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HFRO

HIGHLAND OPPORTUNITIES & INCOME FUND

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5622
SEC CIK
0001710680
Parsed reports
38

Last 12 months

Inside the activity.

13 purchase rows · 0 sale rows

Disclosed non-derivative P/S rows, by transaction month. Includes amendments and private transactions.
Monthly counts
MonthPurchasesSales
Nov 202500
Dec 202500
Jan 202600
Feb 202600
Mar 202600
Apr 202600
May 202670
Jun 202660
Jul 202600
Aug 202600
Sep 202600
Oct 202600

Latest available

Insider transactions

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Purchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”

The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.

Transaction dateOwner / reported roleActivity / securityShares / unitsReported priceReported valueDetails
June 09, 2026 Filed Jun 11, 2026 14:52 UTC PurchaseCommon Stock 123,589 $6.88 $850,292.32
Disclosure

SEC source: 0001510281-26-000213 · primary_doc.xml · nonDerivative · entry 1

Saba Capital Management, L.P. · CIK 0001510281 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · -

Disclosed balance after: 5,976,204

Read SEC document
June 05, 2026 Filed Jun 8, 2026 16:09 UTC PurchaseCommon Stock 6,759 $6.69 $45,217.71
Disclosure

SEC source: 0001510281-26-000209 · primary_doc.xml · nonDerivative · entry 2

Saba Capital Management, L.P. · CIK 0001510281 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · -

Disclosed balance after: 5,852,615

Read SEC document
June 04, 2026 Filed Jun 8, 2026 16:09 UTC PurchaseCommon Stock 18,017 $6.73 $121,254.41
Disclosure

SEC source: 0001510281-26-000209 · primary_doc.xml · nonDerivative · entry 1

Saba Capital Management, L.P. · CIK 0001510281 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · -

Disclosed balance after: 5,845,856

Read SEC document
June 03, 2026 Filed Jun 4, 2026 21:12 UTC PurchaseCommon Stock 28,440 $6.66 $189,410.40
Disclosure

SEC source: 0001510281-26-000202 · primary_doc.xml · nonDerivative · entry 1

Saba Capital Management, L.P. · CIK 0001510281 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · -

Disclosed balance after: 5,827,839

Read SEC document
June 02, 2026 Filed Jun 3, 2026 21:22 UTC PurchaseCommon Stock 78,346 $6.71 $525,701.66
Disclosure

SEC source: 0001510281-26-000201 · primary_doc.xml · nonDerivative · entry 2

Saba Capital Management, L.P. · CIK 0001510281 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · -

Disclosed balance after: 5,799,399

Read SEC document
June 01, 2026 Filed Jun 3, 2026 21:22 UTC PurchaseCommon Stock 5,520 $6.55 $36,156.00
Disclosure

SEC source: 0001510281-26-000201 · primary_doc.xml · nonDerivative · entry 1

Saba Capital Management, L.P. · CIK 0001510281 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · -

Disclosed balance after: 5,721,053

Read SEC document
May 29, 2026 Filed Jun 1, 2026 16:48 UTC PurchaseCommon Stock 31,928 $6.55 $209,128.40
Disclosure

SEC source: 0001510281-26-000194 · primary_doc.xml · nonDerivative · entry 2

Saba Capital Management, L.P. · CIK 0001510281 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · -

Disclosed balance after: 5,715,533

Read SEC document
May 28, 2026 Filed Jun 1, 2026 16:48 UTC PurchaseCommon Stock 9,971 $6.50 $64,811.50
Disclosure

SEC source: 0001510281-26-000194 · primary_doc.xml · nonDerivative · entry 1

Saba Capital Management, L.P. · CIK 0001510281 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · -

Disclosed balance after: 5,683,605

Read SEC document
May 26, 2026 Filed May 28, 2026 16:05 UTC PurchaseCommon Stock 15,858 $6.27 $99,429.66
Disclosure

SEC source: 0001510281-26-000193 · primary_doc.xml · nonDerivative · entry 1

Saba Capital Management, L.P. · CIK 0001510281 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · -

Disclosed balance after: 5,673,634

Read SEC document
May 21, 2026 Filed May 26, 2026 17:31 UTC PurchaseCommon Stock 20,490 $6.25 $128,062.50
Disclosure

SEC source: 0001510281-26-000186 · primary_doc.xml · nonDerivative · entry 1

Saba Capital Management, L.P. · CIK 0001510281 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · -

Disclosed balance after: 5,657,776

Read SEC document
May 20, 2026 Filed May 21, 2026 15:14 UTC PurchaseCommon Stock 40,591 $6.23 $252,881.93
Disclosure

SEC source: 0001510281-26-000185 · primary_doc.xml · nonDerivative · entry 2

Saba Capital Management, L.P. · CIK 0001510281 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · -

Disclosed balance after: 5,637,286

Read SEC document
May 19, 2026 Filed May 21, 2026 15:14 UTC PurchaseCommon Stock 22,385 $6.18 $138,339.30
Disclosure

SEC source: 0001510281-26-000185 · primary_doc.xml · nonDerivative · entry 1

Saba Capital Management, L.P. · CIK 0001510281 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · -

Disclosed balance after: 5,596,695

Read SEC document
May 18, 2026 Filed May 19, 2026 14:05 UTC PurchaseCommon Stock 16,100 $6.18 $99,498.00
Disclosure

SEC source: 0001510281-26-000179 · primary_doc.xml · nonDerivative · entry 1

Saba Capital Management, L.P. · CIK 0001510281 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · -

Disclosed balance after: 5,574,310

Read SEC document
December 05, 2022 Filed Dec 6, 2022 22:21 UTC SaleCommon Stock 767 $11.21 $8,598.07
Disclosure

SEC source: 0001437749-22-028585 · rdgdoc.xml · nonDerivative · entry 1

Froehlich Robert J · CIK 0001606636 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,770

F1 · ownership.nature: These shares are held by Mr. Froehlich through Mr. Froehlich's personal trust.

Read SEC document
June 02, 2022 Filed Jun 30, 2022 19:21 UTC
Vitiello StephanieChief Compliance Officer
GrantContingent Bonus Award · Derivative 2,295.19 Not disclosed Not disclosed
Disclosure

SEC source: 0001437749-22-016314 · rdgdoc.xml · derivative · entry 1

Vitiello Stephanie · CIK 0001895263 · Chief Compliance Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,295.19

Underlying: Common Stock · 2,295.19 shares

Expires not disclosed

F1 · derivative.exercise_price: Each share of the contingent bonus award is the economic equivalent of one share of the Issuer's common stock.

F2 · price: The Contingent Bonus Award is granted by Skyview Legal, P.C. ("Skyview") to the Reporting Person for service as an employee of Skyview. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2025. These awards will terminate if the Reporting Person's employment with Skyview is terminated.

F2 · derivative.exercise_date: The Contingent Bonus Award is granted by Skyview Legal, P.C. ("Skyview") to the Reporting Person for service as an employee of Skyview. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2025. These awards will terminate if the Reporting Person's employment with Skyview is terminated.

F2 · derivative.expiration_date: The Contingent Bonus Award is granted by Skyview Legal, P.C. ("Skyview") to the Reporting Person for service as an employee of Skyview. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2025. These awards will terminate if the Reporting Person's employment with Skyview is terminated.

Read SEC document
June 02, 2022 Filed Jun 30, 2022 23:26 UTC
NORRIS DUSTIN DAVIDExecutive Vice President
GrantContingent Bonus Award · Derivative 42,372.88 Not disclosed Not disclosed
Disclosure

SEC source: 0001437749-22-016315 · rdgdoc.xml · derivative · entry 1

NORRIS DUSTIN DAVID · CIK 0001617176 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,372.88

Underlying: Common Stock · 42,372.88 shares

Expires not disclosed

F1 · derivative.exercise_price: Each share of the contingent bonus award is the economic equivalent of one share of the Issuer's common stock.

F2 · price: The Contingent Bonus Award is granted by NexPoint Advisors, L.P. ("NexPoint") to the Reporting Person for service as an employee of NexPoint. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2025. These awards will terminate if the Reporting Person's employment with NexPoint is terminated.

F2 · derivative.exercise_date: The Contingent Bonus Award is granted by NexPoint Advisors, L.P. ("NexPoint") to the Reporting Person for service as an employee of NexPoint. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2025. These awards will terminate if the Reporting Person's employment with NexPoint is terminated.

F2 · derivative.expiration_date: The Contingent Bonus Award is granted by NexPoint Advisors, L.P. ("NexPoint") to the Reporting Person for service as an employee of NexPoint. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2025. These awards will terminate if the Reporting Person's employment with NexPoint is terminated.

Read SEC document
June 02, 2022 Filed Jul 1, 2022 21:02 UTC GrantContingent Bonus Award · Derivative 16,949.15 Not disclosed Not disclosed
Disclosure

SEC source: 0001437749-22-016462 · rdgdoc.xml · derivative · entry 1

WATERHOUSE FRANK GEORGE · CIK 0001723097 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,949.15

Underlying: Common Stock · 16,949.15 shares

Expires not disclosed

F1 · derivative.exercise_price: Each share of the contingent bonus award is the economic equivalent of one share of the Issuer's common stock.

F2 · price: The Contingent Bonus Award is granted by Highgate Consulting Group, Inc. d/b/a Skyview Group ("Skyview") to the Reporting Person for service as an employee of Skyview. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2025. These awards will terminate if the Reporting Person's employment with Skyview is terminated.

F2 · derivative.exercise_date: The Contingent Bonus Award is granted by Highgate Consulting Group, Inc. d/b/a Skyview Group ("Skyview") to the Reporting Person for service as an employee of Skyview. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2025. These awards will terminate if the Reporting Person's employment with Skyview is terminated.

F2 · derivative.expiration_date: The Contingent Bonus Award is granted by Highgate Consulting Group, Inc. d/b/a Skyview Group ("Skyview") to the Reporting Person for service as an employee of Skyview. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2025. These awards will terminate if the Reporting Person's employment with Skyview is terminated.

Read SEC document
November 12, 2021 Filed Nov 17, 2021 01:56 UTC
POST ROBERT JASONChief Compliance Officer
OtherContingent Bonus Award · Derivative 1,548.27 $0.00 $0.00
Disclosure

SEC source: 0001437749-21-026928 · rdgdoc.xml · derivative · entry 1

POST ROBERT JASON · CIK 0001716657 · Chief Compliance Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,548.27 shares

Expires not disclosed

F1 · derivative.exercise_price: The Contingent Bonus Award previously granted by NexPoint Advisors, L.P. ("NexPoint") to the Reporting Person terminated as a result of the Reporting Person's termination of employment with NexPoint.

F1 · kind: The Contingent Bonus Award previously granted by NexPoint Advisors, L.P. ("NexPoint") to the Reporting Person terminated as a result of the Reporting Person's termination of employment with NexPoint.

F1 · derivative.exercise_date: The Contingent Bonus Award previously granted by NexPoint Advisors, L.P. ("NexPoint") to the Reporting Person terminated as a result of the Reporting Person's termination of employment with NexPoint.

F1 · derivative.expiration_date: The Contingent Bonus Award previously granted by NexPoint Advisors, L.P. ("NexPoint") to the Reporting Person terminated as a result of the Reporting Person's termination of employment with NexPoint.

Read SEC document
July 21, 2021 Filed Jul 29, 2021 21:44 UTC OtherContingent Bonus Award · Derivative 39,758.6 $0.00 $0.00
Disclosure

SEC source: 0001437749-21-017915 · rdgdoc.xml · derivative · entry 1

WATERHOUSE FRANK GEORGE · CIK 0001723097 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 52,281.369

Underlying: Common Stock · 39,758.6 shares

Expires not disclosed

F1 · derivative.exercise_price: The Contingent Bonus Award is granted by Skyview Group, Inc. ("Skyview") to the Reporting Person for service as an employee of Skyview. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2024. These awards will terminate if the Reporting Person's employment with Skyview is terminated.

F1 · kind: The Contingent Bonus Award is granted by Skyview Group, Inc. ("Skyview") to the Reporting Person for service as an employee of Skyview. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2024. These awards will terminate if the Reporting Person's employment with Skyview is terminated.

F1 · derivative.exercise_date: The Contingent Bonus Award is granted by Skyview Group, Inc. ("Skyview") to the Reporting Person for service as an employee of Skyview. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2024. These awards will terminate if the Reporting Person's employment with Skyview is terminated.

F1 · derivative.expiration_date: The Contingent Bonus Award is granted by Skyview Group, Inc. ("Skyview") to the Reporting Person for service as an employee of Skyview. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2024. These awards will terminate if the Reporting Person's employment with Skyview is terminated.

Read SEC document
June 15, 2021 Filed Jun 18, 2021 00:45 UTC
NORRIS DUSTIN DAVIDExecutive Vice President
OtherContingent Bonus Award · Derivative 27,322.404 $0.00 $0.00
Disclosure

SEC source: 0000899243-21-024546 · doc4.xml · derivative · entry 1

NORRIS DUSTIN DAVID · CIK 0001617176 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,322.404

Underlying: Common Stock · 27,322.404 shares

Expires not disclosed

F1 · derivative.exercise_price: The Contingent Bonus Award is granted by NexPoint Advisors, L.P. ("NexPoint") to the Reporting Person for service as an employee of NexPoint. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2024. These awards will terminate if the Reporting Person's employment with NexPoint is terminated.

F1 · kind: The Contingent Bonus Award is granted by NexPoint Advisors, L.P. ("NexPoint") to the Reporting Person for service as an employee of NexPoint. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2024. These awards will terminate if the Reporting Person's employment with NexPoint is terminated.

F1 · derivative.exercise_date: The Contingent Bonus Award is granted by NexPoint Advisors, L.P. ("NexPoint") to the Reporting Person for service as an employee of NexPoint. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2024. These awards will terminate if the Reporting Person's employment with NexPoint is terminated.

F1 · derivative.expiration_date: The Contingent Bonus Award is granted by NexPoint Advisors, L.P. ("NexPoint") to the Reporting Person for service as an employee of NexPoint. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2024. These awards will terminate if the Reporting Person's employment with NexPoint is terminated.

Read SEC document
June 15, 2021 Filed Jun 18, 2021 00:42 UTC
POST ROBERT JASONChief Compliance Officer
OtherContingent Bonus Award · Derivative 1,548.27 $0.00 $0.00
Disclosure

SEC source: 0000899243-21-024543 · doc4.xml · derivative · entry 1

POST ROBERT JASON · CIK 0001716657 · Chief Compliance Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,548.27

Underlying: Common Stock · 1,548.27 shares

Expires not disclosed

F1 · derivative.exercise_price: The Contingent Bonus Award is granted by NexPoint Advisors, L.P. ("NexPoint") to the Reporting Person for service as an employee of NexPoint. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2024. These awards will terminate if the Reporting Person's employment with NexPoint is terminated.

F1 · kind: The Contingent Bonus Award is granted by NexPoint Advisors, L.P. ("NexPoint") to the Reporting Person for service as an employee of NexPoint. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2024. These awards will terminate if the Reporting Person's employment with NexPoint is terminated.

F1 · derivative.exercise_date: The Contingent Bonus Award is granted by NexPoint Advisors, L.P. ("NexPoint") to the Reporting Person for service as an employee of NexPoint. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2024. These awards will terminate if the Reporting Person's employment with NexPoint is terminated.

F1 · derivative.expiration_date: The Contingent Bonus Award is granted by NexPoint Advisors, L.P. ("NexPoint") to the Reporting Person for service as an employee of NexPoint. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2024. These awards will terminate if the Reporting Person's employment with NexPoint is terminated.

Read SEC document
June 15, 2021 Filed Jun 18, 2021 00:41 UTC OtherContingent Bonus Award · Derivative 12,522.769 $0.00 $0.00
Disclosure

SEC source: 0000899243-21-024542 · doc4.xml · derivative · entry 1

WATERHOUSE FRANK GEORGE · CIK 0001723097 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,522.769

Underlying: Common Stock · 12,522.769 shares

Expires not disclosed

F1 · derivative.exercise_price: The Contingent Bonus Award is granted by Skyview Group, Inc. ("Skyview") to the Reporting Person for service as an employee of Skyview. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2024. These awards will terminate if the Reporting Person's employment with Skyview is terminated

F1 · kind: The Contingent Bonus Award is granted by Skyview Group, Inc. ("Skyview") to the Reporting Person for service as an employee of Skyview. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2024. These awards will terminate if the Reporting Person's employment with Skyview is terminated

F1 · derivative.exercise_date: The Contingent Bonus Award is granted by Skyview Group, Inc. ("Skyview") to the Reporting Person for service as an employee of Skyview. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2024. These awards will terminate if the Reporting Person's employment with Skyview is terminated

F1 · derivative.expiration_date: The Contingent Bonus Award is granted by Skyview Group, Inc. ("Skyview") to the Reporting Person for service as an employee of Skyview. Each share of the Contingent Bonus Award is the economic equivalent of one share of Issuer common stock. The shares become payable, in cash or common stock, on May 31, 2024. These awards will terminate if the Reporting Person's employment with Skyview is terminated

Read SEC document
October 13, 2020 Filed Oct 16, 2020 20:00 UTC PurchaseCommon Stock 697 $8.47 $5,903.59
Disclosure

SEC source: 0000899243-20-028502 · doc4.xml · nonDerivative · entry 2

Froehlich Robert J · CIK 0001606636 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 1,212

F1 · ownership.nature: These shares are held by Mr. Froehlich through Mr. Froehlich's SEP IRA account. Total shares also reflect reinvested dividends.

Read SEC document
February 25, 2020 Filed Oct 16, 2020 20:00 UTC PurchaseCommon Stock 130 $12.89 $1,675.57
Disclosure

SEC source: 0000899243-20-028502 · doc4.xml · nonDerivative · entry 1

Froehlich Robert J · CIK 0001606636 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 515

F1 · ownership.nature: These shares are held by Mr. Froehlich through Mr. Froehlich's SEP IRA account. Total shares also reflect reinvested dividends.

Read SEC document
March 21, 2018 Filed Mar 22, 2018 20:05 UTC
NORRIS DUSTIN DAVIDDirector · Secretary
PurchaseCommon Shares of Beneficial Interest 312.034 $16.02 $4,998.78
Disclosure

SEC source: 0000899243-18-008336 · doc4.xml · nonDerivative · entry 1

NORRIS DUSTIN DAVID · CIK 0001617176 · Director · Secretary

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 358.84

F1 · shares: Shares acquired in connection with issuer's dividend reinvestment plan. Under operation of the plan, monthly purchases are conducted by the plan administrator evenly over the course of approximately the first 20 days of the month.

F2 · balance_after: Includes shares acquired under the issuer's dividend reinvestment plan.

F3 · ownership.nature: These shares are held pursuant to an employee benefit plan.

Read SEC document
December 01, 2017 Filed Dec 20, 2017 18:14 UTC SaleCommon Shares of Beneficial Interest 9,431 $15.34 $144,681.91
Disclosure

SEC source: 0000899243-17-029278 · doc4.xml · nonDerivative · entry 1

ROSS JAMES BRADLEY · CIK 0001723036 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 37,726

Read SEC document

Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.