As filed with the Securities and Exchange Commission on April 1, 2024
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )
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Filed by a Party other than the Registrant ☐
Check the appropriate box:
☐ | Preliminary Proxy Statement |
☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
☐ | Definitive Proxy Statement |
☒ | Definitive Additional Materials |
☐ | Soliciting Material under §240.14a-12 |
First Trust High Income Long/Short Fund
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
☒ | No fee required. |
☐ | Fee paid previously with preliminary materials. |
☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
April 1, 2024
First Trust High Income Long/Short Fund
URGENT ACTION REQUESTED FOR YOUR FUND!
We are urging shareholders to cast their vote in favor of an important proposal regarding the proposed reorganization of your fund, the First Trust High Income Long/Short Fund (FSD) (the “Fund”), with and into abrdn Income Credit Strategies Fund (“ACP”) (the “Reorganization”) at the upcoming special meeting of shareholders (the “Special Meeting”). The Special Meeting, which has been adjourned to Thursday, April 18, 2024, to allow shareholders additional time to vote, is approaching quickly and we need your vote TODAY!
The Fund believes there are many potential benefits of the proposed tax-free Reorganization with and into ACP, including:
• | Higher Distribution Rate: ACP has a higher distribution rate than your Fund as of March 26, 2024, and historically over the one-year period ended March 26, 2024. Additionally, over the past five-years ending October 2023, ACP has had lower return of capital as a percentage of the total distribution compared to your Fund. |
• | Narrower Trading Discount: ACP has a history of trading at a narrow discount to net asset value, whereas your Fund has historically traded at a wider and more persistent discount. As of March 26, 2024, your Fund was trading at a –5.65% discount, while ACP was trading at a –2.18% discount. |
• | Improved Trading Volume: Shares of ACP trade at higher volumes at a tighter bid/ask spread percentage than those of your Fund. |
• | Better Performance: ACP has outperformed your Fund on both a market value and net asset value basis for the 1-year period ending December 31, 2023. Please refer to the Joint Proxy Statement/Prospectus for the full presentation of performance of ACP and the Fund. |
Please help your Fund and vote today, no matter how many shares you own.
The Fund’s Board of Trustees (the “Board”) recommends that you vote FOR the Reorganization on the WHITE proxy card. |
Institutional Shareholder Services, the leading independent proxy advisory firm, has recommended that shareholders vote FOR the approval of the Reorganization on the Fund’s WHITE proxy card. |
Prevent Saba Capital Management L.P. (“Saba”), an activist hedge fund investor, from derailing the Reorganization to advance its own self-interested agenda. |
Saba was not a shareholder of record prior to the announcement of the Reorganization and cannot vote any of its after-the-fact acquired shares. Saba is trying to derail the Reorganization to advance its own agenda at the expense of shareholders at-large and deprive shareholders of the potential benefits of the Reorganization. The Board urges you NOT to sign any gold proxy cards sent to you by Saba.
If you already signed a gold proxy card from Saba, you have the right as a shareholder of the Fund to change your vote before the Special Meeting takes place. You can do this by completing the WHITE proxy card sent to you by your Fund, which will replace the gold proxy card you previously completed.
YOUR VOTE IS VERY IMPORTANT
Voting today can help ensure that enough votes are received to convene the Special Meeting and avoid another adjournment. If your Fund does not obtain enough votes, the Reorganization cannot be consummated. DO NOT DELAY, VOTE THE WHITE PROXY CARD TODAY! Please vote using one of the following options:
1. | VOTE ONLINE — Log on to the website shown on the WHITE proxy card. Please have the WHITE proxy card in hand to access your control number and follow the on-screen instructions. |
2. | VOTE BY MAIL — Complete, sign, date and return the WHITE proxy card. |
If you have any questions, please contact the Fund’s proxy solicitor, EQ Fund Solutions LLC, at (866) 620-8437 weekdays from 9:00 a.m. to 10:00 p.m. Eastern Time.
Thank you for your continued support.