ACP - abrdn Income Credit Strategies Fund

What this means for you

2 large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Oct 29, 2026

   UBS Group AG cut its stake to 28.8% of the fund's preferred shares (from 30%), not the common shares most holders own.

   Original document →

2. Oct 14, 2026

   First Trust Portfolios L.P. raised its stake to 16% (from 13.2%), as a passive investor.

   Original document →

3. Aug 3, 2026

   UBS Group AG cut its stake to 30% of the fund's preferred shares (from 33.2%), not the common shares most holders own.

   Original document →

4. July 14, 2026

   First Trust Portfolios L.P. raised its stake to 13.2% (from 10.5%), as a passive investor.

   Original document →

5. May 11, 2026

   Morgan Stanley raised its stake to 6.5% (from 5.3%), as a passive investor.

   Original document →

About this fund

• Run by abrdn Investments Limited. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $671 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 33% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 43% of that is money the fund has borrowed by selling preferred shares. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -16.4%; at +10%, about +11.7%. As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs: 1.7% a year in management fees; 3.9% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 77 charge a lower management fee and 59 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $44 in the first year and about $454 over 10 years, assuming the holdings return 5% a year. As of Oct 31, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $0.95 a share. $0.49 of that was income; $0.46 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $5.89. The shares traded at $5.57, about 5.4% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 11% below to 2.3% above. As of April 30, 2026, from the fund's annual report. Original document →
• How the holdings did: down 3% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2010.

How this has changed

• Payouts per share: $0.95 in the fiscal year ended Oct 31, 2025; $1.20 in the year ended Oct 31, 2024; $1.20 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.46 in the year ended Oct 31, 2025; $0.66 in the year ended Oct 31, 2024; $0.48 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.94% a year in the fiscal year ended Oct 31, 2025; 4.28% a year in the year ended Oct 31, 2024; 4.56% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $739 million at Oct 31, 2025; $820 million at Oct 31, 2024; $339 million at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: about 30% on top of its own money at Oct 31, 2025; 25% at Oct 31, 2024; 30% at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 125 million shares at Oct 31, 2025, up 140.6% from Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned +0.7%, counting payouts; the holdings +5.8%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +34.4%, counting payouts; the holdings +19.9%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned +8.1%, counting payouts; the holdings +15.5%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -34.9%, counting payouts; the holdings -25.8%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +37.1%, counting payouts; the holdings +14.7%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +30.5%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $13,000 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +0.7%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 59 funds that invest in bonds with a fiscal year ending within six months of this one, 47 reported a higher share return for that year and 11 a lower one. As of Oct 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (94%), the rest cash and short-term holdings, loans and shares. About 40% issued in the U.S.

1. Cash and short-term - 5.3%
2. Bellis Acquisition Co PLC - 2.5%
3. Enquest PLC - 2.4%
4. Summer Bidco BV - 2.4%
5. Sherwood Financing PLC - 2.2%
6. CD&R Firefly Bidco Limited 2025 GBP Term Loan - 2%
7. Iceland Bondco PLC - 1.9%
8. Cheplapharm Arzneimittel GmbH - 1.9%
9. Cco Hldgs LLC/Cap, CCO Holdings LLC / CCO Holdings Capital Corp - 1.9%
10. Dotdash Meredith - 1.8%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →