Saba Capital adds 41,899 Highland Opportunities & Income (HFRO) shares

Rhea-AI Filing Summary

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.

Insider Trade Summary

Net Buyer: 41,899 shares ($273,940)

Net Buy 2 txns

Insider Saba Capital Management, L.P.

Role null

Bought 41,899 shs ($274K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	31,928	$6.55	$209K
Purchase	Common Stock	9,971	$6.50	$65K

Holdings After Transaction: Common Stock — 5,715,533 shares (Indirect, -)

Footnotes (1)

Key Figures

Shares bought May 29, 2026: 31,928 shares Shares bought May 28, 2026: 9,971 shares Total shares bought: 41,899 shares +3 more

6 metrics

Shares bought May 29, 2026 31,928 shares Open-market purchase at $6.55 per share

Shares bought May 28, 2026 9,971 shares Open-market purchase at $6.50 per share

Total shares bought 41,899 shares Net buy across two open-market transactions

Price May 28 purchase $6.50/share HFRO common stock open-market buy

Price May 29 purchase $6.55/share HFRO common stock open-market buy

Holdings after transactions 5,715,533 shares Indirect HFRO common stock holdings after May 29, 2026

Key Terms

open-market purchase, ten percent owner, indirect ownership, Form 4

4 terms

open-market purchase financial

"transaction_action": "open-market purchase""

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

ten percent owner regulatory

"is_ten_percent_owner": 1"

indirect ownership financial

"ownership_type": "indirect""

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/28/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/28/2026		P		9,971	A	$6.5	5,683,605	I	-
Common Stock	05/29/2026		P		31,928	A	$6.55	5,715,533	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	06/01/2026
	Boaz Weinstein	06/01/2026
	** 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 4 (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 4: SEC 1474 (03-26)

FAQ

What did Saba Capital Management report in this HFRO Form 4 filing?

Saba Capital Management, L.P. reported open-market purchases of Highland Opportunities & Income Fund common stock. The filing shows two indirect buy transactions in late May 2026, increasing its reported HFRO share holdings.

How many HFRO shares did Saba Capital buy according to this Form 4?

Saba Capital bought a total of 41,899 HFRO common shares. The purchases were split between 9,971 shares on May 28, 2026 and 31,928 shares on May 29, 2026 in open-market transactions.

At what prices did Saba Capital purchase HFRO shares?

Saba Capital purchased HFRO common stock at $6.50 and $6.55 per share. It bought 9,971 shares at $6.50 on May 28, 2026 and 31,928 shares at $6.55 on May 29, 2026 in open-market transactions.

How many HFRO shares does Saba Capital report owning after these transactions?

Following these transactions, Saba Capital reported 5,715,533 HFRO common shares owned indirectly. This figure reflects its position after the May 29, 2026 purchase and is disclosed as indirect ownership in the Form 4 data.

Is Saba Capital considered a major holder of Highland Opportunities & Income Fund?

Yes. The Form 4 identifies Saba Capital Management, L.P. as a more than ten percent owner of Highland Opportunities & Income Fund. This status means it is a significant shareholder subject to ongoing SEC reporting requirements.

Were these HFRO transactions direct or indirect holdings for Saba Capital?

The Form 4 labels these HFRO holdings as indirect ownership. Each reported transaction is coded with indirect ownership, indicating the shares are held through an entity or structure associated with Saba Capital, not as direct personal holdings.