Abrdn Income Credit Strategies Fund : Special Meeting Proposal Proxy Statement (09/16/2022)

ABRDN INCOME CREDIT STRATEGIES FUND

1900 Market Street, Suite 200

Philadelphia, PA 19103

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS

To be held on November 9, 2022

TO THE SHAREHOLDERS:

NOTICE IS HEREBY GIVEN that a special meeting (the "Special Meeting") of shareholders of abrdn Income Credit Strategies Fund (the "Fund") will be held in a virtual format on November 9, 2022 at 10:00 a.m. Eastern Time.

The purpose of the Special Meeting is to consider and act upon the following proposal (the "Proposal") and to consider and act upon such other matters as may properly come before the Special Meeting or any adjournments or postponements thereof:

To approve the issuance of additional common shares of beneficial interest of the Fund in connection with the reorganization of Delaware Ivy High Income Opportunities Fund, another closed-end fund, with and into the Fund.

The Proposal is discussed in greater detail in the enclosed Proxy Statement. You are entitled to notice of, and to vote at, the Special Meeting if you owned shares of the Fund at the close of business on August 11, 2022 (the "Record Date"). If you virtually attend the Special Meeting, you may vote your shares electronically at that time. Even if you expect to attend the Special Meeting, please complete, date, sign and return the enclosed proxy card in the enclosed postage-paid envelope or authorize your proxy by telephone or through the Internet.

All shareholders are requested to vote by proxy over the Internet, by telephone or by completing, dating and signing the enclosed proxy card and returning it promptly.

The Special Meeting will be a completely virtual meeting of shareholders, which will be conducted solely online via live webcast.

The Fund wants to assure its shareholders of its commitment to ensuring that the Special Meeting provides shareholders with a meaningful opportunity to participate, including the ability to ask questions of the Fund's Board of Trustees and management. To support these efforts, the Fund will:

• Provide for Special Meeting attendees to begin logging into the Special Meeting at 9:30 a.m. Eastern Time on November 9, 2022, thirty minutes in advance of the Special Meeting.
• Permit participating shareholders to submit questions via live webcast during the Special Meeting by following the instructions available on the meeting website during the Special Meeting. Questions relevant to Special Meeting matters will be answered during the Special Meeting, subject to time constraints.
• Post responses on the Fund's webpage to questions relevant to Special Meeting matters that are not answered during the Special Meeting due to time constraints.
• Provide the ability for participating shareholders of record to vote or revoke their prior vote by following the instructions available on the meeting website during the Special Meeting. Shares for which a shareholder is the beneficial owner, but not the shareholder of record, also may be voted electronically during the Special Meeting but only if the shareholder obtains a signed proxy (a "legal proxy") from the record holder (stock brokerage, bank, or other nominee) giving the shareholder the right to vote the shares.

Registering to Attend the Virtual Special Meeting as a Beneficial Owner

We will admit to the Special Meeting (1) all shareholders of record on the Record Date,

1. persons holding proof of beneficial ownership at the Record Date, such as a letter or account statement from the person's broker, (3) persons who have been granted proxies, and (4) such other persons that we, in our sole discretion, may elect to admit. If you owned shares as of the Record Date and wish to participate in the Meeting, you must email AST Fund Solutions, LLC ("AST") at [e-mail] or call AST toll-free at 1-800-431-9643, in order to register to attend the Meeting, obtain the credentials to access the Meeting, and verify that you were a shareholder on the Record Date. If you are a record owner of shares, please have your control number on your proxy card available when you call or include it in your email. You may vote during the Meeting by following the instructions that will be available on the Meeting website during the Meeting. If you hold your shares through an intermediary, such as a bank or broker, as of the Record Date, you must provide a legal proxy from that institution in order to vote your shares at the Meeting. You may forward an email from your intermediary or attach an image of your legal proxy and transmit it via email to
   AST at [e-mail] and you should label the email "Legal
   Proxy" in the subject line. If you hold your shares through an intermediary as of the

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Record Date and wish to attend, but not vote at, the Meeting, you must verify to AST that you owned shares as of the Record Date through an account statement or some other similar means.

Requests for registration must be received by AST no later than 5:00 p.m., Eastern Time, on November 8, 2022. You will then receive a confirmation email from AST of your registration and a control number that will allow you to vote at the Meeting.

This notice and related proxy materials are first being mailed to shareholders on or about September 23, 2022.

Important Notice Regarding the Availability of Proxy Materials for the Special Meeting of Shareholders to Be Held on November 9, 2022: This Notice, the Proxy Statement and the form of proxy card are available on the Internet at https://vote.proxyonline.com/aberdeen/docs/acp.pdf. On this website, you will be able to access the Notice, the Proxy Statement, the form of proxy card and any amendments or supplements to the foregoing materials that are required to be furnished to shareholders.

By order of the Board of Trustees,

Megan Kennedy, Vice President and Secretary abrdn Income Credit Strategies Fund

TO AVOID THE UNNECESSARY EXPENSE OF FURTHER SOLICITATION, WHETHER OR NOT YOU PLAN TO ATTEND THE SPECIAL MEETING VIRTUALLY, IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AND VOTED AT THE SPECIAL MEETING. ACCORDINGLY, YOU ARE REQUESTED TO PLEASE DATE, SIGN AND RETURN THE ENCLOSED PROXY CARD FOR THE SPECIAL MEETING PROMPTLY, OR TO AUTHORIZE THE PROXY VOTE BY TELEPHONE OR THROUGH THE INTERNET PURSUANT TO THE INSTRUCTIONS ON THE ENCLOSED PROXY CARD. NO POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES. IT IS IMPORTANT THAT YOUR PROXY CARD BE RETURNED PROMPTLY IN ORDER TO AVOID THE ADDITIONAL EXPENSE OF FURTHER SOLICITATION.

September 14, 2022

Philadelphia, Pennsylvania

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QUESTIONS & ANSWERS

The following is a summary of more complete information appearing in the enclosed Proxy Statement or incorporated by reference into the Proxy Statement. You should carefully read the entire Proxy Statement, including the Agreement and Plan of Reorganization (the "Reorganization Agreement"), a form of which is attached as Appendix A thereto, because it contains details that are not in the Questions and Answers.

Overview:

Q: Why is a shareholder meeting being held?

A: You are being asked to approve the issuance of additional common shares of beneficial interest ("common shares") of abrdn Income Credit Strategies Fund (the "Fund"), a Delaware Statutory trust, in connection with the transfer of all of the assets of Delaware Ivy High Income Opportunities Fund (the "Acquired Fund"), a Delaware Statutory Trust, with and into the Fund in exchange solely for newly issued common shares of the Fund (although cash may be distributed in lieu of fractional shares), the assumption by the Fund of all or substantially all liabilities of the Acquired Fund, the distribution of the shares of the Fund to the shareholders of the Acquired Fund and complete liquidation of the Acquired Fund (the "Reorganization"). The purpose of this proposal is to enable the Fund to have a sufficient number of common shares to issue to the Acquired Fund to effect the Reorganization, which is expected to occur in the first quarter of 2023.

Although the Fund will continue its legal existence and operations after the Reorganization, the rules of the New York Stock Exchange (on which the Fund's common shares are listed) require the Fund's shareholders to approve the issuance of additional common shares in connection with the Reorganization.

As described more fully in the Proxy Statement, the Acquired Fund and the Fund (each, a "Fund" and together, the "Funds") are each a closed-end management investment company with similar investment objectives, principal investment strategies and principal risks, with some differences. The Fund would be the accounting and performance survivor of the Reorganization. The Fund as it would exist after the Reorganization is referred to as the "Combined Fund." No changes to the investment objective, strategy, adviser, portfolio management team, fees, fund structure or policies of the Fund are being made in connection with the Reorganization, except for the application of an expense limitation, as described further below.

Separately, the shareholders of the Acquired Fund are being asked to approve the Reorganization Agreement providing for the Reorganization.

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Q: Why is the Reorganization being proposed?

1. On August 11, 2022, Delaware Management Company ("DMC") and abrdn Inc. entered into a separate agreement (the "Purchase Agreement") pursuant to which abrdn Inc. will acquire certain assets related to DMC's business of providing investment management services with respect to the assets of the Acquired Fund and certain other registered investment companies (the "Business") if the Reorganization is approved, and subject to the satisfaction or waiver of certain other conditions. More specifically, under the Purchase Agreement, DMC has agreed to transfer to abrdn Inc., for a cash payment at the closing of the Asset
2. 1. 
      Transfer (as defined below) and subject to certain exceptions, (i) all right, title and interest of DMC in and to the books and records relating to the Business;
   2. all records required to be maintained to substantiate the track record of the Business; and (iii) all goodwill of the Business as a going concern. Such transfers hereinafter are referred to collectively as the "Asset Transfer."

The Funds are not a party to the Purchase Agreement; however, the completion of the Asset Transfer is subject to certain conditions, including Acquired Fund shareholder approval of the Reorganization Agreement, for the Reorganization to proceed. Therefore, if Acquired Fund shareholders do not approve the Reorganization Agreement or if the other conditions in the Purchase Agreement are not satisfied or waived, then the Asset Transfer may not be completed, and the Purchase Agreement may be terminated with respect to the Acquired Fund.

Q: What happens if the Proposal is not approved by the Fund shareholders?

1. Completion of the Reorganization requires both the approval of the Reorganization Agreement by the Acquired Fund shareholders and approval of the Proposal by the Fund shareholders. If the Reorganization Agreement or the issuance of the Fund's common shares is not approved by shareholders of the applicable Fund, the Reorganization will not be effected and the Fund's common shares will not be issued.

1. How will the fees and expenses of the Combined Fund compare to those of the Fund?

1. The contractual advisory fee of the Fund is, and the Combined Fund would be, 1.25% of the Fund's average daily Managed Assets. Managed Assets are the total assets of the Fund (including any assets attributable to money borrowed for investment purposes, including proceeds from (and assets subject to) reverse repurchase agreements, any credit facility and any issuance of preferred shares or notes) minus the sum of the Fund's accrued liabilities (other than Fund liabilities incurred for the purpose of leverage).
   Following the consummation of the Reorganization, the total annual operating expense ratio and the net total annual operating expense ratio after expense reimbursement of the Combined Fund are expected to be lower than those of the

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