Saba Capital (HFRO) discloses 5.8M-share, 10.47% stake in Highland Opportunities

Rhea-AI Filing Summary

Saba Capital Management and related reporting persons disclose a 10.47% beneficial stake in Highland Opportunities and Income Fund. They report beneficial ownership of 5,799,399 common shares, calculated against 55,406,502 shares outstanding as of 4/30/26.

Approximately $31,800,960 was paid to acquire these shares, using investor subscription proceeds, capital appreciation, and ordinary-course margin account borrowings. All trades between the prior amendment on 4/14/26 and 6/2/26, the event date triggering this filing, were effected in the open market.

Key Figures

Beneficial ownership: 10.47% of common shares Shares beneficially owned: 5,799,399 shares Shared voting power: 5,799,399 shares +5 more

8 metrics

Beneficial ownership 10.47% of common shares Percentage of class represented by shares beneficially owned

Shares beneficially owned 5,799,399 shares Aggregate amount beneficially owned by each reporting person

Shared voting power 5,799,399 shares Shares over which reporting persons share voting power

Shared dispositive power 5,799,399 shares Shares over which reporting persons share dispositive power

Purchase cost $31,800,960 Approximate total paid to acquire reported common shares

Shares outstanding baseline 55,406,502 shares Common stock outstanding as of 4/30/26 from DEF 14A

Amendment number Amendment No. 5 This Schedule 13D/A amends prior filings, including Items 3, 5, and 7

Event date 06/02/2026 Date of event requiring filing of this Schedule 13D/A

Key Terms

beneficially owned, shared voting power, shared dispositive power, margin account borrowings, +2 more

6 terms

beneficially owned financial

"for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power financial

"Shared Voting Power 5,799,399.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 5,799,399.00"

margin account borrowings financial

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

Schedule 13D/A regulatory

"This /A is being jointly filed by: (i) Saba Capital Management, L.P."

A Schedule 13D/A is an amended disclosure filed with regulators by an investor who already reported owning more than 5% of a company’s shares and needs to update their original filing. Think of it as a public status update that tells markets whether the investor’s ownership, plans, or source of funds have changed; such updates matter because they can signal a push for control, major strategic moves, or increased pressure on management, which can affect stock prices.

percent of class financial

"Percent of class represented by amount in Row (11) 10.47 %"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

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)

06/02/2026

(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 5,799,399.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,799,399.00

11

Aggregate amount beneficially owned by each reporting person

5,799,399.00

12

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

13

Percent of class represented by amount in Row (11)

10.47 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 55,406,502 shares of common stock outstanding as of 4/30/26, as disclosed in the company's DEF 14A filed 5/7/26.

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 5,799,399.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,799,399.00

11

Aggregate amount beneficially owned by each reporting person

5,799,399.00

12

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

13

Percent of class represented by amount in Row (11)

10.47 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 55,406,502 shares of common stock outstanding as of 4/30/26, as disclosed in the company's DEF 14A filed 5/7/26.

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 5,799,399.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,799,399.00

11

Aggregate amount beneficially owned by each reporting person

5,799,399.00

12

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

13

Percent of class represented by amount in Row (11)

10.47 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 55,406,502 shares of common stock outstanding as of 4/30/26, as disclosed in the company's DEF 14A filed 5/7/26.

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. 5 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 $31,800,960 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 55,406,502 shares of common stock outstanding as of 4/30/26, as disclosed in the company's DEF 14A filed 5/7/26.
(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 from the filing of the Schedule 13D/A on 4/14/26 by the Reporting Persons to 6/2/26, the date of the event which required filing of this Schedule 13D/A are set forth in Schedule A, and are incorporated herein by reference. All trades were effected in the open market.
(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 7 - 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:	06/04/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	06/04/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	06/04/2026

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

FAQ

What ownership stake in HFRO does Saba Capital report in this Schedule 13D/A?

Saba Capital and related reporting persons report beneficial ownership of 10.47% of Highland Opportunities and Income Fund. This represents 5,799,399 common shares, calculated using 55,406,502 shares outstanding as of April 30, 2026, from the company’s DEF 14A.

How many HFRO shares do the Saba reporting persons beneficially own?

The reporting persons beneficially own 5,799,399 common shares of Highland Opportunities and Income Fund. They have shared voting and dispositive power over all these shares and report no sole voting or sole dispositive power.

What is the total cost Saba Capital reports for acquiring its HFRO position?

The filing states that approximately $31,800,960 was paid to acquire the common shares reported. Funds came from investor subscription proceeds, capital appreciation, and ordinary-course margin account borrowings, with positions in the margin accounts pledged as collateral.

What share count did Saba Capital use to calculate its 10.47% HFRO ownership?

The reported 10.47% stake is based on 55,406,502 shares of common stock outstanding as of April 30, 2026. This outstanding share figure is referenced from Highland Opportunities and Income Fund’s DEF 14A filed on May 7, 2026.

How were Saba Capital’s HFRO trades executed according to the Schedule 13D/A?

The filing notes that all transactions in Highland Opportunities and Income Fund common shares between April 14, 2026 and June 2, 2026 were effected in the open market. Specific trade details for this period are referenced in Schedule A to the filing.

Who are the reporting persons in Saba Capital’s HFRO Schedule 13D/A filing?

The reporting persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. The filing states these parties are jointly filing the Schedule 13D/A as the reporting group for this HFRO position.