abrdn Income Credit Strategies Fund Pfd美股招股说明书(2025-08-01版)

Common Shares abrdn Income Credit Strategies Fund (the “Fund”) has entered into a distribution agreement, dated August1, 2025 (the “Distribution Agreement”),with ALPS Distributors,Inc. (the “Distributor”), relating to the Fund’s common shares of beneficial interest, par value $0.001 per share (“CommonShares”), offered by this Prospectus Supplement and the accompanying Prospectus. In accordance with the terms of the Distribution Agreement, the Fundmay offer and sell its Common Shares having an aggregate offering price of up to $75,000,000 from time to time through the Distributor for the offer andsales of the Common Shares. Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund may not sell any Common Shares at aprice below the current net asset value (“NAV”) of such common shares, exclusive of any distributing commission or discount. The Fund.The Fund is a diversified, closed-end management investment company. Investment Objectives.The Fund’s primary investment objective is to seek a high level of current income with a secondary objective of capital Principal Investment Strategy; Leverage.Depending on current market conditions and the Fund’s outlook over time, the Fund seeks to achieve itsinvestment objectives by opportunistically investing primarily in loan and debt instruments (and loan-related or debt-related instruments, includingrepurchase and reverse repurchase agreements and derivative instruments) of issuers that operate in a variety of industries and geographic regions. TheFund expects to emphasize high current income, with a secondary emphasis on capital appreciation, by investing generally in senior secured floating rateand fixed rate loans (“Senior Loans”) and in second lien or other subordinated loans or debt instruments, including non-stressed and stressed creditobligations, and related derivatives. Under normal market conditions, the Fund will invest at least 80% of its “Managed Assets” in any combination of thefollowing credit obligations and related instruments: (i)Senior Loans (including those that, at the time of investment, are rated below investment grade by anationally recognized statistical rating organization (a “NRSRO”) or are unrated but deemed byabrdn Investments Limited(the “Adviser”) or abrdn Inc.tobe of comparable quality; these types of below investment grade instruments are commonly known as “junk” securities and are regarded as predominantlyspeculative with respect to the issuer’s capacity to pay interest and repay principal); (ii)second lien or other subordinated or unsecured floating rate andfixed rate loans or debt (including those that, at the time of investment, could be considered “junk” securities as described above); (iii)other debtobligations, including high-yield, high-risk obligations (i.e., instruments that are commonly known as “junk” securities as described above) and “covenantlite” loans; (iv)structured products, including collateralized debt and loan obligations (collectively, “structured products”) that provide long or shortexposure to other credit obligations; (v)swaps and other derivative instruments (including credit default, total return, index and interest rate swaps, options,forward contracts, futures contracts and options on futures contracts) that provide long or short exposure to other credit obligations; and (vi)short-term debtsecurities such as U.S. government securities, commercial paper and other money market instruments and cash equivalents (including shares of moneymarket funds). Certain types of structured products, swaps and other derivative instruments provide short exposure to other credit obligations because thevalue of such instruments is inversely related to the value of one or more other credit obligations. “Managed Assets” are the total assets of the Fund(including any assets attributable to money borrowed for investment purposes, including proceeds from (and assets subject to) reverse repurchaseagreements, any credit facility and any issuance of preferred shares (“Preferred Shares”) or notes) minus the sum of the Fund’s accrued liabilities (otherthan Fund liabilities incurred for the purpose of leverage). The Fund is permitted to obtain leverage using any form or combination of financial leverageinstruments, including reverse repurchase agreements, credit facilities such as bank loans or commercial paper, and the issuance of Preferred Shares ornotes. The Fund is permitted to have financial leverage representing up to the maximum extent permitted by the 1940 Act, which is up to 33 1/3% of theFund’s total assets (including the assets subject to, and obtained with the proceeds of, such leverage). NYSE Listing.The Fund’s currently outstanding Common Shares are, and the Common Shares offered by this Prospectus Supplement will be,subject to notice of issuance, listed on the New York Stock Exchange (the “NYSE”) under the symbol “ACP.” As of July21, 2025, the last reported saleprice for the Fund’s Common Shares