First Trust High Income Long/Short Fund Decreases its Monthly Common Share Distribution to $0.1155 Per Share for December

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First Trust High Income Long/Short Fund Decreases its Monthly Common Share Distribution to $0.1155 Per Share for December

First Trust High Income Long/Short FundPress Inquiries:Jane Doyle, 630-765-8775orAnalyst Inquiries:Jeff Margolin, 630-915-6784orBroker Inquiries:Jeff Margolin, 630-915-6784

First Trust High Income Long/Short Fund (the "Fund") (NYSE: FSD) has decreased the Fund’s regularly scheduled monthly common share distribution to $0.1155 per share from $0.1335 per share. The distribution will be payable on December 10, 2012 to shareholders of record as of December 5, 2012. The ex-dividend date is expected to be December 3, 2012. The monthly distribution information for the Fund appears below.

The decrease in the Fund’s monthly distribution is to bring it in line with its actual earnings level. Distributions from inception to date have been supported in part by the Fund’s earnings from its initial invest-up period (from the Fund’s inception in September 2010 until its first distribution in December 2010), as well as gains realized on foreign currency, which are treated as income for federal income tax purposes. It is not possible to predict whether the Fund will continue to realize foreign currency gains to support ongoing fund distributions.

High yield bonds have seen their yields decline as investors have moved $14.7b into high yield mutual funds so far in 2012. Given the market’s demand for yield, issuers have been able to refinance debt, call away higher yielding issues, and replace them with lower yielding paper. This trend has resulted in a marginal reduction in the portfolio’s ability to generate income.

The majority, and possibly all, of this distribution will be paid out of net investment income earned by the Fund. A portion of this distribution may come from net short-term realized capital gains or return of capital. The final determination of the source and tax status of all 2012 distributions will be made after the end of 2012.

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 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.

First Trust Advisors L.P., the Fund’s investment advisor, along with its affiliate First Trust Portfolios L.P., are privately-held companies which provide a variety of investment services, including asset management and financial advisory services, with collective assets under management or supervision of approximately $61 billion as of October 31, 2012 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.

MacKay Shields LLC (“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 a multi product investment management firm with approximately $74.1 billion in assets under management as of September 30, 2012. MacKay manages a number of fixed income strategies for institutional clients and retail mutual funds, including: high yield, high yield active core, core plus, global fixed income, municipal and investment grade. MacKay also manages convertible strategies.

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.

Principal Risk Factors: Investment in this Fund involves Investment and Market Risk, Management Risk, Current Economic Conditions – Credit Crisis Liquidity and Volatility Risk, Fixed-Income Securities Risk, Issuer Risk, Interest Rate Risk, Prepayment Risk, Reinvestment Risk, Credit and Below-Investment Grade Securities Risk, Short Selling Risk, Valuation Risk, Credit Rating Agency Risk, Non-U.S. Securities Risk, Emerging Markets Risk, Currency Risk, Preferred Stock Risk, Credit Linked Notes Risk, Loan Participations and Assignments Risk, Leverage Risk, Derivatives Risk, Credit Default Swaps Risk, U.S. Government Securities Risk, Non-U.S. Government Debt Securities Risk, Common Stock Risk, REIT Risk, Asset-Backed, Mortgage Backed or Mortgage-Related Securities Risk, Inflation/Deflation Risk, New Types of Securities Risk, Counterparty and Prime Brokerage Risk, Government Intervention in Financial Markets Risk, Portfolio Turnover Risk, Market Disruption and Geopolitical Risk, Illiquid/Restricted Securities Risk, Reverse Repurchase Agreements Risk, Repurchase Agreements Risk, Certain Affiliations, Temporary Defensive Strategies Risk, and Secondary Market for the Fund’s Common Shares. The risks of investing in the Fund are spelled out in the prospectus, shareholder reports and other regulatory filings.

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 or by calling 1-800-988-5891.