13G Filing: Saba Capital and First Trust High Income Longort Fund (FSD)

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Saba Capital Management 0 2,077,773 0 2,077,773 2,077,773 6.94%
Boaz R. Weinstein 0 2,077,773 0 2,077,773 2,077,773 6.94%

Follow Boaz Weinstein's Saba Capital

Page 1 of 6 – SEC Filing


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

SCHEDULE 13G/A

Under the Securities Exchange Act of 1934

(Amendment No. 3)*

First Trust High Income Long/Short Fund

(Name of Issuer)

Common Stock, par value $0.01 per share
(Title
of Class of Securities)

33738E109
(CUSIP Number)

July 19, 2017
(Date of Event which Requires
Filing of this Statement)

Check the appropriate box to designate the rule pursuant to
which this Schedule is filed:

[_] Rule 13d-1(b)

[X] Rule 13d-1(c)

[_] Rule 13d-1(d)

*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 the disclosures provided in a prior cover page.

The information required in 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).

Follow First Trust High Income Longort Fund (NYSE:FSD)

Page 2 of 6 – SEC Filing

SCHEDULE 13G/A

CUSIP
No.

33738E109
1 Names of Reporting
Persons

Saba Capital Management, L.P.
2 Check the appropriate box if a member of a Group (see
instructions)

(a) [ ]
(b) [ ]

3 Sec Use Only
4 Citizenship or Place of
Organization

Delaware
Number of
Shares
Beneficially

Owned by Each
Reporting Person With:
5 Sole Voting Power
-0-
6 Shared Voting Power

2,077,773
7 Sole Dispositive Power

-0-
8 Shared Dispositive Power

2,077,773
9 Aggregate Amount
Beneficially Owned by Each Reporting Person

2,077,773
10 Check box if the
aggregate amount in row (9) excludes certain shares (See Instructions)


[ ]
11 Percent of class
represented by amount in row (9)

6.94%
12 Type of Reporting Person
(See Instructions)

PN; IA

The percentages used herein are calculated based upon
29,947,157 shares of common stock outstanding as of 7/19/2017, as disclosed in
the company’s Certified Shareholder Report Form SC TO-I/A filed 7/19/2017

Page 2 of 6

Follow First Trust High Income Longort Fund (NYSE:FSD)

Page 3 of 6 – SEC Filing

SCHEDULE 13G/A

CUSIP
No.

33738E109
1 Names of Reporting
Persons

Boaz R. Weinstein
2 Check the appropriate box if a member of a Group (see
instructions)

(a) [ ]
(b) [ ]

3 Sec Use Only
4 Citizenship or Place of
Organization

United States
Number of
Shares
Beneficially

Owned by Each
Reporting Person 

With:

5 Sole Voting Power
-0-
6 Shared Voting Power

2,077,773
7 Sole Dispositive Power
-0-
8 Shared Dispositive Power

2,077,773
9 Aggregate Amount
Beneficially Owned by Each Reporting Person

2,077,773
10 Check box if the
aggregate amount in row (9) excludes certain shares (See Instructions)


[ ]
11 Percent of class
represented by amount in row (9)

6.94%
12 Type of Reporting Person
(See Instructions)

IN

The percentages used herein are calculated based upon
29,947,157 shares of common stock outstanding as of 7/19/2017, as disclosed in
the company’s Certified Shareholder Report Form SC TO-I/A filed 7/19/2017

Page 3 of 6

Follow First Trust High Income Longort Fund (NYSE:FSD)

Page 4 of 6 – SEC Filing

Item 1.

(a)

Name of Issuer: First Trust High Income Long/Short
Fund

(b)

Address of Issuers Principal Executive Offices:
120 East Liberty Drive, Suite 400, Wheaton, IL
60187

Item 2.

(a)

Name of Person Filing: This statement is being
jointly filed by Saba Capital Management, L.P., a Delaware limited
partnership (“Saba Capital”) and Mr. Boaz R. Weinstein (together, the
“Reporting Persons) with respect to the ownership of the shares of Common
Stock (as defined in Item 2(d)) by Saba Capital Master Fund Ltd. (“SCMF”),
Saba II AIV, L.P.. (“SCMF II”), Saba Capital Leveraged Master Fund Ltd.
(“SCLMF”), Saba Capital Series LLC Series 1 (“SCS”), Saba Capital CEF
Opportunities 1, Ltd. (“SCEF1”), and Saba Capital CEF Opportunities 2,
Ltd. (“SCEF2”)

The Reporting Persons have entered into a Joint Filing
Agreement, dated July 7, 2016, pursuant to which the Reporting Persons
have agreed to file this statement and any subsequent amendments hereto
jointly in accordance with the provisions of Rule 13d-1(k)(1) under the
Act.

Any disclosures herein with respect to persons other than
the Reporting Persons are made on information and belief after making
inquiry to the appropriate party.

The filing of this statement should not be construed as
an admission that any of the forgoing persons or the Reporting Persons is,
for the purposes of Section 13 of the Act, the beneficial owner of the
Common Stock reported herein.

(b)

Address of Principal Business Office or, if None,
Residence:

The address of the business office of Saba Capital and
Mr. Weinstein is 405 Lexington Avenue, 58th Floor, New York, New York
10174.

(c)

Citizenship: Saba Capital is organized as a
limited partnership under the laws of the State of Delaware. Mr. Weinstein
is a citizen of the United States.

(d)

Title and Class of Securities: Common stock (the
“Common Stock”).

(e)

CUSIP No.: 33738E109

Item 3. If this statement is filed pursuant to §§
240.13d-1(b) or 240.13d-2(b) or (c), check whether the
person
filing is a:
(a) [_]

Broker or dealer registered under Section 15 of the
Act;

(b) [_]

Bank as defined in Section 3(a)(6) of the Act;

(c) [_]

Insurance company as defined in Section 3(a)(19) of the
Act;

(d) [_]

Investment company registered under Section 8 of the
Investment Company Act of 1940;

(e) [_]

An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);

(f) [_]

An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(F);

(g) [_]

A parent holding company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G);

Page 4 of 6

Follow First Trust High Income Longort Fund (NYSE:FSD)

Page 5 of 6 – SEC Filing


(h) [_] A savings associations as defined in Section
3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) [_] A church plan that is excluded from the
definition of an investment company under section 3(c)(14) of the
Investment Company Act of 1940;
(j) [_] A non-U.S. institution in accordance with Rule
240.13d-1(b)(1)(ii)(J);
(k) [_] Group, in accordance with Rule
240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance
with Rule 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

___

Item 4. Ownership

(a)

Amount Beneficially Owned: The information
required by Items 4(a) – (c) is set forth in Rows (5) – (11) of the cover
page for each Reporting Person hereto and is incorporated herein by
reference for each such Reporting Person.

Item 5. Ownership of Five Percent or Less of a
Class. N/A
Item 6. Ownership of more than Five Percent on
Behalf of Another Person.
N/A
Item 7. Identification and classification of the
subsidiary which acquired the security being reported on
by the
parent holding company or control person. N/A
Item 8. Identification and classification of members
of the group. N/A
Item 9. Notice of Dissolution of Group.
N/A
Item 10. Certifications.

By signing below each Reporting Person
certifies that, to the best of his or its knowledge and belief, the securities
referred to above were not acquired and are not held for the purpose of or with
the effect of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.

Page 5 of 6

Follow First Trust High Income Longort Fund (NYSE:FSD)

Page 6 of 6 – SEC Filing

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.

Dated: 07/24/2017

/s/ Signature Michael DAngelo

Name: Michael DAngelo

Title: Chief Compliance Officer

Boaz R. Weinstein

By: Michael DAngelo

Title: Attorney-in-fact***

*** Pursuant to a Power of Attorney dated as of November 16,
2015

Page 6 of 6


Follow First Trust High Income Longort Fund (NYSE:FSD)