First Trust High Income Long/Short Fund (the “Fund”) (NYSE: FSD) has declared its regularly scheduled monthly common share distribution in the amount of $0.08 payable on August 15, 2016, to shareholders of record as of August 3, 2016. The ex-dividend date is expected to be August 1, 2016. The monthly distribution information for the Fund appears below.

First Trust High Income Long/Short Fund (FSD):

            
Distribution per share: $0.08
Distribution Rate based on the July 19, 2016 NAV of $17.48: 5.49%
Distribution Rate based on the July 19, 2016 closing market price of $15.12: 6.35%

The majority, and possibly all, of this distribution will be paid out of net investment income earned by the Fund. A portion of this distribution may come from net short-term realized capital gains or return of capital. The final determination of the source and tax status of all 2016 distributions will be made after the end of 2016.

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.

First Trust Advisors L.P., the Fund’s investment advisor, along with its affiliate, First Trust Portfolios L.P., are privately-held companies which provide a variety of investment services, including asset management and financial advisory services, with collective assets under management or supervision of approximately $96 billion as of June 30, 2016 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, fixed income investment management firm with approximately $95.88 billion in assets under management as of June 30, 2016. MacKay manages fixed income strategies for high-net worth individuals, institutional clients and mutual funds, including unconstrained bond, global high yield, high yield, high yield active core, municipal high yield, short duration high yield, low volatility high yield, municipal short term, core investment grade, municipal investment grade, core plus, core plus opportunities, convertibles, emerging markets credit, and bank loans.

Past performance is no assurance of future results. 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.

Principal Risk Factors: Investment in this Fund involves investment and market risk, management risk, current economic conditions – credit crisis liquidity and volatility risk, fixed-income securities risk, issuer risk, interest rate risk, prepayment risk, reinvestment risk, credit and below-Investment grade securities risk, short selling risk, valuation risk, credit rating agency risk, non-U.S. securities risk, emerging markets risk, currency risk, preferred stock risk, credit linked notes risk, loan participations and assignments risk, leverage risk, derivatives risk, credit default swaps risk, U.S. government securities risk, non-U.S. government debt securities risk, common stock risk, REIT risk, asset-backed, mortgage-backed or mortgage-related securities risk, inflation/deflation risk, new types of securities risk, counterparty and prime brokerage risk, government intervention in financial markets risk, portfolio turnover risk, market disruption and geopolitical risk, illiquid/restricted securities risk, reverse repurchase agreements risk, repurchase agreements risk, certain affiliations, temporary defensive strategies risk, and secondary market for the Fund’s common shares. The risks of investing in the Fund are spelled out in the shareholder reports and other regulatory filings.

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 1-800-988-5891.