UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: | 811-21901 |
Exact name of registrant as specified in charter: | abrdn Global Dynamic Dividend Fund |
Address of principal executive offices: | 1900 Market Street, Suite 200 |
Philadelphia, PA 19103 | |
Name and address of agent for service: | Sharon Ferrari |
abrdn Inc. | |
1900 Market Street, Suite 200 | |
Philadelphia, PA 19103 | |
Registrant’s telephone number, including area code: | 1-800-522-5465 |
Date of fiscal year end: | October 31 |
Date of reporting period: | April 30, 2023 |
Item 1. Reports to Stockholders.
(a) A copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “1940 Act”) is filed herewith.
NAV2,3 | 14.13% |
Market Price2 | 11.20% |
MSCI AC World Index (Net DTR)4 | 12.68% |
NAV | Closing Market Price | Premium(+)/ Discount(-) | |
4/30/2023 | $11.02 | $9.53 | -13.52% |
10/31/2022 | $10.05 | $8.92 | -11.24% |
1 | Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may be lower or higher than the performance quoted. Net asset value return data includes investment management fees, custodial charges and administrative fees (such as Trustee and legal fees) and assumes the reinvestment of all distributions. |
2 | Assuming the reinvestment of dividends and distributions. |
3 | The Fund’s total return is based on the reported net asset value (“NAV”) for each financial reporting period end and may differ from what is reported on the Financial Highlights due to financial statement rounding or adjustments. |
4 | The Morgan Stanley Capital International (MSCI) All Country (AC) World Index Net Daily Total Return (DTR) is an unmanaged index considered representative of developed and emerging market stock markets. The index is calculated net of withholding taxes to which the Fund is generally subject. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index. |
abrdn Global Dynamic Dividend Fund | 1 |
• | Visit: https://www.abrdn.com/en-us/cefinvestorcenter |
• | Email: Investor.Relations@abrdn.com; or |
• | Call: 1-800-522-5465 (toll free in the U.S.). |
Christian Pittard
President
2 | abrdn Global Dynamic Dividend Fund |
6 Months | 1 Year | 3 Years | 5 Years | 10 Years | |
Net Asset Value (NAV) | 14.13% | 4.16% | 13.05% | 6.99% | 8.45% |
Market Price | 11.20% | 1.78% | 13.40% | 5.78% | 8.00% |
MSCI AC World Index (Net DTR) | 12.68% | 2.06% | 12.04% | 7.03% | 7.91% |
abrdn Global Dynamic Dividend Fund | 3 |
Sectors | |
Information Technology | 16.4% |
Financials | 16.2% |
Health Care | 12.0% |
Industrials | 11.7% |
Consumer Discretionary | 8.7% |
Consumer Staples | 8.6% |
Utilities | 6.9% |
Energy | 6.1% |
Materials | 4.4% |
Communication Services | 4.2% |
Real Estate | 3.5% |
Short-Term Investment | 0.6% |
Assets in Excess of Other Liabilities | 0.7% |
100.0% |
Countries | |
United States | 54.6% |
France | 7.9% |
United Kingdom | 7.5% |
Netherlands | 4.6% |
China | 2.7% |
Brazil | 2.6% |
Canada | 2.3% |
Spain | 2.1% |
Other, less than 2% each | 14.4% |
Short-Term Investment | 0.6% |
Assets in Excess of Other Liabilities | 0.7% |
100.0% |
Top Ten Holdings | |
Apple, Inc. | 3.3% |
Microsoft Corp. | 2.9% |
Engie SA | 1.9% |
TotalEnergies SE, ADR | 1.5% |
BE Semiconductor Industries NV | 1.4% |
Broadcom, Inc. | 1.4% |
Alphabet, Inc. | 1.4% |
Mondelez International, Inc. | 1.4% |
RWE AG | 1.4% |
Coca-Cola Co. (The) | 1.4% |
4 | abrdn Global Dynamic Dividend Fund |
Shares or Principal Amount | Value | ||
COMMON STOCKS—97.1% | |||
AUSTRALIA—0.6% | |||
Materials—0.6% | |||
BHP Group Ltd., ADR | 29,745 | $ 1,756,145 | |
BRAZIL—2.6% | |||
Energy—0.8% | |||
Petroleo Brasileiro SA | 250,698 | 2,379,124 | |
Industrials—1.2% | |||
CCR SA | 1,200,700 | 3,266,671 | |
Materials—0.6% | |||
Vale SA, ADR | 113,981 | 1,642,466 | |
Total Brazil | 7,288,261 | ||
CANADA—2.3% | |||
Energy—1.3% | |||
Enbridge, Inc.(a) | 89,200 | 3,546,592 | |
Materials—1.0% | |||
Barrick Gold Corp.(a) | 142,000 | 2,703,680 | |
Total Canada | 6,250,272 | ||
CHINA—2.7% | |||
Communication Services—0.9% | |||
Tencent Holdings Ltd. | 56,700 | 2,518,393 | |
Financials—1.1% | |||
Ping An Insurance Group Co. of China Ltd., H Shares | 435,700 | 3,178,658 | |
Real Estate—0.7% | |||
China Vanke Co. Ltd., H Shares | 1,165,300 | 1,821,707 | |
Total China | 7,518,758 | ||
DENMARK—1.9% | |||
Financials—1.0% | |||
Tryg A/S | 112,500 | 2,658,709 | |
Industrials—0.9% | |||
AP Moller - Maersk AS, Class B | 1,370 | 2,476,346 | |
Total Denmark | 5,135,055 | ||
FINLAND—1.7% | |||
Financials—1.1% | |||
Nordea Bank Abp | 259,500 | 2,882,854 | |
Information Technology—0.6% | |||
Nokia OYJ | 416,406 | 1,761,877 | |
Total Finland | 4,644,731 | ||
FRANCE—7.9% | |||
Consumer Discretionary—1.1% | |||
LVMH Moet Hennessy Louis Vuitton SE | 3,200 | 3,078,019 | |
Consumer Staples—1.2% | |||
Danone SA | 49,000 | 3,242,999 | |
Energy—1.5% | |||
TotalEnergies SE, ADR(a) | 63,200 | 4,040,376 | |
Industrials—2.2% | |||
Alstom SA | 94,000 | 2,362,649 | |
Bouygues SA | 37,200 | 1,360,891 | |
Teleperformance | 11,800 | 2,358,296 | |
6,081,836 |
Shares or Principal Amount | Value | ||
Utilities—1.9% | |||
Engie SA | 322,300 | $ 5,158,182 | |
Total France | 21,601,412 | ||
GERMANY—1.4% | |||
Utilities—1.4% | |||
RWE AG(b) | 81,900 | 3,839,983 | |
HONG KONG—0.7% | |||
Financials—0.7% | |||
Hong Kong Exchanges & Clearing Ltd. | 44,200 | 1,835,047 | |
ISRAEL—1.0% | |||
Industrials—1.0% | |||
ZIM Integrated Shipping Services Ltd. | 154,100 | 2,630,487 | |
JAPAN—1.9% | |||
Financials—1.0% | |||
Mitsubishi UFJ Financial Group, Inc. | 451,600 | 2,826,805 | |
Real Estate—0.9% | |||
GLP J-REIT | 2,000 | 2,285,150 | |
Total Japan | 5,111,955 | ||
NETHERLANDS—4.6% | |||
Consumer Staples—1.1% | |||
Heineken NV | 26,500 | 3,042,867 | |
Financials—1.0% | |||
ING Groep NV, Series N | 209,500 | 2,598,279 | |
Information Technology—2.5% | |||
ASML Holding NV | 4,600 | 2,919,217 | |
BE Semiconductor Industries NV | 44,500 | 4,005,607 | |
6,924,824 | |||
Total Netherlands | 12,565,970 | ||
NORWAY—1.0% | |||
Communication Services—1.0% | |||
Telenor ASA | 224,700 | 2,803,838 | |
SINGAPORE—1.0% | |||
Financials—1.0% | |||
Oversea-Chinese Banking Corp. Ltd. | 290,000 | 2,743,656 | |
SPAIN—2.1% | |||
Consumer Discretionary—0.9% | |||
Amadeus IT Group SA(b) | 36,660 | 2,576,648 | |
Industrials—1.2% | |||
Ferrovial SA | 103,000 | 3,229,401 | |
Total Spain | 5,806,049 | ||
SWEDEN—0.5% | |||
Industrials—0.5% | |||
Atlas Copco AB, A Shares | 105,900 | 1,531,751 | |
SWITZERLAND—0.5% | |||
Financials—0.5% | |||
Swiss Life Holding AG(b) | 2,050 | 1,345,796 | |
TAIWAN—1.0% | |||
Information Technology—1.0% | |||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 170,200 | 2,787,126 | |
UNITED KINGDOM—7.5% | |||
Communication Services—0.9% | |||
Vodafone Group PLC, ADR(a) | 208,700 | 2,493,965 |
abrdn Global Dynamic Dividend Fund | 5 |
Shares or Principal Amount | Value | ||
COMMON STOCKS (continued) | |||
UNITED KINGDOM (continued) | |||
Consumer Discretionary—1.3% | |||
Dowlais Group PLC(b) | 433,033 | $ 721,628 | |
Taylor Wimpey PLC | 1,757,912 | 2,837,035 | |
3,558,663 | |||
Energy—1.1% | |||
Capricorn Energy PLC(b) | 1,089,000 | 3,002,711 | |
Financials—0.8% | |||
Allfunds Group PLC(b) | 177,100 | 1,174,886 | |
Legal & General Group PLC | 286,635 | 845,723 | |
2,020,609 | |||
Health Care—2.6% | |||
AstraZeneca PLC, ADR(a) | 49,900 | 3,653,678 | |
Dechra Pharmaceuticals PLC | 76,034 | 3,569,116 | |
7,222,794 | |||
Industrials—0.8% | |||
Melrose Industries PLC | 433,033 | 2,230,593 | |
Total United Kingdom | 20,529,335 | ||
UNITED STATES—54.2% | |||
Communication Services—1.4% | |||
Alphabet, Inc., Class C(a)(b) | 36,000 | 3,895,920 | |
Consumer Discretionary—5.4% | |||
Aptiv PLC(a)(b) | 22,600 | 2,324,636 | |
Genuine Parts Co.(a) | 18,600 | 3,130,566 | |
Las Vegas Sands Corp.(b) | 35,400 | 2,260,290 | |
Lowe's Cos., Inc.(a) | 16,100 | 3,346,063 | |
TJX Cos., Inc. (The)(a) | 46,100 | 3,633,602 | |
14,695,157 | |||
Consumer Staples—6.1% | |||
Coca-Cola Co. (The)(a) | 58,700 | 3,765,605 | |
Kraft Heinz Co. (The) | 74,100 | 2,909,907 | |
Mondelez International, Inc., Class A(a) | 50,300 | 3,859,016 | |
Nestle SA | 22,810 | 2,926,285 | |
Target Corp.(a) | 21,700 | 3,423,175 | |
16,883,988 | |||
Energy—1.4% | |||
New Fortress Energy, Inc. | 17,300 | 524,017 | |
Williams Cos., Inc. (The)(a) | 107,885 | 3,264,600 | |
3,788,617 | |||
Financials—7.9% | |||
Bank of America Corp.(a) | 86,500 | 2,532,720 | |
Blackstone, Inc., Class A | 26,154 | 2,336,337 | |
CME Group, Inc. | 13,300 | 2,470,741 | |
Fidelity National Information Services, Inc. | 43,339 | 2,544,866 | |
Goldman Sachs Group, Inc. (The) | 9,500 | 3,262,680 | |
Huntington Bancshares, Inc. | 235,700 | 2,639,840 | |
Intercontinental Exchange, Inc.(a) | 26,800 | 2,919,324 | |
JPMorgan Chase & Co. | 20,900 | 2,889,216 | |
21,595,724 | |||
Health Care—9.4% | |||
AbbVie, Inc.(a) | 24,212 | 3,658,918 | |
Baxter International, Inc. | 49,700 | 2,369,696 | |
Bristol-Myers Squibb Co.(a) | 42,408 | 2,831,582 | |
CVS Health Corp. | 33,100 | 2,426,561 | |
Eli Lilly & Co.(a) | 6,600 | 2,612,676 |
Shares or Principal Amount | Value | ||
Medtronic PLC(a) | 29,000 | $ 2,637,550 | |
Merck & Co., Inc. | 20,185 | 2,330,762 | |
Roche Holding AG | 2,710 | 848,610 | |
Sanofi | 30,900 | 3,330,040 | |
UnitedHealth Group, Inc.(a) | 5,592 | 2,751,767 | |
25,798,162 | |||
Industrials—3.9% | |||
FedEx Corp.(a) | 13,500 | 3,075,030 | |
Norfolk Southern Corp. | 10,500 | 2,131,815 | |
Schneider Electric SE | 20,000 | 3,487,836 | |
Stanley Black & Decker, Inc. | 22,800 | 1,968,552 | |
10,663,233 | |||
Information Technology—11.1% | |||
Amdocs Ltd. | 36,500 | 3,330,625 | |
Analog Devices, Inc. | 18,100 | 3,255,828 | |
Apple, Inc.(a) | 54,000 | 9,162,720 | |
Broadcom, Inc.(a) | 6,226 | 3,900,589 | |
Cisco Systems, Inc. | 63,600 | 3,005,100 | |
Microsoft Corp.(a) | 25,626 | 7,873,845 | |
30,528,707 | |||
Materials—2.1% | |||
Air Products & Chemicals, Inc. | 7,900 | 2,325,444 | |
Linde PLC | 9,200 | 3,380,344 | |
5,705,788 | |||
Real Estate—1.9% | |||
American Tower Corp., REIT | 11,500 | 2,350,485 | |
Gaming and Leisure Properties, Inc., REIT(a) | 53,991 | 2,807,532 | |
5,158,017 | |||
Utilities—3.6% | |||
Clearway Energy, Inc., Class A | 75,900 | 2,199,582 | |
CMS Energy Corp.(a) | 38,800 | 2,415,688 | |
FirstEnergy Corp. | 59,600 | 2,372,080 | |
NextEra Energy, Inc.(a) | 37,100 | 2,842,973 | |
9,830,323 | |||
Total United States | 148,543,636 | ||
Total Common Stocks | 266,269,263 | ||
CORPORATE BONDS—0.2% | |||
UNITED STATES—0.2% | |||
Diversified Financial Services—0.0% | |||
Fixed Income Pass-Through Trust, Class B, 3 mo. LIBOR + 0.95%, 0.00%, 01/15/2087(c)(d)(e) | $ | 500,000 | 500 |
Food Products—0.2% | |||
Chefs' Warehouse, Inc. (The), 1.88%, 12/01/2024 | 488,000 | 504,592 | |
Total United States | 505,092 | ||
Total Corporate Bonds | 505,092 | ||
PREFERRED STOCKS—1.4% | |||
SOUTH KOREA—1.2% | |||
Information Technology—1.2% | |||
Samsung Electronics Co. Ltd. | 75,400 | 3,152,088 | |
UNITED STATES—0.2% | |||
Financials—0.1% | |||
2020 Mandatory Exchangeable Trust(c) | 178 | 143,251 | |
AMG Capital Trust II | 1,374 | 68,768 | |
212,019 |
6 | abrdn Global Dynamic Dividend Fund |
Shares or Principal Amount | Value | ||
PREFERRED STOCKS (continued) | |||
UNITED STATES (continued) | |||
Materials—0.1% | |||
Lyondellbasell Advanced Polymers, Inc. | 494 | $ 417,430 | |
Total United States | 629,449 | ||
Total Preferred Stocks | 3,781,537 | ||
SHORT-TERM INVESTMENT—0.6% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.76%(f) | 1,616,481 | 1,616,481 | |
Total Short-Term Investment | 1,616,481 | ||
Total Investments (Cost $243,373,939)(g)—99.3% | 272,172,373 | ||
Other Assets in Excess of Liabilities—0.7% | 1,898,171 | ||
Net Assets—100.0% | $274,070,544 |
(a) | All or a portion of the security has been designated as collateral for the line of credit. |
(b) | Non-income producing security. |
(c) | Denotes a security issued under Regulation S or Rule 144A. |
(d) | Illiquid security. |
(e) | Variable or Floating Rate security. Rate disclosed is as of April 30, 2023. |
(f) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2023. |
(g) | See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities. |
ADR | American Depositary Receipt |
EUR | Euro Currency |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
USD | U.S. Dollar |
At April 30, 2023, the Fund held the following forward foreign currency contracts: |
Sale Contracts Settlement Date | Counterparty | Currency Purchased | Amount Purchased | Currency Sold | Amount Sold | Fair Value | Unrealized Appreciation/ (Depreciation) | |
United States Dollar/Euro | ||||||||
07/19/2023 | Citibank N.A. | USD | 21,408,146 | EUR | 19,400,000 | $21,469,051 | $(60,905) |
abrdn Global Dynamic Dividend Fund | 7 |
Assets | |
Investments, at value (cost $241,757,458) | $270,555,892 |
Short-term investments, at value (cost $1,616,481) | 1,616,481 |
Foreign currency, at value (cost $614,338) | 614,471 |
Cash | 489 |
Receivable for investments sold | 7,413,975 |
Interest and dividends receivable | 2,557,718 |
Tax reclaim receivable | 1,080,578 |
Prepaid expenses | 15,083 |
Other assets | 65,446 |
Total assets | 283,920,133 |
Liabilities | |
Payable for investments purchased | 7,079,248 |
Line of credit payable (Note 7) | 2,002,948 |
Investment management fees payable (Note 3) | 208,223 |
Unrealized depreciation on forward foreign currency exchange contracts | 60,905 |
Investor relations fees payable (Note 3) | 28,692 |
Administration fees payable (Note 3) | 17,878 |
Interest expense on line of credit | 2,100 |
Other accrued expenses | 449,595 |
Total liabilities | 9,849,589 |
Net Assets | $274,070,544 |
Composition of Net Assets | |
Paid-in capital in excess of par | $262,324,994 |
Distributable earnings | 11,745,550 |
Net Assets | $274,070,544 |
Net asset value per share based on 24,865,081 shares issued and outstanding | $11.02 |
8 | abrdn Global Dynamic Dividend Fund |
Net Investment Income | |
Investment Income: | |
Dividends (net of foreign withholding taxes of $1,235,706) | $8,635,650 |
Interest and other income | 91,883 |
Total investment income | 8,727,533 |
Expenses: | |
Investment management fee (Note 3) | 857,541 |
Administration fee (Note 3) | 68,603 |
Investor relations fees and expenses (Note 3) | 36,781 |
Reports to shareholders and proxy solicitation | 32,185 |
Trustees' fees and expenses | 24,088 |
Independent auditors’ fees and expenses | 22,172 |
Custodian’s fees and expenses | 19,928 |
Legal fees and expenses | 12,487 |
Transfer agent’s fees and expenses | 8,162 |
Miscellaneous | 32,680 |
Total operating expenses, excluding interest expense | 1,114,627 |
Interest expense (Note 7) | 6,620 |
Total operating expenses before reimbursed/waived expenses | 1,121,247 |
Expenses waived (Note 3) | (119,879) |
Net expenses | 1,001,368 |
Net Investment Income/(Loss) | 7,726,165 |
Net Realized/Unrealized Gain/(Loss) from Investments and Foreign Currency Related Transactions: | |
Net realized gain/(loss) from: | |
Investment transactions | (1,038,079) |
Forward foreign currency exchange contracts | (728,777) |
Foreign currency transactions | (111,528) |
(1,878,384) | |
Net change in unrealized appreciation/(depreciation) on: | |
Investments | 19,252,708 |
Forward foreign currency exchange contracts | (21,501) |
Foreign currency translation | 30,443 |
19,261,650 | |
Net realized and unrealized gain from investments, forward foreign currency exchange contracts and foreign currencies | 17,383,266 |
Change in Net Assets Resulting from Operations | $25,109,431 |
abrdn Global Dynamic Dividend Fund | 9 |
For the Six-Month Period Ended April 30, 2023 (unaudited) | For the Year Ended October 31, 2022 | |
Increase/(Decrease) in Net Assets: | ||
Operations: | ||
Net investment income | $7,726,165 | $8,590,195 |
Net realized loss from investments, forward foreign currency exchange contracts and foreign currency transactions | (1,878,384) | (1,672,175) |
Net change in unrealized appreciation/(depreciation) on investments, forward foreign currency exchange contracts and foreign currency translation | 19,261,650 | (33,562,796) |
Net increase/(decrease) in net assets resulting from operations | 25,109,431 | (26,644,776) |
Distributions to Shareholders From: | ||
Distributable earnings | (6,495,352) | (9,164,069) |
Return of capital | – | (624,605) |
Net decrease in net assets from distributions | (6,495,352) | (9,788,674) |
Proceeds from shares issued from the reorganization resulting in the addition of 12,315,499 and 0 shares of common stock, respectively (Note 11) | 129,362,047 | – |
Change in net assets | 147,976,126 | (36,433,450) |
Net Assets: | ||
Beginning of period | 126,094,418 | 162,527,868 |
End of period | $274,070,544 | $126,094,418 |
10 | abrdn Global Dynamic Dividend Fund |
For the Six-Months Ended April 30, | For the Fiscal Years Ended October 31, | |||||
2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
PER SHARE OPERATING PERFORMANCE(a): | ||||||
Net asset value per common share, beginning of period | $10.05 | $12.95 | $10.16 | $11.14 | $10.80 | $11.43 |
Net investment income | 0.48 | 0.68 | 0.82 | 0.70 | 0.76 | 0.61 |
Net realized and unrealized gains/(losses) on investments, forward foreign currency exchange contracts and foreign currency transactions | 0.88 | (2.80) | 2.75 | (0.90) | 0.36 | (0.46) |
Total from investment operations applicable to common shareholders | 1.36 | (2.12) | 3.57 | (0.20) | 1.12 | 0.15 |
Distributions to common shareholders from: | ||||||
Net investment income | (0.39) | (0.73) | (0.78) | (0.76) | (0.78) | (0.77) |
Return of capital | – | (0.05) | – | (0.02) | – | (0.01) |
Total distributions | (0.39) | (0.78) | (0.78) | (0.78) | (0.78) | (0.78) |
Net asset value per common share, end of period | $11.02 | $10.05 | $12.95 | $10.16 | $11.14 | $10.80 |
Market price, end of period | $9.53 | $8.92 | $12.01 | $8.58 | $9.78 | $9.25 |
Total Investment Return Based on(b): | ||||||
Market price | 11.20% | (19.88%) | 49.84% | (4.43%) | 14.71% | (6.37%) |
Net asset value | 14.13% | (16.28%) | 36.44% | (0.65%) | 11.91% | 1.76% |
Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data: | ||||||
Net assets applicable to common shareholders, end of period (000 omitted) | $274,071 | $126,094 | $162,528 | $127,512 | $139,776 | $135,582 |
Average net assets applicable to common shareholders (000 omitted) | $172,929 | $146,601 | $157,694 | $132,667 | $134,835 | $146,106 |
Net operating expenses, net of fee waivers | 1.17%(c) | 1.18% | 1.18% | 1.18% | 1.21% | 1.19% |
Net operating expenses, excluding fee waivers | 1.31%(c) | 1.37% | 1.31% | 1.36% | 1.34% | 1.27% |
Net operating expenses, net of fee waivers and excluding interest expense | 1.16%(c) | 1.16% | 1.17% | 1.17% | 1.16% | 1.16% |
Net Investment income | 9.01%(c) | 5.86% | 6.56% | 6.59% | 7.06% | 5.20% |
Portfolio turnover | 104%(d) | 81% | 71% | 105% | 119% | 80% |
Line of credit payable outstanding (000 omitted) | $2,003 | $– | $311 | $– | $211 | $– |
Asset coverage ratio on revolving credit facility at period end(e) | 13,783% | – | 52,338% | – | 66,335% | – See Notes to Financial Statements. |
abrdn Global Dynamic Dividend Fund | 11 |
For the Six-Months Ended April 30, | For the Fiscal Years Ended October 31, | |||||
2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Asset coverage per $1,000 on line of credit payable at period end | $137,834 | $– | $523,384 | $– | $663,350 | $– |
(a) | Based on average shares outstanding. |
(b) | Total investment return is calculated assuming a purchase of common stock on the first day and a sale on the last day of each reporting period. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions. |
(c) | Annualized. |
(d) | Not annualized. |
(e) | Asset coverage ratio is calculated by dividing net assets plus the amount of any borrowings, for investment purposes by the amount of the Line of Credit. |
12 | abrdn Global Dynamic Dividend Fund |
April 30, 2023
Acquired Fund | AGD NAV per Share ($) 3/10/2023 | Conversion Ratio | Shares Issued |
Delaware Enhanced Global Dividend and Income Fund (“DEX”) | 10.5040 | 0.835659 | 6,212,854 |
Delaware Investments® Dividend and Income Fund, Inc. (“DDF”) | 10.5040 | 0.801802 | 6,102,645 |
abrdn Global Dynamic Dividend Fund | 13 |
April 30, 2023
14 | abrdn Global Dynamic Dividend Fund |
April 30, 2023
Security Type | Standard Inputs |
Debt and other fixed-income securities | Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, credit quality, yield, and maturity. |
Foreign equities utilizing a fair value factor | Depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. |
Forward foreign currency contracts | Forward exchange rate quotations. |
Investments, at Value | Level 1 – Quoted Prices | Level 2 – Other Significant Observable Inputs | Level 3 – Significant Unobservable Inputs | Total |
Assets | ||||
Investments in Securities | ||||
Common Stocks | $169,788,388 | $96,480,875 | $– | $266,269,263 |
Corporate Bonds | – | 504,592 | 500* | 505,092 |
Preferred Stocks | 629,449 | 3,152,088 | – | 3,781,537 |
Short-Term Investment | 1,616,481 | – | – | 1,616,481 |
Total Investments | $172,034,318 | $100,137,555 | $500 | $272,172,373 |
Total Assets | $172,034,318 | $100,137,555 | $500 | $272,172,373 |
Liabilities | ||||
Other Financial Instruments | ||||
Foreign Currency Exchange Contracts | $– | $(60,905) | $– | $(60,905) |
Total Liabilities | $– | $(60,905) | $– | $(60,905) |
* | Security purchased as part of the Reorganization. |
abrdn Global Dynamic Dividend Fund | 15 |
April 30, 2023
16 | abrdn Global Dynamic Dividend Fund |
April 30, 2023
Risk Exposure Category | |||||||
Interest Rate Contracts | Foreign Currency Contracts | Credit Contracts | Equity Contracts | Commodity Contracts | Other | Total | |
Liabilities: | |||||||
Unrealized depreciation on: | |||||||
Forward Foreign Currency Exchange Contracts | $– | $60,905 | $– | $– | $– | $– | $60,905 |
Total | $– | $60,905 | $– | $– | $– | $– | $60,905 |
Gross Amounts Not Offset in the Statement of Assets and Liabilities | Gross Amounts Not Offset in the Statement of Assets and Liabilities | |||||||
Gross Amounts of Assets Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Received(1) | Net Amount(2) | Gross Amounts of Liabilities Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Pledged(1) | Net Amount(2) | |
Description | Assets | Liabilities | ||||||
Foreign Currency Exchange Contracts(3) | ||||||||
Citibank N.A. | $– | $– | $– | $– | $60,905 | $– | $– | $60,905 |
(1) | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |
(2) | Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity. |
(3) | Includes financial instrument which are not subject to a master netting arrangement across funds, or another similar arrangement. |
abrdn Global Dynamic Dividend Fund | 17 |
April 30, 2023
Risk Exposure Category | ||||||
Interest Rate Contracts | Foreign Currency Contracts | Credit Contracts | Equity Contracts | Commodity Contracts | Total | |
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations: | ||||||
Net realized gain (loss) on: | ||||||
Forward Currency Contracts | $– | $(728,777) | $– | $– | $– | $(728,777) |
Total | $– | $(728,777) | $– | $– | $– | $(728,777) |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: | ||||||
Net change in unrealized appreciation (depreciation) of: | ||||||
Forward Currency Contracts | $– | $(21,501) | $– | $– | $– | $(21,501) |
Total | $– | $(21,501) | $– | $– | $– | $(21,501) |
Derivative | Average Notional Value |
Foreign Currency Contracts Sold | $12,807,336 |
18 | abrdn Global Dynamic Dividend Fund |
April 30, 2023
Amount Fiscal Year 2020 (Expires 10/31/23) | $228,190 | |
Amount Fiscal Year 2021 (Expires 10/31/24) | $209,854 | |
Amount Fiscal Year 2022 (Expires 10/31/25) | $281,603 | |
Amount Fiscal Year 2023 (Expires 10/31/26) | $119,879 | |
Total* | $839,526 |
* | Amounts reported are due to expire throughout the respective 3-year expiration period presented above. |
abrdn Global Dynamic Dividend Fund | 19 |
April 30, 2023
20 | abrdn Global Dynamic Dividend Fund |
April 30, 2023
abrdn Global Dynamic Dividend Fund | 21 |
April 30, 2023
22 | abrdn Global Dynamic Dividend Fund |
April 30, 2023
Tax Cost of Securities | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) |
$245,341,147 | $44,567,734 | $(17,736,508) | $26,831,226 |
Net investment income | $8,181,859 |
Net realized and unrealized loss from investments | 25,618,672 |
Net decrease in net assets from operations | 33,800,531 |
Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | Accumulated Net Realized Gain/(Loss) | |
Before Reorganization | |||||
Delaware Enhanced Global Dividend and Income Fund | 7,434,680 | $65,259,860 | $8.78 | ($2,610,551) | ($17,659,389) |
Delaware Investments® Dividend and Income Fund, Inc. | 7,611,158 | 64,102,187 | 8.42 | 2,889,325 | 48,264,144 |
abrdn Global Dynamic Dividend Fund | 12,549,582 | 131,820,591 | 10.50 | 15,599,066 | (22,032,091) |
Total | $261,182,638 | $15,877,840 | $8,572,664 |
Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | Accumulated Net Realized Gain/(Loss) | |
After Reorganization | |||||
abrdn Global Dynamic Dividend Fund | 24,865,081 | $261,182,638 | $10.50 | $15,877,840 | $8,572,664 |
abrdn Global Dynamic Dividend Fund | 23 |
April 30, 2023
24 | abrdn Global Dynamic Dividend Fund |
abrdn Global Dynamic Dividend Fund | 25 |
26 | abrdn Global Dynamic Dividend Fund |
Stephen Bird
Nancy Yao Maasbach
Todd Reit
John Sievwright
10 Queen's Terrace
Aberdeen, AB10 1XL
Scotland, United Kingdom
1900 Market Street, Suite 200
Philadelphia, PA 19103
One Congress Street, Suite 1
Boston, MA 02114-2016
P.O. Box 43006
Providence, RI 02940-3078
1601 Market Street
Philadelphia, PA 19103
1900 K Street N.W.
Washington D.C. 20006
1900 Market Street, Suite 200
Philadelphia, PA 19103
1-800-522-5465
Investor.Relations@abrdn.com
(b) Not applicable.
Item 2. Code of Ethics.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 3. Audit Committee Financial Expert.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 4. Principal Accountant Fees and Services.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 6. Schedule of Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of close of the reporting period is included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
(a) Not applicable to semi-annual report on Form N-CSR.
(b) There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recently filed annual report on Form N-CSR.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
No such purchases were made by or on behalf of the Registrant during the period covered by the report.
Item 10. Submission of Matters to a Vote of Security Holders.
During the period ended April 30, 2023, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) | The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(b)). |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable
Item 13. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this Form N-CSR. |
(a)(3) | Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
(a)(4) | Change in Registrant’s independent public accountant. Not applicable. |
(b) | The certifications of the registrant as required by Rule 30a-2(b) under the Act are exhibits to this Form N-CSR. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
abrdn Global Dynamic Dividend Fund | ||
By: | /s/ Christian Pittard | |
Christian Pittard, | ||
Principal Executive Officer of abrdn Global Dynamic Dividend Fund |
Date: July 10, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Christian Pittard | |
Christian Pittard, | ||
Principal Executive Officer of abrdn Global Dynamic Dividend Fund |
Date: July 10, 2023
By: | /s/ Sharon Ferrari | |
Sharon Ferrari, | ||
Principal Financial Officer of abrdn Global Dynamic Dividend Fund |
Date: July 10, 2023