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

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

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

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.

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.

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.

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

CUSIP No.: 33738E109

Broker or dealer registered under Section 15 of the
Act;

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

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

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

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

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

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