[SCHEDULE 13G/A] abrdn Income Credit Strategies Fund SEC Filing

Rhea-AI Filing Summary

UBS Group AG has filed Amendment No. 11 to Schedule 13G for abrdn Income Credit Strategies Fund (NYSE: ACP) covering the fund’s 5.250% Series A Perpetual Preferred Shares (CUSIP 003057205) as of 30 Jun 2025.

• Beneficial ownership: 682,857 shares, equal to 42.68 % of the outstanding preferred class.
• Voting power: Sole 0; Shared 676.
• Dispositive power: Sole 0; Shared 682,857.
• Shares are held by UBS Group AG and wholly-owned units UBS Financial Services Inc. and UBS Securities LLC.
• The filing is made under Rule 13d-1(b); UBS certifies the position is held in the ordinary course of business with no intent to influence control.

No transactions, valuation metrics, or strategic initiatives are disclosed—this is strictly an ownership update highlighting a significant passive institutional stake.

Positive

• UBS Group AG holds 42.68 % of ACP’s Series A preferred shares, indicating substantial institutional support.

Negative

• Sole voting power is reported as 0, underscoring limited governance rights attached to the preferred shares despite high economic ownership.

Insights

Securities Analyst

TL;DR: UBS passively controls 42.7 % of ACP’s Series A preferred; disclosure is informational, not strategic.

Assessment: The filing confirms a concentrated but passive institutional holding. Because it is a 13G, UBS signals no activist intent, limiting immediate governance impact. The preferred shares carry minimal voting rights—UBS lists only 676 votes—so influence over the common fund structure remains negligible. Nevertheless, a single holder with 42.68 % economic interest could affect market liquidity or future secondary offerings. From a credit-strength angle, institutional sponsorship can be viewed positively, but there is no new financial data to adjust valuation. Overall, the disclosure is neutral for near-term price action yet important for investors tracking ownership concentration.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 11)

abrdn Income Credit Strategies Fund

(Name of Issuer)

5.250% Series A Perpetual Preferred Shares (Liquidation Preference $25.00)

(Title of Class of Securities)

003057205

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 003057205

1

Names of Reporting Persons

UBS Group AG

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

SWITZERLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 676.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 682,857.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

682,857.00

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)

42.7 %

12

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13G

Item 1.
(a)	Name of issuer: abrdn Income Credit Strategies Fund
(b)	Address of issuer's principal executive offices: 1900 MARKET STREET, 1900 MARKET STREET, PHILADELPHIA, PENNSYLVANIA, 19103.
Item 2.
(a)	Name of person filing: UBS Group AG
(b)	Address or principal business office or, if none, residence: Bahnhofstrasse 45 PO Box CH-8021, Zurich, Switzerland
(c)	Citizenship: Switzerland
(d)	Title of class of securities: 5.250% Series A Perpetual Preferred Shares (Liquidation Preference $25.00)
(e)	CUSIP No.: 003057205
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: 682,857
(b)	Percent of class: 42.68 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 676
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 682,857
Item 5.	Ownership of 5 Percent or Less of a Class.
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. This statement on Schedule 13G is being filed by UBS Group AG on behalf of itself and its wholly owned subsidiaries UBS Financial Services Inc. and UBS Securities LLC.
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.

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.

UBS Group AG

Signature:	/s/ Andrew Johnson
Name/Title:	Director
Date:	07/29/2025

FAQ

How many abrdn Income Credit Strategies Fund Series A preferred shares does UBS own?

UBS beneficially owns 682,857 5.250% Series A Perpetual Preferred Shares.

What percentage of the Series A preferred class does this stake represent for ACP?

The stake represents 42.68 % of the outstanding Series A preferred shares.

Does UBS intend to influence control of ACP according to the filing?

No. The Schedule 13G states the shares are held in the ordinary course of business with no intent to influence control.

Under which SEC rule was this Schedule 13G filed by UBS?

The filing was made under Rule 13d-1(b).

What is the CUSIP number for ACP’s 5.250% Series A preferred shares?

The CUSIP for these shares is 003057205.

When is the ownership information effective?

The information is effective as of 30 June 2025.