Saba Capital buys more HFRO shares in open market

Saba Capital Management, L.P., a ten percent owner of Highland Opportunities & Income Fund (HFRO), reported two open-market purchases of common stock.

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. It bought 22,385 shares at $6.18 on May 19, 2026 and 40,591 shares at $6.23 on May 20, 2026, bringing its indirect holdings to 5,637,286 shares.

Insights

Closed-end fund analyst

Large shareholder added HFRO shares in two open-market buys.

Saba Capital Management, L.P., identified as a ten percent owner of HFRO, executed two open-market purchases totaling 62,976 common shares at prices between $6.18 and $6.23. These are discretionary buys rather than option exercises or tax-related moves.

After these trades, Saba’s indirect position stands at 5,637,286 shares, indicating it remains a substantial holder. The filing does not reference any derivatives or a trading plan, and no remaining derivative positions are listed, so the signal here is purely from additional common-share accumulation.

Insider Trade Summary

Net Buyer: 62,976 shares

Net Buy 2 txns

Insider Saba Capital Management, L.P.

Role 10% Owner

Bought 62,976 shs ($391K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	40,591	$6.23	$253K
Purchase	Common Stock	22,385	$6.18	$138K

Holdings After Transaction: Common Stock — 5,637,286 shares (Indirect, -)

Key Figures

Shares bought May 19, 2026: 22,385 shares Shares bought May 20, 2026: 40,591 shares Total shares bought: 62,976 shares +3 more

6 metrics

Shares bought May 19, 2026 22,385 shares Open-market purchase at $6.18

Shares bought May 20, 2026 40,591 shares Open-market purchase at $6.23

Total shares bought 62,976 shares Two open-market purchases in May 2026

Post-transaction holdings 5,637,286 shares Indirect HFRO common stock after May 20, 2026 trade

Purchase price May 19, 2026 $6.18/share HFRO common stock

Purchase price May 20, 2026 $6.23/share HFRO common stock

Key Terms

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

4 terms

open-market purchase financial

"transaction_action: "open-market purchase" for both HFRO trades"

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. is marked as a ten percent owner"

indirect ownership financial

"direct_or_indirect: "I" and ownership_type: "indirect" for both entries"

Form 4 regulatory

"INSIDER FILING DATA (Form 4) for HFRO"

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

Saba Capital Management reported buying additional Highland Opportunities & Income Fund (HFRO) common shares in the open market. It executed two purchases in May 2026, increasing its indirect ownership stake as a ten percent owner of the fund.

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

Saba Capital bought a total of 62,976 HFRO common shares. The purchases were 22,385 shares on May 19, 2026 and 40,591 shares on May 20, 2026, as disclosed in the Form 4 insider trading report.

At what prices did Saba Capital purchase HFRO shares?

Saba Capital’s HFRO purchases were made at per-share prices of $6.18 and $6.23. The Form 4 shows 22,385 shares acquired at $6.18 on May 19, 2026 and 40,591 shares at $6.23 on May 20, 2026.

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

After the reported purchases, Saba Capital’s indirect ownership rose to 5,637,286 HFRO common shares. This total, shown in the Form 4, reflects Saba’s position immediately following the latest May 20, 2026 open-market transaction.

Are Saba Capital’s HFRO transactions direct or indirect ownership?

The Form 4 classifies Saba Capital’s HFRO holdings as indirect ownership. Each transaction is marked with an indirect ownership code, indicating the shares are held through an entity or structure associated with Saba rather than directly in its own name.

Were Saba Capital’s HFRO trades open-market purchases or another type of transaction?

The HFRO Form 4 identifies both trades as open-market purchases. They carry transaction code “P” and descriptions indicating they were regular market or private purchases of common stock, not option exercises, gifts, or tax-related withholdings.

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

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Accepted by SEC EDGAR 05/21/2026 - 11:14 AM Learn about SEC filing dates

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)
05/19/2026

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	05/19/2026		P		22,385	A	$6.18	5,596,695	I	-
Common Stock	05/20/2026		P		40,591	A	$6.23	5,637,286	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	05/21/2026
	Boaz Weinstein	05/21/2026
	** 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)