# EDGAR Filing Document

**Accession Number:** 0001228922
**File Stem:** 0001437749-25-037460
**Filing Date:** 2025-12
**Character Count:** 20820
**Document Hash:** f4246944c1e2930f2e97240709057fe1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-037460.hdr.sgml**: 20251210

**ACCESSION NUMBER**: 0001437749-25-037460

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251210

**DATE AS OF CHANGE**: 20251210

**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/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90216
- **FILM NUMBER:** 251563309

**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:** DONDERO JAMES D
- **CENTRAL INDEX KEY:** 0001228922

**ORGANIZATION NAME:**

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

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

## Exhibit 99.1

**Exhibit 99.1**

**<u>ANNEX A</u>**

**TRANSACTIONS**

The following table sets forth all transactions with respect to the Common Shares effected in the last 60 days by the Reporting Persons or on behalf of the Reporting Persons in respect of the Common Shares other than Common Shares acquired under a dividend reinvestment plan, which is described in Item 5(c), inclusive of any transactions effected through 4:00 p.m., New York City time, on December 10, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Nature of Transaction** | **Quantity** | **Price** |
| 10/13/2025<br> GAF | Open Market Purchase | 13848 | $6.51 |
| 10/14/2025<br> GAF | Open Market Purchase | 33885 | $6.49 |
| 10/15/2025<br> GAF | Open Market Purchase | 34694 | $6.49 |
| 10/16/2025<br> GAF | Open Market Purchase | 25843 | $6.14 |
| 10/17/2025<br> GAF | Open Market Purchase | 1932 | $6.45 |
| 10/20/2025<br> GAF | Open Market Purchase | 37064 | $6.44 |
| 10/21/2025<br> GAF | Open Market Purchase | 17879 | $6.45 |
| 10/22/2025<br> GAF | Open Market Purchase | 8095 | $6.40 |
| 10/23/2025<br> GAF | Open Market Purchase | 2859 | $6.40 |
| 10/24/2025<br> GAF | Open Market Purchase | 268 | $6.40 |
| 10/27/2025<br> GAF | Open Market Purchase | 6129 | $6.45 |
| 10/28/2025<br> GAF | Open Market Purchase | 23831 | $6.45 |
| 10/30/2025<br> GAF | Open Market Purchase | 14149 | $6.45 |
| 10/31/2025<br> GAF | Open Market Purchase | 9796 | $6.50 |
| 11/3/2025<br> GAF | Open Market Purchase | 3869 | $6.45 |
| 11/4/2025<br> GAF | Open Market Purchase | 1700 | $6.45 |
| 11/5/2025<br> GAF | Open Market Purchase | 36238 | $6.45 |
| 11/6/2025<br> GAF | Open Market Purchase | 1938 | $6.45 |
| 11/7/2025<br> GAF | Open Market Purchase | 20050 | $6.45 |
| 11/10/2025<br> GAF | Open Market Purchase | 1190 | $6.45 |
| 11/12/2025<br> GAF | Open Market Purchase | 56586 | $6.47 |
| 11/13/2025<br> GAF | Open Market Purchase | 67287 | $6.44 |
| 11/14/2025<br> GAF | Open Market Purchase | 40000 | $6.44 |
| 11/17/2025<br> GAF | Open Market Purchase | 27197 | $6.39 |
| 12/8/2025<br> GAF | Open Market Purchase | 17475 | $6.11 |
| 12/9/2025<br> GAF | Open Market Purchase | 15164 | $6.14 |
| 12/10/2025<br> GAF | Open Market Purchase | 117361 | $6.12 |

---

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**HIGHLAND OPPORTUNITIES & INCOME FUND**

*(Name of Issuer)*

**Common Shares, par value $0.001 per share**

*(Title of Class of Securities)*

**43010E404**

*(CUSIP Number)*

**Stephanie Vitiello, CCO**<br>NexPoint Asset Management, L.P.<br>300 Crescent Court, Suite 700<br>Dallas TX 75201<br>214-453-6500

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

**12/10/2025**

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

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**DONDERO JAMES D** | Name of reporting person<br>**DONDERO JAMES D** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 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>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1743.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4144711.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1743.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4144711.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4144711.00** | Aggregate amount beneficially owned by each reporting person<br>**4144711.00** | |
| 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>**7.5%** | Percent of class represented by amount in Row (11)<br>**7.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**HIGHLAND GLOBAL ALLOCATION FUND** | Name of reporting person<br>**HIGHLAND GLOBAL ALLOCATION FUND** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 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>**MASSACHUSETTS** | Citizenship or place of organization<br>**MASSACHUSETTS** | |
| 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>**2064005.00** |
| 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>**2064005.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2064005.00** | Aggregate amount beneficially owned by each reporting person<br>**2064005.00** | |
| 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>**3.7%** | Percent of class represented by amount in Row (11)<br>**3.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IV** | Type of Reporting Person (See Instructions)<br>**IV** | |

---

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Drugcrafters, L.P.** | Name of reporting person<br>**Drugcrafters, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 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>**72082.00** |
| 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>**72082.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**72082.00** | Aggregate amount beneficially owned by each reporting person<br>**72082.00** | |
| 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>**0.1%** | Percent of class represented by amount in Row (11)<br>**0.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**NEXPOINT ASSET MANAGEMENT, L.P.** | Name of reporting person<br>**NEXPOINT ASSET MANAGEMENT, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 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>**2064005.00** |
| 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>**2064005.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2064005.00** | Aggregate amount beneficially owned by each reporting person<br>**2064005.00** | |
| 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>**3.7%** | Percent of class represented by amount in Row (11)<br>**3.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**DONDERO NANCY MARIE** | Name of reporting person<br>**DONDERO NANCY MARIE** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 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>**X1** | Citizenship or place of organization<br>**X1** | |
| 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>**2006881.00** |
| 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>**2006881.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2006881.00** | Aggregate amount beneficially owned by each reporting person<br>**2006881.00** | |
| 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>**3.6%** | Percent of class represented by amount in Row (11)<br>**3.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

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

**(b) Name of Issuer:**
HIGHLAND OPPORTUNITIES & INCOME FUND

**(c) Address of Issuer's Principal Executive Offices:**
300 CRESCENT COURT, DALLAS, TX, 75201

This Amendment No. 2 (this "Amendment") is being filed on behalf of James D. Dondero, Highland Global Allocation Fund, a Massachusetts business trust ("GAF"), Drugcrafters, L.P., a Delaware limited partnership ("Drugcrafters"), NexPoint Asset Management, L.P., a Delaware limited partnership ("NexPoint"), and Nancy Marie Dondero (collectively, the "Reporting Persons"), and amends the Schedule 13D filed with the United States Securities and Exchange Commission on September 22, 2025, as subsequently amended on October 7, 2025 (the "Schedule 13D").  The Schedule 13D is supplementally amended as follows.

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

**(a)**
As of December 10, 2025, (i) James D. Dondero may be deemed to beneficially own 4,144,711.77 Common Shares, which represents approximately 7.5% of the outstanding Common Shares, (ii) Drugcrafters may be deemed to beneficially own 72,082 Common Shares, which represents approximately 0.1% of the outstanding Common Shares, (iii) GAF may be deemed to beneficially own 2,064,005 shares of Common Shares, which represents approximately 3.7% of the outstanding Common Shares, (iv) NexPoint may be deemed to beneficially own 2,064,005 shares of Common Shares, which represents approximately 3.7% of the outstanding Common Shares and (v) Nancy Marie Dondero, in her capacity as trustee of a trust, may be deemed to beneficially own 2,006,881.1 shares of Common Shares, which represents approximately 3.6% of the outstanding Common Shares. James D. Dondero has the right to acquire beneficial ownership of all shares of Common Shares owned by the trust referred to in the preceding sentence.

**(b)**
(1)    Mr. Dondero has sole voting power and sole dispositive power with respect to 1,743.67 Common Shares and shared voting power and shared dispositive power with respect to 4,144,711.77 Common Shares. These shares are held by Mr. Dondero indirectly through NexPoint and their advised accounts (as described in paragraph (4) below), Drugcrafters, a proprietary account and a 401(k) account. These also include shares that Mr. Dondero has the right to acquire beneficial ownership of that are held by the trust referred to in Item 5(a), for which he does not serve as trustee.  Mr. Dondero is the sole stockholder and director of NexPoint's general partner, and may be deemed to be an indirect beneficial owner of the shares held by NexPoint. Mr. Dondero disclaims beneficial ownership of such shares.

(2)    Drugcrafters has sole voting power and sole dispositive power with respect to 0 Common Shares and shared voting power and shared dispositive power with respect to 72,082 Common Shares. Mr. Dondero owns 75% of PCMG Trading Partners XXIII, L.P. ("PCMG") and PCMG owns 99% of Drugcrafters. These entities are ultimately controlled by Mr. Dondero. Mr. Dondero may be deemed to be an indirect beneficial owner of the shares held by Drugcrafters. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

(3)    GAF has sole voting power and sole dispositive power with respect to 0 Common Shares and shared voting power and shared dispositive power with respect to 2,064,005 Common Shares. GAF is managed by NexPoint, which is ultimately controlled by Mr. Dondero. Mr. Dondero may be deemed to be an indirect beneficial owner of the shares held by GAF. Mr. Dondero disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

(4)    NexPoint has sole voting power and sole dispositive power with respect to 0 Common Shares and shared voting power and shared dispositive power with respect to 2,064,005 Common Shares. These shares are held by NexPoint indirectly through an advised account. Mr. Dondero is the sole stockholder and director of NexPoint's general partner, and may be deemed to be an indirect beneficial owner of the shares held by NexPoint.

(5)    A trust for which Ms. Dondero serves as trustee has sole voting power and sole dispositive power with respect to 0 Common Shares and shared voting power and shared dispositive power with respect to 2,006,881.1 Common Shares. Ms. Dondero is the sister of Mr. Dondero and disclaims beneficial ownership of such shares.

**(c)**
Annex A attached hereto lists all transactions in Common Shares since the filing of the Schedule 13D by the Reporting Persons other than 9,353.18 Common Shares received by a trust for which Ms. Dondero serves as trustee pursuant to the Issuer's dividend reinvestment program. Except as otherwise noted, the transactions in Common Shares were effected in the open market.

### 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:** DONDERO JAMES D

**Signature:** /s/ James D. Dondero

**Name/Title:** James D. Dondero

**Date:** 12/10/2025

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:** HIGHLAND GLOBAL ALLOCATION FUND

**Signature:** /s/ Stephanie Vitiello

**Name/Title:** Stephanie Vitiello, Chief Compliance Officer

**Date:** 12/10/2025

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:** Drugcrafters, L.P.

**Signature:** /s/ James D. Dondero

**Name/Title:** James D. Dondero, Managing Member of the General Partner

**Date:** 12/10/2025

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:** NEXPOINT ASSET MANAGEMENT, L.P.

**Signature:** /s/ James D. Dondero

**Name/Title:** James D. Dondero, President

**Date:** 12/10/2025

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:** DONDERO NANCY MARIE

**Signature:** /s/ Nancy Marie Dondero

**Name/Title:** Nancy Marie Dondero

**Date:** 12/10/2025