First Trust Advisors (FTA) finalized the timing of the closing of the reorganization First Trust/abrdn Global Opportunity Income Fund (FMA) with and into abrdn Income Credit Strategies Fund (ACP)._x000D_
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Shareholders of FAM, a diversified, closed-end management investment company organized as a Massachusetts business trust, approved the reorganization of FAM with and into ACP, a diversified, closed-end management investment company organized as a Delaware statutory trust. As previously announced, the reorganization was approved by the board of trustees of FAM on Oct. 23, 2023. Subject to the satisfaction of certain customary closing conditions, the reorganization of FAM into ACP is expected to close as of the close of business on Sept. 20, 2024. Upon the completion of the reorganization, which is expected to be tax-free, the assets of FAM will be transferred to, and the liabilities of FAM will be assumed by, ACP. The shareholders of FAM will receive shares of ACP with a value equal to the aggregate net asset value of the shares of FAM held by them._x000D_
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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 $241 billion as of August 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.
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