0000897101-15-001448.txt : 20151027
0000897101-15-001448.hdr.sgml : 20151027
20151027125615
ACCESSION NUMBER: 0000897101-15-001448
CONFORMED SUBMISSION TYPE: SC 13D/A
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20151027
DATE AS OF CHANGE: 20151027
GROUP MEMBERS: SIT FIXED INCOME ADVISORS II, LLC
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: 151176880
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: SIT INVESTMENT ASSOCIATES INC
CENTRAL INDEX KEY: 0000769317
IRS NUMBER: 411404829
STATE OF INCORPORATION: MN
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13D/A
BUSINESS ADDRESS:
STREET 1: 3300 IDS CENTER
STREET 2: 80 SOUTH EIGHTH STREET
CITY: MINNEAPOLIS
STATE: MN
ZIP: 55402
BUSINESS PHONE: 6123323223
MAIL ADDRESS:
STREET 1: 3300 IDS CENTER
STREET 2: 80 SOUTH EIGHTH STREET
CITY: MINNEAPOLIS
STATE: MN
ZIP: 55402
SC 13D/A
1
sit153663_13da.txt
AMENDMENT NO. 4 TO SCHEDULE 13D
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)
Deutsche High Income Opportunities Fund, Inc.
( DHG )
-------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
-------------------------------------------------------------------------------
(Title of Class of Securities)
25158Y102
-------------------------------------------------------------------------------
(CUSIP Number)
Paul E. Rasmussen
3300 IDS Center
80 South Eighth Street
Minneapolis, MN 55402-4130
-------------------------------------------------------------------------------
(Name, Address, and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 26, 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 which is the subject of this Schedule 13D, and is filing this
schedule because of sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g),
check the following box. [X]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
* 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 an 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. 25158Y102
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Sit Investment Associates, Inc.
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ]
(b) [x]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
00
-------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Incorporated in Minnesota
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES -----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 1,162,927 Shares
REPORTING -----------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,162,927 Shares
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,162,927 Shares
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See instructions) [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.66%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IA
-------------------------------------------------------------------------------
CUSIP No. 25158Y102
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Sit Fixed Income Advisors II, LLC
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ]
(b) [x]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
00
-------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Incorporated in Minnesota
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES -----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 1,162,927 Shares
REPORTING -----------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,162,927 Shares
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,162,927 Shares
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See instructions) [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.66%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IA
-------------------------------------------------------------------------------
ITEM 1 Security and Issuer
Common Stock
Deutsche High Income Opportunities Fund (DHG)
345 Park Avenue
New York, NY 10154
ITEM 2 Identity and Background
a) and c)
This statement is filed by:
Sit Investment Associates, Inc., a Minnesota corporation (SIA), and Sit
Fixed Income Advisors II, LLC, a Delaware limited liability company
(SFI).
Both SIA and SFI are parties to a Joint Filing Agreement as further
described in Exhibit B to the initial Schedule 13D filed by SIA and SFI
on June 5, 2015.
SIA is a registered investment adviser.
SFI is a registered investment adviser and subsidiary of SIA.
SIA or SFI serves as investment adviser on behalf of its clients
pursuant to investment management agreements with each of its clients
which give SIA or SFI full discretionary authority to direct the
investments of its client in accordance with the investment objectives
and restrictions of the client. The investment management agreements
also provide that SIA or SFI has assumed the responsibility to vote on
behalf of its clients all shares held by its clients in accounts
managed by SIA or SFI.
Roger J. Sit is chairman and CEO of SIA and SFI.
Michael C. Brilley is senior vice President of SIA and director,
president and chief fixed income officer of SFI.
Mr. Frederick R. Adler is a director of SIA. Mr. Adler is the managing
director of Adler & Company.
Mr. Ralph L. Strangis is a director of SIA and SFI. Mr. Strangis is a
partner with the law firm Kaplan Strangis & Kaplan, P.A.
By virtue of these positions, each of SIA, SFI, Mr. Sit, Mr. Brilley,
Mr. Adler, and Mr. Strangis, may be deemed to beneficially own the
Shares held in SIA and SFI client accounts. None of the named
individuals own Shares directly. Additionally, neither Mr. Adler nor
Mr. Strangis are involved in investment or voting decisions. Together
SIA, SFI, Mr. Sit, Mr. Brilley, Mr. Adler, and Mr. Strangis are the
"Sit Entities".
b) The business address of each of the Sit Entities is 3300 IDS Center, 80
South Eighth Street, Minneapolis, MN 55402
d) During the last five years, neither Roger J. Sit, Michael C. Brilley,
Frederick R. Adler, nor Ralph L. Strangis, have been convicted in a
criminal proceeding (excluding traffic violations or similar
misdemeanors).
e) During the last five years, none of the Sit Entities have been a party
to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree, or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities laws or finding any violation with respect to such laws.
f) Roger J. Sit, Michael C. Brilley, Frederick R. Adler, and Ralph L.
Strangis are United States citizens.
ITEM 3 Source and Amount of Funds or Other Consideration
The Sit Entities acquired the Issuer's Shares in open market
transactions with client funds held in custody accounts managed by SIA
and SFI.
ITEM 4 Purpose of Transaction
The Sit Entities have acquired the Issuer's Shares for investment
purposes, and such purchases have been made in the ordinary course of
business. The Issuer's Shares have been acquired on behalf of SIA's and
SFI's clients.
In pursuing such investment purposes, the Sit Entities purchased the
Shares based on the Sit Entities' belief that the Shares represented an
attractive investment opportunity, and the Sit Entities may further
purchase, hold, vote, trade, sell or otherwise deal in the Shares at
the time, and in such manner, as they deem advisable to benefit from,
among many things, changes in market prices of such Shares, the market
prices of such Shares relative to the value of the Issuer's assets,
changes in the Issuer's investment strategy, and composition of the
Issuer's portfolio.
None of Sit Entities have any present plan or proposal which would
relate to or result in any of the matters set forth in subparagraphs
(a) - (j) of Item 4 of Schedule 13D except as set forth herein or such
as would occur upon or in connection with completion of, or following,
any of the actions discussed herein.
The Sit Entities intend to review their investment in the Issuer's
Shares on a continuing basis and may from time to time engage in
discussion with management, the Board of Directors and shareholders
concerning, among other things, the Issuer's performance, the market
prices of the Issuer's Shares relative to the value of the Issuer's
assets, the Issuer's investment strategy and the Issuer's portfolio
holdings.
ITEM 5 Interest in Securities of the Issuer
a) and b)
The aggregate percentage of Shares reported owned by Sit Entities
herein is based upon 15,181,370 Shares outstanding as of July 8, 2015,
which is the total number of Shares outstanding as reported in the
Issuer's Form DEF 14A filed on August 14, 2015.
As of the date hereof, the Sit Entities may be deemed to be the
beneficial owner of 1,162,927 Shares held in client accounts which
represent 7.66% of the Issuer's outstanding Shares. Each of the Sit
Entities may be deemed to have shared power to vote and dispose of such
Shares. However, none of SIA's or SFI's client accounts own more than
5% of the Shares outstanding, and none of SIA's or SFI's directors or
executive officers own Shares directly.
c) Transactions in Shares by the Sit Entities since the last 13D filing on
August 20, 2015 are set forth in Exhibit A.
d) The clients of SIA and SFI have the right to participate in the receipt
of dividends from, or proceeds from the sales of, the Shares held for
their respective accounts.
e) Not applicable
ITEM 6 Contracts, Arrangements, Understandings, or Relationships with Respect
to Securities of the Issuer
Not applicable.
ITEM 7 Materials to be Filed as Exhibits
Exhibit A: Schedule of Transactions in Shares by Sit Entities since the
last 13D filing on August 20, 2015.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true,
complete, and correct.
------------------
October 27, 2015
By: Sit Investment Associates, Inc.
/s/ Roger J. Sit
-----------------------------------
Name/Title: Roger J. Sit, Chairman & CEO
By: Sit Fixed Income Advisors II, LLC
/s/ Michael C. Brilley
-----------------------------------
Name/Title: Michael C. Brilley, President & CIO
EXHIBIT A
Schedule of Transactions in Shares by Sit Entities since the last 13D filing on
August 20, 2015:
------------------ --------------- -------------------------- --------------
Date of Transaction Shares of Common Stock Price Per
Transaction Type Purchased /(Sold) Share ($)
------------------ --------------- -------------------------- --------------
09/04/2015 SELL (2,248.00) 13.64
------------------ --------------- -------------------------- --------------
09/08/2015 SELL (26,034.00) 13.70
------------------ --------------- -------------------------- --------------
10/14/2015 SELL (9,010.00) 13.71
------------------ --------------- -------------------------- --------------
10/15/2015 SELL (5,238.00) 13.55
------------------ --------------- -------------------------- --------------
10/16/2015 SELL (11,046.00) 13.57
------------------ --------------- -------------------------- --------------
10/19/2015 SELL (120,463.00) 13.56
------------------ --------------- -------------------------- --------------
10/20/2015 SELL (120,463.00) 13.56
------------------ --------------- -------------------------- --------------
10/21/2015 SELL (17,108.00) 13.57
------------------ --------------- -------------------------- --------------
10/22/2015 SELL (8,099.00) 13.63
------------------ --------------- -------------------------- --------------
10/23/2015 SELL (900.00) 13.65
------------------ --------------- -------------------------- --------------
10/26/2015 SELL (25,310.00) 13.62
------------------ --------------- -------------------------- --------------