FIRST TRUST HIGH INCOME LONG/SHORT FUND - FORM 8-K - EX-99.1 - PRESS RELEASE - August 11, 2011

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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) -- August 11, 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 Wednesday, August 24 at 4:15 P.M. Eastern 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: Toll Free (800) 309-9067; Toll (706) 679-1727; and
      Passcode # 90242381. Please call 10 to 15 minutes before the scheduled
      start of the teleconference.

--    Telephone Replay: Toll Free (800) 642-1687; Toll (404) 537-3406; and
      Passcode # 90242381. The replay will be available two hours after the end
      of the call until 11:00 P.M. Eastern Time on Saturday, September 24, 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 competitive municipal
underwritings, with collective assets under management or supervision of over
$51 billion as of July 31, 2011 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
$56.25 billion in assets under management as of June 30, 2011. MacKay manages
the following fixed income strategies for institutional clients and retail
mutual funds: high yield, high yield active core, core plus, global fixed
income, municipal and investment grade. MacKay also manages convertible
strategies.

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 by
Monday, August 22, 6:00 P.M. Eastern Time.

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.

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