First Trust High Income Long / Short Fund reports monthly common share distribution of $ 0.11 per share for May



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WHEATON, Ill .– (BUSINESS WIRE) – First Trust High Income Long / Short Fund (the “Fund”) (NYSE: FSD) has declared the regular monthly distribution of common shares of the Fund in the amount of $ 0.11 per share payable on May 17, 2021, to shareholders of record on May 4, 2021. The ex-dividend date is expected to be May 3, 2021. Information on the Fund’s monthly distributions is provided below.

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

Distribution per share:

$ 0.11

Distribution rate based on the April 19, 2021 net asset value of $ 16.46:

8.02%

Distribution rate based on the April 19, 2021 closing price of $ 15.18:

8.70%

This distribution will consist of the net investment income earned by the Fund and the return of capital and may also consist of net realized capital gains in the short term. The final determination of the source and tax status of all 2021 distributions will be made after the end of 2021 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, the majority of its assets in a diversified portfolio of fixed income securities of high yielding companies in the United States and abroad (including emerging markets) of various deadlines which are noted below. investment quality at the time of purchase.

First Trust Advisors LP (“FTA”) is a federally registered investment advisor and acts as the investment advisor to the Fund. FTA and its subsidiary First Trust Portfolios LP (“FTP”), a brokerage firm registered with FINRA, are private companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $ 186 billion as of March 31, 2021 through unitary investment trusts, exchange-traded funds, closed-end funds, mutual funds and accounts. managed separately. FTA is the supervisor of First Trust’s unit trusts, while FTP is the promoter. 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”) acts 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 the global equity markets where proprietary research and unique portfolio construction techniques can generate engaging customer-focused results. MacKay serves a large group of pension funds, government and financial institutions, family offices, high net worth individuals, foundations and foundations around the world. As of March 31, 2021, MacKay managed approximately $ 158.0 billion in assets.

Past performance is no guarantee of future results. The return and market value of an investment in the Fund will fluctuate. Shares, once 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 suitable for all investors.

Main risk factors: The securities held by the Fund, as well as the shares of the Fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments. market, changes in interest rates and perceived trends in securities. prices. Shares of the Fund may lose value or underperform other investments due to the risk of loss associated with these market movements. In addition, local, regional or global events such as wars, acts of terrorism, the spread of infectious diseases or other public health issues, recessions or other events could have a significant negative impact on the Fund. and its investments. Such events can affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of respiratory disease designated COVID-19 in December 2019 caused significant volatility and decline in global financial markets, resulting in losses for investors. The impact of this COVID-19 pandemic can last for an extended period of time and will continue to impact the economy for the foreseeable future.

The Fund invests in lower quality debt securities, commonly referred to as “high yield securities”. High yield securities are subject to greater market fluctuations and risk of loss than higher rated securities. 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 directly related to the issuer. Reinvestment risk is the risk that the income of the Fund’s portfolio will decline if the Fund invests the proceeds of matured, traded or called bonds at market interest rates lower than the current rate of return on the Fund’s portfolio. Prepayment risk is the risk that, upon prepayment, the actual outstanding debt on which the Fund earns 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. result. Interest rate risk is the risk that fixed income securities will lose value because of changes in market interest rates.

During times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, in whole or in part, to implement its short selling strategy. Selling short creates special risks that could cause increased volatility of returns and lead to larger gains or losses.

The Fund invests in securities of non-US issuers which are subject to higher volatility than securities of US issuers. Since the Fund invests in non-US securities, you may lose money if the local currency in a non-US market depreciates against the US dollar.

Investments in securities of issuers located in emerging market countries are considered speculative and there is an increased risk of investing in emerging market securities. Financial and other reports from businesses and government entities may also be less reliable in emerging markets. Shareholder claims available in the United States, as well as ongoing regulatory oversight and authority in the United States, including for fraud-based claims, may be difficult or impossible for shareholders of securities in countries to pursue. emerging markets or for US authorities.

To the extent that a fund invests in floating or variable rate bonds which use the London Interbank Offered Rate (“LIBOR”) as the benchmark interest rate, it is subject to LIBOR risk. The UK Financial Conduct Authority, which regulates LIBOR, will cease making LIBOR available as a benchmark rate during a phase-out period that will begin immediately after December 31, 2021. LIBOR unavailability or replacement may affect value, liquidity or return on certain fund investments and may incur costs associated with liquidating positions and entering into new transactions. The potential effects of the transition to LIBOR on the fund or on certain instruments in which the fund invests may be difficult to determine, and they may vary depending on various factors, and they could result in losses for the fund.

Foreign exchange forward contracts involve certain risks, including the risk that the counterparty will default on its obligations under the contract and the risk that the use of forward contracts cannot serve as a full hedge due to imperfect correlation. between the price movements of the contracts and the prices of the hedged currencies.

Distressed securities often do not generate income while they are in circulation. The Fund may incur certain extraordinary expenses in order to protect and recover its investment. The Fund will also be subject to significant uncertainty as to when, how and to what value any obligations evidenced by distressed securities will eventually be fulfilled.

Illiquid and restricted securities may be difficult to sell at a fair price when the Fund considers it desirable to do so.

The use of leverage can lead to additional risks and costs, and can magnify the effect of any loss.

The risks associated with investing in the Fund are described in reports to shareholders and other regulatory documents.

The information presented is not intended to constitute an investment recommendation or advice to any particular person. By providing this information, First Trust does not undertake to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for independently assessing investment risks and exercising independent judgment in determining whether investments are appropriate for their clients.

The Fund’s daily closing price on the New York Stock Exchange and the net asset value per share and other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.

Jane Doyle Press inquiries 630-765-8775

Analyst inquiries Jeff Margolin 630-915-6784

Broker Inquiries Sales Team 866-848-9727

Source: First Trust High Income Long / Short Fund

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