As filed with the Securities and Exchange Commission on April 8, 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 ☐

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☐ 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)

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April 8, 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”), scheduled to be held Thursday, April 18, 2024. The Special Meeting is critically important and is approaching quickly. We need your vote TODAY!

As of market close on April 3, 2024, your Fund was trading at a –7.71% discount to net asset value (“NAV”), whereas ACP was trading at a –2.03% discount to NAV. If shareholders approve the Reorganization and the trading discounts of your Fund and ACP remain at these levels, the completion of the Reorganization would result in a significant increase of the trading price of your shares relative to NAV.

The Fund’s Board of Trustees 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.

YOUR VOTE IS VERY IMPORTANT

Voting today can 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 NOW! 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.