Please wait



Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Checkbox not checked   Rule 13d-1(b)
Checkbox not checked   Rule 13d-1(c)
Checkbox not checked   Rule 13d-1(d)


X0202 SCHEDULE 13D/A 0001437749-25-029589 0001228922 XXXXXXXX LIVE 3 Common Shares, par value $0.001 per share 3/30/2026 false 0001710680 43010E404 HIGHLAND OPPORTUNITIES & INCOME FUND 300 CRESCENT COURT DALLAS TX 75201 Stephanie Vitiello, CCO 214-453-6500 NexPoint Asset Management, L.P. 300 Crescent Court, Suite 700 Dallas TX 75201 0001228922 N DONDERO JAMES D b WC AF N X1 1744.03 4701263.03 1744.03 4701263.03 4703007.06 N 8.5 HC IN 0001622148 N HIGHLAND GLOBAL ALLOCATION FUND b WC N MA 0.00 2612465.00 0.00 2612465.00 2612465.00 N 4.7 IV Y Drugcrafters, L.P. b WC N DE 0.00 72082.00 0.00 72082.00 72082.00 N 0.1 PN 0001469877 N NEXPOINT ASSET MANAGEMENT, L.P. b WC AF N DE 0.00 2612465.00 0.00 2612465.00 2612465.00 N 4.7 IA PN 0001656757 N DONDERO NANCY MARIE b AF N X1 0.00 2016716.03 0.00 2016716.03 2016716.03 N 3.6 IN Common Shares, par value $0.001 per share HIGHLAND OPPORTUNITIES & INCOME FUND 300 CRESCENT COURT DALLAS TX 75201 This Amendment No. 3 (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 and as subsequently amended on December 10, 2025 (the "Schedule 13D"). The Schedule 13D is supplementally amended as follows. Since the last transaction reported in the Schedule 13D, GAF has purchased 548,460 Common Shares in open market transactions with the Reporting Person's working capital, with an aggregate purchase price of $3,340,622. As of March 30, 2025, (i) James D. Dondero may be deemed to beneficially own 4,703,077.06 Common Shares, which represents approximately 8.5% 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 2,612,465 shares of Common Shares, which represents approximately 4.7% of the outstanding Common Shares, (iv) NexPoint may be deemed to beneficially own 2,612,465 shares of Common Shares, which represents approximately 4.7% of the outstanding Common Shares and (v) Nancy Marie Dondero, in her capacity as trustee of a trust, may be deemed to beneficially own 2,016,716.03 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. (1) Mr. Dondero has sole voting power and sole dispositive power with respect to 1,744.03 Common Shares and shared voting power and shared dispositive power with respect to 4,701,263.03 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 2,612,465 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 2,612,465 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 2,016,716.03 Common Shares. Ms. Dondero is the sister of Mr. Dondero and disclaims beneficial ownership of such shares. Annex A attached hereto lists all transactions in Common Shares effected in the last 60 days by the Reporting Persons or on behalf of the Reporting Persons other than 3,673.38 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. No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Common Shares. Not applicable. Exhibit 99.1 Annex A DONDERO JAMES D /s/ James D. Dondero James D. Dondero 04/01/2026 HIGHLAND GLOBAL ALLOCATION FUND /s/ Stephanie Vitiello Stephanie Vitiello, Chief Compliance Officer 04/01/2026 Drugcrafters, L.P. /s/ James D. Dondero James D. Dondero, Managing Member of the General Partner 04/01/2026 NEXPOINT ASSET MANAGEMENT, L.P. /s/ James D. Dondero James D. Dondero, President 04/01/2026 DONDERO NANCY MARIE /s/ Nancy Marie Dondero Nancy Marie Dondero 04/01/2026