JAMES DONDERO - 10 Dec 2025 SCHEDULE 13D/A Report for HIGHLAND OPPORTUNITIES & INCOME FUND Common Shares, par value $0.001 per share (HFRO)

Filing Manager: JAMES DONDERO
Reporting Manager: DONDERO JAMES D
Security: HIGHLAND OPPORTUNITIES & INCOME FUND Common Shares, par value $0.001 per share
Symbol: HFRO
Shares outstanding: 55,262,824 shares
Disclosed Ownership: 4,144,712 shares
Ownership: 7.5%
Form type: SCHEDULE 13D/A
Filing time: 10 Dec 2025, 21:00:02 UTC
Date of event: 10 Dec 2025
Previous filing: 07 Oct 2025
SEC: View on sec.gov

Reporting Managers (5)

Name	Ownership	Shares Owned	sole voting power	shared voting power	Signature	Title	CIK
DONDERO JAMES D	7.5%	4,144,712	1,744	4,144,712	/s/ James D. Dondero	James D. Dondero	0001228922
HIGHLAND GLOBAL ALLOCATION FUND	3.7%	2,064,005	0	2,064,005	/s/ Stephanie Vitiello	Stephanie Vitiello, Chief Compliance Officer	0001622148
Drugcrafters, L.P.	0.1%	72,082	0	72,082	/s/ James D. Dondero	James D. Dondero, Managing Member of the General Partner
NEXPOINT ASSET MANAGEMENT, L.P.	3.7%	2,064,005	0	2,064,005	/s/ James D. Dondero	James D. Dondero, President	0001469877
DONDERO NANCY MARIE	3.6%	2,006,881	0	2,006,881	/s/ Nancy Marie Dondero	Nancy Marie Dondero	0001656757