are calculated based upon 55,326,802 shares of common stock outstanding as of 4/30/25, as disclosed in the company's DEF 14A filed 5/7/25.

| **CUSIP No.** | **43010E404** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Boaz R. Weinstein** | Name of reporting person<br>**Boaz R. Weinstein** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**NEW YORK** | Citizenship or place of organization<br>**NEW YORK** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2792709.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2792709.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2792709.00** | Aggregate amount beneficially owned by each reporting person<br>**2792709.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.05%** | Percent of class represented by amount in Row (11)<br>**5.05%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The percentages used herein are calculated based upon 55,326,802 shares of common stock outstanding as of 4/30/25, as disclosed in the company's DEF 14A filed 5/7/25.

| **CUSIP No.** | **43010E404** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Saba Capital Management GP, LLC** | Name of reporting person<br>**Saba Capital Management GP, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2792709.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2792709.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2792709.00** | Aggregate amount beneficially owned by each reporting person<br>**2792709.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.05%** | Percent of class represented by amount in Row (11)<br>**5.05%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The percentages used herein are calculated based upon 55,326,802 shares of common stock outstanding as of 4/30/25, as disclosed in the company's DEF 14A filed 5/7/25.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, $0.001 par value

**(b) Name of Issuer:**
Highland Opportunities and Income Fund

**(c) Address of Issuer's Principal Executive Offices:**
300 Crescent Court, Suite 700, Dallas, TX, 75201

**Item 4. Purpose of Transaction**

The Reporting Persons acquired the Common Shares to which this Schedule 13D relates in the ordinary course of business for investment purposes because they believe that the Common Shares are undervalued and represent an attractive investment opportunity.

The Reporting Persons may engage in discussions with management, the Board of Trustees (the "Board"), other shareholders of the Issuer and other relevant parties, including representatives of any of the foregoing, concerning the Reporting Persons' investment in the Common Shares and the Issuer, including, without limitation, matters concerning the Issuer's business, operations, board appointments, governance, performance, management, capitalization, trading of the Common Shares at a discount to the Issuer's net asset value and strategic plans and matters relating to the open or closed end nature of the Issuer and timing of any potential liquidation of the Issuer. The Reporting Persons may exchange information with any persons pursuant to appropriate confidentiality or similar agreements or otherwise, work together with any persons pursuant to joint agreements or otherwise, propose changes in the Issuer's business, operations, board appointments, governance, management, capitalization, strategic plans or matters relating to the open or closed end nature of the Issuer or timing of any potential liquidation of the Issuer, or propose or engage in one or more other actions set forth herein.

The Reporting Persons may also propose or take one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D, including the solicitation of proxies, and may discuss such actions with the Issuer and Issuer's management and the board of trustees, other stockholders of the Issuer and other interested parties. The Reporting Persons may make binding or non-binding shareholder proposals, or may nominate one or more individuals as nominees for election to the Board in connection with their investment in the Common Shares of the Issuer.

The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the outcome of any discussions referenced above, the Issuer's financial position and strategic direction, actions taken by management or the Board, price levels of the Common Shares, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate, including, without limitation, purchasing additional Common Shares or selling some or all of their Common Shares, engaging in short selling of or any hedging or similar transactions with respect to the Common Shares and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of Schedule 13D. The Reporting Persons may, at any time and from time to time, review or reconsider their position and/or change their purpose and/or formulate plans or additional proposals with respect to their investment in the Common Shares.

The Reporting Persons have not entered into any agreement with any third party to act together for the purpose of acquiring, holding, voting or disposing of the Common Shares reported herein.

**Item 5. Interest in Securities of the Issuer**

**(a)**
See the Reporting Persons section of this Schedule 13D for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons.  The percentages used herein are calculated based upon 55,326,802 shares of common stock outstanding as of 4/30/25, as disclosed in the company's DEF 14A filed 5/7/25.

**(b)**
See the Reporting Persons section of this Schedule 13D for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.

**(c)**
The transactions in the Common Shares effected by the Reporting Persons within the past sixty days prior to 7/30/25, the date of the event which required filing of this Schedule 13D, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Other than the Joint Filing Agreement attached as Exhibit 1 hereto, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any other securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or loss, or the giving or withholding of proxies.

### 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.

**Reporting Person:** Saba Capital Management, L.P.

**Signature:** /s/ Michael D'Angelo

**Name/Title:** General Counsel

**Date:** 08/01/2025

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.

**Reporting Person:** Boaz R. Weinstein

**Signature:** /s/ Michael D'Angelo

**Name/Title:** Authorized Signatory

**Date:** 08/01/2025

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.

**Reporting Person:** Saba Capital Management GP, LLC

**Signature:** /s/ Michael D'Angelo

**Name/Title:** Attorney-in-fact*

**Date:** 08/01/2025