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: 811-21980
   
Exact name of registrant as specified in charter: abrdn Total 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, 2024

 

 

 

 

 

 

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.

 

 

 

 
abrdn Global Dynamic Dividend Fund (AGD)
abrdn Total Dynamic Dividend Fund (AOD)
Semi-Annual Report
April 30, 2024
abrdn.com

 

Letter to Shareholders  (unaudited) 
Dear Shareholder,
We present the Semi-Annual Report, which covers the activities of abrdn Global Dynamic Dividend Fund ("AGD") and abrdn Total Dynamic Dividend Fund ("AOD") (collectively, the "Funds" and each a "Fund"), for the six-month period ended April 30, 2024. The primary investment objective for AGD is to seek high current dividend income, more than 50% of which qualifies for the reduced federal income tax rate, as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The primary investment objective for AOD is to seek high current dividend income. The Funds also focus on long-term growth of capital as a secondary investment objective.
Total Investment Return1
For the six-month period ended April 30, 2024, the total return to shareholders of the Funds based on the net asset value (“NAV”) and market price of the Funds, respectively, is as follows:
  AGD AOD
NAV2,3 14.14% 14.40%
Market Price2 15.53% 14.29%
MSCI AC World Index (Net DTR)4 19.77% 19.77%
For more information about AGD or AOD performance, please visit the Funds on the web at www.abrdnagd.com (AGD) and www.abrdnaod.com (AOD), respectively. On the web you can view quarterly commentary on the Funds' performance, monthly fact sheets, distribution and performance information, and other Fund literature.
NAV, Market Price and Premium(+)/Discount(-)
The below tables represent comparison from current six-month period end to prior fiscal year end of market price to NAV and associated Premium(+) and Discount(-).
  AGD    
  NAV Closing
Market
Price 		Premium(+)/
Discount(-)
4/30/2024 $10.84 $9.31 -14.11%
10/31/2023 $9.90 $8.40 -15.15%
During the six-month period ended April 30, 2024, AGD’s NAV was within a range of $9.98 to $11.26 and AGD’s market price traded within a range of $8.46 to $9.71. During the six-month period ended April 30, 2024, AGD’s shares traded within a range of a premium(+)/discount(-) of -15.98% to -13.59%.
  AOD    
  NAV Closing
Market
Price 		Premium(+)/
Discount(-)
4/30/2024 $9.36 $7.95 -15.06%
10/31/2023 $8.54 $7.26 -14.99%
During the six-month period ended April 30, 2024, AOD's NAV was within a range of $8.61 to $9.74 and AOD's market price traded within a range of $7.31 to $8.29. During the six-month period ended April 30, 2024, the AOD's shares traded within a range of a premium(+)/discount(-) of -16.39% to -14.16%.
 
{foots1}
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. NAV return data includes investment management fees, custodial charges and administrative fees (such as Trustee and legal fees) and assumes the reinvestment of all distributions.
{foots1}
2 Assuming the reinvestment of dividends and distributions.
{foots1}
3 The Funds' total return is based on the reported 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.
{foots1}
4 The Morgan Stanley Capital International (MSCI) All Country (AC) World Index Net DailyTotal 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 Funds are 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.
2024 Semi-Annual Report 1

 

Letter to Shareholders  (unaudited)  (continued)
Distribution Policy
The Funds' distributions to common shareholders and the annualized distribution rates based on market price and NAV, respectively, for the six-month period ended April 30, 2024 are shown in the table below:
Fund Distribution
per share 		NAV annualized
distribution rate 		Market Price
annualized
distribution rate
AGD $0.39 7.20% 8.38%
AOD $0.35 7.37% 8.68%
Since all distributions are paid after deducting applicable withholding taxes, the effective distribution rate may be higher for those U.S. investors who are able to claim a tax credit.
On May 9, 2024 and June 11, 2024, AOD and AGD announced that they will pay on May 31, 2024 and June 28, 2024, respectively, a distribution per share to all shareholders of record as of May 23, 2024 and June 21, 2024, respectively. AGD and AOD will pay a distribution of $0.065 and $0.0575 per share, respectively.
The Funds' policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital, which is a nontaxable return of capital. This policy is subject to an annual review as well as regular review at the quarterly meetings of each Fund's Board of Trustees (each, a "Board" and collectively, the "Boards") unless market conditions require an earlier evaluation.
Unclaimed Share Accounts
Please be advised that abandoned or unclaimed property laws for certain states require financial organizations to transfer (escheat) unclaimed property (including Fund shares) to the state. Each state has its own definition of unclaimed property, and a Fund's shares could be considered “unclaimed property” due to account inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder  is returned to the Funds' transfer agent as undeliverable), or a combination of both. If your Fund shares are categorized as unclaimed, your financial advisor or the Funds' transfer agent will follow the applicable state’s statutory requirements to contact you, but if unsuccessful, laws may require that the shares be escheated to the appropriate state. If this happens, you will have to contact the state to recover your property, which may involve time and expense. For more information on unclaimed property and how to maintain an active account, please contact your financial adviser or the Funds' transfer agent.
Open Market Repurchase Program
The Boards approved an open market repurchase and discount management policy (the “Program”). The Program allows the Funds to purchase, in the open market, their outstanding common shares,
with the amount and timing of any repurchase determined at the discretion of the Funds' investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. If shares are repurchased, a Fund will report repurchase activity on its website on a monthly basis. For the six-month period ended April 30, 2024, the Funds did not repurchase any shares through the Program.
On a quarterly basis, the Boards will receive information on any transactions made pursuant to this policy during the prior quarter and management will post the number of shares repurchased on each respective Fund's website on a monthly basis.  Under the terms of the Program, each Fund is permitted to repurchase up to 10% of its outstanding shares of common stock in the open market during any 12 month period.
Portfolio Holdings Disclosure
The Funds' complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year are included in the Funds' semi-annual and annual reports to shareholders. Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These reports are available on the SEC’s website at http://www.sec.gov. The Funds make the information available to shareholders upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465.
Proxy Voting
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available by August 31 of the relevant year: (1) upon request without charge by calling Investor Relations toll-free at 1-800-522-5465; and (2) on the SEC’s website at http://www.sec.gov.
Investor Relations Information
As part of abrdn’s commitment to shareholders, we invite you to visit the Funds on the web at www.abrdnagd.com (AGD) and www.abrdnaod.com (AOD). On the web you can view monthly fact sheets, quarterly commentary, distribution and performance information, and other Fund literature.
Enroll in abrdn’s email services and be among the first to receive the latest closed-end fund news, announcements, videos, and other information. In addition, you can receive electronic versions of
 
2 2024 Semi-Annual Report

 

Letter to Shareholders  (unaudited)  (concluded)
important Fund documents, including annual reports, semi-annual reports, prospectuses and proxy statements. Sign up today at https://www.abrdn.com/en-us/cefinvestorcenter/contact-us/preferences
Contact Us:
• 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.).
Yours sincerely,
/s/ Christian Pittard
Christian Pittard
President 
{foots1}
All amounts are U.S. Dollars unless otherwise stated.
2024 Semi-Annual Report 3

 

abrdn Global Dynamic Dividend Fund 
Total Investment Return (unaudited)
The following table summarizes the average annual Fund performance compared to the Fund’s primary benchmark for the six-month (not annualized), 1-year, 3-year, 5-year and 10-year periods ended April 30, 2024.
AGD 6 Months 1 Year 3 Years 5 Years 10 Years
Net Asset Value (NAV) 14.14% 7.00% 2.02% 7.80% 7.84%
Market Price 15.53% 6.27% 0.44% 7.33% 7.43%
MSCI AC World Index (Net DTR) 19.77% 17.46% 4.27% 9.44% 8.19%
Performance of a $10,000 Investment for AGD (as of April 30, 2024)
This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the periods indicated. For comparison, the same investment is shown in the indicated index.
abrdn Investments Limited (the "Adviser")  assumed responsibility for the management of the Fund as investment adviser on May 7, 2018. Performance prior to this date reflects the performance of an unaffiliated investment adviser.
The Adviser entered into a written contract with the Fund to waive fees or limit expenses. This contract may not be terminated before June 30, 2024. Absent such waivers and/or reimbursements, the Fund's returns would be lower. Additionally, abrdn Inc. has entered into an agreement with the Fund to limit investor relations services fees, without which performance would be lower if the Fund's investor services fees exceeded such limit during the relevant period. This agreement aligns with the term of the advisory agreement and may not be terminated prior to the end of the current term of the advisory agreement. See Note 3 in the Notes to Financial Statements.
Returns represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund’s transfer agent. All return data at NAV includes fees charged to the Fund, which are listed in the Fund’s Statement of Operations under “Expenses.” Total investment return at market value is based on changes in the market price at which the Fund’s shares traded on the NYSE during the period and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund’s transfer agent. The Fund’s total investment return is based on the reported NAV as of the financial reporting period end date of April 30, 2024. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on both market price and NAV. Past performance is no guarantee of future results. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund. The current performance of the Fund may be lower or higher than the figures shown. The Fund’s yield, return, market price and NAV will fluctuate. Performance information current to the most recent month-end is available at www.abrdnagd.com or by calling 800-522-5465.
The annualized net operating expense ratio, excluding fee waivers, based on the six-month period ended April 30, 2024, was 1.28%. The annualized net operating expense ratio net of fee waivers based on the six-month period ended April 30, 2024 was 1.17%. The annualized net operating expense ratio, net of fee waivers and excluding interest expense based on the six-month period ended April 30, 2024, was 1.16%.
4 2024 Semi-Annual Report

 

abrdn Global Dynamic Dividend Fund 
Portfolio Summary (as a percentage of net assets) (unaudited)
As of April 30, 2024
The following table summarizes the sector composition of the Fund’s portfolio, in S&P Global Inc.’s Global Industry Classification Standard (“GICS”) Sectors. Industry allocation is shown below for any sector representing more than 25% of net assets.
Sectors-AGD  
Information Technology 20.1%
Financials 17.8%
Health Care 11.5%
Industrials 9.8%
Consumer Staples 9.5%
Consumer Discretionary 9.1%
Utilities 7.2%
Energy 4.8%
Materials 4.7%
Communication Services 4.1%
Real Estate 2.2%
Short-Term Investment 0.6%
Liabilities in Excess of Other Assets (1.4%)
  100.0%
The following table summarizes the composition of the Fund’s portfolio by geographic classification.
Countries-AGD  
United States 61.4%
France 10.0%
United Kingdom 4.2%
Netherlands 4.0%
Germany 3.0%
South Korea 2.1%
Other, less than 2% each 16.1%
Short-Term Investment 0.6%
Liabilities in Excess of Other Assets (1.4%)
  100.0%
The following were the Fund’s top ten holdings as of April 30, 2024:
Top Ten Holdings-AGD  
Microsoft Corp. 3.7%
Apple, Inc. 3.4%
Engie SA 3.0%
Broadcom, Inc. 2.3%
Danone SA 2.2%
Alphabet, Inc. 2.2%
Eli Lilly & Co. 1.6%
Target Corp. 1.6%
Coca-Cola Co. 1.6%
Taiwan Semiconductor Manufacturing Co. Ltd. 1.5%
2024 Semi-Annual Report 5

 

Portfolio of Investments (unaudited) 
As of April 30, 2024
abrdn Global Dynamic Dividend Fund  
  Shares or
Principal
Amount 		Value
COMMON STOCKS—99.5%  
AUSTRALIA—0.8%
Materials—0.8%      
Rio Tinto PLC, ADR      32,500 $   2,204,475
BRAZIL—1.6%
Industrials—0.9%      
CCR SA     969,000   2,300,922
Materials—0.7%      
Vale SA, ADR     161,500   1,965,455
Total Brazil   4,266,377
CANADA—1.4%
Energy—1.4%      
Enbridge, Inc.(a)     107,300   3,813,442
CHINA—1.7%
Communication Services—0.9%      
Tencent Holdings Ltd.      56,700   2,488,177
Financials—0.8%      
Ping An Insurance Group Co. of China Ltd., H Shares     435,700   1,974,627
Total China   4,462,804
DENMARK—1.1%
Financials—1.1%      
Tryg AS   156,000 3,087,588
FRANCE—10.0%
Consumer Discretionary—1.0%      
LVMH Moet Hennessy Louis Vuitton SE   3,200 2,628,595
Consumer Staples—3.1%      
Danone SA   95,700 5,989,608
Pernod Ricard SA   15,600 2,359,377
      8,348,985
Energy—1.4%      
TotalEnergies SE, ADR(a)   50,900 3,688,723
Financials—0.5%      
AXA SA   37,350 1,290,502
Industrials—1.0%      
Bouygues SA   46,400 1,710,085
Teleperformance SE(b)   11,800 1,068,900
      2,778,985
Utilities—3.0%      
Engie SA(b)   475,500 8,254,970
Total France   26,990,760
GERMANY—3.0%
Consumer Discretionary—1.0%      
Mercedes-Benz Group AG   34,200 2,586,918
Financials—1.0%      
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen   6,300 2,770,794
Utilities—1.0%      
RWE AG   81,900 2,853,030
Total Germany   8,210,742
  Shares or
Principal
Amount 		Value
HONG KONG—0.8%
Financials—0.8%      
Hong Kong Exchanges & Clearing Ltd.      70,600 $   2,243,273
ISRAEL—0.8%
Energy—0.8%      
Energean PLC     154,400   2,129,953
JAPAN—1.8%
Financials—1.2%      
Mitsubishi UFJ Financial Group, Inc.     319,000   3,177,671
Real Estate—0.6%      
GLP J-Reit       2,000   1,626,624
Total Japan   4,804,295
NETHERLANDS—4.0%
Financials—1.2%      
ING Groep NV, Series N     208,000   3,288,535
Information Technology—2.8%      
ASML Holding NV       4,600   4,006,659
BE Semiconductor Industries NV   26,100 3,462,792
      7,469,451
Total Netherlands   10,757,986
NORWAY—1.7%
Communication Services—1.0%      
Telenor ASA   224,700 2,587,130
Financials—0.7%      
DNB Bank ASA   109,425 1,907,184
Total Norway   4,494,314
SINGAPORE—1.3%
Financials—1.3%      
Oversea-Chinese Banking Corp. Ltd.   342,000 3,550,495
SOUTH KOREA—0.8%
Materials—0.8%      
LG Chem Ltd.   7,100 2,040,172
SPAIN—0.9%
Consumer Discretionary—0.9%      
Amadeus IT Group SA   36,660 2,326,954
SWEDEN—0.7%
Industrials—0.7%      
Atlas Copco AB, A Shares   105,900 1,854,953
TAIWAN—1.5%
Information Technology—1.5%      
Taiwan Semiconductor Manufacturing Co. Ltd.   170,200 4,075,227
UNITED KINGDOM—4.2%
Consumer Discretionary—1.0%      
Taylor Wimpey PLC   1,585,300 2,597,708
Financials—1.0%      
London Stock Exchange Group PLC   25,700 2,833,170
Health Care—1.4%      
AstraZeneca PLC, ADR(a)   49,900 3,786,412
Industrials—0.8%      
Melrose Industries PLC   260,200 2,044,217
Total United Kingdom   11,261,507
 
See accompanying Notes to Financial Statements.
6 2024 Semi-Annual Report

 

Portfolio of Investments (unaudited)  (continued)
As of April 30, 2024
abrdn Global Dynamic Dividend Fund  
  Shares or
Principal
Amount 		Value
COMMON STOCKS (continued)  
UNITED STATES—61.4%
Communication Services—2.2%      
Alphabet, Inc., Class C(a)(b)      36,000 $   5,927,040
Consumer Discretionary—5.2%      
Aptiv PLC(a)(b)      24,400   1,732,400
Genuine Parts Co.(a)      22,500   3,537,225
Las Vegas Sands Corp.      35,400   1,570,344
Lowe's Cos., Inc.(a)      16,100   3,670,639
TJX Cos., Inc.(a)      37,400   3,518,966
      14,029,574
Consumer Staples—6.4%      
Coca-Cola Co.(a)      67,800   4,188,006
Keurig Dr Pepper, Inc.      81,100   2,733,070
Mondelez International, Inc., Class A(a)      43,000   3,093,420
Nestle SA      28,810   2,892,528
Target Corp.(a)      26,500   4,265,970
      17,172,994
Energy—1.2%      
Williams Cos., Inc.(a)   82,285 3,156,453
Financials—8.2%      
Bank of America Corp.(a)   80,700 2,986,707
Blackstone, Inc.   25,154 2,933,208
CME Group, Inc.(a)   13,300 2,788,212
Fidelity National Information Services, Inc.   43,339 2,943,585
Goldman Sachs Group, Inc.   9,500 4,053,745
JPMorgan Chase & Co.   20,900 4,007,366
MetLife, Inc.   31,700 2,253,236
      21,966,059
Health Care—10.1%      
AbbVie, Inc.(a)   24,212 3,937,840
Bristol-Myers Squibb Co.(a)   42,408 1,863,408
CVS Health Corp.   37,100 2,512,041
Eli Lilly & Co.(a)   5,700 4,452,270
Medtronic PLC(a)   29,000 2,326,960
Merck & Co., Inc.   29,100 3,760,302
Roche Holding AG   11,010 2,638,152
Sanofi SA   30,900 3,052,705
UnitedHealth Group, Inc.(a)   5,592 2,704,850
      27,248,528
Industrials—6.4%      
FedEx Corp.(a)   13,500 3,534,030
Ferrovial SE   76,000 2,733,368
Norfolk Southern Corp.   11,200 2,579,584
Schneider Electric SE   15,800 3,602,611
Stanley Black & Decker, Inc.   22,800 2,083,920
Waste Management, Inc.   13,400 2,787,468
      17,320,981
Information Technology—14.5%      
Accenture PLC, Class A   7,400 2,226,734
Amdocs Ltd.   36,500 3,065,635
Analog Devices, Inc.   18,100 3,631,041
Apple, Inc.(a)   54,000 9,197,820
Broadcom, Inc.(a)   4,726 6,145,076
Cisco Systems, Inc.   63,600 2,987,928
  Shares or
Principal
Amount 		Value
Microsoft Corp.(a)      25,626 $   9,976,971
Oracle Corp.      16,800   1,911,000
      39,142,205
Materials—2.4%      
Linde PLC       8,300   3,659,995
Newmont Corp.      67,800   2,755,392
      6,415,387
Real Estate—1.6%      
American Tower Corp., REIT      11,500   1,972,940
Gaming & Leisure Properties, Inc., REIT(a)      53,991   2,307,035
      4,279,975
Utilities—3.2%      
CMS Energy Corp.      43,800   2,654,718
FirstEnergy Corp.      59,600   2,285,064
NextEra Energy Partners LP      46,300   1,313,068
NextEra Energy, Inc.(a)      37,100   2,484,587
      8,737,437
Total United States   165,396,633
Total Common Stocks   267,971,950
CORPORATE BONDS—0.0%  
UNITED STATES—0.0%
Diversified Financial Services—0.0%      
Fixed Income Pass-Through Trust, Class B, Series 2007 -C 0.00%, 01/15/2087(c)(d) $   500,000 500
Total Corporate Bonds   500
PREFERRED STOCKS—1.3%  
SOUTH KOREA—1.3%
Information Technology—1.3%      
Samsung Electronics Co. Ltd.   75,400 3,520,509
Total Preferred Stocks   3,520,509
SHORT-TERM INVESTMENT—0.6%  
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.25%(e)   1,616,230 1,616,230
Total Short-Term Investment   1,616,230
Total Investments
(Cost $232,818,458)(f)—101.4% 		273,109,189
Liabilities in Excess of Other Assets—(1.4%) (3,670,940)
Net Assets—100.0% $269,438,249
    
(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) Variable or Floating Rate security. Rate disclosed is as of April 30, 2024.
(e) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2024.
(f) 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
 
See Accompanying Notes to Financial Statements.
2024 Semi-Annual Report 7

 

Portfolio of Investments (unaudited)  (concluded)
As of April 30, 2024
abrdn Global Dynamic Dividend Fund  
At April 30, 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          
07/12/2024 Citibank N.A. USD 21,155,099 EUR 19,400,000 $20,765,530 $389,569
 
See Accompanying Notes to Financial Statements.
8 2024 Semi-Annual Report

 

abrdn Total Dynamic Dividend Fund 
Total Investment Return (unaudited)
The following table summarizes the average annual Fund performance compared to the Fund’s primary benchmark for the six-month (not annualized), 1-year, 3-year, 5-year and 10-year periods ended April 30, 2024.
AOD 6 Months 1 Year 3 Years 5 Years 10 Years
Net Asset Value (NAV) 14.40% 6.86% 2.81% 8.01% 7.85%
Market Price 14.29% 4.93% 1.06% 6.99% 7.78%
MSCI AC World Index (Net DTR) 19.77% 17.46% 4.27% 9.44% 8.19%
Performance of a $10,000 Investment for AOD (as of April 30, 2024)
This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the periods indicated. For comparison, the same investment is shown in the indicated index.
abrdn Investments Limited (the "Adviser")  assumed responsibility for the management of the Fund as investment adviser on May 7, 2018. Performance prior to this date reflects the performance of an unaffiliated investment adviser.
The Adviser entered into a written contract with the Fund to waive fees or limit expenses. This contract may not be terminated before June 30, 2024. Absent such waivers and/or reimbursements, the Fund's returns would be lower. Additionally, abrdn Inc. has entered into an agreement with the Fund to limit investor relations services fees, without which performance would be lower if the Fund's investor services fees exceeded such limit during the relevant period. This agreement aligns with the term of the advisory agreement and may not be terminated prior to the end of the current term of the advisory agreement. See Note 3 in the Notes to Financial Statements.
Returns represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund’s transfer agent. All return data at NAV includes fees charged to the Fund, which are listed in the Fund’s Statement of Operations under “Expenses.” Total investment return at market value is based on changes in the market price at which the Fund’s shares traded on the NYSE during the period and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund’s transfer agent. The Fund’s total investment return is based on the reported NAV as of the financial reporting period end date of April 30, 2024. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on both market price and NAV. Past performance is no guarantee of future results. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund. The current performance of the Fund may be lower or higher than the figures shown. The Fund’s yield, return, market price and NAV will fluctuate. Performance information current to the most recent month-end is available at www.abrdnaod.com or by calling 800-522-5465.
The annualized net operating expense ratio, excluding fee waivers, based on the six-month period ended April 30, 2024, was 1.44%. The annualized net operating expense ratio net of fee waivers based on the six-month period ended April 30, 2024 was 1.34%. The annualized net operating expense ratio, net of fee waivers and excluding interest expense based on the six-month period ended April 30, 2024, was 1.14%.
2024 Semi-Annual Report 9

 

abrdn Total Dynamic Dividend Fund 
Portfolio Summary (as a percentage of net assets) (unaudited)
As of April 30, 2024
The following table summarizes the sector composition of the Fund’s portfolio, in S&P Global Inc.’s Global Industry Classification Standard (“GICS”) Sectors. Industry allocation is shown below for any sector representing more than 25% of net assets.
Sectors-AOD  
Information Technology 20.5%
Financials 18.3%
Health Care 11.9%
Industrials 10.1%
Consumer Staples 9.7%
Consumer Discretionary 9.5%
Utilities 7.7%
Communication Services 5.2%
Materials 4.7%
Energy 4.2%
Real Estate 2.3%
Short-Term Investment 0.6%
Liabilities in Excess of Other Assets (4.7%)
  100.0%
The following table summarizes the composition of the Fund’s portfolio by geographic classification.
Countries-AOD  
United States 62.7%
France 10.8%
United Kingdom 4.3%
Netherlands 4.1%
Germany 3.2%
South Korea 2.2%
Other, less than 2% each 16.8%
Short-Term Investment 0.6%
Liabilities in Excess of Other Assets (4.7%)
  100.0%
The following were the Fund’s top ten holdings as of April 30, 2024:
Top Ten Holdings-AOD  
Microsoft Corp. 3.6%
Apple, Inc. 3.4%
Engie SA 3.2%
Broadcom, Inc. 2.3%
Danone SA 2.3%
Alphabet, Inc. 2.3%
Eli Lilly & Co. 1.7%
Taiwan Semiconductor Manufacturing Co. Ltd. 1.7%
Coca-Cola Co. 1.6%
Target Corp. 1.6%
10 2024 Semi-Annual Report

 

Portfolio of Investments (unaudited) 
As of April 30, 2024
abrdn Total Dynamic Dividend Fund  
  Shares Value
COMMON STOCKS—102.7%  
AUSTRALIA—0.8%
Materials—0.8%      
Rio Tinto PLC, ADR     119,900 $     8,132,817
BRAZIL—1.6%
Industrials—0.9%      
CCR SA   3,650,100     8,667,283
Materials—0.7%      
Vale SA, ADR     608,400     7,404,228
Total Brazil   16,071,511
CANADA—1.5%
Energy—1.5%      
Enbridge, Inc.(a)     414,500    14,731,330
CHINA—1.7%
Communication Services—1.0%      
Tencent Holdings Ltd.     220,200     9,663,077
Financials—0.7%      
Ping An Insurance Group Co. of China Ltd., H Shares   1,652,900     7,491,074
Total China   17,154,151
DENMARK—1.2%
Financials—1.2%      
Tryg AS   584,900 11,576,474
FRANCE—10.8%
Consumer Discretionary—1.1%      
LVMH Moet Hennessy Louis Vuitton SE   12,900 10,596,525
Consumer Staples—3.2%      
Danone SA   363,300 22,737,979
Pernod Ricard SA   62,000 9,377,011
      32,114,990
Energy—1.5%      
TotalEnergies SE, ADR(a)   204,200 14,798,374
Financials—0.7%      
AXA SA   212,550 7,343,937
Industrials—1.1%      
Bouygues SA   176,133 6,491,433
Teleperformance SE(b)   44,600 4,040,079
      10,531,512
Utilities—3.2%      
Engie SA(b)   1,805,300 31,341,108
Total France   106,726,446
GERMANY—3.2%
Consumer Discretionary—1.0%      
Mercedes-Benz Group AG   126,400 9,561,008
Financials—1.1%      
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen   24,000 10,555,406
Utilities—1.1%      
RWE AG   323,500 11,269,295
Total Germany   31,385,709
HONG KONG—0.9%
Financials—0.9%      
Hong Kong Exchanges & Clearing Ltd.   266,500 8,467,880
  Shares Value
JAPAN—1.8%
Financials—1.2%      
Mitsubishi UFJ Financial Group, Inc.   1,169,700 $    11,651,792
Real Estate—0.6%      
GLP J-Reit       7,600     6,181,172
Total Japan   17,832,964
NETHERLANDS—4.1%
Financials—1.3%      
ING Groep NV, Series N     789,100    12,475,880
Information Technology—2.8%      
ASML Holding NV      16,800    14,633,014
BE Semiconductor Industries NV     102,500    13,599,087
      28,232,101
Total Netherlands   40,707,981
NORWAY—1.8%
Communication Services—1.1%      
Telenor ASA     890,530    10,253,301
Financials—0.7%      
DNB Bank ASA   415,125 7,235,273
Total Norway   17,488,574
SINGAPORE—1.4%
Financials—1.4%      
Oversea-Chinese Banking Corp. Ltd.   1,298,471 13,480,160
SOUTH KOREA—0.8%
Materials—0.8%      
LG Chem Ltd.   27,100 7,787,136
SPAIN—1.7%
Communication Services—0.8%      
Cellnex Telecom SA(b)(c)   241,800 7,992,626
Consumer Discretionary—0.9%      
Amadeus IT Group SA   138,600 8,797,486
Total Spain   16,790,112
SWEDEN—0.7%
Industrials—0.7%      
Atlas Copco AB, A Shares   404,400 7,083,504
TAIWAN—1.7%
Information Technology—1.7%      
Taiwan Semiconductor Manufacturing Co. Ltd.   676,600 16,200,344
UNITED KINGDOM—4.3%
Consumer Discretionary—1.0%      
Taylor Wimpey PLC   5,888,400 9,648,865
Financials—1.1%      
London Stock Exchange Group PLC   98,400 10,847,624
Health Care—1.5%      
AstraZeneca PLC, ADR   192,300 14,591,724
Industrials—0.7%      
Melrose Industries PLC   968,800 7,611,212
Total United Kingdom   42,699,425
UNITED STATES—62.7%
Communication Services—2.3%      
Alphabet, Inc., Class C(a)(b)   136,200 22,423,968
Consumer Discretionary—5.5%      
Aptiv PLC(a)(b)   91,100 6,468,100
 
See accompanying Notes to Financial Statements.
2024 Semi-Annual Report 11

 

Portfolio of Investments (unaudited)  (continued)
As of April 30, 2024
abrdn Total Dynamic Dividend Fund  
  Shares Value
COMMON STOCKS (continued)  
UNITED STATES (continued)
Genuine Parts Co.(a)      86,200 $    13,551,502
Las Vegas Sands Corp.     138,600     6,148,296
Lowe's Cos., Inc.(a)      63,100    14,386,169
TJX Cos., Inc.(a)     143,600    13,511,324
      54,065,391
Consumer Staples—6.5%      
Coca-Cola Co.     260,700    16,103,439
Keurig Dr Pepper, Inc.     303,500    10,227,950
Mondelez International, Inc., Class A(a)     154,200    11,093,148
Nestle SA     104,800    10,521,937
Target Corp.(a)      99,800    16,065,804
      64,012,278
Energy—1.2%      
Williams Cos., Inc.     304,000    11,661,440
Financials—8.0%      
Bank of America Corp.(a)     306,700    11,350,967
Blackstone, Inc.   97,800 11,404,458
CME Group, Inc.   50,700 10,628,748
Fidelity National Information Services, Inc.   148,900 10,113,288
Goldman Sachs Group, Inc.   34,800 14,849,508
JPMorgan Chase & Co.   77,300 14,821,502
MetLife, Inc.   81,000 5,757,480
      78,925,951
Health Care—10.4%      
AbbVie, Inc.(a)   88,200 14,344,848
Bristol-Myers Squibb Co.(a)   162,900 7,157,826
CVS Health Corp.   139,300 9,432,003
Eli Lilly & Co.   21,600 16,871,760
Medtronic PLC(a)   118,900 9,540,536
Merck & Co., Inc.   110,900 14,330,498
Roche Holding AG   41,400 9,920,027
Sanofi SA   118,593 11,716,165
UnitedHealth Group, Inc.(a)   20,300 9,819,110
      103,132,773
Industrials—6.7%      
FedEx Corp.(a)   51,800 13,560,204
Ferrovial SE   292,000 10,501,886
Norfolk Southern Corp.(a)   39,400 9,074,608
Schneider Electric SE   62,800 14,319,240
Stanley Black & Decker, Inc.   87,400 7,988,360
Waste Management, Inc.   50,300 10,463,406
      65,907,704
Information Technology—14.6%      
Accenture PLC, Class A   27,500 8,275,025
Amdocs Ltd.   142,100 11,934,979
Analog Devices, Inc.   68,600 13,761,846
Apple, Inc.(a)   196,600 33,486,878
  Shares Value
Broadcom, Inc.(a)      17,500 $    22,754,725
Cisco Systems, Inc.(a)     245,300    11,524,194
Microsoft Corp.(a)      90,900    35,390,097
Oracle Corp.      63,200     7,189,000
      144,316,744
Materials—2.4%      
Linde PLC      30,800    13,581,667
Newmont Corp.     262,300    10,659,872
      24,241,539
Real Estate—1.7%      
American Tower Corp., REIT      46,400     7,960,384
Gaming & Leisure Properties, Inc., REIT     206,800     8,836,564
      16,796,948
Utilities—3.4%      
CMS Energy Corp.(a)     156,000     9,455,160
FirstEnergy Corp.(a)     238,000     9,124,920
NextEra Energy Partners LP   177,800 5,042,408
NextEra Energy, Inc.(a)   146,000 9,777,620
      33,400,108
Total United States   618,884,844
Total Common Stocks   1,013,201,362
PREFERRED STOCKS—1.4%  
SOUTH KOREA—1.4%
Information Technology—1.4%      
Samsung Electronics Co. Ltd.   288,800 13,484,389
Total Preferred Stocks   13,484,389
SHORT-TERM INVESTMENT—0.6%  
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.25%(d)   6,062,282 6,062,282
Total Short-Term Investment   6,062,282
Total Investments
(Cost $807,106,433)(e)—104.7% 		1,032,748,033
Liabilities in Excess of Other Assets—(4.7%) (46,235,092)
Net Assets—100.0% $986,512,941
    
(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) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2024.
(e) See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
    
ADR American Depositary Receipt
PLC Public Limited Company
REIT Real Estate Investment Trust
 
See Accompanying Notes to Financial Statements.
12 2024 Semi-Annual Report

 

Portfolio of Investments (unaudited)  (concluded)
As of April 30, 2024
abrdn Total Dynamic Dividend Fund  
At April 30, 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          
07/12/2024 Citibank N.A. USD 80,149,472 EUR 73,500,000 $78,673,529 $1,475,943
 
See Accompanying Notes to Financial Statements.
2024 Semi-Annual Report 13

 

Statement of Assets and Liabilities  (unaudited) 
April 30, 2024
Assets abrdn
Global Dynamic
Dividend Fund 		abrdn
Total  Dynamic
Dividend  Fund
Investments, at value $ 271,492,959 $ 1,026,685,751
Short-term investments, at value  1,616,230  6,062,282
Foreign currency, at value 966,437 4,114,618
Receivable for investments sold 7,692,658 31,681,896
Interest and dividends receivable 2,234,225 8,412,161
Unrealized appreciation on forward foreign currency exchange contracts 389,569 1,475,943
Tax reclaim receivable 1,281,187 4,905,047
Prepaid expenses 13,196 53,301
Other assets 42,701 —
Total assets 285,729,162 1,083,390,999
Liabilities    
Payable for investments purchased 7,933,393 32,303,367
Line of credit payable (Note 7) 7,908,278 63,133,712
Investment management fees payable (Note 3) 199,805 757,449
Investor relations fees payable (Note 3) 30,753 81,176
Administration fees payable (Note 3) 17,872 65,475
Interest payable on line of credit 12,819 198,248
Due to custodian 938 84,394
Other accrued expenses 187,055 254,237
Total liabilities 16,290,913 96,878,058
 
Net Assets $269,438,249 $986,512,941
Cost:    
Investments 231,202,228 801,044,151
Short-Term Investments 1,616,230 6,062,282
Foreign currency, at cost 969,362 4,121,236
Composition of Net Assets    
Paid-in capital in excess of par  270,690,204  990,459,099
Distributable accumulated loss  (1,251,955)  (3,946,158)
Net Assets $269,438,249 $986,512,941
Net asset value per share $10.84 $9.36
Shares issued and outstanding 24,865,081 105,430,999
 
Amounts listed as “–” are $0 or round to $0.
See Accompanying Notes to Financial Statements.
14 2024 Semi-Annual Report

 

Statement of Operations  (unaudited) 
For the Six-Months Ended April 30, 2024
  abrdn
Global Dynamic
Dividend Fund 		abrdn
Total  Dynamic
Dividend  Fund
Net Investment Income    
Investment Income:    
Dividends $ 9,891,170 $ 36,959,776
Interest and other income  44,570  —
Foreign taxes withheld  (860,925)  (3,240,387)
Total investment income 9,074,815 33,719,389
Expenses:    
Investment management fee (Note 3)  1,344,369  5,081,964
Administration fee (Note 3)  107,549  394,530
Reports to shareholders and proxy solicitation  43,557  87,654
Investor relations fees and expenses (Note 3)  38,153  123,054
Custodian’s fees and expenses  37,877  71,479
Trustees' fees and expenses  34,028  64,530
Legal fees and expenses  28,350  109,716
Independent auditors’ fees and tax expenses  22,929  38,593
Transfer agent’s fees and expenses  8,776  8,523
Miscellaneous  37,013  106,150
Total operating expenses, excluding interest expense 1,702,601 6,086,193
Interest expense (Note 7)  16,858  993,219
Total operating expenses before reimbursed/waived expenses 1,719,459 7,079,412
Expenses waived (Note 3) (143,132) (464,137)
Net expenses 1,576,327 6,615,275
 
Net Investment Income 7,498,488 27,104,114
Net Realized/Unrealized Gain/(Loss) from Investments and Foreign Currency Related Transactions:    
Net realized gain/(loss) from:    
Investments (Note 2h) (6,274,058) (16,829,772)
Forward foreign currency exchange contracts (335,795) (1,271,193)
Foreign currency transactions (6,502) (16,046)
  (6,616,355) (18,117,011)
Net change in unrealized appreciation/(depreciation) on:    
Investments (Note 2h) 31,713,449 112,377,902
Forward foreign currency exchange contracts 326,752 1,236,467
Foreign currency translation (5,071) 20,739
  32,035,130 113,635,108
Net realized and unrealized gain from investments, forward foreign currency exchange contracts and foreign currencies 25,418,775 95,518,097
Change in Net Assets Resulting from Operations $32,917,263 $122,622,211
 
Amounts listed as “–” are $0 or round to $0.
See Accompanying Notes to Financial Statements.
2024 Semi-Annual Report 15

 

Statements of Changes in Net Assets 
  abrdn Global Dynamic Dividend Fund abrdn Total Dynamic Dividend Fund
  For the
Six-Month
Period Ended
April 30, 2024
(unaudited) 		For the
Year Ended
October 31, 2023 		For the
Six-Month
Period Ended
April 30, 2024
(unaudited) 		For the
Year Ended
October 31, 2023
Increase/(Decrease) in Net Assets:        
Operations:        
Net investment income $7,498,488 $15,320,734 $27,104,114 $61,514,810
Net realized gain from investments, forward foreign currency exchange contracts and foreign currency transactions (6,616,355) (7,510,274) (18,117,011) (28,051,167)
Net change in unrealized appreciation on investments, forward foreign currency exchange contracts and foreign currency translation 32,035,130 (855,823) 113,635,108 31,509,278
Net increase in net assets resulting from operations 32,917,263 6,954,637 122,622,211 64,972,921
Distributions to Shareholders From:        
Distributable earnings (9,697,382) (15,666,124) (36,373,695) (63,774,379)
Return of capital – (526,610) – (8,973,011)
Net increase in net assets from distributions (9,697,382) (16,192,734) (36,373,695) (72,747,390)
Proceeds from shares issued from the reorganization resulting in the addition of 0, 12,315,499, 0 and 0 shares of common stock, respectively (Note 11) – 129,362,047 – –
Change in net assets 23,219,881 120,123,950 86,248,516 (7,774,469)
Net Assets:        
Beginning of period 246,218,368 126,094,418 900,264,425 908,038,894
End of period $269,438,249 $246,218,368 $986,512,941 $900,264,425
 
Amounts listed as “–” are $0 or round to $0.
See Accompanying Notes to Financial Statements.
16 2024 Semi-Annual Report

 

Financial Highlights 
abrdn Global Dynamic Dividend Fund
  For the
Six-Month
Period Ended
April 30, 		For the Fiscal Years Ended October 31,
  2024
(unaudited) 		2023
2022
2021
2020
2019
PER SHARE OPERATING PERFORMANCE(a):            
Net asset value, beginning of period $9.90 $10.05 $12.95 $10.16 $11.14 $10.80
Net investment income 0.30 0.75 0.68 0.82 0.70 0.76
Net realized and unrealized gains/(losses) on investments, forward foreign currency exchange contracts and foreign currency transactions 1.03 (0.12) (2.80) 2.75 (0.90) 0.36
Total from investment operations 1.33 0.63 (2.12) 3.57 (0.20) 1.12
Distributions to common shareholders from:            
Net investment income (0.39) (0.75) (0.73) (0.78) (0.76) (0.78)
Return of capital – (0.03) (0.05) – (0.02) –
Total distributions (0.39) (0.78) (0.78) (0.78) (0.78) (0.78)
Net asset value, end of period $10.84 $9.90 $10.05 $12.95 $10.16 $11.14
Market price, end of period $9.31 $8.40 $8.92 $12.01 $8.58 $9.78
Total Investment Return Based on(b):            
Market price 15.53% 2.29% (19.88%) 49.84% (4.43%) 14.71%
Net asset value 14.14% 7.00% (16.28%) 36.44% (0.65%) 11.91%
Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data:            
Net assets applicable to common shareholders, end of period (000 omitted) $269,438 $246,218 $126,094 $162,528 $127,512 $139,776
Average net assets applicable to common shareholders (000 omitted) $270,351 $219,791 $146,601 $157,694 $132,667 $134,835
Net operating expenses, net of fee waivers 1.17%(c) 1.19% 1.18% 1.18% 1.18% 1.21%
Net operating expenses, excluding fee waivers 1.28%(c) 1.34% 1.37% 1.31% 1.36% 1.34%
Net operating expenses, net of fee waivers and
excluding interest expense 		1.16%(c) 1.19% 1.16% 1.17% 1.17% 1.16%
Net Investment income 5.58%(c) 6.97% 5.86% 6.56% 6.59% 7.06%
Portfolio turnover 47%(d) 78%(e) 81% 71% 105% 119%
Line of credit payable outstanding (000 omitted) $7,908 $1,537 $– $311 $– $211
Asset coverage ratio on revolving credit facility at period end(f) 3,507% 16,121% – 52,338% – 66,335%
Asset coverage per $1,000 on line of credit payable at period end $35,070 $161,213 $– $523,384 $– $663,350
    
(a) Based on average shares outstanding.
Amounts listed as “–” are $0 or round to $0.
2024 Semi-Annual Report 17

 

Financial Highlights  (concluded)
abrdn Global Dynamic Dividend Fund (concluded)
(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) The portfolio turnover calculation excludes $100,050,254 and $90,865,012 of proceeds received and cost of investments related to rebalancing the portfolio after the
fund reorganization which occurred on March 10, 2023.
(f) 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.
 
Amounts listed as “–” are $0 or round to $0.
18 2024 Semi-Annual Report

 

Financial Highlights 
abrdn Total Dynamic Dividend Fund
  For the
Six-Month
Period Ended
April 30, 		For the Fiscal Years Ended October 31,
  2024
(unaudited) 		2023
2022
2021
2020
2019
PER SHARE OPERATING PERFORMANCE(a):            
Net asset value, beginning of period $8.54 $8.61 $10.98 $8.76 $9.56 $9.33
Net investment income 0.26 0.58 0.63 0.66 0.63 0.64
Net realized and unrealized gains/(losses) on investments, forward foreign currency exchange contracts and foreign currency transactions 0.91 0.04 (2.31) 2.25 (0.74) 0.27
Total from investment operations 1.17 0.62 (1.68) 2.91 (0.11) 0.91
Distributions to common shareholders from:            
Net investment income (0.35) (0.60) (0.69) (0.69) (0.67) (0.65)
Return of capital – (0.09) – – (0.02) (0.04)
Total distributions (0.35) (0.69) (0.69) (0.69) (0.69) (0.69)
Capital Share Transactions:            
Anti-Dilutive effect of share repurchase program – – – – – 0.01
Net asset value, end of period $9.36 $8.54 $8.61 $10.98 $8.76 $9.56
Market price, end of period $7.95 $7.26 $7.50 $10.05 $7.31 $8.44
Total Investment Return Based on(b):            
Market price 14.29% 5.41% (19.25%) 47.64% (5.47%) 15.55%
Net asset value 14.40% 8.01% (15.15%) 34.60%(c) 0.00%(c) 11.39%
Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data:            
Net assets applicable to common shareholders, end of period (000 omitted) $986,513 $900,264 $908,039 $1,157,523 $924,011 $1,007,850
Average net assets applicable to common shareholders (000 omitted) $991,745 $977,703 $1,049,849 $1,129,413 $964,667 $981,093
Net operating expenses, net of fee waivers 1.34%(d) 1.27% 1.16% 1.16% 1.15% 1.22%
Net operating expenses, excluding fee waivers 1.44%(d) 1.36% 1.21% 1.20% 1.18% 1.24%
Net operating expenses, net of fee waivers and
excluding interest expense 		1.14%(d) 1.15% 1.14% 1.14% 1.14% 1.18%
Net Investment income 5.50%(d) 6.29% 6.36% 6.14% 6.93% 6.94%
Portfolio turnover 47%(e) 79% 83% 72% 115% 135%
Line of credit payable outstanding (000 omitted) $63,134 $49,052 $12,250 $4,092 $– $–
Asset coverage ratio on line of credit payable at period end(f) 1,663% 1,935% 7,512% 28,385% – –
Amounts listed as “–” are $0 or round to $0.

2024 Semi-Annual Report 19

 

Financial Highlights  (concluded)
abrdn Total Dynamic Dividend Fund (concluded)
  For the
Six-Month
Period Ended
April 30, 		For the Fiscal Years Ended October 31,
  2024
(unaudited) 		2023
2022
2021
2020
2019
Asset coverage per $1,000 on line of credit payable at period end $16,626 $19,353 $75,124 $283,852 $– $–
    
(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) The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments.
(d) Annualized.
(e) Not annualized.
(f) 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.
 
Amounts listed as “–” are $0 or round to $0.
20 2024 Semi-Annual Report

 

Notes to  Financial Statements (unaudited) 
April 30, 2024
1.  Organization
abrdn Global Dynamic Dividend Fund ("AGD") and abrdn Global Total Dynamic Dividend Fund ("AOD") (collectively, the “Funds" and each a "Fund") are diversified, closed-end management investment companies. AGD and AOD were organized as a Delaware statutory trusts on May 11, 2006 and October 27, 2006, and commenced operations on July 26, 2006 and January 26, 2007, respectively. The primary investment objective for AGD is to seek high current dividend income, more than 50% of which qualifies for the reduced federal income tax rates created by the Jobs and Growth Tax Relief Reconciliation Act of 2003.  The primary investment objective for AOD is to seek high current dividend income. The Funds also focus on long-term growth of capital as a secondary investment objective. The Board of Trustees of each Fund (each a "Board" and collectively, the "Boards") authorized an unlimited number of shares with no par value.
On March 10, 2023, AGD acquired the assets and assumed the liabilities of Delaware Enhanced Global Dividend and Income Fund ("DEX") and Delaware Investments® Dividend and Income Fund, Inc. ("DDF") pursuant to plans of reorganization approved by the Board of AGD on August 11, 2022 ("Reorganizations"). In the Reorganizations, common shareholders of DEX and DDF received an amount of AGD common shares with a net asset value equal to the aggregate net asset value of their holdings of DEX and DDF common shares, as determined at the close of regular business on March 10, 2023. Any applicable fractional shares were paid as cash-in-lieu to the applicable holder. The Reorganizations were each structured as a tax-free transaction. The Fund is considered the tax survivor and accounting survivor of the Reorganizations.
The following is a summary of the net asset value (“NAV”) per share issued as of March 10, 2023.
Acquired Fund AGD NAV per
Share ($) March 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
2.  Summary of Significant Accounting Policies
The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to generally accepted accounting principles ("GAAP") in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Funds are maintained in U.S. Dollars and the U.S. Dollar is used as both the functional and reporting currency. 
a.  Security Valuation:
The Funds value their securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Funds' 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.
In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Funds disclose the fair value of their 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,
 
2024 Semi-Annual Report 21

 

Notes to  Financial Statements (unaudited)  (continued)
April 30, 2024
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.
Open-end mutual funds are valued at the respective 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.
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 a Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time a 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.
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.
Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Funds sweep 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.
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.
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).
 
22 2024 Semi-Annual Report

 

Notes to  Financial Statements (unaudited)  (continued)
April 30, 2024
A summary of standard inputs is listed below:
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.
The following is a summary of the inputs used as of April 30, 2024 in valuing the Funds' investments and other financial instruments at fair value. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Portfolio of Investments for a detailed breakout of the security types:
  abrdn Global Dynamic Dividend Fund
Investments, at Value Level 1 – Quoted
Prices 		Level 2 – Other Significant
Observable Inputs 		Level 3 – Significant
Unobservable Inputs 		Total
abrdn Global Dynamic Dividend Fund
Assets    
Investments in Securities      
Common Stocks $169,293,786 $98,678,164 $– $267,971,950
Corporate Bonds – 500 – 500
Preferred Stocks – 3,520,509 – 3,520,509
Short-Term Investment 1,616,230 – – 1,616,230
Total Investments $170,910,016 $102,199,173 $– $273,109,189
Other Financial Instruments      
Foreign Currency Exchange Contracts $– $389,569 $– $389,569
Total Investment Assets $170,910,016 $102,588,742 $– $273,498,758
Amounts listed as “–” are $0 or round to $0.
  abrdn Total Dynamic Dividend Fund
Investments, at Value Level 1 – Quoted
Prices 		Level 2 – Other Significant
Observable Inputs 		Level 3 – Significant
Unobservable Inputs 		Total
abrdn Total Dynamic Dividend Fund
Assets    
Investments in Securities      
Common Stocks $626,902,979 $386,298,383 $– $1,013,201,362
Preferred Stocks – 13,484,389 – 13,484,389
Short-Term Investment 6,062,282 – – 6,062,282
Total Investments $632,965,261 $399,782,772 $– $1,032,748,033
Other Financial Instruments      
Foreign Currency Exchange Contracts $– $1,475,943 $– $1,475,943
Total Investment Assets $632,965,261 $401,258,715 $– $1,034,223,976
Amounts listed as “–” are $0 or round to $0.
For the six-month period ended April 30, 2024, there were no significant changes to the fair valuation methodologies.
2024 Semi-Annual Report 23

 

Notes to  Financial Statements (unaudited)  (continued)
April 30, 2024
b.  Restricted Securities:
Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Funds may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended (the "1933 Act"). Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Funds, but resale of such securities in the U.S. is permitted only in limited circumstances.
c.  Foreign Currency Translation:
Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as provided by an independent pricing service approved by the Board.
Foreign currency amounts are translated into U.S. Dollars on the following basis:
(i) market value of investment securities, other assets and liabilities – at the current daily rates of exchange at the Valuation Time; and
(ii) purchases and sales of investment securities, income and expenses – at the relevant rates of exchange prevailing on the respective dates of such transactions.
The Funds do not isolate that portion of gains and losses on investments in equity securities due to changes in the foreign exchange rates from the portion due to changes in market prices of equity securities. Accordingly, realized and unrealized foreign currency gains and losses with respect to such securities are included in the reported net realized and unrealized gains and losses on investment transactions balances.
The Funds report certain foreign currency related transactions and foreign taxes withheld on security transactions as components of realized gains for financial reporting purposes, whereas such foreign currency related transactions are treated as ordinary income for U.S. federal income tax purposes.
Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation/depreciation in value of investments, and translation of other assets and liabilities denominated in foreign currencies.
Net realized foreign exchange gains or losses represent foreign exchange gains and losses from transactions in foreign currencies and forward foreign currency contracts, exchange gains or losses realized between the trade date and settlement date on security transactions, and the difference between the amounts of interest and dividends
recorded on the Funds' books and the U.S. Dollar equivalent of the amounts actually received.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar. Generally, when the U.S. Dollar rises in value against foreign currency, the Funds' investments denominated in that foreign currency will lose value because the foreign currency is worth fewer U.S. Dollars; the opposite effect occurs if the U.S. Dollar falls in relative value.
d.  Derivative Financial Instruments:
The Funds are authorized to use derivatives to manage currency risk, credit risk, and interest rate risk and to replicate, or use as a substitute for, physical securities. Losses may arise due to changes in the value of the contract or if the counterparty does not perform under the contract. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities.
Forward Foreign Currency Exchange Contracts:
A forward foreign currency exchange contract ("forward contract") involves an obligation to purchase and sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are used to manage a Fund's currency exposure in an efficient manner. They are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to give the desired currency exposure either in absolute terms or relative to a particular benchmark or index. The use of forward contracts allows for the separation of investment decision-making between foreign exchange holdings and their currencies.
The forward contract is marked-to-market daily and the change in market value is recorded by a Fund as unrealized appreciation or depreciation. Forward contracts' prices are received daily from an independent pricing provider. When the forward contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These realized and unrealized gains and losses are reported on the Statement of Operations. A Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or from unanticipated movements in exchange rates. During the six-month period ended April 30, 2024, the Funds used forward contracts to hedge their currency exposure.
While a Fund may enter into forward contracts to seek to reduce currency exchange rate risks, transactions in such contracts involve
 
24 2024 Semi-Annual Report

 

Notes to  Financial Statements (unaudited)  (continued)
April 30, 2024
certain risks. A Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates. Thus, while a Fund may benefit from such transactions, unanticipated changes in currency prices may result in a poorer overall performance for a Fund than if it had not engaged in any such transactions. Moreover, there may be an imperfect correlation between a Fund’s portfolio holdings or securities quoted or denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent a Fund from achieving a complete hedge, which will expose the Fund to the risk of foreign exchange loss.
Forward contracts are subject to the risk that the counterparties to such contracts may default on their obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive a Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force a Fund to cover its purchase or sale commitments, if any, at the market price at the time of the default.
 
Summary of Derivative Instruments:
The Funds may use derivatives for various purposes as noted above. The following is a summary of the fair value of derivative instruments, not accounted for as hedging instruments, as of April 30, 2024:
  Risk Exposure Category
  Interest
Rate
Contracts 		Foreign
Currency
Contracts 		Credit
Contracts 		Equity
Contracts 		Commodity
Contracts 		Other Total
abrdn Global Dynamic Dividend Fund
Assets:
Unrealized appreciation on:
Forward Foreign Currency Exchange Contracts $– $389,569 $– $– $– $– $389,569
Total $– $389,569 $– $– $– $– $389,569
Amounts listed as “–” are $0 or round to $0.
  Risk Exposure Category
  Interest
Rate
Contracts 		Foreign
Currency
Contracts 		Credit
Contracts 		Equity
Contracts 		Commodity
Contracts 		Other Total
abrdn Total Dynamic Dividend Fund
Assets:
Unrealized appreciation on:
Forward Foreign Currency Exchange Contracts $– $1,475,943 $– $– $– $– $1,475,943
Total