0000902664-15-002893.txt : 20150619 0000902664-15-002893.hdr.sgml : 20150619 20150619163810 ACCESSION NUMBER: 0000902664-15-002893 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20150619 DATE AS OF CHANGE: 20150619 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: DEUTSCHE HIGH INCOME OPPORTUNITIES FUND, INC. CENTRAL INDEX KEY: 0001375387 IRS NUMBER: 205691014 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-85158 FILM NUMBER: 15942849 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: DWS High Income Opportunities Fund, Inc. DATE OF NAME CHANGE: 20101108 FORMER COMPANY: FORMER CONFORMED NAME: DWS Dreman Value Income Edge Fund, Inc. DATE OF NAME CHANGE: 20070221 FORMER COMPANY: FORMER CONFORMED NAME: DWS Dreman Value IncomEdge Fund, Inc. DATE OF NAME CHANGE: 20060913 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Saba Capital Management, L.P. CENTRAL INDEX KEY: 0001510281 IRS NUMBER: 800361690 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 405 LEXINGTON AVENUE STREET 2: 58TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10174 BUSINESS PHONE: 212-542-4635 MAIL ADDRESS: STREET 1: 405 LEXINGTON AVENUE STREET 2: 58TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10174 SC 13D/A 1 p15-1475sc13da.htm SABA CAPITAL MANAGEMENT, L.P.
SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549  
   
SCHEDULE 13D
 
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
 

Deutsche High Income Opportunities Fund, Inc.

(Name of Issuer)
 

Common Stock, par value $0.01 per share

(Title of Class of Securities)
 

25158Y102

(CUSIP Number)
 

Saba Capital Management, L.P.

405 Lexington Avenue

58th Floor

New York, NY 10174

Attention: Douglas A. Chiciak

(212) 542-4618

 

with a copy to:

 

Eleazer Klein, Esq.

Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

(212) 756-2000

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

June 18, 2015

(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 Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. [X]

 

(Page 1 of 6 Pages)

______________________________

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

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).

 
CUSIP No. 25158Y102SCHEDULE 13D/APage 2 of 6 Pages

 

1

NAME OF REPORTING PERSON

Saba Capital Management, L.P.

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

OO (see Item 3)

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING 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-

8

SHARED VOTING POWER

1,391,539

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

1,391,539

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

1,391,539

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

9.2%1

14

TYPE OF REPORTING PERSON

PN; IA

 

         

 

 

 

____________________________

1 The percentages used herein and in the rest of this Schedule 13D/A are calculated based upon 15,194,021 Shares outstanding as of March 31, 2015 as reported in the Issuer's Semiannual Report to Shareholders on Form N-CSRS filed on June 2, 2015.

 

 
CUSIP No. 25158Y102SCHEDULE 13D/APage 3 of 6 Pages

 

1

NAME OF REPORTING PERSON

Boaz R. Weinstein

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

OO (see Item 3)

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:		 7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

1,391,539

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

1,391,539

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

1,391,539

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

9.2%1

14

TYPE OF REPORTING PERSON

IN

         

 

 

 

____________________________

1 The percentages used herein and in the rest of this Schedule 13D/A are calculated based upon 15,194,021 Shares outstanding as of March 31, 2015 as reported in the Issuer's Semiannual Report to Shareholders on Form N-CSRS filed on June 2, 2015.

 

 
CUSIP No. 25158Y102SCHEDULE 13D/APage 4 of 6 Pages

This Amendment No. 1 ("Amendment No. 1") amends and supplements the statement on Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on April 27, 2015 (the "Original Schedule 13D" and together with this Amendment No. 1, the "Schedule 13D") with respect to the shares ("Shares") of common stock, par value $0.01 per share, of Deutsche High Income Opportunities Fund, Inc., a Maryland corporation (the "Issuer"). This Amendment No. 1 amends Items 3 and 5 as set forth below.

 

Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
   
  Item 3 of the Schedule 13D is hereby amended and restated as follows:
   
  Funds for the purchase of the Shares were derived from the subscription proceeds from investors in SCMF, SCMF II, SCLMF and SCS 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 Shares reported herein. A total of $19,165,247 was paid to acquire the Shares reported herein.

 

Item 5. INTEREST IN SECURITIES OF THE ISSUER
   
  Item 5 of the Schedule 13D is hereby amended and restated as follows:
   
(a) See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of Shares and percentages of the Shares beneficially owned by each of the Reporting Persons.  The percentages used herein and in the rest of this Schedule 13D/A are calculated based upon 15,194,021 Shares outstanding as of March 31, 2015 as reported in the Issuer's Semiannual Report to Shareholders on Form N-CSRS filed on June 2, 2015.
   
(b) See rows (7) through (10) of the cover pages to this Schedule 13D for the number of 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 Shares effected since the filing of the Original Schedule 13D by Saba Capital on behalf of the Saba Entities, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
   
(d) No person other than the Reporting Persons and the Saba Entities is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, such Shares.
   
(e) Not applicable.

 

 
CUSIP No. 25158Y102SCHEDULE 13D/APage 5 of 6 Pages

 

SIGNATURES

After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: June 19, 2015

 

 

SABA CAPITAL Management, L.P.

 

/s/ Douglas A. Chiciak

 

Name: Douglas A. Chiciak

Title: Authorized Signatory

   
   
   
  /s/ Boaz R. Weinstein
  BOAZ R. WEINSTEIN
   
   
   
   

 

 

 
CUSIP No. 25158Y102SCHEDULE 13D/APage 6 of 6 Pages

Schedule A

 

 

This Schedule sets forth information with respect to each purchase and sale of Shares which were effectuated by a Reporting Person since the filing of the Original Schedule 13D. All transactions were effectuated in the open market through a broker.

 

SABA CAPITAL MANAGEMENT, L.P. ("Saba Capital")

 

  Trade Date Shares Purchased (Sold) Price ($)*  
         
  06/08/2015 6,135 14.54  
  06/09/2015 10,522 14.55  
  06/10/2015 18,875 14.58  
  06/11/2015 11,158 14.67  
  06/12/2015 10,000 14.62  
  06/15/2015 7,118 14.57  
  06/16/2015 14,833 14.61  
  06/17/2015 22,312 14.67  
  06/18/2015 5,000 14.62  
  06/18/2015 27,979 14.63  

 

 

 

* Excluding commissions.