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Highland Opportunities & Income Fund has an updated ownership report from James D. Dondero and related entities. As of July 27, 2026, Dondero may be deemed to beneficially own 5,218,875.74 common shares, or 9.6% of the fund, through direct holdings, NexPoint, Highland Global Allocation Fund, Drugcrafters and a family trust.
Highland Global Allocation Fund and NexPoint each report 3,115,253 shares (5.7%), Drugcrafters holds 72,082 shares (0.1%), and a trust for Nancy Marie Dondero holds 2,029,796.34 shares (3.7%). Since the prior report, GAF purchased 470,400 shares in open‑market transactions for $2,927,625, using working capital. Percentages are based on 54,647,995 common shares outstanding.
Saba Capital Management, L.P., a ten percent owner of HIGHLAND OPPORTUNITIES & INCOME FUND (HFRO), reported an open-market purchase of 123,589 shares of common stock. The shares were bought at a price of $6.88 per share, bringing Saba Capital’s indirect holdings to 5,976,204 shares after the transaction.
Saba Capital Management, L.P., a more than ten percent owner of Highland Opportunities & Income Fund, reported open-market purchases of the fund’s common stock. On June 4 and 5, it bought a total of 24,776 shares at prices between $6.69 and $6.73 per share. Following these transactions, Saba’s indirectly held position reported in this filing increased to 5,852,615 common shares, indicating continued accumulation rather than sales.
Saba Capital Management, L.P., a ten percent owner of Highland Opportunities & Income Fund (HFRO), reported an open-market purchase of 28,440 shares of common stock on June 3, 2026 at $6.66 per share. Following this trade, Saba Capital indirectly holds 5,827,839 HFRO shares.
Saba Capital Management and related reporting persons disclose a 10.47% beneficial stake in Highland Opportunities and Income Fund. They report beneficial ownership of 5,799,399 common shares, calculated against 55,406,502 shares outstanding as of 4/30/26.
Approximately $31,800,960 was paid to acquire these shares, using investor subscription proceeds, capital appreciation, and ordinary-course margin account borrowings. All trades between the prior amendment on 4/14/26 and 6/2/26, the event date triggering this filing, were effected in the open market.
Saba Capital Management, L.P., a ten percent owner of Highland Opportunities & Income Fund (HFRO), reported two open-market purchases of Common Stock. On June 1, it bought 5,520 shares at $6.55 per share, followed by 78,346 shares at $6.71 per share on June 2. After these transactions, Saba Capital indirectly holds 5,799,399 shares of HFRO Common Stock.
Saba Capital Management, L.P., a more than ten percent owner of Highland Opportunities & Income Fund, reported open-market purchases of the fund’s common stock. On May 28, 2026, it bought 9,971 shares at $6.50 per share, and on May 29, 2026 it bought 31,928 shares at $6.55 per share. After these indirect purchases, Saba Capital reported holding 5,715,533 common shares of HFRO.
Saba Capital Management, L.P., a more than ten percent owner of Highland Opportunities & Income Fund (HFRO), reported an open-market purchase of 15,858 shares of common stock at $6.27 per share.
After this transaction, Saba Capital’s indirect holdings in HFRO common stock increased to 5,673,634 shares, indicating a modest addition to an already large position rather than a major change in ownership.
Saba Capital Management, L.P., a ten percent owner of Highland Opportunities & Income Fund (HFRO), reported an open-market purchase of additional shares. On May 21, 2026, it bought 20,490 shares of HFRO common stock at $6.25 per share.
After this transaction, Saba Capital now indirectly holds 5,657,776 HFRO common shares, making this a modest increase in an already large position.
Saba Capital Management, L.P., a ten percent owner of Highland Opportunities & Income Fund (HFRO), reported two open-market purchases of common stock. It bought 22,385 shares at $6.18 on May 19, 2026 and 40,591 shares at $6.23 on May 20, 2026, bringing its indirect holdings to 5,637,286 shares.