Portfolio of Investments (unaudited)
As of January 31, 2024
As of January 31, 2024
abrdn Total Dynamic Dividend Fund
Shares | Value | ||
COMMON STOCKS—100.6% | |||
AUSTRALIA—0.8% | |||
Materials—0.8% | |||
Rio Tinto PLC, ADR | 118,000 | $ 8,173,860 | |
BRAZIL—1.7% | |||
Industrials—1.0% | |||
CCR SA | 3,650,100 | 9,666,016 | |
Materials—0.7% | |||
Vale SA, ADR | 497,100 | 6,805,299 | |
Total Brazil | 16,471,315 | ||
CANADA—1.6% | |||
Energy—1.6% | |||
Enbridge, Inc.(a) | 444,600 | 15,783,300 | |
CHINA—1.8% | |||
Communication Services—0.8% | |||
Tencent Holdings Ltd. | 220,200 | 7,643,428 | |
Financials—0.7% | |||
Ping An Insurance Group Co. of China Ltd., H Shares | 1,652,900 | 6,948,033 | |
Real Estate—0.3% | |||
China Vanke Co. Ltd., H Shares | 4,490,800 | 3,533,346 | |
Total China | 18,124,807 | ||
DENMARK—1.4% | |||
Financials—1.4% | |||
Tryg AS | 634,900 | 13,570,424 | |
FINLAND—0.6% | |||
Information Technology—0.6% | |||
Nokia OYJ | 1,531,806 | 5,537,820 | |
FRANCE—7.1% | |||
Consumer Discretionary—1.1% | |||
LVMH Moet Hennessy Louis Vuitton SE | 13,550 | 11,274,393 | |
Consumer Staples—2.4% | |||
Danone SA | 203,300 | 13,544,581 | |
Pernod Ricard SA | 62,000 | 10,167,104 | |
23,711,685 | |||
Energy—1.5% | |||
TotalEnergies SE, ADR(a) | 231,700 | 15,102,206 | |
Industrials—0.7% | |||
Teleperformance SE | 44,600 | 6,965,362 | |
Utilities—1.4% | |||
Engie SA | 837,000 | 13,368,958 | |
Total France | 70,422,604 | ||
GERMANY—2.8% | |||
Consumer Discretionary—0.5% | |||
Mercedes-Benz Group AG | 77,100 | 5,205,235 | |
Financials—1.1% | |||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 24,000 | 10,217,254 | |
Utilities—1.2% | |||
RWE AG | 323,500 | 11,945,439 | |
Total Germany | 27,367,928 |
Shares | Value | ||
HONG KONG—0.8% | |||
Financials—0.8% | |||
Hong Kong Exchanges & Clearing Ltd. | 266,500 | $ 8,079,960 | |
JAPAN—1.8% | |||
Financials—1.1% | |||
Mitsubishi UFJ Financial Group, Inc. | 1,232,700 | 11,546,142 | |
Real Estate—0.7% | |||
GLP J-REIT | 7,600 | 6,785,534 | |
Total Japan | 18,331,676 | ||
NETHERLANDS—4.8% | |||
Financials—1.1% | |||
ING Groep NV | 793,700 | 11,277,258 | |
Information Technology—3.7% | |||
ASML Holding NV | 16,800 | 14,575,477 | |
BE Semiconductor Industries NV | 143,100 | 21,504,822 | |
36,080,299 | |||
Total Netherlands | 47,357,557 | ||
NORWAY—1.0% | |||
Communication Services—1.0% | |||
Telenor ASA | 890,530 | 9,881,371 | |
SINGAPORE—1.3% | |||
Financials—1.3% | |||
Oversea-Chinese Banking Corp. Ltd. | 1,298,471 | 12,420,355 | |
SOUTH KOREA—0.9% | |||
Materials—0.9% | |||
LG Chem Ltd. | 27,100 | 8,788,119 | |
SPAIN—1.9% | |||
Communication Services—0.9% | |||
Cellnex Telecom SA(b)(c) | 241,800 | 9,303,827 | |
Consumer Discretionary—1.0% | |||
Amadeus IT Group SA | 138,600 | 9,713,139 | |
Total Spain | 19,016,966 | ||
SWEDEN—0.6% | |||
Industrials—0.6% | |||
Atlas Copco AB, A Shares | 404,400 | 6,453,987 | |
TAIWAN—1.4% | |||
Information Technology—1.4% | |||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 676,600 | 13,544,512 | |
UNITED KINGDOM—5.9% | |||
Communication Services—0.7% | |||
Vodafone Group PLC, ADR | 777,900 | 6,689,940 | |
Consumer Discretionary—1.1% | |||
Taylor Wimpey PLC | 5,888,400 | 10,993,594 | |
Financials—1.1% | |||
London Stock Exchange Group PLC | 98,400 | 11,130,422 | |
Health Care—1.3% | |||
AstraZeneca PLC, ADR | 192,300 | 12,814,872 | |
Industrials—1.1% | |||
Melrose Industries PLC | 1,445,700 | 10,775,506 | |
Materials—0.6% | |||
Mondi PLC | 329,101 | 5,897,365 | |
Total United Kingdom | 58,301,699 |
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)
As of January 31, 2024
As of January 31, 2024
abrdn Total Dynamic Dividend Fund
Shares | Value | ||
COMMON STOCKS (continued) | |||
UNITED STATES—62.4% | |||
Communication Services—2.0% | |||
Alphabet, Inc., Class C(a)(c) | 136,200 | $ 19,313,160 | |
Consumer Discretionary—5.4% | |||
Aptiv PLC(a)(c) | 91,100 | 7,409,163 | |
Genuine Parts Co. | 86,200 | 12,087,826 | |
Las Vegas Sands Corp. | 138,600 | 6,780,312 | |
Lowe's Cos., Inc.(a) | 63,100 | 13,430,204 | |
TJX Cos., Inc.(a) | 143,600 | 13,629,076 | |
53,336,581 | |||
Consumer Staples—6.5% | |||
Coca-Cola Co. | 239,400 | 14,241,906 | |
Keurig Dr Pepper, Inc. | 303,500 | 9,542,040 | |
Mondelez International, Inc., Class A(a) | 190,200 | 14,316,354 | |
Nestle SA | 100,300 | 11,429,238 | |
Target Corp.(a) | 103,300 | 14,366,964 | |
63,896,502 | |||
Energy—1.1% | |||
Williams Cos., Inc. (The) | 326,200 | 11,306,092 | |
Financials—8.5% | |||
Bank of America Corp.(a) | 306,700 | 10,430,867 | |
Blackstone, Inc. | 97,800 | 12,171,210 | |
CME Group, Inc. | 50,700 | 10,436,088 | |
Fidelity National Information Services, Inc. | 148,900 | 9,270,514 | |
Goldman Sachs Group, Inc. | 34,800 | 13,363,548 | |
Huntington Bancshares, Inc.(a) | 766,300 | 9,754,999 | |
JPMorgan Chase & Co. | 77,300 | 13,478,028 | |
MetLife, Inc. | 81,000 | 5,614,920 | |
84,520,174 | |||
Health Care—11.1% | |||
AbbVie, Inc. | 88,200 | 14,500,080 | |
Baxter International, Inc. | 157,300 | 6,085,937 | |
Bristol-Myers Squibb Co.(a) | 162,900 | 7,960,923 | |
CVS Health Corp. | 139,300 | 10,359,741 | |
Eli Lilly & Co. | 21,600 | 13,945,176 | |
Medtronic PLC(a) | 118,900 | 10,408,506 | |
Merck & Co., Inc. | 110,900 | 13,394,502 | |
Roche Holding AG | 39,800 | 11,331,711 | |
Sanofi SA | 118,593 | 11,876,559 | |
UnitedHealth Group, Inc.(a) | 20,300 | 10,388,322 | |
110,251,457 | |||
Industrials—6.6% | |||
FedEx Corp.(a) | 51,800 | 12,498,822 | |
Ferrovial SE | 292,000 | 11,135,486 | |
Norfolk Southern Corp.(a) | 39,400 | 9,268,456 | |
Schneider Electric SE | 65,400 | 12,847,830 | |
Stanley Black & Decker, Inc. | 87,400 | 8,154,420 | |
Waste Management, Inc. | 62,100 | 11,527,623 | |
65,432,637 | |||
Information Technology—13.7% | |||
Amdocs Ltd. | 142,100 | 13,027,728 |
Shares | Value | ||
Analog Devices, Inc. | 68,600 | $ 13,195,896 | |
Apple, Inc.(a) | 196,600 | 36,253,040 | |
Broadcom, Inc.(a) | 20,800 | 24,544,000 | |
Cisco Systems, Inc.(a) | 245,300 | 12,309,154 | |
Microsoft Corp.(a) | 90,900 | 36,140,022 | |
135,469,840 | |||
Materials—2.4% | |||
Linde PLC | 35,700 | 14,408,599 | |
Newmont Corp. | 262,300 | 9,051,973 | |
23,460,572 | |||
Real Estate—1.9% | |||
American Tower Corp., REIT | 46,400 | 9,078,160 | |
Gaming & Leisure Properties, Inc., REIT | 206,800 | 9,440,420 | |
18,518,580 | |||
Utilities—3.2% | |||
CMS Energy Corp.(a) | 156,000 | 8,916,960 | |
FirstEnergy Corp.(a) | 238,000 | 8,729,840 | |
NextEra Energy Partners LP | 177,800 | 5,307,330 | |
NextEra Energy, Inc.(a) | 146,000 | 8,559,980 | |
31,514,110 | |||
Total United States | 617,019,705 | ||
Total Common Stocks | 994,647,965 | ||
PREFERRED STOCKS—1.3% | |||
SOUTH KOREA—1.3% | |||
Information Technology—1.3% | |||
Samsung Electronics Co. Ltd. | 288,800 | 12,636,691 | |
Total Preferred Stocks | 12,636,691 | ||
SHORT-TERM INVESTMENT—0.6% | |||
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.30%(d) | 6,045,358 | 6,045,358 | |
Total Short-Term Investment | 6,045,358 | ||
Total Investments (Cost $809,479,471)—102.5% | 1,013,330,014 | ||
Liabilities in Excess of Other Assets—(2.5%) | (24,245,928) | ||
Net Assets—100.0% | $989,084,086 |
(a) | All or a portion of the security has been designated as collateral for the line of credit. |
(b) | Denotes a security issued under Regulation S or Rule 144A. |
(c) | Non-income producing security. |
(d) | Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2024. |
ADR | American Depositary Receipt |
EUR | Euro Currency |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
USD | U.S. Dollar |
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)
As of January 31, 2024
As of January 31, 2024
abrdn Total Dynamic Dividend Fund
At January 31, 2024, 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 | ||||||||
04/17/2024 | Citibank N.A. | USD | 80,797,676 | EUR | 73,500,000 | $79,685,522 | $1,112,154 |
See accompanying Notes to Portfolio of Investments.
Notes to Portfolio of Investments
January 31, 2024 (unaudited)
January 31, 2024 (unaudited)
1. Summary of Significant Accounting Policies
a. Security Valuation:
The Funds values its securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), the Board designated abrdn Investments Limited (the "Adviser") as the valuation designee ("Valuation Designee") for the Funds to perform the fair value determinations relating to Fund investments for which market quotations are not readily available or deemed unreliable.
Equity securities that are traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the “Valuation Time” subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price.
Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing the Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is generally determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold.
Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Funds sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a “government money market fund” pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these investment types are categorized as Level 1 investments.
Derivative instruments are valued at fair value. Exchange-traded futures are generally Level 1 investments and centrally cleared swaps and forwards are generally Level 2 investments. Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9- and 12-month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Futures contracts are valued at the settlement price or at the last bid price if no settlement price is available. Swap agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows). When market quotations or exchange rates are not readily available, or if the Adviser concludes that such market quotations do not accurately reflect fair value, the fair value of the Fund’s assets are determined in good faith in accordance with the Valuation Procedures.
In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. A security that has been fair valued by the Adviser may be classified as Level 2 or Level 3 depending on the nature of the inputs.
In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.
4 |
Notes to Portfolio of Investments
January 31, 2024 (unaudited)
January 31, 2024 (unaudited)
Open-end mutual funds are valued at the respective net asset value (“NAV”) as reported by such company. The prospectuses for the registered open-end management investment companies in which a Fund invests explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds (“ETFs”) are valued at the market price of the security at the Valuation Time (defined below). A security using any of these pricing methodologies is generally determined to be a Level 1 investment.
The three-level hierarchy of inputs is summarized below:
Level 1 - quoted prices (unadjusted) in active markets for identical investments;
Level 2 - other significant observable inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
5 |