abrdn Income Credit Strategies Fund 2025年度报告

FORM N-CSR (a) A copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940(the “1940 Act”) is filed herewith. abrdn Income Credit Strategies Fund (ACP) Semi-Annual ReportApril 30, 2026 Letter to Shareholders(unaudited) Dear Shareholder, Change in Non-Fundamental Investment Policy On September 9, 2025, the Board of Trustees of the Fundapproveda change in the Fund’s non-fundamentalinvestmentstrategy relating to investments in defaultedcredit obligations as set forth below, effective November 10,2025. Wepresent the Semi-Annual Report,which covers theactivities of abrdn Income Credit Strategies Fund ("ACP"orthe “Fund”), for the six-month period ended April 30,2026. The Fund's primary investment objective is to seek ahigh level of current income, with a secondary objective ofcapital appreciation. Total Investment Return1 For the six-month period ended April 30, 2026, the totalreturn to shareholders of the Fund based on the net assetvalue (“NAV”) and market price of the Fund, respectively,compared to the Fund’s benchmark,is as follows: For more information about Fund performance, please visitthe Fund on the web at www.aberdeenacp.com. Here, youcan view quarterly commentary on the Fund's performance,monthlyfactsheets,distributionandperformanceinformation, and other Fund literature. Series A Mandatory Redeemable PreferredShares On December 18, 2025, the Fund closed a private offeringof4 million shares of Series A Mandatory RedeemablePreferred Shares due in 2030 (“Series A MRPS”).The SeriesA MRPS, with a liquidation value of $100 million, are ratedA2by Moody's Investor Services. A portion of the netproceeds from the Series A MRPS were used to refinancethe Fund's existing credit facility with the remaining beingused to, as permitted under the Investment Company Act of1940, as amended (the “1940 Act”), make new portfolioinvestments. NAV, Market Price and Premium(+)/Discount(-) Thebelow table represents a comparison between thecurrent six-month period end and the prior fiscal year end ofthe Fund's market price to NAV and associated Premium(+)and Discount(-). Series A Perpetual Preferred Shares As of April 30, 2026, the Fund's 5.25% Series A PerpetualPreferred Shares with a liquidation value of $40 million, areratedA2 by Moody's Investors Service.The PerpetualPreferredShares are listed on the New York StockExchange ("NYSE") under the ticker symbol "ACP PRA." Amore detailed description of the Fund's Perpetual PreferredShares can be found in the Notes to Financial Statements. Duringthe six-month period ended April 30,2026,theFund’s NAV was within a range of $5.50 to $5.90 and theFund’s market price traded within a range of $5.01 to $5.76.Duringthe six-month period ended April 30,2026,theFund’ssharestradedwithinarangeofapremium(+)/discount(-) of -9.67% to -1.20%. {foots1} 1Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares,when sold, may be worth more or less than original cost. Current performance may be lower or higher than theperformance quoted. Net asset value return data includes investment management fees, custodial charges andadministrative fees (such as Trustee and legal fees) and assumes the reinvestment of all distributions.{foots1} 2Assuming the reinvestment of dividends and distributions.{foots1} 3The Fund’s total return is based on the reported NAV for each financial reporting period end and may differ fromwhat is reported 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-,Canadian dollar-, British pound- and euro-denominated below-investment-grade corporate debt publicly issued inthe major domestic or eurobond markets. Indexes are unmanaged and have been provided for comparisonpurposes only. No fees or expenses are reflected. You cannot invest directly in an index. Letter to Shareholders(unaudited)(continued) are categorized as unclaimed, your financial advisor or theFund'stransfer agent will follow the applicable state’sstatutory requirements to contact you, but if unsuccessful,lawsmay require that the shares be escheated to theappropriate state. If this happens, you will have to contactthe state to recover your property, which may involve timeand expense. For more information on unclaimed propertyand how to maintain an active account, please contact yourfinancial adviser or the Fund's transfer agent. Distribution Policy Distributionsto common shareholders for the six-monthperiod ended April 30, 2026 totaled $0.4650 per share.Based on the market price of $5.45 on April 30, 2026, theannualized distribution rate over the six-month period endedApril 30, 2026 was 17.06%. Based on the NAV of $5.65 onApril 30, 2026, the annualized distribution rate for the six-month period ended April 30, 2026 was 16.46%. Since alldistributions are