NPORT-EX 2 NPORT_ALPB_50069285_0123.htm
Portfolio of Investments (unaudited) 
As of January 31, 2023
abrdn Total Dynamic Dividend Fund 
  Shares Value
COMMON STOCKS—99.2%  
AUSTRALIA—0.8%
Materials—0.8%      
BHP Group Ltd., ADR     118,700 $     8,326,805
BRAZIL—2.0%
Industrials—1.2%      
CCR SA   5,026,238    11,644,024
Materials—0.8%      
Vale SA, ADR     444,300     8,299,524
Total Brazil   19,943,548
CANADA—2.5%
Energy—1.4%      
Enbridge, Inc.(a)     354,300    14,515,671
Materials—1.1%      
Barrick Gold Corp.(a)     573,800    11,217,790
Total Canada   25,733,461
CHINA—3.3%
Communication Services—1.1%      
Meituan, Class B(b)(c)   22,020 492,276
Tencent Holdings Ltd.   220,200 10,730,106
      11,222,382
Financials—1.3%      
Ping An Insurance Group Co. of China Ltd., H Shares   1,652,900 12,839,234
Real Estate—0.9%      
China Vanke Co. Ltd., H Shares   4,490,800 9,078,151
Total China   33,139,767
DENMARK—1.0%
Financials—1.0%      
Tryg A/S   428,800 9,840,143
FINLAND—1.9%
Financials—1.2%      
Nordea Bank Abp   993,200 11,610,889
Information Technology—0.7%      
Nokia OYJ   1,531,806 7,263,083
Total Finland   18,873,972
FRANCE—6.8%
Consumer Discretionary—1.2%      
LVMH Moet Hennessy Louis Vuitton SE   13,550 11,828,820
Consumer Staples—1.1%      
Danone SA   203,300 11,148,820
Energy—1.5%      
TotalEnergies SE, ADR(a)   240,300 14,908,212
Health Care—1.1%      
Sanofi   115,993 11,358,548
Industrials—1.0%      
Alstom SA   345,498 10,273,440
Information Technology—0.9%      
Teleperformance   34,100 9,479,350
Total France   68,997,190
GERMANY—4.0%
Financials—1.3%      
Deutsche Boerse AG   72,900 13,044,892
  Shares Value
Materials—1.2%      
Linde PLC      35,700 $    11,810,259
Utilities—1.5%      
RWE AG     343,400    15,287,781
Total Germany   40,142,932
HONG KONG—0.7%
Financials—0.7%      
Hong Kong Exchanges & Clearing Ltd.     169,200     7,610,206
ITALY—1.4%
Utilities—1.4%      
Enel SpA   2,383,400    14,033,746
JAPAN—2.1%
Financials—1.2%      
Mitsubishi UFJ Financial Group, Inc.   1,722,400    12,616,374
Real Estate—0.9%      
GLP J-REIT       7,600     8,599,861
Total Japan   21,216,235
NETHERLANDS—3.8%
Consumer Staples—1.3%      
Heineken NV   131,900 13,181,941
Information Technology—2.5%      
ASML Holding NV   16,800 11,115,680
BE Semiconductor Industries NV   193,800 13,861,807
      24,977,487
Total Netherlands   38,159,428
NORWAY—1.0%
Communication Services—1.0%      
Telenor ASA   1,012,930 10,603,969
SINGAPORE—1.4%
Financials—1.4%      
Oversea-Chinese Banking Corp. Ltd.   1,426,971 14,098,970
SOUTH KOREA—1.3%
Materials—1.3%      
LG Chem Ltd.   23,200 13,094,149
SPAIN—2.4%
Communication Services—0.9%      
Cellnex Telecom SA(b)(c)   241,800 9,475,655
Industrials—1.5%      
Ferrovial SA   495,414 14,618,801
Total Spain   24,094,456
SWEDEN—0.5%
Industrials—0.5%      
Atlas Copco AB, A Shares   404,400 4,798,635
SWITZERLAND—2.5%
Financials—1.4%      
Zurich Insurance Group AG   28,200 13,945,704
Health Care—1.1%      
Roche Holding AG   38,000 11,862,474
Total Switzerland   25,808,178
TAIWAN—1.3%
Information Technology—1.3%      
Taiwan Semiconductor Manufacturing Co. Ltd.   752,000 13,270,380
 
See accompanying  Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  
As of January 31, 2023
abrdn Total Dynamic Dividend Fund 
  Shares Value
COMMON STOCKS (continued)  
UNITED KINGDOM—4.1%
Communication Services—0.9%      
Vodafone Group PLC, ADR     777,900 $     9,008,082
Consumer Discretionary—1.0%      
Taylor Wimpey PLC   6,651,800     9,651,236
Health Care—1.2%      
AstraZeneca PLC, ADR     192,300    12,570,651
Industrials—1.0%      
Melrose Industries PLC   5,807,310    10,239,258
Total United Kingdom   41,469,227
UNITED STATES—54.4%
Communication Services—1.6%      
Alphabet, Inc., Class C(a)(c)     159,000    15,879,330
Consumer Discretionary—7.6%      
Aptiv PLC(a)(c)      91,100    10,302,499
Genuine Parts Co.      82,400    13,828,368
Las Vegas Sands Corp.(c)     138,600     8,177,400
Lowe's Cos., Inc.(a)   68,000 14,161,000
Target Corp.(a)   85,500 14,717,970
TJX Cos., Inc. (The)(a)   186,900 15,299,634
      76,486,871
Consumer Staples—5.2%      
Coca-Cola Co. (The)   239,400 14,680,008
Kraft Heinz Co. (The)(a)   278,300 11,279,499
Mondelez International, Inc., Class A(a)   227,500 14,887,600
Nestle SA   100,300 12,237,507
      53,084,614
Energy—2.2%      
New Fortress Energy, Inc.   229,300 8,894,547
Williams Cos., Inc. (The)   418,700 13,498,888
      22,393,435
Financials—6.7%      
Bank of America Corp.(a)   306,700 10,881,716
Blackstone, Inc., Class A   110,000 10,555,600
Goldman Sachs Group, Inc. (The)   34,800 12,730,188
Huntington Bancshares, Inc.(a)   766,300 11,624,771
Intercontinental Exchange, Inc.   104,000 11,185,200
JPMorgan Chase & Co.   77,300 10,818,908
      67,796,383
Health Care—8.2%      
AbbVie, Inc.   100,700 14,878,425
Baxter International, Inc.   157,300 7,187,037
Bristol-Myers Squibb Co.(a)   162,900 11,834,685
CVS Health Corp.   110,100 9,713,022
Eli Lilly & Co.   27,100 9,326,465
Medtronic PLC(a)   118,900 9,950,741
Merck & Co., Inc.   89,100 9,570,231
UnitedHealth Group, Inc.(a)   21,900 10,932,261
      83,392,867
Industrials—4.1%      
FedEx Corp.(a)   54,600 10,584,756
Norfolk Southern Corp.(a)   39,400 9,684,914
  Shares Value
Schneider Electric SE      80,800 $    13,107,016
Stanley Black & Decker, Inc.      87,400     7,805,694
      41,182,380
Information Technology—11.7%      
Amdocs Ltd.     142,100    13,063,253
Analog Devices, Inc.      68,600    11,762,842
Apple, Inc.(a)     213,600    30,820,344
Broadcom, Inc.(a)      24,500    14,332,745
Cisco Systems, Inc.(a)     245,300    11,938,751
Fidelity National Information Services, Inc.     148,900    11,173,456
Microsoft Corp.(a)     100,300    24,855,343
      117,946,734
Materials—1.0%      
Air Products & Chemicals, Inc.      30,700     9,839,657
Real Estate—2.1%      
American Tower Corp., REIT      46,400    10,365,296
Gaming and Leisure Properties, Inc., REIT   206,800 11,076,208
      21,441,504
Utilities—4.0%      
Clearway Energy, Inc., Class C(a)   300,000 10,137,000
CMS Energy Corp.(a)   156,000 9,857,640
FirstEnergy Corp.(a)   238,000 9,746,100
NextEra Energy, Inc.(a)   146,000 10,895,980
      40,636,720
Total United States   550,080,495
Total Common Stocks   1,003,335,892
PREFERRED STOCKS—1.3%  
SOUTH KOREA—1.3%
Information Technology—1.3%      
Samsung Electronics Co. Ltd.   288,800 12,959,632
Total Preferred Stocks   12,959,632
SHORT-TERM INVESTMENT—0.6%  
State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%(d)   6,062,282 6,062,282
Total Short-Term Investment   6,062,282
Total Investments
(Cost $819,576,660)—101.1% 		1,022,357,806
Liabilities in Excess of Other Assets—(1.1%) (11,454,410)
Net Assets—100.0% $1,010,903,396
    
(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, 2023.
    
ADR American Depositary Receipt
PLC Public Limited Company
REIT Real Estate Investment Trust
 
See accompanying Notes  to Portfolio of Investments.
Portfolio of Investments (unaudited)  
As of January 31, 2023
abrdn Total Dynamic Dividend Fund 
At January 31, 2023, the Fund held the following forward foreign currency contracts:
    
Sale Contracts
Settlement Date 		Counterparty Amount
Purchased 		Amount
Sold 		Fair Value Unrealized
Appreciation/
(Depreciation)
United States Dollar/Euro          
04/19/2023 Royal Bank of Canada USD 79,903,467 EUR 73,500,000 $80,283,858 $(380,391)
 
See accompanying Notes  to Portfolio of Investments.
Notes to Portfolio of Investments 
January 31, 2023 (unaudited)
1.    Summary of Significant Accounting Policies
a.    Security Valuation:
The Fund 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 of Trustees (the "Board") designated abrdn Investments Limited (formerly, Aberdeen Asset Managers 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.
Equity securities that are traded on an exchange are valued at the last quoted sale 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. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time. A security using any of these pricing methodologies is determined to be a Level 1 investment.
Foreign equity securities that are traded on foreign exchanges that close prior to 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 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; in such case, the security is determined to be a Level 1 investment.
Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund 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 net asset value (“NAV”). Registered investment companies are valued at their net asset value as reported by such company. 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 closed 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. Under normal circumstances the Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). 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. 
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