Form N-CEN - Annual Report for Registered Investment Companies
13 Janvier 2025 - 8:45PM
Edgar (US Regulatory)
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 (the Fund)
as of and for the year ended October 31, 2024, 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, 2024.
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
Columbus, Ohio
December 27, 2024
Item G.1.b.i. material
amendments to organizational documents.
AMENDMENT TO THE AMENDED
AND RESTATED
AGREEMENT AND DECLARATION OF TRUST OF
ABRDN INCOME
CREDIT STRATEGIES FUND
This Amendment dated November 10, 2023 (the
“Amendment”) to the AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST, as amended and restated on December 9, 2010, of the abrdn Income Credit
Strategies Fund (the “Trust”) is made by the
Trustees hereunder.
WITNESSETH THAT:
IT IS RESOLVED, that Section 7.05 of the Amended and Restated Agreement and Declaration of Trust is
restated in its entirety as follows, effective immediately:
Section 7.05. Quorum and Required Vote. The
presence in person or by proxy of one-third (1/3) of the Shares entitled to
vote which, for the avoidance of doubt, and except as otherwise provided by
law, will include Shares held by brokers who provide votes and/or nonvotes as
to all matters, shall be a quorum for the transaction of business at a meeting
of Shareholders; provided that the By-Laws may specify a lower quorum. Any
meeting of Shareholders, whether or not a quorum is present, may be adjourned
one or more times for any lawful purpose by the Chairman, the Trustees (or
their designees) or a majority of the votes properly cast upon the question of
adjourning a meeting. Any adjourned session or sessions may be held as
adjourned one or more times without further notice not later than 150 days
after the record date. A Required Shareholder Vote (or such other vote
specified herein) at a meeting at which a quorum is present shall decide any
question.
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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 abrdn 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
Nancy Yao
/s/ Stephen Bird
Stephen Bird
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