abrdn Income Credit Strategies Fund received a Schedule 13G from First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation reporting a significant holding of its common shares. The filing shows beneficial ownership of 9,763,057 shares, representing 7.78% of the fund’s common stock as of December 31, 2025.
The reporting persons have no sole voting or dispositive power over these shares but report shared dispositive power over the full amount and no voting power. The position is mainly held through unit investment trusts and other client accounts, and the firms state the holdings are in the ordinary course of business, not to change or influence control of the fund, while each disclaims beneficial ownership.
Positive
None.
Negative
None.
Insights
First Trust entities disclose a passive 7.78% stake in ACP with shared disposition but no voting power.
The filing shows First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation jointly reporting beneficial ownership of 9,763,057 common shares of abrdn Income Credit Strategies Fund as of December 31, 2025, equal to 7.78% of the class. They report zero sole or shared voting power but full shared dispositive power.
Most shares are held in unit investment trusts sponsored by First Trust Portfolios and in other investment vehicles advised by First Trust Advisors. The firms certify the position is held in the ordinary course of business and not to change or influence control, and each disclaims beneficial ownership. Actual market impact depends on future portfolio management decisions and client flows.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
abrdn Income Credit Strategies Fund
(Name of Issuer)
Common
(Title of Class of Securities)
003057106
(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.
003057106
1
Names of Reporting Persons
First Trust Portfolios L.P.
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
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,763,057.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,763,057.00
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)
7.78 %
12
Type of Reporting Person (See Instructions)
BD
SCHEDULE 13G
CUSIP No.
003057106
1
Names of Reporting Persons
First Trust Advisors L.P.
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
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,763,057.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,763,057.00
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)
7.78 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
003057106
1
Names of Reporting Persons
The Charger Corporation
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
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,763,057.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,763,057.00
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)
7.78 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
abrdn Income Credit Strategies Fund
(b)
Address of issuer's principal executive offices:
Attn: Legal Department, c/o Aberdeen Standard Investments, 1900 Market Street, Suite 200, Philadelphia, PA 19103, USA
Item 2.
(a)
Name of person filing:
First Trust Portfolios L.P.
First Trust Advisors L.P.
The Charger Corporation
(b)
Address or principal business office or, if none, residence:
120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187
(c)
Citizenship:
Illinois, USA
(d)
Title of class of securities:
Common
(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:
9,763,057
(b)
Percent of class:
7.78 %
(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:
0
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
9,763,057
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.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
This Schedule 13G filing is jointly filed by The Charger Corporation, First Trust Portfolios L.P. and First Trust Advisors L.P. pursuant to Rule 13d-1(k)(1). The Charger Corporation is the General Partner of both First Trust Portfolios L.P. and First Trust Advisors L.P. First Trust Portfolios L.P. acts as sponsor of certain unit investment trusts which hold shares of the issuer. The total number of shares of the issuer held by these unit investment trusts is set forth in Row (8) above with respect to First Trust Portfolios L.P. No individual unit investment trust sponsored by First Trust Portfolios L.P. holds more than 3% of any registered investment company issuer's shares. First Trust Advisors L.P., an affiliate of First Trust Portfolios L.P., acts as portfolio supervisor of the unit investment trusts sponsored by First Trust Portfolios L.P., certain of which hold shares of the issuer. Neither First Trust Portfolios L.P., First Trust Advisors L.P. nor The Charger Corporation have the power to vote the shares of the issuer held by these unit investment trusts sponsored by First Trust Portfolios L.P. These shares are voted by the trustee of such unit investment trusts so as to insure that the shares are ordinarily voted as closely as possible in the same manner and in the same general proportion as are the shares held by owners other than such unit investment trusts. Subject to the requirements of Rule 12d1-4 under the Investment Company Act of 1940 and as further explained in the Standard Terms and Conditions of Trust and related Trust Agreements of the unit investment trusts, First Trust Portfolios L.P., on behalf of the unit investment trusts, may enter into an agreement with a deposited fund which may permit the shares of such fund to be voted in the best interest of unit holders at the discretion of First Trust Portfolios L.P. The difference, if any, between the aggregate amount of shares beneficially owned by each reporting person, as set forth in Row (9) above, and the number of shares of the issuer held by the unit investment trusts sponsored by First Trust Portfolios L.P. represents shares of the issuer which are either held in other registered investment companies, pooled investment vehicles and/or separately managed accounts for which First Trust Advisors L.P. serves as investment advisor and/or investment sub-advisor. Each of First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation disclaims beneficial ownership of the shares of the issuer identified in this filing.
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 Item 6.
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.
First Trust Portfolios L.P.
Signature:
/s/ James M. Dykas
Name/Title:
James M. Dykas, Chief Financial Officer
Date:
01/30/2026
First Trust Advisors L.P.
Signature:
/s/ James M. Dykas
Name/Title:
James M. Dykas, Chief Financial Officer
Date:
01/30/2026
The Charger Corporation
Signature:
/s/ James M. Dykas
Name/Title:
James M. Dykas, Chief Financial Officer and Treasurer
Date:
01/30/2026
Exhibit Information
Please see Exhibit 99.1 for Joint Filing Agreement
What percentage of abrdn Income Credit Strategies Fund (ACP) does First Trust report owning?
First Trust entities report beneficial ownership of 7.78% of ACP’s common shares. This equals 9,763,057 shares as of December 31, 2025, giving them a sizable but minority position in the closed-end fund.
How many abrdn Income Credit Strategies Fund (ACP) shares are beneficially owned by First Trust?
The filing states that First Trust entities beneficially own 9,763,057 ACP common shares. This holding represents 7.78% of the fund’s outstanding common stock as of the reported date in the Schedule 13G.
Do First Trust and The Charger Corporation have voting power over their ACP shares?
The reporting persons disclose no voting power over ACP shares. They report zero sole and zero shared voting power, while reporting shared dispositive power over 9,763,057 shares, meaning they can influence disposition but not how the shares are voted.
Are the ACP shares held by First Trust intended to influence control of the fund?
The certification states the ACP shares were acquired and held in the ordinary course of business. The reporting persons specify they were not acquired and are not held to change or influence control of abrdn Income Credit Strategies Fund.
How are the ACP shares held by First Trust Portfolios and First Trust Advisors structured?
Many ACP shares are held in unit investment trusts sponsored by First Trust Portfolios and in other investment vehicles and accounts advised by First Trust Advisors. The trustee typically votes trust shares to mirror outside shareholders’ voting patterns.
Which entities jointly filed the Schedule 13G for ACP and how are they related?
The Schedule 13G is jointly filed by First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation. The Charger Corporation is the general partner of both partnerships, which sponsor and manage the investment vehicles holding ACP shares.
