The Board of Trustees of abrdn Income Credit Strategies Fund (NYSE:ACP) (“ACP” or the “Acquiring Fund”) previously announced that shareholders of First Trust High Income Long/Short Fund (NYSE:FSD) (“FSD” or the “Acquired Fund”), advised by First Trust Advisors L.P., have approved the proposed reorganization into ACP (“Reorganization”) and announces that the Reorganization is expected to close at the close of business on July 19, 2024, subject to the satisfaction of customary closing conditions.

To facilitate the Reorganization, it is expected that all shares of FSD will cease trading on the New York Stock Exchange as of market close on Friday, July 19, 2024, and FSD shareholders will be issued new newly issued common shares of ACP with a value equal to the aggregate net asset value of the shares of FSD held by them. The Reorganization will occur based on the relative net asset values of the common shares of FSD. As of July 8, 2024, the combined net assets of ACP following the Reorganization will be approximately $765.3 million.

The Reorganization is expected to benefit each fund’s shareholders in several important ways, including providing greater opportunities to realize economies of scale by combining the funds’ assets resulting in a larger fund. Additionally, the Reorganization is expected to help ensure the viability of the resulting combined fund by increasing scale, liquidity, and marketability of the fund.