NPORT-EX 2 NPORT_ALPB_83607693_0723.htm
Portfolio of Investments (unaudited) 
As of July 31, 2023
abrdn Total Dynamic Dividend Fund 
  Shares Value
COMMON STOCKS—99.2%  
AUSTRALIA—0.7%
Materials—0.7%      
BHP Group Ltd., ADR     117,500 $     7,361,375
BRAZIL—1.6%
Industrials—1.0%      
CCR SA   3,650,100    10,258,489
Materials—0.6%      
Vale SA, ADR     444,300     6,500,109
Total Brazil   16,758,598
CANADA—1.3%
Energy—1.3%      
Enbridge, Inc.(a)     354,300    13,038,240
CHINA—2.8%
Communication Services—1.0%      
Tencent Holdings Ltd.     220,200    10,120,639
Financials—1.2%      
Ping An Insurance Group Co. of China Ltd., H Shares   1,652,900    12,044,247
Real Estate—0.6%      
China Vanke Co. Ltd., H Shares   4,490,800 6,365,037
Total China   28,529,923
DENMARK—1.2%
Financials—1.2%      
Tryg A/S   634,900 12,535,338
FINLAND—0.6%
Information Technology—0.6%      
Nokia OYJ   1,531,806 6,021,436
FRANCE—7.1%
Consumer Discretionary—1.2%      
LVMH Moet Hennessy Louis Vuitton SE   13,550 12,584,800
Consumer Staples—1.2%      
Danone SA   203,300 12,414,867
Energy—1.4%      
TotalEnergies SE, ADR(a)   240,300 14,622,255
Industrials—1.7%      
Alstom SA   345,498 10,579,234
Teleperformance   44,600 6,468,731
      17,047,965
Utilities—1.6%      
Engie SA   976,200 16,014,878
Total France   72,684,765
GERMANY—2.5%
Financials—1.0%      
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen   27,800 10,465,195
Utilities—1.5%      
RWE AG   343,400 14,779,468
Total Germany   25,244,663
HONG KONG—1.1%
Financials—1.1%      
Hong Kong Exchanges & Clearing Ltd.   266,500 11,236,173
  Shares Value
JAPAN—2.1%
Financials—1.4%      
Mitsubishi UFJ Financial Group, Inc.   1,722,400 $    13,869,192
Real Estate—0.7%      
GLP J-REIT       7,600     7,487,246
Total Japan   21,356,438
NETHERLANDS—6.5%
Consumer Staples—1.2%      
Heineken NV     122,700    12,010,056
Financials—1.1%      
ING Groep NV, Series N     793,700    11,585,371
Industrials—1.2%      
Ferrovial SE     384,314    12,735,759
Information Technology—3.0%      
ASML Holding NV      16,800    12,033,315
BE Semiconductor Industries NV     152,800    18,244,106
      30,277,421
Total Netherlands   66,608,607
NORWAY—0.9%
Communication Services—0.9%      
Telenor ASA   890,530 9,533,072
SINGAPORE—1.3%
Financials—1.3%      
Oversea-Chinese Banking Corp. Ltd.   1,314,871 13,158,902
SPAIN—1.9%
Communication Services—0.9%      
Cellnex Telecom SA(b)(c)   241,800 9,874,889
Consumer Discretionary—1.0%      
Amadeus IT Group SA   138,600 9,942,622
Total Spain   19,817,511
SWEDEN—0.6%
Industrials—0.6%      
Atlas Copco AB, A Shares   404,400 5,744,860
TAIWAN—1.3%
Information Technology—1.3%      
Taiwan Semiconductor Manufacturing Co. Ltd., ADR   752,000 13,579,314
UNITED KINGDOM—5.9%
Communication Services—0.7%      
Vodafone Group PLC, ADR   777,900 7,483,398
Consumer Discretionary—1.0%      
Taylor Wimpey PLC   6,638,307 9,744,100
Energy—0.3%      
Capricorn Energy PLC   1,431,167 3,254,610
Financials—1.0%      
London Stock Exchange Group PLC   98,400 10,685,723
Health Care—1.4%      
AstraZeneca PLC, ADR   192,300 13,787,910
Industrials—1.1%      
Melrose Industries PLC   1,664,770 11,329,694
Utilities—0.4%      
SSE PLC   177,327 3,834,365
Total United Kingdom   60,119,800
 
See accompanying  Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  
As of July 31, 2023
abrdn Total Dynamic Dividend Fund 
  Shares Value
COMMON STOCKS (continued)  
UNITED STATES—59.8%
Communication Services—1.8%      
Alphabet, Inc., Class C(a)(c)     136,200 $    18,129,582
Consumer Discretionary—6.0%      
Aptiv PLC(a)(c)      91,100     9,974,539
Genuine Parts Co.      72,500    11,289,700
Las Vegas Sands Corp.(c)     138,600     8,289,666
Lowe's Cos., Inc.(a)      68,000    15,930,360
TJX Cos., Inc. (The)(a)     177,700    15,376,381
      60,860,646
Consumer Staples—6.2%      
Coca-Cola Co. (The)     239,400    14,826,042
Keurig Dr Pepper, Inc.     303,500    10,322,035
Mondelez International, Inc., Class A(a)     190,200    14,099,526
Nestle SA     100,300    12,288,668
Target Corp.(a)      85,500    11,668,185
      63,204,456
Energy—1.8%      
New Fortress Energy, Inc.   127,900 3,651,545
Williams Cos., Inc. (The)   418,700 14,424,215
      18,075,760
Financials—7.3%      
Bank of America Corp.(a)   306,700 9,814,400
Blackstone, Inc., Class A   110,000 11,526,900
CME Group, Inc.   53,100 10,564,776
Fidelity National Information Services, Inc.   148,900 8,990,582
Goldman Sachs Group, Inc. (The)   34,800 12,384,276
Huntington Bancshares, Inc.(a)   766,300 9,379,512
JPMorgan Chase & Co.   77,300 12,210,308
      74,870,754
Health Care—10.8%      
AbbVie, Inc.   91,000 13,611,780
Baxter International, Inc.   157,300 7,114,679
Bristol-Myers Squibb Co.(a)   162,900 10,130,751
CVS Health Corp.   139,300 10,404,317
Eli Lilly & Co.   27,100 12,318,305
Medtronic PLC(a)   118,900 10,434,664
Merck & Co., Inc.   89,100 9,502,515
Roche Holding AG   42,200 13,084,167
Sanofi   118,593 12,652,037
UnitedHealth Group, Inc.(a)   21,900 11,089,503
      110,342,718
Industrials—4.5%      
FedEx Corp.(a)   51,800 13,983,410
Norfolk Southern Corp.(a)   39,400 9,203,446
Schneider Electric SE   80,800 14,412,460
Stanley Black & Decker, Inc.   87,400 8,676,198
      46,275,514
  Shares Value
Information Technology—13.0%      
Amdocs Ltd.     142,100 $    13,306,244
Analog Devices, Inc.      68,600    13,687,758
Apple, Inc.(a)     213,600    41,961,720
Broadcom, Inc.(a)      20,800    18,691,920
Cisco Systems, Inc.(a)     245,300    12,765,412
Microsoft Corp.(a)      97,200    32,651,424
      133,064,478
Materials—3.2%      
Air Products & Chemicals, Inc.      30,700     9,373,631
Linde PLC      35,700    13,852,580
Newmont Corp.     214,700     9,214,924
      32,441,135
Real Estate—1.8%      
American Tower Corp.      46,400     8,830,384
Gaming and Leisure Properties, Inc., REIT     206,800     9,814,728
      18,645,112
Utilities—3.4%      
CMS Energy Corp.(a)   156,000 9,526,920
FirstEnergy Corp.(a)   238,000 9,374,820
NextEra Energy Partners LP   84,900 4,622,805
NextEra Energy, Inc.(a)   146,000 10,701,800
      34,226,345
Total United States   610,136,500
Total Common Stocks   1,013,465,515
PREFERRED STOCKS—1.3%  
SOUTH KOREA—1.3%
Information Technology—1.3%      
Samsung Electronics Co. Ltd.   288,800 13,007,769
Total Preferred Stocks   13,007,769
Total Investments
(Cost $811,520,150)—100.5% 		1,026,473,284
Liabilities in Excess of Other Assets—(0.5%) (5,576,951)
Net Assets—100.0% $1,020,896,333
    
(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.
    
ADR American Depositary Receipt
EUR Euro Currency
PLC Public Limited Company
REIT Real Estate Investment Trust
USD U.S. Dollar
 
At July 31, 2023, the Fund held the following forward foreign currency contracts:
    
Sale Contracts
Settlement Date 		Counterparty Currency
Purchased 		Amount
Purchased 		Currency
Sold 		Amount
Sold 		Fair Value Unrealized
Appreciation/
(Depreciation)
United States Dollar/Euro          
10/18/2023 Royal Bank of Canada USD 81,693,868 EUR 73,500,000 $81,117,544 $576,324
 
See accompanying Notes  to Portfolio of Investments.
Notes to Portfolio of Investments 
July 31, 2023 (unaudited)
1.    Summary of Significant Accounting Policies
a.    Security Valuation:
The Fund 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 Fund 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 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 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 NAV. Registered investment companies are valued at their NAV as reported by such company. 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.  
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