FIRST TRUST HIGH INCOME LONG/SHORT FUND - FORM 8-K - EX-99.1 - PRESS RELEASE - January 31, 2011

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8-K - CURRENT REPORT - FIRST TRUST HIGH INCOME LONG/SHORT FUNDfsd_8k.txt
 

PRESS RELEASE                                 SOURCE:  First Trust Advisors L.P.


FIRST TRUST ADVISORS L.P. ANNOUNCES PORTFOLIO MANAGER UPDATE CALL FOR FIRST
TRUST HIGH INCOME LONG/SHORT FUND

WHEATON, IL -- (BUSINESS WIRE) -- January 31, 2011 -- First Trust Advisors L.P.
("FTA") announced today that First Trust High Income Long/Short Fund (NYSE: FSD)
intends to host a conference call with MacKay Shields LLC ("MacKay"), the Fund's
investment sub-advisor, on Thursday, February 3, 2011 at 4:15 P.M. Eastern
Standard Time. The purpose of the call is to hear the Fund's portfolio
management team provide an update for the market and the Fund.

--    Dial-in Number: (800) 309-9067; and Passcode # 40846801. Please call 10 to
      15 minutes before the scheduled start of the teleconference.

--    Telephone Replay: (800) 642-1687; and Passcode # 40846801. The replay will
      be available after the call until 11:00 P.M. Eastern Standard Time on
      Thursday, February 17, 2011.

FTA has served as the Fund's investment advisor since the Fund's inception. FTA,
along with its affiliate First Trust Portfolios L.P., are privately-held
companies which provide a variety of investment services, including asset
management, financial advisory services, and municipal and corporate investment
banking, with collective assets under management or supervision of over $42
billion as of December 31, 2010 through closed-end funds, unit investment
trusts, mutual funds, separate managed accounts and exchanged-traded funds.

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
$54.3 billion in assets under management as of December 31, 2010. MacKay manages
the following strategies for institutional clients and retail mutual funds:
taxable and tax-exempt fixed income securities, including high yield, high yield
active core, core plus, emerging market, municipal, investment grade,
convertible securities and international equities.

If you have questions about the Fund that you would like answered on the call,
please email your questions to cefquestions@ftadvisors.com and refer to FSD. The
Fund's daily closing price and net asset value per share as well as other
information can be found at www.ftportfolios.com or by calling (800) 988-5891.


CONTACT: JEFF MARGOLIN  -  (630) 915-6784

__________________________________
Source:  First Trust Advisors L.P.