Saba Capital (NYSE: HFRO) adds 83,866 fund shares

Rhea-AI Filing Summary

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.

Insider Trade Summary

Net Buyer: 83,866 shares ($561,858)

Net Buy 2 txns

Insider Saba Capital Management, L.P.

Role null

Bought 83,866 shs ($562K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	78,346	$6.71	$526K
Purchase	Common Stock	5,520	$6.55	$36K

Holdings After Transaction: Common Stock — 5,799,399 shares (Indirect, -)

Footnotes (1)

Key Figures

Total shares bought: 83,866 shares June 1 purchase: 5,520 shares at $6.55 June 2 purchase: 78,346 shares at $6.71 +1 more

4 metrics

Total shares bought 83,866 shares Net open-market purchases reported in this Form 4

June 1 purchase 5,520 shares at $6.55 Open-market purchase of HFRO Common Stock on 2026-06-01

June 2 purchase 78,346 shares at $6.71 Open-market purchase of HFRO Common Stock on 2026-06-02

Post-transaction holdings 5,799,399 shares Indirect HFRO Common Stock holdings after June 2 transaction

Key Terms

open-market purchase, Common Stock, ten percent owner, indirect ownership

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.

Common Stock financial

""security_title": "Common Stock""

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.

ten percent owner financial

""is_ten_percent_owner": 1"

indirect ownership financial

""ownership_type": "indirect""

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)
06/01/2026

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	06/01/2026		P		5,520	A	$6.55	5,721,053	I	-
Common Stock	06/02/2026		P		78,346	A	$6.71	5,799,399	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	06/03/2026
	Boaz Weinstein	06/03/2026
	** 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 activity did Saba Capital report for HFRO on this Form 4?

Saba Capital reported two open-market purchases of HFRO Common Stock. It bought 5,520 shares at $6.55 on June 1 and 78,346 shares at $6.71 on June 2, increasing its indirect holdings.

How many HFRO shares did Saba Capital buy in total in this filing?

Saba Capital bought a total of 83,866 HFRO shares in these transactions. The purchases were disclosed as open-market buys of Common Stock and are summarized in the filing’s transaction totals as net-buy activity.

What is Saba Capital’s HFRO shareholding after these purchases?

After these transactions, Saba Capital indirectly holds 5,799,399 HFRO Common Stock shares. This figure reflects its position following the June 2 purchase and is reported as total shares following the transaction in the filing.

At what prices did Saba Capital buy HFRO shares in this Form 4?

Saba Capital bought HFRO Common Stock at two prices: $6.55 per share for 5,520 shares on June 1 and $6.71 per share for 78,346 shares on June 2, according to the reported transaction details.

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

Yes, Saba Capital is reported as a ten percent owner of Highland Opportunities & Income Fund. This status is indicated in the ownership information for the reporting person attached to the insider transaction data.