# EDGAR Filing Document

**Accession Number:** 0001503290
**File Stem:** 0001410368-25-010645
**Filing Date:** 2025-9
**Character Count:** 136117
**Document Hash:** 542ef6df550e7ccc99ad7948f3a3d722
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010645.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001410368-25-010645

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22485
- **FILM NUMBER:** 251340606

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

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

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

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

## Nport-Ex

### Portfolio of Investments (unaudited) <br> As of July 31, 2025

#### abrdn Income Credit Strategies Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS—126.5%** | &nbsp;&nbsp;**CORPORATE BONDS—126.5%** |  |
| &nbsp;&nbsp;**ANGOLA—0.3%** |  |  |
| &nbsp;&nbsp;Azule Energy Finance PLC, 8.13%, 01/23/2030<sup>(a)(b)</sup> | $2504000 | &nbsp;&nbsp;&nbsp;&nbsp;$2522602 |
| &nbsp;&nbsp;**AUSTRIA—0.4%** |  |  |
| &nbsp;&nbsp;Benteler International AG, 7.25%, 06/15/2031<sup>(a)(b)</sup> | 2613000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3163138 |
| &nbsp;&nbsp;**BELGIUM—1.2%** |  |  |
| &nbsp;&nbsp;Belfius Bank SA, VRN, (fixed rate to 05/06/2031, variable rate thereafter), 6.13%, 05/06/2031<sup>(a)(c)</sup> | 7600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8884679 |
| &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;2961645 |
| &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;8760865 |
| &nbsp;&nbsp;Samarco Mineracao SA, 9.500% Cash or 9.000% PIK, 06/30/2031<sup>(a)(b)(d)</sup> | 9426771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9335853 |
| &nbsp;&nbsp;Yinson Boronia Production BV, 8.95%, 07/31/2042<sup>(a)(b)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;310024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334163 |
| &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21392526** |
| &nbsp;&nbsp;**CANADA—0.7%** |  |  |
| &nbsp;&nbsp;Saturn Oil & Gas, Inc., 9.63%, 06/15/2029<sup>(a)(b)(e)</sup> | 5594000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5539018 |
| &nbsp;&nbsp;**CHINA—0.0%** |  |  |
| &nbsp;&nbsp;Kaisa Group Holdings Ltd., 9.38%, 06/30/2024<sup>(a)(b)(f)</sup> | 3609000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153382 |
| &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;429995 |
| &nbsp;&nbsp;**ECUADOR—0.1%** |  |  |
| &nbsp;&nbsp;International Airport Finance SA, 12.00%, 03/15/2033<sup>(a)(b)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;440007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469419 |
| &nbsp;&nbsp;**FINLAND—1.1%** |  |  |
| &nbsp;&nbsp;Citycon OYJ, VRN, (fixed rate to 06/10/2029, variable rate thereafter), 7.88%, 06/10/2029<sup>(a)(c)</sup> | &nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8720220 |
| &nbsp;&nbsp;**FRANCE—6.2%** |  |  |
| &nbsp;&nbsp;Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;1482000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 10/15/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;1591000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593141 |
| &nbsp;&nbsp;Eutelsat SA, 9.75%, 04/13/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;4277000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5305923 |
| &nbsp;&nbsp;Iliad Holding SASU, 8.50%, 04/15/2031<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;5011000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5375204 |
| &nbsp;&nbsp;Laboratoire Eimer Selas, 5.00%, 02/01/2029<sup>(a)(b)</sup> | 13500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14245942 |
| &nbsp;&nbsp;Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, (fixed rate to 05/26/2026, variable rate thereafter), 4.75%, 05/26/2026<sup>(a)(c)</sup> | $&nbsp;&nbsp;5800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5723185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VRN, (fixed rate to 11/22/2027, variable rate thereafter), 9.38%, 11/22/2027<sup>(a)(c)</sup> | 10420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11152453 |
| &nbsp;&nbsp;Viridien, 10.00%, 10/15/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954093 |
| &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**47834020** |

---

---

| | | |
|:---|:---|:---|
| | &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)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;294000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$295205 |
| &nbsp;&nbsp;**GERMANY—10.9%** |  |  |
| &nbsp;&nbsp;Aroundtown Finance SARL, VRN, (fixed rate to 08/07/2029, variable rate thereafter), 7.88%, 08/07/2029<sup>(c)</sup> | 8190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7980480 |
| &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;&nbsp;&nbsp;11779311 |
| &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;5720412 |
| &nbsp;&nbsp;Deutsche Bank AG, VRN, (fixed rate to 04/30/2026, variable rate thereafter), 7.13%, 04/30/2026<sup>(a)(c)</sup> | 6700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8869590 |
| &nbsp;&nbsp;HT Troplast GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 07/15/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;7884000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9453949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 07/15/2028<sup>(a)(b)</sup> | 10600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12710789 |
| &nbsp;&nbsp;IHO Verwaltungs GmbH, 8.750% Cash or 9.500% PIK, 05/15/2028<sup>(a)(b)(d)</sup> | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589584 |
| &nbsp;&nbsp;Landesbank Baden-Wuerttemberg, VRN, (fixed rate to 10/15/2030, variable rate thereafter), 6.75%, 10/15/2030<sup>(a)(c)</sup> | 8600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10124134 |
| &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;2133659 |
| &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;2844878 |
| &nbsp;&nbsp;PrestigeBidCo GmbH, FRN, 5.78%, 07/01/2029<sup>(a)(b)(g)</sup> | 7156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8222241 |
| &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**83429027** |
| &nbsp;&nbsp;**IRELAND—3.8%** |  |  |
| &nbsp;&nbsp;Cimpress PLC, 7.38%, 09/15/2032<sup>(a)(b)</sup> | $12650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12365130 |
| &nbsp;&nbsp;Phoenix Aviation Capital Ltd., 9.25%, 07/15/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;8327000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8725085 |
| &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;8321963 |
| &nbsp;&nbsp;**Total Ireland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29412178** |
| &nbsp;&nbsp;**ITALY—0.4%** |  |  |
| &nbsp;&nbsp;Fibercop SpA, 7.72%, 06/04/2038<sup>(a)(b)</sup> | &nbsp;&nbsp;3273000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3256750 |
| &nbsp;&nbsp;**JAMAICA—0.7%** |  |  |
| &nbsp;&nbsp;Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl U.S., 9.000% Cash or 1.500% PIK, 05/25/2027<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;1514775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521591 |
| &nbsp;&nbsp;Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, 08/01/2032<sup>(a)(b)(h)</sup> | &nbsp;&nbsp;3763000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800867 |
| &nbsp;&nbsp;**Total Jamaica** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5322458** |
| &nbsp;&nbsp;**JERSEY—3.1%** |  |  |
| &nbsp;&nbsp;Aston Martin Capital Holdings Ltd., 10.00%, 03/31/2029<sup>(a)(b)</sup> | 11740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11197114 |
| &nbsp;&nbsp;Waga Bondco Ltd., 8.50%, 06/15/2030<sup>(a)(b)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12889542 |
| &nbsp;&nbsp;**Total Jersey** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24086656** |
| &nbsp;&nbsp;**LUXEMBOURG—7.6%** |  |  |
| &nbsp;&nbsp;Albion Financing 1 SARL/Aggreko Holdings, Inc., 7.00%, 05/21/2030<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;1616000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663326 |
| &nbsp;&nbsp;LHMC Finco 2 SARL, 8.625% Cash or 9.375% PIK, 05/15/2030<sup>(a)(b)(d)</sup> | &nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6364608 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (continued)<br> As of July 31, 2025

#### abrdn Income Credit Strategies Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**LUXEMBOURG (continued)** |  |  |
| &nbsp;&nbsp;Maxam Prill SARL, 6.00%, 07/15/2030<sup>(a)(b)</sup> | 8200000 | &nbsp;&nbsp;&nbsp;&nbsp;$9324847 |
| &nbsp;&nbsp;Mitsubishi UFJ Investor Services & Banking Luxembourg SA, FRN, Series PRX, 6.54%, 12/15/2050<sup>(g)</sup> | 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5175329 |
| &nbsp;&nbsp;Monitchem HoldCo 3 SA, 8.75%, 05/01/2028<sup>(a)(b)</sup> | 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14402123 |
| &nbsp;&nbsp;Summer BC Holdco A SARL, 9.25%, 10/31/2027<sup>(a)(b)</sup> | 16128842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18424657 |
| &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;2580415 |
| &nbsp;&nbsp;**Total Luxembourg** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**57935305** |
| &nbsp;&nbsp;**MEXICO—3.1%** |  |  |
| &nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/28/2031<sup>(b)</sup> | $15709000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14581048 |
| &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;677796 |
| &nbsp;&nbsp;Saavi Energia SARL, 8.88%, 02/10/2035<sup>(a)(b)</sup> | 8099000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8429439 |
| &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**23688283** |
| &nbsp;&nbsp;**NETHERLANDS—3.0%** |  |  |
| &nbsp;&nbsp;Centrient Holding BV, 6.75%, 05/30/2030<sup>(a)(b)</sup> | 6964000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8158757 |
| &nbsp;&nbsp;Sigma Holdco BV, 8.63%, 04/15/2031<sup>(b)</sup> | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4386984 |
| &nbsp;&nbsp;Ziggo Bond Co. BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/28/2030<sup>(a)(b)</sup> | $&nbsp;&nbsp;9100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7938974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/28/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616430 |
| &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23101145** |
| &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;524273 |
| &nbsp;&nbsp;BOI Finance BV, 7.50%, 02/16/2027<sup>(a)(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;464000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540397 |
| &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;&nbsp;2621961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 11/29/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057515 |
| &nbsp;&nbsp;**Total Nigeria** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6744146** |
| &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;350123 |
| &nbsp;&nbsp;**SLOVENIA—3.0%** |  |  |
| &nbsp;&nbsp;Summer BidCo BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000% Cash or 10.750% PIK, 02/15/2029<sup>(a)(b)(d)</sup> | &nbsp;&nbsp;8589763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9924972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.000% Cash or 10.750% PIK, 02/15/2029<sup>(a)(b)(d)</sup> | 11548046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13343097 |
| &nbsp;&nbsp;**Total Slovenia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23268069** |
| &nbsp;&nbsp;**SOUTH AFRICA—0.0%** |  |  |
| &nbsp;&nbsp;Liquid Telecommunications Financing PLC, 5.50%, 09/04/2026<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340863 |
| &nbsp;&nbsp;**SWITZERLAND—2.0%** |  |  |
| &nbsp;&nbsp;Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;3269000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3196593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00%, 02/15/2031<sup>(a)(b)</sup> | 12772000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12001416 |
| &nbsp;&nbsp;**Total Switzerland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15198009** |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &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;$5986712 |
| &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;274913 |
| &nbsp;&nbsp;**Total Turkey** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6261625** |
| &nbsp;&nbsp;**UKRAINE—0.1%** |  |  |
| &nbsp;&nbsp;Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/2026<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;543727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450004 |
| &nbsp;&nbsp;**UNITED KINGDOM—34.2%** |  |  |
| &nbsp;&nbsp;888 Acquisitions Ltd., 7.56%, 07/15/2027<sup>(a)(b)</sup> | 16650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19170131 |
| &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;3643178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 05/14/2030<sup>(a)(b)</sup> | 10620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13341568 |
| &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;4259469 |
| &nbsp;&nbsp;Bracken MidCo1 PLC, 6.750% Cash or 7.500% PIK, 11/01/2027<sup>(a)(b)(d)</sup> | 15750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20729067 |
| &nbsp;&nbsp;Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/2029<sup>(a)(b)</sup> | $13180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13309309 |
| &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;5600634 |
| &nbsp;&nbsp;eG Global Finance PLC, 11.00%, 11/30/2028<sup>(a)(b)</sup> | 7800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9855375 |
| &nbsp;&nbsp;EnQuest PLC, 11.63%, 11/01/2027<sup>(a)(b)</sup> | $23350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000554 |
| &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;12648109 |
| &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;3583116 |
| &nbsp;&nbsp;Intu Properties PLC, 11.00%, 12/04/2025<sup>(j)(k)</sup> | &nbsp;&nbsp;5548770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7360225 |
| &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;11804569 |
| &nbsp;&nbsp;Mobico Group PLC, 3.63%, 11/20/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7977215 |
| &nbsp;&nbsp;Motion Finco SARL, 7.38%, 06/15/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;8200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8864970 |
| &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;4169643 |
| &nbsp;&nbsp;Project Grand U.K. PLC, 9.00%, 06/01/2029<sup>(a)(b)</sup> | 19148000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23302277 |
| &nbsp;&nbsp;Punch Finance PLC, 7.88%, 12/30/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;5488000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7409784 |
| &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;14862806 |
| &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;2695467 |
| &nbsp;&nbsp;Stonegate Pub Co. Financing PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRN, 8.77%, 07/31/2029<sup>(a)(b)(g)</sup> | 10040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11281997 |
| &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;8540252 |
| &nbsp;&nbsp;Very Group Funding PLC, 6.000% Cash or 7.250% PIK, 08/01/2027<sup>(a)(b)(d)</sup> | &nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6640062 |
| &nbsp;&nbsp;Wolseley Group Finco PLC, 9.75%, 01/31/2031<sup>(a)(b)</sup> | 12835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17026544 |
| &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;**262076321** |
| &nbsp;&nbsp;**UNITED STATES—37.4%** |  |  |
| &nbsp;&nbsp;1261229 BC Ltd., 10.00%, 04/15/2032<sup>(a)(b)</sup> | $&nbsp;&nbsp;4123000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4197581 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (continued)<br> As of July 31, 2025

#### abrdn Income Credit Strategies Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES (continued)** |  |  |
| &nbsp;&nbsp;Affinity Interactive, 6.88%, 12/15/2027<sup>(a)(b)</sup> | $24822000 | &nbsp;&nbsp;&nbsp;&nbsp;$13677418 |
| &nbsp;&nbsp;AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033<sup>(a)(b)(h)</sup> | 2203000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240383 |
| &nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 09/01/2029<sup>(a)(b)</sup> | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064948 |
| &nbsp;&nbsp;Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 2.13%, 08/15/2026<sup>(a)(b)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11380961 |
| &nbsp;&nbsp;Boots Group Finco LP, 7.38%, 08/31/2032<sup>(a)(b)(h)</sup> | 3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170777 |
| &nbsp;&nbsp;Cable One, Inc., 4.00%, 11/15/2030<sup>(a)(b)</sup> | $&nbsp;&nbsp;17711000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13638161 |
| &nbsp;&nbsp;Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028<sup>(a)(b)</sup> | 5759000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5276799 |
| &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;10416500 |
| &nbsp;&nbsp;CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/01/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;2093000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 01/15/2032<sup>(a)(b)</sup> | 10106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10594949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 01/15/2034<sup>(a)(b)(h)</sup> | &nbsp;&nbsp;3182000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202328 |
| &nbsp;&nbsp;Cloud Software Group, Inc., 9.00%, 09/30/2029<sup>(a)(b)</sup> | 5109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5287105 |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc., 6.13%, 01/15/2029<sup>(a)(b)</sup> | 12809000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9431938 |
| &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;&nbsp;2718653 |
| &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;2665854 |
| &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;2638545 |
| &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;397874 |
| &nbsp;&nbsp;Dotdash Meredith, Inc., 7.63%, 06/15/2032<sup>(a)(b)</sup> | 10247000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9988263 |
| &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;3960186 |
| &nbsp;&nbsp;Fiesta Purchaser, Inc., 9.63%, 09/15/2032<sup>(a)(b)</sup> | 12193000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12885184 |
| &nbsp;&nbsp;Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 7.88%, 05/01/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;6942000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8304306 |
| &nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/2034<sup>(a)(b)</sup> | $&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888674 |
| &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;&nbsp;8315977 |
| &nbsp;&nbsp;ITT Holdings LLC, 6.50%, 08/01/2029<sup>(a)(b)</sup> | 11321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10783352 |
| &nbsp;&nbsp;Magnera Corp., 7.25%, 11/15/2031<sup>(a)(b)</sup> | 14006000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13183148 |
| &nbsp;&nbsp;MajorDrive Holdings IV LLC, 6.38%, 06/01/2029<sup>(a)(b)</sup> | 23118000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19069157 |
| &nbsp;&nbsp;Nabors Industries, Inc., 8.88%, 08/15/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;5196000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4166044 |
| &nbsp;&nbsp;Navient Corp., 7.88%, 06/15/2032<sup>(b)</sup> | &nbsp;&nbsp;4466000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650091 |
| &nbsp;&nbsp;New Cotai LLC, 5.00%, 02/02/2027<sup>(j)(k)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1233113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637204 |
| &nbsp;&nbsp;Newell Brands, Inc., 8.50%, 06/01/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;4516000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4732197 |
| &nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV, 7.88%, 05/15/2034<sup>(a)(b)</sup> | 15748000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14099504 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Radiology Partners, Inc., 8.50%, 07/15/2032<sup>(a)(b)</sup> | $2595000 | &nbsp;&nbsp;&nbsp;&nbsp;$2622014 |
| &nbsp;&nbsp;Sanchez Energy Corp., 7.25%, 07/15/2023<sup>(f)</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;257 |
| &nbsp;&nbsp;Staples, Inc., 10.75%, 09/01/2029<sup>(a)(b)</sup> | 13556000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12710938 |
| &nbsp;&nbsp;Telecommunications Co. Telekom Srbija AD Belgrade, 7.90%, 05/22/2028 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5705997 |
| &nbsp;&nbsp;Turning Point Brands, Inc., 7.63%, 03/15/2032<sup>(a)(b)</sup> | $4022000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4213178 |
| &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;13050075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 08/01/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;4375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4539504 |
| &nbsp;&nbsp;Venture Global LNG, Inc., VRN, (fixed rate to 09/30/2029, variable rate thereafter), 9.00%, 09/30/2029<sup>(a)(c)</sup> | 15741000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15745014 |
| &nbsp;&nbsp;Vital Energy, Inc., 7.88%, 04/15/2032<sup>(a)(b)</sup> | 4754000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4172640 |
| &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**286903106** |
| &nbsp;&nbsp;**ZAMBIA—2.5%** |  |  |
| &nbsp;&nbsp;First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/15/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;6311000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6321603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 06/01/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;7990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8319619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/01/2033<sup>(a)(b)</sup> | &nbsp;&nbsp;4219000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347351 |
| &nbsp;&nbsp;**Total Zambia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18988573** |
| &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**970216845** |
| &nbsp;&nbsp;**GOVERNMENT BONDS—3.5%** | &nbsp;&nbsp;**GOVERNMENT BONDS—3.5%** |  |
| &nbsp;&nbsp;**ARGENTINA—0.3%** |  |  |
| &nbsp;&nbsp;Argentina Republic Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 07/09/2035<sup>(b)(e)(l)</sup> | &nbsp;&nbsp;2949672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/09/2038<sup>(b)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;543200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381598 |
| &nbsp;&nbsp;**Total Argentina** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2328382** |
| &nbsp;&nbsp;**COLOMBIA—1.4%** |  |  |
| &nbsp;&nbsp;Colombia Government International Bonds, 8.38%, 11/07/2054<sup>(b)</sup> | 10769000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10482652 |
| &nbsp;&nbsp;**EGYPT—1.6%** |  |  |
| &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;10943884 |
| &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;&nbsp;993277 |
| &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;717986 |
| &nbsp;&nbsp;**Total Egypt** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12655147** |
| &nbsp;&nbsp;**IVORY COAST—0.1%** |  |  |
| &nbsp;&nbsp;Ivory Coast Government International Bonds, 6.63%, 03/22/2048<sup>(a)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;919000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849051 |
| &nbsp;&nbsp;**NIGERIA—0.1%** |  |  |
| &nbsp;&nbsp;Nigeria Government International Bonds, 7.63%, 11/28/2047<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;634000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514506 |
| &nbsp;&nbsp;**Total Government Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26829738** |
| &nbsp;&nbsp;**BANK LOANS—2.2%** | &nbsp;&nbsp;**BANK LOANS—2.2%** |  |
| &nbsp;&nbsp;**UNITED KINGDOM—2.2%** |  |  |
| &nbsp;&nbsp;Amber Finco PLC 2025 EUR Fungible Term Loan B3, 5.23%, 06/11/2029<sup>(g)</sup> | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4009799 |
| &nbsp;&nbsp;CD&R Firefly Bidco Ltd. 2024 GBP Term Loan B10, 9.21%, 04/29/2029<sup>(g)</sup> | &nbsp;&nbsp;9700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12714226 |
| &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16724025** |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (continued)<br> As of July 31, 2025

#### abrdn Income Credit Strategies Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**BANK LOANS (continued)** | &nbsp;&nbsp;**BANK LOANS (continued)** | &nbsp;&nbsp;**BANK LOANS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES—0.0%** | &nbsp;&nbsp;**UNITED STATES—0.0%** |  |  |
| &nbsp;&nbsp;MLN U.S. HoldCo LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD 2nd Lien Term Loan B1, , 11/01/2027<sup>(g)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;1928718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 Third Out Term Loan, , 10/18/2027<sup>(g)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;971200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2428 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7250** |
| &nbsp;&nbsp;**Total Bank Loans** | &nbsp;&nbsp;**Total Bank Loans** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16731275** |
| &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)(m)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;804308 | &nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;**HONG KONG—0.2%** | &nbsp;&nbsp;**HONG KONG—0.2%** |  |  |
| &nbsp;&nbsp;Studio City International Holdings Ltd., ADR<sup>(m)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98050 | &nbsp;&nbsp;&nbsp;&nbsp; 449070 |
| &nbsp;&nbsp;Studio City International Holdings Ltd., ADR<sup>(m)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;183525 | &nbsp;&nbsp;&nbsp;&nbsp; 840544 |
| &nbsp;&nbsp;**Total Hong Kong** | &nbsp;&nbsp;**Total Hong Kong** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1289614** |
| &nbsp;&nbsp;**UNITED STATES—0.1%** | &nbsp;&nbsp;**UNITED STATES—0.1%** |  |  |
| &nbsp;&nbsp;Foresight Energy LLC<sup>(j)(k)(m)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74058 | &nbsp;&nbsp;&nbsp;&nbsp; 548025 |
| &nbsp;&nbsp;New Cotai LLC<sup>(j)(k)(m)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;971487 | &nbsp;&nbsp;&nbsp;&nbsp; 515860 |
| &nbsp;&nbsp;Thunderbird Resources Equity, Inc.<sup>(j)(k)(m)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;Trust Apparel Holdings LLC<sup>(k)(m)</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;**1181835** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2471449** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.0%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—4.0%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.25%<sup>(n)</sup> |  | 30541995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30541995 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30541995** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $1,053,488,642)—136.5%** | &nbsp;&nbsp;**Total Investments<br> (Cost $1,053,488,642)—136.5%** |  | &nbsp;&nbsp;**1046791302** |
| &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—(2.6%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(2.6%) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20100157) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** |  | &nbsp;&nbsp;&nbsp;**$766691145** |

---

(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) Perpetual maturity. Maturity date presented represents the next call date.

(d) Payment-in-kind security for which part of the income earned may be paid as additional principal.

(e) Sinkable security.

(f) Security is in default.

(g) Variable or Floating Rate security. Rate disclosed is as of July 31, 2025.

(h) 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.

(i) Denotes the security is government guaranteed.

(j) Illiquid security.

(k) Level 3 security. See Note 1(a) of the accompanying Notes to Portfolio of Investments.

(l) Step bond. Rate disclosed is as of July 31, 2025.

(m) Non-income producing security.

(n) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2025.

---

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

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Currency<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Currency<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;3100000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4177342 | &nbsp;&nbsp;$4094014 | &nbsp;&nbsp;$(83328) |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;GBP | &nbsp;&nbsp;4902991 | &nbsp;&nbsp;USD | &nbsp;&nbsp;6608234 | &nbsp;&nbsp;&nbsp;6475688 | &nbsp;&nbsp;&nbsp;(132546) |
| &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;960272 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1111844 | &nbsp;&nbsp;&nbsp;&nbsp;1096585 | &nbsp;&nbsp;&nbsp;&nbsp;(15259) |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;7116804 | &nbsp;&nbsp;USD | &nbsp;&nbsp;8299973 | &nbsp;&nbsp;&nbsp;&nbsp;8127056 | &nbsp;&nbsp;&nbsp;&nbsp;(172917) |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;7114544 | &nbsp;&nbsp;USD | &nbsp;&nbsp;8332992 | &nbsp;&nbsp;&nbsp;&nbsp;8124475 | &nbsp;&nbsp;&nbsp;&nbsp;(208517) |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (concluded)<br> As of July 31, 2025

#### abrdn Income Credit Strategies Fund

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date\*** | &nbsp;&nbsp;**Counterparty** | &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;**Hong Kong Dollar/United States Dollar** | &nbsp;&nbsp;**Hong Kong Dollar/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;HSBC Bank PLC &nbsp;&nbsp;HKD | &nbsp;&nbsp;155822 | &nbsp;&nbsp;USD | &nbsp;&nbsp;19876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6) |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;Morgan Stanley & Co. &nbsp;&nbsp;HKD | &nbsp;&nbsp;103326 | &nbsp;&nbsp;USD | &nbsp;&nbsp;13196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;Standard Chartered Bank &nbsp;&nbsp;HKD | &nbsp;&nbsp;407347 | &nbsp;&nbsp;USD | &nbsp;&nbsp;51972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$28002808** | &nbsp;&nbsp;**$(612621)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &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;08/14/2025 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4177783 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;$4094364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$83419 |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;16672515 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;12301530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16247402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425113 |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;12974299 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9619529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12705115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269184 |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;159790566 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;117718897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155478725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311841 |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;336299438 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;286668004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327361358 | &nbsp;&nbsp;&nbsp;&nbsp;8938080 |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7369207 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6373630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7278386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90821 |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043514 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53267 |
| &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;08/14/2025 | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23936 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411003 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54743 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17699 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6274 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8880 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;08/14/2025 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9770 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$525686894** | &nbsp;&nbsp;**$14172733** |
| &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;**$14172733** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;&nbsp;**$(612621)** |

---

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

See accompanying Notes to Portfolio of Investments.

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Notes to Portfolio of Investments <br> July 31, 2025 (unaudited)

------

1. Summary of Significant Accounting Policies

a. Security Valuation:

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

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

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

Senior loans are valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institutional-size trading in similar groups of securities and other market data.

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

In the event that a security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. Under normal circumstances the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the Adviser may be classified as Level 2 or Level 3 depending on the nature of the inputs.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.

The three-level hierarchy of inputs is summarized below:

**6** 

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Notes to Portfolio of Investments (concluded)<br> July 31, 2025 (unaudited)

------

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

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

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

**7**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** PHILADELPHIA

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19103

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

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

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

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

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1089576129.70

**Total Liabilities:** $322873426.21

**Net Assets:** $766702703.49

**Delayed Delivery Securities:** $13306338.81

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -34.58000000 | **1-Year:** -689.14000000 | **5-Year:** -10119.28000000 | **10-Year:** -1482.16000000 | **30-Year:** -236.94000000

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

- **3-Month:** -5224.21000000 | **1-Year:** -78512.47000000 | **5-Year:** -165154.35000000 | **10-Year:** -43094.66000000 | **30-Year:** -18849.09000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 5.30%                | 2.53%                | 2.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1634820.08              | $18121948.80                               |
| Month 2  | $-817614.97              | $25926761.03                               |
| Month 3  | $1894283.64              | $-15204134.51                              |

**Designated Index Information**

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

- **Index Identifier:** HW0CUSDH Index

### Schedule of Portfolio Investments

| Name                                              | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Standard Chartered Bank                           | PURCHASED EUR / SOLD USD                                                        | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | XX        |         1 | NC      | $-124243.69   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| DIG HLDNG/DIG FIN/DIFL                            | Digicel Intermediate Holdings Ltd / Digicel International Finance Ltd / Difl US | CUSIP: 000000000<br>LEI: 5493007V023VOEW4FK27 | Long             | DBT              | CORP              | XX        |   1514775 | PA      | $1521591.49   | 0.20%             | 2027-05-25      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| SHERWOOD FINANCING PLC                            | Sherwood Financing PLC                                                          | CUSIP: 000000000<br>LEI: 259400SSZWSSPNYW7K08 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $2695467.16   | 0.35%             | 2029-12-15      | Fixed         | 9.63%                 | Yes           |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                          | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8533000 | PA      | $8315976.80   | 1.08%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SHERWOOD FINANCING PLC                            | Sherwood Financing PLC                                                          | CUSIP: 000000000<br>LEI: 259400SSZWSSPNYW7K08 | Long             | DBT              | CORP              | GB        |  11028000 | PA      | $14862805.92  | 1.94%             | 2029-12-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| ENQUEST PLC                                       | EnQuest PLC                                                                     | CUSIP: 29357JAC0<br>LEI: 2138008LJU6WFQWOXJ73 | Long             | DBT              | CORP              | GB        |  23350000 | PA      | $24000554.35  | 3.13%             | 2027-11-01      | Fixed         | 11.63%                | No            |                  2 | On Loan: No      |
| BOOTS GROUP FINCO LP                              | Boots Group Finco LP                                                            | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $4170777.19   | 0.54%             | 2032-08-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                          | Cheplapharm Arzneimittel GmbH                                                   | CUSIP: 000000000<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |  10000000 | PA      | $11779311.19  | 1.54%             | 2030-05-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds                               | CUSIP: 040114HU7<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    543200 | PA      | $381598.00    | 0.05%             | 2038-01-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YINSON BORONIA PRODUCTIO                          | Yinson Boronia Production BV                                                    | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |    310024 | PA      | $334162.76    | 0.04%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| BELFIUS BANK SA/NV                                | Belfius Bank SA                                                                 | CUSIP: 000000000<br>LEI: A5GWLFH3KM7YV2SFQL84 | Long             | DBT              | CORP              | BE        |   7600000 | PA      | $8884679.28   | 1.16%             | 2031-05-06      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC                           | WE Soda Investments Holding PLC                                                 | CUSIP: 92943TAA1<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |   5742000 | PA      | $5986712.04   | 0.78%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| 888 ACQUISITIONS LTD                              | 888 Acquisitions Ltd                                                            | CUSIP: 000000000<br>LEI: 254900RFD0BP3JOPZU89 | Long             | DBT              | CORP              | GI        |  16650000 | PA      | $19170131.29  | 2.50%             | 2027-07-15      | Fixed         | 7.56%                 | Yes           |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                          | Organon & Co / Organon Foreign Debt Co-Issuer BV                                | CUSIP: 68622FAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15748000 | PA      | $14099504.08  | 1.84%             | 2034-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                          | Azule Energy Finance Plc                                                        | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |   2504000 | PA      | $2522602.22   | 0.33%             | 2030-01-23      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| SANCHEZ ENERGY CORP                               | SANCHEZ ENERGY CORP                                                             | CUSIP: 799ESCAK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    257000 | PA      | $257.00       | 0.00%             | 2023-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                              | PURCHASED USD / SOLD EUR                                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $53267.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BENTELER INTERNATIONAL A                          | Benteler International AG                                                       | CUSIP: 000000000<br>LEI: 529900ZAFSOBVFCKF263 | Long             | DBT              | CORP              | AT        |   2613000 | PA      | $3163137.75   | 0.41%             | 2031-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd                          | Kaisa Group Holdings Ltd                                                        | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |   3609000 | PA      | $153382.50    | 0.02%             | 2024-06-30      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| UBS AG                                            | PURCHASED USD / SOLD GBP                                                        | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $4293056.32   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                          | Cheplapharm Arzneimittel GmbH                                                   | CUSIP: 000000000<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |   4900000 | PA      | $5720412.35   | 0.75%             | 2031-06-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC                            | Radiology Partners Inc                                                          | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |   2595000 | PA      | $2622013.95   | 0.34%             | 2032-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                     | PURCHASED USD / SOLD HKD                                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $14.85        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TR APPAREL HOLDINGS APRIL 26                      | TR APPAREL HOLDINGS APRIL 26                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $117949.49    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOPETROL SA                                      | Ecopetrol SA                                                                    | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    410000 | PA      | $429995.01    | 0.06%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| NEW COTAI EQUITY                                  | NEW COTAI EQUITY                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    971487 | NS      | $515859.60    | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| LHMC FINCO 2 SARL                                 | LHMC Finco 2 Sarl                                                               | CUSIP: 000000000<br>LEI: 254900VNJ7A4DAOPXL60 | Long             | DBT              | CORP              | LU        |   5300000 | PA      | $6364607.95   | 0.83%             | 2030-05-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL                          | Bellis Acquisition Co PLC                                                       | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |   2900000 | PA      | $3643177.59   | 0.48%             | 2030-05-14      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                          | Connect Finco SARL / Connect US Finco LLC                                       | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |  13180000 | PA      | $13309308.98  | 1.74%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                  | PURCHASED USD / SOLD EUR                                                        | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $117746.15    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED                          | AmeriTex HoldCo Intermediate LLC                                                | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2203000 | PA      | $2240383.04   | 0.29%             | 2033-08-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ INVESTOR                           | Mitsubishi UFJ Investor Services & Banking Luxembourg SA                        | CUSIP: 000000000<br>LEI: 2138002PVBMEHILJ1340 | Long             | DBT              | CORP              | LU        |   7500000 | PA      | $5175329.36   | 0.68%             | 2050-12-15      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC            | PURCHASED USD / SOLD HKD                                                        | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $12.01        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMMER BIDCO BV                                   | Summer BidCo BV                                                                 | CUSIP: 000000000<br>LEI: 724500EOJYP21L3XM206 | Long             | DBT              | CORP              | NL        |   8589763 | PA      | $9924972.48   | 1.29%             | 2029-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                    | 1261229 BC Ltd                                                                  | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   4123000 | PA      | $4197580.45   | 0.55%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| LABORATOIRE EIMER SELAS                           | Laboratoire Eimer Selas                                                         | CUSIP: 000000000<br>LEI: 969500DCZL54LLTFEM37 | Long             | DBT              | CORP              | FR        |  13500000 | PA      | $14245942.28  | 1.86%             | 2029-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                  | Altice France SA                                                                | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   1482000 | PA      | $1484078.56   | 0.19%             | 2029-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                                  | Ziggo Bond Co BV                                                                | CUSIP: 000000000<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |   3000000 | PA      | $2616429.60   | 0.34%             | 2030-02-28      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                              | Fiesta Purchaser Inc                                                            | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12193000 | PA      | $12885184.42  | 1.68%             | 2032-09-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| DOTDASH MEREDITH INC                              | Dotdash Meredith Inc                                                            | CUSIP: 25849JAA8<br>LEI: 549300R2AA7U9CJUQO13 | Long             | DBT              | CORP              | US        |  10247000 | PA      | $9988263.25   | 1.30%             | 2032-06-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| PUNCH FINANCE PLC                                 | Punch Finance PLC                                                               | CUSIP: 000000000<br>LEI: 2138006IJRIU1Q5DN388 | Long             | DBT              | CORP              | GB        |   5488000 | PA      | $7409784.10   | 0.97%             | 2030-12-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                  | CSC Holdings LLC                                                                | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   5407000 | PA      | $2665854.30   | 0.35%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL                                  | Maxam Prill Sarl                                                                | CUSIP: 000000000<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |   8200000 | PA      | $9324846.65   | 1.22%             | 2030-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE RAIL (RAIL CAPL)                          | Ukraine Railways Via Rail Capital Markets PLC                                   | CUSIP: 000000000<br>LEI: 213800IW9C7PR3HKI783 | Long             | DBT              | CORP              | GB        |    543727 | PA      | $450004.40    | 0.06%             | 2026-07-09      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| SAAVI ENERGIA SARL                                | Saavi Energia Sarl                                                              | CUSIP: 78518PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   8099000 | PA      | $8429439.20   | 1.10%             | 2035-02-10      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                                  | ITT Holdings LLC                                                                | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |  11321000 | PA      | $10783352.12  | 1.41%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                  | Deutsche Bank AG                                                                | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   6700000 | PA      | $8869589.79   | 1.16%             | 2026-04-30      | Fixed         | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC            | PURCHASED HKD / SOLD USD                                                        | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | HK        |         1 | NC      | $-19.47       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors                      | State Street Institutional US Government Money Market Fund                      | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  30541995 | NS      | $30541995.36  | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWELL BRANDS INC                                 | Newell Brands Inc                                                               | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   4516000 | PA      | $4732196.82   | 0.62%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                                      | Cimpress PLC                                                                    | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |  12650000 | PA      | $12365129.59  | 1.61%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                     | PURCHASED USD / SOLD GBP                                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $185786.54    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                               | Braskem Netherlands Finance BV                                                  | CUSIP: 10554TAJ4<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |   4164000 | PA      | $2961645.00   | 0.39%             | 2034-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                 | Iliad Holding SASU                                                              | CUSIP: 449691AF1<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |   5011000 | PA      | $5375204.29   | 0.70%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PRESTIGEBIDCO GMBH                                | PrestigeBidCo GmbH                                                              | CUSIP: 000000000<br>LEI: 529900CSF1DNOCHMI763 | Long             | DBT              | CORP              | DE        |   7156000 | PA      | $8222240.90   | 1.07%             | 2029-07-01      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                              | Cornerstone Building Brands Inc                                                 | CUSIP: 21925DAA7<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |  12809000 | PA      | $9431937.89   | 1.23%             | 2029-01-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| INTU NEW MONEY NOTES PIK                          | INTU NEW MONEY NOTES PIK                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   5548770 | PA      | $7360224.99   | 0.96%             | 2025-12-04      | Fixed         | 11.00%                | No            |                  3 | On Loan: No      |
| BELLIS ACQUISITION CO PL                          | Bellis Acquisition Co PLC                                                       | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |   3700000 | PA      | $4259468.82   | 0.56%             | 2031-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VIRIDIEN                                          | Viridien                                                                        | CUSIP: 12531QAA3<br>LEI: 969500FCVQ5SLAAUJV59 | Long             | DBT              | CORP              | FR        |   3000000 | PA      | $2954092.80   | 0.39%             | 2030-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                      | Navient Corp                                                                    | CUSIP: 63938CAQ1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |   4466000 | PA      | $4650090.89   | 0.61%             | 2032-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| FIBERCOP SPA                                      | Fibercop SpA                                                                    | CUSIP: 683879AH3<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |   3273000 | PA      | $3256749.56   | 0.42%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                              | PURCHASED USD / SOLD GBP                                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $22850.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL                          | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6942000 | PA      | $8304306.32   | 1.08%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| UBS AG                                            | PURCHASED EUR / SOLD USD                                                        | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |         1 | NC      | $-15298.46    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IVORY COAST                                       | Ivory Coast Government International Bond                                       | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    919000 | PA      | $849051.01    | 0.11%             | 2048-03-22      | Fixed         | 6.63%                 | Yes           |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                          | First Quantum Minerals Ltd                                                      | CUSIP: 000000000<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   7990000 | PA      | $8319619.46   | 1.09%             | 2031-06-01      | Fixed         | 8.63%                 | Yes           |                  2 | On Loan: No      |
| WOLSELEY GROUP FINCO PLC                          | Wolseley Group Finco PLC                                                        | CUSIP: 000000000<br>LEI: 213800Q996QYBUUWRZ96 | Long             | DBT              | CORP              | GB        |  12835000 | PA      | $17026543.52  | 2.22%             | 2031-01-31      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| OEG FINANCE PLC                                   | OEG Finance PLC                                                                 | CUSIP: 000000000<br>LEI: 254900KMBHWF9UK63G44 | Long             | DBT              | CORP              | GB        |   3499000 | PA      | $4169643.42   | 0.54%             | 2029-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                           | PURCHASED HKD / SOLD USD                                                        | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | HK        |         1 | NC      | $-27.94       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                     | PURCHASED USD / SOLD GBP                                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $32784.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                           | PURCHASED USD / SOLD HKD                                                        | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |         1 | NC      | $9.40         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CD&R Firefly Bidco Limited                        | CD&R Firefly Bidco Limited 2024 GBP Term Loan B5                                | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | LON              | CORP              | GB        |   9700000 | PA      | $12714225.91  | 1.66%             | 2028-06-21      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| STONEGATE PUB FIN                                 | Stonegate Pub Co Financing 2019 PLC                                             | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |  10040000 | PA      | $11281997.01  | 1.47%             | 2029-07-31      | Floating      | 8.77%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                              | Samarco Mineracao SA                                                            | CUSIP: 000000000<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |   9426771 | PA      | $9335852.72   | 1.22%             | 2031-06-30      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| SUMMER BIDCO BV                                   | Summer BidCo BV                                                                 | CUSIP: 000000000<br>LEI: 724500EOJYP21L3XM206 | Long             | DBT              | CORP              | NL        |  11548046 | PA      | $13343096.75  | 1.74%             | 2029-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                          | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |  10000000 | PA      | $11380960.91  | 1.48%             | 2026-08-15      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| Royal Bank of Canada                              | PURCHASED USD / SOLD HKD                                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $1.96         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                            | Egypt Government International Bond                                             | CUSIP: 03846JX54<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |  11649000 | PA      | $10943884.05  | 1.43%             | 2032-05-29      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIFL US LLC                          | Digicel International Finance Ltd / Difl US LLC                                 | CUSIP: 25381MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   3763000 | PA      | $3800867.07   | 0.50%             | 2032-08-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                            | Egypt Government International Bond                                             | CUSIP: 038461AM1<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |   1223000 | PA      | $993277.29    | 0.13%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED ENERGY FIN                           | Consolidated Energy Finance SA                                                  | CUSIP: 20914UAE6<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |   3269000 | PA      | $3196593.61   | 0.42%             | 2026-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                  | Societe Generale SA                                                             | CUSIP: 83370RAC2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  10420000 | PA      | $11152453.06  | 1.45%             | 2027-11-22      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                  | CSC Holdings LLC                                                                | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   3925000 | PA      | $2638544.79   | 0.34%             | 2030-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CD&R SMOKEY / RADIO SYS                           | CD&R Smokey Buyer Inc / Radio Systems Corp                                      | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12550000 | PA      | $10416500.00  | 1.36%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| MOTION FINCO SARL                                 | Motion Finco Sarl                                                               | CUSIP: 000000000<br>LEI: 2549002L1LBQZKA7UN30 | Long             | DBT              | CORP              | LU        |   8200000 | PA      | $8864969.96   | 1.16%             | 2030-06-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| AMBER FINCO PLC                                   | Amber Finco PLC 2025 EUR Fungible Term Loan B                                   | CUSIP: 000000000<br>LEI: 9845004C0870D380O790 | Long             | LON              | CORP              | GB        |   3500000 | PA      | $4009799.48   | 0.52%             | 2029-06-11      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL                          | Bellis Acquisition Co PLC                                                       | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |  10620000 | PA      | $13341567.58  | 1.74%             | 2030-05-14      | Fixed         | 8.13%                 | Yes           |                  2 | On Loan: No      |
| CAMELOT RETURN MERGER SU                          | Camelot Return Merger Sub Inc                                                   | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5759000 | PA      | $5276798.93   | 0.69%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds              | Egypt Government International Bonds                                            | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    928000 | PA      | $717985.89    | 0.09%             | 2048-02-21      | Fixed         | 7.90%                 | Yes           |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                          | Aston Martin Capital Holdings Ltd                                               | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |  11740000 | PA      | $11197113.52  | 1.46%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TELEKOM SRBJIA                                    | TELEKOM SRBJIA                                                                  | CUSIP: 000000000<br>LEI: 254900OVY0XI1DFYC092 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5705997.35   | 0.74%             | 2028-05-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                  | CSC Holdings LLC                                                                | CUSIP: 126307BK2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    862000 | PA      | $397874.45    | 0.05%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC                                     | Cable One Inc                                                                   | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |  17711000 | PA      | $13638160.73  | 1.78%             | 2030-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                            | Cloud Software Group Inc                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   5109000 | PA      | $5287104.85   | 0.69%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TRUENOORD CAPITAL DAC                             | TrueNoord Capital DAC                                                           | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   8024000 | PA      | $8321963.22   | 1.09%             | 2030-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                           | INEOS Quattro Finance 2 Plc                                                     | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |   3519000 | PA      | $3583116.18   | 0.47%             | 2029-03-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| Studio City International Holdings Ltd            | Studio City International Holdings Ltd                                          | CUSIP: 86389T106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     98050 | NS      | $449069.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Argentina Republic Government International Bonds | Argentina Republic Government International Bonds                               | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |   2949672 | PA      | $1946783.52   | 0.25%             | 2035-07-09      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| PROJECT GRAND UK PLC                              | Project Grand UK PLC                                                            | CUSIP: 000000000<br>LEI: 984500555ED7B8666028 | Long             | DBT              | CORP              | GB        |  19148000 | PA      | $23302277.18  | 3.04%             | 2029-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| LB BADEN-WUERTTEMBERG                             | Landesbank Baden-Wuerttemberg                                                   | CUSIP: 000000000<br>LEI: B81CK4ESI35472RHJ606 | Long             | DBT              | CORP              | DE        |   8600000 | PA      | $10124133.74  | 1.32%             | 2030-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| AFFINITY INTERACTIVE                              | Affinity Interactive                                                            | CUSIP: 00842XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  24822000 | PA      | $13677418.44  | 1.78%             | 2027-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                     | PURCHASED USD / SOLD GBP                                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $33231.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                          | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   3182000 | PA      | $3202328.40   | 0.42%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC                             | eG Global Finance PLC                                                           | CUSIP: 000000000<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |   7800000 | PA      | $9855375.40   | 1.29%             | 2028-11-30      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                          | Univision Communications Inc                                                    | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |  12850000 | PA      | $13050074.50  | 1.70%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SIGMA HOLDCO BV                                   | Sigma Holdco BV                                                                 | CUSIP: 000000000<br>LEI: 254900RAPCKVT00GAO59 | Long             | DBT              | CORP              | NL        |   4000000 | PA      | $4386984.12   | 0.57%             | 2031-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                             | Nabors Industries Inc                                                           | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   5196000 | PA      | $4166043.68   | 0.54%             | 2031-08-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                       | PURCHASED GBP / SOLD USD                                                        | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | GB        |         1 | NC      | $-83328.27    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ACCESS BANK PLC                                   | Access Bank PLC                                                                 | CUSIP: 00434G2B5<br>LEI: 029200328C3N9YI2D660 | Long             | DBT              | CORP              | NG        |    526000 | PA      | $524273.03    | 0.07%             | 2026-09-21      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                                  | Ziggo Bond Co BV                                                                | CUSIP: 98953GAD7<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |   9100000 | PA      | $7938973.77   | 1.04%             | 2030-02-28      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                     | PURCHASED USD / SOLD HKD                                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $32.59        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL                          | Phoenix Aviation Capital Ltd                                                    | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |   8327000 | PA      | $8725084.89   | 1.14%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                       | PURCHASED USD / SOLD GBP                                                        | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $83418.59     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                               | Nigeria Government International Bond                                           | CUSIP: 65412JAB9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    634000 | PA      | $514506.29    | 0.07%             | 2047-11-28      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                           | Summer BC Holdco B SARL                                                         | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |   2299000 | PA      | $2580414.47   | 0.34%             | 2030-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                              | IHO Verwaltungs GmbH                                                            | CUSIP: 000000000<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |   3000000 | PA      | $3589584.25   | 0.47%             | 2028-05-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Colombia Government International Bonds           | Colombia Government International Bonds                                         | CUSIP: 195325EQ4<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  10769000 | PA      | $10482652.29  | 1.37%             | 2054-11-07      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                          | Albion Financing 1 SARL / Aggreko Holdings Inc                                  | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   1616000 | PA      | $1663326.18   | 0.22%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| INTL AIRPORT FINANCE SA                           | International Airport Finance SA                                                | CUSIP: 45900TAA0<br>LEI: 959800M9M5LP0KXUP789 | Long             | DBT              | CORP              | ES        |    440007 | PA      | $469418.95    | 0.06%             | 2033-03-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| THUNDERBIRD RESOURCES EQUITY                      | THUNDERBIRD RESOURCES EQUITY                                                    | CUSIP: 000000000<br>LEI: 84JNOWGT1R2BJT129V65 | Long             | EC               | CORP              | US        |         7 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AROUNDTOWN FINANCE SARL                           | Aroundtown Finance Sarl                                                         | CUSIP: 000000000<br>LEI: 8945006LEXV2KWSWVP51 | Long             | DBT              | CORP              | LU        |   8190000 | PA      | $7980480.06   | 1.04%             | 2029-08-07      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                   | IHS Holding Ltd                                                                 | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |   3000000 | PA      | $3057515.07   | 0.40%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| YAPI VE KREDI BANKASI AS                          | Yapi ve Kredi Bankasi AS                                                        | CUSIP: 984848AR2<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |    262000 | PA      | $274913.18    | 0.04%             | 2034-01-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                          | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2888673.60   | 0.38%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                       | PURCHASED EUR / SOLD USD                                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |         1 | NC      | $-15259.10    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MAGNERA CORP                                      | Magnera Corp                                                                    | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |  14006000 | PA      | $13183147.50  | 1.72%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                  | CSC Holdings LLC                                                                | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   3441000 | PA      | $2718653.24   | 0.35%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MONITCHEM HOLDCO 3 S.A.                           | Monitchem HoldCo 3 SA                                                           | CUSIP: 000000000<br>LEI: 222100SJHJ1CNJMSW162 | Long             | DBT              | CORP              | LU        |  12500000 | PA      | $14402123.46  | 1.88%             | 2028-05-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| SOCIETE GENERALE                                  | Societe Generale SA                                                             | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   5800000 | PA      | $5723184.80   | 0.75%             | 2026-05-26      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                          | First Quantum Minerals Ltd                                                      | CUSIP: 335934AT2<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   6311000 | PA      | $6321602.48   | 0.82%             | 2027-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                          | First Quantum Minerals Ltd                                                      | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   4219000 | PA      | $4347351.09   | 0.57%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                              | PURCHASED USD / SOLD GBP                                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $246334.11    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MLN US HOLDCO LLC                                 | MLN US HoldCo LLC 2022 Third Out Term Loan                                      | CUSIP: 55292HAL7<br>LEI: 549300QKU7NPW6O86862 | Long             | LON              | CORP              | US        |    971200 | PA      | $2428.00      | 0.00%             | 2027-10-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY INTL ADR                              | STUDIO CITY INTL ADR                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |    183525 | NS      | $840544.50    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOLIDATED ENERGY FIN                           | Consolidated Energy Finance SA                                                  | CUSIP: 20914UAH9<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |  12772000 | PA      | $12001415.81  | 1.57%             | 2031-02-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| NEW COTAI BOND                                    | NEW COTAI BOND                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1233113 | PA      | $1637204.41   | 0.21%             | 2027-02-02      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                          | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   2093000 | PA      | $1479427.84   | 0.19%             | 2030-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| EUTELSAT SA                                       | Eutelsat SA                                                                     | CUSIP: 000000000<br>LEI: 549300MCOOY1V7P2PG30 | Long             | DBT              | CORP              | FR        |   4277000 | PA      | $5305923.24   | 0.69%             | 2029-04-13      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                  | PURCHASED USD / SOLD EUR                                                        | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $8820334.12   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| STONEGATE PUB FIN                                 | Stonegate Pub Co Financing 2019 PLC                                             | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |   6368000 | PA      | $8540251.43   | 1.11%             | 2029-07-31      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| VITAL ENERGY INC                                  | Vital Energy Inc                                                                | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |   4754000 | PA      | $4172640.00   | 0.54%             | 2032-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                               | Petroleos Mexicanos                                                             | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |  15709000 | PA      | $14581048.24  | 1.90%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BIS INDUSTRIES (ARTSONIG)                         | BIS INDUSTRIES (ARTSONIG)                                                       | CUSIP: 000000000<br>LEI: 549300L6O0HBD3F72080 | Long             | EC               | CORP              | AU        |    804308 | NS      | $0.80         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| HSBC Bank PLC                                     | PURCHASED USD / SOLD HKD                                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $26.25        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MARKET BIDCO FINCO PLC                            | Market Bidco Finco PLC                                                          | CUSIP: 000000000<br>LEI: 549300UGYX6EBVHRVG53 | Long             | DBT              | CORP              | GB        |   9006000 | PA      | $11804568.92  | 1.54%             | 2031-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru SA                             | Petroleos del Peru SA                                                           | CUSIP: 716564AB5<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    522000 | PA      | $350122.94    | 0.05%             | 2047-06-19      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| EDGE FINCO PLC                                    | Edge Finco PLC                                                                  | CUSIP: 000000000<br>LEI: 648835NI8LJE5190NT73 | Long             | DBT              | CORP              | GB        |   4000000 | PA      | $5600634.28   | 0.73%             | 2031-08-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                            | Venture Global LNG Inc                                                          | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |  15741000 | PA      | $15745013.96  | 2.05%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| HT TROPLAST AG                                    | HT Troplast GmbH                                                                | CUSIP: 000000000<br>LEI: 529900Y2N2GAY3FXGP86 | Long             | DBT              | CORP              | DE        |  10600000 | PA      | $12710788.83  | 1.66%             | 2028-07-15      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                          | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  10106000 | PA      | $10594948.49  | 1.38%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                     | PURCHASED HKD / SOLD USD                                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | HK        |         1 | NC      | $-5.79        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                           | PURCHASED EUR / SOLD USD                                                        | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | XX        |         1 | NC      | $-45985.15    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LIQUID TELECOM FINANCE                            | Liquid Telecommunications Financing Plc                                         | CUSIP: 536333AB3<br>LEI: 635400MXAVJRJJCWVI87 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $340862.61    | 0.04%             | 2026-09-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MOTEL ONE GMBH/MUENCHEN                           | Motel One GmbH/Muenchen                                                         | CUSIP: 000000000<br>LEI: 529900OZ5000U0NZHM90 | Long             | DBT              | CORP              | DE        |   2300000 | PA      | $2844878.34   | 0.37%             | 2031-04-02      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                          | Univision Communications Inc                                                    | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   4375000 | PA      | $4539503.89   | 0.59%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                               | Petroleos Mexicanos                                                             | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    875000 | PA      | $677795.65    | 0.09%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO A SARL                           | Summer BC Holdco A Sarl                                                         | CUSIP: 000000000<br>LEI: 984500EFA0BRE0008996 | Long             | DBT              | CORP              | LU        |  16128842 | PA      | $18424657.03  | 2.40%             | 2027-10-31      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| VERY GRP FUNDING PLC/THE                          | Very Group Funding Plc/The                                                      | CUSIP: 000000000<br>LEI: 9845005CC91D50AF8202 | Long             | DBT              | CORP              | GB        |   4750000 | PA      | $6640062.18   | 0.87%             | 2027-08-01      | Fixed         | 13.25%                | Yes           |                  2 | On Loan: No      |
| UBS AG                                            | PURCHASED EUR / SOLD USD                                                        | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |         1 | NC      | $-193219.26   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| FORESIGHT ENERGY                                  | FORESIGHT ENERGY                                                                | CUSIP: 000000000<br>LEI: 549300HM3UR1W0JJ7F28 | Long             | EC               | CORP              | US        |     74057 | NS      | $548025.43    | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| IHS HOLDING LTD                                   | IHS Holding Ltd                                                                 | CUSIP: 44963HAC9<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |   2589000 | PA      | $2621960.33   | 0.34%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| WAGA BONDCO LTD                                   | Waga Bondco Ltd                                                                 | CUSIP: 000000000<br>LEI: 254900PFB2C9WELUW795 | Long             | DBT              | CORP              | JE        |  10000000 | PA      | $12889542.17  | 1.68%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                     | PURCHASED USD / SOLD GBP                                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $173309.65    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ICELAND BONDCO PLC                                | Iceland Bondco PLC                                                              | CUSIP: 000000000<br>LEI: 2138002DRBYIA8QXHO36 | Long             | DBT              | CORP              | GB        |   9400000 | PA      | $13135811.11  | 1.71%             | 2027-12-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| CITYCON OYJ                                       | Citycon Oyj                                                                     | CUSIP: 000000000<br>LEI: 549300P8N0P6KDGTJ206 | Long             | DBT              | CORP              | FI        |   7500000 | PA      | $8720219.69   | 1.14%             | 2029-06-10      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| TBC BANK JSC                                      | TBC Bank JSC                                                                    | CUSIP: 48128XAD5<br>LEI: 2138001MSA39Q44QTA18 | Long             | DBT              | CORP              | GE        |    294000 | PA      | $295204.68    | 0.04%             | 2029-07-30      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                     | PURCHASED USD / SOLD EUR                                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $68570.17     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC            | PURCHASED USD / SOLD HKD                                                        | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $17.33        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                       | PURCHASED USD / SOLD HKD                                                        | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |         1 | NC      | $840.92       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                  | Altice France SA                                                                | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   1591000 | PA      | $1593140.65   | 0.21%             | 2029-10-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| BRACKEN MIDCO ONE                                 | Bracken MidCo1 PLC                                                              | CUSIP: 000000000<br>LEI: 213800AFGHKES7J58805 | Long             | DBT              | CORP              | GB        |  15750000 | PA      | $20729066.75  | 2.70%             | 2027-11-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| SATURN OIL & GAS INC                              | Saturn Oil & Gas Inc                                                            | CUSIP: 80412LAA5<br>LEI: 549300G6BWJ7K6PIIY73 | Long             | DBT              | CORP              | CA        |   5594000 | PA      | $5539018.20   | 0.72%             | 2029-06-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| MOTEL ONE GMBH/MUENCHEN                           | Motel One GmbH/Muenchen                                                         | CUSIP: 000000000<br>LEI: 529900OZ5000U0NZHM90 | Long             | DBT              | CORP              | DE        |   1725000 | PA      | $2133658.77   | 0.28%             | 2031-04-02      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UBS AG                                            | PURCHASED USD / SOLD HKD                                                        | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |         1 | NC      | $7.30         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                          | Turning Point Brands Inc                                                        | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |   4022000 | PA      | $4213177.73   | 0.55%             | 2032-03-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| HT TROPLAST AG                                    | HT Troplast GmbH                                                                | CUSIP: 000000000<br>LEI: 529900Y2N2GAY3FXGP86 | Long             | DBT              | CORP              | DE        |   7884000 | PA      | $9453948.98   | 1.23%             | 2028-07-15      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                     | PURCHASED USD / SOLD EUR                                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |         1 | NC      | $22251.18     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                  | PURCHASED USD / SOLD HKD                                                        | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |         1 | NC      | $45.56        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MLN US Holdco LLC                                 | MLN US HoldCo LLC 2022 Second Out Term Loan                                     | CUSIP: 55292HAJ2<br>LEI: 549300QKU7NPW6O86862 | Long             | LON              | CORP              | US        |   1928718 | PA      | $4821.80      | 0.00%             | 2027-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BOI FINANCE BV                                    | BOI Finance BV                                                                  | CUSIP: 000000000<br>LEI: 724500ZH3H2YACBUNF38 | Long             | DBT              | CORP              | NL        |    464000 | PA      | $540397.14    | 0.07%             | 2027-02-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                              | PURCHASED GBP / SOLD USD                                                        | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | GB        |         1 | NC      | $-132545.60   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                            | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   2000000 | PA      | $2064948.31   | 0.27%             | 2029-09-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| MINERVA LUXEMBOURG SA                             | Minerva Luxembourg SA                                                           | CUSIP: 603374AH2<br>LEI: 222100NM3G3RCPGZ2Z17 | Long             | DBT              | CORP              | LU        |  12526000 | PA      | $13637206.51  | 1.78%             | 2033-09-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| MOBICO GROUP PLC                                  | Mobico Group PLC                                                                | CUSIP: 000000000<br>LEI: 213800A8IQEMY8PA5X34 | Long             | DBT              | CORP              | GB        |   7000000 | PA      | $7977214.53   | 1.04%             | 2028-11-20      | Fixed         | 3.63%                 | Yes           |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                          | Encore Capital Group Inc                                                        | CUSIP: 292554AQ5<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |   3760000 | PA      | $3960186.01   | 0.52%             | 2029-04-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CENTRIENT HOLDING BV                              | Centrient Holding BV                                                            | CUSIP: 000000000<br>LEI: 549300QHIYIRIMCM2345 | Long             | DBT              | CORP              | NL        |   6964000 | PA      | $8158757.17   | 1.06%             | 2030-05-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV L                          | MajorDrive Holdings IV LLC                                                      | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |  23118000 | PA      | $19069157.40  | 2.49%             | 2029-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                                       | Staples Inc                                                                     | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |  13556000 | PA      | $12710938.07  | 1.66%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

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

**Signature:** Sharon Ferrari

**Name of Signer:** Sharon Ferrari

**Title:** Assistant Treasurer