UBS Group AG (ACP) reports 34.89% holding in abrdn preferred shares

Rhea-AI Filing Summary

UBS Group AG has disclosed its ownership in the 5.250% Series A Perpetual Preferred Shares of abrdn Income Credit Strategies Fund. UBS reports beneficial ownership of 558,246 preferred shares, representing 34.89% of this class. UBS has shared voting power over 241 shares and shared dispositive power over 558,246 shares, with no sole voting or dispositive power reported.

UBS states that the securities were acquired and are held in the ordinary course of business, and not for the purpose of changing or influencing control of the fund. The filing is made by UBS Group AG on behalf of itself and its wholly owned subsidiaries UBS Financial Services Inc. and UBS Securities LLC.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 13)

abrdn Income Credit Strategies Fund

(Name of Issuer)

5.250% Series A Perpetual Preferred Shares

(Title of Class of Securities)

003057205

(CUSIP Number)

12/31/2025

(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 241.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 558,246.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

558,246.00

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)

34.9 %

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
(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: 558,246
(b)	Percent of class: 34.89%
(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: 241
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 558,246
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. 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:	Andrew Johnson
Name/Title:	Director
Date:	01/07/2026

FAQ

What ownership stake does UBS Group AG report in ACP's preferred shares?

UBS Group AG reports beneficial ownership of 558,246 of abrdn Income Credit Strategies Fund's 5.250% Series A Perpetual Preferred Shares, representing 34.89% of that class.

Which security of ACP is covered in this Schedule 13G/A filing?

The filing covers abrdn Income Credit Strategies Fund's 5.250% Series A Perpetual Preferred Shares with CUSIP 003057205.

How much voting and dispositive power does UBS have over ACP's preferred shares?

UBS reports 0 shares with sole voting power, 241 shares with shared voting power, 0 shares with sole dispositive power, and 558,246 shares with shared dispositive power.

Is UBS Group AG seeking to influence control of ACP with this stake?

UBS certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of abrdn Income Credit Strategies Fund.

Who signed the ownership disclosure for UBS Group AG?

The statement was signed by Andrew Johnson, listed as Director, dated 01/07/2026.