Saba Capital Increases Stake in Highland Opportunities and Income Fund to 10.47%

Saba Capital Management, L.P., along with its affiliates Saba Capital Management GP, LLC and Boaz R. Weinstein, filed an amendment to their Schedule 13D for Highland Opportunities and Income Fund (HFRO). As of June 2, 2026, the reporting persons collectively hold 5,799,399 common shares, representing approximately 10.47% of the class. This reflects an increase from their previously reported position of 5,205,867 shares (9.4%). The filing details a series of open-market purchases conducted between April 13, 2026, and June 2, 2026. During this period, the group acquired shares at prices ranging from $5.82 to $6.71 per share. The total investment for the reported shares amounts to approximately $31,800,960. The funds for these acquisitions were sourced from investor subscription proceeds, capital appreciation, and standard margin account borrowings. Saba Capital serves as the investment manager to various funds and accounts that maintain the right to receive dividends and sales proceeds from these securities. No specific changes were made to the purpose of the transactions.