UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of report (Date of earliest event reported) | October 19, 2022 |
| First Trust High Income Long/Short Fund |
| (Exact Name of Registrant as Specified in its Charter) |
| Massachusetts | 811-22442 |
27-3072807 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
|
120 East Liberty Drive, Suite 400 Wheaton, Illinois |
60187 |
| (Address of Principal Executive Offices) | (Zip Code) |
| Registrant's telephone number, including area code | (630) 765-8000 |
| (Former Name or Former Address, if Changed Since Last Report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure.
First Trust High Income Long/Short Fund (the "Fund") is filing herewith a press release issued on October 19, 2022, as Exhibit 99.1. The press release was issued by First Trust Advisors L.P. to report that on October 21, 2022, MacKay Shields LLC (“MacKay”) , investment sub-advisor for the Fund, will release an update on the market and the Fund. Details regarding the update are contained in the press release included herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit | ||
| Number | Description | |
| 99.1 | Press release of First Trust Advisors L.P. dated October 19, 2022. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FIRST TRUST HIGH INCOME LONG/SHORT FUND | |||
| Date | October 19, 2022 | /s/ W. Scott Jardine | |
| Name: W. Scott Jardine | |||
| Title: Secretary |
EXHIBIT INDEX
| Exhibit | ||
| Number | Description | |
| 99.1 | Press release of First Trust Advisors L.P. dated October 19, 2022. |
| PRESS RELEASE | SOURCE: First Trust Advisors L.P. |
First Trust Advisors L.P. Announces Portfolio Manager Update for First Trust High Income Long/Short Fund
WHEATON, IL — (BUSINESS WIRE) — October 19, 2022 — First Trust Advisors L.P. ("FTA") announced today that MacKay Shields LLC ("MacKay"), investment sub-advisor for FSD (NYSE: FSD) (the "Fund"), will release an update on the market and the Fund for financial professionals and investors. To listen to the update, click on the following link:
FSD Replay 10/21/2022
The update will be available Friday, October 21, 2022, at 5:00 P.M. Eastern Time until 5:00 P.M Eastern Time on Sunday, November 20, 2022.
The Fund is a diversified, closed-end management investment company that seeks to provide current income. The Fund has a secondary objective of capital appreciation. The Fund seeks to achieve its investment objectives by investing, under normal market conditions, a majority of its assets in a diversified portfolio of U.S. and foreign (including emerging markets) high yield corporate fixed-income securities of varying maturities that are rated below-investment grade at the time of purchase.
FTA is a federally registered investment advisor and serves as the Fund's investment advisor. FTA and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $178 billion as of September 30, 2022 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.
MacKay serves as the Fund's investment sub-advisor. MacKay is an indirect wholly-owned subsidiary of New York Life Insurance Company and a wholly-owned subsidiary of New York Life Investment Management Holdings LLC. MacKay is an income and equity solutions investment management firm, specializing in taxable and municipal fixed income credit and less efficient segments of global equity markets where proprietary research and unique portfolio construction techniques can generate attractive client oriented outcomes. MacKay serves a prominent group of pension funds, government and financial institutions, family offices, high net worth individuals, endowments and foundations from across the globe. As of September 30, 2022, MacKay manages approximately $133.9 billion in assets.
Principal Risk Factors: Risks are inherent in all investing. Certain risks applicable to the Fund are identified below, which includes the risk that you could lose some or all of your investment in the Fund. The principal risks of investing in the Fund are spelled out in the Fund's annual shareholder reports. The order of the below risk factors does not indicate the significance of any particular risk factor. The Fund also files reports, proxy statements and other information that is available for review.
Past performance is no assurance of future results.
Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their
original cost. There can be no assurance that the Fund's investment objectives will be achieved. The Fund may not be appropriate for all
investors.
Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic
conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices.
Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market
fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public
health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect
certain geographic regions, countries, sectors and industries more significantly than others. The COVID-19 global pandemic and the ensuing
policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global
financial markets. While the U.S. has resumed "reasonably" normal business activity, many countries continue to impose lockdown
measures. Additionally, there is no guarantee that vaccines will be effective against emerging variants of the disease.
The Fund invests in non-investment grade debt instruments, commonly referred to as "high-yield securities". High-yield securities
are subject to greater market fluctuations and risk of loss than securities with higher ratings. Lower-quality debt tends to be less liquid
than higher-quality debt.
The debt securities in which the Fund invests are subject to certain risks, including issuer risk, reinvestment risk, prepayment risk,
credit risk, and interest rate risk. Issuer risk is the risk that the value of fixed-income securities may decline for a number of reasons
which directly relate to the issuer. Reinvestment risk is the risk that income from the Fund's portfolio will decline if the Fund invests
the proceeds from matured, traded or called bonds at market interest rates that are below the Fund portfolio's current earnings rate.
Prepayment risk is the risk that, upon a prepayment, the actual outstanding debt on which the Fund derives interest income will be reduced.
Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments
when due and that the value of a security may decline as a result. Interest rate risk is the risk that fixed-income securities will decline
in value because of changes in market interest rates.
In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to
implement its short selling strategy. Short selling creates special risks which could result in increased volatility of returns and may
result in greater gains or greater losses.
The Fund invests in securities of non-U.S. issuers which are subject to higher volatility than securities of U.S. issuers. Because the
Fund invests in non-U.S. securities, you may lose money if the local currency of a non-U.S. market depreciates against the U.S. dollar.
Investments in securities of issuers located in emerging market countries are considered speculative and there is a heightened risk of
investing in emerging markets securities. Financial and other reporting by companies and government entities also may be less reliable
in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is
common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market
countries or for U.S. authorities to pursue.
To the extent a fund invests in floating or variable rate obligations that use the London Interbank Offered Rate ("LIBOR") as
a reference interest rate, it is subject to LIBOR Risk. The United Kingdom's Financial Conduct Authority, which regulates LIBOR has ceased
making LIBOR available as a reference rate over a phase-out period that began December 31, 2021. There is no assurance that any alternative
reference rate, including the Secured Overnight Financing Rate ("SOFR") will be similar to or produce the same value or economic
equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The unavailability or replacement
of LIBOR may affect the value, liquidity or return on certain fund investments and may result in costs incurred in connection with closing
out positions and entering into new trades. Any potential effects of the transition away from LIBOR on the fund or on certain instruments
in which the fund invests can be difficult to ascertain, and they may vary depending on a variety of factors, and they could result in
losses to the fund.
Forward foreign currency exchange contracts involve certain risks, including the risk of failure of the counterparty to perform its obligations
under the contract and the risk that the use of forward contracts may not serve as a complete hedge because of an imperfect correlation
between movements in the prices of the contracts and the prices of the currencies hedged.
Distressed securities frequently do not produce income while they are outstanding. The Fund may be required to incur certain extraordinary
expenses in order to protect and recover its investment. The Fund also will be subject to significant uncertainty as to when and in what
manner and for what value the obligations evidenced by the distressed securities will eventually be satisfied.
Illiquid and restricted securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable
to do so.
Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.
The risks of investing in the Fund are spelled out in the shareholder reports and other regulatory filings.
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
The Fund’s daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.
CONTACT: JEFF MARGOLIN — (630) 915-6784
____________________________
Source: First Trust Advisors L.P.