The First Trust High Income Long/Short Fund (FSD) is a mutual fund that seeks to provide investors with a high level of current income while also managing risk through a combination of long and short positions in various securities. This fund may invest in a diverse range of fixed income and equity securities, including high-yield bonds, convertible securities, and dividend-paying stocks. The FSD fund aims to generate income through a combination of interest, dividends, and capital appreciation, while also actively managing risk through its long/short strategy.