Saba Capital boosts Highland Opportunities & Income (HFRO) stake

Rhea-AI Filing Summary

Saba Capital Management, L.P., a more than ten percent owner of Highland Opportunities & Income Fund (HFRO), reported an open-market purchase of 15,858 shares of common stock at $6.27 per share.

After this transaction, Saba Capital’s indirect holdings in HFRO common stock increased to 5,673,634 shares, indicating a modest addition to an already large position rather than a major change in ownership.

Insider Trade Summary

Net Buyer: 15,858 shares ($99,430)

Net Buy 1 txn

Insider Saba Capital Management, L.P.

Role null

Bought 15,858 shs ($99K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	15,858	$6.27	$99K

Holdings After Transaction: Common Stock — 5,673,634 shares (Indirect, -)

Footnotes (1)

Key Figures

Shares purchased: 15,858 shares Purchase price: $6.27 per share Total holdings after: 5,673,634 shares +1 more

4 metrics

Shares purchased 15,858 shares Open-market purchase of HFRO common stock

Purchase price $6.27 per share Price for HFRO common stock transaction

Total holdings after 5,673,634 shares Indirect HFRO common stock position after transaction

Net buy shares 15,858 shares Net buying activity in this Form 4

Key Terms

open-market purchase, indirect ownership, ten percent owner

3 terms

open-market purchase financial

"transaction_action: "open-market purchase" for 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: "indirect" with total shares following transaction"

ten percent owner financial

"reporting person is marked as a ten percent owner of HFRO"

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)
05/26/2026

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	05/26/2026		P		15,858	A	$6.27	5,673,634	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	05/28/2026
	Boaz Weinstein	05/28/2026
	** 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 did Saba Capital report in its latest HFRO Form 4 filing?

Saba Capital reported buying 15,858 HFRO common shares in an open-market purchase. The shares were acquired at a price of $6.27 each, increasing Saba Capital’s indirect holdings to 5,673,634 shares of Highland Opportunities & Income Fund.

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

After the reported purchase, Saba Capital holds 5,673,634 HFRO common shares indirectly. This figure comes directly from the Form 4 and reflects its total indirect position following the 15,858-share open-market acquisition at $6.27 per share.

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

Saba Capital bought HFRO common stock at $6.27 per share in this transaction. The Form 4 notes a single open-market purchase of 15,858 shares at that price, increasing the firm’s indirect ownership stake in Highland Opportunities & Income Fund.

Is Saba Capital considered a major owner of HFRO?

Yes, Saba Capital is identified as a more than ten percent owner of HFRO. The Form 4 flags the firm as a ten percent owner and shows total indirect holdings of 5,673,634 common shares after the latest 15,858-share purchase.

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

The HFRO transaction is reported as indirect ownership by Saba Capital. The Form 4 classifies the common stock holdings as indirect, with 5,673,634 shares held after the 15,858-share open-market purchase at $6.27 per share.