8-K

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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


        Date of report (Date of earliest event reported) December 13, 2010


                    FIRST TRUST HIGH INCOME LONG/SHORT FUND
             (Exact Name of Registrant as Specified in its Charter)



       Massachusetts                    811-22442                  27-3072807
(State or Other Jurisdiction    (Commission File Number)        (IRS Employer
     of Incorporation)                                       Identification No.)


   120 East Liberty Drive, Suite 400
           Wheaton, Illinois                                        60187
(Address of Principal Executive Offices)                          (Zip Code)


      Registrant's telephone number, including area code   (630) 765-8000


       ___________________________________________________________________
         (Former Name or Former Address, if Changed Since Last Report.)



Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):


|_|   Written communications pursuant to Rule 425 under the Securities Act
      (17 CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act
      (17 CFR 240.14a-12)

|_|   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))


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Item 7.01    Regulation FD Disclosure.


First Trust High Income Long/Short Fund (the "Fund") is filing herewith a press
release issued on December 13, 2010, as Exhibit 99.1. The press release was
issued by First Trust Advisors, L.P. to report that on December 16, 2010, the
Fund will host a conference call with MacKay Shields LLC ("MacKay"), the
Fund's investment sub-advisor. The purpose of the call is to hear the Fund's
portfolio management team provide an update for the market and the Fund.



Item 9.01    Financial Statements and Exhibits.


      (d)    Exhibits

        Exhibit
        Number        Description

           99.1       Press release of First Trust Advisors, L.P. dated
                      December 13, 2010.




                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Dated: December 13, 2010           FIRST TRUST HIGH INCOME LONG/SHORT FUND

                                 By:    /s/ W. Scott Jardine
                                        ----------------------------------
                                 Name:   W. Scott Jardine
                                 Title:  Secretary





                                  EXHIBIT INDEX
        Exhibit
        Number        Description

           99.1       Press release of First Trust Advisors, L.P. dated
                      December 13, 2010.

EX-99.1

PRESS RELEASE                        SOURCE:  First Trust Advisors L.P.

FIRST TRUST ADVISORS L.P. ANNOUNCES PORTFOLIO MANAGER UPDATE CALL FOR
FIRST TRUST HIGH INCOME LONG/SHORT FUND

WHEATON, IL - (BUSINESS WIRE) - December 13, 2010 - First Trust Advisors
L.P. ("FTA") announced today that First Trust High Income Long/Short Fund
(NYSE: FSD) intends to host a conference call with MacKay Shields LLC
("MacKay"), the Fund's investment sub-advisor, on Thursday, December 16,
2010 at 2:00 P.M. Eastern Standard Time. The purpose of the call is to
hear the Fund's portfolio management team provide an update for the
market and the Fund.

- --  Dial-in Number: (800) 309-9067; and Passcode # 30770131. Please call
    10 to 15 minutes before the scheduled start of the teleconference.

- --  Telephone Replay: (800) 642-1687; and Passcode # 30770131. The
    replay will be available after the call until 11:00 P.M. Eastern
    Standard Time on Thursday, December 30, 2010.

FTA has served as the Fund's investment advisor since the Fund's
inception. FTA, along with its affiliate First Trust Portfolios L.P., are
privately-held companies which provide a variety of investment services,
including asset management, financial advisory services, and municipal
and corporate investment banking, with collective assets under management
or supervision of over $39 billion as of November 30, 2010 through
closed-end funds, unit investment trusts, mutual funds, separate managed
accounts and exchanged-traded funds.

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 investment
management firm with approximately $52.7 billion in assets under
management as of November 30, 2010. MacKay manages the following
strategies for institutional clients and retail mutual funds: taxable and
tax-exempt fixed income securities, including high yield, high yield
active core, core plus, emerging market, municipal, investment grade,
convertible securities and international equities.

If you have questions about the Fund that you would like answered on the
call, please email your questions to cefquestions@ftadvisors.com and
refer to FSD. The Fund's daily closing 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.