CORRECT and REPLACE First Trust Advisors LP Announces Portfolio Manager Update for First Trust High Income Long/Short Fund

WHEATON, Ill., October 19, 2022–(BUSINESS WIRE)–The third paragraph, third sentence of the release should read as follows: FTA has collective assets under management or supervision of approximately $178 billion as of September 30, 2022 through unit investment trusts, funds exchange-traded funds, closed-end funds, mutual funds and segregated funds managed accounts.

The updated version reads as follows:


First Trust Advisors LP (“FTA”) today announced that MacKay Shields LLC (“MacKay”), investment sub-advisor to FSD (NYSE: FSD) (the “Fund”), will issue an update on the market and the Fund for financial professionals and investors. To listen to the update, click on the following link:

Replay FSD 21/10/2022

The update will be available Friday, October 21, 2022 at 5:00 p.m. EST until 5:00 p.m. EST on Sunday, November 20, 2022.

The Fund is a diversified closed-end 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 high yielding US and foreign (including emerging market) corporate fixed income securities of various maturities and whose rating is lower than that of the class at the time of purchase.

FTA is a federally registered investment adviser and acts as the investment adviser to the Fund. FTA and its affiliate First Trust Portfolios LP (“FTP”), a FINRA-registered broker, are private 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 accounts managed separately. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of UCITS units and UCITS creation units. FTA and FTP are based in Wheaton, Illinois.

MacKay acts 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 the global equity markets where proprietary research and unique portfolio construction techniques can generate attractive client-focused results. MacKay serves a significant group of pension funds, government and financial institutions, family offices, high net worth individuals, endowments and foundations around the world. As of September 30, 2022, MacKay manages approximately $133.9 billion in assets.

Main risk factors: Risks are inherent in any investment. Certain risks applicable to the Fund are identified below, which includes the risk that you may lose some or all of your investment in the Funds. The main risks linked to an investment in the Fund are specified in the Fund’s annual shareholders’ report. reports. The order of the risk factors below does not indicate the importance of any particular factor. risk factor. The Fund also files reports, proxy statements and other information available for evaluation.

Past performance is not indicative of future results. Investment returns 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 a fund, as well as the 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 security price trends. A fund’s shares could lose value or underperform other investments because of 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 material adverse impact on a funds and their investments. Such events may affect certain geographies, countries, sectors and industries more significantly than others. The global COVID-19 pandemic and the resulting policies adopted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets. While the United States has resumed “reasonably” normal business activity, many countries continue to impose containment measures. Moreover, 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 may decline for a number of reasons directly related to the issuer. Reinvestment risk is the risk that the income of the Fund’s portfolio will decline if the Fund invests the proceeds of bonds that mature, trade or call at market interest rates that are lower than the current rate of return of the Fund’s portfolio. Early redemption risk is the risk that, upon early redemption, 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 payments of dividends, interest and/or principal when due and that the value of a security may therefore decrease. Interest rate risk is the risk that the value of fixed income securities will decline due to changes in market interest rates.

In times 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. Short selling creates special risks which could result in increased volatility of returns and result in greater gains or losses.

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

Investments in securities of issuers located in emerging countries are considered speculative and there is an increased risk of investing in securities of emerging markets. Financial and other reports from companies and government entities may also be less reliable in emerging countries. Shareholder claims that are available in the United States, as well as the regulatory oversight and authority that is common in the United States, including claims based on fraud, may be difficult or impossible for shareholders to pursue. securities in 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 its benchmark interest rate, it is subject to LIBOR risk. The UK Financial Conduct Authority, which regulates LIBOR, has ceased to make LIBOR available as a reference rate over a phase-out period which began on December 31, 2021. There can be no assurance that another reference rate, including the guaranteed overnight funding rate (“SOFR”) will be similar or produce the same value or economic equivalence as LIBOR or 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 of certain fund investments and may result in costs associated with closing positions and entering into new transactions. Any potential effects of the transition from LIBOR on the fund or on certain instruments in which the fund invests may be difficult to determine, and may vary depending on various factors, and could result in losses for the fund.

Forward foreign exchange 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 cannot serve as a complete hedge due to an imperfect correlation between the movements of the contract prices and the prices of the currencies being hedged.

Distressed securities often produce no income while outstanding. The Fund may incur certain extraordinary expenses in order to protect and recover its investment. The Fund will also be subject to substantial uncertainty as to when, how and at what value the obligations embodied by the Distressed Securities will eventually be satisfied.

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

The use of leverage may involve additional risks and costs and may magnify the effect of any loss.

The risks linked to an investment in the Fund are specified in the 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 represent itself as giving advice in a fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Finance 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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JEFF MARGOLIN — (630) 915-6784

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