First Trust Advisors LP Announces Portfolio Manager Update for First Trust High Income Short Term Fund

WHEATON, Illinois – (COMMERCIAL THREAD) – First Trust Advisors LP (“FTA”) today announced that MacKay Shields LLC (“MacKay”), investment sub-advisor of First Trust High Income Long / Short Fund (NYSE: FSD) (the “Fund »), Publish an update on the market and the Fund for financial professionals and investors. The update will be available Wednesday, October 6, 2021 at 5:00 p.m. EST until 11:59 p.m. EST on Saturday, November 6, 2021. To listen to the update, follow these instructions:

– Dial: 888-203-1112; International 719-457-0820; and access code # 5595341. The update will be available from Wednesday, October 6, 2021 at 5:00 p.m. EST until 11:59 p.m. EST on Saturday, November 6, 2021.

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, the majority of its assets in a diversified portfolio of fixed income securities of high yield US and foreign companies (including emerging markets) d ‘variable maturities and rated below that of the investment. grade at the time of purchase.

FTA is a federally registered investment advisor and acts as the investment advisor to the Fund. FTA and its affiliate First Trust Portfolios LP (“FTP”), a brokerage firm registered with FINRA, are private companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $ 213 billion as of August 31, 2021 through mutual funds, exchange-traded funds, closed-end funds, mutual funds and managed accounts distinct. FTA is the supervisor of the First Trust mutual funds, while FTP is the sponsor. FTP is also a distributor of UCITS units and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

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 the global equity markets where proprietary research and unique portfolio construction techniques can generate attractive customer-focused results. MacKay serves a large group of pension funds, government and financial institutions, family offices, high net worth individuals, endowments and foundations around the world. As of August 31, 2021, MacKay managed approximately $ 164.2 billion in assets.

Main risk factors: The return on investments and the market value of an investment in the Fund will fluctuate. Stocks, 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 suitable for all investors.

The securities held by the Fund, as well as the shares of the 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. interest and perceived trends in securities prices. Shares of the Fund may lose value or underperform other investments due to the risk of loss associated with these market movements. In addition, local, regional or global events such as war, acts of terrorism, the spread of infectious diseases or other public health issues, recessions or other events could have a significant negative impact on the Fund. and its investments. Such events can affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of respiratory disease known as COVID-19 in December 2019 caused significant volatility and declines in global financial markets, causing losses for investors. While vaccine development has slowed the spread of the virus and allowed the resumption of “reasonably” normal business activity in the United States, many countries continue to impose lockdowns in an attempt to slow the spread. In addition, there is no guarantee that the vaccines will be effective against emerging variants of the disease.

The Fund invests in lower quality debt securities, commonly referred to as “high yield securities”. High yield securities are subject to greater market fluctuations and risk of loss than higher rated securities. 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 will decline for a number of reasons directly related to the issuer. Reinvestment risk is the risk that the income of the Fund portfolio will decline if the Fund invests the proceeds of matured, traded or called bonds at market interest rates lower than the current rate of return of the Fund portfolio. Prepayment risk is the risk that, upon prepayment, the actual outstanding debt on which the Fund earns 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 over time. result. Interest rate risk is the risk that fixed income securities will lose value because of changes in market interest rates.

During periods of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, in whole or in part, to implement its short selling strategy. Selling short creates special risks that could cause increased volatility of returns and lead to larger gains or losses.

The Fund invests in securities of non-US issuers which are subject to higher volatility than securities of US issuers. Since the Fund invests in non-US securities, you could lose money if the local currency of a non-US market depreciates against the US dollar.

Investments in securities of issuers located in emerging markets are considered speculative and there is an increased risk of investing in securities in emerging markets. Financial and other reports from businesses and government entities may also be less reliable in emerging markets. Shareholder claims available in the United States, as well as the regulatory oversight and authority that is common in the United States, including for fraud-based claims, may be difficult or impossible for shareholders of securities to pursue in the United States. emerging countries or for the American authorities.

To the extent that a fund invests in floating or variable rate bonds which use the London Interbank Offered Rate (“LIBOR”) as the benchmark interest rate, it is subject to LIBOR risk. The UK Financial Conduct Authority, which regulates LIBOR, will stop offering LIBOR as a benchmark rate over a phase-out period that will begin immediately after December 31, 2021. LIBOR unavailability or replacement may affect the value. , liquidity or return on certain investments of the fund and may incur costs associated with closing positions and entering into new transactions. The potential effects of leaving LIBOR on the fund or on certain instruments in which the fund invests may be difficult to determine, and they may vary depending on various factors, and they may result in losses for the fund.

Foreign exchange forward contracts involve certain risks, including the risk that the counterparty will not perform its obligations under the contract and the risk that the use of forward contracts will not serve as a full hedge due to a imperfect correlation between fluctuations in contract prices and the prices of the hedged currencies.

Distressed securities often do not generate income while they are in circulation. The Fund may be required to incur certain extraordinary expenses in order to protect and recover its investment. The Fund will also be subject to significant uncertainty as to the timing, manner and value of obligations evidenced by distressed securities which will ultimately be satisfied.

Illiquid and restricted securities may be difficult to dispose of at a fair price when the Fund considers it desirable to do so.

The use of leverage can lead to additional risks and costs and can magnify the effect of any loss.

The risks associated with investing in the Fund are described in the prospectus, reports to shareholders and other regulatory documents.

The information presented is not intended to constitute an investment recommendation or advice to any particular person. By providing this information, First Trust does not undertake to give advice in a fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for independently assessing investment risks and exercising independent judgment in determining whether investments are appropriate for their clients.

The Fund’s daily closing price on the New York Stock Exchange and net asset value per share and other information are available at or by calling 1-800-988-5891.

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