First Trust Announces Timing of Reorganization of First Trust High Income Long/Short Fund with and into abrdn Income Credit Strategies Fund
01 Julio 2024 - 8:25AM
Business Wire
First Trust Advisors L.P. (“FTA”) previously announced that
shareholders of First Trust High Income Long/Short Fund (NYSE: FSD)
(“FSD”), a diversified, closed-end management investment company
organized as a Massachusetts business trust, have approved the
reorganization of FSD with and into abrdn Income Credit Strategies
Fund (“ACP”), a diversified, closed-end management investment
company organized as a Delaware statutory trust. Subject to the
satisfaction of certain customary closing conditions, the
reorganization of FSD into ACP is expected to close at the close of
business on July 19, 2024. No assurance can be given as to the
exact closing of the transaction. Upon the completion of the
reorganization, which is expected to be tax-free, the assets of FSD
will be transferred to, and the liabilities of FSD will be assumed
by, ACP. The shareholders of FSD will receive shares of ACP with a
value equal to the aggregate net asset value of the shares of FSD
held by them.
FTA is a federally registered investment advisor and serves as
the investment advisor of the Fund. FTA and its affiliate First
Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer,
are privately-held companies that provide a variety of investment
services. FTA has collective assets under management or supervision
of approximately $226 billion as of May 31, 2024 through unit
investment trusts, exchange-traded funds, closed-end funds, mutual
funds and separate managed accounts. FTA is the supervisor of the
First Trust unit investment trusts, while FTP is the sponsor. FTP
is also a distributor of mutual fund shares and exchange-traded
fund creation units. FTA and FTP are based in Wheaton,
Illinois.
In the United States, abrdn is the marketing name for the
following affiliated, registered investment advisers: abrdn Inc.,
abrdn Investments Limited, abrdn Asia Limited, and abrdn ETFs
Advisors LLC.
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version on businesswire.com: https://www.businesswire.com/news/home/20240701616660/en/
Jeff Margolin – (630) 517-7643
Daniel Lindquist – (630) 765-8692
Chris Fallow – (630) 517-7628
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