Morgan Stanley and Parametric report 8.18M shares in ACP (ACP)

Rhea-AI Filing Summary

The Schedule 13G/A amendment shows Morgan Stanley (via MS Reporting Units) and Parametric Portfolio Associates LLC reporting shared voting power of 1,086,674 and shared dispositive power of 8,177,008 common shares of abrdn Income Credit Strategies Fund (CUSIP 003057106) as of 03/31/2026. The filing states total shares beneficially owned of 8,177,008, representing 6.5% of the class and includes a joint filing agreement and Item 7 exhibit. Signatures are dated 05/11/2026. The filing notes that securities reported reflect certain MS operating units as described in Release No. 34-39538.

Insights

Institutional Ownership Analyst

Large passive stake reported: 8,177,008 shares (6.5%) as of 03/31/2026.

The amendment records a substantial beneficial ownership position of 8,177,008 shares, equal to 6.5% of the class. The filing attributes authority as shared voting and shared dispositive power rather than sole control, indicating multiple reporting units or shared arrangements.

Future activity will depend on institutional trading decisions; subsequent filings would disclose any changes in voting or disposition power.

Securities Compliance Counsel

Filing is an amendment with joint-filing exhibits and MS aggregation note.

The schedule includes a joint filing agreement and an Item 7 exhibit and cites Release No. 34-39538 to explain aggregation of Morgan Stanley reporting units. This clarifies attribution and the scope of the reported holdings.

Compliance follow-up items: review Exhibit 99.2 for subsidiary identification and confirm recordkeeping aligns with the joint filing language.

Key Figures

Beneficially owned shares: 8,177,008 shares Percent of class: 6.5 % Shared voting power: 1,086,674 shares +3 more

6 metrics

Beneficially owned shares 8,177,008 shares reported as beneficially owned

Percent of class 6.5 % percent of common shares

Shared voting power 1,086,674 shares shared power to vote

Shared dispositive power 8,177,008 shares shared power to dispose

CUSIP 003057106 abrdn Income Credit Strategies Fund Common Shares

Filing signature date 05/11/2026 signature dates for authorized signatories

Key Terms

Beneficially owned, Shared dispositive power, Schedule 13G/A

3 terms

Beneficially owned regulatory

"See the response(s) to Item 9 on the attached cover page(s)."

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Shared dispositive power regulatory

"Shared Dispositive Power 8,177,008.00"

Schedule 13G/A regulatory

"Item 1. (a) Name of issuer: abrdn Income Credit Strategies Fund"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/11/2026 - 11:39 AM Learn about SEC filing dates

FAQ

What stake does ACP report for Morgan Stanley and Parametric in this 13G/A?

The filing reports 8,177,008 shares beneficially owned, representing 6.5% of ACP's common shares as of 03/31/2026. Shared voting power is listed as 1,086,674 shares and shared dispositive power as 8,177,008 shares.

Does the Schedule 13G/A show sole control over ACP shares?

No. The filing shows shared voting power and shared dispositive power, with both Morgan Stanley and Parametric reporting shared authorities rather than sole voting or sole dispositive power.

What documents are attached to this amendment for ACP (CUSIP 003057106)?

The amendment includes Exhibit 99.1 (Joint Filing Agreement) and Exhibit 99.2 (Item 7 subsidiary information). These exhibits are referenced in the cover page and signature block dated 05/11/2026.

How does Morgan Stanley describe its aggregation of holdings in the filing?

The filing cites Release No. 34-39538 and states the securities reflect holdings of certain operating units (the "MS Reporting Units") of Morgan Stanley, and do not reflect disaggregated operating units excluded per that Release.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

abrdn Income Credit Strategies Fund

(Name of Issuer)

Common Shares

(Title of Class of Securities)

003057106

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 003057106

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,086,674.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,177,008.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,177,008.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.5 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP Number(s): 003057106

1

Names of Reporting Persons

Parametric Portfolio Associates LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,086,674.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,177,008.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,177,008.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.5 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: abrdn Income Credit Strategies Fund
(b)	Address of issuer's principal executive offices: 1900 MARKET STREET, SUITE 200, PHILADELPHIA, PA, 19103
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Parametric Portfolio Associates LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 800 Fifth Avenue, Suite 2800, Seattle, WA 98104
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 003057106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 6.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Claire Gordon
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	05/11/2026

Parametric Portfolio Associates LLC

Signature:	Cindy Kim
Name/Title:	Authorized Signatory, Parametric Portfolio Associates LLC
Date:	05/11/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).