AVENUE INCOME CREDIT STRATEGIES FUND (NYSE:ACP) Files An 8-K Changes in Registrant’s Certifying Accountant

0

AVENUE INCOME CREDIT STRATEGIES FUND (NYSE:ACP) Files An 8-K Changes in Registrant’s Certifying Accountant
Item 4.01 Changes in Registrant’s Certifying Accountant.

(a)Dismissal of independent registered public accounting firm

On September14, 2017, the Board of Trustees (the “Board”) of Avenue Income Credit Strategies Fund (the “Fund”) approved the dismissal of PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund. The Fund communicated the Board’s decision that PWC was dismissed on November21, 2017.The Board’s decision to approve the dismissal of PwC was recommended by the Audit Committee of the Board. The reports of PwC on the Fund’s financial statements as of and for the two most recent fiscal years (ended October31, 2016 and October31, 2015) did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainties, audit scope or accounting principles.

During the Fund’s two most recent fiscal years (ended October31, 2016 and October31, 2015) and the subsequent interim period through November21, 2017, there were no disagreements between the Fund and PwC on any matter of accounting principles or practices, financial disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused it to make reference to the subject matter of the disagreements in its reports on the financial statements of the Fund for such years.

During the Fund’s two most recent fiscal years (ended October31, 2016 and October31, 2015) and the subsequent interim period through November21, 2017, there were no “reportable events” (as defined in Item 304(a)(1)(v)of Regulation S-K under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)).

The Fund has provided PwC with a copy of the foregoing disclosures and has requested that PwC furnish it with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the statements made by the Fund set forth above. A copy of PwC’s letter, dated November22, 2017, is filed as Exhibit16.1 to this Form8-K.

(b)Engagement of new independent registered public accounting firm

On September14, 2017, upon the recommendation of the Audit Committee, the Board approved the engagement of KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund for the fiscal year ending October31, 2017, effective November21, 2017 upon the completion of KPMG’s independence review. During the Fund’s two most recent fiscal years (ended October31, 2016 and October31, 2015) and the subsequent interim period through November21, 2017, neither the Fund, nor anyone on its behalf consulted with KPMG, on behalf of the Fund, regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the Fund’s financial statements, or any matter that was either the subject of a “disagreement,” as defined in Item 304(a)(1)(iv)of Regulation S-K under the Exchange Act and the instructions thereto, or a “reportable event,” as defined in Item 304(a)(1)(v)of Regulation S-K under the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

ExhibitNumber

Description

16.1

Letter dated November22, 2017 from PricewaterhouseCoopers LLP to the Securities and Exchange Commission confirming the disclosures contained in Item 4.01 of this report on Form8-K.


Avenue Income Credit Strategies Fund Exhibit
EX-99.16.1 2 a17-27517_1ex99d16d1.htm EX-99.16.1 Exhibit 16.1     November 22,…
To view the full exhibit click here

About AVENUE INCOME CREDIT STRATEGIES FUND (NYSE:ACP)

Avenue Income Credit Strategies Fund (the Fund) is a non-diversified closed-end management investment company. The Fund’s primary investment objective is to focus on a high level of current income with a secondary objective of capital appreciation. The Fund focuses on achieving its investment objectives by opportunistically investing primarily in loan and debt instruments (and loan-related or debt-related instruments, including repurchase and reverse repurchase agreements, and derivative instruments) of issuers that operate in various industries and geographic regions. The Fund’s portfolio includes its investments in various industry sectors, such as aerospace and defense, auto components, banks, chemicals, commercial services and supplies, communications equipment, construction materials, energy equipment and services, healthcare equipment and services, household durables, industrial conglomerates and machinery. The Fund’s investment advisor is Avenue Capital Management II, L.P.