13G: Morgan Stanley, Parametric report 6,588,286 ACP shares

Rhea-AI Filing Summary

Morgan Stanley and Parametric Portfolio Associates LLC filed a Schedule 13G reporting beneficial ownership in abrdn Income Credit Strategies Fund (ACP).

The filing lists 6,588,286 common shares beneficially owned, representing 5.3% of the class as of the 09/30/2025 event date. The reporting persons disclose shared voting power over 873,573 shares and shared dispositive power over 6,588,286 shares, with no sole voting or dispositive power. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

Parametric and Morgan Stanley classify themselves as an investment adviser and a parent holding company/control person, respectively, and entered a joint filing agreement. This passive ownership notice informs the market of their stake and governance rights associated with the reported voting and dispositive powers.

Insights

Closed-end fund & ownership reporting analyst

Passive 13G discloses a 5.3% ACP stake; routine ownership update.

Morgan Stanley and Parametric report beneficial ownership of 5.3% in ACP, totaling 6,588,286 common shares as of 09/30/2025. They indicate shared voting power over 873,573 shares and shared dispositive power over the full 6,588,286 shares, with zero sole powers.

This is a Schedule 13G, which signals a passive intent. The certification explicitly states acquisition and holding in the ordinary course and not to influence control. A joint filing agreement aligns disclosures between the parent and adviser entities.

Ownership percentages in closed-end funds can shift with trading or corporate actions. Any future changes above or below reporting thresholds would typically be reflected in subsequent ownership reports.

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 Shares

(Title of Class of Securities)

003057106

(CUSIP Number)

09/30/2025

(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. 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 873,573.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,588,286.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,588,286.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 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 873,573.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,588,286.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,588,286.00

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)

5.3 %

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: 5.3 %
(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.
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:	Chris O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	11/07/2025

Parametric Portfolio Associates LLC

Signature:	Cindy Kim
Name/Title:	Authorized Signatory, Parametric Portfolio Associates LLC
Date:	11/07/2025

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).

FAQ

What stake in ACP did Morgan Stanley and Parametric report?

They reported 6,588,286 common shares, representing 5.3% of the class.

What voting and dispositive powers were disclosed for ACP (ACP)?

They reported shared voting power over 873,573 shares and shared dispositive power over 6,588,286 shares, with no sole powers.

Is the ACP ownership filing on a Schedule 13G or 13D?

It is a Schedule 13G, indicating passive ownership in the ordinary course of business.

Who are the reporting persons in this ACP Schedule 13G?

Morgan Stanley and Parametric Portfolio Associates LLC are the reporting persons.

What is the event date for the reported ACP holdings?

The event date is 09/30/2025.

How are the reporting persons classified in the filing?

Morgan Stanley is HC, CO (parent holding company/control person); Parametric is IA, CO (investment adviser/control person).

Does the filing indicate an intent to influence control of ACP?

No. The certification states the securities were acquired and held in the ordinary course and not to influence control.