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

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

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934 (Amendment No. 5)

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 Ave

58^th 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)

May 11, 2017
(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 240.13d -1(e), 240.13d -1(f) or 240.13d
-1(g), check the following box [X].

*The remainder of this cover page shall be filled out for a
reporting persons 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).

SCHEDULE 13D/A

^* The
percentages used herein and in the rest of this Schedule 13D/A are calculated
based upon 15,181,370 Shares outstanding as of September 30, 2016 as reported in
the Issuers N-CSR Statement filed December 2, 2016.

SCHEDULE 13D/A

^* The percentages used herein and in the rest of
this Schedule 13D/A are calculated based upon 15,181,370 Shares outstanding as
of September 30, 2016 as reported in the Issuers N-CSR Statement filed December
2, 2016.

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

SCHEDULE 13D/A

CUSIP No. 25158Y102

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: May 15, 2017

* 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

   This Schedule sets forth information with respect to each
purchase and sale of Shares which were effectuated by a Reporting Person since
the Schedule 13D/A Amendment 4 filing on January 12, 2016. All transactions were
effectuated in the open market through a broker.

SABA CAPITAL MANAGEMENT, L.P