SEC Form N-CSRS filed by abrdn Global Dynamic Dividend Fund
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: 811-21901 |
Exact name of registrant as specified in charter: | abrdn Global 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.
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. |
2 | Assuming the reinvestment of dividends and distributions. |
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. |
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. |
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• | Visit: https://www.abrdn.com/en-us/cefinvestorcenter |
• | Email: [email protected]; or |
• | Call: 1-800-522-5465 (toll free in the U.S.). |
Christian Pittard
President
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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% |
![](https://www.sec.gov/Archives/edgar/data/0001362481/000110465924078327/tm2416313d5agdreporti003.jpg)
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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% |
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% |
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% |
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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 |
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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% |
![](https://www.sec.gov/Archives/edgar/data/0001362481/000110465924078327/tm2416313d5agdreporti004.jpg)
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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% |
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% |
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% |
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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 |
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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 |
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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 |
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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 |
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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. |
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(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. |
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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. |
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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 | $– | $– |
(a) | Based on average shares outstanding. |
(b) | Total investment return is calculated assuming a purchase of common stock on the first day and a sale on the last day of each reporting period. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions. |
(c) | The total return shown above includes the impact of financial statement rounding of the NAV per share and/or financial statement adjustments. |
(d) | Annualized. |
(e) | Not annualized. |
(f) | Asset coverage ratio is calculated by dividing net assets plus the amount of any borrowings for investment purposes by the amount of the Line of Credit. |
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April 30, 2024
Acquired Fund | AGD NAV per Share ($) 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 |
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April 30, 2024
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April 30, 2024
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. |
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 |
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 |
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April 30, 2024
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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 |
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 | $– | $1,475,943 | $– | $– | $– | $– | $1,475,943 |
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April 30, 2024
abrdn Global Dynamic Dividend Fund | ||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | Gross Amounts Not Offset in the Statement of Assets and Liabilities | |||||||
Gross Amounts of Assets Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Received(1) | Net Amount(2) | Gross Amounts of Liabilities Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Pledged(1) | Net Amount(2) | |
Description | Assets | Liabilities | ||||||
Foreign Currency Exchange Contracts(3) | ||||||||
Citibank N.A. | $389,569 | $– | $– | $389,569 | $– | $– | $– | $– |
(1) | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |
(2) | Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity. |
(3) | Includes financial instrument which are not subject to a master netting arrangement across funds, or another similar arrangement. |
abrdn Total Dynamic Dividend Fund | ||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | Gross Amounts Not Offset in the Statement of Assets and Liabilities | |||||||
Gross Amounts of Assets Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Received(1) | Net Amount(2) | Gross Amounts of Liabilities Presented in Statement of Assets and Liabilities | Financial Instruments | Collateral Pledged(1) | Net Amount(2) | |
Description | Assets | Liabilities | ||||||
Foreign Currency Exchange Contracts(3) | ||||||||
Citibank N.A. | $1,475,943 | $– | $– | $1,475,943 | $– | $– | $– | $– |
(1) | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |
(2) | Net amounts represent the net receivables/(payable) that would be due from/to the counterparty in the event of default. Exposure from financial derivative instruments can only be netted across transactions governed under the same master netting agreement with the same legal entity. |
(3) | Includes financial instrument which are not subject to a master netting arrangement across funds, or another similar arrangement. |
26 | 2024 Semi-Annual Report |
April 30, 2024
Risk Exposure Category | ||||||
Interest Rate Contracts | Foreign Currency Contracts | Credit Contracts | Equity Contracts | Commodity Contracts | Total | |
abrdn Global Dynamic Dividend Fund | ||||||
Realized Gain/(Loss) on Derivatives Recognized as a Result of Operations: | ||||||
Net realized gain/(loss) on: | ||||||
Forward Currency Contracts | $– | $(335,795) | $– | $– | $– | $(335,795) |
Total | $– | $(335,795) | $– | $– | $– | $(335,795) |
Net Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized as a Result of Operations: | ||||||
Net change in unrealized appreciation/(depreciation) of: | ||||||
Forward Currency Contracts | $– | $326,752 | $– | $– | $– | $326,752 |
Total | $– | $326,752 | $– | $– | $– | $326,752 |
Risk Exposure Category | ||||||
Interest Rate Contracts | Foreign Currency Contracts | Credit Contracts | Equity Contracts | Commodity Contracts | Total | |
abrdn Total Dynamic Dividend Fund | ||||||
Realized Gain/(Loss) on Derivatives Recognized as a Result of Operations: | ||||||
Net realized gain/(loss) on: | ||||||
Forward Currency Contracts | $– | $(1,271,193) | $– | $– | $– | $(1,271,193) |
Total | $– | $(1,271,193) | $– | $– | $– | $(1,271,193) |
Net Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized as a Result of Operations: | ||||||
Net change in unrealized appreciation/(depreciation) of: | ||||||
Forward Currency Contracts | $– | $1,236,467 | $– | $– | $– | $1,236,467 |
Total | $– | $1,236,467 | $– | $– | $– | $1,236,467 |
2024 Semi-Annual Report | 27 |
April 30, 2024
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2024 Semi-Annual Report | 29 |
April 30, 2024
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April 30, 2024
Fund | Tax Cost of Securities | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) |
abrdn Global Dynamic Dividend Fund | $235,331,075 | $57,221,034 | $(19,442,920) | $37,778,114 |
abrdn Total Dynamic Dividend Fund | 821,392,188 | 293,067,498 | (81,711,653) | 211,355,845 |
32 | 2024 Semi-Annual Report |
April 30, 2024
Net investment income | $15,776,428 |
Net realized and unrealized loss from investments | (130,691) |
Net increase in net assets from operations | 15,645,737 |
Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | Accumulated Net Realized Gain/(Loss) | |
Before Reorganization | |||||
Delaware Enhanced Global Dividend and Income Fund | 7,434,680 | $65,259,860 | $8.78 | $(2,610,551) | $(17,659,389) |
Delaware Investments® Dividend and Income Fund, Inc. | 7,611,158 | 64,102,187 | 8.42 | 2,889,325 | 48,264,144 |
abrdn Global Dynamic Dividend Fund | 12,549,582 | 131,820,591 | 10.50 | 15,599,066 | (22,032,091) |
Total | $261,182,638 | $15,877,840 | $8,572,664 |
Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | Accumulated Net Realized Gain/(Loss) | |
After Reorganization | |||||
abrdn Global Dynamic Dividend Fund | 24,865,081 | $261,182,638 | $10.50 | $15,877,840 | $8,572,664 |
2024 Semi-Annual Report | 33 |
34 | 2024 Semi-Annual Report |
2024 Semi-Annual Report | 35 |
![](https://www.sec.gov/Archives/edgar/data/0001362481/000110465924078327/tm2416313d5agdreporti005.jpg)
(b) Not applicable.
Item 2. Code of Ethics.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 3. Audit Committee Financial Expert.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 4. Principal Accountant Fees and Services.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 6. Schedule of Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of close of the reporting period is included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
This item is inapplicable to semi-annual report on Form N-CSR.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
(a) Not applicable to semi-annual report on Form N-CSR.
(b) There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recently filed annual report on Form N-CSR.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Period | (a) Total No. of Shares Purchased | (b) Average Price Paid per Share | (c) Total No. of Shares Purchased as Part of Publicly Announced Plans or Programs(1) | (d) Maximum No. of Shares that May Yet Be Purchased Under the Plans or Programs(1) | ||||||||||||
Month #1 (Nov. 1, 2023 — Nov. 30, 2023) | — | — | — | 1,254,958 | ||||||||||||
Month #2 (Dec. 1, 2023 — Dec. 31, 2023) | — | — | — | 1,254,958 | ||||||||||||
Month #3 (Jan. 1, 2024 — Jan. 31, 2024) | — | — | — | 1,254,958 | ||||||||||||
Month #4 (Feb. 1, 2024 — Feb. 29, 2024) | — | — | — | 1,254,958 | ||||||||||||
Month #5 (Mar. 1, 2024 — Mar. 31, 2024) | — | — | — | 1,254,958 | ||||||||||||
Month #5 (Apr. 1, 2024 — Apr. 30, 2024) | 1,254,958 | |||||||||||||||
Total | — | — | — |
(1) | On June 13, 2018, the Board approved an open market share repurchase program (the “Program”). The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund’s 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. On a quarterly basis, the Fund’s Board 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 the Fund's website on a monthly basis. Under the terms of the Program, the Fund is permitted to repurchase up to 10% of its outstanding shares of common stock in the open market during any 12 month period. For the six-month period ended April 30, 2024, the Fund did not repurchase any shares through this program. |
Item 10. Submission of Matters to a Vote of Security Holders.
During the period ended April 30, 2024, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) | The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(b)). |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable
Item 13. Recovery of Erroneously Awarded Compensation
Not appliable
Item 14. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this Form N-CSR. |
(a)(3) | Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
(a)(4) | Change in Registrant’s independent public accountant. Not applicable. |
(b) | The certifications of the registrant as required by Rule 30a-2(b) under the Act are exhibits to this Form N-CSR. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
abrdn Global Dynamic Dividend Fund
By: | /s/ Alan Goodson | |
Alan Goodson, | ||
Principal Executive Officer of | ||
abrdn Global Dynamic Dividend Fund |
Date: July 8, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Alan Goodson | |
Alan Goodson, | ||
Principal Executive Officer of | ||
abrdn Global Dynamic Dividend Fund |
Date: July 8, 2024
By: | /s/ Sharon Ferrari | |
Sharon Ferrari, | ||
Principal Financial Officer of | ||
abrdn Global Dynamic Dividend Fund |
Date: July 8, 2024