Attached files
PRESS RELEASE SOURCE: First Trust Advisors L.P.
FIRST TRUST ADVISORS L.P. ANNOUNCES PORTFOLIO MANAGER UPDATE FOR FIRST TRUST
HIGH INCOME LONG/SHORT FUND
WHEATON, IL -- (BUSINESS WIRE) -- October 22, 2018 -- First Trust Advisors L.P.
("FTA") announced today that MacKay Shields LLC ("MacKay"), investment
sub-advisor for First Trust High Income Long/Short Fund (NYSE: FSD) (the
"Fund"), will release an update on the market and the Fund for financial
advisors and investors. The update will be available WEDNESDAY, OCTOBER 24,
2018, AT 5:00 P.M. EASTERN TIME UNTIL 11:59 P.M. EASTERN TIME ON FRIDAY,
NOVEMBER 23, 2018. To listen to the update, follow these instructions:
-- Dial: (888) 203-1112; International (719) 457-0820; and Passcode # 6972809
and PIN # 6893. The update will be available from Wednesday, October 24,
2018, at 5:00 P.M. Eastern Time until 11:59 P.M. Eastern Time on Friday,
November 23, 2018.
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, a majority of its assets in a diversified
portfolio of U.S. and foreign (including emerging markets) high yield corporate
fixed-income securities of varying maturities that are rated below-investment
grade at the time of purchase.
FTA is a federally registered investment advisor and serves as the Fund's
investment advisor. FTA and its affiliate First Trust Portfolios L.P. ("FTP"), a
FINRA registered broker-dealer, are privately-held companies that provide a
variety of investment services. FTA has collective assets under management or
supervision of approximately $134 billion as of September 30, 2018 through unit
investment trusts, exchange-traded funds, closed-end funds, mutual funds and
separate managed accounts. FTA is the supervisor of the First Trust unit
investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual
fund shares 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 global equity markets where proprietary research and unique
portfolio construction techniques can generate attractive client oriented
outcomes. MacKay serves a prominent group of pension funds, government and
financial institutions, family offices, high net worth individuals, endowments
and foundations from across the globe. As of September 30, 2018, MacKay manages
approximately $114.5 billion in assets.
Investment return and market value of an investment in the Fund will fluctuate.
Shares, 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 appropriate for all investors.
Principal Risk Factors: The Fund invests in non-investment grade debt
instruments, commonly referred to as "high-yield securities". High-yield
securities are subject to greater market fluctuations and risk of loss than
securities with higher ratings. 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 which directly relate to the
issuer. Reinvestment risk is the risk that income from the Fund's portfolio will
decline if the Fund invests the proceeds from matured, traded or called bonds at
market interest rates that are below the Fund portfolio's current earnings rate.
Prepayment risk is the risk that, upon a prepayment, 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 dividend,
interest and/or principal payments when due and that the value of a security may
decline as a result. Interest rate risk is the risk that fixed-income securities
will decline in value because of changes in market interest rates.
In times of unusual or adverse market, economic, regulatory or political
conditions, the Fund may not be able, fully or partially, to implement its short
selling strategy. Short selling creates special risks which could result in
increased volatility of returns and may result in greater gains or greater
losses.
The Fund invests in securities of non-U.S. issuers which are subject to higher
volatility than securities of U.S. issuers. Because the Fund invests in non-U.S.
securities, you may lose money if the local currency of a non-U.S. market
depreciates against the U.S. dollar.
The risks of investing in the Fund are spelled out in the prospectus,
shareholder reports and other regulatory filings.
The information presented is not intended to constitute an investment
recommendation for, or advice to, any specific person. By providing this
information, First Trust is not undertaking to give advice in any fiduciary
capacity within the meaning of ERISA and the Internal Revenue Code. First Trust
has no knowledge of and has not been provided any information regarding any
investor. Financial advisors must determine whether particular investments are
appropriate for their clients. First Trust believes the financial advisor is a
fiduciary, is capable of evaluating investment risks independently and is
responsible for exercising independent judgment with respect to its retirement
plan clients.
The Fund's daily closing New York Stock Exchange 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.
