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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000898432-10-001245.txt : 20100927
<SEC-HEADER>0000898432-10-001245.hdr.sgml : 20100927
<ACCEPTANCE-DATETIME>20100927144220
ACCESSION NUMBER:		0000898432-10-001245
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100927
FILED AS OF DATE:		20100927
DATE AS OF CHANGE:		20100927

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST TRUST HIGH INCOME LONG/SHORT FUND
		CENTRAL INDEX KEY:			0001494530
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA

	BUSINESS ADDRESS:	
		STREET 1:		120 EAST LIBERTY DRIVE, SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187
		BUSINESS PHONE:		630-765-8000

	MAIL ADDRESS:	
		STREET 1:		120 EAST LIBERTY DRIVE, SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MACKAY SHIELDS LLC
		CENTRAL INDEX KEY:			0000061227
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22442
		FILM NUMBER:		101090698

	BUSINESS ADDRESS:	
		STREET 1:		9 WEST 57TH STREET
		STREET 2:		33RD  FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-758-5400

	MAIL ADDRESS:	
		STREET 1:		9 WEST 57TH STREET
		STREET 2:		33RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER NAME:	
		FORMER CONFORMED NAME:	MACKAY SHIELDS FINANCIAL CORP
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>mackayshields_form-3ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2010-09-27</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001494530</issuerCik>
        <issuerName>FIRST TRUST HIGH INCOME LONG/SHORT FUND</issuerName>
        <issuerTradingSymbol>FSD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000061227</rptOwnerCik>
            <rptOwnerName>MACKAY SHIELDS LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>9 WEST 57TH STREET</rptOwnerStreet1>
            <rptOwnerStreet2>33RD FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Sub-Adviser</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The Reporting Person does not own any of the Issuer's equity securities and is filing this report solely in Reporting
 Person's capacity as Sub-Adviser of the Issuer.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Ellen Metzger, Senior Managing Director and General Counsel</signatureName>
        <signatureDate>2010-09-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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