First Trust High Income Long/Short Fund Declares its Monthly Common Share Distribution of $0.11 Per Share for November
October 21 2019 - 4:58PM
Business Wire
First Trust High Income Long/Short Fund (the "Fund") (NYSE: FSD)
has declared the Fund’s regularly scheduled monthly common share
distribution in the amount of $0.11 per share payable on November
15, 2019, to shareholders of record as of November 4, 2019. The
ex-dividend date is expected to be November 1, 2019. The monthly
distribution information for the Fund appears below.
First Trust High
Income Long/Short Fund (FSD):
Distribution per share:
$0.11
Distribution Rate based on the October 18,
2019 NAV of $16.94:
7.79%
Distribution Rate based on the October 18,
2019 closing market price of $15.17:
8.70%
This distribution will consist of net investment income earned
by the Fund and return of capital and may also consist of net
short-term realized capital gains. The final determination of the
source and tax status of all 2019 distributions will be made after
the end of 2019 and will be provided on Form 1099-DIV.
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. ("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, 2019 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 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 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, 2019, MacKay manages
approximately $127.9 billion in assets.
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. 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
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,
the Internal Revenue Code or any other regulatory framework.
Financial advisors are responsible for evaluating investment risks
independently and for exercising independent judgment in
determining whether investments are appropriate for their
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 1-800-988-5891.
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