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First Trust High Income Long/Short Fund Decreases Its Monthly Common Share Distribution To $0.1155 Per Share For December

First Trust High Income Long/Short Fund (the "Fund") (NYSE: FSD) has decreased the Fund’s regularly scheduled monthly common share distribution to $0.1155 per share from $0.1335 per share. The distribution will be payable on December 10, 2012 to shareholders of record as of December 5, 2012. The ex-dividend date is expected to be December 3, 2012. The monthly distribution information for the Fund appears below.

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

Distribution per share: $0.1155
Distribution Rate based on the November 19, 2012 NAV of $18.86: 7.35%
Distribution Rate based on the November 19, 2012 closing market price of $18.09: 7.66%
Decrease from previous distribution of $0.1335: -13.48%

The decrease in the Fund’s monthly distribution is to bring it in line with its actual earnings level. Distributions from inception to date have been supported in part by the Fund’s earnings from its initial invest-up period (from the Fund’s inception in September 2010 until its first distribution in December 2010), as well as gains realized on foreign currency, which are treated as income for federal income tax purposes. It is not possible to predict whether the Fund will continue to realize foreign currency gains to support ongoing fund distributions.

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