abrdn Income Credit Strategies Fund Pfd 2025年度报告

Item 1. Reports to Stockholders. abrdn Income Credit Strategies Fund (ACP) Annual ReportOctober 31, 2025 Letter to Shareholders(unaudited) Dear Shareholder, Change in Non-Fundamental Investment Policy On September 9, 2025, the Board of Trustees of the Fundapproved a change in the Fund’s non-fundamental investmentstrategy relating to investments in defaulted credit obligations asset forth below, effective November 10, 2025. We present the Annual Report, which covers the activities ofabrdn Income Credit Strategies Fund("ACP" orthe “Fund”), forthe fiscal year ended October 31, 2025. The Fund's primaryinvestment objective is to seek a high level of current income,with a secondary objective of capital appreciation. Total Investment Return1 For the fiscal year ended October 31, 2025, the total return toshareholders of the Fund based on the net asset value (“NAV”)and market price of the Fund, respectively, compared to theFund’s benchmark,is as follows: For more information about Fund performance, please visit theFund on the web at www.aberdeenacp.com. Here, you can viewquarterly commentary on the Fund's performance, monthly factsheets,distribution and performance information,and otherFund literature. A summaryof the Fund's investment objectives,strategies,policies and risks, as of the Effective Date (inclusive of thechange to the investment policy noted above), is set forth below. Series A Mandatory Redeemable Preferred Shares On December 18, 2025, the Fund closed a private offering of 4million shares of Series A Mandatory Redeemable PreferredShares due in 2030 (“Series A MRPS”).The Series A MRPS,with a liquidation value of $100 million, are rated A2 by Moody'sInvestor Services. A portion of the net proceeds from the SeriesA MRPSwere used to refinance the Fund's existing creditfacility with the remaining being used to, as permitted under theInvestment Company Act of 1940, as amended (the “1940 Act”),make new portfolio investments. NAV, Market Price and Premium(+)/Discount(-) The below table represents a comparison between the currentfiscal year end and the prior fiscal year end of theFund's marketprice toNAV and associated Premium(+) and Discount(-). Series A Perpetual Preferred Shares As of October 31, 2025, the Fund's 5.25% Series A PerpetualPreferred Shares with a liquidation value of $40 million, arerated A2 by Moody's Investors Service. The Perpetual PreferredShares are listed on the New York Stock Exchange ("NYSE")under the ticker symbol "ACP PRA." A more detailed descriptionof the Fund's Perpetual Preferred Shares can be found in theNotes to Financial Statements. During the fiscal year ended October 31, 2025, the Fund’s NAVwas within a range of $5.81 to $6.58 and the Fund’s marketprice traded within a range of $5.17 to $6.55. During the fiscalyear ended October 31, 2025, the Fund’s shares traded within arange of a premium(+)/discount(-) of -11.02% to 0.15%. {foots1} 1Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, whensold, may be worth more or less than original cost. Current performance may be lower or higher than the performancequoted. Net asset value return data includes investment management fees, custodial charges and administrative fees(such as Trustee and legal fees) and assumes the reinvestment of all distributions.{foots1} 3The Fund’s total return is based on the reported NAV for each financial reporting period end and may differ from what isreported on the Financial Highlights due to financial statement rounding or adjustments.{foots1} 4The ICE BofAML Global High Yield Constrained (Hedged USD) Index tracks the performance of U.S. dollar-, Canadiandollar-, British pound- and euro-denominated below-investment-grade corporate debt publicly issued in the major domesticor eurobond markets. Indexes are unmanaged and have been provided for comparison purposes only. No fees orexpenses are reflected. You cannot invest directly in an index. Letter to Shareholders(unaudited)(continued) has its own definition of unclaimed property, and Fund sharescouldbe considered“unclaimed property”due to accountinactivity (e.g., no owner-generated activity for a certain period),returned mail (e.g., when mail sent to ashareholder is returnedto the Fund's transfer agent as undeliverable), or a combinationof both. If your Fund shares are categorized as unclaimed, yourfinancial advisor or the Fund's transfer agent will follow theapplicable state’s statutory requirements to contact you, but ifunsuccessful, laws may require that the shares be escheated tothe appropriate state. If this happens, you will have to contactthe state to recover your property, which may involve time andexpense. For more information on unclaimed property and howto maintain an active account, please contact your financialadviser or the Fund's transfer agent. Aberdeen Name Change On March 4, 2025, abrdn plc, the parent company of the Fund'sadviser, announced th