13D Filing: Saba Capital and Deutsche High Income Opportunities Fund Inc. (DHG)

This Amendment No. 5 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“) as
amended by Amendment No. 1 filed on June 19, 2015, as amended by Amendment No. 2
filed on August 5, 2015, as amended by Amendment No. 3 filed on August 18, 2015,
as amended by Amendment No. 4 filed on January 12, 2016, and together with the
Original Schedule 13D and this Amendment No. 4, with respect to the shares
(“Shares“) of common stock, par value $0.01 per share, of Deutsche High
Income Opportunities Fund, Inc.(the “Issuer“). This Amendment No. 5
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 SCMF, SCMF II, SCLMF, SCS, SCEF 1
and SCEF 2 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 $24,610,325 was paid to acquire the Common Shares reported herein.

Item 5. Interest in Securities of the Issuer