NPORT-EX 2 NPORT_ALPB_24405015_0125.htm
Portfolio of Investments (unaudited) 
As of January 31, 2025
abrdn Total Dynamic Dividend Fund
  Shares Value
COMMON STOCKS—98.5%  
AUSTRALIA—0.7%
Materials—0.7%      
Rio Tinto PLC, ADR     117,400 $     7,092,134
BRAZIL—1.6%
Industrials—1.0%      
CCR SA   5,206,200    10,004,299
Materials—0.6%      
Vale SA, ADR     596,100     5,537,769
Total Brazil   15,542,068
CANADA—1.3%
Energy—1.3%      
Enbridge, Inc.(a)     299,300    12,941,732
CHINA—2.1%
Communication Services—1.4%      
Tencent Holdings Ltd.     270,000    14,206,099
Financials—0.7%      
Ping An Insurance Group Co. of China Ltd., H Shares   1,189,500     6,697,698
Total China   20,903,797
DENMARK—1.8%
Financials—1.1%      
Tryg AS   573,100 11,610,172
Health Care—0.7%      
Novo Nordisk AS, Class B   79,300 6,694,871
Total Denmark   18,305,043
FRANCE—5.8%
Consumer Discretionary—0.9%      
LVMH Moet Hennessy Louis Vuitton SE   12,700 9,288,835
Consumer Staples—1.9%      
Danone SA   149,700 10,485,727
Pernod Ricard SA   77,900 8,896,901
      19,382,628
Energy—1.3%      
TotalEnergies SE, ADR(a)   219,300 12,725,979
Industrials—0.6%      
Teleperformance SE   66,469 6,224,271
Utilities—1.1%      
Engie SA   644,700 10,642,632
Total France   58,264,345
GERMANY—4.0%
Communication Services—1.1%      
Deutsche Telekom AG   331,200 11,111,416
Consumer Discretionary—0.9%      
Mercedes-Benz Group AG   151,400 9,211,197
Financials—1.1%      
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen   19,800 10,732,238
Utilities—0.9%      
RWE AG   303,900 9,417,481
Total Germany   40,472,332
  Shares Value
HONG KONG—0.6%
Financials—0.6%      
Hong Kong Exchanges & Clearing Ltd.     154,900 $     6,062,733
IRELAND—1.0%
Information Technology—1.0%      
Accenture PLC, Class A      27,000    10,393,650
JAPAN—1.3%
Financials—1.3%      
Mitsubishi UFJ Financial Group, Inc.   1,045,400    13,220,537
NETHERLANDS—3.7%
Financials—1.3%      
ING Groep NV, Series N     773,200    12,851,270
Information Technology—2.4%      
ASML Holding NV      16,500    12,206,091
BE Semiconductor Industries NV      97,800    12,472,570
      24,678,661
Total Netherlands   37,529,931
SINGAPORE—1.4%
Financials—1.4%      
Oversea-Chinese Banking Corp. Ltd.   1,113,371 14,200,797
SOUTH KOREA—0.4%
Materials—0.4%      
LG Chem Ltd.(b)   26,600 4,314,135
SPAIN—1.6%
Communication Services—0.8%      
Cellnex Telecom SA(b)(c)   236,900 7,934,539
Consumer Discretionary—0.8%      
Amadeus IT Group SA   104,800 7,669,007
Total Spain   15,603,546
TAIWAN—3.0%
Information Technology—3.0%      
Hon Hai Precision Industry Co. Ltd.   1,716,900 9,167,616
Taiwan Semiconductor Manufacturing Co. Ltd.   635,200 21,198,584
      30,366,200
UNITED KINGDOM—4.1%
Consumer Discretionary—0.4%      
Taylor Wimpey PLC   2,839,500 4,205,290
Financials—1.4%      
London Stock Exchange Group PLC   96,400 14,345,087
Health Care—1.3%      
AstraZeneca PLC, ADR   183,000 12,949,080
Industrials—1.0%      
BAE Systems PLC   661,100 9,993,336
Total United Kingdom   41,492,793
UNITED STATES—64.1%
Communication Services—3.6%      
Alphabet, Inc., Class C(a)   176,400 36,267,840
Consumer Discretionary—6.3%      
Genuine Parts Co.   84,400 9,811,500
Lowe's Cos., Inc.(a)   59,600 15,498,384
NIKE, Inc., Class B   109,600 8,428,240
 
See accompanying  Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  
As of January 31, 2025
abrdn Total Dynamic Dividend Fund
  Shares Value
COMMON STOCKS (continued)  
UNITED STATES (continued)
TJX Cos., Inc.(a)     135,800 $    16,946,482
Wyndham Hotels & Resorts, Inc.     117,921    12,384,063
      63,068,669
Consumer Staples—5.2%      
Coca-Cola Co.     185,400    11,769,192
Keurig Dr. Pepper, Inc.     401,700    12,894,570
Mondelez International, Inc., Class A(a)     151,000     8,756,490
Nestle SA     102,600     8,714,908
Target Corp.(a)      73,600    10,150,176
      52,285,336
Energy—2.1%      
Schlumberger NV     176,200     7,097,336
Williams Cos., Inc.     260,900    14,461,687
      21,559,023
Financials—10.0%      
Bank of America Corp.(a)     300,500    13,913,150
Blackstone, Inc.   61,700 10,927,687
CME Group, Inc.   49,600 11,731,392
Fidelity National Information Services, Inc.   145,900 11,886,473
Goldman Sachs Group, Inc.   30,100 19,276,040
JPMorgan Chase & Co.   75,700 20,234,610
MetLife, Inc.   148,700 12,864,037
      100,833,389
Health Care—9.3%      
AbbVie, Inc.   81,700 15,024,630
CVS Health Corp.   136,500 7,709,520
Eli Lilly & Co.   6,100 4,947,588
Johnson & Johnson   42,800 6,512,020
Medtronic PLC(a)   116,500 10,580,530
Merck & Co., Inc.   106,500 10,524,330
Roche Holding AG   40,600 12,763,491
Sanofi SA   140,993 15,323,407
UnitedHealth Group, Inc.(a)   19,900 10,795,551
      94,181,067
Industrials—6.3%      
FedEx Corp.(a)   34,900 9,243,963
Ferrovial SE   242,176 10,336,870
Honeywell International, Inc.   45,500 10,179,260
Norfolk Southern Corp.(a)   48,200 12,305,460
Schneider Electric SE   42,900 10,880,498
Waste Management, Inc.   49,200 10,836,792
      63,782,843
Information Technology—14.6%      
Amdocs Ltd.   132,600 11,693,994
  Shares Value
Analog Devices, Inc.      52,500 $    11,124,225
Apple, Inc.(a)     133,700    31,553,200
Broadcom, Inc.(a)     150,600    33,323,262
Cisco Systems, Inc.(a)     222,000    13,453,200
Microsoft Corp.(a)      89,100    36,981,846
Oracle Corp.      55,300     9,404,318
      147,534,045
Materials—2.0%      
Linde PLC      30,200    13,408,807
Newmont Corp.     160,800     6,869,376
      20,278,183
Real Estate—1.8%      
American Tower Corp., REIT      45,400     8,396,730
Gaming & Leisure Properties, Inc., REIT     202,600     9,803,814
      18,200,544
Utilities—2.9%      
CMS Energy Corp.(a)   152,800 10,084,800
FirstEnergy Corp.(a)   233,200 9,281,360
NextEra Energy, Inc.(a)   143,000 10,233,080
      29,599,240
Total United States   647,590,179
Total Common Stocks   994,295,952
PREFERRED STOCKS—1.1%  
SOUTH KOREA—1.1%
Information Technology—1.1%      
Samsung Electronics Co. Ltd.   394,600 11,581,697
Total Preferred Stocks   11,581,697
Total Investments
(Cost $730,913,753)—99.6% 		1,005,877,649
Other Assets in Excess of Liabilities—0.4% 4,051,585
Net Assets—100.0% $1,009,929,234
    
(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.
    
ADR American Depositary Receipt
EUR Euro Currency
PLC Public Limited Company
REIT Real Estate Investment Trust
USD U.S. Dollar
 
As of January 31, 2025, the Fund held the following forward foreign currency contracts:
    
Sale Contracts
Settlement Date 		Counterparty Currency
Purchased 		Amount
Purchased 		Currency
Sold 		Amount
Sold 		Fair Value Unrealized
Appreciation/
(Depreciation)
United States Dollar/Euro          
04/10/2025 Goldman Sachs & Co. USD 77,011,617 EUR 73,500,000 $76,489,424 $522,193
 
See accompanying Notes  to Portfolio of Investments.
Notes to Portfolio of Investments 
January 31, 2025 (unaudited)
1.    Summary of Significant Accounting Policies
a.    Security Valuation:
The Fund values its securities at 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, also referred to as market value. 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 (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 or deemed unreliable.
Equity securities that are traded on an exchange are valued at the last quoted sale price or the official close price on the principal exchange on which the security is traded at the “Valuation Time” subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price.
Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing the Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is generally determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; 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. Generally, these investment types are categorized as Level 1 investments.
Derivative instruments are valued at fair value. Exchange-traded futures are generally Level 1 investments and centrally cleared swaps and forwards are generally Level 2 investments. Forward foreign currency contracts are generally valued based on the bid price of the forward rates and the current spot rate. Forward exchange rate quotations are available for scheduled settlement dates, such as 1-, 3-, 6-, 9- and 12-month periods. An interpolated valuation is derived based on the actual settlement dates of the forward contracts held. Futures contracts are valued at the settlement price or at the last bid price if no settlement price is available. Swap agreements are generally valued by an approved pricing agent based on the terms of the swap agreement (including future cash flows). When market quotations or exchange rates are not readily available, or if the Adviser concludes that such market quotations do not accurately reflect fair value, the fair value of the Fund’s assets are determined in good faith in accordance with the Valuation Procedures.
In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. A security that has been fair valued by the Adviser may be classified as Level 2 or Level 3 depending on the nature of the inputs.
In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.
  3
Notes to Portfolio of Investments  
January 31, 2025 (unaudited)
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).  
4