# EDGAR Filing Document

**Accession Number:** 0001503290
**File Stem:** 0001752724-23-075803
**Filing Date:** 2023-3
**Character Count:** 90816
**Document Hash:** 2e34804c6b6e20d0308246351664f4ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075803.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075803

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** abrdn Income Credit Strategies Fund
- **CENTRAL INDEX KEY:** 0001503290
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22485
- **FILM NUMBER:** 23785432

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

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

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

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

## Nport-Ex

### Portfolio of Investments (unaudited) <br> As of January 31, 2023

#### abrdn Income Credit Strategies Fund

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS—137.1%** | &nbsp;&nbsp;**CORPORATE BONDS—137.1%** |  |
| &nbsp;&nbsp;**ARGENTINA—1.6%** |  |  |
| &nbsp;&nbsp;Telecom Argentina SA, 8.00%, 07/18/2026<sup>(a)(b)</sup> | $3120000 | &nbsp;&nbsp;$2956091 |
| &nbsp;&nbsp;**CANADA—3.0%** |  |  |
| &nbsp;&nbsp;Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)(b)</sup> | 2215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256022 |
| &nbsp;&nbsp;Husky III Holding Ltd., 13.00%, 02/15/2025<sup>(a)(b)(c)</sup> | 1495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385566 |
| &nbsp;&nbsp;Titan Acquisition Ltd. / Titan Co-Borrower LLC, 7.75%, 04/15/2026<sup>(a)(b)</sup> | 1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773562 |
| &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5415150** |
| &nbsp;&nbsp;**CHINA—1.0%** |  |  |
| &nbsp;&nbsp;China Evergrande Group, 9.50%, 04/11/2022<sup>(a)(d)(e)</sup> | 3304000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339334 |
| &nbsp;&nbsp;Kaisa Group Holdings Ltd., 9.38%, 06/30/2024<sup>(a)(b)(d)</sup> | 7510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426900 |
| &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1766234** |
| &nbsp;&nbsp;**DENMARK—2.2%** |  |  |
| &nbsp;&nbsp;DKT Finance ApS, 9.38%, 06/17/2023<sup>(a)(b)</sup> | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001120 |
| &nbsp;&nbsp;**FRANCE—11.5%** |  |  |
| &nbsp;&nbsp;Banijay Group SAS REGS, 6.50%, 03/01/2026<sup>(a)(b)</sup> | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098853 |
| &nbsp;&nbsp;CAB SELAS, 3.38%, 02/01/2028<sup>(a)(b)</sup> | 3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081563 |
| &nbsp;&nbsp;Electricite de France SA, (fixed rate to 01/22/2026, variable rate thereafter), 5.00%, 01/22/2026<sup>(a)(f)</sup> | 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277697 |
| &nbsp;&nbsp;Iliad Holding SASU, 7.00%, 10/15/2028<sup>(a)(b)</sup> | $&nbsp;&nbsp;1568000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472634 |
| &nbsp;&nbsp;Loxam SAS, 5.75%, 07/15/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415125 |
| &nbsp;&nbsp;Mobilux Finance SAS, 4.25%, 07/15/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552085 |
| &nbsp;&nbsp;Societe Generale SA, 9.38%, 11/22/2027<sup>(a)(f)</sup> | $&nbsp;&nbsp;4420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4745975 |
| &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;**20643932** |
| &nbsp;&nbsp;**GEORGIA—0.3%** |  |  |
| &nbsp;&nbsp;Bank of Georgia JSC, (fixed rate to 06/28/2024, variable rate thereafter), 11.13%, 06/28/2024<sup>(a)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;526000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516795 |
| &nbsp;&nbsp;**GERMANY—8.0%** |  |  |
| &nbsp;&nbsp;Cheplapharm Arzneimittel GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/15/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;2771000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2028<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;529000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472164 |
| &nbsp;&nbsp;CT Investment GmbH, 5.50%, 04/15/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;1645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587690 |
| &nbsp;&nbsp;HT Troplast GmbH, 9.25%, 07/15/2025<sup>(a)(b)</sup> | &nbsp;&nbsp;3865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4054772 |
| &nbsp;&nbsp;IHO Verwaltungs GmbH, 3.88%, 05/15/2027<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621757 |
| &nbsp;&nbsp;PrestigeBidCo GmbH, 3 mo. Euribor + 6.000%, 8.29%, 07/15/2027<sup>(a)(b)(g)</sup> | &nbsp;&nbsp;&nbsp;2176000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226081 |
| &nbsp;&nbsp;Standard Profil Automotive GmbH, 6.25%, 04/30/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669319 |
| &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;**14383111** |
| &nbsp;&nbsp;**GIBRALTAR—1.6%** |  |  |
| &nbsp;&nbsp;888 Acquisitions Ltd., 7.56%, 07/15/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915099 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**IRELAND—1.3%** |  |  |
| &nbsp;&nbsp;Cimpress PLC, 7.00%, 06/15/2026<sup>(a)(b)</sup> | $3432000 | &nbsp;&nbsp;$2382818 |
| &nbsp;&nbsp;**ITALY—2.9%** |  |  |
| &nbsp;&nbsp;Gamma Bondco Sarl, 8.13%, 11/15/2026<sup>(a)(b)(c)</sup> | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4137329 |
| &nbsp;&nbsp;Lottomatica SpA, 6.25%, 07/15/2025<sup>(a)(b)</sup> | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076279 |
| &nbsp;&nbsp;**Total Italy** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5213608** |
| &nbsp;&nbsp;**LUXEMBOURG—24.7%** |  |  |
| &nbsp;&nbsp;Albion Financing 2Sarl, 8.75%, 04/15/2027<sup>(a)(b)</sup> | $6485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5496037 |
| &nbsp;&nbsp;Altice Finco SA, 4.75%, 01/15/2028<sup>(a)(b)</sup> | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4171668 |
| &nbsp;&nbsp;Altice France Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 05/15/2027<sup>(a)(b)</sup> | $&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp; 2318625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/15/2028<sup>(a)(b)</sup> | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6747114 |
| &nbsp;&nbsp;Cidron Aida Finco Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp; 1954370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;2993000 | &nbsp;&nbsp;&nbsp;&nbsp; 3113369 |
| &nbsp;&nbsp;Cirsa Finance International Sarl, 10.38%, 11/30/2027<sup>(a)(b)</sup> | 1590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811696 |
| &nbsp;&nbsp;Cullinan Holdco Scsp, 4.63%, 10/15/2026<sup>(a)(b)</sup> | 2031000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972779 |
| &nbsp;&nbsp;Garfunkelux Holdco 3 SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/01/2025<sup>(a)(b)</sup> | &nbsp;&nbsp;2885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/01/2025<sup>(a)(b)</sup> | &nbsp;&nbsp;2032000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897651 |
| &nbsp;&nbsp;Herens Midco Sarl, 5.25%, 05/15/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475807 |
| &nbsp;&nbsp;HSE Finance Sarl, 5.63%, 10/15/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358395 |
| &nbsp;&nbsp;LHMC Finco 2 Sarl PIK, 7.25%, 10/02/2025<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;256281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255966 |
| &nbsp;&nbsp;Monitchem HoldCo 2 SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 09/15/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 09/15/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317669 |
| &nbsp;&nbsp;Summer BC Holdco A Sarl, 9.25%, 10/31/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;6397474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5641561 |
| &nbsp;&nbsp;**Total Luxembourg** |  | &nbsp;&nbsp;&nbsp;&nbsp;**44287111** |
| &nbsp;&nbsp;**MAURITIUS—0.7%** |  |  |
| &nbsp;&nbsp;Axian Telecom, 7.38%, 02/16/2027<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;1447000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333049 |
| &nbsp;&nbsp;**MEXICO—1.3%** |  |  |
| &nbsp;&nbsp;Braskem Idesa SAPI, 6.99%, 02/20/2032<sup>(a)(b)</sup> | &nbsp;&nbsp;1079000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799107 |
| &nbsp;&nbsp;Sixsigma Networks Mexico SA de CV, 7.50%, 05/02/2025<sup>(a)(b)</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398750 |
| &nbsp;&nbsp;Unifin Financiera SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fixed rate to 01/29/2025, variable rate thereafter), 8.88%, 01/29/2025<sup>(a)(d)(e)(f)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/27/2028<sup>(a)(b)(d)(e)</sup> | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118200 |
| &nbsp;&nbsp;**Total Mexico** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2334497** |
| &nbsp;&nbsp;**NETHERLANDS—8.0%** |  |  |
| &nbsp;&nbsp;Nobel Bidco BV, 3.13%, 06/15/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535856 |
| &nbsp;&nbsp;Samvardhana Motherson Automotive Systems Group BV, 1.80%, 07/06/2024<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;963000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994580 |
| &nbsp;&nbsp;Stichting AK Rabobank Certificaten, 6.50%, 12/29/2049<sup>(a)(f)</sup> | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5428957 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (continued)<br> As of January 31, 2023

#### 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;**NETHERLANDS (continued)** |  |  |
| &nbsp;&nbsp;Summer BidCo BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 11/15/2025<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;&nbsp;2914673 | &nbsp;&nbsp;$2372992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 11/15/2025<sup>(a)(b)(c)</sup> | &nbsp;&nbsp;3769044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3057198 |
| &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;**14389583** |
| &nbsp;&nbsp;**NIGERIA—1.4%** |  |  |
| &nbsp;&nbsp;IHS Netherlands Holdco BV, 8.00%, 09/18/2027<sup>(a)(b)</sup> | $2860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577718 |
| &nbsp;&nbsp;**PORTUGAL—1.8%** |  |  |
| &nbsp;&nbsp;Novo Banco SA, (fixed rate to 07/06/2023, variable rate thereafter), 8.50%, 07/06/2028<sup>(a)(b)</sup> | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3162303 |
| &nbsp;&nbsp;**REPUBLIC OF IRELAND—2.9%** |  |  |
| &nbsp;&nbsp;Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/2028<sup>(a)(b)</sup> | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5154852 |
| &nbsp;&nbsp;**SPAIN—2.9%** |  |  |
| &nbsp;&nbsp;Cirsa Finance International Sarl, 6.25%, 12/20/2023<sup>(a)(b)</sup> | 1496227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618491 |
| &nbsp;&nbsp;Telefonica Europe BV, 2.38%, 02/12/2029<sup>(a)(f)</sup> | 4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543566 |
| &nbsp;&nbsp;**Total Spain** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5162057** |
| &nbsp;&nbsp;**SWEDEN—4.0%** |  |  |
| &nbsp;&nbsp;DDM Debt AB, 9.00%, 04/19/2026<sup>(a)(b)</sup> | 6400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035502 |
| &nbsp;&nbsp;Intrum AB, 3.50%, 07/15/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3052718 |
| &nbsp;&nbsp;**Total Sweden** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7088220** |
| &nbsp;&nbsp;**SWITZERLAND—1.3%** |  |  |
| &nbsp;&nbsp;Credit Suisse AG, 7.50%, 02/15/2028 | $&nbsp;&nbsp;2223000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332539 |
| &nbsp;&nbsp;**TURKEY—0.5%** |  |  |
| &nbsp;&nbsp;Yapi ve Kredi Bankasi AS, (fixed rate to 01/22/2026, variable rate thereafter), 7.88%, 01/22/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;983000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924020 |
| &nbsp;&nbsp;**UNITED ARAB EMIRATES—0.1%** |  |  |
| &nbsp;&nbsp;Emirates Reit Sukuk II Ltd., 9.50%, 12/12/2024<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177175 |
| &nbsp;&nbsp;**UNITED KINGDOM—21.3%** |  |  |
| &nbsp;&nbsp;BCP V Modular Services Finance PLC, 6.75%, 11/30/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326230 |
| &nbsp;&nbsp;Bellis Acquisition Co. PLC, 4.50%, 02/16/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916729 |
| &nbsp;&nbsp;eG Global Finance PLC, 6.25%, 10/30/2025<sup>(a)(b)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938998 |
| &nbsp;&nbsp;EnQuest PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/15/2023<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;639725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.63%, 11/01/2027<sup>(a)(b)</sup> | $&nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916265 |
| &nbsp;&nbsp;Galaxy Finco Ltd., 9.25%, 07/31/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;6300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6485405 |
| &nbsp;&nbsp;Intu Properties PLC, 11.00%, 12/04/2024<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;3795706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4298153 |
| &nbsp;&nbsp;Ithaca Energy North Sea PLC, 9.00%, 07/15/2026<sup>(a)(b)</sup> | $&nbsp;&nbsp;2636000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589376 |
| &nbsp;&nbsp;Jaguar Land Rover Automotive PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/15/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2027<sup>(a)(b)</sup> | $&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413431 |
| &nbsp;&nbsp;Jerrold Finco PLC, 4.88%, 01/15/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125474 |
| &nbsp;&nbsp;Punch Finance PLC, 6.13%, 06/30/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;2740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2946298 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;Sherwood Financing PLC, 6.00%, 11/15/2026<sup>(a)(b)</sup> | 3500000 | &nbsp;&nbsp;&nbsp;$3451979 |
| &nbsp;&nbsp;Stonegate Pub Co. Financing 2019 PLC, 8.00%, 07/13/2025<sup>(a)(b)</sup> | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262279 |
| &nbsp;&nbsp;TalkTalk Telecom Group Ltd., 3.88%, 02/20/2025<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;766000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779099 |
| &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;**38234736** |
| &nbsp;&nbsp;**UNITED STATES—31.1%** |  |  |
| &nbsp;&nbsp;Adams Homes, Inc., 7.50%, 02/15/2025<sup>(a)(b)</sup> | $2023000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739905 |
| &nbsp;&nbsp;Affinity Gaming, 6.88%, 12/15/2027<sup>(a)(b)</sup> | 2139000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914940 |
| &nbsp;&nbsp;Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.75%, 07/15/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918425 |
| &nbsp;&nbsp;ASP Unifrax Holdings, Inc., 7.50%, 09/30/2029<sup>(a)(b)</sup> | $2162000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556858 |
| &nbsp;&nbsp;Banff Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 09/01/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2066102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 09/01/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2361259 |
| &nbsp;&nbsp;Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13%, 02/01/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp; 266748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 03/01/2026<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;324000 | &nbsp;&nbsp;&nbsp; 294840 |
| &nbsp;&nbsp;Chart Industries, Inc., 9.50%, 01/01/2031<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;603000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629224 |
| &nbsp;&nbsp;Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;913000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/15/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;2576000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411677 |
| &nbsp;&nbsp;Cornerstone Building Brands, Inc., 6.13%, 01/15/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;4220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161286 |
| &nbsp;&nbsp;CSC Holdings LLC, 7.50%, 04/01/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925040 |
| &nbsp;&nbsp;Encore Capital Group, Inc., 5.38%, 02/15/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673593 |
| &nbsp;&nbsp;Ford Motor Credit Co. LLC, 4.54%, 03/06/2025 | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212189 |
| &nbsp;&nbsp;Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2030<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;731000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 05/15/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;1306000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353343 |
| &nbsp;&nbsp;Goodyear Europe BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;1019000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890565 |
| &nbsp;&nbsp;ITT Holdings LLC, 6.50%, 08/01/2029<sup>(a)(b)</sup> | $&nbsp;&nbsp;3825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3322969 |
| &nbsp;&nbsp;MajorDrive Holdings IV LLC, 6.38%, 06/01/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;3506000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770266 |
| &nbsp;&nbsp;McAfee Corp., 7.38%, 02/15/2030<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;2715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255072 |
| &nbsp;&nbsp;Moss Creek Resources Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;2567000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 05/15/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;548000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529132 |
| &nbsp;&nbsp;NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/15/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;721000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/15/2029<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675045 |
| &nbsp;&nbsp;NCL Finance Ltd., 6.13%, 03/15/2028<sup>(a)(b)</sup> | &nbsp;&nbsp;1803000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464938 |
| &nbsp;&nbsp;Photo Holdings Merger Sub, Inc., 8.50%, 10/01/2026<sup>(a)(b)</sup> | &nbsp;&nbsp;2224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112000 |
| &nbsp;&nbsp;Sabre GLBL, Inc., 11.25%, 12/15/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;599000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634940 |
| &nbsp;&nbsp;Staples, Inc., 10.75%, 04/15/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;4205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185287 |
| &nbsp;&nbsp;Viking Cruises Ltd., 5.88%, 09/15/2027<sup>(a)(b)</sup> | &nbsp;&nbsp;2870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444609 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (continued)<br> As of January 31, 2023

#### abrdn Income Credit Strategies Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | **Value** |
| &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** | &nbsp;&nbsp;**CORPORATE BONDS (continued)** |  |
| &nbsp;&nbsp;**UNITED STATES (continued)** | &nbsp;&nbsp;**UNITED STATES (continued)** |  |  |
| &nbsp;&nbsp;Weatherford International Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 12/01/2024<sup>(a)(b)</sup> | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52000 | &nbsp;&nbsp;$53430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 04/30/2030<sup>(a)(b)</sup> |  | &nbsp;&nbsp;3687000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3721695 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**55760283** |
| &nbsp;&nbsp;**ZAMBIA—1.7%** | &nbsp;&nbsp;**ZAMBIA—1.7%** |  |  |
| &nbsp;&nbsp;First Quantum Minerals Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/01/2024<sup>(a)(b)</sup> |  | &nbsp;&nbsp;1794000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1791578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/15/2027<sup>(a)(b)</sup> |  | &nbsp;&nbsp;1256000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1217535 |
| &nbsp;&nbsp;**Total Zambia** | &nbsp;&nbsp;**Total Zambia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3009113** |
| &nbsp;&nbsp;**Total Corporate Bonds** | &nbsp;&nbsp;**Total Corporate Bonds** |  | &nbsp;&nbsp;&nbsp;**246121214** |
| &nbsp;&nbsp;**BANK LOANS—3.0%** | &nbsp;&nbsp;**BANK LOANS—3.0%** | &nbsp;&nbsp;**BANK LOANS—3.0%** |  |
| &nbsp;&nbsp;**UNITED KINGDOM—3.0%** | &nbsp;&nbsp;**UNITED KINGDOM—3.0%** |  |  |
| &nbsp;&nbsp;Impala Bidco 0 Ltd. GBP Term Loan, 7.44%, 06/08/2028 | &nbsp;&nbsp;GBP | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1142441 |
| &nbsp;&nbsp;Constellation Automotive Ltd. GBP 2nd Lien Term Loan B, 5.70%, 07/27/2029<sup>(e)</sup> |  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003885 |
| &nbsp;&nbsp;EG Finco Ltd. 2021 EUR 2nd Lien Term Loan, 8.70%, 04/30/2027 | &nbsp;&nbsp;EUR | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3291347 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5437673** |
| &nbsp;&nbsp;**Total Bank Loans** | &nbsp;&nbsp;**Total Bank Loans** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5437673** |
| &nbsp;&nbsp;**COMMON STOCKS—0.2%** | &nbsp;&nbsp;**COMMON STOCKS—0.2%** | &nbsp;&nbsp;**COMMON STOCKS—0.2%** |  |
| &nbsp;&nbsp;**UNITED STATES—0.2%** | &nbsp;&nbsp;**UNITED STATES—0.2%** |  |  |
| &nbsp;&nbsp;California Resources Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415464 |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**415464** |
| &nbsp;&nbsp;**WARRANTS—0.1%** | &nbsp;&nbsp;**WARRANTS—0.1%** | &nbsp;&nbsp;**WARRANTS—0.1%** |  |
| &nbsp;&nbsp;**UNITED STATES—0.1%** | &nbsp;&nbsp;**UNITED STATES—0.1%** |  |  |
| &nbsp;&nbsp;California Resources Corp.<sup>(i)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244875 |
| &nbsp;&nbsp;**Total Warrants** | &nbsp;&nbsp;**Total Warrants** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**244875** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—13.5%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—13.5%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—13.5%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(j)</sup> |  | 24153043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24153043 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**24153043** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $323,323,103)—153.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $323,323,103)—153.9%** |  | &nbsp;&nbsp;&nbsp;**276372269** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(53.9%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(53.9%) |  | &nbsp;&nbsp;&nbsp;&nbsp;(96769829) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** |  | **$179602440** |

---

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

(d) Security is in default.

(e) Illiquid security.

(f) Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely. The maturity date presented for these instruments represents
the next call/put date.

(g) Variable or Floating Rate security. Rate disclosed is as of January 31, 2023.

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

(i) Non-income producing security.

(j) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2023.

---

| | |
|:---|:---|
| EUR | Euro Currency |
| GBP | British Pound Sterling |
| PIK | Payment-In-Kind |
| PLC | Public Limited Company |
| USD | U.S. Dollar |

---

At January 31, 2023, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchase Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** | &nbsp;&nbsp;**British Pound/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/21/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;1687665 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2071941 | &nbsp;&nbsp;$2081501 | &nbsp;&nbsp;$9560 |
| &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** | &nbsp;&nbsp;**Euro/United States Dollar** |  |  |  |  |  |
| &nbsp;&nbsp;02/21/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;585443 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093 |
| &nbsp;&nbsp;02/21/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;1980861 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2166272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156194 | &nbsp;&nbsp;&nbsp;(10078) |
| &nbsp;&nbsp;02/21/2023 | &nbsp;&nbsp;UBS AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;11539744 | &nbsp;&nbsp;USD | &nbsp;&nbsp;12492042 | &nbsp;&nbsp;&nbsp;&nbsp;12561166 | &nbsp;&nbsp;&nbsp;&nbsp;69124 |
|  |  |  |  |  |  | &nbsp;&nbsp;**$17436123** | &nbsp;&nbsp;**$70699** |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) (concluded)<br> As of January 31, 2023

#### abrdn Income Credit Strategies Fund

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** | &nbsp;&nbsp;**United States Dollar/British Pound** |  |  |  |  |  |
| &nbsp;&nbsp;02/21/2023 | &nbsp;&nbsp;Goldman Sachs & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267160 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$265242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1918 |
| &nbsp;&nbsp;02/21/2023 | &nbsp;&nbsp;Morgan Stanley & Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255909 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3132) |
| &nbsp;&nbsp;02/21/2023 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;49504281 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;40819790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50345526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(841245) |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;02/21/2023 | &nbsp;&nbsp;Citibank N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907082 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3701) |
| &nbsp;&nbsp;02/21/2023 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;119975392 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;111405168 | &nbsp;&nbsp;&nbsp;&nbsp;121266021 | &nbsp;&nbsp;&nbsp;&nbsp;(1290629) |
|  |  |  |  |  |  | &nbsp;&nbsp;**$173046613** | &nbsp;&nbsp;**$(2136789)** |
| &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized appreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**$82695** |
| &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**Unrealized depreciation on forward foreign currency exchange contracts** | &nbsp;&nbsp;**$(2148785)** |

---

See accompanying Notes to Portfolio of Investments.

------

Notes to Portfolio of Investments <br> January 31, 2023 (unaudited)

------

1. Summary of Significant Accounting Policies

a. Security Valuation:

The Fund value their securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Funds' 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. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), the Board of Trustees (the "Board") designated abrdn Investments Limited (formerly, Aberdeen Asset Managers Limited) (the "Adviser") as the valuation designee ("Valuation Designee") for the Funds to perform the fair value determinations relating to Fund investments for which market quotations are not readily available.

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 net asset value ("NAV"). Registered investment companies are valued at their net asset value as reported by such company. 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 closed 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 (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.

**5**

## 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:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $286357849.23

**Total Liabilities:** $106781667.09

**Net Assets:** $179576182.14

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -2.71000000 | **1-Year:** -69.88000000 | **5-Year:** -927.74000000 | **10-Year:** -6.99000000 | **30-Year:** 0.00000000

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

- **3-Month:** -482.72000000 | **1-Year:** -20227.70000000 | **5-Year:** -55820.62000000 | **10-Year:** -8838.82000000 | **30-Year:** -14061.97000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 14.00%               | -3.97%               | 15.71%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5110699.25             | $21481233.77                               |
| Month 2  | $-6525853.83             | $6336455.93                                |
| Month 3  | $-4319338.91             | $17209051.65                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TELEFONICA EUROPE BV                   | Telefonica Europe BV                                       | CUSIP: 000000000<br>LEI: 7245007FZS0M65WUGP67 | Long             | DBT              | CORP              | NL        |   4100000 | PA      | $3543566.46   | 1.97%             | 2029-02-12      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| UNIFIN FINANCIERA SA DE                | Unifin Financiera SAB de CV                                | CUSIP: 000000000<br>LEI: 5493007GRMPGDJG93Z17 | Long             | DBT              | CORP              | MX        |   3000000 | PA      | $118200.00    | 0.07%             | 2028-01-27      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC               | Encore Capital Group Inc                                   | CUSIP: 000000000<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1673593.23   | 0.93%             | 2026-02-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL               | Cheplapharm Arzneimittel GmbH                              | CUSIP: 000000000<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    529000 | PA      | $472164.24    | 0.26%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ENQUEST PLC                            | EnQuest PLC                                                | CUSIP: 29357JAC0<br>LEI: 2138008LJU6WFQWOXJ73 | Long             | DBT              | CORP              | GB        |   1950000 | PA      | $1916265.00   | 1.07%             | 2027-11-01      | Fixed         | 11.63%                | No            |                  2 | On Loan: No      |
| INTRUM AB                              | Intrum AB                                                  | CUSIP: 000000000<br>LEI: 549300UNCO2FCUWXX470 | Long             | DBT              | CORP              | SE        |   3200000 | PA      | $3052718.09   | 1.70%             | 2026-07-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| 888 ACQUISITIONS LTD                   | 888 Acquisitions Ltd                                       | CUSIP: 000000000<br>LEI: 254900RFD0BP3JOPZU89 | Long             | DBT              | CORP              | GI        |   3100000 | PA      | $2915099.21   | 1.62%             | 2027-07-15      | Fixed         | 7.56%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co LLC               | Ford Motor Credit Co LLC                                   | CUSIP: 000000000<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $3212189.43   | 1.79%             | 2025-03-06      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                          | Carnival Corp                                              | CUSIP: 143658BL5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    324000 | PA      | $294840.00    | 0.16%             | 2026-03-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| STONEGATE PUB FIN                      | Stonegate Pub Co Financing 2019 PLC                        | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $2262278.87   | 1.26%             | 2025-07-13      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Kaisa Group Holdings Ltd               | Kaisa Group Holdings Ltd                                   | CUSIP: 000000000<br>LEI: 254900N8L3L7NRJT0120 | Long             | DBT              | CORP              | KY        |   7510000 | PA      | $1426900.00   | 0.79%             | 2024-06-30      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Banff Merger Sub Inc                   | Banff Merger Sub Inc                                       | CUSIP: 05988LAB4<br>LEI: 549300DSDR5SWIGOZV63 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2066101.78   | 1.15%             | 2026-09-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CULLINAN HOLDCO                        | Cullinan Holdco Scsp                                       | CUSIP: 000000000<br>LEI: 549300F81ZP47K818173 | Long             | DBT              | CORP              | LU        |   2031000 | PA      | $1972779.40   | 1.10%             | 2026-10-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| HERENS MIDCO SARL                      | Herens Midco Sarl                                          | CUSIP: 000000000<br>LEI: 222100BJH5XPZD1JHF79 | Long             | DBT              | CORP              | LU        |   2000000 | PA      | $1475806.56   | 0.82%             | 2029-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| GAMMA BONDCO SARL                      | Gamma Bondco Sarl                                          | CUSIP: 000000000<br>LEI: 549300IUULUT56XJQC09 | Long             | DBT              | CORP              | LU        |   4000000 | PA      | $4137328.83   | 2.30%             | 2026-11-15      | Fixed         | 8.13%                 | Yes           |                  2 | On Loan: No      |
| EMIRATES REIT SUKUK II                 | Emirates Reit Sukuk II Ltd                                 | CUSIP: 000000000<br>LEI: 5493007GS6BRKH60GK51 | Long             | DBT              |  | KY        |    190000 | PA      | $177175.00    | 0.10%             | 2024-12-12      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| YAPI VE KREDI BANKASI AS               | Yapi ve Kredi Bankasi AS                                   | CUSIP: 984848AN1<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |    983000 | PA      | $924020.00    | 0.51%             | 2031-01-22      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GOODYEAR EUROPE BV                     | Goodyear Europe BV                                         | CUSIP: 000000000<br>LEI: 529900AJU331P2QORU39 | Long             | DBT              | CORP              | NL        |   1019000 | PA      | $890565.38    | 0.50%             | 2028-08-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| UNIFRAX ESCROW ISS CORP                | ASP Unifrax Holdings Inc                                   | CUSIP: 90473LAC6<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |   2162000 | PA      | $1556857.97   | 0.87%             | 2029-09-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LOTTOMATICA SPA/ROMA                   | Lottomatica SpA/Roma                                       | CUSIP: 000000000<br>LEI: 81560046335277E43118 | Long             | DBT              | CORP              | IT        |   1000000 | PA      | $1076278.81   | 0.60%             | 2025-07-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Constellation Automotive Limited       | Constellation Automotive Limited GBP 2nd Lien Term Loan B  | CUSIP: 000000000<br>LEI: 213800XQDK86MM9NB619 | Long             | LON              | CORP              | GB        |   2000000 | PA      | $1003884.71   | 0.56%             | 2029-07-27      | Variable      | 9.19%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                         | Sabre GLBL Inc                                             | CUSIP: 78573NAH5<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    599000 | PA      | $634940.00    | 0.35%             | 2027-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| GARFUNKELUX HOLDCO 3 SA                | Garfunkelux Holdco 3 SA                                    | CUSIP: 000000000<br>LEI: 2221007QVSNJV7EWBX69 | Long             | DBT              | CORP              | LU        |   2032000 | PA      | $1897651.30   | 1.06%             | 2025-11-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| NCL CORPORATION LTD                    | NCL Corp Ltd                                               | CUSIP: 62886HBA8<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    721000 | PA      | $623650.58    | 0.35%             | 2026-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UBS AG                                 | PURCHASED EUR / SOLD USD                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |         1 | NC      | $26402.34     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UNIFIN FINANCIERA SA DE                | Unifin Financiera SAB de CV                                | CUSIP: 000000000<br>LEI: 5493007GRMPGDJG93Z17 | Long             | DBT              | CORP              | MX        |   2000000 | PA      | $18440.00     | 0.01%             | 2025-01-29      | None          | 0.00%                 | 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        |    955000 | PA      | $918425.10    | 0.51%             | 2027-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| STANDARD PROFIL AUTOMOTI               | Standard Profil Automotive GmbH                            | CUSIP: 000000000<br>LEI: 529900C8VRLXU0FJK109 | Long             | DBT              | CORP              | DE        |   2500000 | PA      | $1669319.31   | 0.93%             | 2026-04-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| California Resources Corp              | California Resources Corp                                  | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      9723 | NS      | $415463.79    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| China Evergrande Group                 | China Evergrande Group                                     | CUSIP: 000000000<br>LEI: 549300CUF7B1LAB15T90 | Long             | DBT              | CORP              | KY        |   3304000 | PA      | $339333.82    | 0.19%             | 2022-04-11      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| MCAFEE CORP                            | McAfee Corp                                                | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |   2715000 | PA      | $2255071.67   | 1.26%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                       | ITT Holdings LLC                                           | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |   3825000 | PA      | $3322968.75   | 1.85%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO               | Jaguar Land Rover Automotive PLC                           | CUSIP: 47010BAF1<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |   1700000 | PA      | $1413431.00   | 0.79%             | 2027-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE NEW YORK                 | Credit Suisse AG/New York NY                               | CUSIP: 22550L2M2<br>LEI: 549300D0YARF5HYP1809 | Long             | DBT              | CORP              | CH        |   2223000 | PA      | $2332539.35   | 1.30%             | 2028-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 2SARL                 | Albion Financing 2SARL                                     | CUSIP: 013305AA5<br>LEI: 2594009X2UW7EQPIKY23 | Long             | DBT              | CORP              | LU        |   6485000 | PA      | $5496037.50   | 3.06%             | 2027-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CAB                                    | CAB SELAS                                                  | CUSIP: 000000000<br>LEI: 9695008EGX5O9K1MS743 | Long             | DBT              | CORP              | FR        |   3400000 | PA      | $3081562.80   | 1.72%             | 2028-02-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| IHS NETHERLANDS HOLDCO                 | IHS Netherlands Holdco BV                                  | CUSIP: 44963LAC0<br>LEI: 5493006Z6YQYCCN2XI74 | Long             | DBT              | CORP              | NL        |   2860000 | PA      | $2577718.00   | 1.44%             | 2027-09-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                   | Cornerstone Building Brands Inc                            | CUSIP: 21925DAA7<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |   4220000 | PA      | $3161286.40   | 1.76%             | 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        |   3795706 | PA      | $4298152.74   | 2.39%             | 2024-12-04      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                   | Chart Industries Inc                                       | CUSIP: 000000000<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    603000 | PA      | $629224.47    | 0.35%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CIDRON AIDA FINCO SARL                 | Cidron Aida Finco Sarl                                     | CUSIP: 000000000<br>LEI: 98450036A07991DEBF10 | Long             | DBT              | CORP              | LU        |   2000000 | PA      | $1954370.13   | 1.09%             | 2028-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Royal Bank of Canada                   | PURCHASED USD / SOLD EUR                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $-9180.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| WEATHERFORD INTL LTD                   | Weatherford International Ltd                              | CUSIP: 947075AP2<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     52000 | PA      | $53429.97     | 0.03%             | 2024-12-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                | Frontier Communications Holdings LLC                       | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1306000 | PA      | $1353342.50   | 0.75%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC | PURCHASED GBP / SOLD USD                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | GB        |         1 | NC      | $101.37       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                          | PURCHASED USD / SOLD EUR                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |         1 | NC      | $-3701.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                   | PURCHASED USD / SOLD GBP                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $-841244.53   | -0.47%            |  |  |  | No            |                  2 | On Loan: No      |
| MOBILUX FINANCE                        | Mobilux Finance SAS                                        | CUSIP: 000000000<br>LEI: 9695002JF900PZD9TO50 | Long             | DBT              | CORP              | FR        |   3000000 | PA      | $2552085.37   | 1.42%             | 2028-07-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| TITAN ACQ/CO-BORROWER                  | Titan Acquisition Ltd / Titan Co-Borrower LLC              | CUSIP: 88827AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1875000 | PA      | $1773562.50   | 0.99%             | 2026-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC | PURCHASED USD / SOLD GBP                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |         1 | NC      | $-3131.92     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC                  | eG Global Finance PLC                                      | CUSIP: 000000000<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $1938997.82   | 1.08%             | 2025-10-30      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| BANFF MERGER SUB INC                   | Banff Merger Sub Inc                                       | CUSIP: 05988LAB4<br>LEI: 549300DSDR5SWIGOZV63 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2361259.18   | 1.31%             | 2026-09-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GOODYEAR EUROPE BV                     | Goodyear Europe BV                                         | CUSIP: 000000000<br>LEI: 529900AJU331P2QORU39 | Long             | DBT              | CORP              | NL        |   2000000 | PA      | $1747920.28   | 0.97%             | 2028-08-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| LOXAM SAS                              | Loxam SAS                                                  | CUSIP: 000000000<br>LEI: 969500BNA2YRNE1R5K91 | Long             | DBT              | CORP              | FR        |   3500000 | PA      | $3415125.09   | 1.90%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| California Resources Corp              | California Resources Corp                                  | CUSIP: 13057Q123<br>LEI: 5493003Q8F0T4F4YMR48 | N/A              | DE               |  | US        |     22363 | NS      | $244874.85    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DDM DEBT AB                            | DDM Debt AB                                                | CUSIP: 000000000<br>LEI: 54930025IJOR7QM5RO96 | Long             | DBT              | CORP              | SE        |   6400000 | PA      | $4035501.98   | 2.25%             | 2026-04-19      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Altice Finco SA                        | Altice Finco SA                                            | CUSIP: 000000000<br>LEI: 549300IGQP5SEZB5Z419 | Long             | DBT              | CORP              | LU        |   5000000 | PA      | $4171667.56   | 2.32%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| SOCIETE GENERALE                       | Societe Generale SA                                        | CUSIP: 83370RAC2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   4420000 | PA      | $4745975.00   | 2.64%             | 2027-11-22      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| NOVO BANCO SA                          | Novo Banco SA                                              | CUSIP: 000000000<br>LEI: 5493009W2E2YDCXY6S81 | Long             | DBT              | CORP              | PT        |   3000000 | PA      | $3162302.85   | 1.76%             | 2028-07-06      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                   | Telecom Argentina SA                                       | CUSIP: 879273AR1<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |   3120000 | PA      | $2956090.80   | 1.65%             | 2026-07-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Viking Cruises Ltd                     | Viking Cruises Ltd                                         | CUSIP: 92676XAD9<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |   2870000 | PA      | $2444608.60   | 1.36%             | 2027-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PHOTO HOLDINGS MERGER SU               | Photo Holdings Merger Sub Inc                              | CUSIP: 719245AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2224000 | PA      | $1112000.00   | 0.62%             | 2026-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BANIJAY GROUP SAS                      | Banijay Group SAS                                          | CUSIP: 000000000<br>LEI: 969500TVFVKI682L1144 | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $2098852.40   | 1.17%             | 2026-03-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BRASKEM IDESA SAPI                     | Braskem Idesa SAPI                                         | CUSIP: 10554NAB4<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |   1079000 | PA      | $799107.40    | 0.44%             | 2032-02-20      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| IMPALA BIDCO 0 LIMITED                 | Impala Bidco 0 Limited GBP Term Loan                       | CUSIP: 000000000<br>LEI: 259400LN2RY29XJ6PM24 | Long             | LON              | CORP              | GB        |   1000000 | PA      | $1142440.97   | 0.64%             | 2028-06-08      | Variable      | 8.18%                 | No            |                  2 | On Loan: No      |
| CIDRON AIDA FINCO SARL                 | Cidron Aida Finco Sarl                                     | CUSIP: 000000000<br>LEI: 98450036A07991DEBF10 | Long             | DBT              | CORP              | LU        |   2993000 | PA      | $3113368.84   | 1.73%             | 2028-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AFFINITY GAMING                        | Affinity Gaming                                            | CUSIP: 00842XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2139000 | PA      | $1914939.75   | 1.07%             | 2027-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                   | IHO Verwaltungs GmbH                                       | CUSIP: 000000000<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |   1700000 | PA      | $1621756.49   | 0.90%             | 2027-05-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO               | Jaguar Land Rover Automotive PLC                           | CUSIP: 000000000<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1001004.53   | 0.56%             | 2026-01-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Royal Bank of Canada                   | PURCHASED USD / SOLD EUR                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $-4853.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSE FINANCE SARL                       | HSE Finance Sarl                                           | CUSIP: 000000000<br>LEI: 894500G58U7EW07EK366 | Long             | DBT              | CORP              | LU        |    625000 | PA      | $358395.41    | 0.20%             | 2026-10-15      | Fixed         | 5.63%                 | Yes           |                  2 | On Loan: No      |
| ENQUEST PLC                            | EnQuest PLC                                                | CUSIP: 000000000<br>LEI: 2138008LJU6WFQWOXJ73 | Long             | DBT              | CORP              | GB        |    639725 | PA      | $784015.65    | 0.44%             | 2023-10-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L               | First Quantum Minerals Ltd                                 | CUSIP: 335934AP0<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1794000 | PA      | $1791578.10   | 1.00%             | 2024-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION               | Consensus Cloud Solutions Inc                              | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    913000 | PA      | $872502.03    | 0.49%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CT INVESTMENT GMBH                     | CT Investment GmbH                                         | CUSIP: 000000000<br>LEI: 529900VYBTC7HKBCNB72 | Long             | DBT              | CORP              | DE        |   1645000 | PA      | $1587690.14   | 0.88%             | 2026-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| LHMC FINCO 2 SARL                      | LHMC Finco 2 Sarl                                          | CUSIP: 000000000<br>LEI: 254900VNJ7A4DAOPXL60 | Long             | DBT              | CORP              | LU        |    256281 | PA      | $255966.16    | 0.14%             | 2025-10-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC | PURCHASED EUR / SOLD USD                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |         1 | NC      | $2092.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ADAMS HOMES INC                        | Adams Homes Inc                                            | CUSIP: 00623PAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2023000 | PA      | $1739905.08   | 0.97%             | 2025-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                      | Iliad Holding SASU                                         | CUSIP: 449691AC8<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |   1568000 | PA      | $1472634.24   | 0.82%             | 2028-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Staples Inc                            | Staples Inc                                                | CUSIP: 855030AP7<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   4205000 | PA      | $3185287.50   | 1.77%             | 2027-04-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| MOSS CREEK RESOURCES HLD               | Moss Creek Resources Holdings Inc                          | CUSIP: 61965RAB1<br>LEI: 54930037SLMSPWKYIX36 | Long             | DBT              | CORP              | US        |    548000 | PA      | $529132.14    | 0.29%             | 2027-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| BANK OF GEORGIA JSC                    | Bank of Georgia JSC                                        | CUSIP: 000000000<br>LEI: 549300RPLD8RXL49Z691 | Long             | DBT              | CORP              | GE        |    526000 | PA      | $516795.00    | 0.29%             | 2024-06-28      | Fixed         | 11.13%                | Yes           |                  2 | On Loan: No      |
| BCP V MODULAR SERVICES                 | BCP V Modular Services Finance PLC                         | CUSIP: 000000000<br>LEI: 213800K8U94KVZL98H64 | Long             | DBT              | CORP              | GB        |   2700000 | PA      | $2326229.89   | 1.30%             | 2029-11-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L               | First Quantum Minerals Ltd                                 | CUSIP: 335934AT2<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1256000 | PA      | $1217535.00   | 0.68%             | 2027-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TALKTALK TELECOM GROUP                 | TalkTalk Telecom Group Ltd                                 | CUSIP: 000000000<br>LEI: 213800WF53FVDRRHRF44 | Long             | DBT              | CORP              | GB        |    766000 | PA      | $779099.26    | 0.43%             | 2025-02-20      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| HUSKY III HOLDING LTD                  | Husky III Holding Ltd                                      | CUSIP: 44810RAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1495000 | PA      | $1385566.00   | 0.77%             | 2025-02-15      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC | PURCHASED EUR / SOLD USD                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | XX        |         1 | NC      | $-10077.96    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ITHACA ENERGY NORTH                    | Ithaca Energy North Sea PLC                                | CUSIP: 46567TAB0<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |   2636000 | PA      | $2589376.20   | 1.44%             | 2026-07-15      | Fixed         | 9.00%                 | 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        |  24153043 | NS      | $24153042.97  | 13.45%            |  |  |  | No            |                  1 | On Loan: No      |
| MONITCHEM HOLDCO 2 S.A.                | Monitchem HoldCo 2 SA                                      | CUSIP: 000000000<br>LEI: 222100IQ8LHD0M05LB11 | Long             | DBT              | CORP              | LU        |   2250000 | PA      | $2317668.58   | 1.29%             | 2026-09-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| AXIAN TELECOM                          | Axian Telecom                                              | CUSIP: 05466AAA1<br>LEI: 984500C6FIA50FZSE337 | Long             | DBT              | CORP              | MU        |   1447000 | PA      | $1333048.75   | 0.74%             | 2027-02-16      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| JERROLD FINCO PLC                      | Jerrold Finco PLC                                          | CUSIP: 000000000<br>LEI: 213800F7AYNHLL1BPR31 | Long             | DBT              | CORP              | GB        |   2900000 | PA      | $3125474.00   | 1.74%             | 2026-01-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CARNIVAL CORP                          | Carnival Corp                                              | CUSIP: 000000000<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    236000 | PA      | $266748.07    | 0.15%             | 2026-02-01      | Fixed         | 10.13%                | Yes           |                  2 | On Loan: No      |
| SHERWOOD FINANCING PLC                 | Sherwood Financing PLC                                     | CUSIP: 000000000<br>LEI: 259400SSZWSSPNYW7K08 | Long             | DBT              | CORP              | GB        |   3500000 | PA      | $3451978.66   | 1.92%             | 2026-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA               | Altice France Holding SA                                   | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |  10000000 | PA      | $6747113.80   | 3.76%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC | PURCHASED GBP / SOLD USD                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | GB        |         1 | NC      | $9458.76      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION               | Consensus Cloud Solutions Inc                              | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2576000 | PA      | $2411676.96   | 1.34%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DKT Finance ApS                        | DKT Finance ApS                                            | CUSIP: 255882AA0<br>LEI: 529900CPZ2SMDPG5RV48 | Long             | DBT              | CORP              | DK        |   4000000 | PA      | $4001120.00   | 2.23%             | 2023-06-17      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| NCL FINANCE LTD                        | NCL Finance Ltd                                            | CUSIP: 62888HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1803000 | PA      | $1464937.50   | 0.82%             | 2028-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| PRESTIGEBIDCO GMBH                     | PrestigeBidCo GmbH                                         | CUSIP: 000000000<br>LEI: 529900CSF1DNOCHMI763 | Long             | DBT              | CORP              | DE        |   2176000 | PA      | $2226080.58   | 1.24%             | 2027-07-15      | Floating      | 8.29%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                           | Enerflex Ltd                                               | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |   2215000 | PA      | $2256021.80   | 1.26%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                 | PURCHASED USD / SOLD GBP                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |         1 | NC      | $1918.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Summer BidCo BV                        | Summer BidCo BV                                            | CUSIP: 000000000<br>LEI: 724500EOJYP21L3XM206 | Long             | DBT              | CORP              | NL        |   2914673 | PA      | $2372992.17   | 1.32%             | 2025-11-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| VIRGIN MEDIA VENDOR FIN                | Virgin Media Vendor Financing Notes III DAC                | CUSIP: 000000000<br>LEI: 635400SSKC2QCGEPIQ43 | Long             | DBT              | CORP              | IE        |   5000000 | PA      | $5154852.06   | 2.87%             | 2028-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| EG Group Limited                       | EG Group Limited 2021 EUR 2nd Lien Term Loan               | CUSIP: 000000000<br>LEI: 2138003OUK4UQHRJLT65 | Long             | LON              | CORP              | GB        |   3500000 | PA      | $3291347.59   | 1.83%             | 2027-04-30      | Floating      | 9.75%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                   | PURCHASED USD / SOLD EUR                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $-1276596.51  | -0.71%            |  |  |  | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO A SARL                | Summer BC Holdco A Sarl                                    | CUSIP: 000000000<br>LEI: 984500EFA0BRE0008996 | Long             | DBT              | CORP              | LU        |   6397473 | PA      | $5641560.67   | 3.14%             | 2027-10-31      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                    | Cirsa Finance International Sarl                           | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |   1496227 | PA      | $1618490.97   | 0.90%             | 2023-12-20      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| PUNCH FINANCE PL                       | Punch Finance PLC                                          | CUSIP: 000000000<br>LEI: 2138006IJRIU1Q5DN388 | Long             | DBT              | CORP              | GB        |   2740000 | PA      | $2946298.31   | 1.64%             | 2026-06-30      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| NOBEL BIDCO BV                         | Nobel Bidco BV                                             | CUSIP: 000000000<br>LEI: 549300NZZFLYK83VVT71 | Long             | DBT              | CORP              | NL        |   3300000 | PA      | $2535856.39   | 1.41%             | 2028-06-15      | Fixed         | 3.13%                 | Yes           |                  2 | On Loan: No      |
| Electricite de France SA               | Electricite de France SA                                   | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |   3200000 | PA      | $3277697.33   | 1.83%             | 2026-01-22      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SIXSIGMA NETWORKS MEXICO               | Sixsigma Networks Mexico SA de CV                          | CUSIP: 83006LAB9<br>LEI: 5493000VGOF3UCTUXW26 | Long             | DBT              | CORP              | MX        |   1500000 | PA      | $1398750.00   | 0.78%             | 2025-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                | Frontier Communications Holdings LLC                       | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    731000 | PA      | $600465.33    | 0.33%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                    | Cirsa Finance International Sarl                           | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |   1590000 | PA      | $1811695.89   | 1.01%             | 2027-11-30      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| UBS AG                                 | PURCHASED EUR / SOLD USD                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |         1 | NC      | $42721.52     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| STICHTING AK RABOBANK                  | Stichting AK Rabobank Certificaten                         | CUSIP: 000000000<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   5000000 | PA      | $5428956.90   | 3.02%             | 2049-12-29      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MOSS CREEK RESOURCES HLD               | Moss Creek Resources Holdings Inc                          | CUSIP: 61965RAA3<br>LEI: 54930037SLMSPWKYIX36 | Long             | DBT              | CORP              | US        |   2567000 | PA      | $2370367.80   | 1.32%             | 2026-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SUMMER BIDCO BV                        | Summer BidCo BV                                            | CUSIP: 000000000<br>LEI: 724500EOJYP21L3XM206 | Long             | DBT              | CORP              | NL        |   3769044 | PA      | $3057198.37   | 1.70%             | 2025-11-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GARFUNKELUX HOLDCO 3 SA                | Garfunkelux Holdco 3 SA                                    | CUSIP: 000000000<br>LEI: 2221007QVSNJV7EWBX69 | Long             | DBT              | CORP              | LU        |   2885000 | PA      | $2694253.93   | 1.50%             | 2025-11-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                       | CSC Holdings LLC                                           | CUSIP: 126307AY3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $2925040.00   | 1.63%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL               | Cheplapharm Arzneimittel GmbH                              | CUSIP: 000000000<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |   2771000 | PA      | $2751328.42   | 1.53%             | 2028-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| GALAXY FINCO LTD                       | Galaxy Finco Ltd                                           | CUSIP: 000000000<br>LEI: 984500E65BE1F6988518 | Long             | DBT              | CORP              | JE        |   6300000 | PA      | $6485404.91   | 3.61%             | 2027-07-31      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL               | Bellis Acquisition Co PLC                                  | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |   2800000 | PA      | $2916728.66   | 1.62%             | 2026-02-16      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| SAMVARDHANA MOTHERSON AU               | Samvardhana Motherson Automotive Systems Group BV          | CUSIP: 000000000<br>LEI: 7245003HPQ1HG4CHTL79 | Long             | DBT              | CORP              | NL        |    963000 | PA      | $994579.47    | 0.55%             | 2024-07-06      | Fixed         | 1.80%                 | Yes           |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA               | Weatherford International Ltd                              | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   3687000 | PA      | $3721694.67   | 2.07%             | 2030-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| HT TROPLAST AG                         | HT Troplast GmbH                                           | CUSIP: 000000000<br>LEI: 529900Y2N2GAY3FXGP86 | Long             | DBT              | CORP              | DE        |   3865000 | PA      | $4054771.72   | 2.26%             | 2025-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA               | Altice France Holding SA                                   | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |   2700000 | PA      | $2318625.00   | 1.29%             | 2027-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| MONITCHEM HOLDCO 2 S.A.                | Monitchem HoldCo 2 SA                                      | CUSIP: 000000000<br>LEI: 222100IQ8LHD0M05LB11 | Long             | DBT              | CORP              | LU        |   2000000 | PA      | $2060149.85   | 1.15%             | 2026-09-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| CIMPRESS PLC                           | Cimpress PLC                                               | CUSIP: 17186HAC6<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   3432000 | PA      | $2382817.52   | 1.33%             | 2026-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                    | NCL Corp Ltd                                               | CUSIP: 62886HBG5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    785000 | PA      | $675045.05    | 0.38%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV L               | MajorDrive Holdings IV LLC                                 | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |   3506000 | PA      | $2770265.90   | 1.54%             | 2029-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

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

**Signature:** Sharon Ferrari

**Name of Signer:** Sharon Ferrari

**Title:** Assistant Treasurer