First Trust High Income Long/Short Fund is a diversified closed-end management investment company based in the United States. The funds primary aim is to provide a high current income to its investors. Its secondary objective is capital appreciation. It seeks to achieve its objectives by investing predominantly in a diversified portfolio of the United States and foreign high-yield corporate fixed-income securities. Among its other securities are capital preferred securities, mortgage-backed and asset-backed securities. The fund holds interest in various sectors, such as basic industry, healthcare, capital goods, telecommunications, automotive, banking, media, energy, leisure, insurance, technology and electronics, transportation and financial services.