Saba Capital reports 5.56M HFRO shares on Form 3

Saba Capital Management, L.P. filed an initial ownership report as a ten percent owner of Highland Opportunities & Income Fund.

Rhea-AI Filing Summary

Saba Capital Management, L.P. filed an initial ownership report as a ten percent owner of Highland Opportunities & Income Fund. The filing shows indirect beneficial ownership of 5,558,210 shares of Common Stock. This Form 3 records Saba’s existing position and does not disclose any new purchases or sales.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Saba Capital Management, L.P.

Role 10% Owner

Type	Security	Shares	Price	Value
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 5,558,210 shares (Indirect, -)

Key Figures

Indirect common shares owned: 5,558,210 shares Owner status: Ten percent owner Security class: Common Stock

3 metrics

Indirect common shares owned 5,558,210 shares Total shares beneficially owned indirectly following the reported position

Owner status Ten percent owner Saba Capital’s status as reported in the Form 3

Security class Common Stock Class of Highland Opportunities & Income Fund shares reported

Key Terms

ten percent owner, Common Stock, indirect ownership

3 terms

ten percent owner regulatory

"Saba Capital Management, L.P. is marked as a ten percent owner."

Common Stock financial

"The security title reported is Common Stock of Highland Opportunities & Income Fund."

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

indirect ownership financial

"The filing classifies the holding as indirect with ownership code I."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does Saba Capital disclose in its HFRO Form 3 filing?

Saba Capital Management, L.P. reports indirect beneficial ownership of 5,558,210 shares of Common Stock of Highland Opportunities & Income Fund. This Form 3 establishes Saba as a ten percent owner and records its position without detailing any recent trades.

Is Saba Capital buying or selling HFRO shares in this Form 3?

The Form 3 does not report any buys or sells. It is an initial ownership statement showing Saba Capital’s existing indirect holding of 5,558,210 HFRO common shares, rather than a record of new transactions in the stock.

How many HFRO shares does Saba Capital report owning?

Saba Capital reports indirect beneficial ownership of 5,558,210 shares of Highland Opportunities & Income Fund Common Stock. This figure reflects Saba’s position after the reporting date and is used to document that it is a significant, ten percent owner.

Is Saba Capital a ten percent owner of Highland Opportunities & Income Fund (HFRO)?

Yes. The Form 3 indicates Saba Capital Management, L.P. is a ten percent owner of Highland Opportunities & Income Fund. That status is supported by its reported indirect beneficial ownership of 5,558,210 common shares in the closed-end investment fund.

Does Saba Capital hold HFRO shares directly or indirectly?

The filing classifies Saba Capital’s position as indirect ownership. It lists 5,558,210 HFRO Common Stock shares held indirectly, meaning the position is held through another entity or structure rather than directly in Saba’s own name.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/19/2026 - 09:51 AM Learn about SEC filing dates

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NEW YORK 10174

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
05/15/2026

3. Issuer Name and Ticker or Trading Symbol
HIGHLAND OPPORTUNITIES & INCOME FUND [ HFRO ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	5,558,210	I	-

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	05/19/2026
	Boaz Weinstein	05/19/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)