Saba Capital Management, L.P. - Schedule 13D/A

0001062993-19-003463.txt : 20190815 0001062993-19-003463.hdr.sgml : 20190815 20190815152417 ACCESSION NUMBER: 0001062993-19-003463 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20190815 DATE AS OF CHANGE: 20190815 GROUP MEMBERS: BOAZ R. WEINSTEIN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Ivy High Income Opportunities Fund CENTRAL INDEX KEY: 0001568292 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-88311 FILM NUMBER: 191029942 BUSINESS ADDRESS: STREET 1: 6300 LAMAR AVENUE CITY: SHAWNEE MISSION STATE: KS ZIP: 66202-4200 BUSINESS PHONE: 913-236-2000 MAIL ADDRESS: STREET 1: 6300 LAMAR AVENUE CITY: SHAWNEE MISSION STATE: KS ZIP: 66202-4200 FORMER COMPANY: FORMER CONFORMED NAME: Ivy Credit Opportunities Fund DATE OF NAME CHANGE: 20130205 FORMER COMPANY: FORMER CONFORMED NAME: Ivy Global Credit Opportunities Fund DATE OF NAME CHANGE: 20130130 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 sched13da.htm FORM SC 13D/A Saba Capital Management, L.P. - Schedule 13D/A - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934
(Amendment No. 3)*

IVY HIGH INCOME OPPORTUNITIES FUND
(Name of Issuer)

Common Shares, $0.001 par value
(Title of Class of Securities)

465893105
(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue
58th Floor
New York, NY 10174
Attention: Michael D'Angelo
(212) 542-4635
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

August 12, 2019
(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. 465893105

SCHEDULE 13D/A

Page 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

	7	SOLE VOTING POWER
		-0-
NUMBER OF
SHARES	8	SHARED VOTING POWER
BENEFICIALLY		646,132
OWNED BY
EACH	9	SOLE DISPOSITIVE POWER
REPORTING		-0-
PERSON WITH:
	10	SHARED DISPOSITIVE POWER
		646,132

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
	646,132

12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
	[ ]

13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	3.90%¹

14	TYPE OF REPORTING PERSON
	PN; IA

^{______________________________

¹ The percentages used
herein are calculated based upon 16,570,000 shares of common stock outstanding
as of 03/31/2019, as disclosed in the company's Form N-CSR filed 6/07/2019.

CUSIP No.   465893105
SCHEDULE 13D/A
Page 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

7
SOLE VOTING POWER

-0-

NUMBER OF

SHARES
8
SHARED VOTING POWER

BENEFICIALLY

646,132

OWNED BY

EACH
9
SOLE DISPOSITIVE POWER

REPORTING

-0-

PERSON WITH:

10
SHARED DISPOSITIVE POWER

646,132

11
AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH PERSON

646,132

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

[   ]

13
PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (11)



3.90%¹



14
TYPE OF REPORTING PERSON

IN

____________________________

¹ The percentages
used herein are calculated based upon 16,570,000 shares of common stock
outstanding as of 03/31/2019, as disclosed in the company's Form N-CSR filed
6/07/2019.

CUSIP No.   465893105
SCHEDULE 13D/A
Page 4 of 6 Pages

Item 1.
SECURITY AND ISSUER

This Amendment No. 3 amends and supplements the statement
on Schedule 13D filed with the SEC on 2/14/19, as amended by Amendment No.
1 filed 4/12/19, and Amendment No. 2 filed 4/23/19. With respect to the
common shares of Ivy High Income Opportunity Fund. This Amendment No. 3
amends Items 3, and 5 as set forth below.

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 in the funds and accounts
managed by Saba Capital 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
$8,286,094 was paid to acquire the Common Shares reported herein.

Item 5.
INTEREST IN SECURITIES OF THE ISSUER

(a)
See rows (11) and (13) of the cover pages to 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 16,570,000 shares of
common stock outstanding as of 03/31/2019, as disclosed in the company's
Form N-CSR filed 6/07/2019.

(b)
See rows (7) through (10) of the cover pages to 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 in the
sixty days prior to the filing of this Amendment No. 3 by the Reporting
Persons, 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 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 Common Shares.

(e)
Not applicable.

CUSIP No.   465893105
SCHEDULE 13D/A
Page 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: August 15, 2019

SABA CAPITAL MANAGEMENT, L.P.

/s/
Michael D'Angelo

Name: Michael D'Angelo

Title: Chief Compliance Officer

BOAZ R. WEINSTEIN

/s/
Michael D'Angelo

Name: Michael D'Angelo

Title: Attorney-in-fact*

* 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

CUSIP No.   465893105
SCHEDULE 13D/A
Page 6 of 6 Pages

Schedule A

This Schedule sets forth information with respect to each purchase and sale of
Common Shares which were effectuated by Saba Capital during the past sixty days.
All transactions were effectuated in the open market through a broker.

Date
B/S
Shares
Price

08/14/19
Sell
(13,316)
13.56

08/12/19
Sell
(56,177)
13.60

08/09/19
Sell
(44,000)
13.60

08/08/19
Sell
(1,678)
13.68

08/07/19
Sell
(12,260)
13.56

08/06/19
Sell
(641)
13.68

08/05/19
Sell
(500)
13.68

07/26/19
Buy
71
13.60

07/25/19
Buy
3,439
13.53

07/24/19
Sell
(100)
13.47

07/23/19
Sell
(66,113)
13.39

07/22/19
Sell
(54,085)
13.41

07/19/19
Sell
(1,200)
13.56

07/18/19
Sell
(449)
13.57

07/16/19
Sell
(55,688)
13.62

07/15/19
Sell
(9,543)
13.74

07/11/19
Sell
(691)
13.74

07/10/19
Buy
4,207
13.63

07/09/19
Buy
514
13.56

07/01/19
Buy
37,201
13.64

06/27/19
Buy
87,579
13.52

06/26/19
Buy
3,685
13.43

06/20/19
Buy
691
13.55}

Item 1.	SECURITY AND ISSUER

	This Amendment No. 3 amends and supplements the statement on Schedule 13D filed with the SEC on 2/14/19, as amended by Amendment No. 1 filed 4/12/19, and Amendment No. 2 filed 4/23/19. With respect to the common shares of Ivy High Income Opportunity Fund. This Amendment No. 3 amends Items 3, and 5 as set forth below.

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 in the funds and accounts managed by Saba Capital 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 $8,286,094 was paid to acquire the Common Shares reported herein.

Item 5.	INTEREST IN SECURITIES OF THE ISSUER

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

(a)	See rows (11) and (13) of the cover pages to 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 16,570,000 shares of common stock outstanding as of 03/31/2019, as disclosed in the company's Form N-CSR filed 6/07/2019.

(b)	See rows (7) through (10) of the cover pages to 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 in the sixty days prior to the filing of this Amendment No. 3 by the Reporting Persons, 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 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 Common Shares.

(e)	Not applicable.

	SABA CAPITAL MANAGEMENT, L.P.

	/s/ Michael D'Angelo
	Name: Michael D'Angelo
	Title: Chief Compliance Officer

	BOAZ R. WEINSTEIN

	/s/ Michael D'Angelo
	Name: Michael D'Angelo
	Title: Attorney-in-fact*

Date	B/S	Shares	Price
08/14/19	Sell	(13,316)	13.56
08/12/19	Sell	(56,177)	13.60
08/09/19	Sell	(44,000)	13.60
08/08/19	Sell	(1,678)	13.68
08/07/19	Sell	(12,260)	13.56
08/06/19	Sell	(641)	13.68
08/05/19	Sell	(500)	13.68
07/26/19	Buy	71	13.60
07/25/19	Buy	3,439	13.53
07/24/19	Sell	(100)	13.47
07/23/19	Sell	(66,113)	13.39
07/22/19	Sell	(54,085)	13.41
07/19/19	Sell	(1,200)	13.56
07/18/19	Sell	(449)	13.57
07/16/19	Sell	(55,688)	13.62
07/15/19	Sell	(9,543)	13.74
07/11/19	Sell	(691)	13.74
07/10/19	Buy	4,207	13.63
07/09/19	Buy	514	13.56
07/01/19	Buy	37,201	13.64
06/27/19	Buy	87,579	13.52
06/26/19	Buy	3,685	13.43
06/20/19	Buy	691	13.55