Saba Capital reports 9.4% stake in Highland Fund

Saba Capital Management and affiliates report a significant holding in Highland Opportunities and Income Fund.

Rhea-AI Filing Summary

Saba Capital Management and affiliates report a significant holding in Highland Opportunities and Income Fund. In this Amendment No. 4 to Schedule 13D, Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein disclose beneficial ownership of 5,205,867 common shares, representing 9.4% of HFRO’s outstanding shares.

The percentage is based on 55,388,271 common shares outstanding as of 12/31/25. The filing states that approximately $28,093,756 was paid to acquire these shares, using investor subscription proceeds, related capital appreciation and ordinary-course margin borrowings. Recent trades over the sixty days before 04/10/26 were executed in the open market.

Insights

Closed-end fund and shareholder-activism analyst

Saba discloses a 9.4% HFRO stake, a sizable but unexplained position.

Saba Capital Management, its GP, and Boaz R. Weinstein jointly report beneficial ownership of 5,205,867 Highland Opportunities and Income Fund common shares, or 9.4% of the fund’s 55,388,271 shares outstanding as of 12/31/25. This makes them a notable shareholder.

The filing lists the “Purpose of Transaction” as not applicable, so it does not outline any specific plans or proposals. About $28,093,756 was paid for the position, funded by investor capital, related gains, and ordinary-course margin borrowings, indicating use of leverage but without additional risk details.

All trades in the sixty days before 04/10/26 were in the open market, according to the incorporated Schedule A. Future company and shareholder communications may clarify whether this remains a passive investment or evolves into a more active engagement.

Key Figures

Beneficially owned shares: 5,205,867 shares Ownership percentage: 9.4% Shares outstanding: 55,388,271 shares +2 more

5 metrics

Beneficially owned shares 5,205,867 shares HFRO common shares reported as beneficially owned by Saba and affiliates

Ownership percentage 9.4% Portion of HFRO common shares outstanding represented by 5,205,867 shares

Shares outstanding 55,388,271 shares HFRO common shares outstanding as of 12/31/25, from N-CSR filed 3/11/26

Total consideration paid $28,093,756 Approximate amount paid to acquire the HFRO common shares reported

Event date 04/10/2026 Date of event requiring the Schedule 13D/A Amendment No. 4 filing

Key Terms

beneficial owner, Schedule 13D, margin account borrowings, dispositive power, +1 more

5 terms

beneficial owner financial

"should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

Schedule 13D regulatory

"previously filed a statement on Schedule 13G to report the acquisition that is the subject of this , and is filing this schedule"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

margin account borrowings financial

"capital appreciation thereon and margin account borrowings made in the ordinary course of business"

dispositive power financial

"sole Dispositive Power 0.00 10 | Shared Dispositive Power 5,205,867.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

subscription proceeds financial

"Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon"

FAQ

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

What ownership stake does Saba Capital report in Highland Opportunities and Income Fund (HFRO)?

Saba Capital and related reporting persons disclose beneficial ownership of 5,205,867 HFRO common shares, representing 9.4% of the fund’s outstanding shares. The percentage is based on 55,388,271 shares outstanding as of December 31, 2025, as cited from the fund’s N-CSR.

How much did Saba Capital pay to acquire its HFRO position?

The filing states that approximately $28,093,756 was paid to acquire the HFRO common shares reported. Funds came from investor subscription proceeds, capital appreciation on those investments, and margin account borrowings used in the ordinary course of Saba Capital’s business.

Who are the reporting persons in the HFRO Schedule 13D/A Amendment No. 4?

The joint reporting persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. They collectively report beneficial ownership and shared voting and dispositive power over the 5,205,867 HFRO common shares listed in the Schedule 13D/A amendment.

What voting and dispositive powers does Saba report over HFRO shares?

The reporting persons list zero sole voting and dispositive power, and shared voting and shared dispositive power over 5,205,867 HFRO common shares. This means decisions on voting and selling those shares are made jointly under the arrangements described for the Saba-managed funds and accounts.

How were margin accounts used to finance Saba Capital’s HFRO investment?

The filing explains that part of the funding came from margin account borrowings in the ordinary course of business. Securities held in those accounts, including HFRO shares and other holdings, serve as collateral. The exact portion of margin borrowings used for HFRO purchases is not broken out.

Does the HFRO Schedule 13D/A describe any specific plans or proposals by Saba Capital?

Item 4, Purpose of Transaction, is marked not applicable, so the amendment does not outline any specific plans or proposals. It focuses on ownership levels, funding sources, and recent open-market transactions rather than describing strategic intentions toward Highland Opportunities and Income Fund.

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

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Accepted by SEC EDGAR 04/14/2026 - 07:59 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Highland Opportunities and Income Fund

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

43010E404

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/10/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 43010E404

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,205,867.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,205,867.00

11

Aggregate amount beneficially owned by each reporting person

5,205,867.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.4 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 55,388,271 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 3/11/26.

SCHEDULE 13D

CUSIP Number(s): 43010E404

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,205,867.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,205,867.00

11

Aggregate amount beneficially owned by each reporting person

5,205,867.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.4 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 55,388,271 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 3/11/26.

SCHEDULE 13D

CUSIP Number(s): 43010E404

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,205,867.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,205,867.00

11

Aggregate amount beneficially owned by each reporting person

5,205,867.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.4 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 55,388,271 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 3/11/26.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.001 par value
(b)	Name of Issuer: Highland Opportunities and Income Fund
(c)	Address of Issuer's Principal Executive Offices: 300 Crescent Court, Suite 700, Dallas, TEXAS , 75201.
Item 1 Comment: This Amendment No. 4 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $28,093,756 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 55,388,271 shares of common stock outstanding as of 12/31/25, as disclosed in the company's N-CSR filed 3/11/26.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected by the Reporting Persons within the past sixty days prior to 4/10/26, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 6 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	04/14/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	04/14/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	04/14/2026

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823