First Trust High Income Long/Short Fund (the Fund) is a diversified, closed-end management investment company. The Fund's primary investment objective is to provide current income. The Fund's secondary objective is capital appreciation. The Fund seeks to invest a majority of its assets in a diversified portfolio of the United States and foreign (including emerging markets) high-yield corporate fixed-income securities of varying maturities. Corporate fixed-income securities include corporate bonds, debentures, notes, commercial paper and other similar types of corporate debt instruments, including instruments issued by corporations with direct or indirect government ownership, as well as asset-backed securities, preferred shares, loan participations and assignments, and payment-in-kind securities. The Bank of America Merrill Lynch High Yield Master II Constrained Index (the Index) is the Fund's benchmark. MacKay Shields LLC (MacKay) is a sub-advisor to the Fund.