0001437749-21-006625.txt : 20210319 0001437749-21-006625.hdr.sgml : 20210319 20210319161445 ACCESSION NUMBER: 0001437749-21-006625 CONFORMED SUBMISSION TYPE: PX14A6G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20210319 EFFECTIVENESS DATE: 20210319 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: FIRST TRUST HIGH INCOME LONG/SHORT FUND CENTRAL INDEX KEY: 0001494530 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: PX14A6G SEC ACT: 1934 Act SEC FILE NUMBER: 811-22442 FILM NUMBER: 21758319 BUSINESS ADDRESS: STREET 1: 120 EAST LIBERTY DRIVE, SUITE 400 CITY: WHEATON STATE: IL ZIP: 60187 BUSINESS PHONE: 630-765-8000 MAIL ADDRESS: STREET 1: 120 EAST LIBERTY DRIVE, SUITE 400 CITY: WHEATON STATE: IL ZIP: 60187 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Dolphin Limited Partnership I, L.P. CENTRAL INDEX KEY: 0001803511 IRS NUMBER: 061407837 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: PX14A6G BUSINESS ADDRESS: STREET 1: C/O 1117 E. PUTNAM AVENUE CITY: RIVERSIDE STATE: CT ZIP: 06878 BUSINESS PHONE: 2039794762 MAIL ADDRESS: STREET 1: C/O 1117 E. PUTNAM AVENUE CITY: RIVERSIDE STATE: CT ZIP: 06878 PX14A6G 1 dlpp20210319_px14a6g.htm dlpp20210319_px14a6g.htm

 

NOTICE OF EXEMPT SOLICITATION

AMENDMENT NO. 2

 

Name of the registrant:

 

First Trust High Income Long/Short Fund

 

Name of person relying on exemption:

 

Dolphin Limited Partnership I, L.P.

 

Address of person relying on exemption:

 

c/o 1117 E Putnam Ave.

Riverside CT 06878

 

Written Material:

 

Dolphin Limited Partnership I, L.P. press release dated January 13, 2021 (disseminated on or about January 28, 2021)(previously filed)

 

Dolphin Limited Partnership I, L.P. shareholder communication regarding annual shareholder meeting, dated March 1, 2021 (disseminated March 3, 2021) (previously filed)

 

Dolphin Limited Partnership I, L.P. shareholder communication, dated March 1, 2021, regarding Letter to Board of Trustees of First Trust High Income Long/Short Fund, dated February 5, 2021 (revised) (previously filed)

 

Dolphin Limited Partnership I, L.P. shareholder communication to Institutional Shareholder Services in response to Presentation by First Trust High Income Long/Short Fund (March 18, 2021)(filed herewith)

 

 
 

 

Dolphin’s Review of First Trust High Income Long/Short Fund (NYSE: FSD)

March 16, 2021 Presentation

 

Let’s Stop FSD’s Rhetoric—

 

 

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Your Share Price Is Down -25% For 10-years (Inception).

 

 

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Dolphin Is A 4-Year Very Sizable Shareholder—FSD Insiders Hold A Nominal Share Amount.

 

 

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FSD Reaped $5.4 Million In FY 2020 Advisory Fees. Is FSD Motivated To Indefinitely Keep Shareholder Capital Regardless Of Performance?

 

 

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FSD’s FYE Is October 31. Now FSD Deploys December 31 For Its Performance Review—Why?

 

 

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With $0.41 (31%) FY 2020 Return-Of-Capital (ROC), FSD Appears To Be a Risky Investment—What Will Happen To Your Share Price If FSD Decreases Its ROC?

 

 

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For 10-Years (Inception) FSD’s Actual Earnings (NII) Are Down -38% ($1.47 for FY 2010 to $0.91 for FY 2020).

 

 

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FSD’s FY 2020 Share Price Underperformed Its Self-Selected Benchmark -2.78X:

 

FSD’s Market Value - 4.35%

Benchmark + 2.44%

 

 

●

FSD’s 10-Year (Inception) Share Price Underperformed Its Self-Selected Benchmark -30%:

 

FSD’s Market Value + 4.41%

Benchmark + 6.31%

 

 

●

FSD Has Taken Actions Adverse To Shareholders And Recent By-Law Amendments Are Believed To Entrench Management.

 

 

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Shareholder Proposals Seeking Termination And Funds Not Obtaining Favorable Votes Of Investment Agreements Have Led To Return Of NAV.

 

Please review Dolphin’s one-page March 1, 2021 presentation, its February 5, 2021 letter to FSD, both filed with the SEC and Dolphin’s Proposal and one-page Supporting Statement in FSD’s February 16, 2021 Proxy Statement (pg. 21).

 

You May Vote “FOR” Dolphin’s Binding Proposal (Proposal 2) On FSD’s Proxy Card That You Received Previously. Dolphin Recommends You “WITHHOLD” On FSD’s Two Trustee Nominees(Proposal 1). You May Be Able To Vote By Telephone Or Online Following The Instructions On FSD’s Proxy Card. If You Cannot Find FSD’s Proxy Card Or Did Not Receive A Proxy Card, Please Contact Your Broker And Have Them Provide You With Instructions To Vote Your Shares.

 

If You Want Assistance, Please Contact Innisfree M&A Incorporated: 888-750-5834

 

THIS IS NOT A SOLICIATION OF AUTHORITY TO VOTE YOUR PROXY

Please DO NOT send us your proxy card as it will not be accepted – you must vote on FSD’s proxy card.