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Highland Opportunities and Income Fund (HFRO): Saba Capital discloses 8.3% ownership position

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Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Highland Opportunities and Income Fund received an updated ownership disclosure from Saba Capital Management and related parties. The filing reports that Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein (together, the reporting persons) beneficially own 4,594,550 common shares, representing 8.3% of the fund’s common shares. This percentage is based on 55,350,790 shares outstanding as of 6/30/25, as disclosed in the fund’s N‑CSRS filed 9/8/25.

The reporting persons state that approximately $24,380,371 was paid to acquire these common shares, using investor subscription proceeds, capital appreciation, and margin borrowings in the ordinary course. All recent trades from 12/11/25 through 12/29/25 were effected in the open market. The filing lists the reporting persons’ shared voting and dispositive power over the 4,594,550 shares and notes that funds and accounts advised by Saba Capital have the right to receive dividends and sale proceeds.

Positive

  • None.

Negative

  • None.





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).






SCHEDULE 13D




Comment for Type of Reporting Person:
The percentages used herein are calculated based upon 55,350,790 shares of common stock outstanding as of 6/30/25, as disclosed in the company's N-CSRS filed 9/8/25.


SCHEDULE 13D




Comment for Type of Reporting Person:
The percentages used herein are calculated based upon 55,350,790 shares of common stock outstanding as of 6/30/25, as disclosed in the company's N-CSRS filed 9/8/25.


SCHEDULE 13D




Comment for Type of Reporting Person:
The percentages used herein are calculated based upon 55,350,790 shares of common stock outstanding as of 6/30/25, as disclosed in the company's N-CSRS filed 9/8/25.


SCHEDULE 13D


Saba Capital Management, L.P.
Signature:/s/ Michael D'Angelo
Name/Title:General Counsel
Date:12/31/2025
Boaz R. Weinstein
Signature:/s/ Michael D'Angelo
Name/Title:Authorized Signatory
Date:12/31/2025
Saba Capital Management GP, LLC
Signature:/s/ Michael D'Angelo
Name/Title:Attorney-in-fact*
Date:12/31/2025
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?

The reporting persons disclose beneficial ownership of 4,594,550 common shares of Highland Opportunities and Income Fund, representing 8.3% of the outstanding common shares.

How was Saba Capital’s 8.3% ownership in HFRO calculated?

The 8.3% figure is based on 55,350,790 shares of common stock outstanding as of 6/30/25, as disclosed in HFRO’s N‑CSRS filed on 9/8/25.

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

The filing states that a total of approximately $24,380,371 was paid to acquire the HFRO common shares reported as beneficially owned.

What is the source of funds used by Saba Capital to buy HFRO shares?

Funds came from subscription proceeds from investors, capital appreciation, and margin account borrowings made in the ordinary course of business.

Who are the reporting persons in the HFRO Schedule 13D/A Amendment No. 3?

The reporting persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein, who report joint beneficial ownership of the HFRO shares.

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

Each reporting person reports 0 sole voting and dispositive power and 4,594,550 shared voting and shared dispositive power over HFRO common shares.

Did Saba Capital disclose recent HFRO trading activity in this amendment?

Yes. The filing notes that transactions in HFRO common shares from the 12/11/25 amendment to 12/29/25 are listed in Schedule A, and that all trades were effected in the open market.
Highland Opportunities and Income Ord

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