SCHEDULE: MetLife Investment Management Reports 100% Ownership of abrdn Preferred Shares

MetLife Investment Management, LLC has disclosed 100% beneficial ownership of abrdn Income Credit Strategies Fund's Series A Mandatorily Redeemable Preferred Shares as of December 31, 2025.

Summary

• MetLife Investment Management, LLC (the "Reporting Person") has filed a Schedule 13G, reporting beneficial ownership in abrdn Income Credit Strategies Fund.
• The filing pertains to Series A Mandatorily Redeemable Preferred Shares.
• As of December 31, 2025, the Reporting Person beneficially owned 4,000,000 Series A Mandatorily Redeemable Preferred Shares.
• This represents 100% of the outstanding Series A Mandatorily Redeemable Preferred Shares.
• MetLife Investment Management, LLC holds sole voting power and sole dispositive power over all 4,000,000 shares.
• The shares are managed on behalf of various clients, including MetLife Reinsurance Company of Charleston, Metropolitan Tower Life Insurance Company, and Metropolitan Life Insurance Company.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not contain information that would typically indicate a positive or negative sentiment regarding the issuer's performance or outlook.

Positives

• The filing provides clear transparency regarding the complete ownership structure of the Series A Mandatorily Redeemable Preferred Shares, with 100% held by MetLife Investment Management, LLC.
• It confirms a stable and significant investment by a major financial institution in this specific class of securities.

Negatives

• The filing does not disclose any negative information regarding the issuer or the reporting person's investment; it is a factual ownership disclosure.

Future Outlook

The filing is a historical ownership disclosure and does not contain forward-looking statements or guidance regarding the issuer's future performance or the reporting person's investment strategy beyond the certification of ordinary course business.

Management Comments

• Israel Grafstein, Chief Compliance Officer, certified that the securities were acquired and are held in the ordinary course of business and were not acquired or held for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

A Schedule 13G filing is a standard regulatory disclosure for passive investors, such as MetLife Investment Management, LLC (an investment adviser), who acquire more than 5% of a company's voting stock. This filing confirms MetLife's significant, complete ownership of a specific class of preferred shares in abrdn Income Credit Strategies Fund, demonstrating its role in managing substantial assets within the financial services industry on behalf of its clients.

Related Party Transactions

• MetLife Investment Management, LLC manages the Series A Mandatorily Redeemable Preferred Shares on behalf of various clients, including MetLife Reinsurance Company of Charleston, Metropolitan Tower Life Insurance Company, and Metropolitan Life Insurance Company, which are likely affiliated entities.

Stakeholder Impact

• For holders of the Series A Mandatorily Redeemable Preferred Shares, the filing confirms 100% ownership by a major, stable financial institution, providing clarity on the ownership structure.
• For common shareholders of abrdn Income Credit Strategies Fund, the filing provides transparency regarding the ownership of a specific class of preferred shares within the fund's capital structure.

Key Dates

Keywords

MetLife Investment Management, abrdn Income Credit Strategies Fund, Schedule 13G, Beneficial Ownership, Preferred Shares, Investment Adviser, SEC Filing, Financial Disclosure