# EDGAR Filing Document

**Accession Number:** 0001503290
**File Stem:** 0001410368-26-029997
**Filing Date:** 2026-3
**Character Count:** 151100
**Document Hash:** 21e5e3f3104627d5ab43079993bfbfdb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-029997.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0001410368-26-029997

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** abrdn Income Credit Strategies Fund
- **CENTRAL INDEX KEY:** 0001503290

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22485
- **FILM NUMBER:** 26789700

**BUSINESS ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 215-405-5700

**MAIL ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Aberdeen Income Credit Strategies Fund
- **DATE OF NAME CHANGE:** 20171201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Avenue Income Credit Strategies Fund
- **DATE OF NAME CHANGE:** 20101012

## Nport-Ex

### Portfolio of Investments (unaudited) <br> As of January 31, 2026

#### abrdn Income Credit Strategies Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS—133.1%** | &nbsp;&nbsp;**CORPORATE BONDS—133.1%** |  |
| &nbsp;&nbsp;**ANGOLA—0.3%** |  |  |
| &nbsp;&nbsp;Azule Energy Finance PLC, 8.13%, 01/23/2030<sup>(a)(b)</sup> | $2504000 | &nbsp;&nbsp;&nbsp;&nbsp;$2533468 |
| &nbsp;&nbsp;**BRAZIL—2.7%** |  |  |
| &nbsp;&nbsp;Azul Secured Finance LLP, 9.88%, 02/15/2031<sup>(a)(b)</sup> | 2684000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714195 |
| &nbsp;&nbsp;Braskem Netherlands Finance BV, 8.00%, 10/15/2034<sup>(a)(b)</sup> | 4164000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698121 |
| &nbsp;&nbsp;Minerva Luxembourg SA, 8.88%, 09/13/2033<sup>(a)(b)</sup> | 4643000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5072463 |
| &nbsp;&nbsp;Samarco Mineracao SA, 9.500% Cash or 9.000% PIK, 06/30/2031<sup>(a)(b)</sup> | 9855747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9894362 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19379141** |
| &nbsp;&nbsp;**CANADA—0.6%** |  |  |
| &nbsp;&nbsp;Saturn Oil & Gas, Inc., 9.63%, 06/15/2029<sup>(a)(b)(c)</sup> | 4246000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4343883 |
| &nbsp;&nbsp;**CHINA—0.0%** |  |  |
| &nbsp;&nbsp;Kaisa Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2026<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2027<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% Cash or 6.250% PIK, 12/28/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;168587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.721% Cash or 7.721% PIK, 12/28/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2028<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% Cash or 6.500% PIK, 12/28/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;282229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2029<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% Cash or 6.750% PIK, 12/28/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;340175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2030<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000% Cash or 7.000% PIK, 12/28/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2031<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;250617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250% Cash or 7.250% PIK, 12/28/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;482319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2032<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;472803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182 |
| &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29236** |
| &nbsp;&nbsp;**COLOMBIA—0.1%** |  |  |
| &nbsp;&nbsp;Ecopetrol SA, 8.88%, 01/13/2033<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440695 |
| &nbsp;&nbsp;**ECUADOR—0.0%** |  |  |
| &nbsp;&nbsp;Corp. Quiport SA, 9.00%, 12/15/2037<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359537 |
| &nbsp;&nbsp;**FRANCE—5.1%** |  |  |
| &nbsp;&nbsp;Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/15/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1129574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 07/15/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;1212653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398875 |
| &nbsp;&nbsp;Iliad Holding SAS, 8.50%, 04/15/2031<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;5011000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5365879 |
| &nbsp;&nbsp;Laboratoire Eimer SELAS, 5.00%, 02/01/2029<sup>(a)(b)</sup> | 13500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14922606 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Societe Generale SA, VRN, (fixed rate to 11/22/2027, variable rate thereafter), 9.38%, 11/22/2027<sup>(a)(e)</sup> | $10420000 | &nbsp;&nbsp;&nbsp;&nbsp;$11129591 |
| &nbsp;&nbsp;Viridien, 10.00%, 10/15/2030<sup>(a)(b)</sup> | 2716000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923345 |
| &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37032640** |
| &nbsp;&nbsp;**GERMANY—8.8%** |  |  |
| &nbsp;&nbsp;Aroundtown Finance SARL, VRN, (fixed rate to 08/07/2029, variable rate thereafter), 7.88%, 08/07/2029<sup>(e)</sup> | 8190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8398166 |
| &nbsp;&nbsp;Cheplapharm Arzneimittel GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 06/15/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;4900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5952829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/15/2032<sup>(a)(b)</sup> | 10834000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12869558 |
| &nbsp;&nbsp;CTEC II GmbH, 5.25%, 02/15/2030<sup>(a)(b)</sup> | 4438000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4952221 |
| &nbsp;&nbsp;Deutsche Bank AG, VRN, (fixed rate to 12/01/2027, variable rate thereafter), 10.00%, 12/01/2027<sup>(a)(e)</sup> | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7832197 |
| &nbsp;&nbsp;IHO Verwaltungs GmbH, 8.750% Cash or 9.500% PIK, 05/15/2028<sup>(a)(b)</sup> | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686710 |
| &nbsp;&nbsp;Motel One GmbH/Muenchen |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 04/02/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 04/02/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;1840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344277 |
| &nbsp;&nbsp;PrestigeBidCo GmbH, FRN, 5.77%, 07/01/2029<sup>(a)(b)(f)</sup> | 7156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8545941 |
| &nbsp;&nbsp;ZF North America Capital, Inc., 6.88%, 04/23/2032<sup>(a)(b)</sup> | $7733000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7711064 |
| &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**64051171** |
| &nbsp;&nbsp;**GREECE—1.2%** |  |  |
| &nbsp;&nbsp;Eurobank SA, VRN, (fixed rate to 11/10/2033, variable rate thereafter), 6.25%, 11/10/2033<sup>(a)(e)</sup> | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5356508 |
| &nbsp;&nbsp;Intralot Capital Luxembourg SA, 6.75%, 10/15/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503284 |
| &nbsp;&nbsp;**Total Greece** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8859792** |
| &nbsp;&nbsp;**INDIA—0.4%** |  |  |
| &nbsp;&nbsp;Vedanta Resources Finance II PLC, 9.13%, 10/15/2032<sup>(a)(b)</sup> | $&nbsp;&nbsp;2493000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611503 |
| &nbsp;&nbsp;**IRELAND—5.6%** |  |  |
| &nbsp;&nbsp;Cimpress PLC, 7.38%, 09/15/2032<sup>(a)(b)</sup> | 10560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10843297 |
| &nbsp;&nbsp;Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(a)(b)</sup> | 10757000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11273604 |
| &nbsp;&nbsp;TrueNoord Capital DAC, 8.75%, 03/01/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;8024000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8463194 |
| &nbsp;&nbsp;Virgin Media O2 Vendor Financing Notes VII DAC, 8.88%, 07/15/2033<sup>(a)(b)</sup> | &nbsp;&nbsp;7600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10294917 |
| &nbsp;&nbsp;**Total Ireland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40875012** |
| &nbsp;&nbsp;**ISRAEL—0.5%** |  |  |
| &nbsp;&nbsp;Energean PLC, 5.63%, 05/12/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;3145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3744263 |
| &nbsp;&nbsp;**ITALY—2.3%** |  |  |
| &nbsp;&nbsp;Fibercop SpA, 7.72%, 06/04/2038<sup>(a)(b)</sup> | $10250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10542781 |
| &nbsp;&nbsp;Gruppo San Donato SPA, 6.50%, 10/31/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;5367000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6449722 |
| &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16992503** |
| &nbsp;&nbsp;**JAMAICA—1.2%** |  |  |
| &nbsp;&nbsp;Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, 08/01/2032<sup>(a)(b)</sup> | $&nbsp;&nbsp;8370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8702507 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (continued)<br> As of January 31, 2026

#### abrdn Income Credit Strategies Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**JERSEY—3.1%** |  |  |
| &nbsp;&nbsp;Aston Martin Capital Holdings Ltd., 10.00%, 03/31/2029<sup>(a)(b)</sup> | $11740000 | &nbsp;&nbsp;&nbsp;&nbsp;$10478413 |
| &nbsp;&nbsp;Waga Bondco Ltd., 8.50%, 06/15/2030<sup>(a)(b)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12102906 |
| &nbsp;&nbsp;**Total Jersey** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22581319** |
| &nbsp;&nbsp;**LUXEMBOURG—7.0%** |  |  |
| &nbsp;&nbsp;Cidron Aida Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/27/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5208198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 10/27/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;6019000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8464688 |
| &nbsp;&nbsp;INEOS Finance PLC, 7.25%, 03/31/2031<sup>(a)(b)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9909949 |
| &nbsp;&nbsp;LHMC Finco 2 SARL, 8.625% Cash or 9.375% PIK, 05/15/2030<sup>(a)(b)</sup> | 5552578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6858187 |
| &nbsp;&nbsp;Mitsubishi UFJ Investor Services & Banking Luxembourg SA, FRN, Series PRX, 6.55%, 12/15/2050<sup>(f)</sup> | 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6035975 |
| &nbsp;&nbsp;SES SA, VRN, (fixed rate to 09/12/2029, variable rate thereafter), 5.50%, 09/12/2029<sup>(a)(b)</sup> | 10365000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12209900 |
| &nbsp;&nbsp;Summer BC Holdco B SARL, 5.88%, 02/15/2030<sup>(a)(b)</sup> | 2299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533426 |
| &nbsp;&nbsp;**Total Luxembourg** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**51220323** |
| &nbsp;&nbsp;**MEXICO—2.4%** |  |  |
| &nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/28/2031<sup>(b)</sup> | $10785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10520886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/21/2047 | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721491 |
| &nbsp;&nbsp;Saavi Energia SARL, 8.88%, 02/10/2035<sup>(a)(b)</sup> | &nbsp;&nbsp;5464000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5915600 |
| &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17157977** |
| &nbsp;&nbsp;**NETHERLANDS—2.9%** |  |  |
| &nbsp;&nbsp;Sigma Holdco BV, 8.63%, 04/15/2031<sup>(b)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10575789 |
| &nbsp;&nbsp;Ziggo Bond Co. BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/28/2030<sup>(a)(b)</sup> | $&nbsp;&nbsp;9100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7994792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/28/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632881 |
| &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21203462** |
| &nbsp;&nbsp;**NIGERIA—0.9%** |  |  |
| &nbsp;&nbsp;BOI Finance BV, 7.50%, 02/16/2027<sup>(a)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;464000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566297 |
| &nbsp;&nbsp;IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 05/29/2030<sup>(a)(b)</sup> | $&nbsp;&nbsp;2589000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 11/29/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3133199 |
| &nbsp;&nbsp;**Total Nigeria** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6364790** |
| &nbsp;&nbsp;**PERU—0.0%** |  |  |
| &nbsp;&nbsp;Petroleos del Peru SA, 5.63%, 06/19/2047<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;522000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350455 |
| &nbsp;&nbsp;**SINGAPORE—1.1%** |  |  |
| &nbsp;&nbsp;Avation Group S Pte. Ltd., 8.50%, 05/15/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;8041000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7907979 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**SLOVENIA—5.5%** |  |  |
| &nbsp;&nbsp;Summer BidCo BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000% Cash or 10.750% PIK, 02/15/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;8589763 | &nbsp;&nbsp;&nbsp;&nbsp;$10200914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000% Cash or 10.750% PIK, 02/15/2029<sup>(a)(b)</sup> | 11548046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13714071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series PIYC, 8.88%, 01/31/2031<sup>(a)(b)</sup> | 13528000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16264336 |
| &nbsp;&nbsp;**Total Slovenia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40179321** |
| &nbsp;&nbsp;**SOUTH AFRICA—0.0%** |  |  |
| &nbsp;&nbsp;Liquid Telecommunications Financing PLC, 5.50%, 09/04/2026<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191312 |
| &nbsp;&nbsp;**SWITZERLAND—2.8%** |  |  |
| &nbsp;&nbsp;Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;8928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8838720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00%, 02/15/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;8091000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6795631 |
| &nbsp;&nbsp;UBS Group AG, VRN, (fixed rate to 01/08/2031, variable rate thereafter), Series .14a, 6.63%, 01/08/2031<sup>(a)(e)</sup> | 4603000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4628789 |
| &nbsp;&nbsp;**Total Switzerland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20263140** |
| &nbsp;&nbsp;**TURKEY—0.8%** |  |  |
| &nbsp;&nbsp;WE Soda Investments Holding PLC, 9.50%, 10/06/2028<sup>(a)(b)</sup> | 5742000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5919614 |
| &nbsp;&nbsp;**UKRAINE—0.1%** |  |  |
| &nbsp;&nbsp;Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/2026<sup>(a)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;543727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399645 |
| &nbsp;&nbsp;**UNITED KINGDOM—34.8%** |  |  |
| &nbsp;&nbsp;888 Acquisitions Ltd., 8.00%, 09/30/2031<sup>(a)(b)</sup> | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15327036 |
| &nbsp;&nbsp;Bellis Acquisition Co. PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 05/14/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3626560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 05/14/2030<sup>(a)(b)</sup> | 10620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13280713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/01/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150624 |
| &nbsp;&nbsp;Boots Group Finco LP, 7.38%, 08/31/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4389532 |
| &nbsp;&nbsp;Bracken MidCo1 PLC, 6.750% Cash or 7.500% PIK, 11/01/2027<sup>(a)(b)</sup> | 13384598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18221850 |
| &nbsp;&nbsp;Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/2029<sup>(a)(b)</sup> | $&nbsp;&nbsp;4768000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060598 |
| &nbsp;&nbsp;Edge Finco PLC, 8.13%, 08/15/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5836186 |
| &nbsp;&nbsp;EnQuest PLC, 11.63%, 11/01/2027<sup>(a)(b)</sup> | $23350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23587236 |
| &nbsp;&nbsp;Greene King Finance PLC, Series B1, 5.70%, 12/15/2034<sup>(b)(c)(f)</sup> | &nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6641444 |
| &nbsp;&nbsp;Iceland Bondco PLC, 10.88%, 12/15/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;9051000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13088665 |
| &nbsp;&nbsp;INEOS Quattro Finance 2 PLC, 9.63%, 03/15/2029<sup>(a)(b)</sup> | $&nbsp;&nbsp;3519000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792151 |
| &nbsp;&nbsp;INEOS Styrolution Ludwigshafen GmbH, 2.25%, 01/16/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895286 |
| &nbsp;&nbsp;Market Bidco Finco PLC, 8.75%, 01/31/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;9006000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12101103 |
| &nbsp;&nbsp;Mobico Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 11/20/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;6004000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7607138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 09/26/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;6902000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6946262 |
| &nbsp;&nbsp;PCC Global PLC, 8.25%, 11/15/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;2343000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605331 |
| &nbsp;&nbsp;Project Grand U.K. PLC, 9.00%, 06/01/2029<sup>(a)(b)</sup> | 15048000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18459829 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (continued)<br> As of January 31, 2026

#### abrdn Income Credit Strategies Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**UNITED KINGDOM (continued)** |  |  |
| &nbsp;&nbsp;Punch Finance PLC, 7.88%, 12/30/2030<sup>(a)(b)</sup> | 5488000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7743581 |
| &nbsp;&nbsp;Sherwood Financing PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 12/15/2029<sup>(a)(b)</sup> | 11028000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15016376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 12/15/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723318 |
| &nbsp;&nbsp;Stonegate Pub Co. Financing PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRN, 8.69%, 07/31/2029<sup>(a)(b)(f)</sup> | 10040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11756677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 07/31/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;6368000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8761493 |
| &nbsp;&nbsp;UTB Partners PLC, VRN, (fixed rate to 05/30/2030, variable rate thereafter), 13.00%, 05/30/2030<sup>(a)(e)</sup> | 6930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10571442 |
| &nbsp;&nbsp;Vanquis Banking Group PLC, VRN, (fixed rate to 10/13/2026, variable rate thereafter), 8.88%, 10/13/2026<sup>(a)(b)</sup> | 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4536011 |
| &nbsp;&nbsp;Very Group Funding PLC, 6.000% Cash or 7.250% PIK, 08/01/2027<sup>(a)(b)</sup> | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21876292 |
| &nbsp;&nbsp;Wolseley Group Finco PLC, 9.75%, 01/31/2031<sup>(a)(b)</sup> | 2828000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3833336 |
| &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**253436070** |
| &nbsp;&nbsp;**UNITED STATES—41.1%** |  |  |
| &nbsp;&nbsp;1261229 BC Ltd., 10.00%, 04/15/2032<sup>(a)(b)</sup> | $5443000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5585917 |
| &nbsp;&nbsp;Affinity Interactive, 6.88%, 12/15/2027<sup>(a)(b)</sup> | 24822000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14893200 |
| &nbsp;&nbsp;Asurion LLC & Asurion Co-Issuer, Inc., 8.00%, 12/31/2032<sup>(a)(b)</sup> | 3971000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4148919 |
| &nbsp;&nbsp;Cable One, Inc., 4.00%, 11/15/2030<sup>(a)(b)</sup> | 15145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11023369 |
| &nbsp;&nbsp;Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;7214000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5607829 |
| &nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 03/01/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;7503000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7717698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/01/2033<sup>(a)(b)</sup> | &nbsp;&nbsp;4479000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4522257 |
| &nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;7024000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6196887 |
| &nbsp;&nbsp;Celanese U.S. Holdings LLC, 7.00%, 02/15/2031<sup>(b)</sup> | &nbsp;&nbsp;8696000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8894912 |
| &nbsp;&nbsp;CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 01/15/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;8084000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8702733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 01/15/2034<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;1911000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992376 |
| &nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/15/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;1595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2032<sup>(a)(b)</sup> | 11220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10302916 |
| &nbsp;&nbsp;CoreWeave, Inc., 9.25%, 06/01/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6398588 |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc., 6.13%, 01/15/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;9711000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4287502 |
| &nbsp;&nbsp;Crescent Energy Finance LLC, 7.63%, 04/01/2032<sup>(a)(b)</sup> | 10501000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10415759 |
| &nbsp;&nbsp;CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;2253000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;2621000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/01/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;3925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;862000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319894 |
| &nbsp;&nbsp;Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;1619000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647286 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Dotdash Meredith, Inc., 7.63%, 06/15/2032<sup>(a)(b)</sup> | $13402000 | &nbsp;&nbsp;&nbsp;&nbsp;$12218298 |
| &nbsp;&nbsp;Encore Capital Group, Inc., 9.25%, 04/01/2029<sup>(a)(b)</sup> | 3760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3942235 |
| &nbsp;&nbsp;Fiesta Purchaser, Inc., 9.63%, 09/15/2032<sup>(a)(b)</sup> | 12193000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12334353 |
| &nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/2034<sup>(a)(b)</sup> | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2035<sup>(a)(b)</sup> | &nbsp;&nbsp;8533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8256821 |
| &nbsp;&nbsp;ION Platform Finance U.S., Inc., 7.88%, 09/30/2032<sup>(a)(b)</sup> | 8517000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7469529 |
| &nbsp;&nbsp;ITT Holdings LLC, 6.50%, 08/01/2029<sup>(a)(b)</sup> | 5211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5023879 |
| &nbsp;&nbsp;Magnera Corp., 7.25%, 11/15/2031<sup>(a)(b)</sup> | 5234000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946200 |
| &nbsp;&nbsp;MajorDrive Holdings IV LLC, 6.38%, 06/01/2029<sup>(a)(b)</sup> | 23118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18597846 |
| &nbsp;&nbsp;Marriott Ownership Resorts, Inc., 6.50%, 10/01/2033<sup>(a)(b)</sup> | 7979000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7591958 |
| &nbsp;&nbsp;Men's Wearhouse LLC, 9.00%, 02/01/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457607 |
| &nbsp;&nbsp;Midcontinent Communications, 8.00%, 08/15/2032<sup>(a)(b)</sup> | 7521000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7236477 |
| &nbsp;&nbsp;Nabors Industries, Inc., 8.88%, 08/15/2031<sup>(a)(b)</sup> | 5196000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5283428 |
| &nbsp;&nbsp;National Mentor Holdings, Inc., 10.50%, 12/15/2030<sup>(a)(b)</sup> | 5598000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5784325 |
| &nbsp;&nbsp;Navient Corp., 7.88%, 06/15/2032<sup>(b)</sup> | 3980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4017098 |
| &nbsp;&nbsp;Neptune Bidco U.S., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.38%, 05/15/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;5582000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5901813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 02/15/2033<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;911000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927640 |
| &nbsp;&nbsp;New Cotai LLC, 5.00%, 02/02/2027<sup>(i)(j)</sup> | &nbsp;&nbsp;1264626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473416 |
| &nbsp;&nbsp;Newell Brands, Inc., 8.50%, 06/01/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;4936000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5175125 |
| &nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV, 7.88%, 05/15/2034<sup>(a)(b)</sup> | &nbsp;&nbsp;8969000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8431171 |
| &nbsp;&nbsp;Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;5072000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5161993 |
| &nbsp;&nbsp;Radiology Partners, Inc., 8.50%, 07/15/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;2075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178688 |
| &nbsp;&nbsp;Sanchez Energy Corp., 7.25%, 07/15/2023<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;257000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., 5.25%, 07/15/2029<sup>(b)</sup> | &nbsp;&nbsp;4268000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4098157 |
| &nbsp;&nbsp;Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC, 8.63%, 01/15/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;1239000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264338 |
| &nbsp;&nbsp;Staples, Inc., 10.75%, 09/01/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;7060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6937385 |
| &nbsp;&nbsp;Telecommunications Co. Telekom Srbija AD Belgrade, 8.00%, 05/22/2028<sup>(j)</sup> | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950455 |
| &nbsp;&nbsp;Under Armour, Inc., 7.25%, 07/15/2030<sup>(a)(b)</sup> | $&nbsp;&nbsp;3003000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066883 |
| &nbsp;&nbsp;Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 07/31/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;5762000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6008942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 08/01/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;1967000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117782 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (continued)<br> As of January 31, 2026

#### abrdn Income Credit Strategies Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES (continued)** |  |  |
| &nbsp;&nbsp;Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, (fixed rate to 09/30/2029, variable rate thereafter), 9.00%, 09/30/2029<sup>(a)(e)</sup> | $14424000 | &nbsp;&nbsp;&nbsp;&nbsp;$12689128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 02/01/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;2859000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3022809 |
| &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**299553369** |
| &nbsp;&nbsp;**ZAMBIA—1.8%** |  |  |
| &nbsp;&nbsp;First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 06/01/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;7990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8393103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/01/2033<sup>(a)(b)</sup> | &nbsp;&nbsp;4219000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4527244 |
| &nbsp;&nbsp;**Total Zambia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12920347** |
| &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**969604474** |
| &nbsp;&nbsp;**BANK LOANS—2.4%** | &nbsp;&nbsp;**BANK LOANS—2.4%** |  |
| &nbsp;&nbsp;**UNITED KINGDOM—2.4%** |  |  |
| &nbsp;&nbsp;Amber Finco PLC 2025 EUR Fungible Term Loan B, 5.27%, 06/11/2029<sup>(f)</sup> | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4176727 |
| &nbsp;&nbsp;CD&R Firefly Bidco Ltd. 2025 GBP Term Loan, 8.48%, 04/29/2029<sup>(f)</sup> | 9700000 | &nbsp;&nbsp;&nbsp;&nbsp; 13298801 |
| &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17475528** |
| &nbsp;&nbsp;**Total Bank Loans** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17475528** |
| &nbsp;&nbsp;**GOVERNMENT BONDS—0.8%** | &nbsp;&nbsp;**GOVERNMENT BONDS—0.8%** |  |
| &nbsp;&nbsp;**EGYPT—0.7%** |  |  |
| &nbsp;&nbsp;Egypt Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 05/29/2032<sup>(a)</sup> | $&nbsp;&nbsp;2929000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 01/31/2047<sup>(a)</sup> | &nbsp;&nbsp;1223000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90%, 02/21/2048<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;928000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841683 |
| &nbsp;&nbsp;**Total Egypt** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5055335** |
| &nbsp;&nbsp;**IVORY COAST—0.1%** |  |  |
| &nbsp;&nbsp;Ivory Coast Government International Bonds, 6.63%, 03/22/2048<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;919000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007678 |
| &nbsp;&nbsp;**Total Government Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6063013** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—0.7%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—0.7%** |  |
| &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;138917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5228836 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5228836** |
| &nbsp;&nbsp;**COMMON STOCKS—0.2%** | &nbsp;&nbsp;**COMMON STOCKS—0.2%** |  |
| &nbsp;&nbsp;**AUSTRALIA—0.0%** |  |  |
| &nbsp;&nbsp;BIS Industries Ltd.<sup>(i)(j)(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;804308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;**FRANCE—0.0%** |  |  |
| &nbsp;&nbsp;Luxco Co. Ltd.<sup>(j)(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202606 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**HONG KONG—0.1%** | &nbsp;&nbsp;**HONG KONG—0.1%** |  |  |
| &nbsp;&nbsp;Studio City International Holdings Ltd., ADR<sup>(k)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98050 | &nbsp;&nbsp;$298072 |
| &nbsp;&nbsp;Studio City International Holdings Ltd., ADR<sup>(k)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;183525 | &nbsp;&nbsp;&nbsp;&nbsp; 557916 |
| &nbsp;&nbsp;**Total Hong Kong** | &nbsp;&nbsp;**Total Hong Kong** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**855988** |
| &nbsp;&nbsp;**UNITED STATES—0.1%** | &nbsp;&nbsp;**UNITED STATES—0.1%** |  |  |
| &nbsp;&nbsp;Mitel<sup>(k)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201 | &nbsp;&nbsp;&nbsp;&nbsp; 22010 |
| &nbsp;&nbsp;New Cotai LLC<sup>(i)(j)(k)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;971487 | &nbsp;&nbsp;&nbsp;&nbsp; 203041 |
| &nbsp;&nbsp;Thunderbird Resources Equity, Inc.<sup>(i)(j)(k)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;Trust Apparel Holdings LLC<sup>(j)(k)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117949 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**343000** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1401595** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—8.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—8.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—8.1%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.65%<sup>(l)</sup> |  | 58703206 | &nbsp;&nbsp;&nbsp;&nbsp; 58703206 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58703206** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $1,073,127,698)—145.3%** | &nbsp;&nbsp;**Total Investments<br> (Cost $1,073,127,698)—145.3%** | &nbsp;&nbsp;**Total Investments<br> (Cost $1,073,127,698)—145.3%** | &nbsp;&nbsp;&nbsp;**1058476652** |
| &nbsp;&nbsp;Long Term Debt Securities | &nbsp;&nbsp;Long Term Debt Securities | &nbsp;&nbsp;Long Term Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;(180000000) |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(20.6%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(20.6%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(20.6%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150048369) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$728428283** |

---

---

| | |
|:---|:---|
| (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 January 31, 2026. |
| (g) | Denotes the security is government guaranteed. |
| (h) | Security is in default. |
| (i) | Illiquid security. |
| (j) | Level 3 security. See Note 1(a) of the accompanying Notes to Portfolio of Investments. |
| (k) | Non-income producing security. |
| (l) | Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of January 31, 2026. |
|  | Amounts listed as "–" are $0 or round to $0. |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| 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 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (concluded)<br> As of January 31, 2026

#### abrdn Income Credit Strategies Fund

------

VRN Variable Rate Note

As of January 31, 2026, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;16739026 | &nbsp;&nbsp;USD | &nbsp;&nbsp;22528676 | &nbsp;&nbsp;$22904527 | &nbsp;&nbsp;$375851 |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;8127033 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;11112506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11120471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7965 |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893545 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1233438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10773) |
| &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/09/2026 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;10879000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;13009350 | &nbsp;&nbsp;&nbsp;&nbsp;12899036 | &nbsp;&nbsp;&nbsp;&nbsp;(110314) |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;4247906 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4963316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74300 |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;11219125 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;13135226 | &nbsp;&nbsp;&nbsp;&nbsp;13304826 | &nbsp;&nbsp;&nbsp;&nbsp;169600 |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;8618159 | &nbsp;&nbsp;USD | &nbsp;&nbsp;10015555 | &nbsp;&nbsp;&nbsp;&nbsp;10220325 | &nbsp;&nbsp;&nbsp;&nbsp;204770 |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;11647276 | &nbsp;&nbsp;USD | &nbsp;&nbsp;13916222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13812573 | &nbsp;&nbsp;&nbsp;(103649) |
| &nbsp;&nbsp;**Hong Kong Dollar/United States Dollar** | &nbsp;&nbsp;**Hong Kong Dollar/United States Dollar** | &nbsp;&nbsp;**Hong Kong Dollar/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;BNP Paribas S.A. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51969 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146300 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577851 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94549 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$90633538** | &nbsp;&nbsp;**$607540** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** |  |  |  |  |  |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;10403686 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7575247 | &nbsp;&nbsp;&nbsp;$10365445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38241 |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;206050058 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;152680577 | &nbsp;&nbsp;&nbsp;&nbsp;208917552 | &nbsp;&nbsp;&nbsp;&nbsp;(2867494) |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;23144005 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;17212422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23552289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(408284) |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;9000322 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;7730974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9168207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167885) |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;13011786 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;10879000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12901470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110316 |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4213527 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;3613074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4284766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71239) |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;248076667 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;211898188 | &nbsp;&nbsp;&nbsp;&nbsp;251291298 | &nbsp;&nbsp;&nbsp;&nbsp;(3214631) |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299447 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;1082995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15117 |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;17673449 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;15183205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18005851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(332402) |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355291 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12549) |
| &nbsp;&nbsp;**United States Dollar/Hong Kong Dollar** | &nbsp;&nbsp;**United States Dollar/Hong Kong Dollar** | &nbsp;&nbsp;**United States Dollar/Hong Kong Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10984 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48296 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5906 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341211 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;2654419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$541544025** | &nbsp;&nbsp;**$(6909390)** |
| &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**$997580** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$(7299430)** |

---

\* Certain contracts with different trade dates and like characteristics have been shown net.

See accompanying Notes to Portfolio of Investments.

------

Notes to Portfolio of Investments <br> January 31, 2026 (unaudited)

------

1. Summary of Significant Accounting Policies

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 of Trustees (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.

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 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.

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.

The three-level hierarchy of inputs is summarized below:

**6** 

------

Notes to Portfolio of Investments (concluded)<br> January 31, 2026 (unaudited)

------

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).

**7**

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** abrdn Income Credit Strategies Fund

- **b. Investment Company Act file number:** 811-22485

- **c. CIK number of Registrant:** 0001503290

- **d. LEI of Registrant:** JZ9OXI4GGKZDI84RNQ78

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1900 Market Street

  - **City:** PHILADELPHIA

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19103

  - **Telephone number:** 215-405-5700

**Item A.2. Information about the Series.**

- **a. Name of Series:** abrdn Income Credit Strategies Fund

- **c. LEI of Series:** JZ9OXI4GGKZDI84RNQ78

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1081121665.03

**Total Liabilities:** $352748905.60

**Net Assets:** $728372759.43

**Delayed Delivery Securities:** $13001390.00

**Cash Not Reported:** $456739.38

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -18.15000000 | **1-Year:** -495.98000000 | **5-Year:** -6153.12000000 | **10-Year:** -548.88000000 | **30-Year:** -252.92000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -4630.47000000 | **1-Year:** -77669.99000000 | **5-Year:** -178445.15000000 | **10-Year:** -53997.93000000 | **30-Year:** -22795.83000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.39%               | 0.27%                | 4.94%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1025236.07             | $-10986490.17                              |
| Month 2  | $837918.70               | $13957575.08                               |
| Month 3  | $2023735.46              | $12922821.23                               |

**Designated Index Information**

- **Index Name:** ICE BofA Global High Yield Constrained Index Hedged to USD

- **Index Identifier:** HW0CUSDH Index

### Schedule of Portfolio Investments

| Name                                            | Title                                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACCESS BANK PLC                                 | Access Bank PLC                                                                | CUSIP: 00434G2B5<br>LEI: 029200328C3N9YI2D660 | Long             | DBT              | CORP              | NG        |    526000 | PA      | $522535.57    | 0.07%             | 2026-09-21      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| AFFINITY INTERACTIVE                            | Affinity Interactive                                                           | CUSIP: 00842XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  24822000 | PA      | $14893200.00  | 2.04%             | 2027-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                          | Egypt Government International Bond                                            | CUSIP: 038461AM1<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   1223000 | PA      | $1184395.22   | 0.16%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                          | Egypt Government International Bond                                            | CUSIP: 03846JX54<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   2929000 | PA      | $3029256.95   | 0.42%             | 2032-05-29      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| ASURION LLC/ASURION CO                          | Asurion LLC and Asurion Co-Issuer Inc                                          | CUSIP: 045941AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3971000 | PA      | $4148918.63   | 0.57%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                        | Aston Martin Capital Holdings Ltd                                              | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |  11740000 | PA      | $10478412.56  | 1.44%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| AVATION GROUP S PTE LTD                         | Avation Group S Pte Ltd                                                        | CUSIP: 05390AAA2<br>LEI: 2138006F359FM7HRYK39 | Long             | DBT              | CORP              | SG        |   8041000 | PA      | $7907979.51   | 1.09%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                        | Azule Energy Finance Plc                                                       | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |   2504000 | PA      | $2533468.32   | 0.35%             | 2030-01-23      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                             | Braskem Netherlands Finance BV                                                 | CUSIP: 10554TAJ4<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |   4164000 | PA      | $1698120.84   | 0.23%             | 2034-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                          | CCO Holdings LLC / CCO Holdings Capital Corp                                   | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7503000 | PA      | $7717698.35   | 1.06%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                          | CCO Holdings LLC / CCO Holdings Capital Corp                                   | CUSIP: 1248EPCU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4479000 | PA      | $4522256.61   | 0.62%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CD&R SMOKEY / RADIO SYS                         | CD&R Smokey Buyer Inc / Radio Systems Corp                                     | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7024000 | PA      | $6196887.48   | 0.85%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| VIRIDIEN                                        | Viridien                                                                       | CUSIP: 12531QAA3<br>LEI: 969500FCVQ5SLAAUJV59 | Long             | DBT              | CORP              | FR        |   2716000 | PA      | $2923344.87   | 0.40%             | 2030-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                        | CHS/Community Health Systems Inc                                               | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   8084000 | PA      | $8702733.19   | 1.19%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                        | CHS/Community Health Systems Inc                                               | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1911000 | PA      | $1992376.11   | 0.27%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                | CSC Holdings LLC                                                               | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2253000 | PA      | $1442589.14   | 0.20%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                | CSC Holdings LLC                                                               | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2621000 | PA      | $1030195.22   | 0.14%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                | CSC Holdings LLC                                                               | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   3925000 | PA      | $2380135.70   | 0.33%             | 2030-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                | CSC Holdings LLC                                                               | CUSIP: 126307BK2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    862000 | PA      | $319894.30    | 0.04%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC                                   | Cable One Inc                                                                  | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |  15145000 | PA      | $11023368.52  | 1.51%             | 2030-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAMELOT RETURN MERGER SU                        | Camelot Return Merger Sub Inc                                                  | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7214000 | PA      | $5607828.87   | 0.77%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS/CANADA WON                            | Six Flags Entertainment Corp / Canada's Wonderland Co / Magnum Management Corp | CUSIP: 150190AE6<br>LEI: 549300TUVLNQQ6BVKH61 | Long             | DBT              | CORP              | US        |   4268000 | PA      | $4098157.07   | 0.56%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                        | Celanese US Holdings LLC                                                       | CUSIP: 15089QBC7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   8696000 | PA      | $8894912.30   | 1.22%             | 2031-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                                    | Cimpress PLC                                                                   | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |  10560000 | PA      | $10843297.03  | 1.49%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                          | Cogent Communications Group LLC / Cogent Finance Inc                           | CUSIP: 19240WAA7<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |   1595000 | PA      | $1585418.68   | 0.22%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                          | Cogent Communications Group LLC / Cogent Finance Inc                           | CUSIP: 19240WAB5<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |  11220000 | PA      | $10302916.47  | 1.41%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                        | Connect Finco SARL / Connect US Finco LLC                                      | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   4768000 | PA      | $5060597.86   | 0.69%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN                         | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAE6<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |   8928000 | PA      | $8838720.00   | 1.21%             | 2026-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN                         | Consolidated Energy Finance SA                                                 | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |   8091000 | PA      | $6795630.90   | 0.93%             | 2031-02-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                   | CoreWeave Inc                                                                  | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6398588.04   | 0.88%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                            | Cornerstone Building Brands Inc                                                | CUSIP: 21925DAA7<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |   9711000 | PA      | $4287501.67   | 0.59%             | 2029-01-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC                                  | Dcli Bidco LLC                                                                 | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |   1619000 | PA      | $1647285.55   | 0.23%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIFL US LLC                        | Digicel International Finance Ltd / Difl US LLC                                | CUSIP: 25381MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   8370000 | PA      | $8702506.62   | 1.19%             | 2032-08-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| DOTDASH MEREDITH INC                            | Dotdash Meredith Inc                                                           | CUSIP: 25849JAA8<br>LEI: 549300R2AA7U9CJUQO13 | Long             | DBT              | CORP              | US        |  13402000 | PA      | $12218298.24  | 1.68%             | 2032-06-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| UBS AG                                          | PURCHASED USD / SOLD HKD                                                       | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $1280.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC          | PURCHASED USD / SOLD EUR                                                       | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $-3197054.29  | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                | PURCHASED USD / SOLD GBP                                                       | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $-2867494.37  | -0.39%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                     | PURCHASED USD / SOLD EUR                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-16509.02    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                         | PURCHASED HKD / SOLD USD                                                       | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | HK        |         1 | NC      | $-37.74       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                   | PURCHASED USD / SOLD HKD                                                       | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $28.11        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC          | PURCHASED USD / SOLD EUR                                                       | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $-17577.51    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC          | PURCHASED EUR / SOLD USD                                                       | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |         1 | NC      | $74300.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                            | PURCHASED USD / SOLD HKD                                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $11.12        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                     | PURCHASED GBP / SOLD USD                                                       | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | GB        |         1 | NC      | $375851.44    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                     | PURCHASED USD / SOLD EUR                                                       | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $-71239.48    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                     | PURCHASED USD / SOLD GBP                                                       | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $-408283.87   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC          | PURCHASED HKD / SOLD USD                                                       | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | HK        |         1 | NC      | $-27.79       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                            | PURCHASED USD / SOLD EUR                                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $-167567.92   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC          | PURCHASED HKD / SOLD USD                                                       | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | HK        |         1 | NC      | $-10.13       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                            | PURCHASED USD / SOLD EUR                                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $-164833.78   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                         | PURCHASED EUR / SOLD USD                                                       | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | XX        |         1 | NC      | $204770.39    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                     | PURCHASED HKD / SOLD USD                                                       | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | HK        |         1 | NC      | $-8.97        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                            | PURCHASED EUR / SOLD USD                                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | XX        |         1 | NC      | $60950.13     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                     | PURCHASED USD / SOLD EUR                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-151375.84   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                     | PURCHASED HKD / SOLD USD                                                       | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | HK        |         1 | NC      | $-30.89       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                            | PURCHASED EUR / SOLD USD                                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | XX        |         1 | NC      | $108650.02    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC          | PURCHASED USD / SOLD HKD                                                       | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $100.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC          | PURCHASED HKD / SOLD USD                                                       | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | HK        |         1 | NC      | $-23.67       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC          | PURCHASED HKD / SOLD USD                                                       | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | HK        |         1 | NC      | $-53.88       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                         | PURCHASED USD / SOLD EUR                                                       | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |         1 | NC      | $-12549.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                         | PURCHASED EUR / SOLD USD                                                       | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | XX        |         1 | NC      | $-2301.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                            | PURCHASED GBP / SOLD USD                                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | GB        |         1 | NC      | $7964.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                            | PURCHASED USD / SOLD EUR                                                       | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $15116.72     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                         | PURCHASED EUR / SOLD USD                                                       | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | XX        |         1 | NC      | $-101347.35   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                         | PURCHASED GBP / SOLD USD                                                       | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | GB        |         1 | NC      | $-10773.20    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                     | PURCHASED EUR / SOLD USD                                                       | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | XX        |         1 | NC      | $-110314.04   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                     | PURCHASED USD / SOLD EUR                                                       | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $110315.89    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                  | PURCHASED HKD / SOLD USD                                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | HK        |         1 | NC      | $-6.80        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                    | Ecopetrol SA                                                                   | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    410000 | PA      | $440695.06    | 0.06%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                        | Encore Capital Group Inc                                                       | CUSIP: 292554AQ5<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |   3760000 | PA      | $3942235.13   | 0.54%             | 2029-04-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ENQUEST PLC                                     | EnQuest PLC                                                                    | CUSIP: 29357JAC0<br>LEI: 2138008LJU6WFQWOXJ73 | Long             | DBT              | CORP              | GB        |  23350000 | PA      | $23587236.00  | 3.24%             | 2027-11-01      | Fixed         | 11.63%                | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                            | Fiesta Purchaser Inc                                                           | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12193000 | PA      | $12334353.45  | 1.69%             | 2032-09-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                        | First Quantum Minerals Ltd                                                     | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   4219000 | PA      | $4527243.73   | 0.62%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                        | Hilcorp Energy I LP / Hilcorp Finance Co                                       | CUSIP: 431318BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2891183.16   | 0.40%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                        | Hilcorp Energy I LP / Hilcorp Finance Co                                       | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8533000 | PA      | $8256820.92   | 1.13%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                 | IHS Holding Ltd                                                                | CUSIP: 44963HAC9<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |   2589000 | PA      | $2665294.18   | 0.37%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                 | IHS Holding Ltd                                                                | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |   3000000 | PA      | $3133198.71   | 0.43%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                               | Iliad Holding SAS                                                              | CUSIP: 449691AF1<br>LEI: 9695009BGMXB527HV965 | Long             | DBT              | CORP              | FR        |   5011000 | PA      | $5365879.02   | 0.74%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                                | ITT Holdings LLC                                                               | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |   5211000 | PA      | $5023879.24   | 0.69%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                         | Crescent Energy Finance LLC                                                    | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |  10501000 | PA      | $10415759.18  | 1.43%             | 2032-04-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                         | INEOS Quattro Finance 2 Plc                                                    | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |   3519000 | PA      | $2792150.55   | 0.38%             | 2029-03-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| ION PLATFORM FINANCE US                         | ION Platform Finance US Inc                                                    | CUSIP: 46205QAB4<br>LEI: 213800FKHT3BRRKMCC89 | Long             | DBT              | CORP              | US        |   8517000 | PA      | $7469529.09   | 1.03%             | 2032-09-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| iShares Broad USD High Yield Corporate Bond ETF | iShares Broad USD High Yield Corporate Bond ETF                                | CUSIP: 46435U853<br>LEI: 549300X7H67ZLUE3IZ46 | Long             | EC               | RF                | US        |    138917 | NS      | $5228835.88   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| TBC BANK JSC                                    | TBC Bank JSC                                                                   | CUSIP: 48128XAD5<br>LEI: 2138001MSA39Q44QTA18 | Long             | DBT              | CORP              | GE        |    294000 | PA      | $315266.60    | 0.04%             | 2029-07-30      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| LIQUID TELECOM FINANCE                          | Liquid Telecommunications Financing Plc                                        | CUSIP: 536333AB3<br>LEI: 635400MXAVJRJJCWVI87 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $191312.07    | 0.03%             | 2026-09-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                                    | Magnera Corp                                                                   | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   5234000 | PA      | $4946199.61   | 0.68%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV L                        | MajorDrive Holdings IV LLC                                                     | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |  23118000 | PA      | $18597846.11  | 2.55%             | 2029-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR                        | Marriott Ownership Resorts Inc                                                 | CUSIP: 57164PAK2<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |   7979000 | PA      | $7591957.86   | 1.04%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| THE MEN'S WEARHOUSE LLC                         | Men's Wearhouse LLC/The                                                        | CUSIP: 587118AF7<br>LEI: NKFP7BJ6WYEV4I24P532 | Long             | DBT              | CORP              | US        |    440000 | PA      | $457607.28    | 0.06%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MIDCONTINENT COMMUNICATI                        | Midcontinent Communications                                                    | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |   7521000 | PA      | $7236476.58   | 0.99%             | 2032-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MINERVA LUXEMBOURG SA                           | Minerva Luxembourg SA                                                          | CUSIP: 603374AH2<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |   5480000 | PA      | $5986883.56   | 0.82%             | 2033-09-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                           | Nabors Industries Inc                                                          | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   5196000 | PA      | $5283427.90   | 0.73%             | 2031-08-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| NATIONAL MENTOR HOLDINGS                        | National Mentor Holdings Inc                                                   | CUSIP: 63688RAF4<br>LEI: 5493004QULJVJP3CNZ62 | Long             | DBT              | CORP              | US        |   5598000 | PA      | $5784324.95   | 0.79%             | 2030-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                    | Navient Corp                                                                   | CUSIP: 63938CAQ1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |   3980000 | PA      | $4017097.58   | 0.55%             | 2032-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                            | Neptune Bidco US Inc                                                           | CUSIP: 640695AC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   5582000 | PA      | $5901812.82   | 0.81%             | 2031-05-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                            | Neptune Bidco US Inc                                                           | CUSIP: 640695AD4<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    911000 | PA      | $927640.45    | 0.13%             | 2033-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                               | Newell Brands Inc                                                              | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   4936000 | PA      | $5175124.52   | 0.71%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                  | 1261229 BC Ltd                                                                 | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   5443000 | PA      | $5585916.80   | 0.77%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                    | Fibercop SpA                                                                   | CUSIP: 683879AH3<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |  10250000 | PA      | $10542781.00  | 1.45%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                        | Organon & Co / Organon Foreign Debt Co-Issuer BV                               | CUSIP: 68622FAB7<br>LEI: 549300SH15FO4Y2G3V63 | Long             | DBT              | CORP              | US        |   8969000 | PA      | $8431171.22   | 1.16%             | 2034-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                  | Owens-Brockway Glass Container Inc                                             | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |   5072000 | PA      | $5161992.50   | 0.71%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                             | Petroleos Mexicanos                                                            | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    875000 | PA      | $721491.05    | 0.10%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                             | Petroleos Mexicanos                                                            | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |  10785000 | PA      | $10520886.14  | 1.44%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                           | Petroleos del Peru SA                                                          | CUSIP: 716564AB5<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    522000 | PA      | $350455.14    | 0.05%             | 2047-06-19      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL                        | Phoenix Aviation Capital Ltd                                                   | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |  10757000 | PA      | $11273604.17  | 1.55%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC                          | Radiology Partners Inc                                                         | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |   2075000 | PA      | $2178688.00   | 0.30%             | 2032-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                    | State Street Institutional U.S. Government Money Market Fund                   | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   4189381 | NS      | $4189380.74   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                    | State Street Institutional US Government Money Market Fund                     | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  54513825 | NS      | $54513825.10  | 7.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SAAVI ENERGIA SARL                              | Saavi Energia Sarl                                                             | CUSIP: 78518PAA3<br>LEI: 254900A2V0IO8K56UH35 | Long             | DBT              | CORP              | LU        |   5464000 | PA      | $5915599.60   | 0.81%             | 2035-02-10      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SANCHEZ ENERGY CORP                             | SANCHEZ ENERGY CORP                                                            | CUSIP: 799ESCAK4<br>LEI: 549300SB0HTIM17TVR61 | Long             | DBT              | CORP              | US        |    257000 | PA      | $25.70        | 0.00%             | 2023-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SATURN OIL & GAS INC                            | Saturn Oil & Gas Inc                                                           | CUSIP: 80412LAA5<br>LEI: 549300G6BWJ7K6PIIY73 | Long             | DBT              | CORP              | CA        |   4246000 | PA      | $4343883.04   | 0.60%             | 2029-06-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS/CAN WON/MILLEN                        | Six Flags Entertainment Corp/Canada's Wonderland Co/Millennium Operations LLC  | CUSIP: 83003AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1239000 | PA      | $1264337.55   | 0.17%             | 2032-01-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                | Societe Generale SA                                                            | CUSIP: 83370RAC2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  10420000 | PA      | $11129591.37  | 1.53%             | 2027-11-22      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                                     | Staples Inc                                                                    | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   7060000 | PA      | $6937385.45   | 0.95%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Studio City International Holdings Ltd          | Studio City International Holdings Ltd                                         | CUSIP: 86389T106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     98050 | NS      | $298072.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUENOORD CAPITAL DAC                           | TrueNoord Capital DAC                                                          | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   8024000 | PA      | $8463193.64   | 1.16%             | 2030-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                    | UBS Group AG                                                                   | CUSIP: 902613BV9<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   4603000 | PA      | $4628789.55   | 0.64%             | 2031-01-08      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                                | Under Armour Inc                                                               | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |   3003000 | PA      | $3066882.82   | 0.42%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                        | Univision Communications Inc                                                   | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   5762000 | PA      | $6008942.03   | 0.82%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                        | Univision Communications Inc                                                   | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   1967000 | PA      | $2117782.35   | 0.29%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                               | Vedanta Resources Finance II PLC                                               | CUSIP: 92243XAN1<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |   2493000 | PA      | $2611502.94   | 0.36%             | 2032-10-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                          | Venture Global LNG Inc                                                         | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   2859000 | PA      | $3022809.26   | 0.42%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                          | Venture Global LNG Inc                                                         | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |  14424000 | PA      | $12689128.45  | 1.74%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC                         | WE Soda Investments Holding PLC                                                | CUSIP: 92943TAA1<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |   5742000 | PA      | $5919613.73   | 0.81%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LUXCO3 SHARES                                   | LUXCO3 SHARES                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |     15900 | NS      | $202605.87    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BIS INDUSTRIES (ARTSONIG)                       | BIS INDUSTRIES (ARTSONIG)                                                      | CUSIP: 000000000<br>LEI: 549300L6O0HBD3F72080 | Long             | EC               | CORP              | AU        |    804308 | NS      | $0.80         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| STUDIO CITY INTL ADR                            | STUDIO CITY INTL ADR                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |    183525 | NS      | $557916.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW COTAI EQUITY                                | NEW COTAI EQUITY                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    971487 | NS      | $203040.78    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| NEW COTAI BOND                                  | NEW COTAI BOND                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1264626 | PA      | $1473415.87   | 0.20%             | 2027-02-02      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| TR APPAREL HOLDINGS APRIL 26                    | TR APPAREL HOLDINGS APRIL 26                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $117949.49    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEKOM SRBJIA                                  | TELEKOM SRBJIA                                                                 | CUSIP: 000000000<br>LEI: 254900OVY0XI1DFYC092 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5950454.76   | 0.82%             | 2028-05-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MITEL                                           | MITEL                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2201 | NS      | $22010.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| YAPI VE KREDI BANKASI AS                        | Yapi ve Kredi Bankasi AS                                                       | CUSIP: 984848AR2<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |    262000 | PA      | $277913.74    | 0.04%             | 2034-01-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| YINSON BORONIA PRODUCTIO                        | Yinson Boronia Production BV                                                   | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |    310024 | PA      | $344043.73    | 0.05%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                   | ZF North America Capital Inc                                                   | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   7733000 | PA      | $7711063.80   | 1.06%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                                | Ziggo Bond Co BV                                                               | CUSIP: 98953GAD7<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |   9100000 | PA      | $7994792.26   | 1.10%             | 2030-02-28      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ INVESTOR                         | Mitsubishi UFJ Investor Services & Banking Luxembourg SA                       | CUSIP: 000000000<br>LEI: 2138002PVBMEHILJ1340 | Long             | DBT              | CORP              | LU        |   7500000 | PA      | $6035974.68   | 0.83%             | 2050-12-15      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| THUNDERBIRD RESOURCES EQUITY                    | THUNDERBIRD RESOURCES EQUITY                                                   | CUSIP: 000000000<br>LEI: 84JNOWGT1R2BJT129V65 | Long             | EC               | CORP              | US        |         7 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Egypt Government International Bonds            | Egypt Government International Bonds                                           | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    928000 | PA      | $841682.36    | 0.12%             | 2048-02-21      | Fixed         | 7.90%                 | Yes           |                  2 | On Loan: No      |
| IVORY COAST                                     | Ivory Coast Government International Bond                                      | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    919000 | PA      | $1007678.52   | 0.14%             | 2048-03-22      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| UKRAINE RAIL (RAIL CAPL)                        | Ukraine Railways Via Rail Capital Markets PLC                                  | CUSIP: 000000000<br>LEI: 213800IW9C7PR3HKI783 | Long             | DBT              | CORP              | GB        |    543727 | PA      | $399644.72    | 0.05%             | 2026-07-09      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| MOBICO GROUP PLC                                | Mobico Group PLC                                                               | CUSIP: 000000000<br>LEI: 213800A8IQEMY8PA5X34 | Long             | DBT              | CORP              | GB        |   6004000 | PA      | $7607138.08   | 1.04%             | 2028-11-20      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| STYROLUTION                                     | INEOS Styrolution Ludwigshafen GmbH                                            | CUSIP: 000000000<br>LEI: 5299003M4PGUGL48LS74 | Long             | DBT              | CORP              | DE        |   2500000 | PA      | $2895286.55   | 0.40%             | 2027-01-16      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| LABORATOIRE EIMER SELAS                         | Laboratoire Eimer SELAS                                                        | CUSIP: 000000000<br>LEI: 969500DCZL54LLTFEM37 | Long             | DBT              | CORP              | FR        |  13500000 | PA      | $14922606.07  | 2.05%             | 2029-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| VANQUIS BANKING GROUP                           | Vanquis Banking Group PLC                                                      | CUSIP: 000000000<br>LEI: 213800U93SZC44VXN635 | Long             | DBT              | CORP              | GB        |   3250000 | PA      | $4536010.73   | 0.62%             | 2032-01-13      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| BRACKEN MIDCO ONE                               | Bracken MidCo1 PLC                                                             | CUSIP: 000000000<br>LEI: 213800AFGHKES7J58805 | Long             | DBT              | CORP              | GB        |  13384598 | PA      | $18221849.97  | 2.50%             | 2027-11-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CTEC II GMBH                                    | CTEC II GmbH                                                                   | CUSIP: 000000000<br>LEI: 98450044C9BACG3DA974 | Long             | DBT              | CORP              | DE        |   4438000 | PA      | $4952220.67   | 0.68%             | 2030-02-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| BOI FINANCE BV                                  | BOI Finance BV                                                                 | CUSIP: 000000000<br>LEI: 724500ZH3H2YACBUNF38 | Long             | DBT              | CORP              | NL        |    464000 | PA      | $566297.03    | 0.08%             | 2027-02-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                | Deutsche Bank AG                                                               | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   6000000 | PA      | $7832197.18   | 1.08%             | 2027-12-01      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                            | IHO Verwaltungs GmbH                                                           | CUSIP: 000000000<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |   3000000 | PA      | $3686709.77   | 0.51%             | 2028-05-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| ICELAND BONDCO PLC                              | Iceland Bondco PLC                                                             | CUSIP: 000000000<br>LEI: 2138002DRBYIA8QXHO36 | Long             | DBT              | CORP              | GB        |   9051000 | PA      | $13088665.19  | 1.80%             | 2027-12-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| MOBICO GROUP PLC                                | Mobico Group PLC                                                               | CUSIP: 000000000<br>LEI: 213800A8IQEMY8PA5X34 | Long             | DBT              | CORP              | GB        |   6902000 | PA      | $6946261.64   | 0.95%             | 2031-09-26      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| SUMMER BIDCO BV                                 | Summer BidCo BV                                                                | CUSIP: 000000000<br>LEI: 724500EOJYP21L3XM206 | Long             | DBT              | CORP              | NL        |  11548046 | PA      | $13714071.49  | 1.88%             | 2029-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| SUMMER BIDCO BV                                 | Summer BidCo BV                                                                | CUSIP: 000000000<br>LEI: 724500EOJYP21L3XM206 | Long             | DBT              | CORP              | NL        |   8589763 | PA      | $10200913.98  | 1.40%             | 2029-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL                        | Bellis Acquisition Co PLC                                                      | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |   2900000 | PA      | $3626559.94   | 0.50%             | 2030-05-14      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL                        | Bellis Acquisition Co PLC                                                      | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |  10620000 | PA      | $13280712.62  | 1.82%             | 2030-05-14      | Fixed         | 8.13%                 | Yes           |                  2 | On Loan: No      |
| MOTEL ONE GMBH/MUENCHEN                         | Motel One GmbH/Muenchen                                                        | CUSIP: 000000000<br>LEI: 529900OZ5000U0NZHM90 | Long             | DBT              | CORP              | DE        |   1380000 | PA      | $1758208.18   | 0.24%             | 2031-04-02      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MOTEL ONE GMBH/MUENCHEN                         | Motel One GmbH/Muenchen                                                        | CUSIP: 000000000<br>LEI: 529900OZ5000U0NZHM90 | Long             | DBT              | CORP              | DE        |   1840000 | PA      | $2344277.57   | 0.32%             | 2031-04-02      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| AROUNDTOWN FINANCE SARL                         | Aroundtown Finance Sarl                                                        | CUSIP: 000000000<br>LEI: 8945006LEXV2KWSWVP51 | Long             | DBT              | CORP              | LU        |   8190000 | PA      | $8398165.64   | 1.15%             | 2029-08-07      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PRESTIGEBIDCO GMBH                              | PrestigeBidCo GmbH                                                             | CUSIP: 000000000<br>LEI: 529900CSF1DNOCHMI763 | Long             | DBT              | CORP              | DE        |   7156000 | PA      | $8545940.60   | 1.17%             | 2029-07-01      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| PROJECT GRAND UK PLC                            | Project Grand UK PLC                                                           | CUSIP: 000000000<br>LEI: 984500555ED7B8666028 | Long             | DBT              | CORP              | GB        |  15048000 | PA      | $18459829.12  | 2.53%             | 2029-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| STONEGATE PUB FIN                               | Stonegate Pub Co Financing 2019 PLC                                            | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |   6368000 | PA      | $8761493.49   | 1.20%             | 2029-07-31      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| STONEGATE PUB FIN                               | Stonegate Pub Co Financing 2019 PLC                                            | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |  10040000 | PA      | $11756676.80  | 1.61%             | 2029-07-31      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| SES SA                                          | SES SA                                                                         | CUSIP: 000000000<br>LEI: 5493008JPA4HYMH1HX51 | Long             | DBT              | CORP              | LU        |  10365000 | PA      | $12209900.29  | 1.68%             | 2054-09-12      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| EDGE FINCO PLC                                  | Edge Finco PLC                                                                 | CUSIP: 000000000<br>LEI: 648835NI8LJE5190NT73 | Long             | DBT              | CORP              | GB        |   4000000 | PA      | $5836185.97   | 0.80%             | 2031-08-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| SHERWOOD FINANCING PLC                          | Sherwood Financing PLC                                                         | CUSIP: 000000000<br>LEI: 259400SSZWSSPNYW7K08 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $2723318.19   | 0.37%             | 2029-12-15      | Fixed         | 9.63%                 | Yes           |                  2 | On Loan: No      |
| SHERWOOD FINANCING PLC                          | Sherwood Financing PLC                                                         | CUSIP: 000000000<br>LEI: 259400SSZWSSPNYW7K08 | Long             | DBT              | CORP              | GB        |  11028000 | PA      | $15016376.53  | 2.06%             | 2029-12-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| WAGA BONDCO LTD                                 | Waga Bondco Ltd                                                                | CUSIP: 000000000<br>LEI: 254900PFB2C9WELUW795 | Long             | DBT              | CORP              | JE        |  10000000 | PA      | $12102906.24  | 1.66%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                         | Summer BC Holdco B SARL                                                        | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |   2299000 | PA      | $2533425.41   | 0.35%             | 2030-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UTB PARTNERS PLC                                | UTB Partners PLC                                                               | CUSIP: 000000000<br>LEI: 213800E9J7J4UFDIPK90 | Long             | DBT              | CORP              | GB        |   6930000 | PA      | $10571441.63  | 1.45%             | 2030-05-30      | Fixed         | 13.00%                | Yes           |                  2 | On Loan: No      |
| CIDRON AIDA FINCO SARL                          | Cidron Aida Finco Sarl                                                         | CUSIP: 000000000<br>LEI: 98450036A07991DEBF10 | Long             | DBT              | CORP              | LU        |   4300000 | PA      | $5208197.97   | 0.72%             | 2031-10-27      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CIDRON AIDA FINCO SARL                          | Cidron Aida Finco Sarl                                                         | CUSIP: 000000000<br>LEI: 98450036A07991DEBF10 | Long             | DBT              | CORP              | LU        |   6019000 | PA      | $8464687.93   | 1.16%             | 2031-10-27      | Fixed         | 9.13%                 | Yes           |                  2 | On Loan: No      |
| LHMC FINCO 2 SARL                               | LHMC Finco 2 Sarl                                                              | CUSIP: 000000000<br>LEI: 254900VNJ7A4DAOPXL60 | Long             | DBT              | CORP              | LU        |   5552578 | PA      | $6858187.28   | 0.94%             | 2030-05-15      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| WOLSELEY GROUP FINCO PLC                        | Wolseley Group Finco PLC                                                       | CUSIP: 000000000<br>LEI: 213800Q996QYBUUWRZ96 | Long             | DBT              | CORP              | GB        |   2828000 | PA      | $3833335.82   | 0.53%             | 2031-01-31      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PUNCH FINANCE PLC                               | Punch Finance PLC                                                              | CUSIP: 000000000<br>LEI: 2138006IJRIU1Q5DN388 | Long             | DBT              | CORP              | GB        |   5488000 | PA      | $7743580.95   | 1.06%             | 2030-12-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                        | Cheplapharm Arzneimittel GmbH                                                  | CUSIP: 000000000<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |   4900000 | PA      | $5952828.84   | 0.82%             | 2031-06-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL                        | Bellis Acquisition Co PLC                                                      | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |   3700000 | PA      | $4150623.96   | 0.57%             | 2031-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SIGMA HOLDCO BV                                 | Sigma Holdco BV                                                                | CUSIP: 000000000<br>LEI: 254900RAPCKVT00GAO59 | Long             | DBT              | CORP              | NL        |  10000000 | PA      | $10575788.41  | 1.45%             | 2031-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| MARKET BIDCO FINCO PLC                          | Market Bidco Finco PLC                                                         | CUSIP: 000000000<br>LEI: 549300UGYX6EBVHRVG53 | Long             | DBT              | CORP              | GB        |   9006000 | PA      | $12101102.85  | 1.66%             | 2031-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BOOTS GROUP FINCO LP                            | Boots Group Finco LP                                                           | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $4389531.70   | 0.60%             | 2032-08-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| 888 ACQUISITIONS LTD                            | 888 Acquisitions Ltd                                                           | CUSIP: 000000000<br>LEI: 254900RFD0BP3JOPZU89 | Long             | DBT              | CORP              | GI        |  15000000 | PA      | $15327036.46  | 2.10%             | 2031-09-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                        | Kaisa Group Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    168587 | PA      | $2528.81      | 0.00%             | 2028-12-28      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                        | Kaisa Group Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    115321 | PA      | $2594.72      | 0.00%             | 2027-12-28      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                        | Kaisa Group Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    282229 | PA      | $4069.93      | 0.00%             | 2029-12-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                        | Kaisa Group Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    340175 | PA      | $6208.19      | 0.00%             | 2030-12-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                        | Kaisa Group Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    512512 | PA      | $7687.68      | 0.00%             | 2031-12-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                        | Kaisa Group Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    482319 | PA      | $4297.75      | 0.00%             | 2032-12-28      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                        | Kaisa Group Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    200493 | PA      | $100.25       | 0.00%             | 2028-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                        | Kaisa Group Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    125314 | PA      | $125.31       | 0.00%             | 2027-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                        | Kaisa Group Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    100246 | PA      | $250.62       | 0.00%             | 2026-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                        | Kaisa Group Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    200493 | PA      | $40.10        | 0.00%             | 2029-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                        | Kaisa Group Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    472803 | PA      | $1182.01      | 0.00%             | 2032-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                        | Kaisa Group Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    250617 | PA      | $25.06        | 0.00%             | 2031-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KAISA GROUP HOLDINGS LTD                        | Kaisa Group Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |    250617 | PA      | $125.31       | 0.00%             | 2030-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                               | INEOS Finance PLC                                                              | CUSIP: 000000000<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |  10000000 | PA      | $9909949.23   | 1.36%             | 2031-03-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| INTRALOT CAPITAL LUX                            | Intralot Capital Luxembourg SA                                                 | CUSIP: 000000000<br>LEI: 549300QF747C7UWZYB38 | Long             | DBT              | CORP              | LU        |   3000000 | PA      | $3503284.08   | 0.48%             | 2031-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                | Altice France SA                                                               | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   1212653 | PA      | $1398874.84   | 0.19%             | 2032-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                | Altice France SA                                                               | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   1129574 | PA      | $1292343.55   | 0.18%             | 2032-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GRUPPO SAN DONATO SPA                           | Gruppo San Donato SPA                                                          | CUSIP: 000000000<br>LEI: 8156003649DB0704FC22 | Long             | DBT              | CORP              | IT        |   5367000 | PA      | $6449722.55   | 0.89%             | 2031-10-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENERGEAN PLC                                    | Energean PLC                                                                   | CUSIP: 000000000<br>LEI: 549300RVMKU0CYUZBB05 | Long             | DBT              | CORP              | GB        |   3145000 | PA      | $3744263.17   | 0.51%             | 2031-05-12      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| PCC GLOBAL PLC                                  | PCC Global PLC                                                                 | CUSIP: 000000000<br>LEI: 98450001B6E3050FE742 | Long             | DBT              | CORP              | GB        |   2343000 | PA      | $2605331.47   | 0.36%             | 2030-11-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| EUROBANK SA                                     | Eurobank SA                                                                    | CUSIP: 000000000<br>LEI: 213800KGF4EFNUQKAT69 | Long             | DBT              | CORP              | GR        |   4500000 | PA      | $5356508.10   | 0.74%             | 2033-11-10      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CORPORACIAN QUIPORT SA                          | Corp Quiport SA                                                                | CUSIP: 000000000<br>LEI: 9845008C1QFC4A49E084 | Long             | DBT              | CORP              | EC        |    334000 | PA      | $359536.85    | 0.05%             | 2037-12-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| SUMMER BIDCO BV                                 | Summer BidCo BV                                                                | CUSIP: 000000000<br>LEI: 724500EOJYP21L3XM206 | Long             | DBT              | CORP              | NL        |  13528000 | PA      | $16264335.71  | 2.23%             | 2031-01-31      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                        | Cheplapharm Arzneimittel GmbH                                                  | CUSIP: 000000000<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |  10834000 | PA      | $12869558.47  | 1.77%             | 2032-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA O2 VEND FIN                        | Virgin Media O2 Vendor Financing Notes VII DAC                                 | CUSIP: 000000000<br>LEI: 984500871CCF07442C21 | Long             | DBT              | CORP              | IE        |   7600000 | PA      | $10294917.44  | 1.41%             | 2033-07-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| GREENE KING FINANCE PLC                         | Greene King Finance PLC                                                        | CUSIP: 000000000<br>LEI: 213800QIJMYMW6TSBG41 | Long             | DBT              | CORP              | GB        |   5250000 | PA      | $6641444.21   | 0.91%             | 2034-12-15      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd                        | Kaisa Group Holdings Ltd                                                       | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | EC               | CORP              | KY        |    149485 | NS      | $1788.97      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CD&R Firefly Bidco Limited                      | CD&R Firefly Bidco Limited 2025 GBP Term Loan                                  | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | LON              | CORP              | GB        |   9700000 | PA      | $13298800.91  | 1.83%             | 2029-04-29      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| Amber Finco PLC                                 | Amber Finco PLC 2025 EUR Fungible Term Loan B                                  | CUSIP: 000000000<br>LEI: 9845004C0870D380O790 | Long             | LON              | CORP              | GB        |   3500000 | PA      | $4176727.32   | 0.57%             | 2029-06-11      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| VERY GRP FUNDING PLC/THE                        | Very Group Funding Plc/The                                                     | CUSIP: 000000000<br>LEI: 9845005CC91D50AF8202 | Long             | DBT              | CORP              | GB        |  15000000 | PA      | $21876291.89  | 3.00%             | 2027-08-01      | Fixed         | 13.25%                | Yes           |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                        | First Quantum Minerals Ltd                                                     | CUSIP: 000000000<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   7990000 | PA      | $8393103.49   | 1.15%             | 2031-06-01      | Fixed         | 8.63%                 | Yes           |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                                | Ziggo Bond Co BV                                                               | CUSIP: 000000000<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |   3000000 | PA      | $2632881.00   | 0.36%             | 2030-02-28      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                            | Samarco Mineracao SA                                                           | CUSIP: 000000000<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |   9855747 | PA      | $9894361.82   | 1.36%             | 2031-06-30      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-03

**Name of Applicant:** abrdn Income Credit Strategies Fund

**Signature:** Sharon Ferrari

**Name of Signer:** Sharon Ferrari

**Title:** Assistant Treasurer