What price did Saba Capital pay per HFRO share in this Form 4 filing?

Saba Capital paid $6.66 for each HFRO common share in the reported trade. The Form 4 classifies this as an open-market purchase, with all 28,440 shares acquired at that per-share price on June 3, 2026.

Saba Capital (NYSE: HFRO) adds 28,440 fund shares in open-market buy

Filing Impact

(Moderate)

Filing Sentiment

(Positive)

Form Type

Rhea-AI Filing Summary

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.

Insider Trade Summary

Net Buyer: 28,440 shares

Net Buy 1 txn

Insider Saba Capital Management, L.P.

Role 10% Owner

Bought 28,440 shs ($189K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	28,440	$6.66	$189K

Holdings After Transaction: Common Stock — 5,827,839 shares (Indirect, -)

Key Figures

Shares purchased: 28,440 shares Purchase price: $6.66 per share Total shares after transaction: 5,827,839 shares

3 metrics

Shares purchased 28,440 shares Open-market purchase of HFRO common stock on June 3, 2026

Purchase price $6.66 per share Price for HFRO common stock in reported transaction

Total shares after transaction 5,827,839 shares Indirect HFRO holdings by Saba Capital following trade

Key Terms

open-market purchase, ten percent owner, indirect ownership

3 terms

open-market purchase financial

"classified as an open-market purchase of HFRO common stock"

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 financial

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

indirect ownership financial

"the Form 4 reports the position as indirect ownership of shares"

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/04/2026 - 05:13 PM Accepted by SEC EDGAR 06/04/2026 - 05:12 PM

FAQ

What insider transaction did Saba Capital report for HFRO?

Saba Capital Management reported buying 28,440 HFRO common shares in the open market at $6.66 per share. This Form 4 filing shows an increase in its indirect ownership position in Highland Opportunities & Income Fund.

How many HFRO shares does Saba Capital hold after this transaction?

After the reported trade, Saba Capital indirectly holds 5,827,839 HFRO common shares. This figure reflects its total indirect position immediately following the June 3, 2026 open-market purchase disclosed in the Form 4.

Was the HFRO insider transaction a purchase or a sale?

The HFRO insider transaction was a purchase. Saba Capital Management executed an open-market buy of 28,440 HFRO common shares at a price of $6.66 per share, increasing its overall indirect holdings.

Is Saba Capital a ten percent owner of HFRO in this filing?

Yes. The Form 4 identifies Saba Capital Management, L.P. as a ten percent owner of HFRO. The filing reports an additional open-market purchase that increased its indirect holdings to 5,827,839 common shares.

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

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)
06/03/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/03/2026		P		28,440	A	$6.66	5,827,839	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	06/04/2026
	Boaz Weinstein	06/04/2026
	** 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)

Source: View Original Filing on SEC EDGAR