# EDGAR Filing Document

**Accession Number:** 0001503290
**File Stem:** 0001104659-26-002066
**Filing Date:** 2026-1
**Character Count:** 695519
**Document Hash:** 105110583924bf8d421988eb377651d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-002066.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001104659-26-002066

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22485
- **FILM NUMBER:** 26519322

**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

?xml version='1.0' encoding='ASCII'? abrdn Income Credit Strategies Fund - 1503290 - 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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| | |
|:---|:---|
| Investment Company Act file number: | 811-22485 |
| Exact name of registrant as specified in charter: | abrdn Income Credit Strategies Fund |
| Address of principal executive offices: | 1900 Market Street, Suite 200 |
|  | Philadelphia, PA 19103 |
| Name and address of agent for service: | Sharon Ferrari |
|  | abrdn Inc. |
|  | 1900 Market Street Suite 200 |
|  | Philadelphia, PA 19103 |
| Registrant's telephone number, including area code: | 1-800-522-5465 |
| Date of fiscal year end: | October 31 |
| Date of reporting period: | October 31, 2025 |

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**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ![tm2528073d130769d1arpfei001.gif](tm2528073d130769d1arpfei001.gif)

![tm2528073d130769d1arpfei002.gif](tm2528073d130769d1arpfei002.gif)

## abrdn Income Credit Strategies Fund (ACP)

### Annual Report
October 31, 2025

aberdeeninvestments.com

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Letter to Shareholders (unaudited)

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Dear Shareholder,

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

#### Total Investment Return<sup>1</sup>
For the fiscal year ended October 31, 2025, the total return to shareholders of the Fund based on the net asset value ("NAV") and market price of the Fund, respectively, compared to the Fund's benchmark, is as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;NAV<sup>2</sup><sup>,</sup><sup>3</sup> | &nbsp;&nbsp;5.81% |
| &nbsp;&nbsp;Market Price<sup>2</sup> | 0.68% |
| &nbsp;&nbsp;ICE BofAML Global High Yield Constrained (Hedged USD) Index<sup>4</sup> | &nbsp;&nbsp;8.22% |

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

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

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| | | | |
|:---|:---|:---|:---|
| | **NAV** | &nbsp;&nbsp;**Closing<br>Market<br>Price** | &nbsp;&nbsp;**Premium(+)/<br>Discount(-)** |
| &nbsp;&nbsp;10/31/2025 | $5.89 | &nbsp;&nbsp;$5.57 | &nbsp;&nbsp;-5.43% |
| &nbsp;&nbsp;10/31/2024 | $6.53 | &nbsp;&nbsp;$6.49 | &nbsp;&nbsp;-0.61% |

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

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

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|:---|:---|
| &nbsp;&nbsp;**Prior to November 10, 2025** | **Effective November 10, 2025** |
| &nbsp;&nbsp;"The Fund will not invest in credit obligations or related instruments that, at the time of investment, are in default. The Fund may invest in credit obligations or related instruments that, at the time of investment, are likely to default." | "The Fund may invest in credit obligations or related instruments that, at the time of investment, are likely to default. Additionally, the Fund may invest up to 5% of its portfolio in credit obligations or related instruments that, at the time of investment, are in default." |

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

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

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

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<sup>1</sup> Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may be lower or higher than the performance quoted. Net asset value return data includes investment management fees, custodial charges and administrative fees (such as Trustee and legal fees) and assumes the reinvestment of all distributions.

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<sup>2</sup> Assuming the reinvestment of dividends and distributions.

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

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<sup>4</sup> The ICE BofAML Global High Yield Constrained (Hedged USD) Index tracks the performance of U.S. dollar-, Canadian dollar-, British pound- and euro-denominated below-investment-grade corporate debt publicly issued in the major domestic or eurobond markets. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

abrdn Income Credit Strategies Fund<sub>1</sub>

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Letter to Shareholders (unaudited) (continued)

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

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

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

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

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

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

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

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

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

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

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

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|:---|:---|
| **2** | abrdn Income Credit Strategies Fund |

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Letter to Shareholders (unaudited) (concluded)

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#### Investor Relations Information
As part of Aberdeen's commitment to shareholders, we invite you to visit the Fund on the web at www.aberdeenacp.com. Here, you can view monthly fact sheets, quarterly commentary, distribution and performance information, as well as other Fund literature. Enroll in Aberdeen's email services to receive content related to your fund. In addition, you will receive monthly factsheets based on your preferences. Sign up today at www.aberdeenacp.com.

Contact Us:

• Visit: www.aberdeenacp.com

• Email: Investor.Relations@aberdeenplc.com; or

• Call: 1-800-522-5465 (toll free in the U.S.).

Yours sincerely,

/s/ Alan Goodson

**Alan Goodson**

President

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#### All amounts are U.S. Dollars unless otherwise stated.
**abrdn Income Credit Strategies Fund**<sub>3</sub>

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Report of the Investment Adviser (unaudited)

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#### Market review
The global high yield<sup>1</sup> (HY) asset class posted gains over the 12-month review period to end October 2025. However, the period was not without volatility<sup>2</sup>, amid tariff headlines and generally uncertain economic conditions.

After President Trump won the U.S. presidential election early in the period and the Republican sweep of both the House and Senate, markets took the view that less regulation and lower corporate taxes would benefit HY assets. Despite the subsequent volatility in December due to government bond volatility on both sides of the Atlantic, the new year started on a positive note as the combination of tighter corporate bond<sup>3</sup> spreads<sup>4</sup> and lower government bond yields<sup>5</sup> were favorable for returns.

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

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

In the last three months of the period, HY spreads were rangebound<sup>6</sup>, oscillating in a narrow band, while government bond yields trended steadily lower in anticipation of future easing<sup>7</sup> from the Federal Reserve (the Fed). The combination of stable corporate bond spreads and lower government bond yields facilitated positive returns. However, October was relatively subdued after a record month of issuance<sup>8</sup> in September. Headlines around high-profile defaults in the private credit<sup>9</sup> market and a lack of anticipated dovish<sup>10</sup> commentary from the Fed chair, despite a 25-basis-point rate cut during the month, dampened investor sentiment.

In terms of geographies, emerging markets outperformed both U.S. and European HY bonds during the 12-month period. Credit-ratings<sup>11</sup> wise, higher quality<sup>12</sup> outperformed lower quality, with BB-rated securities outpacing both B-rated and CCC-rated bonds.

#### Fund performance review
The abrdn Income Credit Strategies Fund returned 5.81% on a net asset value<sup>13</sup> (NAV) basis for the 12-month period ended October 31, 2025. This compared to a return of 8.22% for its performance target,

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| 1 | Bonds that are viewed as having a higher risk of default. Credit rating agencies such as S&P Global Ratings, Fitch Ratings and Moody's Investors Service assess the borrower's ability to repay its debt. Bonds rated below BBB– by S&P and Fitch, or below Baa3 by Moody's, are generally considered high-yield bonds. |

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| 2 | If the price of an asset, fund, or market moves significantly over a short period of time, it is said to be 'volatile' or to have 'high volatility.' If the price remains relatively stable, it is said to have 'low volatility.' Volatility can be used as a measure of risk, indicating the potential for large price fluctuations. |

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3 Bonds that are issued by companies to raise money.

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

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

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

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

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

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

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

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| 11 | S&P Global Ratings, Fitch Ratings and Moody's Investors Service are independent, unaffiliated research companies that rate fixed income securities on the basis of risk and the borrower's ability to make interest payments. S&P and Fitch assign ratings ranging from AAA (reliable and stable) to D (high risk) to communicate the agency's opinion of relative level of credit risk. Moody's credit ratings range from Aaa to C, with Aaa being the highest quality and C the lowest quality. |

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| 12 | Credit quality – S&P Global Ratings' credit ratings express the agency's opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time. Typically, ratings are expressed as letter grades that range, for example, from AAA to D to communicate the agency's opinion of relative level of credit risk. Ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. |

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

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| **4** | abrdn Income Credit Strategies Fund |

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Report of the Investment Adviser (unaudited) (continued)

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the ICE BofAML Global High Yield Constrained Index<sup>14</sup> (hedged to U.S. dollars). On a market-price<sup>15</sup> basis for the same period, the shares returned 0.68%. The Fund's unlevered NAV return<sup>16</sup> was 4.23% for the 12-month reporting period ended October 31, 2025, demonstrating that the decision to use leverage had a positive impact on the Fund, adding 1.58% to Fund performance over that timeframe.

Regional gaming operator Affinity Gaming detracted from performance as its bonds fell during the period due to investor concerns around the company's ability to refinance<sup>17</sup> upcoming debt maturities<sup>18</sup>. However, we continue to see value in the holding given its underlying assets, and for now, maintain our conviction. Our position in PetSafe, which produces and distributes various pet products, was also unfavorable, as the company struggled to compete in a market with cheaper alternatives. However, we believe that the fundamentals<sup>19</sup> are moving in the right direction and that tariff tailwinds<sup>20</sup> could benefit the company going forward. Finally, our position in golf cart manufacturer Club Car also negatively impacted performance, as the company continued to underperform expectations after a series of missteps late last year. We interpret recent results to have pointed to a slow-moving turnaround under the guidance of the new CEO.

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

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

In terms of trading activity, we were active in both the primary<sup>21</sup> and secondary markets<sup>22</sup>. The new issue calendar provided a steady slate of deals throughout the period, and we selectively participated in a number of those offerings. Companies continued to be eager to refinance upcoming maturities at attractive all-in yields<sup>23</sup>, with refinancings once again accounting for the bulk of the new supply.

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

The Fund maintained a focus on income throughout the period, harvesting income in the form of coupon<sup>24</sup> payments from a diversified array of corporate issuers. An environment of low default rates, minimal upcoming maturities, and stable fundamentals – all in concert with a backdrop of central banks that are biased towards monetary easing – remains supportive of this approach.

In terms of Fund leverage<sup>25</sup>, the Fund drew a small incremental amount on the revolver<sup>26</sup> during spring to take advantage of opportunities as spreads began to widen.

During the review period, the Fund's performance was negatively impacted by about 1.4% due to the currency forward<sup>27</sup> derivatives<sup>28</sup>

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| 14 | The ICE BofAML Global High Yield Constrained Index is designed to represent the performance of eligible corporate debt issuers classified as below investment grade. These issuers are located in countries with a foreign currency long-term debt rating of investment-grade. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. Index performance is not an indication of the performance of the Fund itself. For complete fund performance, please visit www.aberdeenacp.com |

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

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

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17 The process of replacing existing debt with new debt.

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

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

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

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

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

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

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

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

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

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

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

abrdn Income Credit Strategies Fund<sub>5</sub>

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Report of the Investment Adviser (unaudited) (continued)

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that are used to remove the currency risk<sup>29</sup> from the return profile of the Fund. Currency derivatives are used purely for hedging<sup>30</sup> purposes as we do not want to take currency views when managing the Fund.

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

#### Outlook
The supportive backdrop that buoyed markets in recent months began to come under pressure in October. Technicals<sup>31</sup> have now softened, with both the government shutdown<sup>32</sup> and a lack of dovish comments from the Fed serving as catalysts for a pause in the rally. Meanwhile, disappointing earnings from several major technology companies sparked an increase in volatility in the equity market.

On the surface, the HY market, like many others, is trading at levels that are reflective of the strength seen over recent years. While this strength puts a theoretical cap on further upside, the running yield<sup>33</sup> of the market, combined with a cohort that is generally in strong shape fundamentally, argues for the validity of HY deserving a spot in investors' portfolios. A pullback<sup>34</sup> is not unexpected given current spread levels. However, we do not expect any retracement to have much staying power, with investors poised to re-up risk positions<sup>35</sup> as we head into 2026. We believe that the recent increase in market dispersion<sup>36</sup> is creating more opportunities to identify attractive credits. While the health of the U.S. labor market is uncertain, further weakness could give the Fed room to resume rate cuts, providing renewed support for markets. Despite an expectation of a gradual increase in volatility, we expect the market to remain rangebound, with buyers using periods of weakness as an opportunity to step in at higher yields.

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

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

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

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

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

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

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

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

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

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

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

{foots1}

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

---

| | |
|:---|:---|
| **6** | abrdn Income Credit Strategies Fund |

---

------

Report of the Investment Adviser (unaudited) (concluded)

------

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

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

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

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

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

#### abrdn Investments Limited
abrdn Income Credit Strategies Fund<sub>7</sub>

------

Total Investment Return (unaudited)

------

The following table summarizes the average annual Fund performance compared to the Fund's primary benchmark for the 1-year, 3-year, 5-year and 10-year periods ended October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Net Asset Value (NAV) | &nbsp;&nbsp;&nbsp;&nbsp;5.81% | &nbsp;&nbsp;&nbsp;&nbsp;13.65% | &nbsp;&nbsp;&nbsp;&nbsp;4.53% | &nbsp;&nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;Market Price | &nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;13.50% | &nbsp;&nbsp;&nbsp;&nbsp;5.47% | &nbsp;&nbsp;&nbsp;&nbsp;5.17% |
| &nbsp;&nbsp;ICE BofAML Global High Yield Constrained (Hedged USD) Index | &nbsp;&nbsp;&nbsp;&nbsp;8.22% | &nbsp;&nbsp;&nbsp;&nbsp;11.02% | &nbsp;&nbsp;&nbsp;&nbsp;5.12% | &nbsp;&nbsp;&nbsp;&nbsp;5.76% |

---

#### Performance of a $10,000 Investment (as of October 31, 2025)
This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the periods indicated. For comparison, the same investment is shown in the indicated index.

![tm2528073d130769d1arpfei003.jpg](tm2528073d130769d1arpfei003.jpg)

*abrdn Investments Limited and abrdn Inc. assumed responsibility for the management of the Fund as investment adviser and sub-adviser, respectively, on December 1, 2017. Performance prior to this date reflects the performance of an unaffiliated investment adviser. The performance above reflects fee waivers and/or expense reimbursements made by the Fund's current and/or former investment adviser. Absent such waivers and/or reimbursements, the Fund's returns would be lower. Additionally, abrdn Inc. entered into an agreement with the Fund to limit investor relations services fees. This agreement aligns with the term of the advisory agreement and may not be terminated prior to the end of the current term of the advisory agreement. See Note 3 in the Notes to Financial Statements.*

*Returns represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund's transfer agent. All return data at NAV includes fees charged to the Fund, which are listed in the Fund's Statement of Operations under "Expenses." Total investment return at market value is based on changes in the market price at which the Fund's shares traded on the NYSE during the period and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund's transfer agent. The Fund's total investment return is based on the reported NAV as of the financial reporting period end date of October 31, 2025. Because the Fund's shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on both market price and NAV. **Past performance is no guarantee of future results**. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund or the sale of Fund shares. The current performance of the Fund may be lower or higher than the figures shown. The Fund's yield, return, market price and NAV will fluctuate. Performance information current to the most recent month-end is available at www.aberdeenacp.com or by calling 800-522-5465.*

*The gross operating expense ratio excluding fee waivers based on the fiscal year ended October 31, 2025 was 4.04%. The net operating expense ratio net of fee waivers based on the fiscal year ended October 31, 2025 was 3.94%. The net operating expense ratio, net of fee waivers and excluding interest expense based on the fiscal year ended October 31, 2025, was 1.97%.* 

---

| | |
|:---|:---|
| **8** | abrdn Income Credit Strategies Fund |

---

------

### Portfolio Composition (as a percentage of net assets) (unaudited)
As of October 31, 2025

------

#### Quality of Investments<sup>(1)(2)</sup>
As of October 31, 2025, 0.0% of the Fund's investments were invested in securities where either the issue or the issuer was rated "A" or better by S&P Global Ratings ("S&P"), Moody's Investors Service, Inc. ("Moody's") or Fitch Ratings, Inc. ("Fitch") or, if unrated, was judged to be of equivalent quality by abrdn Investments Limited (the "Adviser"). The following table shows the ratings of securities held by the Fund as of October 31, 2025, compared with April 30, 2025 and October 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date** | **AAA/Aaa%** | &nbsp;&nbsp;&nbsp;**A%** | &nbsp;&nbsp;&nbsp;**BBB/Baa%** | &nbsp;&nbsp;&nbsp;**BB/Ba%** | &nbsp;&nbsp;&nbsp;**B%** | &nbsp;&nbsp;&nbsp;**B or below%** | &nbsp;&nbsp;&nbsp;**NR%** |
| &nbsp;&nbsp;October 31, 2025 | 0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;19.8 | &nbsp;&nbsp;&nbsp;64.3 | &nbsp;&nbsp;&nbsp;12.8 | &nbsp;&nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;April 30, 2025 | 0.0 | &nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;2.4 | &nbsp;&nbsp;&nbsp;16.1 | &nbsp;&nbsp;&nbsp;61.5 | &nbsp;&nbsp;&nbsp;19.0 | &nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;13.2 | &nbsp;&nbsp;&nbsp;59.6 | &nbsp;&nbsp;&nbsp;23.3 | &nbsp;&nbsp;&nbsp;3.5 |

---

The following chart summarizes the composition of the Fund's portfolio by geographic classification.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date** | **Europe%** | &nbsp;&nbsp;&nbsp;**United States%** | &nbsp;&nbsp;&nbsp;**United Kingdom%** | &nbsp;&nbsp;&nbsp;**Other%** |
| &nbsp;&nbsp;October 31, 2025 | &nbsp;&nbsp;31.8 | &nbsp;&nbsp;&nbsp;28.4 | &nbsp;&nbsp;&nbsp;28.0 | &nbsp;&nbsp;&nbsp;11.8 |
| &nbsp;&nbsp;April 30, 2025 | &nbsp;&nbsp;32.3 | &nbsp;&nbsp;&nbsp;31.5 | &nbsp;&nbsp;&nbsp;23.3 | &nbsp;&nbsp;&nbsp;12.9 |
| &nbsp;&nbsp;October 31, 2024 | 33.4 | &nbsp;&nbsp;&nbsp;30.5 | &nbsp;&nbsp;&nbsp;23.8 | &nbsp;&nbsp;&nbsp;12.3 |

---

#### Maturity Composition<sup>(2)</sup>
The average maturity of the Fund's total investments was 5.0 years as of October 31, 2025, compared with 5.0 years as of April 30, 2025, and 4.9 years as of October 31, 2024. The following table shows the maturity composition of the Fund's investments as of October 31, 2025, compared with April 30, 2025 and October 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date** | **0 to 5 Years%** | &nbsp;&nbsp;&nbsp;**5 to 10 Years%** | &nbsp;&nbsp;&nbsp;**10 Years & Over%** |
| &nbsp;&nbsp;October 31, 2025 | &nbsp;&nbsp;74.5 | &nbsp;&nbsp;&nbsp;22.6 | &nbsp;&nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;April 30, 2025 | 75.0 | &nbsp;&nbsp;&nbsp;22.3 | &nbsp;&nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;October 31, 2024 | 83.7 | &nbsp;&nbsp;&nbsp;12.5 | &nbsp;&nbsp;&nbsp;3.8 |

---

#### Effective Duration
As of October 31, 2025, the effective duration\* of the Fund was 2.8 years.

\* Effective duration is a measure of how sensitive bond prices are to changes in interest rates, taking into account any call or put features in the bond.

(1) For financial reporting purposes, credit quality ratings shown above reflect the lowest rating assigned by either S&P, Moody's or Fitch if ratings differ. For purposes of complying with the Fund's investment policies, the Fund may utilize the highest rating assigned by either S&P, Moody's or Fitch, if ratings differ (see Additional Information Regarding the Fund - Investment Objectives, Strategies and Policies). These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated NR are not rated by these rating agencies. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. The Investment Manager evaluates the credit quality of unrated investments based upon, but not limited to, credit ratings for similar investments.

(2) % reflected in below table do not reflect exposure to derivatives.

abrdn Income Credit Strategies Fund<sub>9</sub>

------

### Portfolio of Investments
As of October 31, 2025

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br>Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS—128.5%** | &nbsp;&nbsp;**CORPORATE BONDS—128.5%** |  |
| &nbsp;&nbsp;**ANGOLA—0.3%** |  |  |
| &nbsp;&nbsp;Azule Energy Finance PLC, 8.13%, 01/23/2030<sup>(a)(b)</sup> | $2504000 | &nbsp;&nbsp;$2516535 |
| &nbsp;&nbsp;**BRAZIL—2.8%** |  |  |
| &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;1712445 |
| &nbsp;&nbsp;Minerva Luxembourg SA, 8.88%, 09/13/2033<sup>(a)(b)</sup> | 8047000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8804492 |
| &nbsp;&nbsp;Samarco Mineracao SA, 9.500% Cash or 9.000% PIK, 06/30/2031<sup>(a)(b)</sup> | 9638873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9638754 |
| &nbsp;&nbsp;Yinson Boronia Production BV, 8.95%, 07/31/2042<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;310025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338240 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20493931** |
| &nbsp;&nbsp;**CANADA—0.7%** |  |  |
| &nbsp;&nbsp;Saturn Oil & Gas, Inc., 9.63%, 06/15/2029<sup>(a)(b)(c)</sup> | 5434000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5497833 |
| &nbsp;&nbsp;**CHINA—0.0%** |  |  |
| &nbsp;&nbsp;Kaisa Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2025<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2026<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2027<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;150752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% Cash or 6.250% PIK, 12/28/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;180894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.721% Cash or 7.721% PIK, 12/28/2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2028<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500% Cash or 6.500% PIK, 12/28/2029<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;301491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2029<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750% Cash or 6.750% PIK, 12/28/2030<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;361789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2030<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;301491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000% Cash or 7.000% PIK, 12/28/2031<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;542686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2031<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;301491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250% Cash or 7.250% PIK, 12/28/2032<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;508483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/31/2032<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;568782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133 |
| &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41704** |
| &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;443779 |
| &nbsp;&nbsp;**ECUADOR—0.1%** |  |  |
| &nbsp;&nbsp;International Airport Finance SA, 12.00%, 03/15/2033<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;423418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451769 |
| &nbsp;&nbsp;**FRANCE—4.8%** |  |  |
| &nbsp;&nbsp;Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/15/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;1141288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 06/15/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;1225229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363219 |
| &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;&nbsp;5378136 |
| &nbsp;&nbsp;Laboratoire Eimer SELAS, 5.00%, 02/01/2029<sup>(a)(b)</sup> | 13500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13115030 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11164571 |
| &nbsp;&nbsp;Viridien, 10.00%, 10/15/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;2833000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968414 |
| &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35253176** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br>Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;**GEORGIA—0.0%** |  |  |
| &nbsp;&nbsp;TBC Bank JSC, VRN, (fixed rate to 07/30/2029, variable rate thereafter), 10.25%, 07/30/2029<sup>(a)(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;294000 | &nbsp;&nbsp;$307497 |
| &nbsp;&nbsp;**GERMANY—11.3%** |  |  |
| &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;&nbsp;8257175 |
| &nbsp;&nbsp;Cheplapharm Arzneimittel GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/15/2030<sup>(a)(b)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11871908 |
| &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;&nbsp;5773515 |
| &nbsp;&nbsp;CTEC II GmbH, 5.25%, 02/15/2030<sup>(a)(b)</sup> | 3652000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824235 |
| &nbsp;&nbsp;Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, (fixed rate to 04/30/2026, variable rate thereafter), 7.13%, 04/30/2026<sup>(a)(e)</sup> | &nbsp;&nbsp;6700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8813230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;7668005 |
| &nbsp;&nbsp;HT Troplast GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 07/15/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;5807000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6952236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 07/15/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;2574000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081635 |
| &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;3630645 |
| &nbsp;&nbsp;Motel One GmbH/Muenchen |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 04/02/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;1725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 04/02/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846634 |
| &nbsp;&nbsp;PrestigeBidCo GmbH, FRN, 5.78%, 07/01/2029<sup>(a)(b)(f)</sup> | &nbsp;&nbsp;&nbsp;7156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8292711 |
| &nbsp;&nbsp;ZF North America Capital, Inc., 6.88%, 04/23/2032<sup>(a)(b)</sup> | $11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10040144 |
| &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**83187049** |
| &nbsp;&nbsp;**GREECE—0.5%** |  |  |
| &nbsp;&nbsp;Intralot Capital Luxembourg SA, 6.75%, 10/15/2031<sup>(a)(b)</sup> | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489647 |
| &nbsp;&nbsp;**INDIA—0.3%** |  |  |
| &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;2470758 |
| &nbsp;&nbsp;**IRELAND—4.1%** |  |  |
| &nbsp;&nbsp;Cimpress PLC, 7.38%, 09/15/2032<sup>(a)(b)</sup> | 10560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10732529 |
| &nbsp;&nbsp;Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(a)(b)</sup> | 10757000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11331983 |
| &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;8453429 |
| &nbsp;&nbsp;**Total Ireland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30517941** |
| &nbsp;&nbsp;**ISRAEL—0.5%** |  |  |
| &nbsp;&nbsp;Energean PLC, 5.63%, 05/12/2031<sup>(a)(b)(g)</sup> | &nbsp;&nbsp;3145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640419 |
| &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;10377059 |
| &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;6356395 |
| &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16733454** |
| &nbsp;&nbsp;**JAMAICA—1.1%** |  |  |
| &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;8332297 |
| &nbsp;&nbsp;**JAPAN—1.0%** |  |  |
| &nbsp;&nbsp;Nissan Motor Co. Ltd., 6.38%, 07/17/2033<sup>(a)(b)</sup> | &nbsp;&nbsp;6457000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7713634 |

---

---

| | |
|:---|:---|
| **10** | abrdn Income Credit Strategies Fund |

---

------

### Portfolio of Investments (continued)
As of October 31, 2025

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br>Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**JERSEY—3.0%** |  |  |
| &nbsp;&nbsp;Aston Martin Capital Holdings Ltd., 10.00%, 03/31/2029<sup>(a)(b)</sup> | $11740000 | &nbsp;&nbsp;$10441027 |
| &nbsp;&nbsp;Waga Bondco Ltd., 8.50%, 06/15/2030<sup>(a)(b)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11936583 |
| &nbsp;&nbsp;**Total Jersey** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22377610** |
| &nbsp;&nbsp;**LUXEMBOURG—5.8%** |  |  |
| &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;4985121 |
| &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;&nbsp;7938317 |
| &nbsp;&nbsp;LHMC Finco 2 SARL, 8.63%, 05/15/2030<sup>(a)(b)</sup> | 5300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6368680 |
| &nbsp;&nbsp;Maxam Prill SARL, 6.00%, 07/15/2030<sup>(a)(b)</sup> | 8200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9613929 |
| &nbsp;&nbsp;Mitsubishi UFJ Investor Services & Banking Luxembourg SA, FRN, Series PRX, 6.52%, 12/15/2050<sup>(f)</sup> | 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5579947 |
| &nbsp;&nbsp;Monitchem HoldCo 3 SA, 8.75%, 05/01/2028<sup>(a)(b)</sup> | 5103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5723034 |
| &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;&nbsp;2537402 |
| &nbsp;&nbsp;**Total Luxembourg** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42746430** |
| &nbsp;&nbsp;**MEXICO—2.7%** |  |  |
| &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;10549251 |
| &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;724634 |
| &nbsp;&nbsp;Saavi Energia SARL, 8.88%, 02/10/2035<sup>(a)(b)</sup> | &nbsp;&nbsp;8099000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8706425 |
| &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19980310** |
| &nbsp;&nbsp;**NETHERLANDS—2.9%** |  |  |
| &nbsp;&nbsp;Centrient Holding BV, 6.75%, 05/30/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;6964000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7240802 |
| &nbsp;&nbsp;Sigma Holdco BV, 8.63%, 04/15/2031<sup>(b)</sup> | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3741777 |
| &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;8052394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/28/2030<sup>(a)(b)</sup> | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640976 |
| &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21675949** |
| &nbsp;&nbsp;**NIGERIA—0.9%** |  |  |
| &nbsp;&nbsp;Access Bank PLC, 6.13%, 09/21/2026<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;526000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521060 |
| &nbsp;&nbsp;BOI Finance BV, 7.50%, 02/16/2027<sup>(a)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;464000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551935 |
| &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;2640958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 11/29/2031<sup>(a)(b)</sup> | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120917 |
| &nbsp;&nbsp;**Total Nigeria** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6834870** |
| &nbsp;&nbsp;**PERU—0.1%** |  |  |
| &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;375840 |
| &nbsp;&nbsp;**SINGAPORE—1.1%** |  |  |
| &nbsp;&nbsp;Avation Group S Pte. Ltd., 8.50%, 05/15/2031<sup>(a)(b)(g)</sup> | &nbsp;&nbsp;8041000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7829924 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br>Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;**SLOVENIA—3.2%** |  |  |
| &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;$10139485 |
| &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;13631487 |
| &nbsp;&nbsp;**Total Slovenia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23770972** |
| &nbsp;&nbsp;**SOUTH AFRICA—0.1%** |  |  |
| &nbsp;&nbsp;Liquid Telecommunications Financing PLC, 5.50%, 09/04/2026<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355750 |
| &nbsp;&nbsp;**SWITZERLAND—1.9%** |  |  |
| &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;8552528 |
| &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;5750274 |
| &nbsp;&nbsp;**Total Switzerland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14302802** |
| &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;5749508 |
| &nbsp;&nbsp;Yapi ve Kredi Bankasi AS, VRN, (fixed rate to 01/17/2029, variable rate thereafter), 9.25%, 01/17/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;262000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278517 |
| &nbsp;&nbsp;**Total Turkey** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6028025** |
| &nbsp;&nbsp;**UKRAINE—0.1%** |  |  |
| &nbsp;&nbsp;Ukraine Railways Via Rail Capital Markets PLC, 8.25% Cash or 8.25% PIK, 07/09/2026<sup>(a)(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;543727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427499 |
| &nbsp;&nbsp;**UNITED KINGDOM—35.7%** |  |  |
| &nbsp;&nbsp;888 Acquisitions Ltd., 8.00%, 09/30/2031<sup>(a)(b)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10785549 |
| &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;&nbsp;3681227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 05/14/2030<sup>(a)(b)</sup> | 10620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13480908 |
| &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;4336192 |
| &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;&nbsp;4184726 |
| &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;17360006 |
| &nbsp;&nbsp;Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/2029<sup>(a)(b)</sup> | $&nbsp;&nbsp;5392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5709664 |
| &nbsp;&nbsp;Edge Finco PLC, 8.13%, 08/15/2031<sup>(a)(b)</sup> | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5565501 |
| &nbsp;&nbsp;EG Global Finance PLC, 11.00%, 11/30/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;7800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9793138 |
| &nbsp;&nbsp;EnQuest PLC, 11.63%, 11/01/2027<sup>(a)(b)</sup> | $23350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23724954 |
| &nbsp;&nbsp;Greene King Finance PLC, Series B1, 5.91%, 12/15/2034<sup>(b)(c)(f)</sup> | &nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6310685 |
| &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;12565629 |
| &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;3297972 |
| &nbsp;&nbsp;Intu Properties PLC, 11.00% PIK, 12/04/2025<sup>(j)(k)</sup> | &nbsp;&nbsp;5548770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7299622 |
| &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;11753626 |
| &nbsp;&nbsp;Mobico Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 11/20/2028<sup>(a)(b)</sup> | 6004000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6955982 |
| &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;6095025 |
| &nbsp;&nbsp;OEG Finance PLC, 7.25%, 09/27/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;3499000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4220151 |

---

abrdn Income Credit Strategies Fund<sub>11</sub>

------

As of October 31, 2025

------

---

| | | |
|:---|:---|:---|
| | &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;Project Grand U.K. PLC, 9.00%, 06/01/2029<sup>(a)(b)</sup> | 19148000 | &nbsp;&nbsp;$22652980 |
| &nbsp;&nbsp;Punch Finance PLC, 7.88%, 12/30/2030<sup>(a)(b)</sup> | 5488000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7371558 |
| &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;14375839 |
| &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;2607152 |
| &nbsp;&nbsp;Stonegate Pub Co. Financing PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRN, 8.66%, 07/31/2029<sup>(a)(b)(f)</sup> | 10040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11405553 |
| &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;8297303 |
| &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;4321682 |
| &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;&nbsp;&nbsp;21019715 |
| &nbsp;&nbsp;Wolseley Group Finco PLC, 9.75%, 01/31/2031<sup>(a)(b)</sup> | 11335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14597677 |
| &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**263770016** |
| &nbsp;&nbsp;**UNITED STATES—38.0%** |  |  |
| &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;5689620 |
| &nbsp;&nbsp;Affinity Interactive, 6.88%, 12/15/2027<sup>(a)(b)</sup> | 24822000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12351675 |
| &nbsp;&nbsp;Cable One, Inc., 4.00%, 11/15/2030<sup>(a)(b)</sup> | 12235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9665775 |
| &nbsp;&nbsp;Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;5759000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5323713 |
| &nbsp;&nbsp;CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/2029<sup>(a)(b)</sup> | 12550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8784132 |
| &nbsp;&nbsp;CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/01/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 01/15/2032<sup>(a)(b)</sup> | 10106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10894571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 01/15/2034<sup>(a)(b)</sup> | &nbsp;&nbsp;3182000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3369060 |
| &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;1589908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2032<sup>(a)(b)</sup> | 16961000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16197149 |
| &nbsp;&nbsp;CoreWeave, Inc., 9.25%, 06/01/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;5066000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115272 |
| &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;7381460 |
| &nbsp;&nbsp;Crescent Energy Finance LLC, 7.63%, 04/01/2032<sup>(a)(b)</sup> | 10501000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10181176 |
| &nbsp;&nbsp;CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;3441000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;5407000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026198 |
| &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;2414311 |
| &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;301804 |
| &nbsp;&nbsp;Dotdash Meredith, Inc., 7.63%, 06/15/2032<sup>(a)(b)</sup> | 14577000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13105306 |
| &nbsp;&nbsp;Encore Capital Group, Inc., 9.25%, 04/01/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;3760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947311 |
| &nbsp;&nbsp;Fiesta Purchaser, Inc., 9.63%, 09/15/2032<sup>(a)(b)</sup> | 12193000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13120504 |
| &nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/2034<sup>(a)(b)</sup> | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849989 |
| &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;8219662 |
| &nbsp;&nbsp;ITT Holdings LLC, 6.50%, 08/01/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;7956000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7705964 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br>Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;K Hovnanian Enterprises, Inc., 8.00%, 04/01/2031<sup>(a)(b)</sup> | $1206000 | &nbsp;&nbsp;$1232179 |
| &nbsp;&nbsp;Magnera Corp., 7.25%, 11/15/2031<sup>(a)(b)</sup> | 16324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14095039 |
| &nbsp;&nbsp;MajorDrive Holdings IV LLC, 6.38%, 06/01/2029<sup>(a)(b)</sup> | 23118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18058635 |
| &nbsp;&nbsp;Marriott Ownership Resorts, Inc., 6.50%, 10/01/2033<sup>(a)(b)</sup> | 10599000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10450738 |
| &nbsp;&nbsp;Midcontinent Communications, 8.00%, 08/15/2032<sup>(a)(b)</sup> | 7521000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7660823 |
| &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;&nbsp;4937678 |
| &nbsp;&nbsp;Navient Corp., 7.88%, 06/15/2032<sup>(b)</sup> | 4466000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613941 |
| &nbsp;&nbsp;New Cotai LLC, 5.00% PIK or 5.00% PIK, 02/02/2027<sup>(j)(k)</sup> | &nbsp;&nbsp; 1233113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343230 |
| &nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV, 7.88%, 05/15/2034<sup>(a)(b)</sup> | 17789000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13843069 |
| &nbsp;&nbsp;Radiology Partners, Inc., 8.50%, 07/15/2032<sup>(a)(b)</sup> | 2595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698703 |
| &nbsp;&nbsp;Sanchez Energy Corp., 7.25%, 07/15/2023<sup>(i)</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;Staples, Inc., 10.75%, 09/01/2029<sup>(a)(b)</sup> | 10651000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10321657 |
| &nbsp;&nbsp;Telecommunications Co. Telekom Srbija AD Belgrade, 7.90%, 05/22/2028<sup>(k)</sup> | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5798982 |
| &nbsp;&nbsp;Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 07/31/2031<sup>(a)(b)</sup> | $12850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13143044 |
| &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;2076312 |
| &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> | 15741000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14712574 |
| &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;3053847 |
| &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**280641693** |
| &nbsp;&nbsp;**ZAMBIA—2.3%** |  |  |
| &nbsp;&nbsp;First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 06/01/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;4183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4380839 |
| &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;8367895 |
| &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;4483882 |
| &nbsp;&nbsp;**Total Zambia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17232616** |
| &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**949441729** |
| &nbsp;&nbsp;**BANK LOANS—2.3%** | &nbsp;&nbsp;**BANK LOANS—2.3%** |  |
| &nbsp;&nbsp;**UNITED KINGDOM—2.3%** |  |  |
| &nbsp;&nbsp;Amber Finco PLC 2025 EUR Fungible Term Loan B, 5.25%, 06/11/2029<sup>(f)</sup> | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056968 |
| &nbsp;&nbsp;CD&R Firefly Bidco Ltd. 2025 GBP Term Loan, 8.72%, 04/29/2029<sup>(f)</sup> | &nbsp;&nbsp;9700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12704199 |
| &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16761167** |
| &nbsp;&nbsp;**Total Bank Loans** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16761167** |
| &nbsp;&nbsp;**GOVERNMENT BONDS—2.1%** | &nbsp;&nbsp;**GOVERNMENT BONDS—2.1%** |  |
| &nbsp;&nbsp;**EGYPT—1.9%** |  |  |
| &nbsp;&nbsp;Egypt Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 05/29/2032<sup>(a)</sup> | $11649000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11837642 |
| &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;1128494 |
| &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;806026 |
| &nbsp;&nbsp;**Total Egypt** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13772162** |
| &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;&nbsp;949547 |

---

---

| | |
|:---|:---|
| **12** | abrdn Income Credit Strategies Fund |

---

------

As of October 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br>Principal<br>Amount** | &nbsp;&nbsp;**Shares or<br>Principal<br>Amount** | **Value** |
| &nbsp;&nbsp;**GOVERNMENT BONDS (continued)** | &nbsp;&nbsp;**GOVERNMENT BONDS (continued)** | &nbsp;&nbsp;**GOVERNMENT BONDS (continued)** |  |
| &nbsp;&nbsp;**NIGERIA—0.1%** | &nbsp;&nbsp;**NIGERIA—0.1%** |  |  |
| &nbsp;&nbsp;Nigeria Government International Bonds, 7.63%, 11/28/2047<sup>(a)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;634000 | &nbsp;&nbsp;$563635 |
| &nbsp;&nbsp;**Total Government Bonds** | &nbsp;&nbsp;**Total Government Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15285344** |
| &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—1.4%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—1.4%** | &nbsp;&nbsp;**EXCHANGE-TRADED FUNDS—1.4%** |  |
| &nbsp;&nbsp;iShares Broad USD High Yield Corporate Bond ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;283783 | &nbsp;&nbsp;&nbsp;&nbsp; 10664565 |
| &nbsp;&nbsp;**Total Exchange-Traded Funds** | &nbsp;&nbsp;**Total Exchange-Traded Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10664565** |
| &nbsp;&nbsp;**COMMON STOCKS—0.3%** | &nbsp;&nbsp;**COMMON STOCKS—0.3%** | &nbsp;&nbsp;**COMMON STOCKS—0.3%** |  |
| &nbsp;&nbsp;**AUSTRALIA —0.0%** | &nbsp;&nbsp;**AUSTRALIA —0.0%** |  |  |
| &nbsp;&nbsp;BIS Industries Ltd.<sup>(j)(k)(l)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;804308 | &nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;**FRANCE—0.0%** | &nbsp;&nbsp;**FRANCE—0.0%** |  |  |
| &nbsp;&nbsp;Luxco Co. Ltd.<sup>(k)(l)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197018 |
| &nbsp;&nbsp;**HONG KONG—0.2%** | &nbsp;&nbsp;**HONG KONG—0.2%** |  |  |
| &nbsp;&nbsp;Studio City International Holdings Ltd., ADR<sup>(l)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98050 | &nbsp;&nbsp;&nbsp;&nbsp; 367687 |
| &nbsp;&nbsp;Studio City International Holdings Ltd., ADR<sup>(l)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;183525 | &nbsp;&nbsp;&nbsp;&nbsp; 688219 |
| &nbsp;&nbsp;**Total Hong Kong** | &nbsp;&nbsp;**Total Hong Kong** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1055906** |
| &nbsp;&nbsp;**UNITED STATES—0.1%** | &nbsp;&nbsp;**UNITED STATES—0.1%** |  |  |
| &nbsp;&nbsp;Mitel<sup>(l)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201 | &nbsp;&nbsp;&nbsp;&nbsp; 22010 |
| &nbsp;&nbsp;New Cotai LLC<sup>(j)(k)(l)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;971487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423568 |
| &nbsp;&nbsp;Thunderbird Resources Equity, Inc.<sup>(j)(k)(l)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Trust Apparel Holdings LLC<sup>(k)(l)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117950 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**563528** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1816452** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.6%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.6%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—3.6%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.01%<sup>(m)</sup> |  | 26816297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26816297 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26816297** |
| &nbsp;&nbsp;**Total Investments<br>(Cost $1,051,820,422)<sup>(n)</sup>—138.2%** | &nbsp;&nbsp;**Total Investments<br>(Cost $1,051,820,422)<sup>(n)</sup>—138.2%** | &nbsp;&nbsp;**Total Investments<br>(Cost $1,051,820,422)<sup>(n)</sup>—138.2%** | &nbsp;&nbsp;&nbsp;**1020785554** |
| &nbsp;&nbsp;Long Term Debt Securities | &nbsp;&nbsp;Long Term Debt Securities | &nbsp;&nbsp;Long Term Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;(260000000) |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(3.0%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(3.0%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(3.0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22038136) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$738747418** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

---

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

---

abrdn Income Credit Strategies Fund<sub>13</sub>

------

### Portfolio of Investments (concluded)
As of October 31, 2025

------

As of October 31, 2025, the Fund held the following forward foreign currency contracts:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &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;11/13/2025 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;896669 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1189737 | &nbsp;&nbsp;$1177977 | &nbsp;&nbsp;$(11760) |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;GBP | &nbsp;&nbsp;5489063 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;7311993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7211123 | &nbsp;&nbsp;&nbsp;&nbsp;(100870) |
| &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;11/10/2025 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;3145000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;3629955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3626308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3647) |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;3207639 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3722776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23618) |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;EUR | &nbsp;&nbsp;9094996 | &nbsp;&nbsp;USD | &nbsp;&nbsp;10563953 | &nbsp;&nbsp;&nbsp;&nbsp;10488660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75293) |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;740414 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;860487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6616) |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;2405217 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2802932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2773779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29153) |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;EUR | &nbsp;&nbsp;9344518 | &nbsp;&nbsp;USD | &nbsp;&nbsp;10849819 | &nbsp;&nbsp;&nbsp;&nbsp;10776417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73402) |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;620252 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6363) |
| &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;11/13/2025 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121691 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56438 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;540578 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;264023 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;144402 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38591 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$41472632** | &nbsp;&nbsp;**$(330689)** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &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;11/13/2025 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;1356476 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021180 | &nbsp;&nbsp;$1341550 | &nbsp;&nbsp;$14926 |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951652 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15151 |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672641 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9307 |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;6339211 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;4720824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6201867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137344 |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;3096400 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;2324916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42098 |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;212819023 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;158626973 | &nbsp;&nbsp;&nbsp;&nbsp;208392309 | &nbsp;&nbsp;&nbsp;&nbsp;4426714 |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;4327884 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;3744636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4318442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9442 |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;258114750 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;221565960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255517414 | &nbsp;&nbsp;&nbsp;&nbsp;2597336 |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;12249610 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;10504000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12113571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136039 |
| &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;11/13/2025 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45159 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456917 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;3553248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(435) |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34706 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| &nbsp;&nbsp;11/13/2025 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4049 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$493080555** | &nbsp;&nbsp;**$7387923** |
| &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;**$7388407** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$(331173)** |

---

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

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **14** | abrdn Income Credit Strategies Fund |

---

------

### Statement of Assets and Liabilities
As of October 31, 2025

------

---

| | |
|:---|:---|
| **Assets** | |
| Investments, at value (cost $1,025,004,125) | &nbsp;&nbsp;&nbsp;$993969257 |
| Short-term investment, at value (cost $26,816,297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26816297 |
| Foreign currency, at value (cost $688,689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688197 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5815503 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25883303 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7388407 |
| Prepaid expenses in connection with the shelf registration (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125125 |
| Prepaid expenses in connection with Revolving Credit Facility (Note 8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63697 |
| **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;**1060753152** |
| **Liabilities** |  |
| Revolving Credit Facility payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000000 |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18551347 |
| Investment advisory fees payable (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936852 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331173 |
| Administration fees payable (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218828 |
| Dividend payable on Perpetual preferred shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181002 |
| Investor relations fees payable (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57758 |
| Trustee fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42696 |
| Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686078 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**282005734** |
| **Cumulative Preferred Shares, $0.001 par value** |  |
| Series A Perpetual Preferred Shares<br>(5.25%, $25.00 liquidation value per share, 1,600,000 shares outstanding) (Note 8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000000 |
| **Net Assets Applicable to Common Shareholders** | &nbsp;&nbsp;&nbsp;**$738747418** |
| **Composition of Net Assets Attributable to Common Shareholders** |  |
| Common stock (par value $0.001 per share) (Note 5) | &nbsp;&nbsp;&nbsp;$125471 |
| Paid-in capital in excess of par | &nbsp;&nbsp;&nbsp;&nbsp; 1187937988 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp; (449316041) |
| **Net Assets** | &nbsp;&nbsp;&nbsp;**$738747418** |
| Net asset value per share based on 125,470,678 common shares issued and outstanding | &nbsp;&nbsp;&nbsp;$5.89 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **15** |

---

------

### Statement of Operations
For the Year Ended October 31, 2025

------

---

| | |
|:---|:---|
| **Net Investment Income** | |
| **Investment Income:** |  |
| Interest and amortization/accretion of discount and premium and other income | &nbsp;&nbsp;&nbsp;$94516450 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94516450 |
| **Expenses:** |  |
| Investment advisory fee (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; 13385725 |
| Administration fee (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1320858 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330393 |
| Reports to shareholders and proxy solicitation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171695 |
| Legal fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154258 |
| Investor relations fees and expenses (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152531 |
| Independent auditors' fees and tax expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129094 |
| Custodian's fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85065 |
| Transfer agent's fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32224 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282449 |
| Total operating expenses, excluding interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16044292 |
| Interest expense and commitment fee on credit facility | &nbsp;&nbsp;&nbsp;&nbsp; 15379366 |
| Total operating expenses before reimbursed/waived expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31423658 |
| Investment advisor waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(753922) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30669736 |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63846714 |
| **Net Realized/Unrealized Gain/(Loss):** |  |
| **Net realized gain/(loss) from:** |  |
| Investments (Note 2j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276775 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10846348) |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(874043) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9443616) |
| **Net change in unrealized appreciation/depreciation on:** |  |
| Investments (Note 2j) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14863113) |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808011 |
| Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207201 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13847901) |
| Net realized and unrealized gain from investments, forward foreign currency exchange and foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23291517) |
| **Change in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;**$40555197** |
| Total distributions to Perpetual preferred shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (2100000) |
| **Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations** | &nbsp;&nbsp;&nbsp;**$38455197** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **16** | abrdn Income Credit Strategies Fund |

---

------

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**For the<br>Year Ended<br>October 31, 2025** | &nbsp;&nbsp;&nbsp;**For the<br>Year Ended<br>October 31, 2024** |
| **Increase/(Decrease) in Net Assets:** |  |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;$63846714 | &nbsp;&nbsp;&nbsp;$39648053 |
| Net realized loss from investments, forward foreign currency exchange contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9443616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20028392) |
| Net change in unrealized appreciation/depreciation investments, forward foreign currency exchange and foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13847901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58293855 |
| Net increase in net assets applicable to common shareholders resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40555197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77913516 |
| **Distributions to Preferred Shareholders from:** |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2105833) |
| Net decrease in net assets from distributions to preferred shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2105833) |
| Net decrease in net assets attributable to common shareholders resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38455197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75807683 |
| **Distributions to Common Shareholders from:** |  |  |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62338165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37208284) |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57172656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45277611) |
| Net decrease in net assets applicable to common shareholders from distributions | &nbsp;&nbsp;&nbsp;&nbsp;(119510821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82485895) |
| Proceeds from shares issued from the reorganization resulting in the issuance of 0 and 73,330,068 shares of common stock, respectively (Note 14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486432247 |
| Reinvestment of dividends resulting in the issuance of 0 and 30,660 shares of common stock, respectively | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204792 |
| Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486637039 |
| Change in net assets applicable to common shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81055624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479958827 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;819803042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339844215 |
| &nbsp;&nbsp;&nbsp;**End of year** | &nbsp;&nbsp;&nbsp;**$738747418** | &nbsp;&nbsp;&nbsp;**$819803042** |

---

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **17** |

---

------

### Statement of Cash Flows
For the Year Ended October 31, 2025

------

---

| | |
|:---|:---|
| **Cash flows from operating activities:** | |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;$40555197 |
| Adjustments to reconcile net increase in net assets resulting<br>from operations to net cash provided by operating activities: |  |
| Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; (912883157) |
| Investments sold and principal repayments | &nbsp;&nbsp;&nbsp;&nbsp; 937851876 |
| Net change in short-term investments, excluding foreign government bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35824963 |
| Net amortization/accretion of premium/(discount) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6048690) |
| Net payment-in-kind interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4196744) |
| Increase in interest, dividends and other receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4449150) |
| Net change in unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (808011) |
| Increase in prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86863) |
| Increase in accrued investment advisory fee payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872665 |
| Increase in other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447482 |
| Net change in unrealized depreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14863113 |
| Net change in unrealized appreciation on foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (207201) |
| Net realized gain on investments transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2276775) |
| &nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**99458705** |
| **Cash flows from financing activities:** |  |
| Borrowings on Revolving Credit Facility | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 |
| Distributions paid to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121610821) |
| &nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(101610821)** |
| Effect of exchange rate on cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44467 |
| &nbsp;&nbsp;&nbsp;Net change in cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2107649) |
| &nbsp;&nbsp;&nbsp;Unrestricted and restricted cash and foreign currency, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796070 |
| **Unrestricted and restricted cash and foreign currency, end of year** | &nbsp;&nbsp;&nbsp;**$688421** |
| **Supplemental disclosure of cash flow information:** |  |
| Cash paid for interest and fees on borrowing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15379366 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **18** | abrdn Income Credit Strategies Fund |

---

------

### Statement of Cash Flows (concluded)
For the Year Ended October 31, 2025

------

---

| | |
|:---|:---|
| **Reconciliation of unrestricted and restricted cash to the statement of assets and liabilities** | <br>&nbsp;&nbsp;&nbsp;**Year Ended<br>October 31, 2025** |
| &nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;$224 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value | &nbsp;&nbsp;&nbsp;&nbsp; 688197 |
|  | &nbsp;&nbsp;&nbsp;**$688421** |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **19** |

---

------

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**For the Fiscal Years Ended October 31,** | &nbsp;&nbsp;**For the Fiscal Years Ended October 31,** | &nbsp;&nbsp;**For the Fiscal Years Ended October 31,** | &nbsp;&nbsp;**For the Fiscal Years Ended October 31,** | &nbsp;&nbsp;**For the Fiscal Years Ended October 31,** |
| | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| &nbsp;&nbsp;**PER SHARE OPERATING PERFORMANCE:** |  |  |  |  |  |
| &nbsp;&nbsp;Net asset value per common share, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.15 |
| &nbsp;&nbsp;Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| &nbsp;&nbsp;Net realized and unrealized gains/(losses) on investments, forward foreign currency exchange contracts and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| &nbsp;&nbsp;Total from investment operations applicable to common shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| &nbsp;&nbsp;**Distributions to preferred shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;Net increase/(decrease) in net assets attributable to common shareholders resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 |
| &nbsp;&nbsp;**Distributions to common shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) |
| &nbsp;&nbsp;Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.20) |
| &nbsp;&nbsp;Capital Share Transactions: |  |  |  |  |  |
| &nbsp;&nbsp;Offering costs for preferred shares charged to paid-in-capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;Impact of shelf offering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;Dilutive effect of rights offer (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| &nbsp;&nbsp;Total capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) |
| &nbsp;&nbsp;Net asset value per common share, end of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.45 |
| &nbsp;&nbsp;Market price, end of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.30 |
| &nbsp;&nbsp;**Total Investment Return Based on<sup>(b)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;Market price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;34.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.05% | &nbsp;&nbsp;&nbsp;&nbsp;(34.92%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.13% |
| &nbsp;&nbsp;Net asset value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81% | &nbsp;&nbsp;&nbsp;&nbsp;19.89%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;15.54%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(25.76%)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.69% |
| &nbsp;&nbsp;**Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data:** |  |  |  |  |  |
| &nbsp;&nbsp;Net assets including liquidation value of preferred shares, end of year(000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$778747 | &nbsp;&nbsp;$859803 | &nbsp;&nbsp;&nbsp;$379844 | &nbsp;&nbsp;$206650 | &nbsp;&nbsp;$283077 |
| &nbsp;&nbsp;Net assets applicable to common shareholders, end of year (000 omitted) | &nbsp;&nbsp;&nbsp;$738747 | &nbsp;&nbsp;&nbsp;$819803 | &nbsp;&nbsp;$339844 | &nbsp;&nbsp;&nbsp;$166650 | &nbsp;&nbsp;$243077 |
| &nbsp;&nbsp;Average net assets applicable to common shareholders (000 omitted) | &nbsp;&nbsp;&nbsp;$778091 | &nbsp;&nbsp;$480689 | &nbsp;&nbsp;&nbsp;$294262 | &nbsp;&nbsp;&nbsp;$206720 | &nbsp;&nbsp;$218990 |
| &nbsp;&nbsp;Gross operating expenses, excluding fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01% |
| &nbsp;&nbsp;Net operating expenses, net of fee waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;Net operating expenses, net of fee waivers/recoupment, excluding interest expense, commitment fee and loan servicing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;Net Investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75% |
| &nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% |
| &nbsp;&nbsp;**Senior securities:** |  |  |  |  |  |
| &nbsp;&nbsp;Revolving Credit Facility outstanding (000 omitted) | &nbsp;&nbsp;$260000 | &nbsp;&nbsp;$240000 | &nbsp;&nbsp;&nbsp;$105000 | &nbsp;&nbsp;&nbsp;&nbsp;$88000 | &nbsp;&nbsp;$118000 |

---

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| **20** | abrdn Income Credit Strategies Fund |

---

------

Financial Highlights (concluded)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**For the Fiscal Years Ended October 31,** | &nbsp;&nbsp;**For the Fiscal Years Ended October 31,** | &nbsp;&nbsp;**For the Fiscal Years Ended October 31,** | &nbsp;&nbsp;**For the Fiscal Years Ended October 31,** | &nbsp;&nbsp;**For the Fiscal Years Ended October 31,** |
| | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| &nbsp;&nbsp;Asset coverage per $1,000 of Revolving Credit Facility outstanding at year end<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3348 | &nbsp;&nbsp;&nbsp;&nbsp;$3399 |
| &nbsp;&nbsp;Total Series A Perpetual Preferred Shares outstanding (000 omitted) | &nbsp;&nbsp;&nbsp;&nbsp;$40000 | &nbsp;&nbsp;&nbsp;&nbsp;$40000 | &nbsp;&nbsp;&nbsp;&nbsp;$40000 | &nbsp;&nbsp;&nbsp;&nbsp;$40000 | &nbsp;&nbsp;&nbsp;$40000 |
| &nbsp;&nbsp;Asset coverage per $1,000 on total leverage at year end<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2538 |
| &nbsp;&nbsp;Asset coverage per share of Series A Perpetual Preferred Shares at year end<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$649.22 | &nbsp;&nbsp;&nbsp;&nbsp;$687.38 | &nbsp;&nbsp;&nbsp;&nbsp;$303.03 | &nbsp;&nbsp;&nbsp;&nbsp;$184.16 | &nbsp;&nbsp;&nbsp;&nbsp;$250.67 |
| &nbsp;&nbsp;Liquidating Preference Per Unit of Series A Perpetual Preferred Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25.00 | &nbsp;&nbsp;&nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;Average Market Value Per Unit of Series A Perpetual Preferred Shares<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.56 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Based on average shares outstanding.

(b) Total investment return based on market value is calculated assuming that shares of the Fund's common stock were purchased at the closing market price as of the beginning of the period, dividends, capital gains and other distributions were reinvested as provided for in the Fund's dividend reinvestment plan and then sold at the closing market price per share on the last day of the period. The computation does not reflect any sales commission investors may incur in purchasing or selling shares of the Fund. The total investment return based on the net asset value is similarly computed except that the Fund's net asset value is substituted for the closing market value.

(c) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.

(d) The portfolio turnover calculation excludes $347,438,325 and $516,168,819 of proceeds received and cost of investments related to rebalancing the portfolio after the fund reorganizations which occurred on September 20, 2024.

(e) Asset coverage per $1,000 on senior securities is calculated by dividing net assets plus the amount of any borrowings, including Series A Perpetual Preferred Shares, for investment purposes by the amount of any senior securities, which includes the revolving credit facility and then multiplying by $1,000.

(f) The asset coverage per $1,000 on total leverage is calculated as the Fund's total assets, less all liabilities and indebtedness not represented by the Fund's senior securities or the a liquidation preference of preferred shares, divided by secured senior securities representing indebtedness plus the aggregate liquidation preference of preferred shares and then multiplying by $1,000.

(g) Asset coverage per share of Series A Perpetual Preferred Shares is calculated by subtracting the fund's total liabilities (not including senior securities or the liquidation preference of preferred shares) from the fund's total assets and dividing by shares of outstanding preferred stock (based on a per share liquidation preference of $25.00).

(h) Represents the average of the daily closing market price per share as reported on the NYSE during the respective period.

Amounts listed as "–" are $0 or round to $0.

See accompanying Notes to Financial Statements.

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **21** |

---

------

### Notes to Financial Statements October 31, 2025

------

1. Organization

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

2. Summary of Significant Accounting Policies

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

a. Security Valuation:

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

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

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

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

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

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

---

| | |
|:---|:---|
| **22** | abrdn Income Credit Strategies Fund |

---

------

### Notes to Financial Statements (continued) October 31, 2025

------

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

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

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

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

The three-level hierarchy of inputs is summarized below:

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

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

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

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **23** |

---

------

A summary of standard inputs is listed below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Standard Inputs** |
| &nbsp;&nbsp;Debt and other fixed-income securities | &nbsp;&nbsp;Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, credit quality, yield, and maturity. |
| &nbsp;&nbsp;Forward foreign currency contracts | &nbsp;&nbsp;Forward exchange rate quotations. |

---

The following is a summary of the inputs used as of October 31, 2025 in valuing the Fund's investments and other financial instruments at fair value. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Portfolio of Investments for a detailed breakout of the security types:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Investments, at Value** | &nbsp;&nbsp;**Level 1 – Quoted<br>Prices** | &nbsp;&nbsp;**Level 2 – Other Significant<br>Observable Inputs** | &nbsp;&nbsp;**Level 3 – Significant<br>Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |  |  |  |
| &nbsp;&nbsp;Bank Loans | &nbsp;&nbsp;$– | &nbsp;&nbsp;$16761167 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$16761167 |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816452 |
| &nbsp;&nbsp;Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;934999895 | &nbsp;&nbsp;&nbsp;&nbsp;14441834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949441729 |
| &nbsp;&nbsp;Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;10664565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10664565 |
| &nbsp;&nbsp;Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15285344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15285344 |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;26816297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26816297 |
| &nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;**$38169081** | &nbsp;&nbsp;**$967414093** | &nbsp;&nbsp;**$15202380** | &nbsp;&nbsp;**$1020785554** |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;$7388407 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$7388407 |
| &nbsp;&nbsp;**Total Investment Assets** | &nbsp;&nbsp;**$38169081** | &nbsp;&nbsp;**$974802500** | &nbsp;&nbsp;**$15202380** | &nbsp;&nbsp;**$1028173961** |
| &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;**Other Financial Instruments** | &nbsp;&nbsp;**Other Financial Instruments** |  |  |  |
| &nbsp;&nbsp;Foreign Currency Exchange Contracts | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(331173) | &nbsp;&nbsp;$– | &nbsp;&nbsp;$(331173) |
| &nbsp;&nbsp;**Total Investment Liabilities** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(331173)** | &nbsp;&nbsp;**$–** | &nbsp;&nbsp;**$(331173)** |

---

Amounts listed as "–" are $0 or round to $0.

---

| | |
|:---|:---|
| **24** | abrdn Income Credit Strategies Fund |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Rollforward of Level 3 Fair Value Measurements<br>For the Year Ended October 31, 2025** | **Rollforward of Level 3 Fair Value Measurements<br>For the Year Ended October 31, 2025** | **Rollforward of Level 3 Fair Value Measurements<br>For the Year Ended October 31, 2025** | **Rollforward of Level 3 Fair Value Measurements<br>For the Year Ended October 31, 2025** | **Rollforward of Level 3 Fair Value Measurements<br>For the Year Ended October 31, 2025** | **Rollforward of Level 3 Fair Value Measurements<br>For the Year Ended October 31, 2025** | **Rollforward of Level 3 Fair Value Measurements<br>For the Year Ended October 31, 2025** | **Rollforward of Level 3 Fair Value Measurements<br>For the Year Ended October 31, 2025** |
| **Investments<br>in Securities** | **Balance<br>as of<br>October 31,<br>2024** | **Accrued<br>Discounts<br>(Premiums)** | **Net Realized<br>Gain (Loss)<br>and Change<br>in Unrealized<br>Appreciation/<br>Depreciation** | **Net<br>Purchases** | **Net<br>Sales** | **Balance<br>as of<br>October 31,<br>2025** | **Change in<br>Unrealized<br>Appreciation/<br>Depreciation<br>from<br>Investments<br>Held at<br>October 31,<br>2025** |
| Corporate Bonds |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;$6200923 | &nbsp;&nbsp;&nbsp;&nbsp;$(677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69312 | &nbsp;&nbsp;&nbsp;&nbsp;$7164597 | &nbsp;&nbsp;&nbsp;&nbsp;$(6134533) | &nbsp;&nbsp;&nbsp;&nbsp;$7299622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67380 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663170 | &nbsp;&nbsp;&nbsp;&nbsp;14061 | &nbsp;&nbsp;&nbsp;&nbsp;(1420328) | &nbsp;&nbsp;&nbsp;&nbsp;5914530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7142212 | &nbsp;&nbsp;&nbsp;&nbsp;(1420279) |
| Common Stocks |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3477) |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5621821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;(1560332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3637920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(458542) |
| Preferred Stocks |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Total** | **$14804589** | **$13384** | **$(2914825)** | **$13419581** | **$(10120349)** | **$15202380** | **$(1814918)** |

---

Amounts listed as "–" are $0 or round to $0.

For the fiscal year ended October 31, 2025, there were no significant changes to the fair valuation methodologies.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Fair Value at<br>October 31, 2025** | &nbsp;&nbsp;**Valuation Technique (s)** | &nbsp;&nbsp;**Unobservable Inputs** | &nbsp;&nbsp;**Range** | &nbsp;&nbsp;**Weighted<br>Average** | &nbsp;&nbsp;**Relationship<br>Between<br>Fair Value<br>and Input;<br>if Input value<br>increases then<br>Fair Value:** |
| Common Stocks | &nbsp;&nbsp;$423568 | &nbsp;&nbsp;Market Approach | &nbsp;&nbsp;NAV Liquidation | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Increases |
|  | &nbsp;&nbsp;$117950 | &nbsp;&nbsp;Market Approach | &nbsp;&nbsp;Probability of events | &nbsp;&nbsp;50.00% | &nbsp;&nbsp;50.00% | &nbsp;&nbsp;Increases |
|  | &nbsp;&nbsp;$22010 | &nbsp;&nbsp;Market Approach | &nbsp;&nbsp;Transaction Cost | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Increases |
| Corporate Bonds | &nbsp;&nbsp;$13098604 | &nbsp;&nbsp;Income approach | &nbsp;&nbsp;Discount Rate | &nbsp;&nbsp;7.67% - 13.20% | &nbsp;&nbsp;10.75% | &nbsp;&nbsp;Decreases |
|  | &nbsp;&nbsp;$1343230 | &nbsp;&nbsp;Market Approach | &nbsp;&nbsp;NAV Liquidation | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Increases |
| **Total** | &nbsp;&nbsp;**$15005362** |  |  |  |  |  |

---

Amounts listed as "–" are $0 or round to $0.

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

b. Restricted Securities:

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

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **25** |

---

------

c. Foreign Currency Translation:

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

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

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

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

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

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

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

d. Derivative Financial Instruments:

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

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

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

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

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

---

| | |
|:---|:---|
| **26** | abrdn Income Credit Strategies Fund |

---

------

### Notes to Financial Statements (continued) October 31, 2025

------

#### Summary of Derivative Instruments:
The Fund may use derivatives for various purposes as noted above.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Foreign<br>Currency<br>Contracts** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** | &nbsp;&nbsp;**Assets:** |
| &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** | &nbsp;&nbsp;**Unrealized appreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$7388407 | &nbsp;&nbsp;$7388407 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$7388407** | &nbsp;&nbsp;**$7388407** |
| &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** | &nbsp;&nbsp;**Liabilities:** |
| &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** | &nbsp;&nbsp;**Unrealized depreciation on:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$331173 | &nbsp;&nbsp;$331173 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$331173** | &nbsp;&nbsp;**$331173** |

---

The Fund has transactions that may be subject to enforceable master netting agreements. A reconciliation of the gross amounts on the Statement of Assets and Liabilities as of October 31, 2025 to the net amounts by broker and derivative type, including any collateral received or pledged, is included in the following tables:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | &nbsp;&nbsp;**Gross Amounts Not Offset<br>in the Statement of<br>Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br>in the Statement of<br>Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br>in the Statement of<br>Assets and Liabilities** |  | &nbsp;&nbsp;**Gross Amounts Not Offset<br>in the Statement of<br>Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br>in the Statement of<br>Assets and Liabilities** | &nbsp;&nbsp;**Gross Amounts Not Offset<br>in the Statement of<br>Assets and Liabilities** |
| | &nbsp;&nbsp;**Gross Amounts<br>of Assets<br>Presented in<br>Statement of<br>Assets and<br>Liabilities** | &nbsp;&nbsp;**Financial<br>Instruments** | &nbsp;&nbsp;**Collateral<br>Received<sup>(1)</sup>** | &nbsp;&nbsp;**Net<br>Amount<sup>(2)</sup>** | &nbsp;&nbsp;**Gross Amounts<br>of Liabilities<br>Presented in<br>Statement of<br>Assets and<br>Liabilities** | &nbsp;&nbsp;**Financial<br>Instruments** | &nbsp;&nbsp;**Collateral<br>Pledged<sup>(1)</sup>** | &nbsp;&nbsp;**Net<br>Amount<sup>(2)</sup>** |
| <br>&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Liabilities** |
| &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** | &nbsp;&nbsp;**Foreign Currency Exchange Contracts<sup>(3)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;$24368 | &nbsp;&nbsp;$(23618) | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$750 | &nbsp;&nbsp;$23618 | &nbsp;&nbsp;$(23618) | &nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;2597336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;2597329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp;&nbsp;136040 | &nbsp;&nbsp;&nbsp;&nbsp;(3647) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;132393 | &nbsp;&nbsp;&nbsp;&nbsp;3647 | &nbsp;&nbsp;&nbsp;&nbsp;(3647) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15200 | &nbsp;&nbsp;&nbsp;(15200) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;75730 | &nbsp;&nbsp;&nbsp;(15200) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;60530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9307 | &nbsp;&nbsp;&nbsp;&nbsp;(6618) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2689 | &nbsp;&nbsp;&nbsp;&nbsp;6618 | &nbsp;&nbsp;&nbsp;&nbsp;(6618) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;137344 | &nbsp;&nbsp;&nbsp;&nbsp;(29153) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;108191 | &nbsp;&nbsp;&nbsp;&nbsp;29153 | &nbsp;&nbsp;&nbsp;&nbsp;(29153) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;42098 | &nbsp;&nbsp;&nbsp;(42098) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;85167 | &nbsp;&nbsp;&nbsp;(42098) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;43069 |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS AG | &nbsp;&nbsp;4426714 | &nbsp;&nbsp;(107233) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;4319481 | &nbsp;&nbsp;107233 | &nbsp;&nbsp;(107233) | &nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

Amounts listed as "–" are $0 or round to $0.

(1) In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

(2) Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity.

(3) Includes financial instrument which are not subject to a master netting arrangement across funds, or another similar arrangement.

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **27** |

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### Notes to Financial Statements (continued) October 31, 2025

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The effect of derivative instruments on the Statement of Operations for the fiscal year ended October 31, 2025:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Risk Exposure Category** | &nbsp;&nbsp;**Risk Exposure Category** |
| | &nbsp;&nbsp;**Foreign<br>Currency<br>Contracts** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br>as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br>as a Result of Operations:** | &nbsp;&nbsp;**Realized Gain/(Loss) on Derivatives Recognized<br>as a Result of Operations:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$(10846348) | &nbsp;&nbsp;$(10846348) |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$(10846348)** | &nbsp;&nbsp;**$(10846348)** |
| &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br>Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br>Derivatives Recognized as a Result of Operations:** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation on<br>Derivatives Recognized as a Result of Operations:** |
| &nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;$808011 | &nbsp;&nbsp;$808011 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$808011** | &nbsp;&nbsp;**$808011** |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative** | &nbsp;&nbsp;**Average Monthly<br>Notional Value** |
| &nbsp;&nbsp;Foreign Currency Contracts Purchased | &nbsp;&nbsp;$37147545 |
| &nbsp;&nbsp;Foreign Currency Contracts Sold | &nbsp;&nbsp;$493098818 |

---

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

e. Bank Loans:

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

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

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

f. Security Transactions, Investment Income and Expenses:

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

g. Distributions:

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

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| | |
|:---|:---|
| **28** | abrdn Income Credit Strategies Fund |

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

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

h. Federal Income Taxes:

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

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

i. Rights Issues and Warrants:

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

j. Foreign Withholding Tax:

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

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

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

k. Unfunded Loan Commitments:

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

l. Payment-In-Kind:

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

3. Agreements and Transactions with Affiliates

a. Investment Adviser:

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

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

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **29** |

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Amount Fiscal Year 2023(Expires 10/31/26) | &nbsp;&nbsp;$702879 |
| &nbsp;&nbsp;Amount Fiscal Year 2024 (Expires 10/31/27) | &nbsp;&nbsp;$785849 |
| &nbsp;&nbsp;Amount Fiscal Year 2025 (Expires 10/31/28) | &nbsp;&nbsp;$753922 |
| &nbsp;&nbsp;**Total\*** | &nbsp;&nbsp;**$2242650** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

b. Fund Administrator:

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

c. Investor Relations:

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

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

d. Purchase/Sale Transactions Between Affiliates:

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

4. Investment Transactions

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

5. Capital

The Fund is authorized to issue an unlimited number of common shares of beneficial interest at par value $0.001 per common share. As of October 31, 2025, there were 125,470,678 shares of common stock issued and outstanding.

Additional shares of the Fund may be issued under certain circumstances, including pursuant to the Fund's Dividend

---

| | |
|:---|:---|
| **30** | abrdn Income Credit Strategies Fund |

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Reinvestment and Optional Cash Purchase Plan. Additional information concerning the Automatic Dividend Reinvestment Plan is included within this report.

The Fund has filed a shelf registration statement with the SEC, initially effective on May 30, 2024, authorizing the Fund to issue up to $182,234,959 aggregate initial offering price of common shares of beneficial interest with no par value ("Common Shares"), preferred shares ("Preferred Shares"), promissory notes ("Notes"), subscription rights to purchase Common Shares ("Rights" and collectively with the Common Shares and Preferred Shares, "Securities") in one or more offerings in amounts, at prices and on terms set forth in one or more supplements to the initial Prospectus (each a "Prospectus Supplement"). The offering costs associated with the Fund's shelf registration statement are approximately $125,125 of which $0 was charged to paid-in-capital upon the issuance of associated shares.

6. Open Market Repurchase Program

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

7. Preferred Shares

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **31** |

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

8. Revolving Credit Facility

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

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

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

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

9. Portfolio Investment Risks

a. Bank Loan Risk:

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

---

| | |
|:---|:---|
| **32** | abrdn Income Credit Strategies Fund |

---

------

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

b. Credit and Market Risk:

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

c. Emerging Markets Risk:

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

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

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

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

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

e. Interest Rate Risk:

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

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

f. Risks Associated with Foreign Securities and Currencies:

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

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **33** |

---

------

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

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

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

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

10. Contingencies

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

11. Tax Information

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tax Cost of<br>Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br>Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br>Depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
| $1059470124 | &nbsp;&nbsp;&nbsp;&nbsp;$34792525 | &nbsp;&nbsp;&nbsp;&nbsp;$(66419861) | &nbsp;&nbsp;&nbsp;&nbsp;$(31627336) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**October 31, 2025** | &nbsp;&nbsp;**October 31, 2025** | &nbsp;&nbsp;**October 31, 2024** | &nbsp;&nbsp;**October 31, 2024** |
| | &nbsp;&nbsp;**Common** | &nbsp;&nbsp;**Preferred** | &nbsp;&nbsp;**Common** | &nbsp;&nbsp;**Preferred** |
| &nbsp;&nbsp;Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$62338165 | &nbsp;&nbsp;$2100000 | &nbsp;&nbsp;$37208284 | &nbsp;&nbsp;$2105833 |
| &nbsp;&nbsp;Net long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57172656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45277611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total tax character of distributions** | &nbsp;&nbsp;**$119510821** | &nbsp;&nbsp;**$2100000** | &nbsp;&nbsp;**$82485895** | &nbsp;&nbsp;**$2105833** |

---

Amounts listed as "–" are $0 or round to $0.

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| | |
|:---|:---|
| **34** | abrdn Income Credit Strategies Fund |

---

------

As of October 31, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Undistributed Ordinary Income | $- |
| &nbsp;&nbsp;Undistributed Long-Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Total undistributed earnings | $- |
| &nbsp;&nbsp;Accumulated Capital and Other Losses | $(398611) |
| &nbsp;&nbsp;Capital loss carryforward | $(390895119)\* |
| &nbsp;&nbsp;Other currency gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Other Temporary Differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25925419) |
| &nbsp;&nbsp;Unrealized Appreciation/(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(32096892)\*\* |
| &nbsp;&nbsp;**Total accumulated earnings/(losses) – net** | **$(449316041)** |

---

Amounts listed as "–" are $0 or round to $0.

\* On October 31, 2025, the Fund had a net capital loss carryforward of $(390895119) which will be available to offset like amounts of any future taxable gains. The Fund is permitted to carry forward capital losses for an unlimited period and capital losses that are carried forward will retain their character as either short-term or long-term capital losses. The breakdown of capital loss carryforwards are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amounts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expires** |
| &nbsp;&nbsp;$70176100 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Short—Term) |
| &nbsp;&nbsp;&nbsp;&nbsp;320719019 | &nbsp;&nbsp;&nbsp;&nbsp;Unlimited (Long—Term) |

---

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Paid-in<br>Capital** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributable<br>Earnings/<br>(Accumulated<br>Loss)** |
| &nbsp;&nbsp;$(118024) | &nbsp;&nbsp;&nbsp;&nbsp;$118024 |

---

12. Segment Reporting

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

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

13. Recent Accounting Pronouncements

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

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **35** |

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14. Fund Reorganizations

Effective July 19, 2024, the Fund acquired all of the assets and assumed all of the liabilities of the First Trust High Income Long/Short Fund ("FSD") pursuant a plan of reorganization approved by the Board on October 20, 2023 (the "FSD Reorganization").

The reorganization was accomplished by a tax-free exchange as follows:

33,291,015 shares of FSD, fair valued at $418,092,109 for 63,035,894 shares of the Fund.

The investment portfolio and cash of FSD, with a fair value of $412,325,321 and identified cost of $417,015,762 were the principal assets acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at value; however, the cost basis of the investments received from FSD was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Fund acquired capital loss carryovers of $118,928,693 which is subject to loss limitations from FSD. Immediately prior to the FSD Reorganization, the investment portfolio and cash of the Fund was $527,960,137.

The chart below shows a summary of net assets and shares outstanding, before and after the FSD Reorganization.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares<br>Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br>Value<br>Per Share** | &nbsp;&nbsp;**Net Unrealized<br>Appreciation<br>(Depreciation)** | &nbsp;&nbsp;**Accumulated<br>Net Realized<br>Gain/(Loss)\*** |
| &nbsp;&nbsp;**Before Reorganization** |  |  |  |  |  |
| &nbsp;&nbsp;First Trust High Income Long/Short Fund | &nbsp;&nbsp;33291015 | &nbsp;&nbsp;$418092109 | &nbsp;&nbsp;$12.56 | &nbsp;&nbsp;$(4690441) | &nbsp;&nbsp;$(144622290) |
| &nbsp;&nbsp;abrdn Income Credit Strategies Fund | &nbsp;&nbsp;52140610 | &nbsp;&nbsp;&nbsp;&nbsp;345826270 | &nbsp;&nbsp;&nbsp;&nbsp;6.63 | &nbsp;&nbsp;&nbsp;&nbsp;(20799568) | &nbsp;&nbsp;&nbsp;&nbsp;(222571414) |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**$763918379** |  | &nbsp;&nbsp;**$(25490009)** | &nbsp;&nbsp;**$(367193704)** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares<br>Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br>Value<br>Per Share** | &nbsp;&nbsp;**Net Unrealized<br>Appreciation<br>(Depreciation)** | &nbsp;&nbsp;**Accumulated<br>Net Realized<br>Gain/(Loss)\*** |
| &nbsp;&nbsp;**After Reorganization** |  |  |  |  |  |
| &nbsp;&nbsp;abrdn Income Credit Strategies Fund | &nbsp;&nbsp;115176540 | &nbsp;&nbsp;$763918379 | &nbsp;&nbsp;$6.63 | &nbsp;&nbsp;$(25490009) | &nbsp;&nbsp;$(367193704) |

---

\* Accumulated Net Realized Gain/(Loss) are historical gains and losses that were recorded to the Fund.

Effective September 20, 2024, the Fund acquired all of the assets and assumed all of the liabilities of the First Trust/abrdn Global Opportunity Income Fund ("FAM") pursuant to a plan of reorganization approved by the Board on October 20, 2023 (the "FAM Reorganization").

The reorganization was accomplished by a tax-free exchange as follows:

10,143,247 shares of FAM, fair valued at $68,340,138 for 10,294,174 shares of the Fund.

The investment portfolio and cash of the FAM, with a fair value of $67,483,662 and identified cost of $66,996,323 were the principal assets acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at value; however, the cost basis of the investments received from FAM was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Fund acquired capital loss carryovers of $34,453,576 which is subject to loss limitations from FAM. Immediately prior to the merger, the investment portfolio and cash of the Fund was $1,078,195,903.

The chart below shows a summary of net assets and shares outstanding, before and after the FAM Reorganization.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares<br>Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br>Value<br>Per Share** | &nbsp;&nbsp;**Net Unrealized<br>Appreciation<br>(Depreciation)** | &nbsp;&nbsp;**Accumulated<br>Net Realized<br>Gain/(Loss)\*** |
| &nbsp;&nbsp;**Before Reorganization** |  |  |  |  |  |
| &nbsp;&nbsp;First Trust/abrdn Global Opportunity Income Fund | &nbsp;&nbsp;&nbsp;10143247 | &nbsp;&nbsp;$68340138 | &nbsp;&nbsp;$6.74 | &nbsp;&nbsp;$487339 | &nbsp;&nbsp;$(36366536) |
| &nbsp;&nbsp;abrdn Income Credit Strategies Fund | &nbsp;&nbsp;115176504 | &nbsp;&nbsp;&nbsp;&nbsp;764624263 | &nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;3701263 | &nbsp;&nbsp;&nbsp;&nbsp;(237955444) |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**$832964401** |  | &nbsp;&nbsp;**$4188602** | &nbsp;&nbsp;**$(274321980)** |

---

---

| | |
|:---|:---|
| **36** | abrdn Income Credit Strategies Fund |

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------

### Notes to Financial Statements (concluded) October 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares<br>Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br>Value<br>Per Share** | &nbsp;&nbsp;**Net Unrealized<br>Appreciation<br>(Depreciation)** | &nbsp;&nbsp;**Accumulated<br>Net Realized<br>Gain/(Loss)\*** |
| &nbsp;&nbsp;**After Reorganization** |  |  |  |  |  |
| &nbsp;&nbsp;abrdn Income Credit Strategies Fund | &nbsp;&nbsp;125470709 | &nbsp;&nbsp;$832964401 | &nbsp;&nbsp;$6.64 | &nbsp;&nbsp;$4188602 | &nbsp;&nbsp;$(274321980) |

---

\* Accumulated Net Realized Gain/(Loss) are historical gains and losses that were recorded to the Fund.

15. Subsequent Events

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

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

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

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

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| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **37** |

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------

Report of Independent Registered Public Accounting Firm

------

To the Shareholders and Board of Trustees

abrdn Income Credit Strategies Fund:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of abrdn Income Credit Strategies Fund (the Fund), including the portfolio of investments, as of October 31, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, transfer agents, agent banks, underlying portfolio companies, and brokers; when replies were not received from brokers, agent banks, or underlying portfolio companies, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![tm2528073d130769d1arpfei004.jpg](tm2528073d130769d1arpfei004.jpg)

We have served as the auditor of one or more abrdn investment companies since 2009.

Columbus, Ohio

December 26, 2025

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| | |
|:---|:---|
| **38** | abrdn Income Credit Strategies Fund |

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Federal Tax Information: Dividends and Distributions (Unaudited)

------

Certain information for the Fund is required to be provided to shareholders based on the Fund's income and distributions for the taxable year ended December 31, 2025. In February 2026, shareholders will receive Form 1099-DIV. Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual tax returns.

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **39** |

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Supplemental Information (Unaudited)

------

#### Results of Annual Meeting of Shareholders
The Annual Meeting of Shareholders was held on May 28, 2025. The description of the proposal and number of shares voted at the meeting are as follows:

To elect two Class II Trustees to the Board of Trustees:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**Votes For** | &nbsp;&nbsp;&nbsp;&nbsp;**Votes Against/<br>Withheld** |
| &nbsp;&nbsp;Christian Pittard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97,703,889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,629,154 |
| &nbsp;&nbsp;Nancy Yao | &nbsp;&nbsp;&nbsp;&nbsp;96,050,216 | &nbsp;&nbsp;&nbsp;&nbsp;5,282,827 |

---

To elect one Preferred Share Trustee to the Board of Trustees:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;**Votes For** | &nbsp;&nbsp;&nbsp;&nbsp;**Votes Against/<br>Withheld** |
| &nbsp;&nbsp;Nancy Yao | &nbsp;&nbsp;&nbsp;&nbsp;822,078 | &nbsp;&nbsp;&nbsp;&nbsp;136,949 |

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#### Summary of Board Considerations in Approving the Investment Advisory and Sub-Advisory Agreements
At a regularly scheduled meeting (the "Meeting") of the Board of Trustees (the "Board") of abrdn Income Credit Strategies Fund (the "Fund") held on June 10, 2025, the Board, including those Trustees (the "Independent Trustees") who are not "interested persons" (as that term is defined in the Investment Company Act of 1940 (the "1940 Act")) of the Fund, approved the continuation of the investment advisory agreement (the "Advisory Agreement") between abrdn Investments Limited (the "Investment Adviser") and the Fund, and of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Advisory Agreement, the "Advisory Agreements") among the Fund, the Investment Adviser and abrdn Inc. (the "Sub-Adviser," together with the Investment Adviser, the "Advisers"). In connection with their consideration of whether to approve the continuation of the Advisory Agreements, the Board members received and reviewed a variety of information provided by the Advisers relating to the Fund, the Advisory Agreements and the Advisers. The information provided to the Board members included (but was not limited to): comparative performance, fee and expense information (as well as information on the limitations of such comparable data) of a peer group of funds based on the Fund's Morningstar category (the "Peer Funds") as selected by Institutional Shareholder Services Inc. ("ISS"), an independent third-party provider of investment company data and other performance information. The Peer Funds presented for fee and expense data comparison consisted of a sub-set of the funds in the Fund's Morningstar Category as determined independently by ISS, and the Peer Funds presented for the performance data comparison consisted of the Fund's Morningstar category, as determined by ISS. The Board also received information regarding relevant benchmark indices and information regarding the nature, extent and quality of services provided by the Advisers under the Advisory Agreements.

The materials provided to the Board generally included, among other items: (i) information on the investment performance of the Fund, the performance of the Peer Funds, comparable funds, if any, and the Fund's performance benchmark; (ii) reports prepared by the Advisers in response to requests submitted by the Independent Trustees' independent legal counsel on behalf of such Trustees; (iii) information on the Fund's management fee and other expenses, including information comparing the Fund's expenses to the Peer Funds, comparable funds, if any, and information about applicable fee "breakpoints" in the Fund's fee structure and expense limitations, if any; (iv) information regarding the Investment Adviser's revenues and costs of providing services to the funds and any compensation paid to affiliates of the Investment Adviser; and (v) a memorandum from the Independent Trustees' independent legal counsel on the responsibilities of the Board in considering the approval of the investment advisory and investment sub-advisory arrangements under the 1940 Act and Delaware law.

The Independent Trustees met with representatives of the Advisers and separately in executive session with independent legal counsel on June 10, 2025 to discuss the continuation of the Advisory Agreements. The Independent Trustees also met with representatives of the Advisers and separately in executive session with independent legal counsel on May 30, 2025 to discuss the materials provided to the Board by the Advisers in response to a request for information sent to them by the Independent Trustees' independent legal counsel.

In evaluating whether to renew the Advisory Agreements for the Fund, the Board considered numerous factors, including: (i) the nature, extent and quality of services provided to the Fund by the Advisers under the Advisory Agreements; (ii) the costs of services provided to the Fund and the profits realized by the Investment Adviser (and its affiliates) from its relationship with the Fund; (iii) the Fund's total expense ratio as well as the management fees paid by the Fund pursuant to the Advisory Agreements relative to the total expense ratios of and the management fees charged to the Peer Funds and comparable accounts, if any; (iv) the investment performance of the Fund relative to that of its benchmark index as well as the performance of the Peer Funds and comparable funds, if any; (v) any additional benefits (such as soft dollars, if any) received by the Advisers or their affiliates; (vi) the extent to which economies of scale are being realized by shareholders and will be realized as the Fund's assets increase; (vii)

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| **40** | abrdn Income Credit Strategies Fund |

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Supplemental Information (Unaudited) (continued)

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the Advisers' compliance programs; and (viii) any other considerations deemed relevant by the Board. The Independent Trustees also discussed the Advisory Agreements in an executive session with independent legal counsel at which no representatives of the Advisers were present. No single factor reviewed by the Board was identified as the principal factor in determining whether to renew the Advisory Agreements, and individual Trustees may have given different weight to various factors.

The discussion immediately below outlines in greater detail certain of the materials and information presented to the Board by the Advisers in connection with the Board's consideration and approval of the continuation of the Advisory Agreements, and the conclusions made by the Board at the Meeting when determining to renew the Advisory Agreements.

#### The Nature, Extent and Quality of Services Provided to the Fund Under the Advisory Agreements
The Trustees considered the nature, extent and quality of services provided by the Advisers to the Fund. They reviewed information about the resources dedicated to the Fund by the Advisers and their affiliates. Among other things, the Board reviewed and discussed the background and experience of the Advisers' senior management personnel who serviced the Fund and the qualifications, background and responsibilities of the portfolio managers primarily responsible for providing day-to-day portfolio management services for the Fund. The Trustees also considered the financial condition of the Advisers and the Advisers' ability to provide quality service to the Fund. Management representatives reported to the Board and responded to questions on, among other things, the Advisers' business plans and any current or proposed organizational changes. The Trustees also took into account the Advisers' experience as asset managers and information regarding the Advisers' compliance with applicable laws and Securities and Exchange Commission ("SEC") and other regulatory agency inquiries or audits of the Fund, the Advisers' and/or their affiliates. The Board considered reports from the Advisers on their risk management processes. The Board noted that it received information on a regular basis from the Fund's Chief Compliance Officer regarding the Advisers' compliance policies and procedures and information concerning the Advisers' brokerage policies and practices. The Trustees also noted that the Advisers had provided information and periodic reporting, including updates on their management of the Fund and the quality of their performance and had discussed these matters with the Trustees at meetings held regularly throughout the preceding year.

Based on the totality of the information considered, the Board concluded that the nature, extent and quality of the Advisers' services provided to the Fund were of a high quality, and that the Advisers have provided and could reasonably be expected to continue to provide these services on an ongoing basis based on their experience, operations and resources.

#### The Costs of Services Provided and Profits Realized by the Advisers and their Affiliates from their Relationships with the Fund
The Board reviewed information compiled by ISS that compared the Fund's effective annual management fee rate with the fees paid by its Peer Funds. The Board reviewed with management the effective annual management fee paid by the Fund to the Investment Adviser for investment management services. The Board considered the Fund's management fee structure, including information from management about the fees charged by the Investment Adviser to other clients investing primarily in an asset class similar to that of the Fund. The Board reviewed and considered additional information about the Advisers' fees, including the amount of the management fees retained by the Investment Adviser after payment of the sub-advisory fees. The Board considered that the compensation paid to the Sub-Adviser was paid by the Investment Adviser, and, accordingly, that the retention of the Sub-Adviser did not increase the fees or expenses otherwise incurred by the Fund's shareholders. The Board considered the fee comparisons in light of the differences in resources and costs required to manage the different types of accounts. In evaluating the Fund's management fees, the Board took into account the regulatory regimes, fund structure, level of services, complexity and quality of the investment management of the Fund.

In addition to the foregoing, the Board considered the Fund's fees and expenses relative to the fees and expenses of the Peer Funds, as well as information on the limitations of such comparable data given differences between the Fund and the Peer Funds presented. This information showed that the Fund's net management fee and total net expenses, exclusive of investment-related expenses, were above the median of the Peer Funds. The Board also reviewed the profitability of the investment advisory relationship with the Fund to the Advisers. The Board concluded that the Fund's fees and expenses, as well as the Adviser's profitability, were reasonable in light of the nature, extent and quality of services provided.

#### Investment Performance of the Fund
The Board received and reviewed with the Fund's management, among other performance data, information that compared the Fund's return over various time periods to those of comparable investment companies and discussed this information and other related performance data with management. The Board received and considered information comparing the Fund's performance to the performance of the Fund's Peer Funds, including information on the limitations of such comparable data given differences between the Fund and the Peer Funds presented.

In addition, the Board received and reviewed information regarding the Fund's total return on a gross and net basis and relative to the Fund's benchmark. The Trustees considered management's discussion of the factors contributing to differences in performance between the Fund, its Peer Funds, other abrdn strategies, as applicable, and the Fund's benchmark, including (but not limited to) differences in the investment strategies, restrictions and risks of the Peer Funds which limited comparability and distinguishing features of the Fund relative to the benchmark and other abrdn strategies. Additionally, the Board considered information about the Fund's discount/premium ranking relative to its Peer Funds and the

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| abrdn Income Credit Strategies Fund | **41** |

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Supplemental Information (Unaudited) (concluded)

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Advisers' discussion of the Fund's performance. The Trustees noted that the Fund underperformed its benchmark and the average of the Peer Funds for the 1-, 3- and 10-year periods ended March 31, 2025, but outperformed its benchmark and the average of the Peer Funds for the 5-year period ended March 31, 2025. The Board considered the Advisers' discussion of Fund performance and the Advisers' efforts to improve performance, among other factors, in determining to continue the Advisory Agreements. The Board also noted the limited comparability of certain of the Peer Funds presented given their varying investment objectives and policies..

#### Direct and Indirect Benefits
The Board then considered whether or the extent to which the Advisers derive any direct, ancillary or indirect benefits, such as reputational benefits, that could accrue to the Advisers from the Fund's operations as a result of the Advisers' relationship with the Fund. The Board recognized the services provided to the Fund by affiliates of the Investment Adviser and the related compensation paid by the Fund for those services. Based on the totality of the information considered, the Board concluded that any benefits accruing to the Advisers by virtue of their relationship with the Fund appeared to be reasonable.

#### Economies of Scale
The Board next considered management's discussion of the Fund's management fee structure and determined that the management fee structure was reasonable. The Board based its determination on various factors, including how the Fund's management fee compared relative to the Peer Funds. The Board also considered that the Fund had an expense limitation agreement in place until September 20, 2025, pursuant to which the Investment Adviser agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting the Fund's total annual operating expenses. The Board noted that Management proposed a new expense limitation agreement for the Fund through June 30, 2026. The Board concluded that the economies of scale shared with the Fund were reasonable.

*\* \* \**

Based on the Board's deliberations and its evaluations of the information described above and other factors and information the Trustees deemed relevant in the exercise of their individual reasonable business judgment, the Board, including the Independent Trustees, with the assistance of fund counsel and independent legal counsel to the Independent Trustees, unanimously determined that the fees charged pursuant to the Advisory Agreements were fair and reasonable and approved the continuation of the Advisory Agreements.

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| **42** | abrdn Income Credit Strategies Fund |

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

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

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

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

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

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

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

#### INVESTMENT OBJECTIVES, STRATEGIES AND POLICIES

#### Investment Objectives
The Fund is a diversified, closed-end management investment company whose primary investment objective is to seek a high level of current income with a secondary objective of capital appreciation.

#### Principal Investment Strategy; Leverage
Depending on current market conditions and the Fund's outlook over time, the Fund seeks to achieve its investment objectives by opportunistically investing primarily in loan and debt instruments (and loan-related or debt-related instruments, including repurchase and reverse repurchase agreements and derivative instruments) of issuers that operate in a variety of industries and geographic regions. The Fund expects to emphasize high current income, with a secondary emphasis on capital appreciation, by investing generally in senior secured floating rate and fixed rate loans and in second lien or other subordinated loans or debt instruments, including non-stressed and stressed credit obligations, and related derivatives. The Fund's investments in bank loans may include, but are not limited to, term loans, delayed funding loans, bridge loans and revolving credit facilities. Under normal market conditions, the Fund will invest at least 80% of its "Managed Assets" in any combination of the following credit obligations and related instruments: (i) senior secured floating rate and fixed rate loans ("Senior Loans") (including those that, at the time of investment, are rated below investment grade by a nationally recognized statistical rating organization (a "NRSRO") or are unrated but deemed by the Advisers to be of comparable quality; these types of below investment grade instruments are commonly known as "junk" securities and are regarded as predominantly speculative with respect to the issuer's capacity to pay interest and repay principal); (ii) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (including those that, at the time of investment, could be considered "junk" securities as described above); (iii) other debt obligations, including high-yield, high-risk obligations (i.e., instruments that are commonly known as "junk" securities as described above) and "covenant lite" loans; (iv) structured products, including collateralized debt and loan obligations (collectively, "structured products") that provide long or short exposure to other credit obligations; (v) swaps and other derivative instruments (including credit default, total return, index and interest rate swaps, options, forward contracts, futures contracts and options on futures contracts) that provide long or short exposure to other credit obligations; and (vi) short-term debt securities such as U.S. government securities, commercial paper and other money market instruments and cash

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| abrdn Income Credit Strategies Fund | **43** |

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equivalents (including shares of money market funds). Certain types of structured products, swaps and other derivative instruments provide short exposure to other credit obligations because the value of such instruments is inversely related to the value of one or more other credit obligations. "Managed Assets" are the total assets of the Fund (including any assets attributable to money borrowed for investment purposes, including proceeds from (and assets subject to) reverse repurchase agreements, any credit facility and any issuance of preferred shares or notes) minus the sum of the Fund's accrued liabilities (other than Fund liabilities incurred for the purpose of leverage).

The Fund has no liquidity limitation or restriction, thus some or all its investments may be illiquid securities.

The Advisers have expertise in Senior Loans and subordinated debt instruments, including those of stressed and distressed issuers, and are responsible for the overall management of the Fund.

The Advisers seek to maximize risk adjusted returns, including by seeking to manage risk through shorting and other hedging strategies when deemed advisable by the Advisers. There can be no assurance that the Fund's hedging strategies will succeed. The Advisers seek to achieve the Fund's investment objectives while carefully evaluating risk/return within the capital structure of a company, as well as the industry and asset class. The Advisers look to maintain trading flexibility and to preserve capital. They conduct thorough in-depth research and employ a disciplined investment philosophy and a consistent investment approach in their focus on credit opportunities. The Advisers' investment teams use a robust credit process that includes research and analysis using a top-down/bottom-up approach to find mispriced or undervalued opportunities: from the top down, they consider macroeconomic themes of the overall credit market and industries, and from the bottom up, they conduct detailed fundamental analysis related to credit obligations of specific issuers, including examining issuers' financials and operations, including sales, earnings, growth potential, assets, debt, management and competition. The Advisers also seek to understand historic and prospective industry trends affecting an investment opportunity.

The Fund can invest in both fixed-rate and floating-rate credit obligations.

When investing in credit obligations, the Fund may invest in the same securities or other credit obligations in which other accounts managed by the Advisers also invest. To the extent that the Advisers serve as an investment manager to other accounts in the future that have the same investment strategy as the Fund, investment opportunities within such strategy will, to the extent practicable, be allocated among the Fund and such other accounts on a pro rata basis or on such other basis as the Advisers determine to be fair and equitable to the Fund and such other accounts.

Investors should note that the investment advisory fee structure for other accounts managed by the Advisers may be different than the investment advisory fee structure for the Fund. The Fund offers an opportunity for its investors to have access to an investment strategy implemented by the Advisers, which normally is not directly available to retail investors, albeit only at the lower risk and return segment of the market.

The Advisers examine the material risks of an investment across a spectrum of considerations including financial metrics, regional and national conditions and industry specific factors. The Advisers may also consider the most material potential Environmental, Social and Governance ("ESG") risks and opportunities impacting issuers, where relevant. Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. As ESG information is just one investment consideration, ESG considerations generally are not solely determinative in any investment decision made by the Advisers. The relevance of ESG factors to the investment process varies across issuers and instrument types. The Fund seeks to invest in securities of issuers that are expected to exhibit stable to improving credit characteristics based on industry trends, company positioning, and management strategy, taking into account the potential positive impact of any restructurings or other corporate reorganizations.

Leverage – The Fund is permitted to obtain leverage using any form or combination of financial leverage instruments, including reverse repurchase agreements, credit facilities such as bank loans or commercial paper, and the issuance of preferred shares or notes. The Fund is permitted to obtain leverage using any form or combination of financial leverage instruments, including reverse repurchase agreements, credit facilities such as bank loans or commercial paper, and the issuance of preferred shares or notes.

The Fund is permitted to have financial leverage representing up to the maximum extent permitted by the 1940 Act. The 1940 Act generally prohibits the Fund from engaging in most forms of leverage representing indebtedness other than preferred shares unless immediately after such incurrence the Fund's total assets less all liabilities and indebtedness not represented by senior securities (for these purposes, "total net assets") is at least 300% of the aggregate senior securities representing indebtedness (i.e., the use of leverage through senior securities representing indebtedness may not exceed 33 1/3% of the Fund's total net assets (including the proceeds from leverage)). Additionally, under the 1940 Act, the Fund generally may not declare any dividend or other distribution upon any class of its capital shares, or purchase any such capital shares, unless at the time of such declaration or purchase, this asset coverage test is satisfied. In addition, the 1940 Act limits the extent to which the Fund may issue

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| **44** | abrdn Income Credit Strategies Fund |

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Additional Information Regarding the Fund (Unaudited) (continued)

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preferred shares plus senior securities representing indebtedness to 50% of the Fund's total assets (less the Fund's liabilities and indebtedness not represented by senior securities). Indebtedness associated with reverse repurchase agreements and similar financing transactions may be aggregated with any other senior securities representing indebtedness for this purpose or be treated as derivatives transactions under the 1940 Act and the rules and regulations thereunder, depending on the Fund's election under applicable SEC requirements.

#### Portfolio Composition

#### Portfolio Construction Guidelines
In addition to the principal strategies noted above, the Fund follows the following portfolio construction guidelines. The Fund may invest in credit obligations or related instruments that, at the time of investment, are likely to default. Additionally, the Fund may invest up to 5% of its portfolio in credit obligations or related instruments that, at the time of investment, are in default. The credit obligations and related instruments in which the Fund may invest include mortgage-backed and asset-backed securities and securities whose value depends on the value of mortgage-backed or asset-backed securities. These types of investments present special risks. The Fund may act as a lender originating a Senior Loan.

Under normal market conditions, the Fund may also invest up to 20% of its Managed Assets in any combination of the following: (i) structured products that do not provide long or short exposure to other credit obligations; (ii) swaps and other derivative instruments (including total return, index and interest rate swaps, options, warrants, forward contracts, futures contracts and options on futures contracts) that do not provide long or short exposure to other credit obligations; (iii) foreign currencies and foreign currency derivatives (including foreign currency related swaps, futures contracts and forward contracts) acquired for the purpose of hedging the currency risk arising from the credit obligations in the Fund's portfolio; and (iv) equity securities obtained through the conversion or exchange of convertible or exchangeable instruments, debt restructurings or bankruptcy proceedings and hedges on such positions. Structured products, swaps and other derivative instruments that do not provide long or short exposure to other credit obligations are those instruments whose reference or underlying assets or indices are not credit obligations or indices of credit obligations. Examples of such instruments include equity- and commodity-linked notes, total return swaps based on the value of an equity security and commodity futures contracts. The Fund may invest in such instruments in order, for example, (i) to seek current income or capital appreciation or (ii) to reduce the Fund's exposure solely to credit obligations. The Adviser believes that the flexibility afforded by being able to invest in such instruments may benefit the Fund by (i) allowing the Fund to invest in

potentially attractive investment opportunities that are not credit obligations and (ii) increasing the mix of instruments in the Fund's portfolio which could reduce the overall risk of the Fund's portfolio. The Fund may use interest rate swaps to hedge the Fund's liability with respect to its leverage. There can be no assurance that these benefits will be realized and such instruments may expose the Fund to risks not presented by credit obligations.

If the Fund receives equity securities in a debt restructuring or bankruptcy proceeding in an amount that would cause it to exceed the foregoing 20% limitation, the Fund will not be required to reduce its positions in such securities, or in any related hedges or any other investment, if the Adviser believes it would not be in the best interest of the Fund to do so.

Percentage limitations described in the Fund's prospectus are as of the time of investment by the Fund and may be exceeded after such time because of changes in the market value of the Fund's assets.

The Fund may not invest in a derivative (other than a credit default swap or a currency hedging instrument) if, immediately after the investment, derivatives (other than credit default swaps and currency hedging instruments) would represent more than 30% of the Fund's Managed Assets on a marked-to-market basis. The Fund may use derivative instruments for hedging, as well as speculative, purposes.

The Fund's policy of investing, under normal market conditions, in accordance with the foregoing portfolio construction guidelines, is not considered to be fundamental by the Fund and can be changed without the vote of the Fund's shareholders by the Board with at least sixty (60) days written notice provided to shareholders.

#### Credit quality, liquidity and geographic origin of portfolio investments
The Fund may invest, without limitation, in credit obligations that are rated below investment grade (sometimes referred to as "junk" or high yield securities) by Moody's Investors Service, Inc. ("Moody's") (below Baa3), S&P Global Ratings ("S&P") (below BBB-), or Fitch Ratings, Inc. ("Fitch") (below BBB-) or comparably rated by another appropriate nationally recognized statistical rating organizations ("NRSRO"), or, if unrated, determined by the Advisers to be of comparable quality. In the event that a security receives different ratings from different NRSROs, the Adviser will treat the security as being rated in the highest rating category received from an NRSRO. Such securities are regarded as predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations and involve significant risk exposure to adverse conditions. Any of the Fund's investments may be issued, at the time of investment by the Fund, by "non-stressed" or "stressed" issuers. The Fund may invest in credit obligations of any maturity or duration. "Non-stressed issuers"

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| abrdn Income Credit Strategies Fund | **45** |

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Additional Information Regarding the Fund (Unaudited) (continued)

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generally refers to those issuers that are in compliance with respect to their financial obligations and are not stressed or distressed issuers. "Non-stressed obligations" generally refers to credit obligations issued by non-stressed issuers. "Stressed issuers" generally refers to those issuers that the market expects to become distressed issuers in the near future. "Stressed obligations" generally refers to credit obligations issued by stressed issuers. "Distressed issuers" generally refers to those issuers that are unable to service their debt. "Distressed obligations" generally refers to credit obligations issued by distressed issuers. The Fund does not intend to invest in credit obligations issued by issuers that, at the time of investment, the Advisers believe to be distressed issuers.

In making investments in accordance with the foregoing portfolio construction guidelines, the Fund may invest globally in U.S. and non-U.S. issuers' obligations and such obligations may be U.S. dollar denominated as well as non-U.S. dollar denominated. The Fund typically seeks to limit its exposure to foreign currency risks by entering into forward transactions and other hedging transactions to the extent practical. There can be no assurance that the Fund's currency hedging strategies will succeed. Under normal market conditions, the Fund expects to continue investing in both U.S. and non-U.S. issuers. The geographic areas of focus are subject to change from time to time and may be changed without notice to the Fund's shareholders. There is no minimum or maximum limit on the amount of the Fund's assets that may be invested in non-U.S. credit obligations generally or in emerging market credit obligations specifically.

The Fund may invest in loans and bonds issued by issuers of any size. The Fund's focus with respect to borrower size is subject to change from time to time and may be changed without notice to the Fund's shareholders. The Fund may invest in credit obligations at all levels of the capital structure. In investing in credit obligations, the Fund focuses on senior secured debt and other senior debt (including senior unsecured debt issued by an issuer that has also issued senior secured debt). The Fund's focus in this regard is subject to change from time to time and may be changed without notice to the Fund's shareholders.

#### Portfolio Investments
The Fund's investments (primarily in Senior Loans, subordinated loans and debt, other debt obligations, structured products and swaps – each of which is described in more detail below) may be all or substantially in investments that are generally considered to have a credit quality rated below investment grade. See "Credit quality, liquidity and geographic origin of portfolio investments" above. Generally, lower-grade securities provide a higher yield than higher-grade securities of similar maturity but are subject to greater risks, such as greater credit risk, greater market risk and volatility, greater liquidity concerns and potentially greater manager risk.

Lower-grade securities are more susceptible to non-payment of interest and principal and default than higher-grade securities. Adverse changes in the economy or to the individual issuer often have a more significant impact on the ability of lower-grade issuers to make payments, meet projected goals or obtain additional financing. When an issuer of such securities is in financial difficulties, the Fund may incur additional expenditures or invest additional assets in an effort to obtain partial or full recovery on amounts due. Some of the securities held by the Fund, which may not be paying interest currently or may be in payment default, may be comparable to securities rated as low as C by Moody's or CCC or lower by S&P. These securities are considered to have extremely poor prospects of ever attaining any real investment standing, to have a current identifiable vulnerability to default, to be unlikely to have the capacity to pay interest and repay principal when due in the event of adverse business, financial or economic conditions and/or to be in default or not current in the payment of interest or principal.

While all credit obligations tend to fluctuate inversely with changes in interest rates, the prices of lower-grade securities generally are less sensitive to changes in interest rates and are more sensitive to specific issuer developments or real or perceived general adverse economic changes than higher-grade securities. A projection of an economic downturn, for example, could cause a decline in prices of lower-grade securities because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its securities or obtain additional financing when necessary. A significant increase in market interest rates or a general economic downturn could severely disrupt the market as well as the market values of such securities. Such securities also often experience more volatility in prices than higher-grade securities.

Unrated credit obligations are usually not as attractive to as many buyers as are rated credit obligations, a factor which may make unrated credit obligations less marketable. These factors may have the effect of limiting the availability of the credit obligations for purchase by the Fund and may also limit the ability of the Fund to sell such credit obligations at their fair value.

Few lower grade credit obligations are listed for trading on any national exchange, and issuers of lower grade credit obligations may choose not to have a rating assigned to their credit obligations by an NRSRO. As a result, the Fund's portfolio may consist of a greater portion of unlisted or unrated credit obligations as compared with a fund that invests primarily in higher grade credit obligations.

The markets for lower-grade loans and debt credit obligations may be less liquid than the markets for higher-grade credit obligations. Liquidity relates to the ability to sell an obligation in a timely manner at a price which reflects the value of that obligation. To the extent that there is no established retail market for some of the lower-grade

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| **46** | abrdn Income Credit Strategies Fund |

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Additional Information Regarding the Fund (Unaudited) (continued)

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securities in which the Fund may invest, trading in such securities may be relatively inactive. Prices of lower-grade credit obligations may decline rapidly in the event a significant number of holders decide to sell. Changes in expectations regarding an individual issuer of lower-grade credit obligations generally could reduce market liquidity for such credit obligations and make their sale by the Fund more difficult, at least in the absence of price concessions. The effects of adverse publicity and investor perceptions may be more pronounced for securities for which no established retail market exists as compared with the effects on securities for which such a market does exist. An economic downturn or an increase in interest rates could severely disrupt the market for such credit obligations and adversely affect the value of outstanding credit obligations or the ability of the issuers to repay principal and interest. Further, the Fund may have more difficulty selling such credit obligations in a timely manner and at their stated value than would be the case for credit obligations for which an established retail market does exist.

During periods of reduced market liquidity or in the absence of readily available market quotations for lower-grade or other credit obligations held in the Fund's portfolio, the ability of the Fund to value the Fund's investments becomes more difficult and the judgment of the Advisers may play a greater role in the valuation of the Fund's investments due to the reduced availability of reliable objective data.

The Fund may invest in the credit obligations of stressed issuers, including obligations that are in covenant or payment default. Credit obligations that are or become stressed generally trade at prices below par, thus creating opportunities for capital appreciation (or loss) as the values of such securities change over time. A security purchased at a deep discount may currently pay a very high effective yield. In addition, if the financial condition of the company improves, the underlying value of the obligation may increase, resulting in capital appreciation. If the company defaults on its credit obligations or remains in default, or if the plan of reorganization does not provide sufficient payments for debtholders, the deep discount credit obligations may stop generating income and lose value or become worthless. Such obligations are subject to a multitude of legal, industry, market, economic and governmental forces each of which make analysis of these companies inherently difficult. The Advisers rely on company management, outside experts, market participants and personal experience to analyze potential investments. There can be no assurance that any of these sources will provide credible information, or that the analysis of the Advisers will produce conclusions that lead to profitable investments for the respective portion of the Fund's portfolio managed by each. The Fund relies on the Advisers' judgment, analysis and experience in evaluating the creditworthiness of an issuer. The amount of available information about the financial condition of certain lower-grade issuers may be less extensive than other issuers. In their analysis, the Advisers may

consider the credit ratings of NRSROs in evaluating credit obligations although the Advisers do not rely primarily on these ratings. Credit ratings of NRSROs evaluate only the safety of principal and interest payments, not the market risk. In addition, ratings are general and not absolute standards of quality, and credit ratings are subject to the risk that the creditworthiness of an issuer may change and the NRSROs may fail to change such ratings in a timely fashion. A rating downgrade does not require the Fund to dispose of a security. The Advisers continuously monitor the issuers of credit obligations held in their respective managed portions of the Fund. Additionally, since most non-U.S. income credit obligations are not rated, the Fund will invest in such credit obligations based on the analysis of the Advisers without any guidance from published ratings. Because of the number of investment considerations involved in investing in lower-grade credit obligations and foreign income credit obligations, achievement of the Fund's investment objectives may be more dependent upon the credit analysis of the Advisers than is the case with investing in higher-grade credit obligations. Obligations of stressed issuers generally trade significantly below par and are considered speculative. The repayment of defaulted obligations is subject to significant uncertainties. Defaulted obligations might be repaid only after lengthy workout or bankruptcy proceedings or result in only partial recovery of cash payments or an exchange of the defaulted obligation for other debt or equity securities of the issuer or its affiliates, which may in turn be illiquid or speculative.

There are a number of significant risks inherent in the bankruptcy process. Many events in a bankruptcy are the product of contested matters and adversary proceedings and are beyond the control of the creditors. There can be no assurance that a bankruptcy court would not approve actions that would be contrary to the interests of the Fund. A bankruptcy filing by an issuer may cause such issuer to lose its market position and key employees and otherwise become incapable of restoring itself as a viable entity, and its liquidation value may be less than its value was believed to be at the time of investment. In addition, the duration of a bankruptcy proceeding is difficult to predict and as such, a creditor's return on investment can be adversely affected by delays while the plan of reorganization is being negotiated, approved by the creditors and confirmed by the bankruptcy court and until it ultimately becomes effective. The administrative costs in connection with a bankruptcy proceeding are frequently high and would be paid out of the debtor's estate prior to any return to creditors. Further, in the early stages of the bankruptcy process it is often difficult to estimate the extent of any contingent claims that might be made and as such, there is a risk that the Fund's influence with respect to the class of obligations it owns can be lost by increases in the number and amount of claims in that class or by different classification and treatment. A creditor, such as the Fund, can also lose its ranking and priority if it is determined that such creditor exercised "domination and control" over a debtor and other

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| abrdn Income Credit Strategies Fund | **47** |

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creditors can demonstrate that they have been harmed by such actions. In addition, certain claims have priority by law, such as claims for taxes, which may be substantial and could affect the ability of the Fund to be repaid.

In any investment involving stressed obligations, there is a risk that the transaction involving such debt obligations will be unsuccessful, take considerable time or will result in a distribution of cash or a new security or obligation in exchange for the stressed obligations, the value of which may be less than the Fund's purchase price of such obligations. Furthermore, if an anticipated transaction does not occur, the Fund may be required to sell its investment at a loss. The Advisers seek to balance the benefits of deep discount credit obligations with the risks associated with investments in such obligations. While a diversified portfolio may reduce the overall impact of a deep discount obligation that is in default or loses its value, the risk cannot be eliminated. The Fund may sell portfolio securities without regard to the length of time they have been held to take advantage of new investment opportunities, when the Advisers believe the potential for high current income or capital appreciation has lessened, or for other reasons. The Fund's portfolio turnover rate may vary from year to year.

#### Senior Loans
Senior Loans are business loans made to borrowers that may be corporations, partnerships or other entities that operate in a variety of industries and geographic regions. Senior Loans generally are negotiated between a borrower and several financial institution lenders represented by one or more lenders acting as agent of all the lenders. The agent is responsible for negotiating the loan agreement that establishes the terms and conditions of the Senior Loan and the rights of the borrower and the lenders. The Fund may act as one of the original lenders originating a Senior Loan, may purchase portions of Senior Loans through assignments from lenders and may invest in participations in Senior Loans. Senior Loans have the most senior position in a borrower's capital structure or share the senior position with other senior debt securities of the borrower. This capital structure position generally gives holders of Senior Loans a claim on some or all of the borrower's assets that is senior to that held by unsecured creditors, subordinated debt holders and stockholders of the borrowers. Senior Loans also have contractual terms designed to protect lenders. The Fund will generally acquire Senior Loans of borrowers that, among other things, in the Advisers' judgment, can make timely payments on their Senior Loans and that satisfy other credit standards established by the Advisers. Because of the protective features of Senior Loans, the Fund and the Advisers believe that Senior Loans of borrowers that are experiencing, or are more likely to experience, financial difficulty may represent attractive investment opportunities.

Interest rates on Senior Loans may be fixed or may float periodically. On floating rate Senior Loans, the interest rates typically are adjusted based on a base rate plus a premium or spread over the base rate. The base rate usually is a standard inter-bank offered rate, such as the London Interbank Offered Rate ("LIBOR"), the prime rate offered by one or more major U.S. banks, or the certificate of deposit rate or other base lending rates used by commercial lenders. Floating rate Senior Loans may adjust over different time periods, including daily, monthly, quarterly, semi-annually or annually. The Fund may use interest rate swaps and other investment practices to shorten the effective interest rate adjustment period of floating rate Senior Loans or to adjust the overall interest rate exposure of the Fund.

When interest rates rise, the values of fixed income securities generally decline. When interest rates fall, the values of fixed income securities generally increase. The prices of adjustable, variable or floating rate income securities tend to have less fluctuation in response to changes in interest rates, but will have some fluctuation particularly when the next interest rate adjustment on such security is further away in time or adjustments are limited in amount over time.

The Fund's Senior Loan investments will typically be secured by specific assets of the borrower that qualify as collateral, such as trademarks, accounts receivable, inventory, buildings, real estate, franchises and common and preferred stock in its subsidiaries and affiliates. Collateral may also include guarantees or other credit support by affiliates of the borrower. In some cases, a Senior Loan may be secured only by stock of the borrower or its subsidiaries. The borrower may experience financial difficulty and/or the value of collateral may decline over time. The loan agreement may or may not require the borrower to pledge additional collateral to secure the Senior Loan if the value of the initial collateral declines. In certain circumstances, the loan agreement may authorize the agent to liquidate the collateral and to distribute the liquidation proceeds pro rata among the lenders. As described below, the Fund may also invest in loans that are not secured by specific collateral. Investments in such unsecured loans involve a greater risk of loss.

Senior Loans also have contractual terms designed to protect lenders. Loan agreements often include restrictive covenants that limit the activities of the borrower. These covenants may include mandatory prepayment out of excess cash flows, restrictions on dividend payments, the maintenance of minimum financial ratios, limits on indebtedness and other financial tests. Breach of these covenants generally is an event of default and, if not waived by the lenders, may give lenders the right to accelerate principal and interest payments.

The proceeds of Senior Loans that the Fund will purchase typically will be used by borrowers to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, debt refinancings and, to a lesser extent, for general operating and other purposes.

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| **48** | abrdn Income Credit Strategies Fund |

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The Fund may purchase and retain in its portfolio Senior Loans of borrowers that have filed for protection under the federal bankruptcy laws or similar laws or that have had involuntary bankruptcy petitions filed against them by creditors. Investing in Senior Loans involves investment risk, and some borrowers default on their Senior Loan payments. The Fund attempts to manage these risks through selection of a varied portfolio of Senior Loans and analysis and monitoring of borrowers.

The Fund generally invests in a Senior Loan if, in the Advisers' judgment, the borrower can meet its future payment obligations. The Advisers will perform their own independent credit analysis of the borrower in addition to utilizing information prepared and supplied by the agent or other lenders with respect to the portion of the Fund's portfolio managed by each. When evaluating a borrower, the Advisers will consider many factors, including the borrower's past and future projected financial performance. The Advisers also consider a borrower's management, collateral and industry. The Fund generally acquires a collateralized Senior Loan if the Advisers believe that the collateral coverage equals or exceeds the outstanding principal amount of the Senior Loan. The Advisers continue to monitor a borrower on an ongoing basis for so long as the Fund continues to own the Senior Loan. Although the Advisers use their best judgment in selecting Senior Loans, there can be no assurance that such analysis will disclose factors that may impair the value of a Senior Loan. The Fund's NAV of the Common Shares fluctuates as a result of changes in the credit quality of borrowers and other factors. A serious deterioration in the credit quality of a borrower could cause a permanent decrease in the Fund's NAV of the Common Shares.

There is no minimum rating or other independent evaluation of a borrower or its securities limiting the Fund's investments. Although a Senior Loan may not be rated by a NRSRO at the time the Fund purchases the Senior Loan, NRSROs have become more active in rating Senior Loans, and at any given time a substantial portion of the Senior Loans in the Fund's portfolio may be rated. There is no limit on the percentage of the Fund's assets that may be invested in Senior Loans that are rated below investment grade or that are unrated but deemed by the Advisers to be of comparable quality.

*Original Lender. When the Fund acts as an original lender, it may participate in structuring the Senior Loan. When the Fund is an original lender, it will have a direct contractual relationship with the borrower, may enforce compliance of the borrower with the terms of the loan agreement and may have rights with respect to any funds acquired by other lenders through set-off. Lenders typically also have full voting and consent rights under loan agreements. Certain actions of the borrower typically requires the vote or consent of the holders of some specified percentage of the outstanding principal amount of the Senior Loan. Certain decisions, such as reducing the amount of interest on or principal of a Senior Loan, releasing collateral, changing*

the maturity of a Senior Loan or a change in control of the borrower, frequently require the unanimous vote or consent of all lenders affected. The Fund intends never to act as the agent or principal negotiator or administrator of a Senior Loan, except to the extent it might be considered to be the principal negotiator of a loan negotiated by the Advisers for the Fund and/or one or more other registered investment companies managed by the Advisers.

The Fund will not act as an original lender for a loan if, after making such loan, loans originated by the Fund would exceed 5% of the Fund's Managed Assets. The Fund will generally only act as an original lender for a loan if, among other things, in the Advisers' judgment, the borrower can make timely payments on its loans and satisfy other credit standards established by the Advisers. The Advisers rely primarily on their own evaluation of the credit quality of such a borrower. As a result, the Fund is particularly dependent on the analytical abilities of the Advisers. Because of the nature of its investments, the Fund may be subject to allegations of lender liability and other claims. In addition, the Securities Act of 1933, as amended (the "Securities Act") deems certain persons to be "underwriters" if they purchase a security from an issuer and later sell it to the public. Although it is not believed that the application of this Securities Act provision would cause the Fund to be engaged in the business of underwriting, a person who purchases an instrument from the Fund that was acquired by the Fund from the issuer of such instrument could allege otherwise. Under the Securities Act, an underwriter may be liable for material omissions or misstatements in an issuer's registration statement or prospectus.

The Fund will not originate a loan (i) to a borrower that is a portfolio company controlled by a fund managed by the Advisers or their affiliates or (ii) where a fund or account managed by the Advisers or their affiliates is the agent, principal negotiator or administrator of the loan, except to the extent that the Advisers or another registered investment company managed by the Advisers might be considered to be the principal negotiator of a loan it negotiates for the Fund and/or one or more other registered investment companies managed by the Advisers.

*Senior Loan assignments and participations. The Fund may purchase Senior Loans by assignment from a lender in the original syndicate of lenders or from subsequent assignees. The purchaser of a loan through an assignment typically succeeds to all the rights and obligations under the loan agreement of the assigning lender and becomes a lender under the loan agreement. Assignments may, however, be arranged through private negotiations, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. The Fund may also purchase participations from lenders in the original syndicate making Senior Loans. When the Fund purchases an interest in a loan through a participation, the Fund will usually have a*

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| abrdn Income Credit Strategies Fund | **49** |

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contractual relationship only with the lender selling the participation and not with the borrower. The Fund may have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of such payments from the borrower. As a result, the Fund may assume the credit risk of both the borrower and the lender selling the participation. In the event of insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender.

In the case of a participation, the Fund generally will not have the right to enforce compliance by the borrower with the loan agreement, nor rights to any funds acquired by other lenders through set-off against the borrower. In addition, when the Fund holds a participation in a Senior Loan, it may not have the right to vote on whether to waive enforcement of any restrictive covenant breached by a borrower. Lenders voting in connection with a potential waiver of a restrictive covenant may have interests different from those of the Fund and may not consider the interests of the Fund. The Fund may not benefit directly from the collateral supporting a Senior Loan in which it has purchased the participation, although lenders that sell participations generally are required to distribute liquidation proceeds received by them pro rata among the holders of such participations.

The Fund generally will not have the right to enforce compliance by the borrower with the loan agreement, nor rights to any funds acquired by other lenders through set-off against the borrower. In addition, when the Fund holds a Participation in a Senior Loan, it may not have the right to vote on whether to waive enforcement of any restrictive covenant breached by a borrower. Lenders voting in connection with a potential waiver of a restrictive covenant may have interests different from those of the Fund and may not consider the interests of the Fund. The Fund may not benefit directly from the collateral supporting a Senior Loan in which it has purchased the Participation, although lenders that sell Participations generally are required to distribute liquidation proceeds received by them pro rata among the holders of such Participations.

#### Second Lien or Other Subordinated or Unsecured Loans or Debt
The Fund may invest in second lien or other subordinated or unsecured loans or debt. Such loans or debt are made by public and private corporations and other non-governmental entities and issuers for a variety of purposes. As in the case of Senior Loans, the Fund may purchase interests in second lien or other subordinated or unsecured loans or debt through assignments or participations (each as described above).

Second lien loans are secured by a second priority security interest in or lien on specified collateral securing the borrower's Senior Loans on a first lien basis. This means that Senior Loans are repaid in full with proceeds of the collateral before second lien loans are repaid. Second

lien loans typically have less protections and rights as Senior Loans. Second lien loans are not (and by their terms cannot become) junior in lien priority to any obligation of the related borrower other than Senior Loans of such borrower. Second lien loans may have fixed or floating rate interest payments. Because second lien loans are secured on a junior basis to Senior Loans, they present a greater degree of investment risk but often pay interest at higher rates reflecting this additional risk. In addition, second lien loans of below investment grade quality share many of the risk characteristics of other non-investment grade securities.

Second lien and subordinated loans typically have greater price volatility than Senior Loans and may be less liquid.

Subordinated loans or debt may, and generally will, rank lower in priority of payment to Senior Loans and second lien loans of the borrower. Subordinated secured loans or debt typically are secured by a lower priority security interest in or lien on specified collateral, and typically have more subordinated protections and rights than Senior Loans and second lien loans. Subordinated loans may have fixed or adjustable floating rate interest payments. Because subordinated loans may rank lower as to priority of payment than Senior Loans and second lien loans of the borrower, they may present a greater degree of investment risk than Senior Loans and second lien loans but often pay interest at higher rates reflecting this additional risk. Other than their more subordinated status, such investments have many characteristics and risks similar to Senior Loans and second lien loans discussed above. Subordinated interests of below investment grade quality share risks similar to those of below investment grade securities.

Unsecured loans or debt generally have lower priority in right of payment compared to holders of secured loans of the borrower. Unsecured loans are not secured by a security interest in or lien on specified collateral. Unsecured loans by their terms may be or may become subordinate in right of payment to other obligations of the borrower, including Senior Loans, second lien loans and other debt. Unsecured loans may have fixed or adjustable floating rate interest payments. Because unsecured loans are subordinate to the Senior Loans and secured debt of the borrower, they may present a greater degree of investment risk but often pay interest at higher rates reflecting this additional risk. Unsecured interests of below investment grade quality share risks similar to those associated with other below investment grade securities.

#### Structured Products
The Fund may also invest in structured products, including collateralized debt obligations ("CDOs"), collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), structured notes, credit-linked notes and other types of structured products. Generally, investments in structured products are interests

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| **50** | abrdn Income Credit Strategies Fund |

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in entities organized and operated for the purpose of restructuring the investment characteristics of the underlying investment interests or securities. These investment entities may be structured as trusts or other types of pooled investment vehicles. This type of restructuring generally involves the deposit with or purchase by an entity of the underlying investments and the issuance by that entity of one or more classes of securities backed by, or representing interests in, the underlying investments or referencing an indicator related to such investments. The cash flow or rate of return on the underlying investments may be apportioned among the newly issued securities to create different investment characteristics, such as varying maturities, credit quality, payment priorities and interest rate provisions. The cash flow or rate of return on a structured product may be determined by applying a multiplier to the rate of total return on the underlying investments or referenced indicator. Application of a multiplier is comparable to the use of financial leverage, both being speculative techniques. Leverage magnifies the potential for gain and the risk of loss. As a result, a relatively small decline in the value of the underlying investments or referenced indicator could result in a relatively large loss in the value of a structured product. Holders of structured products bear risks of the underlying investment, index or reference obligation (including income risk, credit risk and market risk) and are subject to counterparty risk. Certain structured products may be terminated early by the issuer if it is unable to hedge its obligations under the product, which could result in a loss to the Fund. In addition, the Fund may invest in other derivative instruments that are developed over time if their use would be consistent with the objectives of the Fund.

CDOs, CBOs and CLOs are types of asset-backed securities issued by special purpose vehicles created to reapportion the risk and return characteristics of a pool of assets. The underlying pool for a CLO, for example, may include domestic and foreign Senior Loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. For CDOs, CBOs and CLOs, the cash flows are split into two or more portions, called tranches, varying in risk and yield. The assets, typically Senior Loans, are used as collateral supporting the various debt tranches issued by the special purpose vehicle. The key feature of these structures is the prioritization of the cash flows from a pool of underlying securities among the several classes of securities issued by a structured product. CBOs are structured debt securities backed by a diversified pool of high yield, public or private fixed income securities. These may be fixed pools or may be "market value" (or managed) pools of collateral. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect to some degree the other, more senior tranches from default. Since it is partially protected from defaults, a senior tranche typically has higher ratings and lower yields than its underlying securities, and can be rated investment grade. Despite the protection

from the equity tranche, the various tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to such securities as a class.

Certain structured products may be thinly traded or have a limited trading market and may have the effect of increasing the Fund's illiquidity to the extent that the Fund, at a particular point in time, may be unable to find qualified buyers for, and may have difficulty valuing, these securities. CBOs, CLOs and other CDOs are typically privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Fund as illiquid securities; however, an active dealer market may exist for CDOs allowing a CDO to be considered liquid in some circumstances. In addition to the general risks associated with fixed income securities discussed herein, CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or the collateral may go into default; (iii) the possibility that the CDOs are subordinate to other classes of obligations issued by the same issuer; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Structured notes are derivative securities for which the amount of principal repayment and/or interest payments is based on the movement of one or more "factors." These factors include, but are not limited to: currency exchange rates, interest rates (such as the prime lending rate or LIBOR), referenced bonds and stock indices. Some of these factors may or may not correlate to the total rate of return on one or more underlying instruments referenced in such notes. In some cases, the impact of the movements of these factors may increase or decrease through the use of multipliers or deflators. A credit-linked note is a derivative instrument that is an obligation between two or more parties where the payment of principal and/or interest is based on the performance of some obligation (a reference obligation).

The Fund may have the right to receive payments to which it is entitled only from the issuer of the structured product, and generally does not have direct rights against the issuer of, or the entity that sold, the assets underlying the structured product. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding such securities, investors in structured products generally pay their share of the structured product's administrative and other expenses.

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| abrdn Income Credit Strategies Fund | **51** |

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Structured products may be private investment funds (structured as trusts or other types of pooled investment companies that are excluded from the definition of "investment company" under the 1940 Act by the operation of Section 3(c)(1) or 3(c)(7) thereof) or investment companies that are registered under the 1940 Act. Investment in such products involves operating expenses and fees that are in addition to the expenses and fees of the Fund, and such expenses and fees are borne indirectly by holders of the Fund's Common Shares.

#### Swaps
The Fund may enter into swap transactions, including credit default, total return, index and interest rate swap agreements, as well as options thereon, and may purchase or sell interest rate caps, floors and collars. A swap is a derivative in the form of an agreement to exchange the return generated by one instrument for the return generated by another instrument. A swap transaction involves swapping one or more investment characteristics of a security or a basket of securities with another party. The payment streams are calculated by reference to the investment characteristic(s) chosen applied to an agreed upon notional amount.

The Fund may write (sell) and purchase put and call swap options. A swap option, or swaption, is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms.

Swaps generally do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swaps is limited to the net amount of payments that the Fund is contractually obligated to make. However, because some swap agreements have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. If the other party to a swap defaults, the Fund's risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction.

The Fund may engage in swaptions for hedging purposes, to manage and mitigate credit and interest rate risks and to gain exposure to credit obligations. The use of swaptions involves risks, including, among others, (i) changes in the market value of securities held by the Fund, and of swaptions relating to those securities may not be proportionate, (ii) there may not be a liquid market to sell a swaption,

which could result in difficulty closing a position, (iii) swaptions can magnify the extent of losses incurred due to changes in the market value of the securities to which they relate and (iv) counterparty risk.

The Fund will usually enter into swaps on a net basis, i.e., the two payment streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. The Fund may enter into over-the-counter derivatives transactions (swaps, caps, floors and puts).

It is possible that government regulation of various types of derivative instruments, including futures and swap agreements, may limit or prevent the Fund from using such instruments as part of its investment strategy, which could negatively impact the Fund.

#### Foreign Securities
The Fund may invest without limitation in securities of borrowers that are organized or located in countries other than the United States, including non-U.S. dollar denominated securities and may invest without limitation in obligations of issuers located in emerging market countries. The percentage of assets invested in securities of a particular country or denominated in a particular currency will vary in accordance with the Fund's assessment of the relative yield, appreciation potential and the relationship of a country's currency to the U.S. dollar, which is based upon such factors as fundamental economic strength, credit quality and interest rate trends. Investments in securities of foreign issuers present certain risks not ordinarily associated with investments in securities of U.S. issuers, including that non-U.S. issuers may be subject to less rigorous accounting and reporting requirements than U.S. issuers, less rigorous regulatory requirements, different and perhaps not as well formulated and defined legal systems and laws relating to creditors' rights, the potential inability to enforce legal judgments and the potential for political, social and economic adversity. Investments by the Fund in non-U.S. dollar denominated investments will be subject to substantially similar risks to those associated with direct investment in securities of foreign issuers, and are subject to currency risk as well. Currency risk is the risk that fluctuations in the exchange rates between the U.S. dollar and non-U.S. currencies may negatively affect an investment. The value of investments denominated in non-U.S. currencies may fluctuate based on changes in the value of those currencies relative to the U.S. dollar, and a decline in applicable foreign exchange rates could reduce the value of such investments held by the Fund. The Fund may also hold non-U.S. dollar denominated Senior Loans or other securities received as part of a reorganization or restructuring. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder

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communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities.

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

Since the Fund may invest in securities of foreign issuers denominated in the local currency, changes in foreign currency exchange rates will affect the value of securities in the Fund's portfolio and the unrealized appreciation or depreciation of investments. In addition to changes in the value of the Fund's portfolio investments resulting from currency fluctuations, the Fund may incur costs in connection with conversions between various currencies. The Fund may also invest directly in currencies for hedging purposes. The Fund is subject to the risk that those currencies will decline in value relative to the U.S. dollar. The values of the currencies of the emerging market countries in which the Fund may invest may be subject to a high degree of fluctuation due to changes in interest rates, the effects of monetary policies issued by the United States, foreign governments, central banks or supranational entities, the imposition of currency controls or due to other national or global political or economic developments. Foreign exchange dealers realize a profit based on the difference between the prices at which they are buying and selling various currencies. Thus, a dealer normally will offer to sell a foreign currency to the Fund at one rate, while offering a lesser rate of exchange should the Fund desire immediately to resell that currency to the dealer. The Fund conducts its foreign currency exchange transactions either on a spot (i.e*.*, cash)

basis at the spot rate prevailing in the foreign currency exchange market, or through entering into forward, futures or options contracts to purchase or sell foreign currencies. Therefore, the Fund's exposure to foreign currencies may result in reduced returns to the Fund. The Fund may also engage in foreign currency hedging transactions.

Investing in Euro-denominated (or other European currency-denominated) securities entails risk of being exposed to a currency that may not fully reflect the strengths and weaknesses of the disparate European economies. In addition, it is possible that the Euro could be abandoned in the future by countries that have already adopted its use. The effects of such an abandonment on the applicable country and the rest of the EMU are uncertain but could be negative and severe. Many European countries rely heavily upon export-dependent businesses and any change in the exchange rate between the Euro and the U.S. dollar can have either a positive or a negative effect upon corporate profits and the performance of investments in the European Union. Moreover, the possibility of one or more European countries exiting the EMU, or even of the collapse of the Euro as a common currency, has arisen. The effects of the collapse of the Euro, or of the exit of one or more countries from the EMU, on the United States and global economy and securities markets are impossible to predict and any such events could have a significant adverse impact on the value and risk profile of the Fund's portfolio.

*Foreign currency transactions. The Fund may enter into foreign exchange forward contracts ("forward contracts") for hedging or portfolio management purposes. A forward contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded in the interbank market conducted directly between currency traders (usually large, commercial and investment banks) and their customers. A non-deliverable currency forward contract is typically a short-term forward contract on a thinly traded non-convertible foreign currency where the profit and loss is the difference between a specified exchange rate and the spot rate at the time of settlement. A forward contract generally has no deposit requirement, and no commissions are charged at any stage for trades. By entering into a forward contract for the purchase or sale, for a fixed amount of dollars or other currency, of the amount of foreign currency involved in the underlying security transactions, the Fund may be able to protect itself against a possible loss resulting from an adverse change in the relationship between the U.S. dollar or other currency which is being used for the security purchase and the foreign currency in which the security is denominated during the period between the date on which the security is purchased or sold and the date on which payment is made or received. They may also be used to lock in the current exchange rate of the currency in which those*

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| abrdn Income Credit Strategies Fund | **53** |

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securities anticipated to be purchased are denominated. At times, the Fund may enter into "cross-currency" hedging transactions involving currencies other than those in which securities that are held or proposed to be purchased are denominated. The Fund may also enter into currency swap transactions. A currency swap generally involves an agreement to pay interest streams in one currency based on a specified index in exchange for receiving interest streams denominated in another currency. Such swaps also usually involve initial and final exchanges of the designated currency that correspond to an agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations.

The Fund may conduct its foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market, or through entering into forward contracts to purchase or sell foreign currencies. The Fund will not enter into forward contracts or maintain a net exposure to these contracts where the consummation of the contracts would obligate the Fund to deliver an amount of foreign currency in excess of the value of the Fund's portfolio securities. When required by law, the Fund will cause its custodian bank to earmark cash or other liquid portfolio securities in an amount equal to the net amounts of the Fund's currency exposure under its forward contracts. If the value of the securities so earmarked declines, additional cash or liquid securities will be earmarked on a daily basis so that the value of such securities will equal the net amount of the Fund's currency exposure with respect to such contracts. Forward contracts may limit gains on portfolio securities that could otherwise be realized had they not been utilized and could result in losses. The contracts may also increase the Fund's volatility and may involve a significant amount of risk relative to the investment of cash.

Although the Fund values its assets daily in terms of U.S. dollars, it does not intend to convert its holdings of foreign currencies into U.S. dollars on a daily basis. It will, however, do so from time to time, and investors should be aware of the costs of currency conversion. Although foreign exchange dealers do not typically charge a separate fee for conversion, they do realize a profit based on the spread between the prices at which they are buying and selling various currencies. Thus, a dealer may offer to sell a foreign currency to the Fund at one rate, while offering a lesser rate of exchange should the Fund desire to resell that currency to the dealer.

#### Other Derivative Instruments
The Fund is permitted to use certain derivative instruments as portfolio management or hedging techniques. The Fund may seek to protect against possible adverse changes in the market value of

securities held in or to be purchased for the Fund's portfolio, protect the Fund's unrealized gains, facilitate the sale of certain securities for investment purposes, protect against changes in currency exchange rates or adjust the exposure to a particular currency, manage the effective maturity or duration of the Fund's portfolio, or establish positions in the derivatives markets as a substitute for purchasing or selling particular securities. The Fund may also use derivative instruments to earn income. Among derivative instruments the Fund may utilize are forward contracts, options, futures contracts and options on futures contracts. In addition, the Fund may invest in other derivative instruments that are developed over time if their use would be consistent with the objectives of the Fund. However, currently, the Fund intends to use derivatives, primarily forward contracts, to hedge foreign currency risk, as described immediately above under "*Foreign currency transactions*".

Derivative instruments have risks, including the imperfect correlation between the value of such instruments and the underlying assets, the possible default of the other party to the transaction and illiquidity of the derivative instrument. Furthermore, the ability to successfully use derivative instruments depends on the ability of the Fund to predict pertinent market movements, which cannot be assured. In addition, transactions in such instruments may involve commissions and other costs, which may increase the Fund's expenses and reduce its return. Thus, the use of derivative instruments may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can otherwise realize on an investment, or may cause the Fund to hold a security that it might otherwise sell. In addition, amounts paid as premiums and cash or other assets held in margin accounts with respect to derivative instruments are not otherwise available to the Fund for investment purposes.

When conducted outside the United States, transactions in derivative instruments may not be regulated as rigorously as in the United States, may not involve a clearing mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments. The value of such positions also could be adversely affected by: (i) other complex foreign political, legal and economic factors; (ii) lesser availability than in the United States of data on which to make trading decisions; (iii) delays in the Fund's ability to act upon economic events occurring in foreign markets during non-business hours in the United States; (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States and (v) lower trading volume and liquidity.

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| **54** | abrdn Income Credit Strategies Fund |

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#### Equity Securities
Common stock generally represents an ownership or equity interest in an issuer, without preference over any other class of securities, including such issuer's debt securities, preferred stock and other senior equity securities. Common stocks are entitled to the income and increase in the value of the assets and business of the issuer after all its debt obligations and obligations to preferred stockholders are satisfied. Common stocks generally have voting rights. Common stocks fluctuate in price in response to many factors including historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. They may or may not pay dividends, as some issuers reinvest all of their profits back into their businesses, while others pay out some of their profits to stockholders as dividends, while others do not generate sufficient income to support a dividend.

#### Securities of other investment companies
The Fund may invest its assets in securities of other open- and closed-end investment companies, including affiliated registered investment companies and exchange-traded funds, to the extent permitted by the 1940 Act. As a shareholder in an investment company, the Fund will bear its ratable share of that investment company's expenses, and will remain subject to payment of the Fund's investment advisory and other fees and expenses with respect to assets so invested. Common Shareholders will therefore be subject to duplicative expenses to the extent that the Fund invests in other investment companies. Expenses will be taken into account when evaluating the merits of such investments. In addition, the securities of other investment companies may also be leveraged and will therefore be subject to certain leverage risks. The NAV and market value of leveraged securities will be more volatile and the yield to stockholders will tend to fluctuate more than the yield generated by unleveraged securities. Investment companies may have investment policies that differ from those of the Fund. If the Fund invests in securities issued by an investment company that are not credit obligations, such investment will only count toward the Fund's 80% portfolio guideline if the investment company itself has a policy to invest at least 80% of its assets in credit obligations.

#### Zero coupon bonds
Certain debt obligations purchased by the Fund may take the form of zero coupon bonds. A zero coupon bond is a bond that does not pay interest either for the entire life of the obligation or for an initial period after the issuance of the obligation. When held to its maturity, its return comes from the difference between the purchase price and its maturity value. A zero coupon bond is normally issued and traded at a deep discount from face value. Zero coupon bonds allow an issuer to avoid or delay the need to generate cash to meet current interest

payments and, as a result, may involve greater market risk and credit risk than bonds that pay interest currently or in cash. The Fund would be required to distribute the income on any of these instruments as it accrues, even though the Fund will not receive all of the income on a current basis or in cash. Thus, the Fund may have to sell other investments, including when it may not be advisable to do so, to make income distributions to its shareholders. Distributions attributable to the Fund's "original issue discount" income accruing on zero coupon bonds, and of all other ordinary income, will generally be taxable to the Common Shareholders as ordinary income. As a consequence of selling investments in order to make distributions of "original issue discount" income and other income in respect of which the Fund has not received a corresponding amount of cash, the Fund may realize additional income that gives rise to additional distribution requirements; distributions of such additional income may be taxable to the Common Shareholders as ordinary income or as long-term capital gain depending on which investments are sold.

#### Repurchase agreements and reverse repurchase agreements
The Fund may engage in repurchase agreements with broker-dealers, banks and other financial institutions to earn incremental income on temporarily available cash which would otherwise be uninvested. A repurchase agreement is a short-term investment in which the purchaser (i.e., the Fund) acquires ownership of a security and the seller agrees to repurchase the obligation at a future time and set price, thereby determining the yield during the holding period. Repurchase agreements involve certain risks in the event of default by the other party. The Fund may enter into repurchase agreements with broker-dealers, banks and other financial institutions deemed to be creditworthy.

Repurchase agreements are required to be fully collateralized by the underlying securities and are considered to be loans under the 1940 Act. The Fund pays for such securities only upon physical delivery or evidence of book entry transfer to the account of a custodian or bank acting as agent. The seller under a repurchase agreement will be required to maintain the value of the underlying collateral securities marked-to-market daily at not less than the repurchase price. The underlying securities (normally securities of the U.S. government and its agencies or instrumentalities) may have maturity dates exceeding one (1) year.

The Fund may borrow through entering into reverse repurchase agreements under which the Fund sells portfolio investments to financial institutions such as banks and broker-dealers and generally agrees to repurchase them at a mutually agreed future date and price. Generally, the effect of a reverse repurchase agreement is that, during the term of the agreement, the Fund can obtain and reinvest all or most of the cash value of the portfolio investment it sold under the agreement and still be entitled to the returns associated with such

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| abrdn Income Credit Strategies Fund | **55** |

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portfolio investment—thereby resulting in a transaction similar to a borrowing and giving rise to leverage for the Fund. The Fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction.

In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund's use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities.

The Fund also expects to enter into other transactions that may give rise to a form of leverage including, among others, swaps, futures and forward contracts, options and other derivative transactions. However, these transactions may represent a form of economic leverage and will create risks. Further, the Fund may incur losses on such transactions (including the entire amount of the Fund's investment in such transaction) even if they are covered.

#### When-issued and delayed delivery securities
The Fund may purchase and sell securities on a "when-issued" or "delayed delivery" basis whereby the Fund buys or sells a security with payment and delivery taking place in the future. The payment obligation and the interest rate are fixed at the time the Fund enters into the commitment. No income accrues to the Fund on securities in connection with such transactions prior to the date the Fund actually takes delivery of such securities. These transactions are subject to market risk as the value or yield of a security at delivery may be more or less than the purchase price or the yield generally available on securities when delivery occurs. In addition, the Fund is subject to counterparty risk because it relies on the buyer or seller, as the case may be, to consummate the transaction, and failure by the other party to complete the transaction may result in the Fund missing the opportunity of obtaining a price or yield considered to be advantageous. When the Fund is the buyer in such a transaction, however, it will segregate cash and/or liquid securities having an aggregate value at least equal to the amount of such purchase commitments until payment is made. An increase in the percentage of the Fund's assets committed to the purchase of securities on a when-issued or delayed delivery basis may increase the volatility of the Fund's NAV.

#### Private placements and restricted securities
The Fund may invest in securities which are subject to restrictions on resale because they have not been registered under the Securities Act. These securities are generally referred to as private placements or restricted securities. Limitations on the resale of these securities may have an adverse effect on their marketability, and may prevent the Fund from disposing of them promptly at reasonable prices. The Fund

may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration.

The Fund has no liquidity limitation or restriction; thus, some or all of the Fund investments may be in illiquid securities. At times, private placements or restricted securities, as well as other securities in which the Fund may invest, may be deemed illiquid. Investments in illiquid securities tend to restrict the Fund's ability to dispose of instruments in a timely fashion and restrict the Fund's ability to take advantage of market opportunities.

#### Short sales
The Fund may engage in short sales. A short sale is a transaction in which the Fund sells an instrument that it does not own in anticipation that the market price will decline. To deliver the securities to the buyer, the Fund arranges through a broker to borrow the securities and, in so doing, the Fund becomes obligated to replace the securities borrowed at their market price at the time of replacement. When selling short, the Fund intends to replace the securities at a lower price and therefore, profit from the difference between the cost to replace the securities and the proceeds received from the sale of the securities. When the Fund makes a short sale, the proceeds it receives from the sale will be held on behalf of a broker until the Fund replaces the borrowed securities. The Fund may have to pay a premium to borrow the securities and must pay any dividends or interest payable on the securities until they are replaced. The Fund's obligation to replace the securities borrowed in connection with a short sale will be secured by collateral deposited with the broker that consists of cash and/or liquid securities. Short sales involve certain risks and special considerations. If the Fund incorrectly predicts that the price of the borrowed security will decline, the Fund will have to replace the securities with securities with a greater value than the amount received from the sale. As a result, losses from short sales differ from losses that could be incurred from a purchase of a security, because losses from short sales may be unlimited, whereas losses from purchases can equal only the total amount invested.

#### Warrants
Warrants give holders the right, but not the obligation, to buy common stock of an issuer at a given price, usually higher than the market price at the time of issuance, during a specified period. The risk of investing in a warrant is that the warrant may expire prior to the market value of the common stock exceeding the price fixed by the warrant. Warrants have a subordinate claim on a borrower's assets compared with Senior Loans. As a result, the values of warrants generally are dependent on the financial condition of the borrower and less dependent on fluctuations in interest rates than are the values of many debt securities. The values of warrants may be more volatile than those of Senior Loans and this may increase the volatility of the Fund's NAV of the Common Shares.

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| **56** | abrdn Income Credit Strategies Fund |

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#### Temporary investments
During the period in which the net proceeds of this offering are being invested, in order to keep the Fund's cash fully invested and, for defensive purposes, during periods in which the Advisers believe that changes in economic, financial or political conditions make it advisable to do so, the Fund may reduce its primary investment holdings (when taking a defensive position) and invest in certain short-term (less than one (1) year to maturity) and medium-term (not greater than five (5) years to maturity) debt securities or hold cash. The short-term and medium-term debt securities in which the Fund may invest consist of: (i) obligations of the U.S. government, its agencies or instrumentalities; (ii) bank deposits and bank obligations (including certificates of deposit, time deposits and bankers' acceptances) of U.S. or foreign banks denominated in any currency; (iii) floating rate securities and other instruments denominated in any currency issued by various governments or international development agencies; (iv) finance company and corporate commercial paper and other short-term corporate debt obligations of U.S. or foreign corporations; (v) repurchase agreements with banks and broker-dealers with respect to such securities; and (vi) shares of money market funds. The Fund intends to invest for these temporary purposes only in short-term and medium-term debt securities that the Advisers believe to be of high quality, i.e., subject to relatively low risk of loss of interest or principal. In taking such positions, the Fund temporarily would not be pursuing and may not achieve its investment objectives. It is impossible to predict when, or for how long, the Fund will use these alternative strategies. There can be no assurance that such strategies will be successful.

#### RISK FACTORS
 **Market Risk. Market risk is the possibility that the market values of securities owned by the Fund will decline. The values of fixed income securities tend to fall as interest rates rise, and such declines tend to be greater among fixed income securities with longer remaining maturities. Market risk is often greater among certain types of fixed income securities, such as zero coupon bonds which do not make regular interest payments but are instead bought at a discount to their face values and paid in full upon maturity. As interest rates change, these securities often fluctuate more in price than securities that make regular interest payments and therefore subject the Fund to greater market risk than a fund that does not own these types of securities. The values of adjustable, variable or floating rate income securities tend to have less fluctuation in response to changes in interest rates, but will have some fluctuation particularly when the next interest rate adjustment on such security is further away in time or adjustments are limited in number or degree over time. The Fund has no policy limiting the maturity of credit obligations it purchases. Such obligations often have mandatory and optional prepayment provisions and because of prepayments, the actual remaining** 

maturity of loans and debts may be considerably less than their stated maturity. Obligations with longer remaining maturities or durations generally expose the Fund to more market risk. When-issued and delayed delivery transactions are subject to changes in market conditions from the time of the commitment until settlement. This may adversely affect the prices or yields of the securities being purchased. The greater the Fund's outstanding commitments for these securities, the greater the Fund's exposure to market price fluctuations. Interest rate risk can be considered a type of market risk.

**Credit Risk. Credit risk refers to the possibility that the issuer of a security will be unable to make timely interest payments and/or repay the principal on its debt. Because the Fund may invest, without limitation, in securities that are below investment grade, the Fund is subject to a greater degree of credit risk than a fund investing primarily in investment grade securities. Below investment grade securities (that is, securities rated Ba or lower by Moody's or BB or lower by S&P) are commonly referred to as "junk" securities. Generally, lower-grade securities provide a higher yield than higher-grade securities of similar maturity but are subject to greater risks, such as greater credit risk, greater market risk and volatility, greater liquidity concerns and potentially greater manager risk. Such securities are generally regarded as predominantly speculative with respect to the issuers' capacities to pay interest or repay principal in accordance with their terms. Lower-grade securities are more susceptible to non-payment of interest and principal and default than higher-grade securities and are more sensitive to specific issuer developments or real or perceived general adverse economic changes than higher-grade securities. The market for lower-grade securities may also have less information available than the market for other securities, further complicating evaluations and valuations of such securities and placing more emphasis on the experience, judgment and analysis of the Advisers.**

Credit obligations of stressed and distressed issuers (including those that are in covenant or payment default) are subject to a multitude of legal, industry, market, economic and governmental forces each of which make analysis of these companies inherently difficult. The Advisers rely on company management, outside experts, market research and personal experience to analyze potential investments. There can be no assurance that any of these sources will provide credible information, or that the Advisers' analysis will produce conclusions that lead to profitable investments. Obligations of stressed and distressed issuers generally trade significantly below par and are considered speculative. The repayment of defaulted obligations is subject to significant uncertainties. Defaulted obligations might be repaid only after lengthy workout or bankruptcy proceedings or result in only partial recovery of cash payments or an exchange of the defaulted obligation for other debt or equity

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| abrdn Income Credit Strategies Fund | **57** |

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securities of the issuer or its affiliates, which may in turn be illiquid or speculative. There are a number of significant risks inherent in the bankruptcy process. Many events in a bankruptcy are the product of contested matters and adversary proceedings and are beyond the control of the creditors. A bankruptcy court may approve actions that would be contrary to the interests of the Fund. A bankruptcy filing by an issuer may cause such issuer to lose its market position and key employees and otherwise become incapable of restoring itself as a viable entity, and its liquidation value may be less than its value was believed to be at the time of investment. In addition, the duration of a bankruptcy proceeding is difficult to predict and, as such, a creditor's return on investment can be adversely affected by delays while the plan of reorganization is being negotiated, approved by the creditors and confirmed by the bankruptcy court and until it ultimately becomes effective. The administrative costs in connection with a bankruptcy proceeding are frequently high and would be paid out of the debtor's estate prior to any return to creditors. Further, in the early stages of the bankruptcy process it is often difficult to estimate the extent of any contingent claims that might be made and, as such, there is a risk that the Fund's influence with respect to the class of obligations it owns could be lost by increases in the number and amount of claims in that class or by different classification and treatment. A creditor, such as the Fund, can also lose its ranking and priority if it is determined that such creditor exercised "domination and control" over a debtor and other creditors can demonstrate that they have been harmed by such actions. In addition, certain claims have priority by law, such as claims for taxes, which may be substantial and could affect the ability of the Fund to be repaid.

In any investment involving stressed or distressed obligations, there is a risk that the transaction involving such debt obligations will be unsuccessful, take considerable time or will result in a distribution of cash or a new security or obligation in exchange for the stressed or distressed obligations, the value of which may be less than the Fund's purchase price of such obligations. Furthermore, if an anticipated transaction does not occur, the Fund may be required to sell its investment at a loss. However, investments in equity securities obtained through debt restructurings or bankruptcy proceedings may be illiquid and thus difficult or impossible to sell.

 **Interest Rate and Income Risk. The income you receive from the Fund is based in large part on interest rates, which can vary widely over the short and long term. In a period of decreasing interest rates, your income from the Fund may decrease as well. The more the Fund invests in adjustable, variable or floating rate securities or in securities susceptible to prepayment risk, the greater the Fund's income risk. Securities with longer durations are likely to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Lower rated fixed income securities** 

have greater volatility because there is less certainty that principal and interest payments will be made as scheduled.

The risks attendant to changing interest rate environments have been, and continue to be, magnified in the current economic environment. To combat rising inflation, the Board of Governors of the Federal Reserve System increased the federal funds rate several times in 2022 and 2023; however, the Board of Governors of the Federal Reserve System decreased the federal funds rate in 2024 and 2025, and the future of interest rates remains uncertain.

 **Prepayment or Call Risk. During periods of declining interest rates, it is possible that issuers of fixed income securities with high interest rates will prepay or "call" their securities before their maturity dates. In this event, the proceeds from the prepaid or called securities would likely be reinvested by the Fund in securities bearing the new, lower interest rates, resulting in a possible decline in the Fund's income and distributions to shareholders.** 

 **Below Investment Grade (High-Yield or Junk Bond) Securities Risk. Fixed income securities rated below investment grade generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. These securities involve a greater risk of default, as they are especially sensitive to adverse changes in general economic conditions, to changes in the financial condition of their issuers and to price fluctuation in response to changes in interest rates. During periods of economic downturn or rising interest rates, issuers of below investment grade instruments may experience financial stress that could adversely affect their ability to make payments of principal and interest and increase the possibility of default, and such negative impact can be sudden and significant. The secondary market for high-yield securities may not be as liquid as the secondary market for more highly rated securities, a factor which may have an adverse effect on the Fund's ability to dispose of a particular security. There are fewer dealers in the market for high-yield securities than for investment grade obligations. The prices quoted by different dealers may vary significantly, and the spread between the bid and asked price is generally much larger for high-yield securities than for higher quality instruments. Under continuing adverse market or economic conditions, the secondary market for high-yield securities could contract further, independent of any specific adverse changes in the condition of a particular issuer, and these securities may become illiquid or less valuable even before a default occurs. In addition, adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the values and liquidity of below investment grade securities, especially in a market characterized by a low volume of trading. Unrated instruments involve the risk that the Advisers may not accurately evaluate the instrument's comparative credit rating. As a result, the Fund's investments in unrated instruments depend more heavily on the Advisers' credit analysis than if the Fund invested in comparable rated** 

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instruments. Some unrated securities may not have an active trading market or may be difficult to value, and the Fund might have difficulty selling them at an acceptable price.

**Risks of Senior Loans. There is less readily available and reliable information about most Senior Loans than is the case for many other types of instruments, including listed securities. Senior Loans are not listed on any national securities exchange or automated quotation system and as such, many Senior Loans are illiquid, meaning that the Fund may not be able to sell them quickly at a fair price. To the extent that a secondary market does exist for certain Senior Loans, the market is more volatile than for liquid, listed securities and may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. The market for Senior Loans could be disrupted in the event of an economic downturn or a substantial increase or decrease in interest rates, resulting in fluctuations in the NAV of the Fund's common shares ("Common Shares") and difficulty in valuing the Fund's portfolio of Senior Loans. Although the Advisers believe that the Fund's investments in adjustable rate Senior Loans could limit fluctuations in the NAV of the Fund's Common Shares as a result of changes in interest rates, extraordinary and sudden changes in interest rates could nevertheless disrupt the market for such Senior Loans and result in fluctuations in the NAV of the Fund's Common Shares and difficulty in valuing the Fund's portfolio of Senior Loans. Senior Loans, like most other debt obligations, are subject to the risk of default. Default in the payment of interest or principal on a Senior Loan will result in a reduction of income to the Fund, a reduction in the value of the Senior Loan and a potential decrease in the NAV of the Fund's Common Shares. The risk of default will increase in the event of an economic downturn or a substantial increase in interest rates. The Advisers rely primarily on their own evaluation of borrower credit quality rather than on any available independent sources. As a result, the Fund is particularly dependent on the analytical abilities of the Advisers.**

The Fund may acquire or hold Senior Loans of borrowers that are experiencing, or are more likely to experience, financial difficulty, including Senior Loans issued to highly leveraged borrowers or borrowers that have filed for bankruptcy protection. Borrowers may have outstanding debt obligations, including Senior Loans that are rated below investment grade. The Fund may invest a substantial portion of its assets in Senior Loans that are rated below investment grade or that are unrated at the time of purchase but are deemed by the Advisers to be of comparable quality. If a Senior Loan is rated at the time of purchase, the Fund may consider the rating when evaluating the Senior Loan but, in any event, does not view ratings as a determinative factor in investment decisions. As a result, the Fund is dependent on the credit analytical abilities of the Advisers. Because of the protective terms of Senior Loans, the Advisers believe that the Fund is more likely to recover more of its investment in a defaulted

Senior Loan than would be the case for most other types of defaulted credit obligations. The values of Senior Loans of borrowers that have filed for bankruptcy protection or that are experiencing payment difficulty could be affected by, among other things, the assessment of the likelihood that the lenders ultimately will receive repayment of the principal amount of such Senior Loans, the likely duration, if any, of a lapse in the scheduled payment of interest and repayment of principal and prevailing interest rates. There is no assurance that the Fund will be able to recover any amount on Senior Loans of such borrowers or that sale of the collateral granted in connection with Senior Loans would raise enough cash to satisfy the borrower's payment obligation or that the collateral can or will be liquidated. In the event of bankruptcy, liquidation may not occur and the bankruptcy court may not give lenders the full benefit of their senior position in the capital structure of the borrower.

The Fund may act as an original lender under Senior Loans or may acquire Senior Loans through assignments or participations. The Fund may make Senior Loans to, or acquire Senior Loans of, borrowers that, at the time of the making or acquisition of the loan by the Fund, are experiencing, or are likely to experience, financial difficulty (including highly leveraged borrowers) and such loans may constitute a material amount of the Fund's portfolio. The Fund will not make Senior Loans to, or acquire Senior Loans of, borrowers that, at the time of the making or acquisition of the loan by the Fund, are in bankruptcy.

If the Fund acquires a Senior Loan through an assignment agreement, it will typically succeed to all the rights and obligations of the assigning institution and become a lender under the credit agreement with respect to the debt obligation purchased; however, its rights can be more restricted than those of the assigning institution, and, in any event, the Fund may not be able to unilaterally enforce all rights and remedies of the lenders under the loan agreement and with regard to any associated collateral. If the Fund acquires an interest in a Senior Loan through a participation agreement, the Fund will enter into a contractual relationship with the institution selling the participation, not with the borrower. In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement or any rights of setoff against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the institution selling the participation. When purchasing a participation, the Advisers will analyze the credit risk posed by the institution selling the participation. The Advisers rely primarily on their own evaluation of the credit quality of such selling institutions rather than on any available independent sources. As a result, the Fund is particularly dependent on the analytical abilities of the Advisers. Because of the nature of its investments, the Fund may be subject to allegations of lender liability and other claims. In

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|:---|:---|
| abrdn Income Credit Strategies Fund | **59** |

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addition, the Securities Act deems certain persons to be "underwriters" if they purchase a security from an issuer and later sell it to the public. Although it is not believed that the application of this Securities Act provision would cause the Fund to be engaged in the business of underwriting, a person who purchases an instrument from the Fund that was acquired by the Fund from the issuer of such instrument could allege otherwise. Under the Securities Act, an underwriter may be liable for material omissions or misstatements in an issuer's registration statement or prospectus.

In certain circumstances, Senior Loans may not be deemed to be securities, and in the event of fraud or misrepresentation by a borrower, lenders and purchasers of interests in loans, such as the Fund, will not have the protection of the anti-fraud provisions of the federal securities laws, as would be the case for bonds or stocks. Instead, in such cases, lenders generally rely on the contractual provisions in the loan agreement itself, and common law fraud protections under applicable state law.

**Leverage risks. The Fund's leveraged capital structure creates special risks not associated with unleveraged funds having similar investment objectives and policies. The funds borrowed pursuant to the loan facility may constitute a substantial lien and burden by reason of their prior claim against the income of the Fund and against the net assets of the Fund in liquidation. The Fund is limited in its ability to declare dividends or other distributions in the event of default under the loan facility. In the event of default under the loan facility, the lender has the right to cause a liquidation of the collateral (i.e., sell portfolio securities and other assets of the Fund) and, if any such default is not cured, the lender may be able to control the liquidation as well. The loan facility has a term of 364 days and is not a perpetual form of leverage; there can be no assurance that the loan facility will be available for renewal on acceptable terms, if at all.**

The credit agreement governing the loan facility includes usual and customary covenants for this type of transaction. These covenants impose on the Fund asset coverage requirements, Fund composition requirements and limits on certain investments which are more stringent than those imposed on the Fund by the 1940 Act. The covenants or guidelines could impede the Fund's Adviser or Sub-Adviser from fully managing the Fund's portfolio in accordance with the Fund's investment objective and policies. Furthermore, non-compliance with such covenants or the occurrence of other events could lead to the cancellation of the loan facility.

 **Covenant Lite Loans Risk. Covenant lite loans contain fewer maintenance covenants than traditional loans, or no maintenance covenants at all, and may not include terms that allow the lender to monitor the financial performance of the borrower and declare a default if certain criteria are breached. This may hinder the Fund's ability to reprice credit risk associated with the borrower and reduce** 

the Fund's ability to restructure a problematic loan and mitigate potential loss. As a result, the Fund's exposure to losses on such investments may be increased, especially during a downturn in the credit cycle.

 **Market events risk. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to changes in general market conditions, overall economic trends or events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes, armed conflicts or other factors, political developments, investor sentiment and other factors that may or may not be related to the issuer of the security or other asset. Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, imposition of sanctions and other measures, trading and tariff arrangements, actual or threatened wars or armed conflicts, terrorism, social unrest, natural or environmental disasters and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively affected. In addition, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) or similar issues could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the world economy, which in turn could adversely affect the Fund's investments.** 

**Foreign Securities Risk. The Fund will invest in credit obligations, including loans, of issuers that are organized or located in countries other than the United States, including non-US dollar denominated securities. Investing in non-US issuers involves risks, including that non-US issuers may be subject to less rigorous accounting and reporting requirements than US issuers, less rigorous regulatory requirements, different legal systems and laws relating to creditors' rights, the potential inability to enforce legal judgments, the potential for political, social and economic adversity and currency risk. These risks are heightened under adverse economic, market, geopolitical and other conditions.**

Currency risk is the risk that fluctuations in the exchange rates between the US dollar and non-US currencies may negatively affect an investment. The value of investments denominated in non-US currencies may fluctuate based on changes in the value of those currencies relative to the US dollar, and a decline in such relative value could reduce the value of such investments held by the Fund.

 **Emerging Markets. The foreign securities in which the Fund may invest may be issued by companies or governments located in emerging market countries. Investing in the securities of issuers** 

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|:---|:---|
| **60** | abrdn Income Credit Strategies Fund |

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operating in emerging markets involves a high degree of risk and special considerations not typically associated with investing in the securities of other foreign or US issuers. Compared to the United States and other developed countries, emerging market countries may have relatively unstable governments, economies which may be more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets and therefore issuers of such emerging markets may be more affected by the performance of such industries or sectors. Emerging market economies may be based on only a few industries and securities markets that trade a small number of securities. Securities issued by companies or governments located in emerging market countries tend to be especially volatile (particularly during market closures due to local market holidays or other reasons) and may be less liquid than securities traded in developed countries. Securities in these countries have been characterized by greater potential loss than securities of companies and governments located in developed countries. Investments in the securities of issuers located in emerging markets could be affected by risks associated with expropriation and/or nationalization, political or social instability, pervasiveness of corruption and crime, armed conflict, the impact on the economy of civil war, religious or ethnic unrest and the withdrawal or non-renewal of any license enabling the Fund to trade in securities of a particular country, confiscatory taxation, restrictions on transfers of assets, lack of uniform accounting and auditing standards, less publicly available financial and other information, diplomatic development which could affect US investments in those countries, and potential difficulties in enforcing contractual obligations. International trade barriers or economic sanctions against foreign countries, organizations, entities and/or individuals in response to geopolitical tensions or conflicts may adversely affect the value of the Fund's foreign holdings. The type and severity of sanctions and other similar measures are difficult to measure or predict. Emerging market countries generally have less developed legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Moreover, it can be more difficult for investors to bring litigation or enforce judgments against issuers in emerging markets or for US regulators to bring enforcement actions against such issuers.

 **Foreign Currency Risk. Since the Fund may invest in credit obligations of foreign issuers denominated in the local currency, changes in foreign currency exchange rates will affect the value of credit obligations in the Fund's portfolio and the unrealized appreciation or depreciation of investments. In addition to changes in the value of the Fund's portfolio investments resulting from currency fluctuations, the Fund may incur costs in connection with conversions between various currencies. The Fund may also invest directly in currencies for hedging purposes. The Fund is subject to the risk that** 

those currencies will decline in value relative to the US dollar. The values of the currencies of the emerging market countries in which the Fund may invest may be subject to a high degree of fluctuation due to changes in interest rates, the effects of monetary policies of the United States, foreign governments, central banks or supranational entities, the imposition of currency controls or due to other national or global political or economic developments. Foreign exchange dealers realize a profit based on the difference between the prices at which they are buying and selling various currencies. Thus, a dealer normally will offer to sell a foreign currency to the Fund at one rate, while offering a lesser rate of exchange should the Fund desire immediately to resell that currency to the dealer. The Fund will conduct its foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market, or through entering into forward, futures or options contracts to purchase or sell foreign currencies. Therefore, the Fund's exposure to foreign currencies may result in reduced returns to the Fund. The Fund may, from time to time, seek to protect the value of some portion or all of its portfolio holdings against currency risks by engaging in currency hedging transactions. Such transactions may include entering into forward currency exchange contracts, currency futures contracts and options on such futures contracts as well as purchasing put or call options on currencies, in US or foreign markets. Currency hedging involves risks, including possible default by the other party to the transaction, illiquidity and, to the extent the view as to certain market movements is incorrect, the risk that the use of hedging could result in losses greater than if they had not been used. In addition, in certain countries in which the Fund may invest, currency hedging opportunities may not be available. The use of currency transactions can result in the Fund incurring losses because of the imposition of exchange controls, suspension of settlements or the inability of the Fund to deliver or receive a specified currency.

Investing in Euro-denominated (or other European currency-denominated) securities entails risk of being exposed to a currency that may not fully reflect the strengths and weaknesses of the disparate European economies. In addition, it is possible that the Euro could be abandoned in the future by countries that have already adopted its use. The effects of such an abandonment on the applicable country and the rest of the European Economic and Monetary Union ("EMU") are uncertain but could be negative and severe. Many European countries rely heavily upon export-dependent businesses and any change in the exchange rate between the Euro and the US dollar can have either a positive or a negative effect upon corporate profits and the performance of investments in the European Union. The effects of the collapse of the Euro, or of the exit of one or more countries from the EMU, on the United States and global economy and securities markets are impossible to predict and any such events could have a significant adverse impact on the value and risk profile of the Fund's portfolio.

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|:---|:---|
| abrdn Income Credit Strategies Fund | **61** |

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The Fund computes and expects to continue to distribute its income in US dollars, and the computation of income is made on the date that the income is earned by the Fund at the foreign exchange rate in effect on that date. If the value of the foreign currencies in which the Fund receives its income falls relative to the US dollar between the date of earning of the income and the time at which the Fund converts the foreign currencies to US dollars, the Fund may be required to liquidate securities in order to make distributions if the Fund has insufficient cash in US dollars to meet distribution requirements. The liquidation of investments, if required, may have an adverse impact on the Fund's performance.

 **Risks of Second Lien or Other Subordinated or Unsecured Loans or Debt. Second lien or other subordinated or unsecured loans or debt generally are subject to similar risks as those associated with investments in Senior Loans. In addition, because second lien or other subordinated or unsecured loans or debt are subordinated in payment and/or lower in lien priority to Senior Loans, they are subject to additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Second lien or subordinated loans or debt, both secured and unsecured, are expected to have greater price volatility than Senior Loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in second lien loans and subordinated loans or debt, both secured and unsecured, which would create greater credit risk exposure. Second lien or other subordinated or unsecured loans or debt of below investment grade quality share risks similar to those associated with investments in other below investment grade securities and obligations.** 

 **Risks of Structured Products. The Fund may invest in structured products, including collateralized debt obligations ("CDOs"), collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), structured notes, credit-linked notes and other types of structured products. Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments to which it is entitled only from the issuer of the structured product, and generally does not have direct rights against the issuer of, or the entity that sold, assets underlying the structured product. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding such securities, investors in structured products generally pay their share of the structured product's administrative and other expenses. When investing in structured products, it is impossible to predict whether** 

the underlying indices or prices of the underlying assets will rise or fall, but prices of the underlying indices and assets (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect particular issuers of securities and capital markets generally. Certain structured products may be thinly traded or have a limited trading market and may have the effect of increasing the Fund's illiquidity to the extent that the Fund, at a particular point in time, may be unable to find qualified buyers for, and may have difficulty valuing, these securities.

CBOs, CLOs and other CDOs are typically privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Fund as illiquid securities; however, an active dealer market may exist for CDOs allowing a CDO to be considered liquid in some circumstances. In addition to the general risks associated with fixed income securities discussed herein, CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or the collateral may go into default; (iii) the possibility that the CDOs are subordinate to other classes of obligations issued by the same issuer; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Investments in structured notes involve risks including income risk, credit risk and market risk. Recent market conditions have magnified the risks related to an investment in structured products, including greater volatility, increased lack of liquidity and significant losses in value. Where the return on a structured note held by the Fund is based upon the movement of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending on the factor used and the use of multipliers or deflators, changes in interest rates and movement of the factor may cause significant fluctuations in the price of the structured note. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero and any further changes in the reference instrument may then reduce the principal amount payable on maturity. Structured notes may be less liquid than other types of securities and more volatile than the reference instrument or security underlying the note.

 **Asset-backed and mortgage-backed (or mortgage-related) instruments risk. To the extent the Fund invests in asset-backed and mortgage-backed (or mortgage-related) securities or other instruments, its exposure to prepayment and extension risks may be greater than other investments in fixed income instruments. Asset-backed securities are in particular subject to interest rate risk. Generally, asset-backed securities increase in value to a lesser extent when interest rates decline and generally decline in value to a similar** 

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|:---|:---|
| **62** | abrdn Income Credit Strategies Fund |

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or greater extent when interest rates rise. Asset-backed securities are also subject to liquidity, valuation and credit risk.

The value of, and income generated by, investments in mortgage-backed securities are subject to the risks of asset-backed securities in general and the real estate markets. Rising interest rates tend to extend the duration of mortgage-backed (or mortgage-related) instruments, making them more sensitive to changes in interest rates. In addition, mortgage-backed (or mortgage-related) instruments are subject to prepayment risk—the risk that borrowers may pay off their mortgages sooner than expected, particularly when interest rates decline. This can reduce the Fund's returns because the Fund may have to reinvest that money at lower prevailing interest rates. Economic downturns, rises in unemployment and other developments that limit or reduce the activities of and demand for real estate spaces or heightened credit and default risks associated with underlying mortgages may adversely impact the value of, and income generated by, such securities. The Fund's investments in other asset-backed instruments, such as securities backed by car loans, are subject to risks similar to those associated with mortgage-backed (or mortgage-related) securities.

Privately issued asset-backed and mortgage-backed (or mortgage-related) instruments are typically not traded on an exchange and may have a limited market. Without an active trading market, these instruments may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike many mortgage-backed (or mortgage-related) instruments issued or guaranteed by the US government, its agencies and instrumentalities, or a government-sponsored enterprise (such as the Federal National Mortgage Association, or Fannie Mae), asset-backed and mortgage-backed (or mortgage-related) instruments issued by private issuers do not have a government or government-sponsored enterprise guarantee and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Although instruments issued by a government-sponsored enterprise are sometimes considered to carry an implicit guarantee from the US government, there can be no assurance that the US government would in fact guarantee such instruments.

 **Risks of Swaps. The Fund may enter into swap transactions, including credit default, total return, index and interest rate swap agreements, as well as options thereon, and may purchase or sell interest rate caps, floors and collars. Such transactions are subject to market risk, risk of default by the other party to the transaction (i.e., counterparty risk), risk of imperfect correlation and manager risk and may involve commissions or other costs. Swaps generally do not involve delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make, or in the case of the other party to a swap defaulting, the net amount of** 

payments that the Fund is contractually entitled to receive. If the Advisers are incorrect in their forecast of market values, interest rates or currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if these investment techniques were not used.

 **Counterparty Risk. Changes in the credit quality of the dealers that serve as the Fund's counterparties with respect to derivatives, swaps or other transactions will affect the value of those instruments. In the event of a default by, or the insolvency of, a counterparty, the Fund may sustain losses or be unable to liquidate a derivative or swap position. Such risk is heightened in market environments where interest rates are changing, notably when rates are rising. The Fund and the Advisers seek to deal only with counterparties of high creditworthiness. All of the Fund's bank or dealer counterparties (including bank or dealer derivative counterparties) will be subject to approval by the Advisers' risk and compliance groups. The Advisers evaluate and monitor the creditworthiness of the Fund's counterparties. Specifically, the Advisers' risk and compliance personnel implement processes with respect to pre-approval, ongoing monitoring and parameters with respect to the Fund's counterparty risk exposure. The parameters and limitations that may be imposed depend on the creditworthiness of the Fund's counterparties and the nature of the transactions in which the Fund engages. The counterparty risk for cleared derivatives is generally lower than for uncleared over-the-counter derivative transactions since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties' performance under the contract as each party to a trade generally looks to the clearing organization for performance of financial obligations under the derivative contract. However, there can be no assurance that a clearing organization, or its members, will satisfy its obligations to the Fund. Counterparty risk also encompasses the risk of having concentrated exposure to one or more counterparties.** 

**Financial Leverage Risk. The Fund is permitted to obtain leverage using any form or combination of financial leverage instruments, including reverse repurchase agreements, credit facilities such as bank loans or commercial paper, and the issuance of preferred shares or notes. The Fund intends to use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund's assessment of market conditions and the investment environment.**

There can be no assurance that a financial leveraging strategy will continue to be utilized by the Fund or that, if utilized, it will be successful during any period in which it is employed. Leverage creates risks for Common Shareholders, including the likelihood of greater volatility of NAV of the Common Shares and market price of, and distributions on, the Common Shares and the risk that fluctuations in

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|:---|:---|
| abrdn Income Credit Strategies Fund | **63** |

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the costs to borrow, or in the distribution or interest rates on any preferred shares or notes, may affect the return to Common Shareholders. To the extent the income derived from investments purchased with proceeds received from leverage exceeds the cost of leverage, the Fund's distributions will be greater than if leverage had not been used. Conversely, if the income from the investments purchased with such proceeds is not sufficient to cover the cost of the financial leverage, the amount available for distribution to Common Shareholders will be less than if leverage had not been used. In the latter case, the Fund may nevertheless maintain its leveraged position if such action is deemed to be appropriate based on market conditions. The Fund has issued preferred shares. Holders of preferred shares will have rights to elect a minimum of two Trustees. This voting power may negatively affect Common Shareholders (or the interests of holders of preferred shares may differ from the interests of Common Shareholders). The use of leverage by the Fund may magnify the Fund's losses when there is a decrease in the value of a Fund investment and even totally eliminate the Fund's equity in its portfolio or a Common Shareholder's equity in the Fund.

The costs of a financial leverage program (including the costs of offering preferred shares and notes) will be borne by Common Shareholders and consequently will result in a reduction of the NAV of the Common Shares. During periods in which the Fund is using leverage, the fees paid by the Fund for investment advisory services will be higher than if the Fund did not use leverage because the investment advisory fees paid will be calculated on the basis of the Fund's Managed Assets, which includes proceeds from (and assets subject to) reverse repurchase agreements, any credit facility and any issuance of preferred shares or notes, so that the investment advisory fees payable to the Adviser will be higher when leverage is utilized. This will create a conflict of interest between the Advisers, on the one hand, and Common Shareholders, on the other hand. Fees and expenses in respect of financial leverage, as well as the investment advisory fee and all other expenses of the Fund, will be borne entirely by the Common Shareholders, and not by preferred shareholders, noteholders or any other leverage providers.

Any lender in connection with a credit facility may impose specific restrictions as a condition to borrowing. The credit facility fees may include, among other things, up front structuring fees and ongoing commitment fees (including fees on amounts undrawn on the facility) in addition to the traditional interest expense on amounts borrowed. The credit facility may involve a lien on the Fund's assets. The Fund is currently a party to a credit facility. Similarly, to the extent the Fund issues additional preferred shares or notes, the Fund currently intends to seek a credit rating from one or more NRSROs on any preferred shares or notes it issues and the Fund may be subject to fees, covenants and investment restrictions required by the NRSRO as a result. Such covenants and restrictions imposed by a NRSRO or lender

may include asset coverage or portfolio composition requirements that are more stringent than those imposed on the Fund by the 1940 Act. It is not anticipated that these covenants or restrictions will significantly impede the Advisers in managing the Fund's portfolio in accordance with its investment objectives and policies. Nonetheless, if these covenants or guidelines are more restrictive than those imposed by the 1940 Act, the Fund may not be able to utilize as much leverage as it otherwise could have, which could reduce the Fund's investment returns.

The Fund may enter into other transactions that may give rise to a form of leverage including, among others, swaps, futures and forward contracts, options and other derivative transactions. These transactions may represent a form of economic leverage and will create risks. The potential loss on derivative instruments may be substantial relative to the initial investment therein.

**Sovereign debt securities risk. Investments in government debt securities involve special risks. Certain countries have historically experienced, and may continue to experience, high rates of inflation, volatile interest rates, exchange rate fluctuations, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. The issuer or governmental authority that controls the repayment of a country's debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A debtor's willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation and, in the case of a government debtor, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the government debtor's policy towards the International Monetary Fund and the political constraints to which a government debtor may be subject.**

Government debtors may default on their debt and may also be dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on a debtor's implementation of economic reforms and/or economic performance and the timely service of such debtor's obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds to the government debtor, which may further impair such debtor's ability or willingness to service its debts on a timely basis. Holders of government debt, potentially including the Fund, may be requested to participate in the rescheduling of such debt and to extend further loans to government debtors.

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|:---|:---|
| **64** | abrdn Income Credit Strategies Fund |

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As a result of the foregoing, a government obligor may default on its obligations. If such an event occurs, the Fund may have limited legal recourse against the issuer and/or guarantor. Remedies must, in some cases, be pursued in the courts of the defaulting party itself, and the ability of the holder of foreign government debt securities to obtain recourse may be subject to the political climate in the relevant country.

**Risks of Other Derivative Instruments. The Fund may utilize options, forward contracts, futures contracts and options on futures contracts. These instruments involve risks, including the imperfect correlation between the value of such instruments and the underlying assets, the possible default by the counterparty to the transaction (i.e., counterparty risk), illiquidity of the derivative instrument and, to the extent the prediction as to certain market movements is incorrect, the risk that the use of such instruments could result in losses greater than if they had not been used. In addition, transactions in such instruments may involve commissions and other costs, which may increase the Fund's expenses and reduce its return. Amounts paid as premiums and cash or other assets held in margin accounts with respect to such instruments are not otherwise available to the Fund for investment purposes.**

Further, the use of such instruments by the Fund could create the possibility that losses on the instrument would be greater than gains in the value of the Fund's position. In addition, futures and options markets could be illiquid in some circumstances, and certain over-the-counter options could have no markets. As a result, in certain markets, the Fund might not be able to close out a position without incurring substantial losses. To the extent that the Fund utilizes forward contracts, futures contracts or options transactions for hedging, such transactions should tend to minimize the risk of loss due to a decline in the value of the hedged position and, at the same time, limit any potential gain to the Fund that might result from an increase in value of the position. In addition, the daily variation margin requirements for futures contracts create a greater ongoing potential financial risk than would purchases of call options, in which case the market exposure is limited to the cost of the initial premium and transaction costs. Losses resulting from the use of hedging will reduce the NAV of the Fund's Common Shares, and possibly income, and the losses can be greater than if hedging had not been used. Forward contracts may limit gains on portfolio securities that could otherwise be realized had they not been utilized and could result in losses. The contracts may also increase the Fund's volatility and may involve a significant amount of risk relative to the investment of cash. The use of put and call options may result in losses to the Fund, force the sale of portfolio securities at inopportune times or for prices other than at current market values, limit the amount of appreciation the Fund can realize on its investments or cause the Fund to hold a security it might otherwise sell. The Fund will be subject to credit risk with respect to

the counterparties to any transactions in options, forward contracts, futures contracts or options on futures contracts. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

When conducted outside the United States, transactions in options, forward contracts, futures contracts or options on futures contracts may not be regulated as rigorously as in the United States, may not involve a clearing mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments. The value of such positions also could be adversely affected by: (i) other complex foreign political, legal and economic factors; (ii) lesser availability than in the United States of data on which to make trading decisions; (iii) delays in the Fund's ability to act upon economic events occurring in foreign markets during non-business hours in the United States; (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States; and (v) lower trading volume and liquidity.

In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act governing a registered investment company's use of derivatives, short sales, reverse repurchase agreements, and certain other instruments. Under Rule 18f-4, a fund's derivatives exposure is limited through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. However, subject to certain conditions, funds that do not invest heavily in derivatives may be deemed limited derivatives users and would not be subject to the full requirements of Rule 18f-4. Under the rule, when the Fund trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, it needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund's asset coverage ratio or treat all such transactions as derivatives transactions. In addition, under the rule, the Fund is permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security (as defined under Section 18(g) of the 1940 Act), provided that, (i) the Fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). The Fund may otherwise engage in when-issued, forward-settling and non-standard settlement cycle securities transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as

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|:---|:---|
| abrdn Income Credit Strategies Fund | **65** |

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Additional Information Regarding the Fund (Unaudited) (continued)

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the Fund treats any such transaction as a "derivatives transaction" for purposes of compliance with the rule. Furthermore, under the rule, the Fund is permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if the Fund reasonably believes, at the time it enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all such agreements as they come due. These requirements may limit the ability of the Fund to use derivatives, and reverse repurchase agreements and similar financing transactions as part of its investment strategies. These requirements may increase the cost of the Fund's investments and cost of doing business, which could adversely affect investors.

**Lender Liability Risk. A number of US judicial decisions have upheld judgments for borrowers against lending institutions on the basis of various evolving legal theories, collectively termed "lender liability." Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the borrower or has assumed an excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of its investments, the Fund may be subject to allegations of lender liability.**

In addition, under common law principles that in some cases form the basis for lender liability claims, if a lender or bondholder (a) intentionally takes an action that results in the undercapitalization of a borrower to the detriment of other creditors of such borrower, (b) engages in other inequitable conduct to the detriment of such other creditors, (c) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (d) uses its influence as a stockholder to dominate or control a borrower to the detriment of other creditors of such borrower, a court may elect to subordinate the claim of the offending lender or bondholder to the claims of the disadvantaged creditor or creditors, a remedy called "equitable subordination."

Because affiliates of, or persons related to, the Advisers may hold equity or other interests in obligors of the Fund, the Fund could be exposed to claims for equitable subordination or lender liability or both based on such equity or other holdings.

 **NAV Discount Risk. Frequently, shares of closed-end investment companies, such as the Fund, trade at a price below their NAV, commonly referred to as a "discount." Historically, shares of closed-end funds have traded at a discount to their NAV, and the Fund can provide no assurance that its Common Shares will trade at or above their NAV. The Fund's Common Shares frequently trade at a discount to NAV.** 

 **Manager Risk. As with any managed fund, the Advisers may not be successful in selecting the best-performing investments or investment techniques in managing the Fund's portfolio, and the Fund's performance may lag behind that of similar funds.** 

**Conflicts of Interest Risk. The portfolio managers' management of "other accounts" may give rise to potential conflicts of interest in connection with their management of a Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as the Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the portfolio manager could favor one account over another. However, the Adviser (and Sub-Adviser) believes that these risks are mitigated by the fact that: (i) accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, differences in cash flows and account sizes, and similar factors; and (ii) portfolio manager personal trading is monitored to avoid potential conflicts. In addition, the Adviser (and Sub-Adviser) has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts. In some cases, another account managed by the same portfolio manager may compensate abrdn based on the performance of the portfolio held by that account. The existence of such a performance-based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities.**

Another potential conflict could include instances in which securities considered as investments for the Fund also may be appropriate for other investment accounts managed by the Adviser or its affiliates. Whenever decisions are made to buy or sell securities by the Fund and one or more of the other accounts simultaneously, the Adviser (and/or Sub-Adviser) may aggregate the purchases and sales of the securities and will allocate the securities transactions in a manner that it believes to be equitable under the circumstances. As a result of the allocations, there may be instances where the Fund will not participate in a transaction that is allocated among other accounts. While these aggregation and allocation policies could have a detrimental effect on the price or amount of the securities available to the Fund from time to time, it is the opinion of the Adviser (or Sub-Adviser) that the benefits from the policies outweigh any disadvantage that may arise from exposure to simultaneous transactions. The Trust has adopted policies that are designed to eliminate or minimize conflicts of interest, although there is no guarantee that procedures adopted under such policies will detect each and every situation in which a conflict arises.

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| **66** | abrdn Income Credit Strategies Fund |

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Additional Information Regarding the Fund (Unaudited) (continued)

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From time to time, the Adviser and/or the Sub-adviser may seed proprietary accounts for the purpose of evaluating a new investment strategy that eventually may be available to clients through one or more product structures. Such accounts also may serve the purpose of establishing a performance record for the strategy. The management by the Adviser and/or the Sub-adviser of accounts with proprietary interests and nonproprietary client accounts may create an incentive to favor the proprietary accounts in the allocation of investment opportunities, and the timing and aggregation of investments. The Adviser's and Sub-adviser's proprietary seed accounts may include long-short strategies, and certain client strategies may permit short sales. A conflict of interest arises if a security is sold short at the same time as a long position, and continuous short selling in a security may adversely affect the stock price of the same security held long in client accounts. The Adviser and Sub-adviser have adopted various policies to mitigate these conflicts.

In addition, the 1940 Act limits the Fund's ability to enter into certain transactions with certain affiliates of the Advisers. As a result of these restrictions, the Fund may be prohibited from buying or selling any security directly from or to any portfolio company of a fund managed by the Advisers or one of their affiliates. Nonetheless, the Fund may under certain circumstances purchase any such portfolio company's loans or securities in the secondary market, which could create a conflict for the Advisers between the interests of the Fund and the portfolio company, in that the ability of the Advisers to recommend actions in the best interest of the Fund might be impaired. The 1940 Act also prohibits certain "joint" transactions with certain of the Fund's affiliates (which could include other abrdn-managed Funds), which could be deemed to include certain types of investments, or restructuring of investments, in the same portfolio company (whether at the same or different times). These limitations may limit the scope of investment opportunities that would otherwise be available to the Fund. The Board has approved policies and procedures reasonably designed to monitor potential conflicts of interest. The Board will review these procedures and any conflicts that may arise.

The Adviser (or Sub-adviser) or their respective members, officers, directors, employees, principals or affiliates may come into possession of material, non-public information. The possession of such information may limit the ability of the Fund to buy or sell a security or otherwise to participate in an investment opportunity. Situations may occur where the Fund could be disadvantaged because of the investment activities conducted by the Adviser (and Sub-adviser) for other clients, and the Adviser (or Sub-adviser) will not employ information barriers with regard to its operations on behalf of its registered and private funds, or other accounts. In certain circumstances, employees of the Adviser (or Sub-adviser) may serve as board members or in other capacities for portfolio or potential

portfolio companies, which could restrict the Fund's ability to trade in the securities of such companies.

**Repurchase Agreements and Reverse Repurchase Agreements Risk. The Fund may invest in repurchase agreements and reverse repurchase agreements. In its purchase of repurchase agreements, the Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including possible decline in the value of the underlying security during the period while the Fund seeks to enforce its rights thereto, possible lack of access to income on the underlying security during this period, and expenses of enforcing its rights. A repurchase agreement effectively represents a loan from the Fund to the seller under the agreement.**

The Fund's use of reverse repurchase agreements involves many of the same risks involved in the Fund's use of financial leverage, as the proceeds from reverse repurchase agreements generally will be invested in additional securities. There is a risk that the market value of the securities acquired in the reverse repurchase agreement may decline below the price of the securities that the Fund has sold but remains obligated to repurchase. In addition, there is a risk that the market value of the securities retained by the Fund may decline. If the buyer of securities under a reverse repurchase agreement were to file for bankruptcy or experience insolvency, the Fund may be adversely affected. Also, in entering into reverse repurchase agreements, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the underlying securities. In addition, due to the interest costs associated with reverse repurchase agreements, the NAV of the Fund's Common Shares will decline, and, in some cases, the investment performance of the Fund would be less favorable than it would have been if the Fund had not used such instruments. A reverse repurchase agreement effectively represents a loan from the buyer to the Fund under the agreement.

 **Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.** 

#### Other Risks
 **Investment risk. You may lose money by investing in the Fund, including the possibility that you may lose all of your investment. An investment in the Fund is not a deposit in a bank and is not insured or** 

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| abrdn Income Credit Strategies Fund | **67** |

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Additional Information Regarding the Fund (Unaudited) (continued)

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guaranteed by the US Federal Deposit Insurance Corporation or any other governmental agency.

The Fund is intended to be a long-term investment vehicle and is not designed to provide investors with a means of speculating on short-term stock market movements. Investors should not consider the Fund a complete investment program.

 **Risks of investing in other investment companies. The Fund may acquire shares in other investment companies, including foreign investment companies to the extent permitted by the 1940 Act. The market value of the shares of other investment companies may differ from the NAV of the particular fund. As a shareholder in an investment company, the Fund would bear its ratable share of that entity's expenses, including its investment advisory and administration fees. At the same time, the Fund would continue to pay its own investment advisory fees and other expenses. As a result, the Fund and its Common Shareholders, in effect, will be absorbing two levels of fees with respect to investments in other investment companies.** 

**Zero coupon securities risk. Certain debt obligations purchased by the Fund may take the form of zero coupon bonds. A zero coupon bond is a bond that does not pay interest either for the entire life of the obligation or for an initial period after the issuance of the obligation. When held to its maturity, its return comes from the difference between the purchase price and its maturity value. A zero coupon bond is normally issued and traded at a deep discount from face value. Zero coupon bonds allow an issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater credit risk than bonds that pay interest currently or in cash. The Fund would be required to distribute the income on any of these instruments as it accrues, even though the Fund will not receive all of the income on a current basis or in cash. Thus, the Fund may have to sell other investments, including when it may not be advisable to do so, to make income distributions to its shareholders.**

Distributions attributable to the Fund's "original issue discount" income accruing on zero coupon bonds, and of all other ordinary income, will generally be taxable to the Common Shareholders as ordinary income. As a consequence of selling investments in order to make distributions of "original issue discount" income and other income in respect of which the Fund has not received a corresponding amount of cash, the Fund may realize additional income that gives rise to additional distribution requirements; distributions of such additional income may be taxable to the Common Shareholders as ordinary income or as long-term capital gain depending on which investments are sold.

#### Inflation risk. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation
decreases the value of money. To the extent that inflation occurs, it will reduce the real value of dividends paid by the Fund and the Fund's Common Shares. Most emerging market countries, in particular, have experienced substantial, and in some periods extremely high and volatile, rates of inflation. Inflation and rapid fluctuations in inflation rates have had and may continue to have very negative effects on the economies and securities markets globally. In an attempt to control inflation, wage and price controls have been imposed at times in certain countries.

 **When-issued and delayed delivery securities risk. The Fund may purchase and sell securities on a "when-issued" or "delayed delivery" basis whereby the Fund buys or sells a security with payment and delivery taking place in the future. These transactions are subject to market risk as the value or yield of a security at delivery may be more or less than the purchase price or the yield generally available on securities when delivery occurs. In addition, the Fund is subject to counterparty risk because it relies on the buyer or seller, as the case may be, to consummate the transaction, and failure by the other party to complete the transaction may result in the Fund missing the opportunity of obtaining a price or yield considered to be advantageous. When the Fund is the buyer in such a transaction, however, it will segregate cash and/or liquid securities having an aggregate value at least equal to the amount of such purchase commitments until payment is made. An increase in the percentage of the Fund's assets committed to the purchase of securities on a when-issued or delayed delivery basis may increase the volatility of the NAV of the Fund's Common Shares.** 

 **Illiquid investments risk. The Fund's investments in relatively illiquid investments and loans may restrict the ability of the Fund to dispose of its investments in a timely fashion and for fair value, as well as its ability to fairly value such investments and take advantage of market opportunities. The risks associated with illiquidity will be particularly acute in situations in which the Fund's operations require cash, such as when the Fund pays dividends or distributions, and could result in the Fund borrowing to meet short-term cash requirements or incurring capital losses on the sale of illiquid investments.** 

 **Short sales risk. The Fund may engage in short sales. Short sales involve certain risks and special considerations. If the Fund incorrectly predicts that the price of the borrowed security will decline, the Fund will have to replace the securities with securities with a greater value than the amount received from the sale. As a result, losses from short sales differ from losses that could be incurred from a purchase of a security, because losses from short sales may be unlimited, whereas losses from purchases can equal only the total amount invested.** 

 **Equity securities risk. The value of equity securities, including common stock, preferred stock and convertible stock, will fluctuate in response to factors affecting the particular company, as well as** 

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| **68** | abrdn Income Credit Strategies Fund |

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Additional Information Regarding the Fund (Unaudited) (continued)

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broader market and economic conditions. An adverse event, such as an unfavorable earnings report, may depress the value of an issuer's equity securities held by the Fund. The prices of equity securities fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant market, or when political or economic events affecting the issuer occur. In addition, equity security prices may be particularly sensitive to interest rates fluctuations, as the cost of capital and borrowing costs change. Moreover, in the event of a company's bankruptcy, claims of certain creditors, including bondholders, will have priority over claims of common stock holders and are likely to have varying types of priority over holders of preferred and convertible stock.

 **Warrants risk. The Fund may invest in warrants. The risk of investing in a warrant is that the warrant may expire prior to the market value of the common stock exceeding the price fixed by the warrant. Warrants have a subordinate claim on a borrower's assets compared with Senior Loans. As a result, the values of warrants generally are dependent on the financial condition of the borrower and less dependent on fluctuations in interest rates than are the values of many debt securities. The values of warrants may be more volatile than those of Senior Loans and this may increase the volatility of the NAV of the Fund's Common Shares.** 

 **Temporary investments risk. During periods in which the Advisers believe that changes in economic, financial or political conditions make it advisable to do so, the Fund may, for temporary defensive purposes, reduce its primary investment holdings and invest in certain short-term and medium-term debt securities or hold cash. The Fund intends to invest for temporary defensive purposes only in short-term and medium-term debt securities believed to be of high quality, which are expected to be subject to relatively low risk of loss of interest or principal. In taking such defensive position, the Fund temporarily would not be pursuing and may not achieve its investment objectives.** 

 **Tax risk. The Fund has elected to be treated as, and intends to continue to qualify each year as, a "regulated investment company" under the Code. Assuming the Fund qualifies as a regulated investment company, it generally will not be subject to US federal income tax on its "investment company taxable income" as that term is defined in the Code (which includes, among other items, dividends, taxable interest, original issue discount, market discount and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses), and net capital gain, that it distributes (including amounts that are treated as distributed and reinvested pursuant to the Plan, as described below) to shareholders, provided that, for each taxable year, the Fund distributes (or is treated as distributing) to its shareholders an amount at least equal to 90% of its investment company taxable** 

income. The Fund intends to continue to distribute annually all or substantially all of its investment company taxable income and net capital gain. In order for the Fund to qualify as a regulated investment company in any taxable year, the Fund must also meet certain asset diversification tests and at least 90% of its gross income for such year must be comprised of certain types of qualifying income. If, for any taxable year, the Fund does not qualify as a regulated investment company, it will be treated as a corporation subject to US federal income tax on its net income and capital gains at the regular corporate tax rates (without a deduction for distributions to shareholders). In addition, shareholders will be subject to tax on distributions to the extent of the Fund's current or accumulated earnings and profits. Accordingly, in such event, the Fund's ability to achieve its investment objectives would be adversely affected, and Common Shareholders would be subject to the risk of diminished investment returns.

**Valuation risk. Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for loans or fixed-income instruments to trade. Loans and fixed-income instruments generally trade on an "over-the-counter" market which may be anywhere in the world where the buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of loans or fixed-income instruments may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. In addition, other market participants may value securities differently than the Fund. As a result, the Fund may be subject to the risk that when a loan or fixed-income instrument is sold in the market, the amount received by the Fund is less than the value of such loans or fixed-income instruments carried on the Fund's books.**

US government debt securities risk. US government debt securities have historically not involved the credit risks associated with investments in other types of debt securities, although, as a result, the yields available from US government debt securities are generally lower than the yields available from other securities. Like other debt securities, however, the values of US government securities change as interest rates fluctuate. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in the NAV of the Fund's Common Shares. Since the magnitude of these fluctuations will generally be greater at times when the Fund's average maturity is longer, under certain market conditions the Fund may, for temporary defensive purposes, accept lower current income from short-term investments rather than investing in higher yielding long-term securities.

#### Operational Risk. Your ability to transact with the Fund or the valuation of your investment may be negatively impacted because of

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| abrdn Income Credit Strategies Fund | **69** |

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Additional Information Regarding the Fund (Unaudited) (continued)

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the operational risks arising from factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel, and errors caused by third-party service providers or trading counterparties. Although the Fund attempts to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect the Fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. The Fund and its shareholders could be negatively impacted as a result.

**Government intervention in the financial markets risk. In the past decade financial markets throughout the world have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. Governmental and non-governmental issuers have defaulted on, or been forced to restructure, their debts. Federal Reserve or other US or non-US governmental or central bank actions, including interest rate increases or contrary actions by different governments, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the fund invests.**

Federal, state, and other governments, their regulatory agencies or self-regulatory organizations may take additional actions that affect the regulation of the securities or structured products in which the Fund invests, or the issuers of such securities or structured products, in ways that are unforeseeable. Borrowers under Senior Loans held by the Fund may seek protection under bankruptcy laws. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund's ability to achieve its investment objectives. The Advisers monitor developments and seek to manage the Fund's portfolio in a manner consistent with achieving the Fund's investment objectives, but there can be no assurance that they will be successful in doing so.

 **Anti-takeover provisions. The Fund's Agreement and Declaration of Trust and By-Laws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status and delay or limit the ability of other persons to acquire control of the Fund. These provisions could deprive the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares or at NAV. The Fund's Board has determined that these provisions are in the best interests of shareholders generally.** 

 **ESG Integration Risk. To the extent the ESG factors are used to evaluate investments, the consideration of such factors may adversely affect the Fund's performance. Not every ESG factor may be identified or evaluated for every investment. ESG characteristics may not be the only factors considered and, as a result, the issuers in which the Fund invests may not be issuers with favorable ESG charac-** 

teristics or high ESG ratings. The application of ESG factors may result in the Fund performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or consider different ESG factors.

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

The Fund may not:

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

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

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

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| **70** | abrdn Income Credit Strategies Fund |

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Additional Information Regarding the Fund (Unaudited) (continued)

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the SEC under the 1940 Act, as amended from time to time, and (ii) any exemption or other relief applicable to the Fund from the provisions of the 1940 Act, as amended from time to time. For purposes of this restriction, (i) an investment in a loan participation will be considered to be an investment in the securities or obligations of the issuer of the loan to which the participation relates and (ii) an investment in a repurchase agreement, reverse repurchase agreement, CLO, CBO, CDO or a swap or other derivative will be considered to be an investment in the industry (if any) of the underlying or reference security, instrument or asset. The Fund defines an industry by reference to Bloomberg BICS codes for industry classifications.

4. Purchase or sell real estate, except that the Fund may: (a) acquire or lease office space for its own use, (b) invest in securities and/or other instruments of issuers that invest in real estate or interests therein or that are engaged in or operate in the real estate industry, (c) invest in securities and/or other instruments that are secured by real estate or interests therein, (d) purchase and sell mortgage-related securities and/or other instruments, and (e) hold and sell real estate acquired by the Fund as a result of the ownership of securities and/or other instruments.

5. Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments; provided that this restriction shall not prohibit the Fund from purchasing or selling options, futures contracts and related options thereon, forward contracts, swaps, caps, floors, collars and any other financial or derivative instruments or from investing in securities or other instruments backed by physical commodities.

6. Make loans of money or property to any person, except (a) to the extent that securities, instruments, credit obligations or interests (including Senior Loans) in which the Fund may invest, or which the Fund may originate, are considered to be loans, (b) through the loan of portfolio securities or (c) by engaging in repurchase agreements.

7. May not purchase securities of any one issuer, other than obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, if, immediately after such purchase, more than 5% of the Fund's total assets would be invested in such issuer or the Fund would hold more than 10% of the outstanding voting securities of the issuer, except that 25% or less of the Fund's total assets may be invested without regard to such limitations. There is no limit to the percentage of assets that may be invested in U.S. Treasury bills, notes, or other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities.

Thus, with respect to the foregoing restrictions 1 and 3, the Fund currently may not:

1. Issue senior securities or borrow money, except as permitted by the 1940 Act and the rules and regulations thereunder. Currently, the 1940 Act and the rules and regulations thereunder generally limit the extent to which the Fund may utilize borrowings, together with any other senior securities representing indebtedness, to 33 and 1/3% of the Fund's total assets at the time utilized (less the Fund's liabilities and indebtedness not represented by senior securities). In addition, the 1940 Act limits the extent to which the Fund may issue preferred shares plus senior securities representing indebtedness to 50% of the Fund's total assets (less the Fund's liabilities and indebtedness not represented by senior securities). Indebtedness associated with reverse repurchase agreements and similar financing transactions may be aggregated with any other senior securities representing indebtedness for this purpose or be treated as derivatives transactions under the 1940 Act and the rules and regulations thereunder, depending on the Fund's election under applicable SEC requirements.

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

The latter part of certain of the Fund's fundamental investment restrictions (i.e., the references to "as may otherwise be permitted by the 1940 Act, as amended from time to time and as modified or supplemented from time to time by (i) the rules and regulations promulgated by the SEC under the 1940 Act, as amended from time to time, and (ii) any exemption or other relief applicable to the Fund from the provisions of the 1940 Act, as amended from time to time") provide the Fund with flexibility to change its limitations in connection with changes in applicable law, rules, regulations or exemptive relief. The language used in these restrictions provides the necessary flexibility to allow the Fund's Board to respond efficiently to these kinds of developments without the delay and expense of a shareholder meeting.

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

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| abrdn Income Credit Strategies Fund | **71** |

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Additional Information Regarding the Fund (Unaudited) (concluded)

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

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

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Assumed<br>annual<br>returns on<br>the Fund's<br>portfolio<br>(net of<br>expenses) | &nbsp;&nbsp;(10%) | &nbsp;&nbsp;(5%) | &nbsp;&nbsp;0% | &nbsp;&nbsp;5% | &nbsp;&nbsp;10% |
| &nbsp;&nbsp;Corresponding<br>return of<br>shareholder | &nbsp;&nbsp;(16.4%) | &nbsp;&nbsp;(9.4%) | &nbsp;&nbsp;(2.4%) | &nbsp;&nbsp;4.7% | &nbsp;&nbsp;11.7% |

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Based on estimated indebtedness of $300,000,000 (representing approximately 28.8% of the Fund's Managed Assets as of October 31, 2025), and a weighted average annual interest rate of 5.81% (effective weighted interest rate on the revolving credit facility and preferred shares as of October 31, 2025), the Fund's investment portfolio at fair value would have to produce an annual return of approximately 1.68% to cover annual interest payments on the estimated debt.

Share total return is composed of two elements—the distributions paid by a Fund to holders of Shares (the amount of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any forms of leverage outstanding) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that a Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, a Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical performance of a Fund's portfolio and not the actual performance of the Fund's Shares, the value of which is determined by market forces and other factors.

Should the Fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund's investment objective and policies. As noted above, the Fund's willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors, including, among other things, the Adviser's assessment of the yield curve environment, interest rate trends, market conditions and other factors.

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| | |
|:---|:---|
| **72** | abrdn Income Credit Strategies Fund |

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------

Dividend Reinvestment and Optional Cash Purchase Plan (Unaudited)

------

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

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

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

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

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

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **73** |

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------

Dividend Reinvestment and Optional Cash Purchase Plan (Unaudited) (concluded)

------

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

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

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

---

| | |
|:---|:---|
| **74** | abrdn Income Credit Strategies Fund |

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------

Management of the Fund (Unaudited)

As of October 31, 2025

------

The names, years of birth and business addresses of the Board Members and officers of the Fund as of October 31, 2025, their principal occupations during at least the past five years, the number of portfolios each Board Member oversees and other directorships they hold are provided in the tables below. Board Members that are deemed "interested persons" (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended) of the Fund or the Fund's Advisers are included in the table below under the heading "Interested Board Members." Board Members who are not interested persons, as described above, are referred to in the table below under the heading "Independent Board Members." abrdn Inc., its parent company Aberdeen Group plc, and its advisory affiliates are collectively referred to as "Aberdeen" in the tables below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br>Year of Birth** | &nbsp;&nbsp;**Position(s) Held<br>with the Fund** | &nbsp;&nbsp;**Term of Office<br>and Length of<br>Time Served** | &nbsp;&nbsp;**Principal Occupation(s)<br>During at Least the Past Five Years** | &nbsp;&nbsp;**Number of Registered<br>Investment Companies<br>("Registrants") consisting<br>of Investment Portfolios<br>("Portfolios") in<br>Fund Complex\*<br>Overseen by<br>Board Members** | &nbsp;&nbsp;**Other<br>Directorships<br>Held by<br>Board Member\*\*** |
| &nbsp;&nbsp;<u>Interested Board Member</u> |  |  |  |  |  |
| &nbsp;&nbsp;Christian Pittard\*\*\*<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1973 | &nbsp;&nbsp;Class II Trustee; Vice President | &nbsp;&nbsp;Term expires 2028; Trustee since 2024 | &nbsp;&nbsp;Mr. Pittard is Head of Closed End Funds for Aberdeen and is responsible for the US and UK businesses. Aberdeen is currently the 5th largest listed Closed-End Fund manager in the world. He is also Managing Director of Corporate Finance, having done a significant number of closed end fund transactions in the US and UK since joining abrdn in 1999. Previously, he was Head of the Americas and the North American Funds business for Aberdeen based in the US. | &nbsp;&nbsp;12 Registrants<br>consisting of<br>12 Portfolios | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;<u>Independent Board Members</u> |  |  |  |  |  |
| &nbsp;&nbsp;P. Gerald Malone<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1950 | &nbsp;&nbsp;Chair of the Board; Class III Trustee | &nbsp;&nbsp;Term expires 2026; Trustee since 2017 | &nbsp;&nbsp;Mr. Malone is a lawyer of over 40 years standing. Currently, he is an adviser to KeifeRX, a US healthcare company developing a novel neurotherapy treatment. He is also Chairman of a number of the open and closed end funds in the abrdn Fund Complex. He previously served as a non-executive director of U.S. healthcare companies, Medality LLC until 2023 and Bionik Laboratories Corp. (2018 – July 2022). Mr. Malone was previously a Member of Parliament in the U.K. from 1983 to 1997 and served as Minister of State for Health in the U.K. government from 1994 to 1997. | &nbsp;&nbsp;9 Registrants<br>consisting of<br>25 Portfolios | &nbsp;&nbsp;None. |

---

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **75** |

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------

Management of the Fund (Unaudited) (continued)

As of October 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br>Year of Birth** | &nbsp;&nbsp;**Position(s) Held<br>with the Fund** | &nbsp;&nbsp;**Term of Office<br>and Length of<br>Time Served** | &nbsp;&nbsp;**Principal Occupation(s)<br>During at Least the Past Five Years** | &nbsp;&nbsp;**Number of Registered<br>Investment Companies<br>("Registrants") consisting<br>of Investment Portfolios<br>("Portfolios") in<br>Fund Complex\*<br>Overseen by<br>Board Members** | &nbsp;&nbsp;**Other<br>Directorships<br>Held by<br>Board Member\*\*** |
| &nbsp;&nbsp;Rahn K. Porter<br>c/o abrdn Inc.<br>875 Third Ave<br>4th Floor, Suite 403<br>New York, NY 10022<br>Year of Birth: 1954 | &nbsp;&nbsp;Class III Trustee | &nbsp;&nbsp;Term expires 2026; Trustee since 2025 | &nbsp;&nbsp;Mr. Porter is the Principal of RPSS Enterprises, a consulting and advisory firm, a role he has held since 2019. From 2013 to 2021, he served as the Chief Financial and Administrative Officer of The Colorado Health Foundation. Mr. Porter served as an independent director at Centurylink Investment Management Company from 2011 to 2024. Previously, he held senior financial leadership positions as CFO at Telenet and Nupremis, and as Treasurer at Qwest Communications and MediaOne Group. He has also served as a board member and audit chair for BlackRidge Financial Inc. and Community First Bancshares, Inc. | &nbsp;&nbsp;7 Registrants<br>consisting of<br>23 Portfolios | &nbsp;&nbsp;Director of CenturyLink Investment Management Company from 2006-2024, Director of BlackRidge Financial Inc. from 2004 to 2019. |
| &nbsp;&nbsp;Todd Reit<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1968 | &nbsp;&nbsp;Class I Trustee | &nbsp;&nbsp;Term expires 2027; Trustee since 2025 | &nbsp;&nbsp;Mr. Reit is a Managing Member of Cross Brook Partners LLC, a real estate investment and management company since 2017. Mr. Reit is also Director and Financial Officer of Shelter Our Soldiers, a charity to support military veterans, since 2016. Mr. Reit was formerly a Managing Director and Global Head of Asset Management Investment Banking for UBS AG, where he was responsible for overseeing all the bank's asset management client relationships globally, including all corporate security transactions, mergers and acquisitions. Mr. Reit retired from UBS in 2017 after an over 25-year career at the company and its predecessor company, PaineWebber Incorporated (merged with UBS AG in 2000). | &nbsp;&nbsp;10 Registrants<br>consisting of<br>10 Portfolios | &nbsp;&nbsp;None. |

---

---

| | |
|:---|:---|
| **76** | abrdn Income Credit Strategies Fund |

---

------

Management of the Fund (Unaudited) (continued)

As of October 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br>Year of Birth** | &nbsp;&nbsp;**Position(s) Held<br>with the Fund** | &nbsp;&nbsp;**Term of Office<br>and Length of<br>Time Served** | &nbsp;&nbsp;**Principal Occupation(s)<br>During at Least the Past Five Years** | &nbsp;&nbsp;**Number of Registered<br>Investment Companies<br>("Registrants") consisting<br>of Investment Portfolios<br>("Portfolios") in<br>Fund Complex\*<br>Overseen by<br>Board Members** | &nbsp;&nbsp;**Other<br>Directorships<br>Held by<br>Board Member\*\*** |
| &nbsp;&nbsp;John Sievwright<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1955 | &nbsp;&nbsp;Class I Trustee | &nbsp;&nbsp;Term expires 2027; Trustee since 2017 | &nbsp;&nbsp;Mr. Sievwright is the Chairman of Burford Capital Ltd since May 2024 and a Director since 2020 (provider of legal finance, complex strategies, post- settlement finance and asset management services and products, Revolut Limited, a UK-based digital banking firm since August 2021, and Chairman of Buyside Trading Solutions Limited, an unlisted company, since its formation in July 2022. Previously he was a Non-Executive Director for the following UK companies: FirstGroup plc, ICAP plc and NEX Group plc (2017-2018) (financial). | &nbsp;&nbsp;6 Registrants<br>consisting of<br>8 Portfolios | &nbsp;&nbsp;Non-Executive Director of Burford Capital Ltd (provider of legal finance, complex strategies, post-settlement finance and asset management services and products) since May 2020. |
| &nbsp;&nbsp;Randolph Takian<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1974 | &nbsp;&nbsp;Class III Trustee and Preferred Shares Trustee | &nbsp;&nbsp;Term expires 2026; Trustee since 2010 | &nbsp;&nbsp;Mr. Takian is the co-Founder and President of CCS Partners, a structured and asset-based credit investment manager. He was previously Head of Bankingand Lending for Global Wealth and Investment Management at Bank of America from 2019 to 2023. Previously, he was at Avenue Capital Group from 2010 to 2019. | &nbsp;&nbsp;1 Registrant<br>consisting of<br>1 Portfolio | &nbsp;&nbsp;None. |

---

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **77** |

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------

Management of the Fund (Unaudited) (continued)

As of October 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br>Year of Birth** | &nbsp;&nbsp;**Position(s) Held<br>with the Fund** | &nbsp;&nbsp;**Term of Office<br>and Length of<br>Time Served** | &nbsp;&nbsp;**Principal Occupation(s)<br>During at Least the Past Five Years** | &nbsp;&nbsp;**Number of Registered<br>Investment Companies<br>("Registrants") consisting<br>of Investment Portfolios<br>("Portfolios") in<br>Fund Complex\*<br>Overseen by<br>Board Members** | &nbsp;&nbsp;**Other<br>Directorships<br>Held by<br>Board Member\*\*** |
| &nbsp;&nbsp;Nancy Yao<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1972 | &nbsp;&nbsp;Class II Trustee and Preferred Shares Trustee | &nbsp;&nbsp;Term expires 2028; Trustee since 2019 | &nbsp;&nbsp;Ms. Yao has over 25 years of Asia, finance, and governance experience in for profit and non-profit organizations, including Goldman Sachs, CFRA, and the Yale-China Association. She is an assistant professor adjunct at Yale University where she teaches financial accounting and governance. Ms. Yao is a board member of the National Committee on U.S.-China Relations and a member of the Council on Foreign Relations. She also serves as an assistant dean at the David Geffen School of Drama at Yale. She received her MBA from the Yale School of Management and her AB in Diplomacy and World Affairs at Occidental College. | &nbsp;&nbsp;8 Registrants<br>consisting of<br>8 Portfolios | &nbsp;&nbsp;None. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* As of the date of this report, the Fund Complex has a total of 17 Registrants with each Board member serving on the Boards of the number of Registrants listed. Each Registrant in the Fund Complex has one Portfolio except for two Registrants that are open-end funds, abrdn Funds and abrdn ETFs, which each have multiple Portfolios. The Registrants in the Fund Complex are as follows: abrdn Asia-Pacific Income Fund, Inc., abrdn Global Income Fund, Inc., abrdn Australia Equity Fund, Inc., abrdn Emerging Markets Equity Income Fund, Inc., The India Fund, Inc., abrdn Income Credit Strategies Fund, abrdn Global Dynamic Dividend Fund, abrdn Global Premier Properties Fund, abrdn Total Dynamic Dividend Fund, abrdn Global Infrastructure Income Fund, abrdn National Municipal Income Fund, abrdn Healthcare Investors, abrdn Life Sciences Investors, abrdn Healthcare Opportunities Fund, abrdn World Healthcare Fund, abrdn Funds (17 Portfolios), and abrdn ETFs (2 Portfolios).

\*\* Current directorships (excluding Fund Complex) as of the date of this report held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "1934 Act") or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

\*\*\* Mr. Pittard is deemed to be an interested person because of his affiliation with the Fund's investment adviser.

---

| | |
|:---|:---|
| **78** | abrdn Income Credit Strategies Fund |

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------

Management of the Fund (Unaudited) (continued)

As of October 31, 2025

------

Officers of the Fund

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br>Year of Birth** | &nbsp;&nbsp;**Position(s) Held<br>with the Fund** | &nbsp;&nbsp;**Term of Office\*<br>and Length of<br>Time Served** | &nbsp;&nbsp;**Principal Occupation(s) During at Least the Past Five Years** |
| &nbsp;&nbsp;Sharon Ferrari\*\*<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1977 | &nbsp;&nbsp;Treasurer and Chief Financial Officer | &nbsp;&nbsp;Treasurer and Chief Financial Officer Since 2023; Fund Officer Since 2017 | &nbsp;&nbsp;Currently, Director, Product Management for Aberdeen. Ms. Ferrari joined Aberdeen as a Senior Fund Administrator in 2008. |
| &nbsp;&nbsp;Katie Gebauer\*\*<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1986 | &nbsp;&nbsp;Chief Compliance Officer and Vice-President - Compliance | &nbsp;&nbsp;Chief Compliance Officer Since 2025; Fund Officer Since 2023 | &nbsp;&nbsp;Currently, Ms. Gebauer is Head of US Registered Fund Compliance. She serves as the Chief Compliance Officer for Aberdeen's US closed end funds, open end funds and ETFs. Ms. Gebauer joined Aberdeen in 2014. |
| &nbsp;&nbsp;Alan Goodson\*\*<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1974 | &nbsp;&nbsp;President | &nbsp;&nbsp;Since 2017 | &nbsp;&nbsp;Currently, Executive Director and Head of Product & Client Solutions – Americas for Aberdeen, overseeing Product Management & Governance, Product Development and Client Solutions for registered and unregistered investment companies in the U.S., Brazil and Canada. Mr. Goodson is Director and Vice President of Aberdeen and joined Aberdeen in 2000. |
| &nbsp;&nbsp;Heather Hasson\*\*<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1982 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;Currently, Senior Product Development Manager. Previously, Senior Product Solutions and Implementation Manager, Product Governance US for Aberdeen. Ms. Hasson joined the company in November 2006. |
| &nbsp;&nbsp;Robert Hepp\*\*<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1986 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;Currently, Senior Product Governance Manager – US for Aberdeen. Mr. Hepp joined Aberdeen as a Senior Paralegal in 2016. |
| &nbsp;&nbsp;Matt Kence\*\*<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1974 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;Currently, Investment Director and is a Portfolio Manager on the abrdn Income Credit Strategies Fund and the Global High Yield strategies at abrdn. He is also a member of the North American Fixed Income Leadership team. He joined the company in 2010 from Gannet Welsh & Kotler where he was a Vice President, Credit. Previously, he also worked for MFS Investment Management as a high yield analyst. |
| &nbsp;&nbsp;Megan Kennedy\*\*<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1974 | &nbsp;&nbsp;Vice President and Secretary | &nbsp;&nbsp;Since 2017 | &nbsp;&nbsp;Currently, Senior Director, Product Governance for Aberdeen. Ms. Kennedy joined Aberdeen in 2005. |
| &nbsp;&nbsp;Andrew Kim\*\*<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1983 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;Currently, Senior Product Governance Manager – Attorney for Aberdeen. Mr. Kim joined Aberdeen as a Product Manager in 2013. |
| &nbsp;&nbsp;Steven Logan\*\*<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1968 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2024 | &nbsp;&nbsp;Currently, Head of European High Yield and Global Loans and a portfolio manager on the abrdn Income Credit Strategies Fund and Global High Yield strategies at abrdn. Mr. Logan has analyzed and managed credit investments for over 30 years having previously worked at The Sumitomo Trust & Banking Co. Ltd, Standard Life Investments, Scottish Widows Investment Partnership, Aberdeen Asset Management and PGIM Fixed Income. |

---

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **79** |

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------

Management of the Fund (Unaudited) (concluded)

As of October 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br>Year of Birth** | &nbsp;&nbsp;**Position(s) Held<br>with the Fund** | &nbsp;&nbsp;**Term of Office\*<br>and Length of<br>Time Served** | &nbsp;&nbsp;**Principal Occupation(s) During at Least the Past Five Years** |
| &nbsp;&nbsp;Michael Marsico\*\*<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1980 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;Currently, Senior Product Manager – US for Aberdeen. Mr. Marsico joined Aberdeen as a Fund Administrator in 2014. |
| &nbsp;&nbsp;Kolotioloma Silue\*\*<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1977 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2024 | &nbsp;&nbsp;Currently, Senior Product Manager for Aberdeen. Mr. Silue joined Aberdeen in October 2023 from Tekla Capital Management where he was employed as a Senior Manager of Fund Administration. |
| &nbsp;&nbsp;Lucia Sitar\*\*<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1971 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2017 | &nbsp;&nbsp;Currently, Vice President and U.S. Counsel - Head of Product Governance for Aberdeen. Previously, Ms. Sitar was Head of Product Governance and Management and Managing U.S. Counsel for Aberdeen. She joined Aberdeen as U.S. Counsel in 2007. |
| &nbsp;&nbsp;Michael Taggart\*\*<br>c/o abrdn Inc.<br>1900 Market Street<br>Suite 200<br>Philadelphia, PA 19103<br>Year of Birth: 1970 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2023 | &nbsp;&nbsp;Currently, Head of Closed-End Fund Investor Relations at Aberdeen. since 2023. Prior to that, he was Vice President of Investment Research and Operations at Relative Value Partners, LLC from June 2022. Prior to that, he was self-employed after having left Nuveen in November 2020, where he had served as Vice President of Closed-End Fund Product Strategy since November 2013. |
| &nbsp;&nbsp;George Westervelt\*\*<br>c/o abrdn Asia Limited<br>21 Church Street

#01-01 Capital Square Two<br>Singapore 049480<br>Year of Birth: 1981 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since 2024 | &nbsp;&nbsp;Currently, Head of Global High Yield and Head of US High Yield Research. He is one of the Portfolio Managers on the team that manages the Global High Yield strategies and is also a member of the North American Fixed Income Leadership team. He joined abrdn in 2009 as a Credit Analyst and joined the portfolio management group in 2011. Prior to joining Aberdeen, he worked at MFS Investment Management in Boston and Citigroup in New York. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* Officers hold their positions with the Fund until a successor has been duly elected and qualifies. Officers are elected annually at a meeting of the Fund Board.

\*\* Each officer may hold officer position(s) in one or more other funds which are part of the Fund Complex.

Further information about the Fund's Board Members and Officers is available in the Fund's Statement of Additional Information, which can be obtained without charge by calling (800) 522-5465.

---

| | |
|:---|:---|
| **80** | abrdn Income Credit Strategies Fund |

---

------

Additional Information (unaudited)

------

#### Summary of Fund Expenses
The following table shows Fund expenses as a percentage of net assets attributable to common shares of beneficial interest with no par value ("Common Shares"). The expenses shown in the table and related footnotes, along with the example, are based on the Fund's capital structure as of October 31, 2025. As of October 31, 2025, the Fund had $300,000,000 of leverage outstanding through bank borrowings and Preferred Shares which represented 28.9% of the Managed Assets as of October 31, 2025. On December 18, 2025, the Fund closed a private offering of 4,000,000 shares of Series A Mandatorily Redeemable Preferred Shares due in 2030 ("Series A MRPS"), with a liquidation value of $100,000,000. A portion of the net proceeds from the Series A MRPS were used to refinance the Fund's existing credit facility. The expenses shown in the table under "Other expenses" , "Interest expenses on bank borrowings," "Dividends on Preferred Shares", "Total annual expenses" and "Total annual expenses after expense reimbursement" are based on the Fund's capital structure as of December 18, 2025, restated to reflect current fees. Actual expenses may be greater or less than those shown below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Common Shareholder transaction expenses** | |
| &nbsp;&nbsp;Sales load (as a percentage of offering price)(1) | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Offering expenses (as a percentage of offering price)(2) | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;Dividend Reinvestment and Optional Cash Purchase Plan fees (per share for open-market purchases of Common Shares)(3) |  |
| &nbsp;&nbsp; Fee for Open Market Purchases of Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;$0.02 (per share) |
| &nbsp;&nbsp; Fee for Optional Shares Purchases | &nbsp;&nbsp;&nbsp;&nbsp;$5.00 (max) |
| &nbsp;&nbsp; Sales of Shares Held in a Dividend Reinvestment Account | &nbsp;&nbsp;&nbsp;&nbsp;$0.12 (per share)<br>and $25.00 (max) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Annual expenses<br>(as a percentage of net assets<br>attributable to<br>Common Shares)** |
| &nbsp;&nbsp;Advisory fee(4) | &nbsp;&nbsp;&nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;Interest expenses on bank borrowings(5) | &nbsp;&nbsp;&nbsp;&nbsp;1.37% |
| &nbsp;&nbsp;Dividends on Preferred Shares(6) | &nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| &nbsp;&nbsp;Other expenses(7) | &nbsp;&nbsp;&nbsp;&nbsp;0.31% |
| &nbsp;&nbsp;Total annual expenses | &nbsp;&nbsp;&nbsp;&nbsp;4.41% |
| &nbsp;&nbsp;Less: expense reimbursement(8) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02)% |
| &nbsp;&nbsp;Total annual expenses after expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;4.39% |

---

(1) If Common Shares or Preferred Shares are sold to or through underwriters, a prospectus or prospectus supplement will set forth any applicable sales load and the estimated offering expenses borne by the Fund.

(2) Offering expenses payable by the Fund will be deducted from the proceeds, before expenses, to the Fund.

(3) Shareholders who participate in the Fund's Dividend Reinvestment and Optional Cash Purchase Plan (the "Plan") may be subject to fees on certain transactions. The Plan Agent's (as defined under "Dividend Reinvestment and Optional Cash Purchase Plan" in the Fund's Prospectus) fees for the handling of the reinvestment of dividends will be paid by the Fund; however, participating shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases in connection with the reinvestment of dividends, capital gains distributions and voluntary cash payments made by the participant, which will be deducted from the value of the dividend. For optional share purchases, shareholders will also be charged a $2.50 fee for automatic debits from a checking/savings account, a $5.00 one-time fee for online bank debit and/or $5.00 for check. Shareholders will be subject to $0.12 per share fee and either a $10.00 fee (for batch orders) or $25.00 fee (for market orders) for sales of shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Plan agent is required to pay. For more details about the Plan, see "Dividend Reinvestment and Optional Cash Purchase Plan" in the Fund's Prospectus.

(4) The Adviser receives a monthly fee at an annual rate of 1.25% of the Fund's average daily Managed Assets. The advisory fee percentage calculation assumes the use of leverage by the Fund as discussed in note (5) and (6). To derive the annual advisory fee as a percentage of the Fund's net assets (which are the Fund's total assets less all of the Fund's liabilities including the liquidation preference on the Preferred Shares), the Fund's average Managed Assets for the current fiscal year ended October 31, 2025 were multiplied by the annual advisory fee rate and then divided by the Fund's average net assets for the same period.

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **81** |

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Additional Information (unaudited) (continued)

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(5) The percentage in the table has been restated to reflect current fees and is based on total borrowings of $180,000,000 (the balance outstanding under the Fund's Credit Facility as of December 18, 2025, representing approximately 17.2% of the Fund's Managed Assets) and an average interest rate during the fiscal year ended October 31, 2025 of 5.91%. There can be no assurances that the Fund will be able to obtain such level of borrowing (or to maintain its current level of borrowing), that the terms under which the Fund borrows will not change, or that the Fund's use of leverage will be profitable. The Fund currently intends during the next twelve months to maintain a similar proportionate amount of borrowings but may increase such amount to 33 1/3% of the average daily value of the Fund's total assets.

(6) Based on 1,600,000 shares of Series A Perpetual Preferred Shares outstanding as of October 31, 2025 with an aggregate liquidation preference of $40 million and an annual dividend rate equal to 5.250% of such liquidation preference and 4,000,000 Mandatorily Redeemable Preferred Shares outstanding as of December 18, 2025, with an aggregate liquidation preference of $100 million and an annual dividend rate equal to 5.525% of such liquidation preference. The costs associated with the Preferred Shares are borne entirely by Common Shareholders. This item has been restated to reflect current fees.

(7) "Other Expenses" are based on estimated amounts for the current fiscal year.

(8) The Adviser has contractually agreed to reimburse the Fund so that total other expenses (excluding interest, taxes, brokerage fees, short sale dividend and interest expenses, compensation of the Fund's Independent Trustees and non-routine expenses) (as a percentage of net assets attributable to Common Shares of the Fund) are limited to 0.25% of the average daily net assets of the Fund on an annualized basis. Following approval of the Independent Trustees, on November 1, 2025, the Adviser and the Fund agreed to amend and restate the contractual limitation, such that compensation of the Fund's Independent Trustees is excluded from the expense limitation effective for the fiscal year beginning November 1, 2025. Accordingly, the expense information in the table has been restated to reflect current fees. This contractual limitation may not be terminated before October 31, 2026 without the approval of the Independent Trustees. The Fund may repay any such reimbursement from the Adviser, within three years of the reimbursement, provided that the following requirements are met: the reimbursements do not cause the Fund to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser. Because interest expenses and investment related expenses are not subject to the reimbursement agreement, interest expenses and investment related expenses are included in the "Total annual expenses after expense reimbursement" line item.

The purpose of the table above and the example below is to help you understand the fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. The expenses shown in the table under "Other expenses", "Total annual expenses" and "Total annual expenses after expense reimbursement" assume that the Fund has not issued any additional Common Shares.

#### Example
The following example illustrates the expenses you would pay on a $1,000 investment in Common Shares assuming that (i) all dividends and other distributions are reinvested at NAV (ii) the percentage amounts listed under "Total annual expenses" and "Total annual expenses after expense reimbursement" above remain the same in the years shown and (iii) a 5% annual portfolio total return.<sup>\*</sup>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;$44 | &nbsp;&nbsp;&nbsp;&nbsp;$133 | &nbsp;&nbsp;&nbsp;&nbsp;$223 | &nbsp;&nbsp;&nbsp;&nbsp;$454 |

---

\* The example does not include sales load or estimated offering costs. In connection with an offering of Common Shares, the applicable Prospectus Supplement will set forth an Example including sales load and estimated offering costs. **The example should not be considered a representation of future expenses or rate of return and actual Fund expenses may be greater or less than those shown.** The example assumes that (i) all dividends and other distributions are reinvested at NAV, and (ii) the percentage amounts listed under "Total annual expenses" and "Total annual expenses after expense reimbursement" above remain the same in the years shown. The expense reimbursement agreement for the Fund, described in footnote (8) to the fee table above, is reflected in the figures listed in the above expense example for the current duration of the

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| | |
|:---|:---|
| **82** | abrdn Income Credit Strategies Fund |

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Additional Information (unaudited) (continued)

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agreement only. The Fund's actual rate of return may be greater or less than the hypothetical 5% return shown in the examples. For more complete descriptions of certain of the Fund's costs and expenses, see "Management of the Fund --Advisory Agreements" in the Fund's Prospectus.

#### Senior Securities
The following table sets forth information about the Fund's outstanding senior securities as of the end of each of the Fund's last ten fiscal years. The Fund's senior securities during this time period are comprised of borrowings which constitutes a "senior security" as defined in the 1940 Act. Audited information regarding the Fund's senior securities is incorporated by reference from the Fund's Financial Highlights included elsewhere in this Annual Report.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fiscal Year<br>Ended<br>October 31,** | **Title of Security** | &nbsp;&nbsp;**Total Principal<br>Amount<br>Outstanding** | &nbsp;&nbsp;**Aggregate<br>Liquidation<br>Preference** | &nbsp;&nbsp;**Liquidation<br>Preference<br>Per Share** | &nbsp;&nbsp;**Asset<br>Coverage<br>Per $1,000<br>of Principal<br>Amoount** | &nbsp;&nbsp;**Asset Coverage<br>Per share<br>of Series<br>A Perpetual<br>Preferred<br>Shares at<br>year end (3)** | &nbsp;&nbsp;**Average<br>Market Value<br>per unit(4)** |
| &nbsp;&nbsp;2025 | Senior Secured Revolving Credit Facility | $260000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;$3995(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- |
| &nbsp;&nbsp;2025 | 5.250% Series A Perpetual Preferred Shares | $40000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$3462(2) | &nbsp;&nbsp;$649.22 | &nbsp;&nbsp;$21.69 |
| &nbsp;&nbsp;2024 | Senior Secured Revolving Credit Facility | $240000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;$4583(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- |
| &nbsp;&nbsp;2024 | 5.250% Series A Perpetual Preferred Shares | $40000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$3928(2) | &nbsp;&nbsp;$687.38 | &nbsp;&nbsp;$23.63 |
| &nbsp;&nbsp;2023 | Senior Secured Revolving Credit Facility | $105000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;$4618(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- |
| &nbsp;&nbsp;2023 | 5.250% Series A Perpetual Preferred Shares | $40000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$3344(2) | &nbsp;&nbsp;$303.03 | &nbsp;&nbsp;$22.21 |
| &nbsp;&nbsp;2022 | Senior Secured Revolving Credit Facility | $88000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;$3348(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- |
| &nbsp;&nbsp;2022 | 5.250% Series A Perpetual Preferred Shares | $40000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$2302(2) | &nbsp;&nbsp;$184.16 | &nbsp;&nbsp;$24.40 |
| &nbsp;&nbsp;2021 | Senior Secured Revolving Credit Facility | $118000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;$3399(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- |
| &nbsp;&nbsp;2021 | 5.250% Series A Perpetual Preferred Shares | $40000000 | &nbsp;&nbsp;$40000000 | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;$2538(2) | &nbsp;&nbsp;$250.67 | &nbsp;&nbsp;$26.56 |
| &nbsp;&nbsp;2020 | Senior Secured Revolving Credit Facility | $81200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;$3178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- |
| &nbsp;&nbsp;2019 | Senior Secured Revolving Credit Facility | $72000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;$3263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- |
| &nbsp;&nbsp;2018 | Senior Secured Revolving Credit Facility | $83000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;$3217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- |
| &nbsp;&nbsp;2017 | Senior Secured Revolving Credit Facility | $83000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;$3402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- |
| &nbsp;&nbsp;2016 | Senior Secured Revolving Credit Facility | $83000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;$3305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- |

---

---

| | |
|:---|:---|
| abrdn Income Credit Strategies Fund | **83** |

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------

Additional Information (unaudited) (concluded)

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(1) Asset coverage per $1,000 on senior securities is calculated by dividing net assets plus the amount of any borrowings, including Preferred Shares,for investment purposes by the amount of any senior securities, which includes the revolving credit facility and then multiplying by $1,000.

(2) The asset coverage per $1,000 on total leverage is calculated as the Fund's total assets, less all liabilities and indebtedness not represented by the Fund's senior securities or the a liquidation preference of preferred shares, divided by secured senior securities representing indebtedness plus the aggregate liquidation preference of preferred shares and then multiplying by $1,000.

(3) Asset coverage per share of Series A Perpetual Preferred Shares is calculated by subtracting the fund's total liabilities (not including senior securities or the liquidation preference of preferred shares) from the fund's total assets and dividing by shares of outstanding preferred stock (based on a per share liquidation preference of $25.00).

(4) Represents the average of the daily closing market price per share as reported on the NYSE during the respective period.

#### Net Asset Value and Market Price Information

#### Net Asset Value
The Fund's currently outstanding Common Shares are listed on the NYSE. The Common Shares commenced trading on the NYSE on January 27, 2011.

The Common Shares have traded both at a premium and at a discount to the Fund's NAV per Common Share. Although the Common Shares recently have traded at a premium to NAV, there can be no assurance that this will continue after an offering of Common Shares or that the Common Shares will not trade at a discount in the future. Shares of closed-end investment companies frequently trade at a discount to NAV. The Fund's NAV will be reduced immediately following an offering of Common Shares due to the costs of such offering, which will be borne entirely by the Fund. The sale of Common Shares by the Fund (or the perception that such sales may occur) may have an adverse effect on prices of Common Shares in the secondary market. An increase in the number of Common Shares available may result in downward pressure on the market price for Common Shares.

The Fund cannot predict whether its Common Shares will trade in the future at a premium to or discount from NAV, or the level of any premium or discount.

#### Market Price Information
The Fund's Common Shares are publicly held and are listed and traded on the NYSE (trading symbol "ACP"). The following table sets forth for the fiscal quarters indicated the highest and lowest daily prices during the applicable quarter at the close of market on the NYSE per Common Share along with (i) the highest and lowest closing NAV and (ii) the highest and lowest premium or discount from NAV represented by such prices at the close of the market on the NYSE.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NYSE Market Price(1)** | **NYSE Market Price(1)** | &nbsp;&nbsp;**NAV at NYSE Market<br>Price(1)** | &nbsp;&nbsp;**NAV at NYSE Market<br>Price(1)** | &nbsp;&nbsp;**Market Premium/(Discount) to<br>NAV on Date of NYSE Market Price(1)** | &nbsp;&nbsp;**Market Premium/(Discount) to<br>NAV on Date of NYSE Market Price(1)** |
| &nbsp;&nbsp;**Quarter Ended (2)** | **High** | &nbsp;&nbsp;**Low** | &nbsp;&nbsp;**High** | &nbsp;&nbsp;**Low** | &nbsp;&nbsp;**High** | &nbsp;&nbsp;**Low** |
| &nbsp;&nbsp;October 31, 2025 | $5.98 | &nbsp;&nbsp;$5.51 | &nbsp;&nbsp;$6.12 | &nbsp;&nbsp;$5.92 | &nbsp;&nbsp;-2.29% | &nbsp;&nbsp;&nbsp;-6.93% |
| &nbsp;&nbsp;July 31, 2025 | $5.97 | &nbsp;&nbsp;$5.63 | &nbsp;&nbsp;$6.16 | &nbsp;&nbsp;$5.94 | &nbsp;&nbsp;-3.08% | &nbsp;&nbsp;&nbsp;-5.22% |
| &nbsp;&nbsp;April 30, 2025 | $6.23 | &nbsp;&nbsp;$5.17 | &nbsp;&nbsp;$6.43 | &nbsp;&nbsp;$5.81 | &nbsp;&nbsp;&nbsp;-3.11% | &nbsp;&nbsp;-11.02% |
| &nbsp;&nbsp;January 31, 2025 | $6.55 | &nbsp;&nbsp;$5.83 | &nbsp;&nbsp;$6.58 | &nbsp;&nbsp;$6.43 | &nbsp;&nbsp;-0.46% | &nbsp;&nbsp;&nbsp;-9.33% |
| &nbsp;&nbsp;October 31, 2024 | $6.64 | &nbsp;&nbsp;$6.30 | &nbsp;&nbsp;$6.65 | &nbsp;&nbsp;$6.55 | &nbsp;&nbsp;&nbsp;-0.15% | &nbsp;&nbsp;&nbsp;-3.82% |
| &nbsp;&nbsp;July 31, 2024 | $6.99 | &nbsp;&nbsp;$6.48 | &nbsp;&nbsp;$6.83 | &nbsp;&nbsp;$6.62 | &nbsp;&nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;&nbsp;-2.11% |
| &nbsp;&nbsp;April 30, 2024 | $7.04 | &nbsp;&nbsp;$6.46 | &nbsp;&nbsp;$7.12 | &nbsp;&nbsp;$6.70 | &nbsp;&nbsp;&nbsp;-1.12% | &nbsp;&nbsp;&nbsp;-3.58% |
| &nbsp;&nbsp;January 31, 2024 | $7.00 | &nbsp;&nbsp;$5.89 | &nbsp;&nbsp;$7.05 | &nbsp;&nbsp;$6.51 | &nbsp;&nbsp;&nbsp;-0.71% | &nbsp;&nbsp;&nbsp;-9.52% |

---

(1) Source: Bloomberg L.P.

(2) Data presented are with respect to a short period of time and are not indicative of future performance.

On December 22, 2025 the Fund's NAV was $5.82 and the last reported sale price of a Common Share on the NYSE was $5.43, representing a discount to NAV of 6.70%.

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| | |
|:---|:---|
| **84** | abrdn Income Credit Strategies Fund |

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Corporate Information

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#### Trustees
P. Gerald Malone, *Chair*

Christian Pittard

Rahn Porter

Todd Reit

John Sievwright

Randolph Takian

Nancy Yao

#### Investment Adviser
abrdn Investments Limited

1 George Street

Edinburgh, EH2 2LL

United Kingdom

#### Investment Sub-Adviser
abrdn Inc.

1900 Market Street, Suite 200

Philadelphia, PA19103

#### Administrator
abrdn Inc.

1900 Market Street, Suite 200

Philadelphia, PA 19103

#### Custodian
State Street Bank and Trust Company

John Adams Building

1776 Heritage Drive

North Quincy, MA 02171

#### Transfer Agent
Computershare Trust Company, N.A.

P.O. Box 43006

Providence, RI 02940-3078

#### Independent Registered Public Accounting Firm
KPMG LLP

191 West Nationwide Blvd., Suite 500

Columbus, OH 43215

#### Legal Counsel
Dechert LLP

1900 K Street N.W.

Washington, D.C. 20006

#### Investor Relations
abrdn Inc.

1900 Market Street, Suite 200

Philadelphia, PA 19103

1-800-522-5465

Investor.Relations@aberdeenplc.com

![tm2528073d130769d1arpfei005.jpg](tm2528073d130769d1arpfei005.jpg)

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may purchase, from time to time, shares of its common stock in the open market.

Shares of abrdn Income Credit Strategies Fund are traded on the NYSE under the symbol "ACP." Information about the Fund's net asset value and market price is available at www.aberdeenacp.com.

This report, including the financial information herein, is transmitted to the shareholders of abrdn Income Credit Strategies Fund for their general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. Past performance is no guarantee of future results.

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ACP-ANNUAL

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

(a) As of October 31, 2025, abrdn Income Credit Strategies Fund (the "Fund" or the "Registrant") had adopted a Code of Ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code of Ethics").

(b) Definitional.

(c) There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics.

(d) During the period covered by this report, there were no waivers to the provisions of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics has been filed as an exhibit to this Form N-CSR.

**Item 3. Audit Committee Financial Expert.**

The Registrant's Board of Trustees has determined that John Sievwright, a member of the Board of Trustees' Audit Committee, possesses the attributes, and has acquired such attributes through means, identified in instruction 2 of Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mr. Sievwright as the Audit Committee's financial expert. Mr. Sievwright is considered to be an "independent" trustee, as such term is defined in paragraph (a)(2) of Item 3 to Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

(a) – (d) Below is a table reflecting the fee information requested in Items 4(a) through (d):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year<br> Ended** | **(a)<br> Audit Fees<sup>1</sup>** | **(b)<br> Audit-Related Fees<sup>2</sup>** | **(c)<br> Tax Fees<sup>3</sup>** | **(d)<br> All Other Fees<sup>4</sup>** |
| October 31, 2025 | $99600 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception**<sup>5</sup>** | 0% | 0% | 0% | 0% |
| October 31, 2024 | $122900 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception**<sup>5</sup>** | 0% | 0% | 0% | 0% |

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<sup>1</sup> "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

<sup>2</sup> "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares.

<sup>3</sup> "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: federal and state income tax returns, review of excise tax distribution calculations and federal excise tax return.

<sup>4</sup> "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees".

<sup>5</sup> Pre-approval exception under Rule 2-01 of Regulation S-X. The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

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| | |
|:---|:---|
| (e)(1) | The Registrant's Audit Committee (the "Committee") has adopted a Charter that provides that the Committee shall annually select, retain or terminate, and recommend to the Independent Trustees for their ratification, the selection, retention or termination, the Registrant's independent auditor and, in connection therewith, to evaluate the terms of the engagement (including compensation of the independent auditor) and the qualifications and independence of the independent auditor, including whether the independent auditor provides any consulting, auditing or tax services to the Registrant's investment adviser (the "Adviser") or any sub-adviser, and to receive the independent auditor's specific representations as to their independence, delineating all relationships that may affect the independent auditor's independence, including the disclosures required by PCAOB Rule 3526 or any other applicable auditing standard. PCAOB Rule 3526 requires that, at least annually, the auditor: (1) disclose to the Committee in writing all relationships between the auditor and its related entities and the Registrant and its related entities that in the auditor's professional judgment may reasonably be thought to bear on independence; (2) confirm in the letter that, in its professional judgment, it is independent of the Registrant within the meaning of the Securities Acts administered by the SEC; and (3) discuss the auditor's independence with the audit committee. The Committee is responsible for actively engaging in a dialogue with the independent auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the independent auditor and for taking, or recommending that the full Board take, appropriate action to oversee the independence of the independent auditor. The Committee Charter also provides that the Committee shall review in advance, and consider approval of, any and all proposals by Management or the Adviser that the Registrant, the Adviser or their affiliated persons, employ the independent auditor to render "permissible non-audit services" to the Registrant and to consider whether such services are consistent with the independent auditor's independence. "Permissible non-audit services" include any professional services, including tax services, provided to the Registrant by the independent auditor, other than those provided to the Registrant in connection with an audit or a review of the financial statements of the Registrant. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Registrant; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the PCAOB determines, by regulation, is impermissible. Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Registrant constitutes not more than 5% of the total amount of revenues paid by the Registrant to its auditor during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by the Registrant at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee or its Delegate(s) prior to the completion of the audit. The Committee may delegate to one or more of its members ("Delegates") authority to pre-approve permissible non-audit services to be provided to the Registrant. Any pre-approval determination of a Delegate shall be presented to the full Committee at its next meeting. Any pre-approval determination of a Delegate shall be presented to the full Committee at its next meeting. Pursuant to this authority, the Registrant's Committee delegates to the Committee Chair, subject to subsequent ratification by the full Committee, up to a maximum amount of $25,000, which includes any professional services, including tax services, provided to the Registrant by its independent registered public accounting firm other than those provided to the Registrant in connection with an audit or a review of the financial statements of the Registrant. The Committee shall communicate any pre-approval made by it or a Delegate to the Adviser, who will ensure that the appropriate disclosure is made in the Registrant's periodic reports required by Section 30 of the Investment Company Act of 1940, as amended, and other documents as required under the federal securities laws. |

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(e)(2) None of the services described in each of paragraphs (b) through (d) of this Item involved a waiver of the pre-approval requirement by the Audit Committee pursuant to Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

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| | |
|:---|:---|
| (g) | Non-Audit Fees |
|  | The following table shows the amount of fees that KPMG LLP billed during the Fund's last two fiscal years for non-audit services to the Registrant, and to the Adviser, and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund ("Affiliated Fund Service Provider"): |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br> Billed to Fund** | **Total Non-Audit Fees<br> billed to Adviser and<br> Affiliated Fund Service<br> Providers (engagements <br> related directly to the<br> operations and financial<br> reporting of the Fund)** | **Total Non-Audit Fees<br> billed to Adviser and<br> Affiliated Fund Service <br> Providers (all other<br> engagements)** | **Total** |
| October 31, 2025 | $0 | $0 | $1253744 | $1253744 |
| October 31, 2024 | $0 | $0 | $629124 | $629124 |

---

"Non-Audit Fees billed to Fund" for both fiscal years represent "Tax Fees" and "All Other Fees" billed to Fund in their respective amounts from the previous table.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (15 U.S.C. 78c(a)(58)(A)).

As of the fiscal year ended October 31, 2025, the Audit Committee members were:

Nancy Yao

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Gerald Malone

John Sievwright

Randolph Takian

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 6. Investments.**

(a) Included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** 

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included as part of the Report to Stockholders filed under Item 1 of this Form N-CSR.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Pursuant to the Registrant's Proxy Voting Policy and Procedures, the Registrant has delegated responsibility for its proxy voting to its Adviser, provided that the Registrant's Board of Trustees has the opportunity to periodically review the Adviser's proxy voting policies and material amendments thereto.

The proxy voting policies of the Registrant are included herewith as Exhibit (c) and policies of the Adviser are included as Exhibit (d).

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

(a)(1) PORTFOLIO MANAGER BIOGRAPHIES

The Fund is managed by Aberdeen's Global High Yield team which also draws on the expertise of Aberdeen's Global Loans, US High Yield and European High Yield teams. As of the date of filing this report, the members of the team having the most significant responsibility for day-to-day management of the Fund are listed below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individual &<br> Position | Past Business Experience | Served on Fund<br> Since |
|  Steven Logan<br> Head of European High Yield and Global Loans | Steven Logan is Head of European High Yield and Global Loans and a portfolio manager on the abrdn Income Credit Strategies Fund and Global High Yield strategies at Aberdeen. Steven has analysed and managed credit investments for over 30 years having previously worked at The Sumitomo Trust & Banking Co. Ltd, Standard Life Investments, Scottish Widows Investment Partnership, Aberdeen Asset Management and PGIM Fixed Income. Steven has a BA (Hons) in Banking and Finance from Birmingham City University. | 2024 (and previously, from 2017 to 2020) |
| Matthew Kence<br> Investment Director – US High Yield and Global High Yield | Matthew Kence is an Investment Director and is a Portfolio Manager on the abrdn Income Credit Strategies Fund and the Global High Yield strategies at Aberdeen. He is also a member of the North American Fixed Income Leadership team. Matt joined the company in 2010 from Gannet Welsh & Kotler where he was a Vice President, Credit. Previously, Matt also worked for MFS Investment Management as a high yield analyst. Matt graduated with a BS Mechanical Engineering from Ohio University and received his MBA from the Haas School of Business at the University of California, Berkeley. | 2017 |
| George Westervelt<br> Head of Global High Yield and Head of US High Yield Research | George Westervelt is Head of Global High Yield and Head of US High Yield Research. George is one of the Portfolio Managers on the team that manages the Global High Yield strategies and is also a member of the North American Fixed Income Leadership team. He joined Aberdeen in 2009 as a Credit Analyst and joined the portfolio management group in 2011. Prior to joining Aberdeen, George worked at MFS Investment Management in Boston and Citigroup in New York. He earned a BA in English from the University of Vermont and is a CFA Charterholder. | 2022 |

---

(a)(2) OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS.

The following chart summarizes information regarding other accounts for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into the following three categories: (1) registered investment companies; (2) other pooled investment vehicles; and (3) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance ("performance-based fees"), information on those accounts is provided separately. The figures in the chart below for the category of "registered investment companies" include the Fund. The "Other Accounts Managed" represents the accounts managed by the teams of which the portfolio manager is a member. The information in the table below is as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name of<br> Portfolio Manager | Type of Accounts | Other Accounts <br> Managed | Total Assets ($M) | Number of<br> Accounts<br> Managed for<br> Which<br> Advisory<br> Fee is Based<br> on<br> Performance | Total Assets for<br> Which<br> Advisory Fee is<br> Based on<br> Performance ($M) |
| Steven Logan<sup>1</sup> | Registered Investment Companies | 1 | $1033.19 | 0 | $0 |
|  | Pooled Investment Vehicles | 2 | $638.62 | 0 | $0 |
|  | Other Accounts | 1 | $231.11 | 0 | $0 |
| Matthew Kence<sup>2</sup> | Registered Investment Companies | 3 | $1132.86 | 0 | $0 |
|  | Pooled Investment Vehicles | 4 | $1683.63 | 0 | $0 |
|  | Other Accounts | 1 | $231.11 | 0 | $0 |
| George Westervelt<sup>3</sup> | Registered Investment Companies | 3 | $1169.38 | 0 | $0 |
|  | Pooled Investment Vehicles | 4 | $1683.63 | 0 | $0 |
|  | Other Accounts | 1 | $231.11 | 0 | $0 |

---

<sup>1</sup> Includes accounts managed by the Euro High Yield and Global Loans teams, of which the portfolio manager is a member.

<sup>2</sup> Includes accounts managed by the Global High Yield, US Global Credit, Euro High Yield and Global Loans teams, of which the portfolio manager is a member.

<sup>3</sup> Includes the abrdn Global Income Fund, Inc., a Registered Investment Company for which George Westervelt also serves as portfolio manager, as well as accounts managed by the Global High Yield, US Global Credit, Euro High Yield and Global Loans teams, of which the portfolio manager is a member.

POTENTIAL CONFLICTS OF INTEREST

The Adviser and its affiliates (collectively referred to herein as "Aberdeen") serve as investment advisers for multiple clients, including the Registrant and other investment companies registered under the 1940 Act and private funds (such clients are also referred to below as "accounts"). The portfolio managers' management of "other accounts" may give rise to potential conflicts of interest in connection with their management of the Registrant's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as the Registrant. Therefore, a potential conflict of interest may arise as a result of the identical investment objectives, whereby the portfolio manager could favor one account over another. However, the Adviser believes that these risks are mitigated by the fact that: (i) accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, differences in cash flows and account sizes, and similar factors; and (ii) portfolio manager personal trading is monitored to avoid potential conflicts. In addition, the Adviser has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts.

In some cases, another account managed by the same portfolio manager may compensate Aberdeen based on the performance-based fees with qualified clients. The existence of such a performance-based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities.

Another potential conflict could include instances in which securities considered as investments for the Registrant also may be appropriate for other investment accounts managed by the Adviser or its affiliates. Whenever decisions are made to buy or sell securities for the Registrant and one or more of the other accounts simultaneously, the Adviser may aggregate the purchases and sales of the securities and will allocate the securities transactions in a manner that it believes to be equitable under the circumstances. As a result of the allocations, there may be instances where the Registrant will not participate in a transaction that is allocated among other accounts. While these aggregation and allocation policies could have a detrimental effect on the price or amount of the securities available to the Registrant from time to time, it is the opinion of the Adviser that the benefits from the policies outweigh any disadvantage that may arise from exposure to simultaneous transactions. The Registrant has adopted policies that are designed to eliminate or minimize conflicts of interest, although there is no guarantee that procedures adopted under such policies will detect each and every situation in which a conflict arises.

With respect to non-discretionary model delivery accounts (including UMA accounts) and discretionary SMA accounts, abrdn Inc. will utilize a third party service provider to deliver model portfolio recommendations and model changes to the Sponsors. abrdn Inc. seeks to treat clients fairly and equitably over time, by delivering model changes to our service provider and investment instructions for our other discretionary accounts to our trading desk, simultaneously or approximately at the same time. The service provider will then deliver the model changes to each Sponsor on a when-traded, randomized full rotation schedule. All Sponsors will be included in the rotation schedule, including SMA and UMA.

UMA Sponsors will be responsible for determining how and whether to implement the model portfolio or model changes and implementation of any client specific investment restrictions. The Sponsors are solely responsible for determining the suitability of the model portfolio for each model delivery client, executing trades and seeking best execution for such clients.

As it relates to SMA accounts, abrdn Inc. will be responsible for managing the account on the basis of each client's financial situation and objectives, the day to day investment decisions, best execution, accepting or rejecting client specific investment restrictions and performance. The SMA Sponsors will collect suitability information and will provide a summary questionnaire for our review and approval or rejection. For dual contract SMAs, abrdn Inc. will collect a suitability assessment from the client, along with the Sponsor suitability assessment. Our third party service provider will monitor client specific investment restrictions on a day to day basis. For SMA accounts, model trades will be traded by the Sponsor or may be executed through a "step-out transaction,"- or traded away- from the client's Sponsor if doing so is consistent with Aberdeen's obligation to obtain best execution. When placing trades through Sponsor Firms (instead of stepping them out), we will generally aggregate orders where it is possible and in the client's best interests. In the event we are not comfortable that a Sponsor can obtain best execution for a specific security and trading away is infeasible, we may exclude the security from the model.

Trading costs are not covered by the Wrap Program fee and may result in additional costs to the client. In some instances, step-out trades are executed without any additional commission, mark-up, or mark-down, but in many instances, the executing broker-dealer may impose a commission or a mark-up or mark-down on the trade. Typically, the executing broker will embed the added costs into the price of the trade execution, making it difficult to determine and disclose the exact added cost to clients. In this instance, these additional trading costs will be reflected in the price received for the security, not as a separate commission, on trade confirmations or on account statements. In determining best execution for SMA accounts, abrdn Inc. takes into consideration that the client will not pay additional trading costs or commission if executing with the Sponsor.

While UMA accounts are invested in the same strategies as and may perform similarly to SMA accounts, there are expected to be performance differences between them. There will be performance dispersions between UMAs and other types of accounts because Aberdeen does not have discretion over trading and there may be client specific restrictions for SMA accounts.

Aberdeen may have already commenced trading for its discretionary client accounts before the model delivery accounts have executed Aberdeen's recommendations. In this event, trades placed by the model delivery clients may be subject to price movements, particularly with large orders or where securities are thinly traded, that may result in model delivery clients receiving less favorable prices than our discretionary clients. Aberdeen has no discretion over transactions executed by model delivery clients and is unable to control the market impact of those transactions.

Timing delays or other operational factors associated with the implementation of trades may result in non-discretionary and model delivery clients receiving materially different prices relative to other client accounts. In addition, the constitution and weights of stocks within model portfolios may not always be exactly aligned with similar discretionary accounts. This may create performance dispersions within accounts with the same or similar investment mandate.

(a)(3)

<u>DESCRIPTION OF COMPENSATION STRUCTURE</u>

Aberdeen's remuneration policies are designed to support its business strategy as a leading international asset manager. The objective is to attract, retain and reward talented individuals for the delivery of sustained, superior returns for Aberdeen's clients and shareholders. Aberdeen operates in a highly competitive international employment market, and aims to maintain its strong track record of success in developing and retaining talent.

Aberdeen's policy is to recognize corporate and individual achievements each year through an appropriate annual bonus scheme. The bonus is a single, fully discretionary variable pay award. The aggregate value of awards in any year is dependent on the group's overall performance and profitability. Consideration is also given to the levels of bonuses paid in the market. Individual awards, which are payable to all members of staff, are determined by a rigorous assessment of achievement against defined objectives.

The variable pay award is composed of a mixture of cash and a deferred award, the portion of which varies based on the size of the award. Deferred awards are by default Aberdeen Group plc shares, with an option to put up to 50% of the deferred award into funds managed by Aberdeen. Overall compensation packages are designed to be competitive relative to the investment management industry. The information below is as of October 31, 2025.

**<u>Base Salary</u>**

Aberdeen's policy is to pay a fair salary commensurate with the individual's role, responsibilities and experience, and having regard to the market rates being offered for similar roles in the asset management sector and other comparable companies. Any increase is generally to reflect inflation and is applied in a manner consistent with other Aberdeen employees; any other increases must be justified by reference to promotion or changes in responsibilities.

**<u>Annual Bonus</u>**

The Remuneration Committee determines the key performance indicators that will be applied in considering the overall size of the bonus pool. In line with practices amongst other asset management companies, individual bonuses are not subject to an absolute cap. However, the aggregate size of the bonus pool is dependent on the group's overall performance and profitability. Consideration is also given to the levels of bonuses paid in the market. Individual awards are determined by a rigorous assessment of achievement against defined objectives, and are reviewed and approved by the Remuneration Committee.

Aberdeen has a deferral policy which is intended to assist in the retention of talent and to create additional alignment of executives' interests with Aberdeen's sustained performance and, in respect of the deferral into funds managed by Aberdeen, to align the interest of portfolio managers with our clients.

Staff performance is reviewed formally at least once a year. The review process evaluates the various aspects that the individual has contributed to Aberdeen, and specifically, in the case of portfolio managers, to the relevant investment team. Discretionary bonuses are based on client service, asset growth and the performance of the respective portfolio manager. Overall participation in team meetings, generation of original research ideas and contribution to presenting the team externally are also evaluated.

In the calculation of a portfolio management team's bonus, Aberdeen takes into consideration investment matters (which include the performance of funds, adherence to the company investment process, and quality of company meetings) as well as more subjective issues such as team participation and effectiveness at client presentations through key performance indicator scorecards. To the extent performance is factored in, such performance is not judged against any specific benchmark and is evaluated over the period of a year - January to December. The pre- or after-tax performance of an individual account is not considered in the determination of a portfolio manager's discretionary bonus; rather the review process evaluates the overall performance of the team for all of the accounts the team manages.

Portfolio manager performance on investment matters is judged over all of the accounts the portfolio manager contributes to and is documented in the appraisal process. A combination of the team's and individual's performance is considered and evaluated.

Although performance is not a substantial portion of a portfolio manager's compensation, Aberdeen also recognizes that fund performance can often be driven by factors outside one's control, such as (irrational) markets, and as such pays attention to the effort by portfolio managers to ensure integrity of our core process by sticking to disciplines and processes set, regardless of momentum and 'hot' themes. Short-terming is thus discouraged and trading-oriented managers will thus find it difficult to thrive in the Aberdeen environment. Additionally, if any of the aforementioned undue risks were to be taken by a portfolio manager, such trend would be identified via Aberdeen's dynamic compliance monitoring system.

&nbsp;&nbsp;&nbsp;&nbsp;In rendering investment management services, the Adviser may use the resources of additional investment adviser subsidiaries of Aberdeen Group plc. These affiliates have entered into a memorandum of understanding ("MOU") pursuant to which investment professionals from each affiliate may render portfolio management, research or trading services to Aberdeen clients. Each investment professional who renders portfolio management, research or trading services under a MOU or personnel sharing arrangement ("Participating Affiliate") must comply with the provisions of the Advisers Act, the 1940 Act, the Securities Act of 1933, the Exchange Act, and the Employee Retirement Income Security Act of 1974, and the laws of states or countries in which the Adviser does business or has clients. No remuneration is paid by the Fund with respect to the MOU/personnel sharing arrangements.

(a)(4)

---

| |
|:---|
| **Dollar Range of Equity Securities in the <br> Registrant Beneficially Owned by the Portfolio<br> Manager as of October 31, 2025** |
| Steven Logan |
| Matthew Kence |
| George Westervelt |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **(a) Total No.<br> of Shares<br> Purchased (1)** | **(b) Average<br> Price Paid per<br> Share** | **(c) Total No.<br> of Shares<br> Purchased as<br> Part of<br> Publicly<br> Announced Plans<br> or Programs** | **(d) Maximum No.<br> of Shares that<br> May Yet Be<br> Purchased Under<br> the Plans or<br> Programs** |
| **Month #1 (Nov. 1, 2024 – Nov. 30, 2024)** |  |  |  | 1307407 |
| **Month #2 (Dec. 1, 2025– Dec. 31, 2024)** |  |  |  | 1307407 |
| **Month #3 (Jan. 1, 2025 – Jan. 31, 2025)** |  |  |  | 1307407 |
| **Month #4 (Feb. 1, 2025 – Feb. 28, 2025)** |  |  |  | 1307407 |
| **Month #5 (Mar. 1, 2025 – Mar. 31, 2025)** |  |  |  | 1307407 |
| **Month #6 (Apr. 1, 2025 – Apr. 30, 2025)** |  |  |  | 1307407 |
| **Month #7 (May 1, 2025 – May 31, 2025)** |  |  |  | 1307407 |
| **Month #8 (June 1, 2025 – June 30, 2025)** |  |  |  | 1307407 |
| **Month #9 (Jul. 1, 2025 – Jul. 31, 2025)** |  |  |  | 1307407 |
| **Month #10 (Aug. 1, 2025 – Aug. 31, 2025)** |  |  |  | 1307407 |
| **Month #11 (Sep. 1, 2025 – Sep. 30, 2025)** |  |  |  | 1307407 |
| **Month #12 (Oct. 1, 2025 – Oct. 31, 2025)** |  |  |  | 1307407 |
| **Total** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On June 12, 2018, the Fund's Board approved an open market share repurchase program (the "Program"). Under the terms of the Program, the Fund is permitted to repurchase, in the open market, up to 10% of its outstanding shares of common stock as of June 12, 2018. The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. On a quarterly basis, the Fund's Board will receive information on any transactions made pursuant to this Program during the prior quarter. If shares are repurchased, the Fund reports repurchase activity on the Fund's website on a monthly basis. For the fiscal year ended October 31, 2025, the Fund did not repurchase any shares through the Program.

**Item 15. Submission of Matters to a Vote of Security Holders.**

During the period ended October 31, 2025, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act") (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

Not applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a)(1)](tm2528073d1_ex99-codeeth.htm) | [Code of Ethics of the Registrant for the period covered by this report as required pursuant to Item 2 of this Form N-CSR.](tm2528073d1_ex99-codeeth.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(2) | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a)(3)](tm2528073d1_ex99-cert.htm) | [The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this Form N-CSR.](tm2528073d1_ex99-cert.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(4) | Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(5) | Change in Registrant's independent public accountant. Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b)](tm2528073d1_ex99-906cert.htm) | [The certifications of the registrant as required by Rule 30a-2(b) under the Act are exhibits to this Form N-CSR.](tm2528073d1_ex99-906cert.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(c)](tm2528073d1_ex99-19xc.htm) | [Proxy Voting Policy of Registrant](tm2528073d1_ex99-19xc.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(d)](tm2528073d1_ex99-19xd.htm) | [Proxy Voting Policies and Procedures of Adviser.](tm2528073d1_ex99-19xd.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(e)](tm2528073d1_ex99-19xe.htm) | [Consent of Independent Registered Public Accounting Firm.](tm2528073d1_ex99-19xe.htm) |

---

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

abrdn Income Credit Strategies Fund

---

| | |
|:---|:---|
| By: | */s/ Alan Goodson* |
|  | Alan Goodson, |
|  | Principal Executive Officer of |
|  | abrdn Income Credit Strategies Fund |
| Date: January 8, 2026 | Date: January 8, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | */s/ Alan Goodson* |
|  | Alan Goodson, |
|  | Principal Executive Officer of |
|  | abrdn Income Credit Strategies Fund |
| Date: January 8, 2026 | Date: January 8, 2026 |

---

---

| | |
|:---|:---|
| By: | */s/ Sharon Ferrari* |
|  | Sharon Ferrari, |
|  | Principal Financial Officer of |
|  | abrdn Income Credit Strategies Fund |
| Date: January 8, 2026 | Date: January 8, 2026 |

---

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**<u>CODE OF ETHICS (PERSONAL TRADING)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

Rule 17j-1(b) under the Investment Company Act of 1940, as amended (the "1940 Act"), makes it unlawful for any affiliated person, officer or Board member of the Funds in connection with the purchase or sale by such person of a Security (as defined below) "held or to be acquired" by the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To employ any device, scheme or artifice to defraud the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make to the Funds any untrue statement of a material fact or omit to state to the Funds a material
fact necessary in order to make the statement made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit
upon the Funds; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to the Funds' investment portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Purpose of the Code of Ethics** 

The Funds expect that the officers and Fund Board members will conduct their personal investment activities in accordance with (1) the duty at all times to place the interests of the Funds' shareholders first; (2) the requirement that all personal Securities transactions be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and (3) the fundamental standard that investment company personnel should not take inappropriate advantage of their positions.

In view of the foregoing, the provisions of Section 17(j) of the 1940 Act, Rule 17j-1 under the 1940 Act, and various pronouncements by the Securities and Exchange Commission ("SEC") and the Investment Company Institute on personal investing by investment company personnel, <sup>1</sup> the Funds have adopted this Code of Ethics to specify a code of conduct for certain types of personal Securities transactions that might involve conflicts of interest or an appearance of impropriety, and to establish reporting requirements and enforcement procedures. This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield Fund personnel from liability for personal trading or other conduct that violates a fiduciary duty to Fund shareholders.

This Code of Ethics does not apply to any officer, Board member or employee of the Funds who is also an Access Person or Investment Personnel (as defined under Rule 17j-1 under the 1940 Act) employed by the Funds' investment adviser, investment sub-advisers or principal underwriter ("Excluded Advisory Personnel"). Those individuals are covered by the Codes of Ethics that have been adopted by their respective entities and approved by the Board of each of the Funds in accordance with the provisions of Rule 17j-1 of the 1940 Act.

<sup>1</sup> See Investment Adviser Code of Ethics, SEC Release No. IC-26492 (July 9, 2004); Personal Investment Activities of Investment Company Personnel, SEC Release No. IC-23958 (August 24, 1999); Personal Investment Activities of Investment Company Personnel, Report by the Securities and Exchange Commission (September 1994); and Report of the Advisory Group on Personal Investing, Investment Company Institute (May 9, 1994).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. "  **<u>Access Person</u>**" means (1) each Board member or officer of the Funds; and
(2) any Advisory Person of the Funds except Excluded Advisory Personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "  **<u>Advisory Person</u>**" means (1) each Board member, officer, general partner
or employee of the Funds (or of any company in a control relationship to the Funds) who in connection with his or her regular functions
or duties, makes, participates in, or obtains information regarding the purchase or sale of a Reportable Security (as defined below) by
the Funds or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (2) any natural
person in a control relationship to the Funds who obtains information concerning recommendations made to the Funds with regard to the
purchase or sale of a Reportable Security by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "  **<u>Automatic Investment Plan</u>**" means a program in which regular periodic purchases
(or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An
Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. "  **<u>Beneficial Ownership</u>**" shall be interpreted in the same manner as it would be
in determining whether a person is considered a "beneficial owner" as defined in Rule 16a-1(a)(2) under the Securities
Exchange Act of 1934, as amended ("1934 Act"), which generally speaking, encompasses those situations where the beneficial
owner has the right to enjoy some economic benefit from the ownership of the Reportable Security. You will be treated as a "beneficial
owner" of a Security under this Code only if you have a direct or indirect pecuniary interest in the Security. A direct pecuniary
interest is the opportunity, directly or indirectly, to profit, or to share the profit, from the transaction. An indirect pecuniary interest
is any nondirect financial interest, but is specifically defined in the rules to include, among other things, Securities held by
members of your immediate family sharing the same household; Securities held by a partnership of which you are a general partner; Securities
held by a trust of which you are the settlor if you can revoke the trust without the consent of another person, or a beneficiary if you
have or share investment control with the trustee; and equity Securities which may be acquired upon exercise of an option or other right,
or through conversion. For interpretive guidance on this test, you should consult your counsel. A person is normally regarded as the beneficial
owner of Reportable Securities held in the name of his or her spouse or minor children and adults living in his or her household.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. "  **<u>Control</u>**" shall have the same meaning as set forth in Section 2(a)(9) of
the 1940 Act. Generally, control is the power to exercise a controlling influence over the management or policies of a company unless
such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. "  **<u>Exempt Transactions</u>**" means: (1) purchases or sales effected in any account
over which an Access Person or Investment Personnel has no direct or indirect influence or control; (2) purchases or sales which
are non-volitional<sup>2</sup> on the part of the Access Person, Investment Personnel or the Funds; (3) purchases which are
part of an Automatic Investment Plan; or (4) purchases effected upon the exercise of rights issued by an issuer pro-rata to all holders
of a class of its Reportable Securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

<sup>2</sup> Non-volitional purchases or sales include those transactions, which do not involve a willing act or conscious decision on the part of the Board Member, officer or employee. For example, shares received or disposed of by Access Persons or Investment Personnel in a merger, recapitalization or similar transaction are considered non-volitional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. A Security is "  **<u>held or to be acquired</u>**" if within the most recent 15 days it
(1) is or has been held by the Funds, (2) is being or has been considered by the Funds or the investment adviser or investment
sub-adviser for purchase by the Funds or (3) any option to purchase or sell and any Security convertible into or exchangeable for
a Reportable Security that is described in (1) or (2) of this definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. An Access Person's "  **<u>immediate family</u>**" means a spouse, minor children and
adults living in the same household as the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. "  **<u>Independent Board Member</u>**" means each Board member who is not an "interested
person" of the Funds (as defined in Section 2(a)(19) of the 1940 Act) and who would be required to make a report under Section V
of this Code solely by reason of being a Board member of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. An "  **<u>Initial Public Offering</u>**" means an offering of Securities registered under
the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of
Sections 13 or 15(d) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. "  **<u>Investment Personnel</u>**" of the Funds means (1) any employee of the Funds
(or of any company in a control relationship to the Funds) who, in connection with his or her regular functions or duties, makes or participates
in making recommendations regarding the purchase or sale of Securities by the Funds or (2) any natural person who controls the Funds
and who obtains information concerning recommendations made to the Funds regarding the purchase or sale of Securities by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. A "  **<u>Limited Offering</u>**" means an offering that is exempt from registration under
the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or
Rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. "  **<u>Purchase or sale of a Reportable Security</u>**" includes, among other things, the
writing of an option to purchase or sell a Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. "  **<u>Reportable Security</u>**" means a Security excluding (1) direct obligations
of the Government of the United States; (2) banker's acceptances; (3) bank certificates of deposit; (4) commercial
paper; (5) high quality short-term debt instruments (any instrument having a maturity at issuance of less than 366 days and that
is rated in one of the two highest rating categories by a nationally recognized statistical rating organization), including repurchase
agreements; and (6) shares of registered open-end investment companies other than those advised by an Aberdeen Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. "  **<u>Security</u>**" means a security as defined in Section 2(a)(36)of the 1940 Act
which is defined as any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest
or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable
share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas,
or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any
group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege
entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known
as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee
of, or warrant or right to subscribe to or purchase, any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Policies of the Funds Regarding Personal Securities Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Policy

No Access Person of the Funds shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1(b) set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Specific Policies

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| | |
|:---|:---|
| 1. | **Restrictions on Personal Securities Transactions by Independent Board Members** |
|  | The Funds recognize that an Independent Board Member does not have on-going, day-to-day interaction with the operations of the Funds. In addition, it has been the practice of the Funds to give information about Securities purchased or sold by the Funds or considered for purchase or sale by the Funds to Independent Board Members in materials circulated more than 15 days after such Securities are purchased or sold by the Funds or are considered for purchase or sale by the Funds. Accordingly, the Funds believe the following controls are appropriate for Independent Board Members: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Personal Account Dealing in Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Independent Board Members are prohibited from buying or selling any Aberdeen-advised U.S. Registered Fund
(closed-end, open-end, and ETFs) shares during the two week period prior to or following Board meetings of which they are aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Independent Board Members are required to pre-clear with the Fund CCO or his/her designee all Aberdeen-advised
U.S. Registered Fund buys or sells including funds for which an Independent Board Member does not serve as a director/trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Fund CCO may waive this prohibition in exceptional circumstances and upon a determination that the
transaction does not violate any applicable laws or regulations. The Fund CCO will document any such waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Limited Pre-clearance. The Securities pre-clearance requirement contained in IV.B.2. below shall only
apply to an Independent Board Member if he or she knew that during the fifteen day period before the proposed transaction in a Reportable
Security (other than Exempt Transactions) or at the time of the transaction that the Reportable Security to be purchased or sold by him
or her (other than Exempt Transactions) was also purchased or sold by the Fund(s) or considered for the purchase or sale by the Fund(s) (i) for
which such Independent Board Member acts as a Director or Trustee or (ii) any Aberdeen-advised U.S. Registered Fund (closed-end,
open-end, and ETFs).<sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Pre-clearance Not Granted. When the securities pre-clearance requirement applies to an Independent Board
Member, no clearance will be given to the Independent Board Member to purchase or sell any Reportable Security (1) on a day when
any Fund has a pending "buy" or "sell" order in that same Reportable Security until that order is executed or
withdrawn or (2) when the Funds' Chief Compliance Officer has been advised by the Funds' investment adviser or investment
sub-adviser that the same Reportable Security is being considered for purchase or sale for any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Restrictions on Initial Public Offering or Limited Offering Personal Securities Transactions by Access Persons Who Are Not Independent Board Members** 

---

| | |
|:---|:---|
| a. | Pre-clearance. An Access Person who is not an Independent Board Member is prohibited from buying or selling any Security through an Initial Public Offering or a Limited Offering for his or her personal portfolio or the portfolio of a member of his or her immediate family without obtaining (i) email or other written authorization or (ii) oral authorization from a Funds Chief Compliance Officer prior to effecting such Reportable Security transaction. |
|  | A written authorization for such Security transaction will be provided by the Funds' Chief Compliance Officer or his/her delegate to the person receiving the oral authorization (if granted). The written authorization will also be provided to the Funds' administrator to memorialize the email and oral authorization that was granted. |
|  | <u>Note</u>: If an Access Person has questions as to whether purchasing or selling a Reportable Security for his or her personal portfolio or the portfolio of a member of his or her immediate family requires prior oral authorization, the Access Person should consult the Funds' Chief Compliance Officer for clearance or denial of clearance to trade prior to effecting any Reportable Securities transition. |

---

<sup>3</sup> Because monitoring the publication of the portfolio holdings of series of abrdn ETFs and abrdn Funds that operate as ETFs is not construed to be within the ordinary course of fulfilling the duties of a board member, the publication or availability of such portfolio holdings shall not be construed to impart actual or constructive knowledge of such series' portfolio transactions on an Independent Board Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Pre-clearance Expiration. Pre-clearance approval will expire at the close of business on the trading day
after the date on which written or oral authorization is received, and the Access Person is required to renew clearance for the transaction
if the trade is not completed before the authority expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Pre-clearance Not Granted. No pre-clearance will be given to purchase or sell any Reportable Security
(1) on a day when any Fund has a pending "buy" or "sell" order in that same Reportable Security until that
order is executed or withdrawn or (2) when the Funds' Chief Compliance Officer has been advised by the Funds' investment
adviser or investment sub-adviser that the same Reportable Security is being considered for purchase or sale for any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Additional Restrictions on Investment Personnel** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Gifts. No investment personnel shall receive any gift or other thing of more than *de minimis* value
from any person or entity that does business with or on behalf of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Board Service. Investment Personnel shall not serve on the boards of directors of publicly traded companies
absent prior authorization by the Funds' Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Procedures – Initial Holdings Reports, Annual Holdings Reports and Quarterly Transaction Reports** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In order to provide the Funds with information to enable it to determine with reasonable assurance whether
the provisions of this Code of Ethics are being observed by its Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Independent Board Members** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Holdings Reports Not Required – Each Independent Board Member need not make initial or annual holdings
reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Limited Quarterly Transaction Reporting – An Independent Board Member must submit the same quarterly
transaction report as required under paragraph V.A.2.d below to the Chief Compliance Officer of the Funds, but only for a transaction
in a Reportable Security where he or she knew at the time of the transaction or, in the ordinary course of fulfilling his or her official
duties as an Independent Board Member, should have known that during the 15-day period immediately preceding or after the date of the
transaction, such Reportable Security is or was purchased or sold, or considered by the Funds, its investment adviser or investment sub-adviser
for purchase or sale by the Fund (i) for which such Independent Board Member acts as a Director or Trustee or (ii) any Aberdeen-advised
U.S. Registered Fund (closed-end, open-end, and ETFs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Access Persons Who Are Not Independent Board Members** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial Holdings Reports – Each Access Person who is not an Independent Board Member will submit
to the Chief Compliance Officer or his/her designee of the Funds an Initial Holdings Report in the form attached hereto as **Exhibit A** that lists all Reportable Securities in which the Access Person has Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Initial Holdings Report must be submitted within ten days of becoming an Access Person and must contain
information current as of a date no more than 45 days prior to becoming an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Initial Holdings Report must include the title of each Reportable Security, the number of shares held
(for equity securities), the principal amount (for debt securities) of each Reportable Security, the date the report is submitted as well
as a list of any Securities accounts maintained with any broker, dealer or bank in which any Securities were held for the direct or indirect
benefit of the Access Person as of the date the person became an Access Person of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An Access Person need not include in the report transactions effected for, and Reportable Securities held
in, any account over which the Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The report may contain a statement that the report shall not be construed as an admission by the person
making such report that he or she has any direct or indirect beneficial ownership in the Reportable Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Annual Holdings Reports – Each Access Person of the Funds who is not an Independent Board Member
will also submit to the Chief Compliance Officer or his/her designee of the Funds an Annual Holdings Report attached hereto as **Exhibit A** no later than 30 days after the end of the calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The information contained in the Annual Holdings Report must be current as of a date no more than 45 days
before the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Annual Holdings Report must list all Reportable Securities in which the Access Person has Beneficial
Ownership, the title of each Reportable Security, the number of shares held (for equity securities), the principal amount (for debt securities)
of the Reportable Security, and the date the report is submitted. The Report must also list any Securities accounts maintained with any
broker, dealer or bank in which any Securities were held for the direct or indirect benefit of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An Access Person need not include in the report transactions effected for, and Reportable Securities held
in, any account over which the Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The report may contain a statement that the report shall not be construed as an admission by the person
making such report that he or she has any direct or indirect beneficial ownership in the Reportable Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Securities Confirmations – Each Access Person of the Funds who is not an Independent Board Member
shall direct his or her broker to supply to a Chief Compliance Officer or his/her designee of the Funds, on a timely basis, duplicate
copies of confirmation of all personal Securities transactions and copies of periodic statements for all Securities accounts in which
the Access Person has Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Quarterly Transaction Reports – Each Access Person of the Funds who is not an Independent Board
Member shall submit reports in the form attached hereto as **Exhibit B** to the Chief Compliance Officer or his/her designee of
the Funds, showing all transactions in Reportable Securities in which the person has, or by reason of such transaction acquires, any direct
or indirect Beneficial Ownership, as well as all accounts established with brokers, dealers or banks during the quarter in which any Securities
were held for the direct or indirect beneficial interest of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Quarterly transaction reports shall be filed no later than 30 days after the end of each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The report shall include (a) the date of the transaction, (b) the title of the Reportable Security,
(c) the interest rate and maturity date (if applicable), (d) the number of shares (for equity securities), (e) the principal
amount of each Reportable Security involved; (f) the nature of the transaction (i.e., purchase, sale or any other type of acquisition
or disposition), (g) the price at which the transaction was effected, (h) the name of the broker, dealer or bank with or through
whom the transaction was effected; and (i) the date the report is submitted. In addition, with respect to any account established
by the Access Person in which any Reportable Securities were held during the quarter for the direct or indirect benefit of the Access
Person, the Access Person shall report the following information: (a) the name and address of the broker, dealer or bank with whom
the Access Person established the account; (b) the date the account was established; and (c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An Access Person of the Funds need not make a quarterly transaction report with respect to (a) transactions
effected pursuant to an Automatic Investment Plan, (b) a transaction if all of the information required by paragraph (ii) above
is contained in the brokerage confirmations or account statements required to be submitted under paragraph (c) above, and (c) transactions
effected for, and Reportable Securities held in, any account over which the Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The report may contain a statement that the report shall not be construed as an admission by the person
making such report that he or she has any direct or indirect beneficial ownership in the Reportable Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Identification of Access Persons** – The Chief Compliance Officer or his/her designee of the
Funds shall notify each Access Person of the Funds who may be subject to the pre-clearance requirement or required to make reports pursuant
to this Code of Ethics that such person is subject to the pre-clearance or reporting requirements and shall deliver a copy of this Code
of Ethics to each such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Compliance Review** – The Chief Compliance Officer or his/her designee of the Funds shall (i) with
regard to any Access Persons or Investment Personnel reporting directly under this Code of Ethics, review any initial holdings reports,
annual holdings reports, and quarterly transaction reports that are received by the Chief Compliance Officer or his/her designee under
this Code of Ethics, and as appropriate compare the reports with the pre-clearance authorization received; (ii) with regard to any
Excluded Advisory Personnel reporting under a Code of Ethics of the Funds' investment adviser, sub-advisers or principal underwriter,
quarterly contact the compliance officer of such investment adviser, sub-advisers or principal underwriter regarding the compliance of
such Access Persons or Investment Personnel with their Code of Ethics and (iii) report to the Funds' Board: (a) with respect
to any transaction that appears to evidence a violation of this Code or the investment adviser's, sub-advisers' or principal
underwriter's Codes of Ethics; and (b) violations of the reporting requirement stated in such Codes of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Board Review** – The Board shall review the operation of this Code of Ethics at least once
a year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Service Provider Code of Ethics** – The investment adviser, any investment sub-advisers and
the principal underwriter shall adopt, maintain and enforce a separate code of ethics with respect to their personnel in compliance with
Rule 17j-1 of the 1940 Act and Rule 204A-1 of the Investment Advisers Act of 1940, as applicable. Any material changes to the
investment adviser's, investment sub-adviser's or principal underwriter's code will be approved by the Board no later
than six months after such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Board Reporting** – At each quarterly Board meeting, the Chief Compliance Officer of the Funds'
investment adviser, any investment sub-adviser and the principal underwriter of the Funds shall provide a written report to the Funds'
Board stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any reported Securities transaction that occurred during the prior quarter that materially violated (either
individually or in the aggregate) the provisions of the code of ethics adopted by the investment adviser, any investment sub-adviser or
principal underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all disciplinary actions<sup>4</sup> taken in response to such violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Annual Reports** – At least once a year, the Funds' Chief Compliance Officer shall provide
to the Board a written report that contains any previously reported material violations of the code or procedures and sanctions imposed
in response to material violations, any recommended changes in the code or procedures, and a certification that the procedures which have
been adopted are those reasonably necessary to prevent Access Persons (as defined under Rule 17j-1) from violating their respective
Codes of Ethics. The written report will also include an assessment of the effectiveness of the Service Providers' Codes of Ethics
outlined in Section 6 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Recordkeeping –** This Code, the codes of the investment adviser, any investment sub-adviser and principal underwriter,
a copy of each report by an Access Person, any record of any violation of this Code of Ethics and any action taken as a result thereof,
any written report hereunder by the Chief Compliance Officer of the investment adviser, investment sub-adviser or the principal underwriter,
records of approvals relating to Initial Public Offerings and Limited Offerings, lists of all persons required to make reports and a list
of all persons responsible for reviewing such reports shall be preserved with the Funds' records for the period required by Rule 17j-1
of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Certification** 

Each Access Person, including an Independent Board Member, will be required to certify annually that he or she has read and understood this Code of Ethics, and will abide by it. Each Access Person, including an Independent Board Member, will further certify that he or she has disclosed or reported all personal Securities transactions required to be disclosed or reported under the Code of Ethics. Certification of compliance with the Code of Ethics by an Independent Board Member will occur annually.

<sup>4</sup> Disciplinary action includes but is not limited to any action that has a material financial effect upon the employee, such as fining, suspending, or demoting the employee, imposing a substantial fine or requiring the disgorgement of profits.

**Code of Ethics**

**Exhibit A**

**HOLDINGS REPORT**

For the Year/Period Ended   <br> (Month/day/year)

◻ Check here if this is an Initial Holdings Report

To: ______________, as the Chief Compliance Officer of [Name of Aberdeen Fund]

From:

As of the calendar year/period referred to above, I have a direct or indirect beneficial ownership interest in the Securities listed below which are required to be reported pursuant to the Code of Ethics of the Funds.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of Security** | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Principal Amount** |

---

The name and address of any broker, dealer or bank with whom I maintain an account in which my Securities are held for my direct or indirect benefit are as follows.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Address** |

---

For Initial Holdings Reports: This report contains information current as of a date no more than 45 days prior to the date of becoming an Access Person.

For Annual Holdings Reports: This report contains information current as of a date no more than 45 days before the report is submitted.

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the Securities listed above.

Date:   Signature:  

**Code of Ethics**

**Exhibit B**

**QUARTERLY SECURITIES TRANSACTION REPORT**

For the Calendar Quarter Ended   <br> (month/day/year)

To: ______________, Chief Compliance Officer

From:

During the quarter referred to above, the following transactions were effected in Securities of which I had, or by reason of such transaction acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics of the Funds:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security** | &nbsp;&nbsp;**Date of<br> Transaction** | &nbsp;&nbsp;**Number<br> of<br> Shares** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Interest<br> Rate and<br> Maturity<br> Rate (if<br> applicable)** | &nbsp;&nbsp;**Nature of<br> Transaction<br> (Purchase,<br> Sale, or<br> Other)** | &nbsp;&nbsp;**Price** | &nbsp;&nbsp;**Broker/Dealer<br> or Bank<br> Though Whom<br> Effected** |

---

During the quarter referred to above, I established the following accounts in which Securities were held during the quarter for my direct or indirect benefit:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name and address of the broker, dealer or bank <br> with which I established the account.** | &nbsp;&nbsp;**The date the account was established.** |

---

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the Securities listed above.

Date:   Signature:

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Sharon Ferrari, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of abrdn Income Credit Strategies Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: January 8, 2026

/s/ Sharon Ferrari

Sharon Ferrari

Principal Financial Officer

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Alan Goodson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of abrdn Income Credit Strategies Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: January 8, 2026

*/s/ Alan Goodson*

Alan Goodson

Principal Executive Officer

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

Alan Goodson, Principal Executive Officer, and Sharon Ferrari, Principal Financial Officer, of abrdn Income Credit Strategies Fund (the "Registrant"), each certify that:

1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2025 (the "Form
N-CSR") fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended,
as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

PRINCIPAL EXECUTIVE OFFICER

abrdn Income Credit Strategies Fund

---

| |
|:---|
| */s/ Alan Goodson* |
| Alan Goodson |
| Date: January 8, 2026 |

---

PRINCIPAL FINANCIAL OFFICER

abrdn Income Credit Strategies Fund

---

| |
|:---|
| /s/ Sharon Ferrari |
| Sharon Ferrari |
| Date: January 8, 2026 |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 99.19

**Exhibit 99.19(c)**

**Appendix A - Proxy Voting Policies and Procedures**

**Aberdeen Investments U.S. Registered Advisers (the "Advisers")**

**Proxy Voting Guidelines**<br> *Effective as of March 2025*

Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the "Advisers Act") requires the Advisers to vote proxies in a manner consistent with clients' best interest and must not place its interests above those of its clients when doing so. It requires the Advisers to: (i) adopt and implement written policies and procedures that are reasonably designed to ensure that the Advisers vote proxies in the best interest of the clients, and (ii) to disclose to the clients how they may obtain information on how the Advisers voted proxies. In addition, Rule 204-2 requires the Advisers to keep records of proxy voting and client requests for information. As of August 31, of each year, investment managers that are required to file reports under Section 13(f) are required to report their proxy voting records on Form N-PX for the twelve-month period ended June 30, with respect to certain shareholder advisory votes on executive compensation (those required by Section 14A of the Exchange Act). As registered investment advisers, the Advisers have an obligation to vote proxies with respect to securities held in its client portfolios in the best interests of the clients for which it has proxy voting authority.

The Advisers are committed to exercising responsible ownership with a conviction that companies adopting best practices in corporate governance will be more successful in their core activities and deliver enhanced returns to shareholders.

The Advisers have adopted a proxy voting policy. The proxy voting policy is designed and implemented in a way that is reasonably expected to ensure that proxies are voted in the best interests of clients.

Resolutions are analysed by a member of our regional investment teams or our Active Ownership Team and votes instructed following consideration of our policies, our views of the company and our investment insights. To enhance our analysis, we will often engage with a company prior to voting to understand additional context and explanations, particularly where there is a deviation from what we believe to be best practice.

Where contentious issues arise in relation to motions put before a shareholders' meeting, Advisers will usually contact the management of the company to exchange views and give management the opportunity to articulate its position. The long-term nature of the relationships that we develop with investee company boards should enable us to deal with any concerns that we may have over strategy, the management of risk or governance practices directly with the chairman or senior independent director. In circumstances where this approach is unsuccessful, Advisers are prepared to escalate their intervention by expressing their concerns through the company's advisers, through interaction with other shareholders or attending and speaking at General Meetings.

In managing third party money on behalf of clients, there are a limited number of situations where potential conflicts of interest could arise in the context of proxy voting. One case is where funds are invested in companies that are either clients or related parties of clients. Another case is where one fund managed by Aberdeen Investments invests in other funds managed by Aberdeen Investments.

For cases involving potential conflicts of interest, Advisers have implemented procedures to ensure the appropriate handling of proxy voting decisions. The guiding principle of the Advisers' conflicts of interest policy is simple – to exercise our right to vote in the best interests of the clients on whose behalf we are managing funds.

We employ ISS as a service provider to facilitate electronic voting. We require ISS to provide recommendations based on our own set of parameters to tailored Aberdeen's assessment and approach but remain conscious that all voting decisions, where we have been given voting authority, are our own on behalf of our clients. We consider ISS's recommendations and those based on our custom parameters as input to our voting decisions. We make use of the ISS standard research and recommendations and those based on our own custom policy as input to our voting decisions. Where our analysts make a voting decision that is different from the recommendations based on our custom policy they will provide a rationale for such decisions which will be made available upon request.

In order to make proxy voting decisions, an Aberdeen Investments analyst will assess the resolutions at general meetings of companies held in our active investment portfolios. This analysis will be based on our knowledge of the company, but will also make use of the custom and standard recommendations provided by ISS as described above. The product of this analysis will be a final voting decision instructed through ISS and applied to all funds for which Aberdeen have been appointed to vote. For funds managed by a sub-adviser, we may delegate to the sub-adviser the authority to vote proxies; however, the sub-adviser will be required to either follow our policies and procedures or to demonstrate that their policies and procedures are consistent with ours, or otherwise implemented in the best interest of clients.

There may be certain circumstances where Aberdeen may take a more limited role in voting proxies. We will not vote proxies for client accounts in which the client contract specifies that Aberdeen will not vote. We may abstain from voting a client proxy if the voting is uneconomic or otherwise not in clients' best interests. For companies held only in passively managed portfolios the Aberdeen custom recommendations provided by ISS will be used to automatically apply our voting approach; we have scope to intervene to test that this delivers appropriate results and will on occasions opt to instruct a vote differently from custom recommendations if we consider this to be in clients' best interests. If voting securities are part of a securities lending program, we may be unable to vote while the securities are on loan. However, we have the ability to recall shares on loan or to restrict lending when required, in order to ensure all shares have voted. In addition, certain jurisdictions may impose share-blocking restrictions at various times which may prevent Aberdeen from exercising our voting authority.

We recognize that there may be situations in which we vote at a company meeting where we encounter a conflict of interest. Such situations include:

● where a portfolio manager owns the holding in a personal account

● An investee company that is also a segregated client

● An investee company where an executive director or officer of our company is also a director of that company

● An investee company where an employee of Aberdeen is a director of that company

● A significant distributor of our products

● Any other companies which may be relevant from time to time

In order to manage such conflicts of interests, we have established procedures to escalate decision-making so as to ensure that our voting decisions are based on our clients' best interests and are not impacted by any conflict.

The implementation of this policy, along with conflicts of interest, will be reviewed periodically by the Active Ownership team. Aberdeen Investments' Listed Company Sustainable Investment Principles and Voting Policies are published on our website.

To the extent that an Adviser may rely on sub-advisers, whether affiliated or unaffiliated, to manage any client portfolio on a discretionary basis, the Adviser may delegate responsibility for voting proxies to the sub-adviser. However, such sub-advisers will be required either to follow these Policies and Procedures or to demonstrate that their proxy voting policies and procedures are consistent with these Policies and Procedures or otherwise implemented in the best interests of the Adviser's clients. Clients that have not granted Aberdeen voting authority over securities held in their accounts will receive their proxies in accordance with the arrangements they have made with their service providers.

As disclosed in Part 2A of each Adviser's Form ADV, a client may obtain information on how its proxies were voted by requesting such information from its Adviser. Unless specifically requested by a client in writing, and other than as required for the Funds, the Advisers do not generally disclose client-specific proxy votes to third parties.

Our proxy voting records are available per request and on the SEC's website at SEC.gov.

On occasions when it is deemed to be a fiduciary for an ERISA client's assets, Aberdeen will vote the Plan assets in accordance with Aberdeen Investments' Listed Company Sustainable Investment Principles and Voting Policies and in line with DOL guidance.

**Listed Company Investment Principles & Voting Policies**

**April 2025**

Aberdeen Investments is a global specialist asset manager. We are dedicated to helping investors achieve their financial goals in a changing world by combining our specialist knowledge, global presence in more than 25 locations and investing for the long-term.

Active Ownership and sustainable investment considerations are critical components of our investment process, our investment activity, our client journey and our corporate influence.

Through engagement with the companies in which we invest, and by exercising votes on behalf of our clients, we seek to improve the financial resilience and performance of our clients' investments. Where we believe change is needed, we endeavour to catalyse this through our stewardship capabilities

**Our expectations**

As global investors, we are particularly aware that sustainable investment structures and frameworks vary across regions. Furthermore, what we expect of the companies in which we invest varies between different stages of business development and the underlying history and nature of the company in question. We seek to understand each company's individual circumstances and so evaluate how it can best be governed and overseen. As such, we strive to apply the principles and policies set out on these pages in response to the needs of that individual company at that particular time. Our heritage as a predominantly active fund manager helps drive this bespoke approach to understanding good governance and risk management.

We have a clear perception of what we consider to be best practice globally – as set out in this document. However we will reflect the nature of the business, our close understanding of individual companies and regional considerations, where appropriate, in our approach to applying these policies, which are not exhaustive.

The principles and voting policies noted herein reflect our current position. We are monitoring and have contributed to the many reform agendas and consultations in the governance arena, particularly in the UK, on areas such as market competitiveness, listing rules, the approval of corporate transactions and greater flexibility in remuneration practices, including wider use of restricted stock. We are actively involved in these discussions, both as a corporate issuer and an investor, and our position will evolve as rules, guidance and practice develops.

This document has received approval from Aberdeen's Chief Investment Officer (CIO) and the Chief Sustainable Investment Officer – Investments (CSIO) following consultation with various internal stakeholders.

**Our approach to stewardship**

We seek to integrate and appraise environmental, social and governance factors in our investment process. Our aim is to generate the best long-term outcomes for our clients, proportionate to the risk preference they have accepted, and we will actively take steps as stewards and owners to protect and enhance the value of our clients' assets.

Stewardship is a reflection of this bespoke approach to good governance and risk management. We seek to understand each company's specific approach to governance, how value is created through business success and how investors' interests are protected through the management of risks that materially impact business success. This requires us to play our part in the governance process by being active stewards of companies, involved in dialogue with management and non-executive directors where appropriate, understanding the material risks and opportunities – including those relating to environmental and social factors and helping to shape the future success of the business.

We will:

● Take into consideration, in our investment process, the policies and practices on environmental, social and governance matters of the companies in which we invest.

● Seek to enhance long-term shareholder value through constructive engagement with the companies in which we invest.

● Actively engage with companies and assets in which we invest where we believe we can influence or gain insight.

● Exercise voting rights, where held, in a manner consistent with our clients' long-term best interests.

● Seek to influence the development of appropriately high standards of corporate governance and corporate responsibility in relation to environmental and social factors for the benefit of our clients.

● Communicate our Listed Company Investment Principles and Voting Policies to clients, companies and other interested parties.

● Be accountable to clients within the constraints of professional confidentiality and legislative and regulatory requirements.

● Be transparent in reporting our engagement and voting activities.

Aberdeen is committed to exercising responsible ownership with a conviction that companies seeking to upgrade their practices in corporate governance and risk management will be more successful in their core activities and deliver enhanced long-term returns to shareholders. As owners of companies, the process of stewardship is a natural part of our investment approach as we seek to benefit from their long-term success on our clients' behalf.

**Engagement**

It is a central tenet of our active investment approach that we strive to meet with the management and directors of our investee companies on a regular basis. We will concentrate that engagement on investee companies undergoing transformation or facing exceptional challenges or opportunities. The discussions we have cover a wide range of topics, including: strategic, operational, and ESG issues and consider the long-term drivers of value.

Engagement with companies on environmental, social and governance risks and opportunities is a fundamental part of our investment process. It is a process through which we can discuss how a company identifies, prioritises and mitigates its key risks and optimises outcomes from its most significant opportunities. As such, we regard engagement as:

● Important to understanding investee companies holistically.

● Helpful when conducting comprehensive sustainable investment analysis.

● Useful to maintaining open dialogue and constructive relationships with companies.

● An opportunity to generate positive change on a company's holistic risk management programme–be active with our holdings rather than activist.

**Proxy Voting**

Proxy voting is an integral part of our active stewardship approach and we exercise voting rights in a manner in line with our clients' best interests. We seek to ensure that voting reflects our understanding of the companies in which we invest on behalf of our clients. We believe that voting is a vital mechanism for holding boards and management teams to account, and is an important tool for escalation and shareholder action.

This document includes our process and overarching policy guidelines which we apply when voting at general meetings. These policies are not exhaustive and we evaluate our voting on a case by case basis. As a global investment firm we recognise the practical necessity of adopting a regional approach, taking into account differing and developing market practices. Where a policy is specific to one region this is denoted.

We endeavour to engage with companies regarding our voting decisions to maintain a dialogue on matters of concern.

**Voting Process**

In line with our active ownership approach, we review the majority of general meeting agendas convened by companies which are held in our active equity portfolios. Analysis is undertaken by a member of our regional investment teams or our Active Ownership team and votes instructed following consideration of our policies, our views of the company and our investment insights. To enhance our analysis we may engage with a company prior to voting to understand additional context and explanations, particularly where there is deviation from what we believe to be best practice.

To supplement our own analysis we may also make use of the benchmark research and recommendations provided by ISS, a provider of proxy voting services. In the UK we also make use of the Investment Association's (IA) Institutional Voting Information Service. We have implemented regional voting policy guidelines with ISS which they apply to all meetings in order to produce customised vote recommendations. These custom recommendations help identify resolutions which deviate from our expectations. They are also used to determine votes where a company is held only in passive funds. Within our custom policies, however, we do specify numerous resolutions which should be referred to us for active review. For example we will review any resolution at company meetings we have identified as covering environmental and social factors.

While it is most common for us to vote in line with a board's voting recommendation we will vote our clients' shares against resolutions which we believe are not consistent with their best interests. We may also vote against resolutions which conflict with domestic governance guidelines, such as those issued by the IA in the UK. Although we seek to vote either in favour or against a resolution we do make use of an abstain vote where this is considered appropriate. For example we may use an abstention to acknowledge some improvement, but as a means to reserve our position in expectation that further improvement is needed before we can vote in favour. Where we vote against a resolution we endeavour to inform companies of our rationale.

In exceptional circumstances we may attend and speak at a shareholder meeting to reinforce our views to the company's board.

We endeavour to vote all shares for which we have voting authority. We may not vote when there are obstacles to do so, for example those impacting liquidity, such as share-blocking, or where there is a significant conflict of interest. We use the voting platform of ISS to instruct our votes.

**Governance**

**Strategy**

We invest in companies that will create the best outcome for our clients in line with their investment mandates. Companies must be clear about the drivers of their business success and their strategy for maintaining and enhancing it. Investment is a forward-looking process; we seek to understand the opportunity for a business and its scope for future value-creation over the long term. In order to do this, we need clarity on past business delivery and its drivers, and on the effective track record of management; we require honest and open reporting to build confidence in that track record. We seek confidence that companies and their management can maintain their competitive positioning and operational performance and subsequently enhance returns for investors. A clear strategy and clarity about the drivers of operational success provides the lens through which we will consider most corporate issues, not least assessing performance and risk management.

● We will consider voting against executive or non-executive directors if we have serious concerns regarding the oversight or implementation of strategy.

**Board of Directors**

We believe effective board governance promotes the long-term success and value creation of the company. The board should be responsible for establishing the company's purpose and strategy, overseeing management in their implementation of strategy and performance against objectives. The board should ensure a strong framework of control and risk oversight, including material sustainable investment risks. The board should assess and monitor culture and be engaged with the workforce, shareholders and wider society.

**Board Composition**

Effective decision making requires a mix of skills around the table and constructive debate between diverse and different-minded individuals. A range of skills, experience and perspectives should be drawn together on the board. These include industry knowledge, experience from other sectors and relevant geographical knowledge. Independence of thought plays a crucial role in the ability of a board to generate the debate and discussion that will challenge management, help enhance business performance and improve decision-making. Board assessments will help the board ensure it has the necessary mix of skills, diversity and quality of individuals to address the risks and opportunities the company faces. Unitary boards should comprise an appropriate combination of executive and non-executive directors such that no group of individuals dominates decision-making. We expect the size of the board to reflect the size, nature and complexity of the business. We also expect regular internal and external board evaluations which include an assessment of board composition and effectiveness.

**Leadership**

Running businesses effectively for the long term requires effective collaboration and cooperation, with no individual or small group having unfettered powers. Nor should any individual or small group have dominant influence over the way a business is run or over major decisions about its operations or future. There should be a division of responsibility between board leadership and executive leadership of the business. We believe that there should be a division of roles at the top of the organisation, typically between a Chief Executive Officer (CEO) and an independent Chair.

● We will consider supporting the re-election of an existing Chair & CEO role combination, recognising that this remains common in certain geographies. In reviewing this on a case by case basis we will take account of the particular circumstances of the company and consider what checks and balances are in place, such as the presence of a strong Senior Independent Director with a clear scope of responsibility.

● We will generally oppose any re-combination of the roles of CEO and Chair, unless the move is on a temporary basis due to exceptional circumstances or other mitigating factors.

● We will generally oppose any move of a retiring CEO to the role of Chair.

**Independence**

Companies should be led and overseen by genuinely independent boards. When looking at board composition we generally expect to see a majority of independent directors, with boards identifying their independence classifications in the Annual Report. It is preferable to see an identified Senior Independent Director on the board, who will lead the appraisal of and succession planning for the Chair. We expect SIDs to meet with investors and be a point of contact for escalating concerns if required.

In assessing a director's independence we will have due regard for whether a director:

&nbsp;&nbsp;&nbsp;&nbsp;i. Has been an employee of the company within the last five years.

&nbsp;&nbsp;&nbsp;&nbsp;ii. Has had within the last three years a material business relationship with the company.

&nbsp;&nbsp;&nbsp;&nbsp;iii. Has received remuneration in addition to director fees or participates in the company's option or
variable incentive schemes, or is a member of the company's pension scheme.

&nbsp;&nbsp;&nbsp;&nbsp;iv. Has close family ties with any of the company's advisers, directors or senior employees.

&nbsp;&nbsp;&nbsp;&nbsp;v. Holds cross-directorships or has significant links with other directors through involvement in other companies
or bodies.

&nbsp;&nbsp;&nbsp;&nbsp;vi. Represents a significant shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;vii. Has served on the board for more than 12 years (or 9 for UK companies).

● We will consider voting against the re-election of non-independent directors if the board is not majority independent (excluding employee representatives). In doing so we will have regard for whether a company is controlled and the nature of the non-independence – for example, we are unlikely to vote against shareholder representatives unless their representation is disproportionate to their shareholding

**Succession Planning & Refreshment**

Regular refreshment of the non-executive portion of a board helps draw in fresh perspectives, not least in the context of changes to business and emerging opportunities and risks. It also helps limit the danger of group-think. Thoughtful and proactive succession planning is therefore needed for board continuity, to ensure that a board is populated by individuals with an appropriate mix of skills, experience and perspective. We expect the board to implement a formal process for the recruitment and appointment of new directors, and to provide transparency of this in the Annual Report.

● We will vote against non-executive directors where there are concerns regarding board refreshment or excessive tenure. Where there are directors who have served for over 12 years on a board which has seen no refreshment in 3 years (2 in UK), we will generally vote against their re-election. If a director has served for over 15 years we will generally vote against their re-election. We will, however, consider the impact on board continuity and the company's succession planning efforts prior to doing so. We may also not apply the tenure limit to directors who are founders or shareholder representatives where we believe this is appropriate.

**Diversity**

We believe diversity, equity and inclusion (DEI) policies can help ensure that the best people are appointed to each role in the company, with the combination of skills and experience judged most likely to contribute to long- term value creation. Companies that make progress in DEI can be better positioned for long-term sustainability and outperformance. We believe diversity of thought, paired with a culture of inclusion, can help companies to tackle increasingly complex challenges and markets. We take into consideration whether boards report on how they promote DEI throughout the business. We recognise the necessity of adopting a regional approach to DEI, allowing us to account for variation in the needs and requirements of the company based on geography. We have for several years, actively encouraged progress in gender diversity at all levels, and have expanded our scope in relation to diversity, equity and inclusion across geographies. In respect of ethnic diversity, this is coming increasingly into focus as we encourage boards to progress in ensuring that their composition reflects their employee and customer bases.

Our regional specific policies are below. In determining our votes we will take account of mitigating factors, such as the sudden departure of a female board member. We will also consider the trajectory of diversity at the company and any assurance that diversity shortfalls will soon be addressed.

**Gender Diversity.**

● UK: We will generally vote against the Nomination Committee Chair of FTSE 350 companies if the board is not comprised of at least one third female directors. We expect companies to seek to comply with the FCA's diversity targets and may vote against the Chair of the Nomination Committee if we have concerns regarding the Committee's efforts in succession planning to achieve the gender diversity target of 40% female members. For smaller companies, we will take action if the board does not include at least one female director.

● Europe: We will generally vote against the Nomination Committee Chair of LargeCap companies if the supervisory board is not comprised of at least 30% female directors, or is not in line with the local standard if higher. For smaller companies, we will take this action if the supervisory board does not include at least one female director.

● Australia: We will generally vote against the Nomination Committee Chair of ASX300 companies if the board is not comprised of at least 30% female directors.

**Ethnic Diversity**

● UK: We will generally vote against the Nomination Committee Chair at the boards of FTSE 250 companies, if the board does not include at least one member from an ethnic minority background. This is in line with targets set up by the Parker Review.

**Directors' Time Commitment**

Individual directors need sufficient time to carry out their role effectively and therefore we seek to ensure that all directors maintain an appropriate level of overall commitments such that allows them to be properly diligent.

● We will consider opposing the election or re-election of any director where there is a concern regarding their ability to dedicate sufficient time to the role. In making this assessment we will have regard to the ISS classification of 'overboarding'.

● We will generally oppose the re-election of any director who has attended fewer than 75% of board meetings in two consecutive years.

**Board Committees**

Boards should establish committees, populated by independent and appropriately skilled non-executive directors, to oversee (as a minimum) the nomination, audit and remuneration processes. It may also be appropriate for additional committees to be established, such as a risk or sustainability committee. These committees should report openly on an annual basis about their activities and key decisions taken.

We will consider voting against committee members if we have concerns regarding the composition of a committee in relation to independence or skills.

**Nomination Committee**

This committee has responsibility for leading the process for orderly non-executive and senior management succession planning and recruitment, and for overseeing the composition of the board including skillset, experience and diversity. We expect the committee to be comprised of a majority of independent directors with an independent Chair.

● We will consider voting against the re-election of the Nomination Committee Chair if we have concerns regarding the composition of the board or concerns regarding poor succession planning.

**Audit Committee**

This committee has responsibility for monitoring the integrity of the financial statements, reviewing the company's internal financial controls and risk management systems, reviewing the effectiveness of the company's internal audit function and appointing and overseeing the quality of the work done by external auditors. We prefer the committee to be wholly independent, and expect this at UK and US companies in view of general market practice and board composition. In other regions, as a minimum, we expect the committee to be comprised of a majority of independent directors with an independent Chair. Furthermore we expect at least one member of the committee to have recent and relevant financial experience.

● UK & US: We will generally vote against the re-election of non-independent members of the Audit Committee..

● Europe: We will generally vote against the re-election of non-independent members of the Audit Committee if the committee is not majority independent. We will also generally vote against a non-independent Chair of the Audit Committee.

● We will generally vote against the re-election of the Audit Committee Chair if at least one member of the Committee does not have recent and relevant financial experience.

**Remuneration Committee**

This committee is responsible for determining the policy and setting remuneration levels for executive and non-executive directors. The committee should ensure that directors' remuneration is aligned with strategy and company performance. Remuneration policy should be cognisant of the company's licence to operate and the potential overall level of remuneration. We expect remuneration committees to be robust in their approach to developing and implementing remuneration policies, with formal and transparent procedures for developing policies and for determining remuneration packages. Remuneration committees should be comprised of a majority of independent directors with an independent Chair and we expect members to have appropriate experience and knowledge of the business and remuneration practices in the jurisdiction in which they operate. No executive should be involved in setting their own remuneration..

● Where we have significant concerns regarding the company's remuneration policy or reward outcomes we may escalate these concerns through a vote against the Chair or members of the Remuneration Committee.

**Director Accountability**

We expect to be able to hold boards to account through engagement and regular director re-elections and directors should feel that they are accountable to investors. We encourage individual, rather than bundled, director elections. While our preference is for directors to be subject to re- election annually, we expect re-elections to take place at least every three years. Lengthier board mandates, while not uncommon in some markets, risk divorcing directors from an appropriate sense of accountability. Directors and management should make themselves available for discussions with major shareholders as we expect to have open dialogue to share our perspectives and gain confidence that the individuals are carrying out their roles with appropriate vigour and diligence. A further important element of director accountability to shareholders is that investors should have the right, both formal and informal, to propose and promote individual directors to be considered for election to the board by all shareholders.

● We will generally oppose the re-election of non-independent NEDs who are proposed for a term exceeding three years. We may not apply this to directors who are shareholder representatives.

● Where we have significant concerns regarding a board member's performance, actions or inaction to address issues raised we may vote against their re-election.

● We may vote against directors who decline appropriate requests for meetings without a clear justification.

● Where a director has held a position of responsibility at a company which has suffered a material governance failure, we will consider whether we are comfortable to support their re-election at other listed companies.

● We will generally support resolutions to discharge the supervisory board or management board members from legal liability unless we have serious concerns regarding actions taken during the year under review. Where there is insufficient information regarding allegations of misconduct, we may prefer to abstain. In exceptional circumstances we may vote against the discharge resolution to reflect serious ESG concerns if there is not another appropriate resolution.

● We will not support the election of directors who are not personally identified but are proposed as corporations.

**Reporting**

Audited reporting and financial numbers should be published ahead of any relevant shareholder meetings. We continue to monitor the evolving reporting landscape and consider new reporting developments as they emerge, either voluntary or regulatory.

● We may consider voting against a company's Annual Report & Accounts if we have concerns regarding timely provision or adequacy of disclosure.

**Political Donations & Lobbying**

Companies should be consistent in their public statements and not undermine these in private commentary to market participants or to politicians and regulators. We welcome transparency from companies about their lobbying activities and believe that good companies have nothing to hide in this respect. Similarly we encourage transparency of any political donations that companies deem appropriate – and we expect a clear explanation of why such donations are an appropriate use of corporate funds.

**Risk & Audit**

The board is responsible for determining the company's risk appetite, establishing procedures to manage risk and for monitoring the company's internal controls. We expect boards to conduct robust assessments of the company's material risks and report to shareholders on risks, controls and effectiveness. The introduction of widely accepted global accounting standards has led to much greater investor confidence in the accounts produced by companies around the world. It has also assisted in creating consistency of reporting across companies, enabling fairer comparisons between different operating businesses. We therefore encourage companies seeking international investment to report under International Financial Reporting Standards (IFRS) or US GAAP. As a firm Aberdeen supports the continued development of high quality global accounting standards.

An independent audit, delivered by a respected audit firm, is a required element for investor confidence in reporting by companies. We strongly favour meaningful, transparent and informative auditor reports, giving us additional insights into the audit process and accounting outcomes. Audit fees must be sufficient to pay for an appropriately in-depth assurance process. We would be concerned if a company sought to make unjustified savings in this respect as the cost in terms of damage to audit effectiveness and confidence in the company's accounts would be much more substantial.

The independence of the auditor and the standard of their work, particularly in challenging management, should be subject to regular assessment that is appropriately disclosed. Even when individuals carrying out the audit are refreshed, we believe that the independence of the audit firm erodes over time and we will encourage a tender process and change of audit firm where an engagement has lasted for an extended period. In order to demonstrate the level of independence, companies should not have the same audit firm in place for more than 20 years.

The relationship with the auditor should be mediated through the Audit Committee. Where we are significant shareholders, we expect to be consulted on plans to tender and replace auditors.

● We will generally vote against the re-election of an auditor which has a tenure of 20 years or over, if there are no plans for rotation in the near term.

● We will consider voting against the auditors if we have concerns regarding the accounts presented or the audit procedures used.

● We will vote against the approval of auditor fees if we have concerns regarding the level of fees or the balance of non-audit and audit fees.

**Executive Remuneration**

Executive Remuneration policies and the overall levels of pay should be aligned with strategy, attracting and retaining talent and incentivising the decisions and behaviours needed to create long-term value. The component parts of remuneration should be structured so as to link rewards to corporate and individual performance and they should be considered in the context of the remuneration policies when taken as a whole. We recognise the benefits of simplicity in forming the policy, which should clearly link outcomes and expectations for those receiving the remuneration, as well as external stakeholders. The structure should be transparent and understandable.

A company's annual report should contain an informative statement of remuneration policy which communicates clearly to stakeholders how it has developed and evolved. This should include details of any stress testing that may have been undertaken to understand the policy outcomes for different business scenarios. The Remuneration Committee should provide a clear description of the application of policy and the outcomes achieved.

Executive Directors' base salary should be set at a level appropriate for the role and responsibility of the executive. We discourage increases which are driven solely by peer benchmarking, and expect increases to be aligned with the wider workforce. Consideration should also be given to the knock-on impact to variable remuneration potential. Pension arrangements and benefits should be clearly disclosed. We generally expect pension structures to be aligned with the wider workforce.

A company should structure variable, performance-related pay to incentivise and reward management in a manner that is aligned with the company's sustainable performance and risk appetite over the long term.

We expect all variable pay to be capped, preferably as a multiple of base salary. In the UK we expect variable pay to be capped as a multiple of base salary. In other markets, if variable pay is capped at a number of shares, we expect the value of grants to be kept under review annually to ensure the value remains appropriate and is not excessive.

Performance metrics used to determine variable pay should be clearly disclosed and aligned with the company's strategy. A significant portion of performance metrics should seek to measure significant improvements in, or resilience with regard to, the underlying financial performance of the company. We also encourage the inclusion of non-financial metrics linked to targets which are aligned with the company's progress inter alia on its sustainability strategy. Where possible we expect these targets to be quantifiable and disclosed.

Variable pay arrangements should over the long term incentivise participants to achieve above-average performance through the use of challenging targets. We encourage sliding-scale performance measures and expect performance target ranges to be disclosed to enable shareholders to assess the level of challenge and pay for performance alignment. We expect annual bonus targets to be disclosed retrospectively and encourage the disclosure of long term incentive (LTI) targets at the beginning of the performance period, but at minimum we expect retrospective disclosure. Where bonus or LTI targets are not disclosed due to commercial sensitivity we expect an explanation of why the targets continue to be considered sensitive retrospectively and expect some detail regarding the level of achievement vs target.

Where a share price metric is being used, we expect this to be underpinned by a challenging measure of underlying performance.

We encourage settlement of a portion of the annual bonus in shares which are deferred for at least one year. We expect settlement of long term incentives to be in shares, with rationale provided for any awards settled in cash. Long term incentives should have a performance period of no less than three years. In the UK we expect a further holding period of two years to be applied, and we encourage this in other markets.

We do not generally support value creation plans. We will consider supporting the use of restricted share plans (RSP) in the UK which have been structured consistent with the guidelines of the Investment Association. We will consider restricted share plans either individually or as part of a hybrid scheme. Any restricted share scheme would be expected to be issued at a significant quantum discount to conventional LTIP plans. The board would be expected to justify why the introduction of these plans is in the best interest of shareholders. We expect appropriate malus and clawback provisions to be applied to variable remuneration plans.

We expect shareholding guidelines to be adopted for executive directors and encourage the adoption of post-departure shareholding guidelines.

We expect details of any use of discretion to be disclosed and its use should be justifiable, appropriate and clearly explained. We would expect policies to be sufficiently robust so that discretion is only necessary in exceptional circumstances. We do not generally support exceptional awards, and are particularly sensitive to such awards being granted to reward a corporate transaction.

We expect executive service contracts to provide for a maximum notice period of 12 months. We will consider local best practice provisions related to severance arrangements when voting.

Non-executive fees should reflect the role's level of responsibility and time commitment. We do not support NED's participation in option or performance-related arrangements. However we do support the payment of fees in shares, particularly where conservation of cash is an issue.

In the UK our expectations of companies are aligned with the Investment Association's Principles of Remuneration.

Where significant changes to remuneration arrangements are being considered, we would expect remuneration committees to consult with their largest shareholders prior to finalising any changes. Where any increase to variable remuneration is proposed, we would expect this to be accompanied by a demonstrable increase in the stretch of the targets. Furthermore we expect any increases to remuneration to be subject to shareholder approval.

In response to the issues arising from the cost of living crisis being experienced by many people in the UK, we expect companies to focus additional capacity towards those members of the workforce who need it most. We expect Remuneration Committees to take into account factors arising from the cost of living crisis when deliberating over executive pay outcomes. We would be concerned by reputational issues arising from decisions made in these unusual circumstances and may make this a factor in our voting decisions at relevant AGMs.

In line with the expectations set out above we will generally vote against the appropriate resolution(s) where:

● We consider the overall reward potential or outcome to be excessive.

● A significant increase to salary has been granted which is not aligned with the workforce or is not sufficiently justified.

● A significant increase to performance-related pay has been granted which is not sufficiently justified, is not accompanied by an increase in the level of stretch required for achievement or results in the potential for excessive reward.

● There is no appropriate cap on variable incentive schemes.

● Performance targets for annual bonus awards are not disclosed retrospectively and the absence of disclosure is not explained.

● Performance targets for long term incentive awards are not disclosed up front and there is no compelling explanation regarding the absence of disclosure or a commitment to disclose retrospectively.

● Performance targets are not considered sufficiently challenging, either at threshold, target or maximum.

● Relative performance targets allow vesting of awards for below median performance.. Retesting provisions apply.

● Incentives that have been conditionally awarded have been repriced or performance conditions changed part way through a performance period.

● We have concerns regarding the use of discretion or the grant of exceptional awards.

● Pension arrangements are excessive.. Pension arrangements are not aligned with the wider workforce (UK).

**Investor Rights**

The interests of minority shareholders must be protected and any major, or majority, investor should not enjoy preferential treatment. The structure of ownership or control should minimise the potential for abuse of public shareholders.

**Corporate Transactions**

Companies should not make significant changes to their structure or nature without being fully transparent to their investors. Shareholders should have the opportunity to vote on significant corporate activity, such as mergers and acquisitions. Where a transaction is with a related party, only independent shareholders should have a vote. Even in markets where no vote is given to shareholders in these circumstances, investors need transparent disclosure of the reasons for any such major change. Companies should expect that shareholders may want to discuss and debate proposed developments

Diversification beyond the core skills of the business needs to be justified as it is more often than not a distraction from operational performance. All major deals need to be clearly explained and justified in the context of the pre-existing strategy and be subject to shareholder approval.

● We will vote on corporate transactions on a case by case basis.

● In markets where no vote is required on significant transactions, we may take voting action at a future general meeting if we have concerns regarding the transaction undertaken.

**Dividends**

We will generally support the payment of dividends but will scrutinise the proposed level where it appears excessive given the company's financial position.

**Share Capital**

The board carries responsibility for prudent capital management and allocation.

**Share Issuance**

We will consider capital raises which are proposed for a specific purpose on a case by case basis but recognise that it can be beneficial for companies to have some general flexibility to issue shares to raise capital. However we expect issuances to be limited to the needs of the business and companies should not issue significant portions of shares unless offering these on a pro-rata basis to existing shareholders to protect against inappropriate dilution of investments.

● Where a company seeks a general authority to issue shares we generally expect this to be limited to 25% of the company's share capital for pre- emptive issuances. In the UK we are aligned with the guidance of the Investment Association Share Capital Management Guidelines. There is no global standard on pre-emptive issuance limits, and in the rest of the world we use 25% as a benchmark limit.

● Where a company seeks a general authority to issue shares we generally expect this to be limited to 10% of the company's share capital for non- pre-emptive issuances. In the UK we are aligned with the guidance of the Investment Association Share Capital Management Guidelines and those of the Pre-Emption Group.

● We will not generally support share issuance by investment trusts unless there is a commitment that shares would only be issued at a price at or above net asset value.

When considering our votes we will, however, take account of the company's circumstances and any further detail regarding proposed capital issuance authorities prior to voting.

Following changes to the UK's Pre-Emption Group Guidelines in November 2022, which reflect an increase on previous limits, we will hold the Chair of the company accountable for any perceived misuse of the increased flexibility through a vote against their re-election.

**Buyback**

We recognise that share buybacks can be a flexible means of returning cash to shareholders.

● We will generally support buyback authorities of up to 10% of the issued share capital. In the UK we will generally support authorities which are in line with the levels permitted under the Listing Rules.

**Related Party Transactions**

The nature of relations – particularly any related party transactions (RPTs) – with parent or related companies, or other major investors, must be disclosed fully. Related party transactions must be agreed on arm's length terms and be made fully transparent. Where they are material, they should be subject to the approval of independent shareholders.

● Where we are given a vote, we will vote against RPTs where there is insufficient transparency of the nature of the transaction, the rationale, the terms or the views and assessment of directors and advisors.

● In markets where no vote is required on RPTs, we may take voting action at a future general meeting if we have concerns regarding the transaction undertaken

**Article/Bylaw Amendments**

While it is standard to see proposals from companies to amend their articles of association or bylaws, we will review these on a case by case basis. When doing so we expect full transparency of the proposed changes to be disclosed.

● We will generally vote against amendments which will reduce shareholder rights.

**Anti-Takeover Defences**

There should be no artificial structures put in place to entrench management and protect companies from takeover. The best defence from hostile takeover is strong operational delivery.

● We will generally vote against anti-takeover/'poison pill' proposals.

**Voting Rights**

We are supporters of the principle of 'one share, one vote' and therefore favour equal voting rights for all shareholders. Where multiple voting rights are implemented at the point of listing, we expect an appropriate sunset clause to apply (ideally with a maximum of 7 years, in line with common market practice).

● We will generally vote against proposals which seek to introduce or continue capital structures with multiple voting rights, unless there is an exceptional justification and also a suitable sunset clause in place.

● We will consider voting against proposals to raise new capital at companies if we have concerns regarding the use of with multiple share classes and voting rights.

**General Meetings**

Shareholder meetings provide an important opportunity to hold boards to account not only through voting on the proposed resolutions but also by enabling investors the opportunity to raise questions, express views and emphasise concerns to the entire board. We may make a statement at a company's AGM as a means of escalation to reinforce our views to a company's board.

We welcome the opportunity to attend meetings virtually, being of the view that this can increase participation given obstacles such as location or meeting concentration. However we are not supportive of companies adopting virtual-only meetings as we believe this format reduces accountability. Our preference is for a hybrid meeting format to balance the flexibility of remote attendance with the accountability of an in-person meeting.

● We will generally support resolutions seeking approval to shorten the EGM notice period to minimum 14 days, unless we have concerns regarding previous inappropriate use of this flexibility.

● We will generally support proposals to enable virtual meetings to take place as long as there is confirmation that the format will be hybrid, with physical meetings continuing to take place (unless prohibited by law). We expect virtual attendees to have the same rights to speak and raise questions as those attending in-person. We will generally vote against proposals which permit wholly virtual general meetings.

**Sustainability** 

**As part of strategic planning, boards need to have oversight of, and clearly articulate, the key opportunities and risks affecting the sustainability of the business model. This includes having a process for, and transparent disclosure of, potential and emerging opportunities and risks and the actions being taken to address them.**

The effective management of risks extends to long-term issues that are hard to measure and whose timeframe is uncertain and will include the management of environmental and social issues. We use the UN Global Compact's four areas of focus in assessing how companies are performing in this area.

Specifically we expect companies to be able to demonstrate how they manage their exposures under the following headings.

**The Environment**

It is generally accepted that companies are responsible for the effects of their operations and products on the environment. The steps they take to assess and reduce those impacts can lead to cost savings and reduce potential reputational damage. Companies are held responsible for their impact on the climate and they face increased regulation from world governments on activities that contribute to climate change.

We expect that companies will

● Identify, manage and reduce their environmental impacts, as applicable.

● Understand their impact along the company value chain.

● Develop group-level climate policies commensurate to their business and, where relevant, set targets to manage the impact, report on policies, practices and actions taken to reduce carbon and other environmental risks within their operations.

● Comply with all environmental laws and regulations, or recognised international best practice as a minimum.

Where we have serious concerns regarding a board's actions, or inaction, in relation to the environment we will consider taking voting action on an appropriate resolution.

We will use the indicators within the Carbon Disclosure Project to identify companies which are not fulfilling their climate commitments. Where appropriate we will take voting action to encourage better practice among companies which we deem to be laggards.

**Labour and Employment**

Companies that respect internationally recognised labour rights and provide safe and healthy working environments for employees are likely to reap the benefits. This approach is likely to foster a more committed and productive workforce, and help reduce damage to reputation and a company's license to operate. We expect companies to comply with all employment laws and regulations and adopt practices in line with the International Labour Organization's core labour standards as a minimum.

In particular, companies will:

● Take affirmative steps to ensure that they uphold decent labour standards.

● Adopt strong health and safety policies and programmes to implement such policies.

● Adopt equal employment opportunity and diversity policies and a programme for ensuring compliance with such policies.

● Adopt policies and programmes for investing in employee training and development.

● Adopt initiatives to attract and retain talented employees, foster higher productivity and quality, and encourage in their workforce a commitment to achieving the company's purpose.

● Ensure policies are in place for a company's suppliers that promote decent labour standards, and programmes are in place to ensure high standards of labour along supply chains.

● Report regularly on its policy and implementation of managing human capital.

Where we have serious concerns regarding a board's actions, or inaction, in relation to labour and employment we will consider taking voting action on an appropriate resolution.

**Human Rights**

We recognise the impact that human-rights issues can have on our investments and the role we can play in stimulating progress. We draw upon a number of international, legal and voluntary agreements for guidance on human-rights responsibilities and compliance. Our primary sources are the International Bill of Rights and the core conventions of the International Labour Organisation (ILO), which form the list of internationally agreed human rights, and the UN Guiding Principles on Business and Human Rights (UNGPs), which clarifies the roles of states and businesses. We encourage companies to use the UNGPs Reporting Framework and encourage disclosure in line with this guidance.

We expect companies to:

● Continually work to understand their actual and potential impacts on human rights.

● Establish systems that actively ensure respect for human rights.

● Take appropriate action to remedy any infringements on human rights.

Where we have serious concerns regarding a board's actions, or inaction, in relation to human rights we will consider taking voting action on an appropriate resolution.

**Business Ethics**

As institutions of wealth and influence, companies have a significant impact on the prosperity of their local communities and the wider world. Having a robust code of ethics and ensuring professional conduct mean companies operate more effectively, particularly when it comes to ethical principles governing decision- making. A company's failure to conform to internationally recognised standards of business ethics on matters such as bribery and corruption, can increase its risk of facing investigation, litigation and fines. This could undermine its license to operate, and affect its reputation and image.

We expect companies to have policies in place to support the following:

● Ethics at the heart of the organisation's governance.

● A zero-tolerance policy on bribery and corruption.. How people are rewarded, as pay can influence behaviour.

● Respect for human rights.

● Tax transparency.

● Ethical training for employees.

Where we have serious concerns regarding a board's actions, or inaction, related to business ethics we will consider taking voting action on an appropriate resolution.

**Environmental & Social Resolutions**

**We will review any resolution at company meetings we have identified as covering environmental and social factors. The following will detail our overarching approach and expectations.**

Our approach to vote analysis is consistent across active and quantitative investment strategies **Review** the resolution, proponent and board statements, existing disclosures, and external research. **Engage** with the company, proponents, and other stakeholders as required.

**Involve** thematic experts, investment analysts and other specialists, as needed, in our in decision-making to harness a wide range of expertise and address material factors in our analysis.

**Ensure** consistency by using our own in-house guidance to frame case-by-case analysis.

**Monitor** the outcomes of votes.

**Follow-up** with on-going engagement as required.

Given the nature of the topics covered by these resolutions we do not apply binary voting policies. We adopt a nuanced approach to our voting research and outcomes and will consider the specific circumstances of the company concerned. Our objective is to determine the best outcome for the company in the context of the best outcome for our clients. There may be instances where we welcome the spirit of a resolution, but other factors preclude our support for the proposal. For example, where the wording is overly prescriptive or ambiguous, when suggested implementation is overly burdensome or where the proposal strays too close to the board's responsibility for setting the company's strategy.

**Management Proposals**

We are supportive of the steps being taken by companies to provide transparent, detailed reporting of their sustainability strategies and targets. While shareholder proposals on environmental and social topics have been common on AGM agendas for several years, an increasing number of companies are presenting management proposals, such as so called 'say on climate' votes, for shareholder approval. While we welcome the intention of accountability behind these votes, we have reservations about the potential for them to limit the scope for subsequent investor challenge, increase a company's exposure to litigation, and diminish the direct responsibility and accountability of the board and individual directors. We believe it is the role of the board and the executive to develop and apply strategy, including sustainability strategies, and we will continue to use existing voting items to hold boards to account on the implementation of these strategies. As active investors we also regularly engage with investee companies on sustainability topics and find this dialogue to be the best opportunity to provide feedback.

We will review the appropriateness of 'say on climate' votes and consider if other voting mechanisms should be applied to ensure both boards and executives apply appropriate rigour to the oversight and delivery of a company's climate approach.

**Shareholder Proposals**

The vast majority of resolutions focused on environmental and social issues are filed by shareholders. The following provides an overview of some of the factors we consider when assessing the most prevalent themes for shareholder proposals.

**Climate**

We do not evaluate a company's climate strategy in isolation. Our approach recognises the links between corporate governance, strategy and climate approach. Where a company's operational response to climate change has significant shortcomings, the effectiveness of board oversight and corporate governance may also be called into question.

We use a range of mechanisms to evaluate whether companies appear to be fulfilling their climate commitments. Through engagement and voting we seek to work with companies, in the context of their local market and sector, to encourage robust methodologies underpinned by targets and, where required, improved reporting and disclosure in alignment with the TCFD framework. We also encourage companies to carefully manage climate-related lobbying. Ensuring appropriate oversight and disclosure of direct and indirect lobbying activities can help companies reduce the risk of misalignment with corporate strategy.

The Taskforce on Nature-related Financial Disclosure (TNFD) was established to develop and deliver a risk management and disclosure framework. While it is not currently mandatory, the TNFD framework is likely to become the default standard for disclosure of naturebased risks. Aberdeen is supportive of TNFD and will generally support proposals asking for companies to report in line with it, taking into consideration best practice for the local market and sector. In addition, we encourage companies to consider their disclosure and reporting on natural capital as we believe better disclosure can support our analysis of financially material nature-related risks and opportunities.

**Nature and Biodiversity**

For investors, the risks and opportunities associated with the use of natural capital (the world's natural resources, which underpin our economy and society) are becoming increasingly financially material. However, company reporting on these issues, and how they are managed, has historically been poor and difficult to compare.

We have seen an increase in resolutions concerning biodiversity and nature in recent years. The focus of these resolutions has varied; however, the main themes are evaluation of scenarios for plastic demand and associated financial implications, waste and the circular economy, and increased disclosure of environmental policies.

**Artificial Intelligence**

As Artificial Intelligence (AI) technologies quickly evolve, Aberdeen's objective is to work with the companies in which we invest to encourage a future where AI delivers sustainable benefits for shareholders and other stakeholders. Heightened investor scrutiny of AI practices has become evident in shareholder resolutions filed at the annual meetings of companies - from technology giants to entertainment businesses.

Resolutions typically request a report on the use of AI and any ethical guidelines adopted by companies, enhanced disclosure regarding board oversight, or further information about the mitigation of AI-generated misinformation. Our voting approach builds upon the principles that we believe will support positive and sustainable outcomes for our investee companies. We encourage companies to focus on implementing robust governance and oversight, clear ethical guidelines, appropriate due diligence, and sufficient transparency. Where AI is likely to have significant impact on operations and labour relations, we believe it is prudent for companies to demonstrate a responsible approach at the earliest opportunity. Collaborating with the workforce can enable companies to mitigate negative outcomes and avoid costly disruption to labour relations. As technology develops, we believe these issues will remain crucial to the responsible development and use of AI.

**Human Rights**

Aberdeen believes that poor oversight of human rights can have a material impact on long-term value creation and cause avoidable harm. Resolutions concerning human rights are filed with companies operating in a broad range of sectors and focus on operations and supply chains in regions with a poor record of protecting human rights.

As a supporter of the UN Guiding Principles on Business and Human Rights, we expect companies to demonstrate how human rights due diligence is conducted across operations, services, product use and the supply chain. Companies can have a significant impact on human rights directly through operations and provision of services, and indirectly through product use and the supply chain. When analysing a company's approach to human rights, we will assess its existing policies to decide if voting action would enhance its approach and benefit the company and shareholders. Where we believe sufficient disclosure and due diligence are already in place, we may vote against a proposal to avoid unnecessary and unduly burdensome reporting. We are usually not supportive of resolutions that seek to dictate where and to whom companies can sell products and services or other resolutions which may be considered unduly prescriptive.

**Political Disclosure**

Corporate lobbying and political contributions disclosure continues to be a recurrent theme of shareholder resolutions, particularly in the US. These proposals typically encompass direct lobbying undertaken by the company and indirect lobbying undertaken by trade associations and other organisations of which it is a member or supporter. Proposals may also request the disclosure of more information regarding the process and rationale for political contributions. We expect companies to make transparent, consolidated disclosures of direct and indirect lobbying and political expenditure. We have seen progress in this area and will carefully consider whether additional disclosure is in the interest of the company and its shareholders.

**Diversity, Equity & Inclusion**

Diversity, Equity & Inclusion (DEI) is a major theme for shareholder resolutions. In recent years resolutions have focused on pay gap reporting, racial equity audits, disclosure of DEI metrics and assessments of the efficacy of DEI programmes.

We are generally supportive of shareholder proposals for disclosure of standardised DEI metrics and pay gap reporting. Such disclosures can support assessments of how companies are addressing opportunity and inclusion. We will, however, consider whether companies are allowed sufficient discretion to report on pay gaps in a way that adequately reflects the demographic and legal variations between jurisdictions.

A racial equity or civil rights audit is an independent analysis of a company's business practices designed to identify aspects that may have a discriminatory effect. In applicable geographies, we tend to support racial equity and civil rights audits in relation to internal and external DEI programmes where there could be an elevated risk of discrimination. Resolutions should allow companies to carry out audits at a reasonable cost and within a reasonable timeframe. We carefully consider a company's existing disclosure to ensure that proposals requesting these audits are not duplicative, prescriptive, or unduly onerous.

**Important Information**

This document is strictly for information purposes only and should not be considered as an offer, investment recommendation, or solicitation, to deal in any of the investments or funds mentioned herein and does not constitute investment research. Aberdeen does not warrant the accuracy, adequacy or completeness of the information and materials contained in this document and expressly disclaims liability for errors or omissions in such information and materials.

Any research or analysis used in the preparation of this document has been procured by Aberdeen for its own use and may have been acted on for its own purpose. The results thus obtained are made available only coincidentally and the information is not guaranteed as to its accuracy. Some of the information in this document may contain projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies. These statements are only predictions and actual events or results may differ materially. The reader must make their own assessment of the relevance, accuracy and adequacy of the information contained in this document and make such independent investigations, as they may consider necessary or appropriate for the purpose of such assessment. This material serves to provide general information and is not meant to be investment, legal or tax advice for any particular investor. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of the reader, any person or group of persons acting on any information, opinion or estimate contained in this document. Aberdeen reserves the right to make changes and corrections to any information in this document at any time, without notice. This material is not to be reproduced in whole or in part without the prior written consent of Aberdeen .

Applying ESG and sustainability criteria in the investment process may result in the exclusion of securities within the universe of potential investments. The interpretation of ESG and sustainability criteria is subjective meaning that products may invest in companies which similar products do not (and thus perform differently) and which do not align with the personal views of any individual investor. Furthermore, the lack of common or harmonized definitions and labels regarding ESG and sustainability criteria may result in different approaches by managers when integrating ESG and sustainability criteria into investment decisions. This means that it may be difficult to compare strategies within ostensibly similar objectives and that these strategies will employ different security selection and exclusion criteria. Consequently, the performance profile of otherwise similar vehicles may deviate more substantially than might otherwise be expected. Additionally, in the absence of common or harmonized definitions and labels, a degree of subjectivity is required and this will mean that a product may invest in a security that another manager or an investor would not.

Aberdeen Group plc is registered in Scotland (SC286832) at 1 George Street, Edinburgh EH2 2LL.

## Exhibit 99.19

**Exhibit** **99.19(d)**

**U.S. Registered Advisers**

**Summary of Proxy Voting Guidelines**

***as of October***  ***26, 2022***

Where clients appoint abrdn Inc. to vote proxies on their behalf, policies have been established to vote these proxies in the best interests of our clients.

We employ ISS as a service provider to facilitate electronic voting. We require ISS to provide recommendations based on our own set of parameters tailored to abrdn's assessment and approach, but remain conscious that all voting decisions are our own on behalf of our clients. We consider ISS's recommendations and those based on our custom parameters as input to our voting decisions. We make use of the ISS standard research and recommendations and those based on our own custom policy as input to our voting decisions. Where our analysts make a voting decision that is different from the recommendations based on our custom policy they will provide a rationale for such a decisions which will be made publicly available in our voting disclosures.

In order to make proxy voting decisions, an abrdn analyst assesses the resolutions at general meetings in our active investment portfolios. This analysis will be based on our knowledge of the company, but will also make use of the custom and standard recommendations provided by ISS as described above. The product of this analysis will be a final voting decision instructed through ISS and applied to all funds for which abrdn have been appointed to vote. For funds managed by a sub-adviser, we may delegate to the sub-adviser the authority to vote proxies; however, the sub-adviser will be required to either follow our policies and procedures or to demonstrate that their policies and procedures are consistent with ours, or otherwise implemented in the best interest of clients.

There may be certain circumstances where abrdn Inc. may take a more limited role in voting proxies. We will not vote proxies for client accounts in which the client contract specifies that abrdn Inc. will not vote. We may abstain from voting a client proxy if the voting is uneconomic or otherwise not in clients' best interests. For companies held only in passively managed portfolios, abrdn Inc. custom recommendations provided by ISS will be used to automatically apply our voting approach; we have scope to intervene to test that this delivers appropriate results, and will on occasions intrude to apply a vote more fully in clients' best interests. If voting securities are part of a securities lending program, we may be unable to vote while the securities are on loan. However, we have the ability to recall shares on loan or to restrict lending when required, in order to ensure all shares have voted. In addition, certain jurisdictions may impose share-blocking restrictions at various times which may prevent abrdn Inc. from exercising our voting authority.

We recognize that there may be situations in which we vote at a company meeting where we encounter a conflict of interest. Such situations include:

· Where a portfolio manager owns the holding in a personal account.

· An investee company that is also a segregated client.

· An investee company where an Executive Director or Officer of our company
or that of abrdn plc or another affiliate is also a Director of that company.

· An investee company where an employee of abrdn plc or an affiliate or subsidiary
is a Director of that company.

· A significant distributor of our products.

· Any other companies which may be relevant from time to time.

We have adopted procedures within our proxy voting process to identify where a conflict exists. These procedures are designed to ensure that our voting decisions are based on our client's best interests and are not impacted by any conflict.

The implementation of this policy, along with conflicts of interest, will be reviewed periodically by the Active Ownership team. abrdn's Global ESG Principles & Voting Policies are published on our website.

Clients may obtain a free copy of abrdn Inc.'s proxy voting policies and procedures and/or proxy voting records for their account by contacting us at (215) 405-5700. abrdn publishes ESG Principles & Voting Policies, which describe our approach to investment analysis, shareholder engagement and proxy voting across companies worldwide. There are published on our website.

Clients that have not granted abrdn Inc. voting authority over securities held in their accounts will receive their proxies in accordance with the arrangements they have made with their service providers.

**Listed Company ESG Principles** **& Voting Policies**

**February** **2023**

Introduction

Active Ownership and Environmental, Social & Governance (ESG) considerations are a driver of our investment process, our investment activity, our client journey and our corporate influence.

Through engagement with the companies in which we invest, and by exercising votes on behalf of our clients, we seek to improve the financial resilience and performance of our clients' investments. Where we believe change is needed, we endeavour to catalyse this through our stewardship capabilities.

**Our expectations**

As global investors, we are particularly aware that ESG structures and frameworks vary across regions. Furthermore, what we expect of the companies in which we invest varies between different stages of business development and the underlying history and nature of the company in question. We seek to understand each company's individual circumstances and so evaluate how it can best be governed and overseen. As such, we strive to apply the principles and policies set out on these pages in response to the needs of that individual company at that particular time. Our heritage as a predominantly active fund manager helps drive this bespoke approach to understanding good governance and risk management.

We have a clear perception of what we consider to be best practice globally – as set out in this document. However we will reflect the nature of the business, our close understanding of individual companies and regional considerations, where appropriate, in our approach to applying these policies, which are not exhaustive.

This document has received approval from the Head of Public Markets and the Investment Vector's Chief Sustainability Officer following consultation with various internal stakeholders.

**Our approach to stewardship**

We seek to integrate and appraise environmental, social and governance factors in our investment process. Our aim is to generate the best long-term outcomes for our clients and we will actively take steps as stewards and owners to protect and enhance the value of our clients' assets.

Stewardship is a reflection of this bespoke approach to good governance and risk management. We seek to understand each company's specific approach to governance, how value is created through business success and how investors' interests are protected through the management of risks that materially impact business success. This requires us to play our part in the governance process by being active stewards of companies, involved in dialogue with management and non-executive directors where appropriate, understanding the material risks and opportunities – including those relating to environmental and social factors and helping to shape the future success of the business.

We will:

· Take into consideration, in our investment process, the policies and practices
on environmental, social and governance matters of the companies in which we invest.

· Seek to enhance long-term shareholder value through constructive engagement
with the companies in which we invest.

· Actively engage with the companies and assets in which we invest where we
believe we can influence or gain insight.

· Seek to exercise voting rights, where held, in a manner consistent with our
clients ' long-term best interests.

· Seek to influence the development of high standards of corporate governance
and corporate responsibility in relation to environmental and social factors for the benefit of our clients.

· Communicate our Listed Company ESG Principles and Voting Policies to clients,
companies and other interested parties.

· Be accountable to clients within the constraints of professional confidentiality
and legislative and regulatory requirements.

· Be transparent in reporting our engagement and voting activities.

abrdn is committed to exercising responsible ownership with a conviction that companies adopting improving practices in corporate governance and risk management will be more successful in their core activities and deliver enhanced returns to shareholders. As owners of companies, the process of stewardship is a natural part of our investment approach as we seek to benefit from their long-term success on our clients' behalf.

**Engagement**

It is a central tenet of our active investment approach that we strive to meet with the management and directors of our investee companies on a regular basis. The discussions we have cover a wide range of topics, including: strategic, operational, and ESG issues and consider the long-term drivers of value. Engagement with companies on ESG risks and opportunities is a fundamental part of our investment process. It is a process by which we can discuss how a company identifies, prioritises and mitigates its key risks and optimises its most significant opportunities. As such, we regard engagement as:

· Important to understanding investee companies as a whole.

· Helpful when conducting proper ESG analysis.

· Useful to maintaining open dialogue and solid relationships with companies.

· An opportunity to inflect positive change on a company ' s
holistic risk management programme – be active with our holdings
rather than activist.

**Proxy Voting**

Proxy voting is an integral part of our active stewardship approach and we seek to exercise voting rights in a manner in line with our clients' best interests. We seek to ensure that voting reflects our understanding of the companies in which we invest on behalf of our clients. We believe that voting is a vital mechanism for holding boards and management teams to account, and is an important tool for escalation and shareholder action.

This document includes our process and overarching policy guidelines which we apply when voting at general meetings. These policies are not exhaustive and we evaluate our voting on a case by case basis. As a global investment firm we recognise the importance of adopting a regional approach, taking into account differing and developing market practices. Where a policy is specific to one region this is denoted.

We endeavour to engage with companies regarding our voting decisions to maintain a dialogue on matters of concern.

**Voting Process**

In line with our active ownership approach, we review the majority of general meeting agendas convened by companies which are held in our active equity portfolios. Analysis is undertaken by a member of our regional investment teams or our Active Ownership team and votes instructed following consideration of our policies, our views of the company and our investment insights. To enhance our analysis we may engage with a company prior to voting to understand additional context and explanations, particularly where there is deviation from what we believe to be best practice.

To supplement our own analysis we make use of the benchmark research and recommendations provided by ISS, a provider of proxy voting services. In the UK we also make use of the Investment Association's (IA) Institutional Voting Information Service. We have implemented regional voting policy guidelines with ISS which ISS applies to all meetings in order to produce customised vote recommendations. These custom recommendations help identify resolutions which deviate from our expectations. They are also used to determine votes where a company is held only in passive funds. Within our custom policies, however, we do specify numerous resolutions which should be referred to us for active review. For example we will analyse all proposals marked by ISS as environmental or social proposals.

While it is most common for us to vote in line with a board's voting recommendation we will vote our clients' shares against resolutions which are not consistent with their best interests. We may also vote against resolutions which conflict with local governance guidelines, such as the IA in the UK. Although we seek to vote either in favour or against a resolution we do make use of an abstain vote where this is considered appropriate. For example we may use an abstention to acknowledge some improvement, but as a means to reserve our position in expectation that further improvement is needed before we can vote in favour. Where we vote against a resolution we endeavour to inform companies of our rationale.

In exceptional circumstances we may attend and speak at a shareholder meeting to reinforce our views to the company's board.

We endeavour to vote all shares for which we have voting authority. We may not vote when there are obstacles to do so, for example those impacting liquidity, such as share- blocking, or where there is a significant conflict of interest. We use the voting platform of ISS to instruct our votes. Where we lend stock on behalf of clients, and subject to the terms of client agreements, we hold the right to recall shares where it is in clients' interests and we take the view that it will impact the final vote to maintain full voting weight on a particular meeting or resolution.

Our votes are disclosed publicly on our website one day after a general meeting has taken place.

**Strategy**

We invest in companies to create the best outcome for our clients. Companies must be clear about the drivers of their business success and their strategy for maintaining and enhancing it. Investment is a forward-looking process; we seek to understand the opportunity for a business and its scope for future value-creation over the long term. In order to do this, we need clarity on past business delivery and its drivers, and on the effective track record of management; we require honest and open reporting to build confidence in that track record. We seek confidence that companies and their management can maintain their competitive positioning and operational performance and subsequently enhance returns for investors. A clear strategy and clarity about the drivers of operational success provides the lens through which we will consider most corporate issues, not least assessing performance and risk management.

· We will consider voting against executive or non-executive directors if we
have serious concerns regarding the oversight or implementation of strategy.

**Board of Directors**

We believe effective board governance promotes the long-term success and value creation of the company. The board should be responsible for establishing the company's purpose and strategy, overseeing management in their implementation of strategy and performance against objectives. The board should ensure a strong framework of control and risk oversight, including material ESG risks. The board should assess and monitor culture and be engaged with the workforce, shareholders and wider society.

**Board Composition**

Effective decision making requires a mix of skills around the table and constructive debate between diverse and different-minded individuals. A range of skills, experience and perspectives should be drawn together on the board. These include industry knowledge, experience from other sectors and relevant geographical knowledge. Independence of thought plays a crucial role in the ability of a board to generate the debate and discussion that will challenge management, help enhance business performance and improve decision-making. Board assessments will help the board ensure it has the necessary mix of skills, diversity and quality of individuals to address the current risks and opportunities the company faces. Unitary boards should comprise an appropriate combination of executive and non-executive directors such that no group of individuals dominates decision-making. We expect the size of the board to reflect the size, nature and complexity of the business. We also expect regular internal and external board evaluations which include an assessment of board composition and effectiveness.

**Leadership**

Running businesses effectively for the long term requires effective collaboration and cooperation, with no individual or small group having unfettered powers. Nor should they have dominant influence over the way a business is run or over major decisions about its operations or future. There should be a division of responsibility between board leadership and executive leadership of the business. We believe that there should be a division of roles at the top of the organisation, typically between a Chief Executive Officer (CEO) and an independent Chair.

· We will consider supporting the re-election of an existing Chair &
CEO role combination, recognising that this remains common in certain geographies. In reviewing on a case by case basis we will take account
of the particular circumstances of the company and consider what checks and balances are in place, such as the presence of a strong Senior
Independent Director with a clear scope of responsibility.

· We will generally oppose any re-combination of the roles of CEO and Chair,
unless the move is on a temporary basis due to exceptional circumstances or other mitigating factors.

· We will generally oppose any move of a retiring CEO to the role of Chair.

**Independence**

Companies should be led and overseen by genuinely independent boards. When looking at board composition we generally expect to see a majority of independent directors, with boards identifying their independence classifications in the Annual Report. It is preferable to see an identified Senior Independent Director (SID) on the board, who will lead the appraisal of and succession planning for the Chair. We expect SIDs to meet with investors and be a point of contact for escalating concerns if required.

In assessing a director's independence we will have due regard for whether a director:

(I) Has been an employee of the company within the last five years.

(II) Has had within the last three years a material business relationship with the company.

(III) Has received remuneration in addition to director fees or participates in
the company ' s option or variable incentive schemes, or is a member
of the company ' s pension scheme.

(IV) Has close family ties with any of the company ' s
advisers, directors or senior employees.

(V) Holds cross-directorships or has significant links with other directors through involvement in other companies or bodies.

(VI) Represents a significant shareholder.

(VII) Has served on the board for more than 12 years (or 9 for UK companies).

· We will consider voting against the re-election of non-independent directors
if the board is not majority independent (excluding employee representatives). In doing so we will have regard for whether a company is
controlled and the nature of the non-independence – for example,
we are unlikely to vote against shareholder representatives unless their representation is disproportionate to their shareholding.

**Succession Planning** **& Refreshment**

Regular refreshment of the non-executive portion of a board helps draw in fresh perspectives, not least in the context of changes to business and emerging opportunities and risks. It also helps limit the danger of group-think. Thoughtful and proactive succession planning is therefore needed for board continuity, to ensure that a board is populated by individuals with an appropriate mix of skills, experience and perspective. We expect the board to implement a formal process for the recruitment and appointment of new directors, and to provide transparency of this in the Annual Report.

· We will vote against non-executive directors where there are concerns regarding
board refreshment or excessive tenure. Where there are directors who have served for over 12 years on a board which has seen no refreshment
in 3 years (2 in UK), we will generally vote against their re-election. If a director has served for over 15 years we will generally vote
against their re-election. We will, however, consider the impact on board continuity and the company ' s
succession planning efforts prior to doing so. We may not apply the tenure limit to directors who are founders or shareholder representatives.

**Diversity**

We believe that companies that make progress in diversity and inclusion (D&I) are better positioned for long-term sustainability and outperformance. Diversity of thought, paired with a culture of inclusion, can help companies to tackle increasingly complex challenges and markets. We expect boards to report on how they promote D&I throughout the business and believe that setting targets is important to addressing imbalances. We recognise the importance of adopting a regional approach to diversity and inclusion, allowing us to press for progress with appropriate consideration for the starting point. We have for several years, actively encouraged progress in gender diversity at all levels, and have expanded our scope in relation to diversity and inclusion across geographies. In respect of ethnic diversity, this is coming increasingly into focus as we encourage boards to progress in ensuring that their composition reflects their employee and customer bases.

Our regional specific policies are below. In determining our votes we will take account of mitigating factors, such as the sudden departure of a female board member. We will also consider any clear progress being made by the company on diversity and any assurance that diversity shortfalls will soon be addressed. Gender Diversity

· UK: We will generally vote against the Nomination Committee Chair of FTSE
350 companies if the board is not comprised of at least one third female directors. For smaller companies, we will take this action if
the board does not include at least one female director.

· Europe: We will generally vote against the Nomination Committee Chair of
LargeCap companies if the supervisory board is not comprised of at least 30% female directors, or is not in line with the local standard
if higher. For smaller companies, we will take this action if the supervisory board does not include at least one female director.

· Australia: We will generally vote against the Nomination Committee Chair
of ASX300 companies if the board is not comprised of at least 30% female directors.

· North America: We will generally vote against the Nomination Committee Chair
of LargeCap companies if the board is not comprised of at least 30% female directors. For smaller companies, we will take this action
if the board does not include at least one female director

Ethnic Diversity

· UK: We will generally vote against the Nomination Committee Chair at the
boards of FTSE 100 companies, if the board does not include at least one member from an ethnic minority background. This is in line with
targets set up by the Parker Review.

· US: We will generally vote against the Nomination Committee Chair at the
boards of S&P 1500 & Russell 3000 companies if the board
does not include at least one member from a racial or ethnic minority background.

**Directors** **' Time Commitment**

Individual directors need sufficient time to carry out their role effectively and therefore we seek to ensure that all directors maintain an appropriate level of overall commitments such that allows them to be properly diligent.

· We will consider opposing the election or re-election of any director where
there is a concern regarding their ability to dedicate sufficient time to the role. In making this assessment we will have regard for
the ISS classification of ' overboarding ' .

· We will generally oppose the re-election of any director who has attended
fewer than 75% of board meetings in two consecutive years.

**Board Committees**

Boards should establish committees, populated by independent and appropriately skilled non-executive directors, to oversee (as a minimum) the nomination, audit and remuneration processes. It may also be appropriate for additional committees to be established, such as a risk or sustainability committee. These committees should report openly on an annual basis about their activities and key decisions taken.

· We will consider voting against committee members if we have concerns regarding
the composition of a committee.

**Nomination Committee**

This committee has responsibility for leading the process for orderly non-executive and senior management succession planning and recruitment, and for overseeing the composition of the board including skillset, experience and diversity. We expect the committee to be comprised of a majority of independent directors with an independent Chair.

· We will consider voting against the re-election of the Nomination Committee
Chair if we have concerns regarding the composition of the board or concerns regarding poor succession planning.

**Audit Committee**

This committee has responsibility for monitoring the integrity of the financial statements, reviewing the company's internal financial controls and risk management systems, reviewing the effectiveness of the company's internal audit function and appointing auditors. While we prefer the committee to be wholly independent, at minimum we expect the committee to be comprised of a majority of independent directors with an independent Chair and at least one member having recent and relevant financial experience.

· We will generally vote against the re-election of the Audit Committee Chair
if at least one member of the Committee does not have recent and relevant financial experience.

**Remuneration Committee**

This committee is responsible for determining the policy and setting remuneration for executive and non-executive directors. The committee should ensure that remuneration is aligned with strategy and company performance and should clearly demonstrate regard for the company's employees, for wider society and be cognisant of the company's licence to operate when considering policy and the overall level of remuneration. We expect remuneration committees to be robust in their approach to developing and implementing remuneration policies, with formal and transparent procedures for developing policies and for determining remuneration packages. Remuneration committees should be comprised of a majority of independent directors with an independent Chair and we expect members to have appropriate experience and knowledge of the business. No executive should be involved in setting their own remuneration.

· Where we have significant concerns regarding the company ' s
remuneration policy or reward outcomes we may escalate these concerns through a vote against the Chair or members of the Remuneration
Committee.

**Director Accountability**

We expect to be able to hold boards to account through engagement and regular director re-elections and directors should feel that they are accountable to investors. We encourage individual, rather than bundled, director elections. While our preference is for directors to be subject to re-election annually, we expect re-elections to take place at least every three years. Lengthier board mandates, while not uncommon in some markets, risk divorcing directors from an appropriate sense of accountability. Directors and management should make themselves available for discussions with major shareholders as we expect to have open dialogue to share our perspectives and gain confidence that the individuals are carrying out their roles with appropriate vigour and diligence. A further important element of director accountability to shareholders is that investors should have the right, both formal and informal, to propose and promote individual directors to be considered for election to the board by all shareholders.

· We will generally oppose the re-election of non- independent NEDs who are
proposed for a term exceeding three years. We may not apply this to directors who are shareholder representatives.

· Where we have significant concerns regarding a board member ' s
performance, actions or inaction to address issues raised we may vote against their re-election.

· We may vote against directors who decline appropriate requests for meeting
without a clear justification.

· Where a director has held a position of responsibility at a company which
has suffered a material governance failure, we will consider whether we are comfortable to support their re-election at other listed companies.

· We will generally support resolutions to discharge the supervisory board
or management board members unless we have serious concerns regarding actions taken during the year under review. Where there is insufficient
information regarding allegations of misconduct, we may prefer to abstain. In exceptional circumstances we may vote against the discharge
resolution to reflect serious ESG concerns if there is not another appropriate resolution.

· We will not support the election of directors who are not personally identified
but are proposed as corporations.

**Reporting**

· We may consider voting against a company ' s
Annual Report & Accounts if we have concerns regarding timely
provision or disclosure.

**Political Donations** **& Lobbying**

Companies should be consistent in their public statements and not undermine these in private commentary to market participants or to politicians and regulators. We welcome transparency from companies about their lobbying activities and believe that good companies have nothing to hide in this respect. Similarly we encourage transparency of any political donations that companies deem appropriate – and we expect a clear explanation of why such donations are an appropriate use of corporate funds.

**Risk** **& Audit**

The board is responsible for determining the company's risk appetite, establishing procedures to manage risk and for monitoring the company's internal controls. We expect boards to conduct robust assessments of the company's material risks and report to shareholders on risks, controls and effectiveness. The introduction of global accounting standards has led to much greater investor confidence in the accounts produced by companies around the world. It has also assisted in creating consistency of reporting across companies, enabling fairer comparisons between different operating businesses. We therefore encourage companies seeking international investment to report under International Financial Reporting Standards (IFRS) or US GAAP. As a firm abrdn supports the continued development of high quality global accounting standards.

An independent audit, delivered by a respected audit firm, is a required element for investor confidence in reporting by companies. We strongly favour meaningful, transparent and informative auditor reports, giving us additional insights into the audit process and accounting outcomes. Audit fees must be sufficient to pay for an appropriately in-depth assurance process. We would be concerned if a company sought to make savings in this respect as the cost in terms of damage to audit effectiveness and confidence in the company's accounts would be much more substantial.

The independence of the auditor and the standard of their work, particularly in challenging management, should be subject to regular assessment that is appropriately disclosed. Even when individuals carrying out the audit are refreshed, we believe that the independence of the audit firm erodes over time and we will encourage a tender process and change of audit firm where an engagement has lasted for an extended period. In order to demonstrate the level of independence, companies should not have the same audit firm in place for more than 20 years.

The relationship with the auditor should be mediated through the audit committee. Where we are significant shareholders, we expect to be consulted on plans to tender and replace auditors.

· We will generally vote against the re-election of an auditor which has a
tenure of 20 years or over, if there are no plans for rotation in the near term.

· We will consider voting against the auditors if we have concerns regarding
the accounts presented or the audit procedures used.

· We will vote against the approval of auditor fees if we have concerns regarding
the level of fees or the balance of non-audit and audit fees.

**Remuneration**

Remuneration policies and the overall levels of pay should be aligned with strategy, attracting and retaining talent and incentivising the decisions and behaviours needed to create long-term value. The component parts of remuneration should be structured so as to link rewards to corporate and individual performance and they should be considered in the context of the remuneration policies when taken as a whole. We recognise the benefits of simplicity in forming the policy, which should clearly link outcomes and expectations for those receiving the remuneration, as well as external stakeholders. The structure should be transparent and understandable.

A company's annual report should contain an informative statement of remuneration policy which communicates clearly to stakeholders how it has developed and evolved. This should include details of any stress testing that may have been undertaken to understand the policy outcomes for different business scenarios. The remuneration committee should provide a clear description of the application of policy and the outcomes achieved.

Base salary should be set at a level appropriate for the role and responsibility of the executive. We discourage increases which are driven by peer benchmarking, and expect increases to be aligned with the wider workforce. Consideration should also be given to the knock on impact to variable remuneration potential. Pension arrangements and benefits should be clearly disclosed. We generally expect pension structures to be aligned with the wider workforce.

A company should structure variable, performance- related pay to incentivise and reward management in a manner that is aligned with the company's sustainable performance and risk appetite over the long term. We expect all variable pay to be capped, preferably as a proportion of base salary. In the UK we expect variable pay to be capped as a proportion of salary. In other markets, if variable pay is capped at a number of shares, we expect the value of grants to be kept under review annually to ensure the value remains appropriate and is not excessive.

Performance metrics used to determine variable pay should be clearly disclosed and aligned with the company's strategy. A significant portion of performance metrics should seek to measure significant improvements in the underlying financial performance of the company. We also encourage the inclusion of non-financial metrics linked to targets which are aligned with the company's progress on its ESG strategy. Where possible we expect these targets to be quantifiable and disclosed.

Variable pay arrangements should incentivise participants to achieve above-average performance through the use of challenging targets. We encourage sliding-scale performance measures and expect performance target ranges to be disclosed to enable shareholders to assess the level of challenge and pay for performance alignment. We expect annual bonus targets to be disclosed retrospectively and encourage the disclosure of long term incentive (LTI) targets at the beginning of the performance period, but at minimum we expect retrospective disclosure. Where bonus or LTI targets are not disclosed due to commercial sensitivity we expect an explanation of why the targets continue to be considered sensitive retrospectively and expect some detail regarding the level of achievement vs target. Where a share price metric is being used, we expect this to be underpinned by a challenging measure of underlying performance.

We encourage settlement of a portion of the annual bonus in shares which are deferred for at least one year.

We expect settlement of long term incentives to be in shares, with rationale provided for any awards settled in cash. Long term incentives should have a performance period of no less than three years. In the UK we expect a further holding period of two years to be applied, and we encourage this in other markets.

We do not generally support restricted share schemes or value creation plans. We will consider supporting the use of restricted share plans which have been structured consistent with the guidelines of the Investment Association.

We expect appropriate malus and clawback provisions to be applied to variable remuneration plans.

We expect shareholding guidelines to be adopted for executive directors and encourage the adoption of post-departure shareholding guidelines.

We expect details of any use of discretion to be disclosed and its use should be justifiable, appropriate and clearly explained. We would expect policies to be sufficiently robust so that discretion is only necessary in exceptional circumstances. We do not generally support exceptional awards, and are particularly sensitive to such awards being granted to reward a corporate transaction.

We expect executive service contracts to provide for a maximum notice period of 12 months. We will consider local best practice provisions related to severance arrangements when voting.

Non-executive fees should reflect the role's level of responsibility and time commitment. We do not support NED's participation in option or performance-related arrangements. However we do support the payment of fees in shares, particularly where conservation of cash is an issue.

In the UK our expectations of companies are aligned with the Investment Association's Principles of Remuneration.

Where significant changes to remuneration arrangements are being considered, we would expect remuneration committees to consult with their largest shareholders prior to finalising any changes. Where any increase to variable remuneration is proposed, we would expect this to be accompanied by a demonstrable increase in the stretch of the targets. Furthermore we expect any increases to remuneration to be subject to shareholder approval.

In response to the issues arising from the cost of living crisis being experienced by many people in the UK, we expect companies to focus any additional help towards those members of the workforce who need it most. We expect Remuneration Committees to take into account factors arising from the cost of living crisis when deliberating over executive pay outcomes. We would be concerned by reputational issues arising from decisions made in these unusual circumstances and may make this a factor in our voting decisions at relevant AGMs.

In line with the expectations set out above we will generally vote against the appropriate resolution(s) where:

· We consider the overall reward potential or outcome to be excessive.

· A significant increase to salary has been granted which is not aligned with
the workforce or is not sufficiently justified.

· A significant increase to performance-related pay has been granted which
is not sufficiently justified, is not accompanied by an increase in the level of stretch required for achievement or results in the potential
for excessive reward.

· There is no appropriate cap on variable incentive schemes.

· Performance targets for annual bonus awards are not disclosed retrospectively
and the absence of disclosure is not explained.

· Performance targets for long term incentive awards are not disclosed up front
and there is no compelling explanation regarding the absence of disclosure or a commitment to disclose retrospectively.

· Performance targets are not considered sufficiently challenging, either at
threshold, target or maximum.

· Relative performance targets allow vesting of awards for below median performance.

· Retesting provisions apply.

· Incentives that have been conditionally awarded have been repriced or performance
conditions changed part way through a performance period.

· We have concerns regarding the use of discretion or the grant of exceptional
awards.

· Pension arrangements are excessive.

· Pension arrangements are not aligned with the wider workforce (UK).

**Investor Rights**

The interests of minority shareholders must be protected and any major, or majority, investor should not enjoy preferential treatment. The structure of ownership or control should minimise the potential for abuse of public shareholders.

**Corporate Transactions**

Companies should not make significant changes to their structure or nature without being fully transparent to their investors. Shareholders should have the opportunity to vote on significant corporate activity, such as mergers and acquisitions. Where a transaction is with a related party, only independent shareholders should have a vote. Even in markets where no vote is given to shareholders in these circumstances, investors need transparent disclosure of the reasons for any such major change. Companies should expect that shareholders may want to discuss and debate proposed developments

Diversification beyond the core skills of the business needs to be justified as it is more often than not a distraction from operational performance. All major deals need to be clearly explained and justified in the context of the pre- existing strategy and be subject to shareholder approval.

We will vote on corporate transactions on a case by case basis.

**Dividends**

We will generally support the payment of dividends but will scrutinise the proposed level where it appears excessive given the company's financial position.

**Share Capital**

The board carries responsibility for prudent capital management and allocation.

**Share Issuance**

We will consider capital raises which are proposed for a specific purpose on a case by case basis but recognise that it can be beneficial for companies to have some general flexibility to issue shares to raise capital. However we expect issuances to be limited to the needs of the business and companies should not issue significant portions of shares unless offering these on a pro-rata basis to existing shareholders to protect against inappropriate dilution of investments.

· Where a company seeks a general authority to issue shares we generally expect
this to be limited to 25% of the company ' s share capital for pre-
emptive issuances. In the UK we are aligned with the guidance of the Investment Association Share Capital Management Guidelines.

· Where a company seeks a general authority to issue shares we generally expect
this to be limited to 10% of the company ' s share capital for non-pre-emptive
issuances. In the UK we are aligned with the guidance of the Investment Association Share Capital Management Guidelines and those of the
Pre-Emption Group.

· We will not generally support share issuances at investment trusts unless
there is a commitment that shares would only be issued at a price at or above net asset value.

When considering our votes we will, however, take account of the company's circumstances and any further detail regarding proposed capital issuance authorities prior to voting.

Following changes to the UK's Pre-Emption Group Guidelines in November 2022, which reflect an increase on previous limits, we will hold the Chair of the company accountable for any perceived misuse of the increased flexibility through a vote against their re-election.

**Buyback**

We recognise that share buybacks can be a flexible means of returning cash to shareholders.

· We will generally support buyback authorities of up to 10% of the issued
share capital.

**Related Party Transactions**

The nature of relations – particularly any related party transactions (RPTs) – with parent or related companies, or other major investors, must be disclosed fully. Related party transactions must be agreed on arm's length terms and be made fully transparent. Where they are material, they should be subject to the approval of independent shareholders.

· We will vote against RPTs where there is insufficient transparency of the
nature of the transaction, the rationale, the terms or the views and assessment of directors and advisors.

**Article/Bylaw amendments**

While it is standard to see proposals from companies to amend their articles of association or bylaws, we will review these on a case by case basis. When doing so we expect full transparency of the proposed changes to be disclosed.

· We will vote against amendments which will reduce shareholder rights.

**Anti-Takeover Defences**

There should be no artificial structures put in place to entrench management and protect companies from takeover. The best defence from hostile takeover is strong operational delivery.

· We will generally vote against anti-takeover/ ' poison
pill ' proposals.

<u>Voting Rights</u>

We are strong supporters of the principle of 'one share, one vote' and therefore favour equal voting rights for all shareholders.

· We will generally vote against proposals which seek to introduce or continue
capital structures with multiple voting rights.

· We will consider voting against proposals to raise new capital at companies
with multiple share classes and voting rights.

**General Meetings**

Shareholder meetings provide an important opportunity to hold boards to account not only through voting on the proposed resolutions but also by enabling investors the opportunity to raise questions, express views and emphasise concerns to the entire board. We may make a statement at a company's AGM as a means of escalation to reinforce our views to a company's board.

We welcome the opportunity to attend meetings virtually, being of the view that this can increase participation given obstacles such as location or meeting concentration. However we are not supportive of companies adopting virtual-only meetings as we believe this format reduces accountability. Our preference is for a hybrid meeting format to balance the flexibility of remote attendance with the accountability of an in-person meeting.

· We will generally support resolutions seeking approval to shorten the EGM
notice period to minimum 14 days, unless we have concerns regarding previous inappropriate use of this flexibility.

· We will generally support proposals to enable virtual meetings to take place
as long as there is confirmation that the format will be hybrid, with physical meetings continuing to take place (unless prohibited by
law). We expect virtual attendees to have the same rights to speak and raise questions as those attending in-person.

**As part of strategic planning, boards need to have oversight of, and clearly articulate, the key opportunities and risks affecting the sustainability of the business model. This includes having a process for, and transparent disclosure of, potential and emerging opportunities and risks and the actions being taken to address them.**

The effective management of risks extends to long-term issues that are hard to measure and whose timeframe is uncertain and will include the management of environmental and social issues. We use the UN Global Compact's four areas of focus in assessing how companies are performing in this area.

Specifically we expect companies to be able to demonstrate how they manage their exposures under the following headings.

**The Environment**

It is generally accepted that companies are responsible for the effects of their operations and products on the environment. The steps they take to assess and reduce those impacts can lead to cost savings and reduce potential reputational damage. Companies are responsible for their impact on the climate and they face increased regulation from world governments on activities that contribute to climate change.

We expect that companies will

· Identify, manage and reduce their environmental impacts.

· Understand the impact of climate change along the company value chain.

· Develop group-level climate policies and, where relevant, set targets to
manage the impact, report on policies, practices and actions taken to reduce carbon and other environmental risks within their operations.

· Comply with all environmental laws and regulations, or recognised international
best practice as a minimum.

Where we have serious concerns regarding a board's actions, or inaction, in relation to the environment we will consider taking voting action on an appropriate resolution.

We will use the indicators within the Carbon Disclosure Project to identify companies which are not fulfilling their climate commitments. Where appropriate we will take voting action to encourage better practice among companies which we deem to be laggards.

**Labour and employment**

Companies that respect internationally recognised labour rights and provide safe and healthy working environments for employees are likely to reap the benefits. This approach is likely to foster a more committed and productive workforce, and help reduce damage to reputation and a company's license to operate. We expect companies to comply with all employment laws and regulations and adopt practices in line with the International Labour Organization's core labour standards. a minimum.

In particular, companies will:

· Take affirmative steps to ensure that they uphold decent labour standards.

· Adopt strong health and safety policies and programmes to implement such
policies.

· Adopt equal employment opportunity and diversity policies and a programme
for ensuring compliance with such policies.

· Adopt policies and programmes for investing in employee training and development.

· Adopt initiatives to attract and retain talented employees, foster higher
productivity and quality, and encourage in their workforce a commitment to achieving the company ' s
purpose.

· Ensure policies are in place for a company ' s
suppliers that promote decent labour standards, and programmes are in place to ensure high standards of labour along supply chains.

· Report regularly on its policy and implementation of managing human capital.

Where we have serious concerns regarding a board's actions, or inaction, in relation to labour and employment we will consider taking voting action on an appropriate resolution.

**Human rights**

We recognise the impact that human-rights issues can have on our investments and the role we can play in stimulating progress. We draw upon a number of international, legal and voluntary agreements for guidance on human-rights responsibilities and compliance. Our primary sources are the International Bill of Rights and the core conventions of the International Labour Organisation (ILO), which form the list of internationally agreed human rights, and the UN Guiding Principles on Business and Human Rights (UNGPs), which clarifies the roles of states and businesses. We encourage companies to use the UNGPs Reporting Framework and encourage disclosure in line with this guidance.

We expect companies to:

· Continually work to understand their actual and potential impacts on human
rights.

· Establish systems that actively ensure respect for human rights.

· Take appropriate action to remedy any infringements on human rights.

Where we have serious concerns regarding a board's actions, or inaction, in relation to human rights we will consider taking voting action on an appropriate resolution.

**Business ethics**

As institutions of wealth and influence, companies have a significant impact on the prosperity of their local communities and the wider world. Having a robust code of ethics and ensuring professional conduct mean companies operate more effectively, particularly when it comes to ethical principles governing decision- making. A company's failure to conform to internationally recognised standards of business ethics on matters such as bribery and corruption, can increase its risk of facing investigation, litigation and fines. This could undermine its license to operate, and affect its reputation and image.

We expect companies to have policies in place to support the following:

· Ethics at the heart of the organisation ' s
governance.

· A zero-tolerance policy on bribery and corruption.. How people are rewarded,
as pay can influence behaviour.

· Respect for human rights.

· Tax transparency.

· Ethical training for employees.

Where we have serious concerns regarding a board's actions, or inaction, related to business ethics we will consider taking voting action on an appropriate resolution.

**We will review any resolution at company meetings which ISS has identified as covering environmental and social factors.**

**The following will detail our overarching approach and expectations.**

Our approach to vote analysis is consistent across active and quantitative investment strategies **Review** the resolution, proponent and board statements, existing disclosures, and external research.

**Engage** with the company, proponents, and other stakeholders as required.

**Involve** thematic experts, regional specialists, and investment analysts in decision-making to harness a wide range of expertise and include all material factors in our analysis.

**Ensure** consistency by using our own in-house guidance to frame case-by-case analysis.

**Monitor** the outcomes of votes.

**Follow-up** with on-going engagement as required.

Given the nature of the topics covered by these resolutions we do not apply binary voting policies. We adopt a nuanced approach to our voting research and outcomes and will consider the specific circumstances of the company concerned. Our objective is not to vote in favour of all shareholder resolutions but to determine the best outcome for the company in the context of the best outcome for our clients. There are instances where we are supportive of the spirit of a resolution however there may be a reason which prevents our support for the proposal. For example, where the purpose of the resolution is unclear, where the wording is overly prescriptive, when suggested implementation is overly burdensome or where the proposal strays too closely to the board's responsibility for setting the company's strategy.

**Management Proposals**

We are supportive of the steps being taken by companies to provide transparent, detailed reporting of their ESG strategies and targets. While shareholder proposals on environmental and social topics have been common on AGM agenda for several years, an increasing number of companies are presenting management proposals, such as so called 'say on climate' votes, for shareholder approval. While we welcome the intention of accountability behind these votes, we have reservations about the potential for them to limit the scope for subsequent investor challenge and diminish the direct responsibility and accountability of the board and individual directors. We believe it is the role of the board and the executive to develop and apply strategy, including ESG strategies, and we will continue to use existing voting items to hold boards to account on the implementation of these strategies. As active investors we also regularly engage with investee companies on ESG topics and find this dialogue to be the best opportunity to provide feedback.

We will review the appropriateness of 'say on climate' votes and consider if other voting mechanisms should be applied to ensure both Boards and Executives apply the appropriate rigour to initiate and deliver strategies to support the climate transition.

**Shareholder Proposals**

The number of resolutions focused on environmental and social (E&S) issues filed by shareholders continues to grow rapidly. The following provides an overview of some of the factors we consider when assessing the most prevalent themes for shareholder proposals.

**Climate Change**

We are members of the Net Zero Asset Manager Initiatives and this is reflected in our Active Ownership approach. We encourage the companies in which we invest to demonstrate a robust methodology underpinning Paris aligned goals and targets and are supportive of resolutions that will help companies to achieve this. Once a credible climate strategy is in place, we prioritise evidence of implementation over requests to re-draft strategies and targets after only a year or two.

A growing number of resolutions call on companies to increase the transparency of their reporting on climate- related lobbying. These proposals typically encompass direct lobbying undertaken by the company and indirect lobbying undertaken by trade associations and other organisations of which it is a member or supporter. Lobbying contrary to the objectives of the Paris Agreement is effective in creating climate policy inertia and impeding the transition to net zero economies.

We do not evaluate resolutions in isolation. Our approach recognises the links between corporate governance, strategy and climate approach. Where a company's operational response to climate change is inadequate, the effectiveness of board oversight and corporate governance may also be called into question.

We expect and encourage companies to:

· Demonstrate that a robust methodology underpins Paris aligned, net zero goals
and targets.

· Set targets for absolute emission reduction, not just carbon intensity, to
show a clear pathway to net zero.

· Report in alignment with the TCFD framework.

· Link targets to remuneration and ensure they are reflected in capital expenditure
and R&D plans.

· Carefully manage climate-related lobbying by ensuring appropriate oversight,
transparent disclosure of activities, and alignment of activities with the company ' s
strategy and publicly stated positions.

**Diversity** **& Inclusion**

Diversity & Inclusion (D&I) is an important and growing theme for shareholder resolutions. In recent years resolutions have focussed on racial equity audits, pay gap reporting, transparent disclosure of D&I metrics and assessments of the efficacy of D&I programmes.

A racial equity audit is an independent analysis of a company's business practices designed to identify practices that may have a discriminatory effect. We are supportive of racial equity audits in relation to internal and external D&I programmes. It is appropriate that these programmes should have KPIs and audit mechanisms in place to measure and evaluate outcomes. Some proposals request racial equity audits of provision of services. We are aware that measuring provision of service is challenging and gathering racial data on customers can be difficult and inappropriate. There are also multiple different factors that can influence service provision and which could be misconstrued as being racially motivated. We will however, support resolutions which are not unduly prescriptive and allow companies to carry out audits within a reasonable timeframe, at a reasonable cost, and excluding confidential or proprietary information.

We consider standardised gender pay gap disclosure to be an important tool for assessing how companies are addressing gender inequality. Reporting on gender pay gaps across global operations can help companies to remain ahead of the regulatory curve. It also enables them to offer better opportunities and remuneration for women around the world. We are therefore supportive of resolutions which are likely to deliver these benefits. Proposals must be carefully drafted to achieve these outcomes. For instance, in the past we have been unable to support resolutions which called for global median gender and racial pay gap reporting as it was unclear how this would reveal potential pay disparities at a local level and how it could be implemented by companies with operations in jurisdictions where collection of racial identity data is illegal.

In the US market we support public disclosure of EEO-1 forms by companies. The EEO-1 form details a comprehensive breakdown of workforce by race and gender according to ten employment categories. The form is submitted privately to the US Equal Employment Opportunity Commission on an annual basis. When publicly disclosed, it offers investors and other stakeholders data in a standardised and comparable form. We have used our engagement programme to ask the companies in which we invest to disclose this form for their US operations while making it central to our D&I voting approach and supporting resolutions that request it.

**Human rights**

As a supporter of the UN Guiding Principles on Business and Human Rights (UNGPs), we expect companies to demonstrate how human rights due diligence is conducted across operations, services, product use and the supply chain. Companies can have a significant impact on human rights directly through operations and provision of services, and indirectly through product use and the supply chain. In recent years the sale and end-use of controversial technologies, such as facial recognition software, has emerged as a prominent theme.

We expect and encourage companies to:

· Have robust due diligence processes to assess the actual and potential human
rights impacts of their operations, services, product use and supply chain.

· Conduct customer and supplier vetting processes commensurate with the risk
of human rights abuse.

· Publicly disclose information about the operation of these processes and
utilise the UNGPs ' Reporting Framework. This will improve the standard
and consistency of human rights reporting and enable more informed investment decision making.

**Corporate Lobbying** **& Political Contributions**

Corporate lobbying and political contributions are a recurrent theme of shareholder resolutions, particularly in the US. These proposals typically encompass direct lobbying undertaken by the company and indirect lobbying undertaken by trade associations and other organisations of which it is a member or supporter. Proposals may also request the disclosure of more information regarding the process and rationale for political contributions. We expect companies to make transparent, consolidated disclosures of direct and indirect lobbying and political expenditure. This disclosure should be underpinned by a coherent policy that: explains public policy priorities and the rationale for associated expenditure, identifies the management positions responsible for public policy engagement, and provides appropriate mechanisms for board oversight. These measures should mitigate the risks associated with corporate lobbying and political contributions, protecting the interest of shareholders and other stakeholders.

**Nuclear Energy**

In the Japanese market nuclear energy is a recurrent theme of shareholder resolutions. The Japanese government is seeking to reduce the nation's reliance on coal and its energy strategy presents safe nuclear power generation as an important source of base-load power. In this context, resolutions which seek to limit or cease the nuclear operations of an individual company do not appear to be in the best interests of shareholders and other stakeholders. The health & safety risks associated with nuclear energy are high, must be managed carefully across the industry, and are an important consideration in our voting.

**Important Information**

This document is strictly for information purposes only and should not be considered as an offer, investment recommendation, or solicitation, to deal in any of the investments or funds mentioned herein and does not constitute investment research. abrdn does not warrant the accuracy, adequacy or completeness of the information and materials contained in this document and expressly disclaims liability for errors or omissions in such information and materials.

Any research or analysis used in the preparation of this document has been procured by abrdn for its own use and may have been acted on for its own purpose. The results thus obtained are made available only coincidentally and the information is not guaranteed as to its accuracy. Some of the information in this document may contain projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies. These statements are only predictions and actual events or results may differ materially. The reader must make their own assessment of the relevance, accuracy and adequacy of the information contained in this document and make such independent investigations, as they may consider necessary or appropriate for the purpose of such assessment. This material serves to provide general information and is not meant to be investment, legal or tax advice for any particular investor. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of the reader, any person or group of persons acting on any information, opinion or estimate contained in this document. abrdn reserves the right to make changes and corrections to any information in this document at any time, without notice. This material is not to be reproduced in whole or in part without the prior written consent of abrdn.

Applying ESG and sustainability criteria in the investment process may result in the exclusion of securities within the universe of potential investments. The interpretation of ESG and sustainability criteria is subjective meaning that products may invest in companies which similar products do not (and thus perform differently) and which do not align with the personal views of any individual investor. Furthermore, the lack of common or harmonized definitions and labels regarding ESG and sustainability criteria may result in different approaches by managers when integrating ESG and sustainability criteria into investment decisions. This means that it may be difficult to compare strategies within ostensibly similar objectives and that these strategies will employ different security selection and exclusion criteria. Consequently, the performance profile of otherwise similar vehicles may deviate more substantially than might otherwise be expected. Additionally, in the absence of common or harmonized definitions and labels, a degree of subjectivity is required and this will mean that a product may invest in a security that another manager or an investor would not.

abrdn plc is registered in Scotland (SC286832) at 1 George Street, Edinburgh EH2 2LL.

## Exhibit 99.19

#### Exhibit 99.19(e)
**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statement (No. 333-277607) on Form N-2 of our report dated December 26, 2025, with respect to the financial statements and financial highlights of abrdn Income Credit Strategies Fund.

/s/ KPMG LLP

Columbus, Ohio<br> January 8, 2026