Portfolio of Investments (unaudited) 
As of July 31, 2026
abrdn Total Dynamic Dividend Fund  
 
 
Shares
Value
COMMON STOCKS—98.1%
AUSTRALIA—1.4%
Materials—1.4%
Rio Tinto PLC, ADR
 
161,600
$15,650,960
BRAZIL—1.2%
Industrials—1.2%
Rumo SA
 
4,621,768
13,165,586
CHINA—2.6%
Communication Services—1.4%
Tencent Holdings Ltd.
 
264,000
16,131,188
Industrials—1.2%
Contemporary Amperex Technology Co. Ltd., A
Shares (Stock Connect)(a)
 
219,200
12,850,536
Total China
28,981,724
DENMARK—1.5%
Financials—0.8%
Tryg AS
 
394,600
9,390,531
Health Care—0.7%
Novo Nordisk AS, Class B
 
151,800
7,180,379
Total Denmark
16,570,910
FRANCE—7.3%
Consumer Discretionary—0.6%
LVMH Moet Hennessy Louis Vuitton SE
 
12,400
6,809,274
Consumer Staples—1.7%
Danone SA
 
161,600
12,570,231
Pernod Ricard SA
 
76,200
5,938,517
 
 
18,508,748
Energy—1.9%
Bollore SE
 
914,700
4,084,953
TotalEnergies SE
 
194,600
17,097,556
 
 
21,182,509
Industrials—0.8%
Teleperformance SE
 
116,127
9,239,916
Utilities—2.3%
Engie SA
 
417,100
13,001,469
Veolia Environnement SA
 
303,600
12,081,262
 
 
25,082,731
Total France
80,823,178
GERMANY—3.9%
Communication Services—1.2%
Deutsche Telekom AG
 
443,396
13,683,632
Financials—0.8%
Muenchener Rueckversicherungs-Gesellschaft
AG in Muenchen
 
14,900
8,950,423
Information Technology—0.9%
SAP SE, ADR
 
55,100
10,117,462
Utilities—1.0%
RWE AG
 
159,100
10,466,067
Total Germany
43,217,584
HONG KONG—1.3%
Financials—1.3%
Hong Kong Exchanges & Clearing Ltd.
 
266,800
13,901,028
 
Shares
Value
 
INDIA—0.4%
Utilities—0.4%
NTPC Ltd.
 
1,367,200
$4,962,661
JAPAN—1.8%
Financials—1.8%
Mitsubishi UFJ Financial Group, Inc.
 
885,200
19,772,268
NETHERLANDS—5.8%
Communication Services—0.6%
Universal Music Group NV
 
414,000
6,830,814
Financials—1.8%
ING Groep NV
 
565,700
19,879,573
Information Technology—3.4%
ASML Holding NV
 
11,200
18,456,983
BE Semiconductor Industries NV
 
37,200
8,530,660
NXP Semiconductors NV
 
45,400
10,403,864
 
 
37,391,507
Total Netherlands
64,101,894
SWITZERLAND—1.0%
Consumer Staples—1.0%
Nestle SA
 
112,000
11,194,510
TAIWAN—4.8%
Information Technology—4.8%
Hon Hai Precision Industry Co. Ltd.
 
1,420,700
10,849,895
Taiwan Semiconductor Manufacturing Co. Ltd.
 
570,000
42,160,186
 
 
53,010,081
UNITED KINGDOM—5.0%
Consumer Discretionary—0.6%
Taylor Wimpey PLC
 
6,804,100
7,164,050
Financials—0.9%
London Stock Exchange Group PLC
 
91,500
10,293,068
Health Care—1.3%
AstraZeneca PLC
 
84,200
14,283,688
Industrials—0.8%
BAE Systems PLC
 
307,900
8,716,443
Materials—1.1%
Johnson Matthey PLC
 
443,000
11,967,425
Real Estate—0.3%
UNITE Group PLC, REIT
 
447,200
3,248,542
Total United Kingdom
55,673,216
UNITED STATES—60.1%
Communication Services—4.1%
Alphabet, Inc., Class C(b)
 
108,700
38,767,855
Array Digital Infrastructure, Inc.
 
183,321
6,386,904
 
 
45,154,759
Consumer Discretionary—4.8%
Lowe's Cos., Inc.(b)
 
58,300
12,115,323
Meritage Homes Corp.
 
137,200
9,631,440
NIKE, Inc., Class B
 
167,800
6,998,938
TJX Cos., Inc.(b)
 
86,500
13,609,910
Wyndham Hotels & Resorts, Inc.
 
146,900
10,996,934
 
 
53,352,545
Consumer Staples—4.3%
Coca-Cola Co.
 
124,621
10,915,553
Keurig Dr. Pepper, Inc.
 
376,300
11,710,456
See accompanying Notes to Portfolio of Investments.
Portfolio of Investments (unaudited)  
As of July 31, 2026
abrdn Total Dynamic Dividend Fund  
 
Shares
Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Consumer Staples (continued)
Mondelez International, Inc., Class A(b)
 
141,700
$8,829,327
Primo Brands Corp.
 
249,300
5,659,110
Target Corp.(b)
 
76,100
10,995,689
 
 
48,110,135
Energy—2.5%
ONEOK, Inc.
 
143,900
13,067,559
Williams Cos., Inc.
 
207,300
14,830,242
 
 
27,897,801
Financials—9.0%
Bank of America Corp.(b)
 
257,800
15,970,710
Blackstone, Inc.
 
107,200
13,694,800
CME Group, Inc.
 
43,700
11,702,423
Fidelity National Information Services, Inc.
 
296,400
13,269,828
Goldman Sachs Group, Inc.
 
15,500
15,784,890
JPMorgan Chase & Co.
 
52,600
18,504,154
MetLife, Inc.
 
114,400
10,997,272
 
 
99,924,077
Health Care—7.4%
AbbVie, Inc.
 
58,700
14,730,178
Becton Dickinson & Co.
 
64,100
10,616,242
CVS Health Corp.
 
104,800
10,944,264
Medtronic PLC(b)
 
113,900
9,725,921
Merck & Co., Inc.
 
115,500
15,038,100
Roche Holding AG
 
23,500
10,271,671
Sanofi SA
 
125,200
10,781,179
 
 
82,107,555
Industrials—7.1%
FedEx Corp.(b)
 
30,300
9,314,220
Ferrovial NV
 
162,976
10,675,908
Honeywell International, Inc.
 
60,250
14,643,762
Lockheed Martin Corp.
 
20,500
11,946,170
Schneider Electric SE
 
35,400
11,893,879
Union Pacific Corp.
 
42,600
12,444,738
Waste Management, Inc.
 
33,200
7,521,460
 
 
78,440,137
Information Technology—16.1%
Accenture PLC, Class A
 
36,600
6,072,672
Amdocs Ltd.
 
115,600
6,441,232
Analog Devices, Inc.
 
16,000
5,878,560
 
Shares
Value
 
 
 
Apple, Inc.(b)
 
115,300
$35,617,323
Broadcom, Inc.(b)
 
99,200
38,616,576
Cisco Systems, Inc.(b)
 
124,800
14,475,552
Microsoft Corp.(b)
 
76,900
35,736,968
NVIDIA Corp.
 
140,500
28,205,375
Oracle Corp.
 
60,000
7,792,200
 
 
178,836,458
Materials—0.7%
Linde PLC
 
16,300
7,797,594
Real Estate—1.4%
American Tower Corp., REIT
 
88,600
15,359,696
Utilities—2.7%
CMS Energy Corp.(b)
 
137,200
9,877,028
FirstEnergy Corp.(b)
 
209,900
10,140,269
NextEra Energy, Inc.(b)
 
116,200
10,100,104
 
 
30,117,401
Total United States
667,098,158
Total Common Stocks
1,088,123,758
PREFERRED STOCKS—3.5%
SOUTH KOREA—3.5%
Information Technology—3.5%
Samsung Electronics Co. Ltd.
 
311,700
39,169,757
Total Preferred Stocks
39,169,757
Total Investments
(Cost $773,904,659)—101.6%
1,127,293,515
Long Term Debt Securities—(2.1%)
(23,208,042
)
Other Assets in Excess of Liabilities—0.5%
5,139,246
Net Assets—100.0%
$1,109,224,719
 
(a)
China A Shares. These shares are issued in local currency, traded in the local
stock markets and are held through either a Qualified Foreign Institutional
Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect
program.
(b)
All or a portion of the security has been designated as collateral for the line of
credit.
 
ADR
American Depositary Receipt
PLC
Public Limited Company
REIT
Real Estate Investment Trust
EUR
Euro Currency
USD
U.S. Dollar
 
As of July 31, 2026, 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
10/14/2026
Goldman Sachs & Co.
USD
84,127,799
EUR
73,500,000
$84,994,150
$(866,351
)
 
See accompanying Notes to Portfolio of Investments.
Notes to Portfolio of Investments 
July 31, 2026 (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 Valuation Designee 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  
July 31, 2026 (unaudited)
Open-end mutual funds are valued at the respective net asset value (“NAV”) as reported by such company. The prospectuses for the registered open-end management investment companies in which a Fund invests explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time (defined below). A security using any of these pricing methodologies is generally determined to be a Level 1 investment.
The three-level hierarchy of inputs is summarized below:
Level 1 - quoted prices (unadjusted) in active markets for identical investments;
Level 2 - other significant observable inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or
Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).  
 
4