Saba Capital boosts Highland Opportunities & Income Fund (HFRO) stake with buy

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 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.

Insider Trade Summary

Net Buyer: 20,490 shares ($128,063)

Net Buy 1 txn

Insider Saba Capital Management, L.P.

Role null

Bought 20,490 shs ($128K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	20,490	$6.25	$128K

Holdings After Transaction: Common Stock — 5,657,776 shares (Indirect, -)

Footnotes (1)

Key Figures

Shares purchased: 20,490 shares Purchase price: $6.25 per share Shares held after trade: 5,657,776 shares

3 metrics

Shares purchased 20,490 shares Open-market purchase on May 21, 2026

Purchase price $6.25 per share Price paid for HFRO common stock

Shares held after trade 5,657,776 shares Indirect HFRO holdings following the transaction

Key Terms

open-market purchase, indirect ownership, ten percent owner

3 terms

open-market purchase financial

"transaction_action: "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.

indirect ownership financial

"ownership_type is reported as "indirect" for these shares"

ten percent owner financial

"reporting person is flagged as a "ten percent owner""

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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)
05/21/2026

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	05/21/2026		P		20,490	A	$6.25	5,657,776	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	05/26/2026
	Boaz Weinstein	05/26/2026
	** 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 insider transaction did Saba Capital report for HFRO?

Saba Capital reported an open-market purchase of HFRO common stock. It bought 20,490 shares at $6.25 per share, increasing its already sizable indirect ownership position in Highland Opportunities & Income Fund.

How many HFRO shares did Saba Capital buy and at what price?

Saba Capital bought 20,490 HFRO common shares at $6.25 each. This was an open-market purchase that modestly increased its stake while maintaining a large overall indirect holding in the fund.

What is Saba Capital’s total HFRO stake after this Form 4 transaction?

After the reported trade, Saba Capital indirectly holds 5,657,776 HFRO common shares. This filing shows only a small incremental purchase relative to that large existing position in Highland Opportunities & Income Fund.

When did Saba Capital’s HFRO share purchase occur?

The HFRO share purchase took place on May 21, 2026. On that date, Saba Capital executed an open-market trade for 20,490 common shares at a price of $6.25 per share.

Is Saba Capital considered a major owner of HFRO?

Yes. Saba Capital is identified as a ten percent owner of HFRO. Following its latest open-market purchase, it indirectly holds 5,657,776 common shares, reflecting a significant position in Highland Opportunities & Income Fund.

Was the HFRO transaction by Saba Capital direct or indirect ownership?

The Form 4 classifies Saba Capital’s HFRO holdings as indirect ownership. After buying 20,490 additional shares in the open market, its total indirect position stands at 5,657,776 common shares of the fund.