0001752724-23-001941.txt : 20230113 0001752724-23-001941.hdr.sgml : 20230113 20230113154949 ACCESSION NUMBER: 0001752724-23-001941 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20221031 FILED AS OF DATE: 20230113 DATE AS OF CHANGE: 20230113 EFFECTIVENESS DATE: 20230113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: abrdn Income Credit Strategies Fund CENTRAL INDEX KEY: 0001503290 IRS NUMBER: 000000000 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-22485 FILM NUMBER: 23528608 BUSINESS ADDRESS: STREET 1: 1900 MARKET STREET STREET 2: SUITE 200 CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 215-405-5700 MAIL ADDRESS: STREET 1: 1900 MARKET STREET STREET 2: SUITE 200 CITY: PHILADELPHIA STATE: PA ZIP: 19103 FORMER COMPANY: FORMER CONFORMED NAME: Aberdeen Income Credit Strategies Fund DATE OF NAME CHANGE: 20171201 FORMER COMPANY: FORMER CONFORMED NAME: Avenue Income Credit Strategies Fund DATE OF NAME CHANGE: 20101012 N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001503290 XXXXXXXX 811-22485 false false false N-2 abrdn Income Credit Strategies Fund 811-22485 0001503290 JZ9OXI4GGKZDI84RNQ78 1900 Market Street Suite 200 PHILADELPHIA 19103 US-PA US 215-405-5700 State Street Bank and Trust Company 1 Lincoln Street Boston 02111 617-786-3000 Custody and Accounting Records. N N N-2 Y P. Gerald Malone N/A N Nancy Yao Maasbach N/A N John Sievwright N/A N Stephen Bird N/A Y Randolph Takian N/A N Joseph Andolina 006931174 1900 Market Street, Suite 200 Philadelphia 19103 XXXXXX N N N N N N N KPMG LLP 185 5493003PVCIGA21K0K42 N N N N N N abrdn Income Credit Strategies Fund JZ9OXI4GGKZDI84RNQ78 N 0 0 0 N/A N N N N N/A N/A N/A Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4 (17 CFR 270.18f-4) Y Y Y N Aberdeen Asset Managers Limited 801-75074 000162309 549300EI2QZDOKF0UR93 GB N abrdn Inc. 801-49966 000111069 549300RU316J568TLL50 Y N Computershare Trust Company, National Association 85-11340 2549001YYB62BVMSAO13 N N N Refinitiv US Holdings Inc. 549300NF240HXJO7N016 N Bloomberg L.P. 549300B56MD0ZC402L06 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N ICE Data Services, Inc. 13-3668779 Tax ID N IHS Markit Ltd. 549300HLPTRASHS0E726 GB N N State Street Bank and Trust Company 571474TGEMMWANRLN572 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) BNP Paribas Securities Services 549300WCGB70D06XZS54 FR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Royal Bank of Canada ES7IP3U3RHIGC71XBU11 CA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Europe Public Limited Company N1FBEDJ5J41VKZLO2475 IE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) State Street Bank and Trust Company (Edinburgh, GB, Branch) 571474TGEMMWANRLN572 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) State Street Trust Company Canada 549300L71XG2CTQ2V827 CA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) FirstRand Bank Limited ZAYQDKTCATIXF9OQY690 ZA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Ceskoslovenska obchodni banka, a. s. Q5BP2UEQ48R75BOTCB92 CZ N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear Bank 549300OZ46BRLZ8Y6F65 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex 2SFFM4FUIE05S37WFU55 MX N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) UniCredit Bank Czech Republic and Slovakia, a.s. KR6LSKV3BTSJRD41IF75 CZ N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Clearstream Banking S.A. 549300OL514RA0SXJJ44 LU N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) Credit Suisse (Schweiz) AG 549300CWR0W0BCS9Q144 CH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N Computershare Trust Company, National Association 2549001YYB62BVMSAO13 N N N abrdn Inc. 549300RU316J568TLL50 Y N N Aberdeen Fund Distributors, LLC 8-67799 000146230 2138007O8Z7FY13LG555 0.00000000 ALPS Distributors, Inc. N/A 000016853 0000000000 0.00000000 J.P. Morgan Securities LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 2763.48000000 Virtu Americas LLC 8-68193 000149823 549300RA02N3BNSWBV74 1570.73000000 RBC Capital Markets, LLC 8-45411 000031194 549300LCO2FLSSVFFR64 1067.50000000 5401.71000000 Citigroup Global Markets Inc. 8-8177 000007059 MBNUM2BPBDO7JBLYG310 40061455.40000000 Goldman Sachs & Co. LLC 8-129 000000361 FOR8UP27PHTHYVLBNG30 35921227.02000000 Barclays Capital Inc. 8-41342 000019714 AC28XWWI3WIBK2824319 20382361.49000000 Jefferies LLC 8-15074 000002347 58PU97L1C0WSRCWADL48 34214028.74000000 BofA Securities, Inc. 8-69787 000283942 549300HN4UKV1E2R3U73 29486376.64000000 J.P. Morgan Securities LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 44400987.73000000 Morgan Stanley & Co. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 54987902.47000000 State Street Bank and Trust Company N/A N/A 571474TGEMMWANRLN572 407503727.64000000 HSBC Securities (USA) Inc. 8-41562 000019585 CYYGQCGNHMHPSMRL3R97 22790538.63000000 Credit Suisse Securities (USA) LLC 8-422 000000816 1V8Y6QCX6YMJ2OELII46 33249788.93000000 801233810.85000000 N 205727722.79153846 Common stock abrdn Income Credit Strategies Fund Preferred stock Series A Perpetual Preferred Shares N N N N N N 2.13000000 3.70000000 6.37000000 6.72000000 true true true INTERNAL CONTROL RPT 2 NCEN_811-22485_79774401_1022.htm u_acp6.htm - Generated by SEC Publisher for SEC Filing

 

 

 

 

 

 

Report of Independent Registered Public Accounting Firm

 

To the Shareholders and Board of Trustees abrdn Income Credit Strategies Fund:

 

In planning and performing our audit of the financial statements of abrdn Income Credit Strategies Fund (formerly, Aberdeen Income Credit Strategies Fund) (the Fund) as of and for the year ended October 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

 

Management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

 

Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of October 31, 2022.

 

 


 

 

 

 

 

This report is intended solely for the information and use of the management and the Board of Trustees of abrdn Income Credit Strategies Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

 

 

/s/ KPMG LLP

 

Philadelphia, Pennsylvania

 

December 29, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

2

MATERIAL AMENDMENTS 3 NCEN_811-22485_19607329_1022.htm acpitemg1bimaterialamendment.htm - Generated by SEC Publisher for SEC Filing

Item G.1.b.i.  material amendments to organizational documents.

 

(1)

 

AMENDMENT TO THE

 

AMENDED AND RESTATED

 

AGREEMENT AND DECLARATION OF TRUST

 

OF

 

ABERDEEN INCOME CREDIT STRATEGIES FUND

 

This Amendment dated June 10, 2022 (the “Amendment”) to the AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST,  as amended and restated on December 9, 2010, of the Aberdeen Income Credit Strategies Fund (the “Trust”) is made by the Trustees hereunder.

 

WITNESSETH THAT:

 

WHEREAS, the Trustees desire to amend Section 1.01 of the Amended and Restated Declaration of Trust, dated December 9, 2010, in its entirety in order to reflect a change in the name of the Trust as follows, effective June 30, 2022:

Current Name                                                            New  Name

Aberdeen Income Credit Strategies Fund                 abrdn Income Credit Strategies Fund

 

NOW THEREFORE BE IT, that Section 1.01 of the Amended and Restated Declaration of Trust shall be restated in its entirety as follows, effective June 30, 2022:

 

Section 1.01. Name. The name of the Trust shall be “abrdn Income Credit Strategies Fund” and the Trustees shall conduct the business of the Trust under the name or any other name or names as they may from time to time determine. Any name change shall become effective upon the execution by a Majority of the Trustees of an instrument setting forth the new name and the effectiveness of a certificate of amendment filed pursuant to Section 3810(b) of the Delaware Statutory Trust Act.  Any such instrument shall not require the approval of the Shareholders, but shall have the status of an amendment to this Declaration.

 

(remainder of page intentionally blank)

 


 

 

 

IN WITNESS WHEREOF, the undersigned Trustees have set their hand and seal, for themselves and their assigns, unto this Amendment to the Amended and Restated Declaration of Trust of Aberdeen Income Credit Strategies Fund, all as of the day and year first above written.  This Amendment to the Agreement and Declaration of Trust may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts together shall constitute one and the same instrument.

 

           

/s/ John Sievwright

John Sievwright

 

             

/s/ P. Gerald Malone

P. Gerald Malone

 

             

/s/ Randolph Takian

Randolph Takian

 

             

/s/ Nancy Yao Maasbach

Nancy Yao Maasbach

 

           

/s/ Stephen Bird

Stephen Bird

           

 

 

 


 

 

(2)

 

STATE OF DELAWARE CERTIFICATE OF AMENDMENT TO CERTIFICATE OF TRUST

 

Pursuant to Title 12, Section 3810(b) of the Delaware Statutory Trust Act, the undersigned Trust executed the following Certificate of Amendment:

 

1.                         Name of Statutory Trust:                                                                                                                              

Aberdeen Income Credit Strategies Fund

 

2.                       The Certificate of Amendment to the Certificate of Trust is hereby amended as follows:

Name of Statutory Trust:

abrdn Income Credit Strategies Fund

[set forth amendment(s)]

 

3.                       (Please complete with either upon filing or it may be a future effective date that is within 90 days of the file date) This Certificate of Amendments shall be

effective


  June 30, 2022     .

 

 

 

IN WITNESS WHEREOF, the undersigned have executed this Certificate on

the 10th


day of


June


, 2022


A.D.

                                                                                                                                                                                                                                   

 

 

 

By: /s/ John Sievwright                                                                    

Trustee Name: John Sievwright

Type or Print

ITEM 405 REG S-K 4 NCEN_811-22485_54929240_1022.htm acpagdaodawpitemg1biv-delinq.htm - Generated by SEC Publisher for SEC Filing

Item G.1.b.iv.  Information called for by Item 405 of Regulation S-K:

Delinquent Section 16(a) Reports

Section 16(a) of the 1934 Act and Section 30(h) of the 1940 Act, as applied to the Fund, require the Fund's officers and Trustees, certain officers and directors of the investment advisers, affiliates of the investment advisers, and persons who beneficially own more than 10% of the Fund's outstanding securities (collectively, the “Reporting Persons”) to electronically file reports of ownership of the Fund's securities and changes in such ownership with the SEC and the NYSE.

Based solely on the Fund’s review of such forms filed on EDGAR or written representations from Reporting Persons that all reportable transactions were reported, to the knowledge of the Fund, during the fiscal period ended October 31, 2022, the Fund’s Reporting Persons timely filed all reports they were required to file under Section 16(a), except that: (i) Robert Hepp and Andrew Kim each filed a late Form 3 filing following their respective appointments as Vice Presidents of the Fund; and (ii) Grant Hotson and Neil Slater each filed a late Form 3 filing following their respective appointments as directors of the Fund’s investment adviser.