Dear Shareholder,

We present the Annual Report, which covers the activities of abrdn Income Credit Strategies Fund ("ACP" or the “Fund”), for the fiscal year ended October 31, 2025. The Fund's primary investment objective is to seek a high level of current income, with a secondary objective of capital appreciation.

Total Investment Return¹

For the fiscal year ended October 31, 2025, the total return to shareholders of the Fund based on the net asset value (“NAV”) and market price of the Fund, respectively, compared to the Fund’s benchmark,  is as follows:

NAV2,3	5.81%
Market Price2	0.68%
ICE BofAML Global High Yield Constrained (Hedged USD) Index4	8.22%

For more information about Fund performance, please visit the Fund on the web at www.aberdeenacp.com. Here, you can view quarterly commentary on the Fund's performance, monthly fact sheets, distribution and performance information, and other Fund literature.

NAV, Market Price and Premium(+)/Discount(-)

The below table represents a comparison between the current fiscal year end and the prior fiscal year end of the Fund's market price to NAV and associated Premium(+) and Discount(-).

	NAV	Closing Market Price	Premium(+)/ Discount(-)
10/31/2025	$5.89	$5.57	-5.43%
10/31/2024	$6.53	$6.49	-0.61%

During the fiscal year ended October 31, 2025, the Fund’s NAV was within a range of $5.81 to $6.58 and the Fund’s market price traded within a range of $5.17 to $6.55. During the fiscal year ended October 31, 2025, the Fund’s shares traded within a range of a premium(+)/discount(-) of -11.02% to 0.15%.

Change in Non-Fundamental Investment Policy

On September 9, 2025, the Board of Trustees of the Fund approved a change in the Fund’s non-fundamental investment strategy relating to investments in defaulted credit obligations as set forth below, effective November 10, 2025.

Prior to November 10, 2025	Effective November 10, 2025
“The Fund will not invest in credit obligations or related instruments that, at the time of investment, are in default. The Fund may invest in credit obligations or related instruments that, at the time of investment, are likely to default.”	“The Fund may invest in  credit obligations or  related instruments  that, at the time of  investment, are likely  to default. Additionally,  the Fund may invest up  to 5% of its portfolio  in credit obligations  or related instruments  that, at the time of  investment, are in  default.”

A summary of the Fund's investment objectives, strategies, policies and risks, as of the Effective Date (inclusive of the change to the investment policy noted above), is set forth below.

Series A Mandatory Redeemable Preferred Shares

On December 18, 2025, the Fund closed a private offering of 4 million shares of Series A Mandatory Redeemable Preferred Shares due in 2030 (“Series A MRPS”).The Series A MRPS, with a liquidation value of $100 million, are rated A2 by Moody's Investor Services. A portion of the net proceeds from the Series A MRPS were used to refinance the Fund's existing credit facility with the remaining being used to, as permitted under the Investment Company Act of 1940, as amended (the “1940 Act”), make new portfolio investments.

Series A Perpetual Preferred Shares

As of October 31, 2025, the Fund's 5.25% Series A Perpetual Preferred Shares with a liquidation value of $40 million, are rated A2 by Moody's Investors Service. The Perpetual Preferred Shares are listed on the New York Stock Exchange ("NYSE") under the ticker symbol "ACP PRA." A more detailed description of the Fund's Perpetual Preferred Shares can be found in the Notes to Financial Statements.

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Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may be lower or higher than the performance quoted. Net asset value return data includes investment management fees, custodial charges and administrative fees (such as Trustee and legal fees) and assumes the reinvestment of all distributions.

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2	Assuming the reinvestment of dividends and distributions.

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3	The Fund’s total return is based on the reported NAV for each financial reporting period end and may differ from what is reported on the Financial Highlights due to financial statement rounding or adjustments.

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4

The ICE BofAML Global High Yield Constrained (Hedged USD) Index tracks the performance of U.S. dollar-, Canadian dollar-, British pound- and euro-denominated below-investment-grade corporate debt publicly issued in the major domestic or eurobond markets. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

Aberdeen Name Change

On March 4, 2025, abrdn plc, the parent company of the Fund's adviser, announced that it would change its name, and from that date, will use 'Aberdeen' as the principal trading identity for its Investments business. On March 12, 2025, abrdn plc completed the steps to legally change its name to Aberdeen Group plc. Aberdeen has retained 'abrdn' as an operational abbreviation across its subsidiary legal entities (including the Fund's adviser, fund names and descriptors).

Distribution Policy

Distributions to common shareholders for the fiscal year ended October 31, 2025 totaled $0.9525 per share. Based on the market price of $5.57 on October 31, 2025, the distribution rate over the fiscal year ended October 31, 2025 was 17.10%. Based on the NAV of $5.89 on October 31, 2025, the distribution rate for the fiscal year ended October 31, 2025 was 16.17%. Since all distributions are paid after deducting applicable withholding taxes, the effective distribution rate may be higher for those U.S. investors who are able to claim a tax credit.

On November 11, 2025 and December 9, 2025, the Fund announced that it will pay on November 28, 2025 and January 12, 2026, respectively, a distribution of U.S $0.0775 per share to all shareholders of record as of November 21, 2025 and December 31, 2025, respectively.

The Fund's policy is to provide common shareholders with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital, which is a non-taxable return of capital. This policy is subject to an annual review as well as regular review at the Board of Trustees' (the "Board") quarterly meetings, unless market conditions require an earlier evaluation.

Revolving Credit Facility

On September 4, 2025, the Fund's senior secured 364-day Revolving Credit Facility with a syndicate of banks with BNP Paribas, acting as administrative agent was amended to extend the scheduled commitment termination date to September 3, 2026 with a committed facility amount of $400,000,000. The Fund's outstanding balance as of October 31, 2025 was $260,000,000 on the Revolving Credit Facility. Under the terms of the loan facility and applicable regulations, the Fund is required to maintain certain asset coverage ratios for the amount of its outstanding borrowings. The Board regularly reviews the use of leverage by the Fund. A more detailed description of the Fund's Revolving Credit Facility can be found in the Notes to Financial Statements.

Unclaimed Share Accounts

Please be advised that abandoned or unclaimed property laws for certain states require financial organizations to transfer (escheat) unclaimed property (including Fund shares) to the state. Each state

has its own definition of unclaimed property, and Fund shares could be considered “unclaimed property” due to account inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder  is returned to the Fund's transfer agent as undeliverable), or a combination of both. If your Fund shares are categorized as unclaimed, your financial advisor or the Fund's transfer agent will follow the applicable state’s statutory requirements to contact you, but if unsuccessful, laws may require that the shares be escheated to the appropriate state. If this happens, you will have to contact the state to recover your property, which may involve time and expense. For more information on unclaimed property and how to maintain an active account, please contact your financial adviser or the Fund's transfer agent.

Open Market Repurchase Program

The Board has approved an open market repurchase and discount management policy (the “Program”). The Program allows the Fund to purchase, in the open market, up to 10% of its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. If shares are repurchased, the Fund reports repurchase activity on its website on a monthly basis. For the fiscal year ended October 31, 2025, the Fund did not repurchase any shares through the Program.

On a quarterly basis, the Board will receive information on any transactions made pursuant to this policy during the prior quarter.

Portfolio Holdings Disclosure

The Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year are included in the Fund's semi-annual and annual reports to shareholders. The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These reports are available on the SEC’s website at http://www.sec.gov. The Fund makes the information available to shareholders upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465.

Proxy Voting

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by August 31 of the relevant year: (1) upon request without charge by calling Investor Relations toll-free at 1-800-522-5465; and (2) on the SEC’s website at www.sec.gov.

2	abrdn Income Credit Strategies Fund

Market review

The global high yield¹ (HY) asset class posted gains over the 12-month review period to end October 2025. However, the period was not without volatility², amid tariff headlines and generally uncertain economic conditions.

After President Trump won the U.S. presidential election early in the period and the Republican sweep of both the House and Senate, markets took the view that less regulation and lower corporate taxes would benefit HY assets. Despite the subsequent volatility in December due to government bond volatility on both sides of the Atlantic, the new year started on a positive note as the combination of tighter corporate bond³ spreads⁴ and lower government bond yields⁵ were favorable for returns.

However, a barrage of political headlines continued to buffet markets, thereafter, leading to volatility around both rates and spreads. In early April, the Trump administration announced sweeping tariffs on imports into the U.S. After a two-day sell off that saw the U.S. equity market shed over $6 trillion of value, the administration delayed the implementation of these tariffs. Subsequently, the asset class

recorded gains as gradual progress on the tariff front was enough to buoy markets that previously feared a more draconian scenario.

In the last three months of the period, HY spreads were rangebound⁶, oscillating in a narrow band, while government bond yields trended steadily lower in anticipation of future easing⁷ from the Federal Reserve (the Fed). The combination of stable corporate bond spreads and lower government bond yields facilitated positive returns. However, October was relatively subdued after a record month of issuance⁸ in September. Headlines around high-profile defaults in the private credit⁹ market and a lack of anticipated dovish¹⁰ commentary from the Fed chair, despite a 25-basis-point rate cut during the month, dampened investor sentiment.

In terms of geographies, emerging markets outperformed both U.S. and European HY bonds during the 12-month period. Credit-ratings¹¹ wise, higher quality¹² outperformed lower quality, with BB-rated securities outpacing both B-rated and CCC-rated bonds.

Fund performance review

The abrdn Income Credit Strategies Fund returned 5.81% on a net asset value¹³ (NAV) basis for the 12-month period ended October 31, 2025. This compared to a return of 8.22% for its performance target,

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Bonds that are viewed as having a higher risk of default. Credit rating agencies such as S&P Global Ratings, Fitch Ratings and Moody’s Investors Service assess the borrower’s ability to repay its debt. Bonds rated below BBB– by S&P and Fitch, or below Baa3 by Moody’s, are generally considered high-yield bonds.

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2

If the price of an asset, fund, or market moves significantly over a short period of time, it is said to be ‘volatile’ or to have ‘high volatility.’ If the price remains relatively stable, it is said to have ‘low volatility.’ Volatility can be used as a measure of risk, indicating the potential for large price fluctuations.

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3	Bonds that are issued by companies to raise money.

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4	The difference in the expected total return (combining interest payments and changes in price) between bonds with the same maturity but different levels of risk, reflecting the likelihood of repayment by the issuer.

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5	The income investors receive from holding a security or other asset.

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6	When the yields or prices of assets move within a defined range rather than rising or falling significantly.

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7	Measures taken by a central bank, such as lowering interest rates or expanding asset holdings, to make borrowing cheaper, increase economic growth and prevent low inflation or deflation (falling prices).

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8	When a government or company sells new bonds to investors to raise money.

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9	Financing provided by lenders that are not traditional banks and is arranged outside public debt markets; these are privately negotiated arrangements.

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10	When a central bank signals a preference for loosening monetary policy to support economic activity and/or address low inflation.

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11

S&P Global Ratings, Fitch Ratings and Moody’s Investors Service are independent, unaffiliated research companies that rate fixed income securities on the basis of risk and the borrower’s ability to make interest payments. S&P and Fitch assign ratings ranging from AAA (reliable and stable) to D (high risk) to communicate the agency’s opinion of relative level of credit risk. Moody’s credit ratings range from Aaa to C, with Aaa being the highest quality and C the lowest quality.

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Credit quality – S&P Global Ratings’ credit ratings express the agency’s opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time. Typically, ratings are expressed as letter grades that range, for example, from AAA to D to communicate the agency’s opinion of relative level of credit risk. Ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

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13	A key measure of the value of a company, fund or trust – the total value of assets less liabilities, divided by the number of shares.

the ICE BofAML Global High Yield Constrained Index¹⁴ (hedged to U.S. dollars). On a market-price¹⁵ basis for the same period, the shares returned 0.68%. The Fund's unlevered NAV return¹⁶ was 4.23% for the 12-month reporting period ended October 31, 2025, demonstrating that the decision to use leverage had a positive impact on the Fund, adding 1.58% to Fund performance over that timeframe.

Regional gaming operator Affinity Gaming detracted from performance as its bonds fell during the period due to investor concerns around the company’s ability to refinance¹⁷ upcoming debt maturities¹⁸. However, we continue to see value in the holding given its underlying assets, and for now, maintain our conviction. Our position in PetSafe, which produces and distributes various pet products, was also unfavorable, as the company struggled to compete in a market with cheaper alternatives. However, we believe that the fundamentals¹⁹ are moving in the right direction and that tariff tailwinds²⁰ could benefit the company going forward. Finally, our position in golf cart manufacturer Club Car also negatively impacted performance, as the company continued to underperform expectations after a series of missteps late last year. We interpret recent results to have pointed to a slow-moving turnaround under the guidance of the new CEO.

Conversely, on the positive side, satellite communications company Inmarsat's bonds performed well and contributed to returns after the company announced solid results alongside a new and more competitive technology platform. Sovereign bonds, led by Egypt, were also a key contributor. Finally, airline bookings software provider Sabre was a positive contributor, as we successfully navigated a

volatile range of bond prices based on improving fundamentals while taking profits.

In terms of trading activity, we were active in both the primary²¹ and secondary markets²². The new issue calendar provided a steady slate of deals throughout the period, and we selectively participated in a number of those offerings. Companies continued to be eager to refinance upcoming maturities at attractive all-in yields²³, with refinancings once again accounting for the bulk of the new supply.

In the secondary market, we focused on taking profits in our lower-quality positions during periods of market strength and recycling these proceeds into better risk-adjusted opportunities. Over the review period, this resulted in a lower exposure to CCC-rated credits, while our exposures to B-rated and BB-rated credits increased.

The Fund maintained a focus on income throughout the period, harvesting income in the form of coupon²⁴ payments from a diversified array of corporate issuers. An environment of low default rates, minimal upcoming maturities, and stable fundamentals – all in concert with a backdrop of central banks that are biased towards monetary easing – remains supportive of this approach.

In terms of Fund leverage²⁵, the Fund drew a small incremental amount on the revolver²⁶ during spring to take advantage of opportunities as spreads began to widen.

During the review period, the Fund's performance was negatively impacted by about 1.4% due to the currency forward²⁷ derivatives²⁸

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The ICE BofAML Global High Yield Constrained Index is designed to represent the performance of eligible corporate debt issuers classified as below investment grade. These issuers are located in countries with a foreign currency long-term debt rating of investment-grade. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. Index performance is not an indication of the performance of the Fund itself. For complete fund performance, please visit www.aberdeenacp.com

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15	The price at which an asset is bought or sold in the market at a given time.

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16	The return of a fund or portfolio calculated without the effect of debt. NAV is the total value of assets minus liabilities, divided by the number of shares.

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17	The process of replacing existing debt with new debt.

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18	The dates when the original amount borrowed must be repaid.

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19	Reviewing a company’s financial statements, business model and relevant economic factors to assess its underlying financial condition and long-term prospects.

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20	A condition that could support growth, revenue or profits.

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21	When new securities are created and sold to investors for the first time by the company or government issuing them.

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22	When investors trade securities that have already been issued in the primary market.

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23	The total return an investor can expect from a bond, combining the interest it pays and any gain or loss based on the price paid for it.

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24	The interest rate stated on a bond when it’s issued. Typically, coupons are paid semi-annually.

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25	Usually refers to a fund being exposed by more than 100% of its net asset value to assets or markets; typically resulting from the use of debt or derivatives.

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26	A credit line that lets borrowers draw funds as needed up to a set limit. Any amount repaid becomes available to borrow again.

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27	An agreement between two parties to buy or sell a specific currency or asset at a predetermined price on a fixed date in the future.

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28	A financial contract whose value is based on an underlying asset.

that are used to remove the currency risk²⁹ from the return profile of the Fund. Currency derivatives are used purely for hedging³⁰ purposes as we do not want to take currency views when managing the Fund.

The monthly distribution reflects the Fund’s current policy to provid eshareholders with a relatively stable cash flow per share. This policy did not have a material effect on the Fund’s investment strategy overthe reporting period. During the fiscal year ended October 31, 2025, the distributions were comprised of ordinary income and a return of capital.

Outlook

The supportive backdrop that buoyed markets in recent months began to come under pressure in October. Technicals³¹ have now softened, with both the government shutdown³² and a lack of dovish comments from the Fed serving as catalysts for a pause in the rally. Meanwhile, disappointing earnings from several major technology companies sparked an increase in volatility in the equity market.

On the surface, the HY market, like many others, is trading at levels that are reflective of the strength seen over recent years. While this strength puts a theoretical cap on further upside, the running yield³³ of the market, combined with a cohort that is generally in strong shape fundamentally, argues for the validity of HY deserving a spot in investors' portfolios. A pullback³⁴ is not unexpected given current spread levels. However, we do not expect any retracement to have much staying power, with investors poised to re-up risk positions³⁵ as we head into 2026. We believe that the recent increase in market dispersion³⁶ is creating more opportunities to identify attractive credits. While the health of the U.S. labor market is uncertain, further weakness could give the Fed room to resume rate cuts, providing renewed support for markets. Despite an expectation of a gradual increase in volatility, we expect the market to remain rangebound, with buyers using periods of weakness as an opportunity to step in at higher yields.

Loan Facilities and the Use of Leverage

The amounts borrowed under the Revolving Credit Facility and other funds obtained through various forms of leverage, including the Perpetual Preferred Shares, may be invested to return higher rates than the rates pursuant to which interests or dividends are paid under such forms of leverage. However, the cost of leverage could exceed

the income earned by the Fund on the proceeds of such leverage. To the extent that the Fund is unable to invest the proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage, the yield on the Fund's common shares will decrease. In addition, in the event of a general market decline in the value of assets in which the Fund invests, the effect of that decline will be magnified in the Fund because of the additional assets purchased with the proceeds of the leverage.

The Fund obtained leverage via bank borrowing and other forms of leverage during the reporting period. See “Revolving Credit Facility” and “Series A Perpetual Preferred Shares” in the Letter to Shareholders above, and the Notes to Financial Statements. Additionally, on December 18, 2025, the Fund closed a private offering of 4,000,000 shares of Series A Mandatorily Redeemable Preferred Shares due December 18, 2030 (“Series A MRPS”). The Series A MRPS, with a liquidation value of $100 million, are rated “A2” by Moody's. The Fund received gross proceeds from the sale of the Series A MRPS of $100 million.  The Fund will apply the proceeds of the sale of the Series A MRPS as permitted under the 1940 Act, including refinancing existing indebtedness and making new portfolio investments.

The Fund’s leveraged capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The funds borrowed pursuant to the Revolving Credit Facility may constitute a substantial lien and burden by reason of their prior claim against the income of the Fund and against the net assets of the Fund in liquidation. The Fund is limited in its ability to declare dividends or other distributions under the terms of the various forms of leverage. In the event of an event of default under the Revolving Credit Facility, the lenders have the right to cause a liquidation of the collateral (i.e., sell portfolio securities and other assets of the Fund) and, if any such default is not cured, the lenders may be able to control the liquidation as well. A liquidation of the Fund’s collateral assets in an event of default, or a voluntary paydown of the Revolving Credit Facility, Perpetual Preferred Shares or Series A MRPS in order to avoid an event of default, would typically involve administrative expenses and sometimes penalties. Additionally, such liquidations often involve selling off of portions of the Fund’s assets at

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29	The risk of financial losses arising from fluctuations in exchange rates, which can affect the value of assets, liabilities, or transactions denominated in foreign currencies.

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30	To reduce risk by taking an offsetting position in a related asset.

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31	Movements in an asset’s price and volume over a period, which are used to analyze how an asset may perform in the future.

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32	A disruption of normal government operations in the U.S. that occurs when Congress does not approve funding for those functions.

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33	The annual income of an asset such as a bond shown as a percentage of its current market price.

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34	A fall in an asset’s price that is usually temporary.

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35	A holding or exposure within a portfolio that carries significant potential for price variation, either upward or downward.

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36	The range of possible outcomes for investments by comparing how they have performed in the past and how differently they could perform in the future.

inopportune times which can result in losses when markets are unfavorable.

Risk Considerations

Past performance is not an indication of future results. Foreign securities in which the Fund may invest may be more volatile, harder to price and less liquid than U.S. securities. They are subject to risks associated with less stringent accounting and regulatory standards, the impact of currency exchange rate fluctuation, political and economic instability, reduced information about issuers, higher transaction costs and delayed settlement.

Fixed income securities are subject to certain risks including, but not limited to: interest rate (changes in interest rates may cause a decline in the market value of an investment), credit (changes in the actual or perceived financial condition of the issuer, borrower, counterparty, or underlying collateral), prepayment (debt issuers may repay or refinance their loans or obligations earlier than anticipated), and extension (principal repayments may not occur as quickly as

anticipated, causing the expected maturity of a security to increase) and issuer risk (the value of a security may decline for reasons related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

The Fund’s investments in high-yield bonds (commonly referred to as “junk bonds”) and other lower-rated securities involved a greater risk of default and will subject the Fund to substantial risk of loss. Investments in high-yield bonds are speculative and issuers of these securities are generally considered to be less financially secure and less able to repay interest and principal than issuers of investment-grade securities. Prices of high-yield bonds tend to be very volatile. These securities are less liquid than investment-grade debt securities and may be difficult to price or sell, particularly in times of negative sentiment toward high-yield securities.

abrdn Investments Limited 

abrdn Income Credit Strategies Fund

7

	Shares or Principal Amount		Value
CORPORATE BONDS—128.5%
ANGOLA—0.3%
Azule Energy Finance PLC, 8.13%, 01/23/2030(a)(b)	$	2,504,000	$ 2,516,535
BRAZIL—2.8%
Braskem Netherlands Finance BV, 8.00%, 10/15/2034(a)(b)		4,164,000	1,712,445
Minerva Luxembourg SA, 8.88%, 09/13/2033(a)(b)		8,047,000	8,804,492
Samarco Mineracao SA, 9.500% Cash or 9.000% PIK, 06/30/2031(a)(b)		9,638,873	9,638,754
Yinson Boronia Production BV, 8.95%, 07/31/2042(a)(b)(c)		310,025	338,240
Total Brazil			20,493,931
CANADA—0.7%
Saturn Oil & Gas, Inc., 9.63%, 06/15/2029(a)(b)(c)		5,434,000	5,497,833
CHINA—0.0%
Kaisa Group Holdings Ltd.
0.00%, 12/31/2025(a)(d)		90,453	1,809
0.00%, 12/31/2026(a)(d)		120,595	1,206
0.00%, 12/31/2027(a)(d)		150,752	754
5.250% Cash or 6.250% PIK, 12/28/2028(a)		180,894	3,618
6.721% Cash or 7.721% PIK, 12/28/2028(a)		120,595	3,015
0.00%, 12/31/2028(a)(d)		241,192	904
5.500% Cash or 6.500% PIK, 12/28/2029(a)		301,491	5,733
0.00%, 12/31/2029(a)(d)		241,192	904
5.750% Cash or 6.750% PIK, 12/28/2030(a)		361,789	5,849
0.00%, 12/31/2030(a)(d)		301,491	1,131
6.000% Cash or 7.000% PIK, 12/28/2031(a)		542,686	8,581
0.00%, 12/31/2031(a)(d)		301,491	1,131
6.250% Cash or 7.250% PIK, 12/28/2032(a)		508,483	4,936
0.00%, 12/31/2032(a)(d)		568,782	2,133
Total China			41,704
COLOMBIA—0.1%
Ecopetrol SA, 8.88%, 01/13/2033(b)		410,000	443,779
ECUADOR—0.1%
International Airport Finance SA, 12.00%, 03/15/2033(a)(b)(c)		423,418	451,769
FRANCE—4.8%
Altice France SA
5.38%, 03/15/2032(a)(b)	EUR	1,141,288	1,263,806
5.63%, 06/15/2032(a)(b)		1,225,229	1,363,219
Iliad Holding SAS, 8.50%, 04/15/2031(a)(b)	$	5,011,000	5,378,136
Laboratoire Eimer SELAS, 5.00%, 02/01/2029(a)(b)	EUR	13,500,000	13,115,030
Societe Generale SA, VRN, (fixed rate to 11/22/2027, variable rate thereafter), 9.38%, 11/22/2027(a)(e)	$	10,420,000	11,164,571
Viridien, 10.00%, 10/15/2030(a)(b)		2,833,000	2,968,414
Total France			35,253,176

	Shares or Principal Amount		Value
GEORGIA—0.0%
TBC Bank JSC, VRN, (fixed rate to 07/30/2029, variable rate thereafter), 10.25%, 07/30/2029(a)(e)	$	294,000	$ 307,497
GERMANY—11.3%
Aroundtown Finance SARL, VRN, (fixed rate to 08/07/2029, variable rate thereafter), 7.88%, 08/07/2029(e)		8,190,000	8,257,175
Cheplapharm Arzneimittel GmbH
7.50%, 05/15/2030(a)(b)	EUR	10,000,000	11,871,908
7.13%, 06/15/2031(a)(b)		4,900,000	5,773,515
CTEC II GmbH, 5.25%, 02/15/2030(a)(b)		3,652,000	3,824,235
Deutsche Bank AG
VRN, (fixed rate to 04/30/2026, variable rate thereafter), 7.13%, 04/30/2026(a)(e)	GBP	6,700,000	8,813,230
VRN, (fixed rate to 12/01/2027, variable rate thereafter), 10.00%, 12/01/2027(a)(e)	EUR	6,000,000	7,668,005
HT Troplast GmbH
9.38%, 07/15/2028(a)(b)		5,807,000	6,952,236
9.38%, 07/15/2028(a)(b)		2,574,000	3,081,635
IHO Verwaltungs GmbH, 8.750% Cash or 9.500% PIK, 05/15/2028(a)(b)		3,000,000	3,630,645
Motel One GmbH/Muenchen
7.75%, 04/02/2031(a)(b)		1,725,000	2,134,976
7.75%, 04/02/2031(a)(b)		2,300,000	2,846,634
PrestigeBidCo GmbH, FRN, 5.78%, 07/01/2029(a)(b)(f)		7,156,000	8,292,711
ZF North America Capital, Inc., 6.88%, 04/23/2032(a)(b)	$	11,000,000	10,040,144
Total Germany			83,187,049
GREECE—0.5%
Intralot Capital Luxembourg SA, 6.75%, 10/15/2031(a)(b)	EUR	3,000,000	3,489,647
INDIA—0.3%
Vedanta Resources Finance II PLC, 9.13%, 10/15/2032(a)(b)	$	2,493,000	2,470,758
IRELAND—4.1%
Cimpress PLC, 7.38%, 09/15/2032(a)(b)		10,560,000	10,732,529
Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030(a)(b)		10,757,000	11,331,983
TrueNoord Capital DAC, 8.75%, 03/01/2030(a)(b)		8,024,000	8,453,429
Total Ireland			30,517,941
ISRAEL—0.5%
Energean PLC, 5.63%, 05/12/2031(a)(b)(g)	EUR	3,145,000	3,640,419
ITALY—2.3%
Fibercop SpA, 7.72%, 06/04/2038(a)(b)	$	10,250,000	10,377,059
Gruppo San Donato SPA, 6.50%, 10/31/2031(a)(b)	EUR	5,367,000	6,356,395
Total Italy			16,733,454
JAMAICA—1.1%
Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, 08/01/2032(a)(b)	$	8,370,000	8,332,297
JAPAN—1.0%
Nissan Motor Co. Ltd., 6.38%, 07/17/2033(a)(b)	EUR	6,457,000	7,713,634

10	abrdn Income Credit Strategies Fund

	Shares or Principal Amount		Value
CORPORATE BONDS (continued)
JERSEY—3.0%
Aston Martin Capital Holdings Ltd., 10.00%, 03/31/2029(a)(b)	$	11,740,000	$ 10,441,027
Waga Bondco Ltd., 8.50%, 06/15/2030(a)(b)	GBP	10,000,000	11,936,583
Total Jersey			22,377,610
LUXEMBOURG—5.8%
Cidron Aida Finco SARL
7.00%, 10/27/2031(a)(b)	EUR	4,300,000	4,985,121
9.13%, 10/27/2031(a)(b)	GBP	6,019,000	7,938,317
LHMC Finco 2 SARL, 8.63%, 05/15/2030(a)(b)	EUR	5,300,000	6,368,680
Maxam Prill SARL, 6.00%, 07/15/2030(a)(b)		8,200,000	9,613,929
Mitsubishi UFJ Investor Services & Banking Luxembourg SA, FRN, Series PRX, 6.52%, 12/15/2050(f)		7,500,000	5,579,947
Monitchem HoldCo 3 SA, 8.75%, 05/01/2028(a)(b)		5,103,000	5,723,034
Summer BC Holdco B SARL, 5.88%, 02/15/2030(a)(b)		2,299,000	2,537,402
Total Luxembourg			42,746,430
MEXICO—2.7%
Petroleos Mexicanos
5.95%, 01/28/2031(b)	$	10,785,000	10,549,251
6.75%, 09/21/2047		875,000	724,634
Saavi Energia SARL, 8.88%, 02/10/2035(a)(b)		8,099,000	8,706,425
Total Mexico			19,980,310
NETHERLANDS—2.9%
Centrient Holding BV, 6.75%, 05/30/2030(a)(b)	EUR	6,964,000	7,240,802
Sigma Holdco BV, 8.63%, 04/15/2031(b)		4,000,000	3,741,777
Ziggo Bond Co. BV
5.13%, 02/28/2030(a)(b)	$	9,100,000	8,052,394
5.13%, 02/28/2030(a)(b)		3,000,000	2,640,976
Total Netherlands			21,675,949
NIGERIA—0.9%
Access Bank PLC, 6.13%, 09/21/2026(a)		526,000	521,060
BOI Finance BV, 7.50%, 02/16/2027(a)(h)	EUR	464,000	551,935
IHS Holding Ltd.
7.88%, 05/29/2030(a)(b)	$	2,589,000	2,640,958
8.25%, 11/29/2031(a)(b)		3,000,000	3,120,917
Total Nigeria			6,834,870
PERU—0.1%
Petroleos del Peru SA, 5.63%, 06/19/2047(a)		522,000	375,840
SINGAPORE—1.1%
Avation Group S Pte. Ltd., 8.50%, 05/15/2031(a)(b)(g)		8,041,000	7,829,924

	Shares or Principal Amount		Value
SLOVENIA—3.2%
Summer BidCo BV
10.000% Cash or 10.750% PIK, 02/15/2029(a)(b)	EUR	8,589,763	$ 10,139,485
10.000% Cash or 10.750% PIK, 02/15/2029(a)(b)		11,548,046	13,631,487
Total Slovenia			23,770,972
SOUTH AFRICA—0.1%
Liquid Telecommunications Financing PLC, 5.50%, 09/04/2026(a)(b)	$	400,000	355,750
SWITZERLAND—1.9%
Consolidated Energy Finance SA
6.50%, 05/15/2026(a)(b)		8,928,000	8,552,528
12.00%, 02/15/2031(a)(b)		8,091,000	5,750,274
Total Switzerland			14,302,802
TURKEY—0.8%
WE Soda Investments Holding PLC, 9.50%, 10/06/2028(a)(b)		5,742,000	5,749,508
Yapi ve Kredi Bankasi AS, VRN, (fixed rate to 01/17/2029, variable rate thereafter), 9.25%, 01/17/2029(a)(b)		262,000	278,517
Total Turkey			6,028,025
UKRAINE—0.1%
Ukraine Railways Via Rail Capital Markets PLC, 8.25% Cash or 8.25% PIK, 07/09/2026(a)(i)		543,727	427,499
UNITED KINGDOM—35.7%
888 Acquisitions Ltd., 8.00%, 09/30/2031(a)(b)	EUR	10,000,000	10,785,549
Bellis Acquisition Co. PLC
8.13%, 05/14/2030(a)(b)	GBP	2,900,000	3,681,227
8.13%, 05/14/2030(a)(b)		10,620,000	13,480,908
8.00%, 07/01/2031(a)(b)	EUR	3,700,000	4,336,192
Boots Group Finco LP, 7.38%, 08/31/2032(a)(b)	GBP	3,100,000	4,184,726
Bracken MidCo1 PLC, 6.750% Cash or 7.500% PIK, 11/01/2027(a)(b)		13,384,598	17,360,006
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/2029(a)(b)	$	5,392,000	5,709,664
Edge Finco PLC, 8.13%, 08/15/2031(a)(b)	GBP	4,000,000	5,565,501
EG Global Finance PLC, 11.00%, 11/30/2028(a)(b)	EUR	7,800,000	9,793,138
EnQuest PLC, 11.63%, 11/01/2027(a)(b)	$	23,350,000	23,724,954
Greene King Finance PLC, Series B1, 5.91%, 12/15/2034(b)(c)(f)	GBP	5,250,000	6,310,685
Iceland Bondco PLC, 10.88%, 12/15/2027(a)(b)		9,051,000	12,565,629
INEOS Quattro Finance 2 PLC, 9.63%, 03/15/2029(a)(b)	$	3,519,000	3,297,972
Intu Properties PLC, 11.00% PIK, 12/04/2025(j)(k)	GBP	5,548,770	7,299,622
Market Bidco Finco PLC, 8.75%, 01/31/2031(a)(b)		9,006,000	11,753,626
Mobico Group PLC
3.63%, 11/20/2028(a)(b)		6,004,000	6,955,982
4.88%, 09/26/2031(a)(b)	EUR	6,902,000	6,095,025
OEG Finance PLC, 7.25%, 09/27/2029(a)(b)		3,499,000	4,220,151

abrdn Income Credit Strategies Fund

11

	Shares or Principal Amount		Value
CORPORATE BONDS (continued)
UNITED KINGDOM (continued)
Project Grand U.K. PLC, 9.00%, 06/01/2029(a)(b)	EUR	19,148,000	$ 22,652,980
Punch Finance PLC, 7.88%, 12/30/2030(a)(b)	GBP	5,488,000	7,371,558
Sherwood Financing PLC
9.63%, 12/15/2029(a)(b)		11,028,000	14,375,839
9.63%, 12/15/2029(a)(b)		2,000,000	2,607,152
Stonegate Pub Co. Financing PLC
FRN, 8.66%, 07/31/2029(a)(b)(f)	EUR	10,040,000	11,405,553
10.75%, 07/31/2029(a)(b)	GBP	6,368,000	8,297,303
Vanquis Banking Group PLC, VRN, (fixed rate to 10/13/2026, variable rate thereafter), 8.88%, 10/13/2026(a)(b)		3,250,000	4,321,682
Very Group Funding PLC, 6.000% Cash or 7.250% PIK, 08/01/2027(a)(b)		15,000,000	21,019,715
Wolseley Group Finco PLC, 9.75%, 01/31/2031(a)(b)		11,335,000	14,597,677
Total United Kingdom			263,770,016
UNITED STATES—38.0%
1261229 BC Ltd., 10.00%, 04/15/2032(a)(b)	$	5,443,000	5,689,620
Affinity Interactive, 6.88%, 12/15/2027(a)(b)		24,822,000	12,351,675
Cable One, Inc., 4.00%, 11/15/2030(a)(b)		12,235,000	9,665,775
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(a)(b)		5,759,000	5,323,713
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/2029(a)(b)		12,550,000	8,784,132
CHS/Community Health Systems, Inc.
6.13%, 04/01/2030(a)(b)		–	–
10.88%, 01/15/2032(a)(b)		10,106,000	10,894,571
9.75%, 01/15/2034(a)(b)		3,182,000	3,369,060
Cogent Communications Group LLC/Cogent Finance, Inc.
7.00%, 06/15/2027(a)(b)		1,595,000	1,589,908
6.50%, 07/01/2032(a)(b)		16,961,000	16,197,149
CoreWeave, Inc., 9.25%, 06/01/2030(a)(b)		5,066,000	5,115,272
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029(a)(b)		9,711,000	7,381,460
Crescent Energy Finance LLC, 7.63%, 04/01/2032(a)(b)		10,501,000	10,181,176
CSC Holdings LLC
6.50%, 02/01/2029(a)(b)		3,441,000	2,366,656
5.75%, 01/15/2030(a)(b)		5,407,000	2,026,198
4.13%, 12/01/2030(a)(b)		3,925,000	2,414,311
5.00%, 11/15/2031(a)(b)		862,000	301,804
Dotdash Meredith, Inc., 7.63%, 06/15/2032(a)(b)		14,577,000	13,105,306
Encore Capital Group, Inc., 9.25%, 04/01/2029(a)(b)		3,760,000	3,947,311
Fiesta Purchaser, Inc., 9.63%, 09/15/2032(a)(b)		12,193,000	13,120,504
Hilcorp Energy I LP/Hilcorp Finance Co.
6.88%, 05/15/2034(a)(b)		3,000,000	2,849,989
7.25%, 02/15/2035(a)(b)		8,533,000	8,219,662
ITT Holdings LLC, 6.50%, 08/01/2029(a)(b)		7,956,000	7,705,964

	Shares or Principal Amount		Value
K Hovnanian Enterprises, Inc., 8.00%, 04/01/2031(a)(b)	$	1,206,000	$ 1,232,179
Magnera Corp., 7.25%, 11/15/2031(a)(b)		16,324,000	14,095,039
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029(a)(b)		23,118,000	18,058,635
Marriott Ownership Resorts, Inc., 6.50%, 10/01/2033(a)(b)		10,599,000	10,450,738
Midcontinent Communications, 8.00%, 08/15/2032(a)(b)		7,521,000	7,660,823
Nabors Industries, Inc., 8.88%, 08/15/2031(a)(b)		5,196,000	4,937,678
Navient Corp., 7.88%, 06/15/2032(b)		4,466,000	4,613,941
New Cotai LLC, 5.00% PIK or 5.00% PIK, 02/02/2027(j)(k)		1,233,113	1,343,230
Organon & Co./Organon Foreign Debt Co-Issuer BV, 7.88%, 05/15/2034(a)(b)		17,789,000	13,843,069
Radiology Partners, Inc., 8.50%, 07/15/2032(a)(b)		2,595,000	2,698,703
Sanchez Energy Corp., 7.25%, 07/15/2023(i)		257,000	26
Staples, Inc., 10.75%, 09/01/2029(a)(b)		10,651,000	10,321,657
Telecommunications Co. Telekom Srbija AD Belgrade, 7.90%, 05/22/2028(k)	EUR	5,000,000	5,798,982
Univision Communications, Inc.
8.50%, 07/31/2031(a)(b)	$	12,850,000	13,143,044
9.38%, 08/01/2032(a)(b)		1,967,000	2,076,312
Venture Global LNG, Inc.
VRN, (fixed rate to 09/30/2029, variable rate thereafter), 9.00%, 09/30/2029(a)(e)		15,741,000	14,712,574
9.88%, 02/01/2032(a)(b)		2,859,000	3,053,847
Total United States			280,641,693
ZAMBIA—2.3%
First Quantum Minerals Ltd.
8.63%, 06/01/2031(a)(b)		4,183,000	4,380,839
8.63%, 06/01/2031(a)(b)		7,990,000	8,367,895
8.00%, 03/01/2033(a)(b)		4,219,000	4,483,882
Total Zambia			17,232,616
Total Corporate Bonds			949,441,729
BANK LOANS—2.3%
UNITED KINGDOM—2.3%
Amber Finco PLC 2025 EUR Fungible Term Loan B, 5.25%, 06/11/2029(f)	EUR	3,500,000	4,056,968
CD&R Firefly Bidco Ltd. 2025 GBP Term Loan, 8.72%, 04/29/2029(f)	GBP	9,700,000	12,704,199
Total United Kingdom			16,761,167
Total Bank Loans			16,761,167
GOVERNMENT BONDS—2.1%
EGYPT—1.9%
Egypt Government International Bonds
7.63%, 05/29/2032(a)	$	11,649,000	11,837,642
8.50%, 01/31/2047(a)		1,223,000	1,128,494
7.90%, 02/21/2048(a)		928,000	806,026
Total Egypt			13,772,162
IVORY COAST—0.1%
Ivory Coast Government International Bonds, 6.63%, 03/22/2048(a)(c)	EUR	919,000	949,547

12	abrdn Income Credit Strategies Fund

	Shares or Principal Amount		Value
GOVERNMENT BONDS (continued)
NIGERIA—0.1%
Nigeria Government International Bonds, 7.63%, 11/28/2047(a)	$	634,000	$ 563,635
Total Government Bonds			15,285,344
EXCHANGE-TRADED FUNDS—1.4%
iShares Broad USD High Yield Corporate Bond ETF		283,783	10,664,565
Total Exchange-Traded Funds			10,664,565
COMMON STOCKS—0.3%
AUSTRALIA —0.0%
BIS Industries Ltd.(j)(k)(l)		804,308	–
FRANCE—0.0%
Luxco Co. Ltd.(k)(l)		15,900	197,018
HONG KONG—0.2%
Studio City International Holdings Ltd., ADR(l)		98,050	367,687
Studio City International Holdings Ltd., ADR(l)		183,525	688,219
Total Hong Kong			1,055,906
UNITED STATES—0.1%
Mitel(l)		2,201	22,010
New Cotai LLC(j)(k)(l)		971,487	423,568
Thunderbird Resources Equity, Inc.(j)(k)(l)		7	–
Trust Apparel Holdings LLC(k)(l)		1	117,950
Total United States			563,528
Total Common Stocks			1,816,452
SHORT-TERM INVESTMENT—3.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.01%(m)		26,816,297	26,816,297
Total Short-Term Investment			26,816,297
Total Investments (Cost $1,051,820,422)(n)—138.2%			1,020,785,554
Long Term Debt Securities			(260,000,000)
Liabilities in Excess of Other Assets—(3.0%)			(22,038,136)
Net Assets—100.0%			$738,747,418

    

(a)	Denotes a security issued under Regulation S or Rule 144A.
(b)	The maturity date presented for these instruments represents the next call/put date.
(c)	Sinkable security.
(d)	Zero coupon bond.
(e)	Perpetual maturity. Maturity date presented represents the next call date.
(f)	Variable or Floating Rate security. Rate disclosed is as of October 31, 2025.
(g)	All or a portion of the security has been designated as collateral for when issued trading. When-issued trading is trading in securities that have been authorized but not yet been issued.
(h)	Denotes the security is government guaranteed.
(i)	Security is in default.
(j)	Illiquid security.
(k)	Level 3 security. See Note 2(a) of the accompanying Notes to Financial Statements.
(l)	Non-income producing security.
(m)	Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of October 31, 2025.
(n)	See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
	Amounts listed as “–” are $0 or round to $0.

ADR	American Depositary Receipt
AG	Assured Guaranty Inc.
ETF	Exchange-Traded Fund
EUR	Euro Currency
FRN	Floating Rate Note
GBP	British Pound Sterling
HKD	Hong Kong Dollar
PIK	Payment-In-Kind
PLC	Public Limited Company
USD	U.S. Dollar
VRN	Variable Rate Note

1.  Organization

abrdn Income Credit Strategies Fund (the “Fund” or "ACP") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management investment company. The Fund is diversified for purposes of 1940 Act. Pursuant to guidance from the Securities and Exchange Commission (the "SEC"), the Fund’s classification changed from a non-diversified fund to a diversified fund. As a result of this classification change, the Fund is limited in the proportion of its assets that may be invested in the securities of a single issuer. The Fund’s primary investment objective is to seek a high level of current income, with a secondary objective of capital appreciation. The Fund commenced operations on January 27, 2011.

2.  Summary of Significant Accounting Policies

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to generally accepted accounting principles in the United States of America ("U.S. GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Fund are maintained in U.S. Dollars and the U.S. Dollar is used as both the functional and reporting currency.

a.  Security Valuation:

The Fund values its securities at fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date, also referred to as market value. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated abrdn Investments Limited (the "Adviser") as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments for which market quotations are not readily available or deemed unreliable.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets

for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.

Long-term debt and other fixed-income securities are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service provider. If there are no current day bids, the security is valued at the previously applied bid. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size and the strategies employed by the Valuation Designee generally trade in round lot sizes. In certain circumstances, some trades may occur in smaller “odd lot” sizes which may be effected at lower, or higher, prices than institutional round lot trades. Short-term debt securities (such as commercial paper and U.S. treasury bills) having a remaining maturity of 60 days or less are valued at the last quoted or evaluated bid price on the valuation date provided by an independent pricing service, or on the basis of amortized cost, if it represents the best approximation of fair value. Debt and other fixed-income securities are generally determined to be Level 2 investments.

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund  sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a “government money market fund” pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these investment types are categorized as Level 1 investments.

Senior loans are valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading

22	abrdn Income Credit Strategies Fund

characteristics, institutional-size trading in similar groups of securities and other market data.

Derivative instruments are valued at fair value. Exchange-traded futures are generally Level 1 investments and centrally cleared swaps and forwards are generally Level 2 investments. Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9- and 12-month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Futures contracts are valued at the settlement price or at the last bid price if no settlement price is available. Swap agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows). When market quotations or exchange rates are not readily available, or if the Adviser concludes that such market quotations do not accurately reflect fair value, the fair value of the Fund’s assets are determined in good faith in accordance with the Valuation Procedures.

In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the

foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. Under normal circumstances the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the Valuation Designee may be classified as Level 2 or Level 3 depending on the nature of the inputs.

The three-level hierarchy of inputs is summarized below:

Level 1 - quoted prices (unadjusted) in active markets for identical investments;

Level 2 - other significant observable inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

abrdn Income Credit Strategies Fund

23

NAV Liquidation represents the fair value or estimated expected residual value of the investment. Certain of the Fund's Level 3 investments have been valued using unadjusted inputs that have not been internally developed by the Fund, including third-party transactions and indicative broker quotations. As a result, fair value assets of approximately $197,018 have been excluded from the preceding table.

b.  Restricted Securities:

Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Fund may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended (the "1933 Act"). Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Fund, but resale of such securities in the U.S. is permitted only in limited circumstances.

abrdn Income Credit Strategies Fund

25

c.  Foreign Currency Translation:

Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as provided by an independent pricing service approved by the Board.

Foreign currency amounts are translated into U.S. Dollars on the following basis:

(i) fair value of investment securities, other assets and liabilities – at the current daily rates of exchange at the Valuation Time; and

(ii) purchases and sales of investment securities, income and expenses – at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations arising from changes in the foreign exchange rates due to the fluctuations in the market prices of the securities held at the end of the reporting period.

Net exchange gain/(loss) is realized from sales and maturities of portfolio securities, sales of foreign currencies, settlement of securities transactions, dividends, interest and foreign withholding taxes recorded on the Fund’s books. Net unrealized foreign exchange appreciation/(depreciation) includes changes in the value of portfolio securities and other assets and liabilities arising as a result of changes in the exchange rate. The net realized and unrealized foreign exchange gain/(loss) shown in the composition of net assets represents foreign exchange gain/(loss) for book purposes that may not have been recognized for tax purposes.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar. Generally, when the U.S. Dollar rises in value against foreign currency, the Fund's investments denominated in that foreign currency will lose value because the foreign currency is worth fewer U.S. Dollars; the opposite effect occurs if the U.S. Dollar falls in relative value.

d.  Derivative Financial Instruments:

The Fund is authorized to use derivatives to manage currency risk, credit risk, and interest rate risk and to replicate, or use as a substitute for, physical securities. Losses may arise due to changes in the value of the contract or if the counterparty does not perform under the contract. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities.

Forward Foreign Currency Exchange Contracts:

A forward foreign currency exchange contract ("forward contract") involves an obligation to purchase and sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are used to manage the Fund's currency exposure in an efficient manner. They are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to give the desired currency exposure either in absolute terms or relative to a particular benchmark or index. The use of forward contracts allows for the separation of investment decision-making between foreign exchange holdings and their currencies.

The forward contract is marked-to-market daily and the change in market value is recorded by the Fund as unrealized appreciation or depreciation. Forward contracts' prices are received daily from an independent pricing provider. When the forward contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These realized and unrealized gains and losses are reported on the Statement of Operations. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or from unanticipated movements in exchange rates. During the fiscal year ended October 31, 2025, the Fund used forward contracts to hedge its currency exposure.

While the Fund may enter into forward contracts to seek to reduce currency exchange rate risks, transactions in such contracts involve certain risks. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates. Thus, while the Fund may benefit from such transactions, unanticipated changes in currency prices may result in a poorer overall performance for the Fund than if it had not engaged in any such transactions. Moreover, there may be an imperfect correlation between the Fund’s portfolio holdings or securities quoted or denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent the Fund from achieving a complete hedge, which will expose the Fund to the risk of foreign exchange loss.

Forward contracts are subject to the risk that the counterparties to such contracts may default on their obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive the Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force the Fund to cover its purchase or sale commitments, if any, at the market price at the time of the default.

26	abrdn Income Credit Strategies Fund

Information about derivatives reflected as of the date of this report is generally indicative of the type of activity for the fiscal year ended October 31, 2025. The table below summarizes the weighted average values of derivatives holdings for the Fund during the fiscal year ended October 31, 2025.

Derivative	Average Monthly Notional Value
Foreign Currency Contracts Purchased	$37,147,545
Foreign Currency Contracts Sold	$493,098,818

The Fund values derivatives at fair value, as described in the Statement of Operations. Accordingly, the Fund does not follow hedge accounting even for derivatives employed as economic hedges.

e.  Bank Loans:

The Fund may invest in bank loans. Bank loans include floating and fixed-rate debt obligations. Floating rate loans are debt obligations issued by companies or other entities with floating interest rates that reset periodically. Bank loans may include, but are not limited to, term loans, delayed funding loans, bridge loans and revolving credit facilities. Loan interest will primarily take the form of assignments purchased in the primary or secondary market but may include participations. Floating rate loans are secured by specific collateral of the borrower and are senior to most other securities of the borrower (e.g., common stock or debt instruments) in the event of bankruptcy. Floating rate loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancings. Floating rate loans are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the floating rate loan. Floating rate loans may be acquired directly through the agent, as an assignment from another lender who holds a direct interest in the floating rate loan, or as a participation interest in another lender’s portion of the floating rate loan.

The Fund may also enter into, or acquire participations in, delayed funding loans and revolving credit facilities. Delayed funding loans and revolving credit facilities are borrowings in which the Fund agrees to make loans up to a maximum amount upon demand by the borrowing issuer for a specified term. A revolving credit facility differs from a delayed funding loan in that as the borrowing issuer repays the loan, an amount equal to the repayment is again made available to the borrowing issuer under the facility. The borrowing issuer may at any time borrow and repay amounts so long as, in the aggregate, at any given time the amount borrowed does not exceed the maximum amount established by the loan agreement. Delayed funding loans and revolving credit facilities usually provide for floating or variable rates of interest.

See “Bank Loan Risk” under “Portfolio Investment Risks” for information regarding the risks associated with an investment in bank loans.

f.  Security Transactions, Investment Income and Expenses:

Security transactions are recorded on the trade date. Realized gains/(losses) from security and foreign currency transactions are calculated on the identified cost basis. Interest income and expenses are recorded on an accrual basis. Discounts and premiums on securities purchased are accreted or amortized on an effective yield basis over the estimated lives of the respective securities. Dividend income and corporate actions are recorded generally on the ex-date, except for certain dividends and corporate actions which may be recorded after the ex-date, as soon as the Fund acquires information regarding such dividends or corporate actions.

g.  Distributions:

The Fund intends to make regular monthly distributions of net investment income to holders of Common Shares. The Fund expects to pay its Common Shareholders annually all or substantially all of its

28	abrdn Income Credit Strategies Fund

investment company taxable income. In addition, at least annually, the Fund intends to distribute all or substantially all of its net capital gains, if any. Distributions from net realized gains for book purposes may include short-term capital gains which are ordinary income for tax purposes. Distributions to Common Shareholders are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book basis/tax basis differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. Dividends and distributions which exceed net investment income and net realized capital gains for tax purposes are reported as return of capital.

h.  Federal Income Taxes:

The Fund intends to continue to qualify as a “regulated investment company” ("RIC") by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all federal income taxes. Therefore, no federal income tax provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for all open tax years are subject to such review.

i.  Rights Issues and Warrants:

Rights issues give the right, normally to existing shareholders, to buy a proportional number of additional securities at a given price (generally at a discount) within a fixed period (generally a short-term period) and are offered at the company’s discretion. Warrants are securities that give the holder the right to buy common stock at a specified price for a specified period of time. Rights issues and warrants are speculative and have no value if they are not exercised before the expiration date. Rights issues and warrants are valued at the last sale price on the exchange on which they are traded.

j.  Foreign Withholding Tax:

Dividend and interest income from non-U.S. sources received by the Fund are generally subject to non-U.S. withholding taxes. In addition, the Fund may be subject to capital gains tax in certain countries in which it invests. The above taxes may be reduced or eliminated under

the terms of applicable U.S. income tax treaties with some of these countries. The Fund accrues such taxes when the related income is earned.

In addition, when the Fund sells securities within certain countries in which it invests, the capital gains realized may be subject to tax. Based on these market requirements and as required under GAAP, the Fund accrues deferred capital gains tax on securities currently held that have unrealized appreciation within these countries. The amount of deferred capital gains tax accrued, if any, is reported on the Statement of Operations as part of the Net Change in Unrealized Appreciation/Depreciation on Investments.

k.  Unfunded Loan Commitments:

The Fund may enter into certain credit agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At October 31, 2025 the Fund did not hold any unfunded loan commitments.

l.  Payment-In-Kind:

The Fund may invest in the open market or receive pursuant to debt restructuring, securities that pay-in-kind ("PIK") the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

3.  Agreements and Transactions with Affiliates

a.  Investment Adviser:

abrdn Investments Limited serves as investment adviser to the Fund and abrdn Inc. ("abrdn Inc." or the "Sub-Adviser") serves as the sub-adviser, pursuant to an investment advisory agreement and a sub-advisory agreement, respectively. The Adviser and the Sub-Adviser (collectively, the “Advisers”) are indirect wholly-owned subsidiaries of Aberdeen Group plc. In rendering advisory services, the Advisers may use the resources of investment advisor subsidiaries of Aberdeen Group plc. These affiliates have entered into procedures pursuant to which investment professionals from affiliates may render portfolio management and research services as associated persons of the Advisers.

For its services, the Adviser receives fees at an annual rate of 1.25% of the Fund’s average daily Managed Assets. Managed Assets is defined in the investment advisory agreement as total assets of the Fund (including any assets attributable to money borrowed for investment purposes, including proceeds from (and assets subject to) reverse repurchase agreements, any credit facility and any issuance of

abrdn Income Credit Strategies Fund

29

preferred shares or notes) minus the sum of the Fund’s accrued liabilities (other than Fund liabilities incurred for the purpose of leverage). For the fiscal year ended October 31, 2025, the Adviser earned a gross advisory fee of $13,385,725.

Effective March 10, 2023, the Adviser contractually agreed to limit total "Other Expenses" of the Fund (excluding any interest, taxes, brokerage fees, short sale dividend and interest expenses and non-routine expenses) as a percentage of net assets attributable to common shares of the Fund to 0.25% per annum of the Fund's average daily net assets. Following approval of the Trustees who are not "interested persons" of the Fund (as such term is defined in the 1940 Act) (the "Independent Trustees"), on November 1, 2025, the Adviser and the Fund entered into an amended and restated expense limitation agreement which limits total “Other Expenses” of the Fund (excluding any interest, taxes, brokerage fees, short sale dividend and interest expenses, compensation of the Fund’s Independent Trustees and non-routine expenses) to 0.25% of the average daily net assets of the Fund on an annualized basis (the “Expense Limitation”) through October 31, 2026. The expense limitation agreement was amended such that compensation of the Fund’s Independent Trustees is excluded from the Expense Limitation effective for the fiscal year beginning November 1, 2025.  This contractual limitation may not be terminated before October 31, 2026 without the approval of the Independent Trustees. For the year ended October 31, 2025, the Adviser waived and assumed a total of $753,922 of the Fund’s other expenses. The Adviser may request and receive reimbursement of the advisory fees waived and other expenses reimbursed pursuant to the Expense Limitation Agreement as of a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses; provided that the following requirements are met: the reimbursements do not cause the Fund to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser (the "Reimbursement Requirements").

As of October 31, 2025, to the extent the Reimbursement Requirements are met, the cumulative potential reimbursements to the Adviser for the Fund, based on expenses reimbursed by the Adviser, including adjustments described above, would be:

Amount Fiscal Year 2023(Expires 10/31/26)		$702,879
Amount Fiscal Year 2024 (Expires 10/31/27)		$785,849
Amount Fiscal Year 2025 (Expires 10/31/28)		$753,922
Total*		$2,242,650

    

*	Amounts reported are due to expire throughout the respective 3-year expiration period presented above.

b.  Fund Administrator:

abrdn Inc. is the Fund’s Administrator pursuant to an agreement under which abrdn Inc. receives a fee, payable monthly by the Fund, at an annual fee rate of 0.125% of the Fund’s average weekly Managed Assets up to $1 billion, 0.10% of the Fund’s average weekly Managed Assets between $1 billion and $2 billion, and 0.075% of the Fund’s average weekly Managed Assets in excess of $2 billion. For the fiscal year ended October 31, 2025, abrdn Inc. earned $1,320,858 from the Fund for administration services.

c.  Investor Relations:

Under the terms of the Investor Relations Services Agreement approved by the Fund’s Board on June 12, 2018, abrdn Inc. provides and pays third parties to provide investor relations services to the Fund and certain other funds advised by the Adviser or its affiliates as part of an Investor Relations Program. Under the Investor Relations Services Agreement, the Fund owes a portion of the fees related to the Investor Relations Program (the “Fund’s Portion”). However, investor relations services fees are limited by abrdn Inc. so that the Fund will only pay up to an annual rate of 0.05% of the Fund’s average weekly net assets. Any difference between the capped rate of 0.05% of the Fund’s average weekly net assets and the Fund’s Portion is paid for by abrdn Inc.

During the fiscal year ended October 31, 2025, the Fund incurred investor relations fees of approximately $152,531. For the fiscal year ended October 31, 2025, abrdn Inc. did not contribute to the investor relations fees for the Fund because the Fund’s contribution was below 0.05% of the Fund’s average weekly net assets on an annual basis.

d.  Purchase/Sale Transactions Between Affiliates:

The Fund is permitted to buy or sell securities with funds that have a common investment adviser (or investment advisers which are affiliates) under specific procedures which have been approved by the Board. The procedures are designed to satisfy the requirements of Rule 17a-7 of the 1940 Act (“Rule 17a-7”). During the fiscal year ended October 31, 2025, the Fund did not engage in any of these trades.

4.  Investment Transactions

Purchases and sales of investment securities (excluding short-term securities) for the fiscal year ended October 31, 2025, were $861,144,006 and $894,856,461, respectively.

30	abrdn Income Credit Strategies Fund

6.  Open Market Repurchase Program

The Board has approved an open market repurchase and discount management policy (the “Program”). The Program allows the Fund to purchase, in the open market, up to 10% of its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. If shares are repurchased, the Fund reports repurchase activity on its website on a monthly basis. For the fiscal year ended October 31, 2025, the Fund did not repurchase any shares through the Program. On a quarterly basis, the Board will receive information on any transactions made pursuant to this policy during the prior quarter.

7.  Preferred Shares

The Fund issued and sold 1,600,000 shares of the Fund’s 5.250% Series A Perpetual Preferred Shares, par value $0.001 per share (the “Perpetual Preferred Shares”) at a price to the public of $25.00 per Common Share (the “Perpetual Preferred Shares Offering”).

In connection with the Perpetual Preferred Shares Offering, the Fund entered into an amendment, effective as of May 10, 2021, to the Transfer Agency and Service Agreement with Computershare Trust Company, N.A. and Computershare Inc. to provide services with respect to the Preferred Shares.

The Perpetual Preferred Shares Offering, priced at $25 per share, resulted in net proceeds to the Fund of approximately $38.2 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the Fund. The Fund applied to list the Perpetual Preferred Shares on the NYSE under the ticker symbol “ACP PRA.” The Perpetual Preferred Shares will have a

liquidation preference of $25.00 per share, plus accumulated and unpaid dividends The shares have been assigned an A2 rating by Moody’s Investors Service.

The Perpetual Preferred Shares rank senior to the Fund’s Common Shares in priority of payment of dividends and as to the distribution of assets upon dissolution, liquidation or winding up of the Fund’s affairs; equal in priority with all other future series of preferred shares the Fund may issue as to priority of payment of dividends and as to distributions of assets upon dissolution, liquidation or the winding-up of the Fund’s affairs; and subordinate in right of payment to amounts owed under the Fund’s existing Credit Facility, and to the holder of any future senior Indebtedness, which may be issued without the vote or consent of preferred shareholders.

Holders of the Perpetual Preferred Shares are entitled to receive quarterly cumulative cash dividend payments at a rate of 5.250%. Dividends and distributions on the Perpetual Preferred Shares will accumulate from the date of their original issue. Dividends and distributions will be paid quarterly on March 31, June 30, September 30 and December 31 in each year (or, in each case, if such date is not a business day, the next succeeding business day), commencing on June 30, 2021. Distributions are accrued daily and paid quarterly and are presented in the Statement of Assets and Liabilities as a dividend payable to preferred shareholders.

If the Fund fails to have asset coverage of at least 200% with respect to its Perpetual preferred shares of beneficial interest (including Perpetual Preferred Shares) (collectively, "Perpetual preferred shares") as of the close of business on the last business day of each calendar quarter, and such failure is not cured as of the close of business on the date that is 30 calendar days following such business day (the "Asset Coverage Cure Date"), the Fund will fix a redemption date and proceed to redeem the number of preferred shares, including Preferred Shares, as described below at (in the case of Preferred Shares) a price per share equal to the $25.00 per share liquidation preference plus accumulated but unpaid dividends and distributions thereon (whether or not earned or declared but excluding interest thereon) through the date fixed for redemption by the Board.

Prior to June 30, 2026, the Perpetual Preferred Shares are not subject to optional redemption by the Fund unless the redemption is necessary, in the judgment of the Board, to maintain the Fund's status as a RIC under Subchapter M of the Code. On or after June 30, 2026 (any such date, an "Optional Redemption Date"), the Fund may redeem in whole or from time to time in part outstanding Perpetual Preferred Shares at a redemption price per share equal to the $25.00 per share liquidation preference plus an amount equal to all unpaid dividends and distributions accumulated through the Optional Redemption Date (whether or not earned or declared by the Fund, but excluding interest thereon).

abrdn Income Credit Strategies Fund

31

Except for matters that do not require the vote of holders of preferred shares under the 1940 Act and except as otherwise provided in the Fund's Governing Documents, or as otherwise required by applicable law, each holder of preferred shares will be entitled to one vote for each preferred share held by such holder on each matter submitted to a vote of shareholders of the Fund. Except as otherwise provided herein or in the Statement of Preferences, the holders of outstanding preferred shares, including the Perpetual Preferred Shares, will vote together with holders of the Fund's Common Shares as a single class.

8.  Revolving Credit Facility

On November 23, 2023 the Fund's senior secured 364-day Revolving Credit Facility with BNP Paribas was amended to extend the scheduled commitment termination date to November 20, 2024 with a committed facility amount of $170,000,000 (the "Revolving Credit Facility"). Then on September 4, 2025, the Fund's senior secured 364-day Revolving Credit Facility with BNP Paribas was amended to extend the scheduled commitment termination date to September 3, 2026 with a committed facility amount of $400,000,000. The Fund's outstanding balance as of October 31, 2025 was $260,000,000. The average interest rate on the Revolving Credit Facility during the fiscal year ended October 31, 2025 was 5.91%. The average balance for the fiscal year ended October 31, 2025 was $250,246,575. Under the terms of the Revolving Credit Facility and applicable regulations, the Fund is required to maintain certain asset coverage ratios for the amount of its outstanding borrowings. The Board regularly reviews the use of leverage by the Fund. A more detailed description of the Fund's leverage can be found in the Report of the Investment Adviser. Under the Revolving Credit Facility, the Fund is charged interest on amounts borrowed at variable rate, which may be based on the Secured Overnight Financing Rate plus a spread. The interest expense is accrued on a daily basis and is payable to The BNP Paribas on a monthly basis. The Fund is also charged a commitment fee on the daily unused balance of the Revolving Credit Facility.

The amounts borrowed from the Revolving Credit Facility may be invested to return higher rates than the rates in the Fund’s portfolio. However, the cost of leverage could exceed the income earned by the Fund on the proceeds of such leverage. To the extent that the Fund is unable to invest the proceeds from the use of leverage in assets which pay interest at a rate which exceeds the rate paid on the leverage, the yield on the Fund’s common stock will decrease. In addition, in the event of a general market decline in the value of assets in which the Fund invests, the effect of that decline will be magnified in the Fund because of the additional assets purchased with the proceeds of the leverage. Non-recurring expenses in connection with the implementation of the Revolving Credit Facility will reduce the Fund’s performance.

The Fund may use leverage to the maximum extent permitted by the 1940 Act, which permits leverage to exceed 33.33% of the Fund's total assets (including the amount obtained through leverage) in certain market conditions. The Fund’s leveraged capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The funds borrowed pursuant to the Revolving Credit Facility may constitute a substantial lien and burden by reason of their prior claim against the income of the Fund and against the net assets of the Fund in liquidation. The Fund is not permitted to declare dividends or other distributions in the event of default under the Revolving Credit Facility. In the event of default under the Revolving Credit Facility, the lender has the right to cause a liquidation of the collateral (i.e., sell portfolio securities and other assets of the Fund) and, if any such default is not cured, the lender may be able to control the liquidation as well. A liquidation of the Fund’s collateral assets in an event of default, or a voluntary paydown of the Revolving Credit Facility in order to avoid an event of default, would typically involve administrative expenses and sometimes penalties. Additionally, such liquidations often involve selling off portions of the Fund’s assets at inopportune times which can result in losses when markets are unfavorable. The Revolving Credit Facility has a term of 364 days and is not a perpetual form of leverage; there can be no assurance that the Revolving Credit Facility will be available for renewal on acceptable terms, if at all.

The credit agreement governing the Revolving Credit Facility includes usual and customary covenants for this type of transaction. These covenants impose on the Fund asset coverage requirements, Fund composition requirements and limits on certain investments, such as illiquid investments, which are more stringent than those imposed on the Fund by the 1940 Act. The covenants or guidelines could impede the Adviser or Sub-Adviser from fully managing the Fund’s portfolio in accordance with the Fund’s investment objective and policies. Furthermore, non-compliance with such covenants or the occurrence of other events could lead to the cancellation of the Revolving Credit Facility. The covenants also include a requirement that the Fund maintain net assets of no less than $100,000,000.

9.  Portfolio Investment Risks

a.  Bank Loan Risk:

There are some risks associated with an investment in bank loans including credit risk, interest rate risk, illiquid securities risk, and prepayment risk. There is also the possibility that the collateral securing a loan, if any, may be difficult to liquidate or be insufficient to cover the amount owed under the loan. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund’s returns. In addition, bank loans may settle on a delayed basis, resulting in the proceeds from the sale of such loans not being readily available to make additional investments or

32	abrdn Income Credit Strategies Fund

distributions. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks or other lenders. Additionally, in certain circumstances, loans may not be deemed to be securities, and in the event of fraud or misrepresentation by a borrower, lenders and purchasers of interests in loans, such as the Fund, will not have the protection of the anti-fraud provisions of the federal securities laws, as would be the case for bonds or stocks. Instead, in such cases, lenders generally rely on the contractual provisions in the loan agreement itself and common law fraud protections under applicable state law.

b.  Credit and Market Risk:

A debt instrument’s price depends, in part, on the credit quality of the issuer, borrower, counterparty, or underlying collateral and can decline in response to changes in the actual or perceived financial condition of the issuer, borrower, counterparty, or underlying collateral, or changes in specific or general market, economic, industry, political, regulatory, geopolitical, or other conditions. Funds that invest in high yield and emerging market instruments are subject to certain additional credit and market risks. The yields of high yield and emerging market debt obligations reflect, among other things, perceived credit risk. The Fund's investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading.

c.  Emerging Markets Risk:

Investing in the securities of issuers operating in emerging markets involves a high degree of risk and special considerations not typically associated with investing in the securities of other foreign or U.S. issuers. Compared to the United States and other developed countries, emerging market countries may have relatively unstable governments, economies based on only a few industries and securities markets that trade a small number of securities. Securities issued by companies or governments located in emerging market countries tend to be especially volatile and may be less liquid than securities traded in developed countries. Securities in these countries have been characterized by greater potential loss than securities of companies and governments located in developed countries. Investments in the securities of issuers located in emerging markets could be affected by risks associated with expropriation and/or nationalization, political or social instability, pervasiveness of corruption and crime, armed conflict, the impact on the economy of civil war, religious or ethnic unrest and the withdrawal or non-renewal of any license enabling the Fund to trade in securities of a particular country, confiscatory taxation, restrictions on transfers of assets, lack of uniform accounting and auditing standards, less publicly available financial and other

information, diplomatic development which could affect U.S. investments in those countries, and potential difficulties in enforcing contractual obligations.

Russia/Ukraine Risk. In February 2022, Russia commenced a military attack on Ukraine that remains ongoing. The outbreak of hostilities between the two countries and the threat of wider spread hostilities could have a severe adverse effect on the region and global economies, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long the armed conflict and related events will last cannot be predicted. These tensions and any related events could have a significant impact on Fund performance and the value of the Fund's investments.

d.  High-Yield Bonds and Other Lower-Rated Securities Risk:

The Fund’s investments in high-yield bonds (commonly referred to as “junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. Investments in high-yield bonds are speculative and issuers of these securities are generally considered to be less financially secure and less able to repay interest and principal than issuers of investment-grade securities. Prices of high-yield bonds tend to be very volatile. These securities are less liquid than investment-grade debt securities and may be difficult to price or sell, particularly in times of negative sentiment toward high-yield securities.

e.  Interest Rate Risk:

The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa, and the volatility of lower rated securities is even greater than that of higher-rated securities. Also, longer-term securities are generally more volatile, so the average maturity or duration of these securities affects risk.

The Fund may be subject to greater interest rate risk of due to the changing interest rate environment and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

f.  Risks Associated with Foreign Securities and Currencies:

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign

abrdn Income Credit Strategies Fund

33

governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, and political or social instability or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries. Foreign securities may also be harder to price than U.S. securities.

The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or

other conditions. A decline in the value of a foreign currency versus the U.S. Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Advisers are unsuccessful.

10.  Contingencies

In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore, cannot be estimated; however, the Fund expects the risk of loss from such claims to be remote.

11.  Tax Information

The U.S. federal income tax basis of the Fund's investments (including derivatives, if applicable) and the net unrealized depreciation as of October 31, 2025, were as follows:

Tax Cost of Securities	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation/ (Depreciation)
$1,059,470,124	$34,792,525	$(66,419,861)	$(31,627,336)

The tax character of distributions paid during the fiscal years ended October 31, 2025 and October 31, 2024 was as follows:

	October 31, 2025		October 31, 2024
	Common	Preferred	Common	Preferred
Distributions paid from:
Ordinary Income	$62,338,165	$2,100,000	$37,208,284	$2,105,833
Net long-term capital gains	—	—	—	—
Tax return of capital	57,172,656	—	45,277,611	—
Total tax character of distributions	$119,510,821	$2,100,000	$82,485,895	$2,105,833

Amounts listed as “–” are $0 or round to $0.

**The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to the difference between book and tax amortization methods for premiums and discounts on fixed income securities and the realization for tax purposes of unrealized gains/(losses) on certain foreign currency contracts..

GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. Accordingly, the table below details the necessary reclassifications, which are a result of permanent differences primarily attributable to prior year post financial statement adjustments. These reclassifications have no effect on net assets or NAVs per share.

Paid-in Capital	Distributable Earnings/ (Accumulated Loss)
$(118,024)	$118,024

12.  Segment Reporting

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted disclosures only and did not affect the Fund's financial position nor the results of its operations. Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating

results regularly reviewed by the public entity’s chief operating decision maker (“CODM”) when assessing segment performance and making decisions about segment resources. The Chief Financial Officer of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole, and the Fund's asset allocation is managed in accordance with its Prospectus. The Fund operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. The Fund's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Fund's financial statements. Segment assets are reflected on the Fund's Statement of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations.

13.  Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

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15.  Subsequent Events

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of October 31, 2025, other than as noted below.

On November 11, 2025 and December 9, 2025, the Fund announced that it will pay on November 28, 2025 and January 12, 2026, respectively, a distribution of $0.0775 per share to all shareholders of record as of November 21, 2025 and December 31, 2025, respectively.

On December 18, 2025, the Fund closed a private offering of 4,000,000 shares of Series A Mandatorily Redeemable Preferred Shares due December 18, 2030 (“Series A MRPS”). The Series A MRPS, with a liquidation value of $100 million, are rated “A2” by Moody's. The Fund received gross proceeds from the sale of the Series A MRPS of $100 million.  The Fund will apply the proceeds of the sale of the Series A MRPS as permitted under the 1940 Act, including refinancing existing indebtedness and making new portfolio investments.

Effective December 18, 2025, the Fund also reduced the commitment size of its syndicated senior secured revolving credit loan facility with a syndicate of banks with BNP Paribas, acting as administrative agent. The committed facility size if $300,000,000 with current borrowings as of December 18, 2025 is $180,000,000. 

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RECENT CHANGES

The following information is a summary of certain changes during the fiscal year ended October 31, 2025. This information may not reflect all of the changes that have occurred since you purchased the Fund.

During the applicable period, there have been: (i) no material changes to the Fund’s investment objectives and policies that constitute its principal portfolio emphasis that have not been approved by shareholders, (ii) no material changes to the Fund’s principal risks, (iii) no changes to the persons primarily responsible for day-to-day management of the Fund; and (iv) no changes to the Fund’s charter or by-laws that would delay or prevent a change of control that have not been approved by shareholders; except as follows:

Changes to Persons Primarily Responsible for Day-to-Day Management of the Fund

The Fund is managed by Aberdeen's Global High Yield team which also draws on the expertise of abrdn's Global Loans, US High Yield and European High Yield teams.  The members of the team having the most significant responsibility for day-to-day management of the Fund are George Westervelt, Matthew Kence and Steven Logan. During the most recent fiscal year, Adam Tabor left Aberdeen and ceased serving as a member of the Fund's portfolio management team in December 2024.

George Westervelt has served as a portfolio manager of the Fund since December 2022 and Matthew Kence has served as a portfolio manager of the Fund since December 2017. Steven Logan, who was previously a portfolio manager of the Fund from December 2017 to September 2020, resumed serving as a member of the Fund's portfolio management team in October 2024.

Changes in Non-Fundamental Investment Policy

On September 9, 2025, the Board of Trustees of the Fund approved a change in the Fund’s non-fundamental investment strategy relating to investments in defaulted credit obligations as set forth below, effective November 10, 2025.

Prior to November 10, 2025	Effective November 10, 2025
“The Fund will not invest in credit obligations or related instruments that, at the time of investment, are in default. The Fund may invest in credit obligations or related instruments that, at the time of investment, are likely to default.”	“The Fund may invest in  credit obligations or  related instruments  that, at the time of  investment, are likely  to default. Additionally,  the Fund may invest up  to 5% of its portfolio  in credit obligations  or related instruments  that, at the time of  investment, are in  default.”

A summary of the Fund's investment objectives, strategies, policies and risks, as of the Effective Date (inclusive of the change to the investment policy noted above), is set forth below.

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FUNDAMENTAL INVESTMENT RESTRICTIONS

The following are fundamental investment restrictions of the Fund and may not be changed without the approval of the holders of a majority of the Fund's outstanding voting securities (which for this purpose and under the 1940 Act means the lesser of (i) 67% or more of the Fund's voting securities present at a meeting at which more than 50% of the Fund's outstanding voting securities are present or represented by proxy or (ii) more than 50% of the Fund's outstanding voting securities). Except as otherwise noted, all percentage limitations set forth below apply immediately after a purchase and any subsequent change in any applicable percentage resulting from market fluctuations does not require any action. With respect to the limitations on the issuance of senior securities and in the case of borrowings, the percentage limitations apply at the time of issuance and on an ongoing basis.

The Fund may not:

1.

Issue senior securities or borrow money, except the Fund may issue senior securities and/or borrow money (including through reverse repurchase agreements) to the extent permitted by the 1940 Act, as amended from time to time, and as modified or supplemented from time to time by (i) the rules and regulations promulgated by the SEC under the 1940 Act, as amended from time to time and (ii) an exemption or other relief applicable to the Fund from the provisions of the 1940 Act, as amended from time to time. The Fund does not have an investment policy limiting the amount of leverage that may be obtained through the use of covered reverse repurchase agreements.

2.	Act as an underwriter of securities issued by others, except to the extent that, in connection with the disposition of loans or portfolio securities, it may be deemed to be an underwriter under applicable securities laws.

3.

Invest in any security if as a result, 25% or more of the value of the Fund's total assets, taken at market value at the time of each investment, are in the securities of issuers in any particular industry except (a) securities issued or guaranteed by the U.S. government and its agencies and instrumentalities or securities of state and municipal governments or their political subdivisions (however, not including private purpose industrial development bonds issued on behalf of non-government issuers), or (b) as otherwise provided by the 1940 Act, as amended from time to time, and as modified or supplemented from time to time by (i) the rules and regulations promulgated by

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EFFECTS OF LEVERAGE

The following table is furnished in response to requirements of the SEC. It is designed to, among other things, illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, on Common Share total return,

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assuming investment portfolio total returns (consisting of income and changes in the value of investments held in a Fund's portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects the Fund's continued use of the revolving credit facility, and Preferred Shares as of October 31, 2025 as a percentage of total managed assets (including assets attributable to such leverage), the estimated annual effective Preferred Share dividend rate and interest expense rate payable by the Fund on such instruments (based on market conditions as of October 31, 2025), and the annual return that the Fund's portfolio must experience (net of expenses) in order to cover such costs. The information below does not reflect the Fund's use of certain other forms of economic leverage achieved through the use of other instruments or transactions not considered to be senior securities under the 1940 Act, such as covered credit default swaps or other derivative instruments, if any.

The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. Your actual returns may be greater or less than those appearing below. In addition, actual borrowing expenses associated with reverse repurchase agreements (or dollar rolls or borrowings, if any) used by the Fund may vary frequently and may be significantly higher or lower than the rate used for the example below.

Assumed annual returns on the Fund's portfolio (net of expenses)	(10%)	(5%)	0%	5%	10%
Corresponding return of shareholder	(16.4%)	(9.4%)	(2.4%)	4.7%	11.7%

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The Fund intends to distribute to shareholders substantially all of its net investment income and to distribute any net realized capital gains at least annually. Net investment income for this purpose is income other than net realized long-term and short-term capital gains net of expenses. Pursuant to the Dividend Reinvestment and Optional Cash Purchase Plan (the “Plan”), shareholders whose shares of common stock are registered in their own names will be deemed to have elected to have all distributions automatically reinvested by Computershare Trust Company N.A. (the “Plan Agent”) in the Fund shares pursuant to the Plan, unless such shareholders elect to receive distributions in cash. Shareholders who elect to receive distributions in cash will receive such distributions paid by check in U.S. Dollars mailed directly to the shareholder by the Plan Agent, as dividend paying agent. In the case of shareholders such as banks, brokers or nominees that hold shares for others who are beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the shareholders as representing the total amount registered in such shareholders’ names and held for the account of beneficial owners that have not elected to receive distributions in cash. Investors that own shares registered in the name of a bank, broker or other nominee should consult with such nominee as to participation in the Plan through such nominee and may be required to have their shares registered in their own names in order to participate in the Plan. Please note that the Fund does not issue certificates so all shares will be registered in book entry form. The Plan Agent serves as agent for the shareholders in administering the Plan. If the Trustees of the Fund declare an income dividend or a capital gains distribution payable either in the Fund’s common stock or in cash, nonparticipants in the Plan will receive cash and participants in the Plan will receive common stock, to be issued by the Fund or purchased by the Plan Agent in the open market, as provided below. If the market price per share (plus expected per share fees) on the valuation date equals or exceeds NAV per share on that date, the Fund will issue new shares to participants at NAV; provided, however, that if the NAV is less than 95% of the market price on the valuation date, then such shares will be issued at 95% of the market price. The valuation date will be the payable date for such distribution or dividend or, if that date is not a trading day on the NYSE, the immediately preceding trading date. If NAV exceeds the market price of Fund shares at such time, or if the Fund should declare an income dividend or capital gains distribution payable only in cash, the Plan Agent will, as agent for the participants, buy Fund shares in the open market, on the NYSE or elsewhere, for the participants’ accounts on, or shortly after, the payment date. If, before the Plan Agent has completed its purchases, the market price exceeds the NAV of the Fund's share, the average per share purchase price paid by the Plan Agent may exceed the NAV of the Fund’s shares, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund on the dividend payment date. Because of

the foregoing difficulty with respect to open-market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making open-market purchases and will receive the uninvested portion of the dividend amount in newly issued shares at the close of business on the last purchase date.

Participants have the option of making additional cash payments of a minimum of $50 per investment (by check, one-time online bank debit or recurring automatic monthly ACH debit) to the Plan Agent for investment in the Fund’s common stock, with an annual maximum contribution of $250,000. The Plan Agent will wait up to three business days after receipt of a check or electronic funds transfer to ensure it receives good funds. Following confirmation of receipt of good funds, the Plan Agent will use all such funds received from participants to purchase Fund shares in the open market on the 25th day of each month or the next trading day if the 25th is not a trading day.

If the participant sets up recurring automatic monthly ACH debits, funds will be withdrawn from his or her U.S. bank account on the 20th of each month or the next business day if the 20th is not a banking business day and invested on the next investment date. The Plan Agent maintains all shareholder accounts in the Plan and furnishes written confirmations of all transactions in an account, including information needed by shareholders for personal and tax records. Shares in the account of each Plan participant will be held by the Plan Agent in the name of the participant, and each shareholder’s proxy will include those shares purchased pursuant to the Plan. There will be no brokerage charges with respect to common shares issued directly by the Fund. However, each participant will pay a per share fee of $0.02 incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends, capital gains distributions and voluntary cash payments made by the participant. Per share fees include any applicable brokerage commissions the Plan Agent is required to pay.

Participants also have the option of selling their shares through the Plan. The Plan supports two types of sales orders. Batch order sales are submitted on each market day and will be grouped with other sale requests to be sold. The price will be the average sale price obtained by Computershare’s broker, net of fees, for each batch order and will be sold generally within 2 business days of the request during regular open market hours. Please note that all written sales requests are always processed by Batch Order. ($10 and $0.12 per share). Market Order sales will sell at the next available trade. The shares are sold real time when they hit the market, however an available trade must be presented to complete this transaction. Market Order sales may only

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be requested by phone at 1-800-647-0584 or using Investor Center through www.computershare.com/buyaberdeen. ($25 and $0.12 per share).

The receipt of dividends and distributions under the Plan will not relieve participants of any income tax that may be payable on such dividends or distributions. The Fund or the Plan Agent may terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to notice of the termination sent to members of the Plan at least 30 days prior to the record date for such dividend or distribution. The Plan also may be amended by

the Fund or the Plan Agent, but (except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority) only by mailing a written notice at least 30 days prior to the effective date to the participants in the Plan. All correspondence concerning the Plan should be directed to the Plan Agent by phone at 1-800-647-0584, using Investor Center through www.computershare.com/buyaberdeen or in writing to Computershare Trust Company N.A., P.O. Box 43006, Providence, RI 02940-3078. 

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