Fund Description: First Trust High Income Long/Short Fund is an exchange-traded closed-end fund or a closed-end ETF that is officially described as a diversified, closed-end management investment company. <p> INVESTMENT OBJECTIVE: The First Trust High Income Long/Short Fund seeks to provide current income. The Fund has a secondary objective of capital appreciation. <p> FUND STRATEGY: The Fund will seek 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. The Fund's investments in below-investment grade fixed-income securities are commonly referred to as high-yield or junk bonds and are considered speculative with respect to the issuer's capacity to pay interest and repay principal. As part of its investment strategy the Fund intends to maintain both long and short positions in securities. The Fund will take long positions in securities that the sub-advisor believes offer the potential for attractive returns and that it considers in the aggregate to have the potential to outperform the Fund's benchmark, the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index. The Fund will take short positions in securities that the sub-advisor believes in the aggregate will underperform the Index. The Fund's long positions, either directly or through derivatives, may total up to 130% of the Fund's Managed Assets. The Fund's short positions, either directly or through derivatives, may total up to 30% of the Fund's Managed Assets. The Benchmark Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. <p> FUND MANAGEMENT: First Trust Advisors L.P. serves as Investment Advisor to the Fund and is responsible for the ongoing monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and other administrative services. First Trust Advisors L.P. is also responsible for selecting and supervising the Sub-Advisor. MacKay Shields LLC serves as the Sub-Advisor/Portfolio Manager to the Fund and manages the investment and reinvestment of the Fund's assets, monitors the Fund's investments and complies with the stated investment objectives, policies and restrictions of the Fund.