Saba Capital (NYSE: HFRO) adds 16,100 shares, lifting stake to 5.57M

Rhea-AI Filing Summary

Saba Capital Management, L.P., a ten percent owner of Highland Opportunities & Income Fund, reported an open-market purchase of 16,100 shares of common stock at $6.18 per share. Following this transaction, Saba Capital’s indirect holdings increased to 5,574,310 shares of HFRO common stock.

Insider Trade Summary

Net Buyer: 16,100 shares ($99,498)

Net Buy 1 txn

Insider Saba Capital Management, L.P.

Role null

Bought 16,100 shs ($99K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	16,100	$6.18	$99K

Holdings After Transaction: Common Stock — 5,574,310 shares (Indirect, -)

Footnotes (1)

Key Figures

Shares purchased: 16,100 shares Purchase price: $6.18 per share Holdings after transaction: 5,574,310 shares +2 more

5 metrics

Shares purchased 16,100 shares Open-market purchase of HFRO common stock

Purchase price $6.18 per share Price paid in the reported HFRO transaction

Holdings after transaction 5,574,310 shares Saba Capital indirect HFRO common stock position

Transaction date 2026-05-18 Date of open-market purchase

Transaction type Open-market purchase (Code P) Non-derivative Form 4 transaction

Key Terms

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

4 terms

open-market purchase financial

"reported an open-market purchase of 16,100 shares of 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 regulatory

"Saba Capital Management, L.P., a ten percent owner of Highland"

indirect holdings financial

"Following this transaction, Saba Capital’s indirect holdings increased"

Form 4 regulatory

"This Form 4 filing reflects additional indirect ownership"

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.

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)
05/18/2026

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	05/18/2026		P		16,100	A	$6.18	5,574,310	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	05/19/2026
	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 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 Management, L.P. reported an open-market purchase of 16,100 HFRO common shares at $6.18 per share. This Form 4 filing reflects additional indirect ownership in Highland Opportunities & Income Fund common stock by a ten percent owner.

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

After the reported transaction, Saba Capital Management, L.P. indirectly holds 5,574,310 shares of HFRO common stock. This updated position reflects the addition of 16,100 shares acquired through an open-market purchase at a price of $6.18 per share.

Was the HFRO insider trade by Saba Capital a purchase or a sale?

The HFRO insider trade reported by Saba Capital Management, L.P. was a purchase. The firm executed an open-market buy of 16,100 common shares at $6.18 per share, increasing its total indirect holdings to 5,574,310 shares of Highland Opportunities & Income Fund.

What price did Saba Capital pay per share in the HFRO transaction?

Saba Capital paid $6.18 per share in its HFRO transaction. The firm bought 16,100 common shares in an open-market purchase, bringing its total indirect holdings in Highland Opportunities & Income Fund to 5,574,310 common shares after the trade.

Is Saba Capital considered a major shareholder of HFRO?

Yes, Saba Capital Management, L.P. is identified as a ten percent owner of HFRO. In this Form 4, the firm reported buying 16,100 additional common shares, increasing its indirect position to 5,574,310 shares of Highland Opportunities & Income Fund.