SEC Form N-CSRS filed by abrdn Total Dynamic Dividend Fund

 

Dear Shareholder,

We present the Semi-Annual Report, which covers the activities of abrdn Global Dynamic Dividend Fund ("AGD") and abrdn Total Dynamic Dividend Fund ("AOD") (collectively, the "Funds" and each a "Fund"), for the six-month period ended April 30, 2024. The primary investment objective for AGD is to seek high current dividend income, more than 50% of which qualifies for the reduced federal income tax rate, as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The primary investment objective for AOD is to seek high current dividend income. The Funds also focus on long-term growth of capital as a secondary investment objective.

Total Investment Return¹

For the six-month period ended April 30, 2024, the total return to shareholders of the Funds based on the net asset value (“NAV”) and market price of the Funds, respectively, is as follows:

	AGD	AOD
NAV2,3	14.14%	14.40%
Market Price2	15.53%	14.29%
MSCI AC World Index (Net DTR)4	19.77%	19.77%

For more information about AGD or AOD performance, please visit the Funds on the web at www.abrdnagd.com (AGD) and www.abrdnaod.com (AOD), respectively. On the web you can view quarterly commentary on the Funds' performance, monthly fact sheets, distribution and performance information, and other Fund literature.

NAV, Market Price and Premium(+)/Discount(-)

The below tables represent comparison from current six-month period end to prior fiscal year end of market price to NAV and associated Premium(+) and Discount(-).

	AGD
	NAV	Closing Market Price	Premium(+)/ Discount(-)
4/30/2024	$10.84	$9.31	-14.11%
10/31/2023	$9.90	$8.40	-15.15%

During the six-month period ended April 30, 2024, AGD’s NAV was within a range of $9.98 to $11.26 and AGD’s market price traded within a range of $8.46 to $9.71. During the six-month period ended April 30, 2024, AGD’s shares traded within a range of a premium(+)/discount(-) of -15.98% to -13.59%.

	AOD
	NAV	Closing Market Price	Premium(+)/ Discount(-)
4/30/2024	$9.36	$7.95	-15.06%
10/31/2023	$8.54	$7.26	-14.99%

During the six-month period ended April 30, 2024, AOD's NAV was within a range of $8.61 to $9.74 and AOD's market price traded within a range of $7.31 to $8.29. During the six-month period ended April 30, 2024, the AOD's shares traded within a range of a premium(+)/discount(-) of -16.39% to -14.16%.

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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.

{foots1}

2	Assuming the reinvestment of dividends and distributions.

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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.

{foots1}

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.

Distribution Policy

The Funds' distributions to common shareholders and the annualized distribution rates based on market price and NAV, respectively, for the six-month period ended April 30, 2024 are shown in the table below:

Fund	Distribution per share	NAV annualized distribution rate	Market Price annualized distribution rate
AGD	$0.39	7.20%	8.38%
AOD	$0.35	7.37%	8.68%

Since all distributions are paid after deducting applicable withholding taxes, the effective distribution rate may be higher for those U.S. investors who are able to claim a tax credit.

On May 9, 2024 and June 11, 2024, AOD and AGD announced that they will pay on May 31, 2024 and June 28, 2024, respectively, a distribution per share to all shareholders of record as of May 23, 2024 and June 21, 2024, respectively. AGD and AOD will pay a distribution of $0.065 and $0.0575 per share, respectively.

The Funds' policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital, which is a nontaxable return of capital. This policy is subject to an annual review as well as regular review at the quarterly meetings of each Fund's Board of Trustees (each, a "Board" and collectively, the "Boards") unless market conditions require an earlier evaluation.

Unclaimed Share Accounts

Please be advised that abandoned or unclaimed property laws for certain states require financial organizations to transfer (escheat) unclaimed property (including Fund shares) to the state. Each state has its own definition of unclaimed property, and a Fund's shares could be considered “unclaimed property” due to account inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a shareholder  is returned to the Funds' transfer agent as undeliverable), or a combination of both. If your Fund shares are categorized as unclaimed, your financial advisor or the Funds' transfer agent will follow the applicable state’s statutory requirements to contact you, but if unsuccessful, laws may require that the shares be escheated to the appropriate state. If this happens, you will have to contact the state to recover your property, which may involve time and expense. For more information on unclaimed property and how to maintain an active account, please contact your financial adviser or the Funds' transfer agent.

Open Market Repurchase Program

The Boards approved an open market repurchase and discount management policy (the “Program”). The Program allows the Funds to purchase, in the open market, their outstanding common shares,

with the amount and timing of any repurchase determined at the discretion of the Funds' 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. If shares are repurchased, a Fund will report repurchase activity on its website on a monthly basis. For the six-month period ended April 30, 2024, the Funds did not repurchase any shares through the Program.

On a quarterly basis, the Boards 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 each respective Fund's website on a monthly basis.  Under the terms of the Program, each Fund is permitted to repurchase up to 10% of its outstanding shares of common stock in the open market during any 12 month period.

Portfolio Holdings Disclosure

The Funds' complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year are included in the Funds' semi-annual and annual reports to shareholders. Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These reports are available on the SEC’s website at http://www.sec.gov. The Funds make the information available to shareholders upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465.

Proxy Voting

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available by August 31 of the relevant year: (1) upon request without charge by calling Investor Relations toll-free at 1-800-522-5465; and (2) on the SEC’s website at http://www.sec.gov.

Investor Relations Information

As part of abrdn’s commitment to shareholders, we invite you to visit the Funds on the web at www.abrdnagd.com (AGD) and www.abrdnaod.com (AOD). On the web you can view monthly fact sheets, quarterly commentary, distribution and performance information, and other Fund literature.

Enroll in abrdn’s email services and be among the first to receive the latest closed-end fund news, announcements, videos, and other information. In addition, you can receive electronic versions of

2	2024 Semi-Annual Report

	Shares or Principal Amount		Value
COMMON STOCKS—99.5%
AUSTRALIA—0.8%
Materials—0.8%
Rio Tinto PLC, ADR		32,500	$   2,204,475
BRAZIL—1.6%
Industrials—0.9%
CCR SA		969,000	2,300,922
Materials—0.7%
Vale SA, ADR		161,500	1,965,455
Total Brazil			4,266,377
CANADA—1.4%
Energy—1.4%
Enbridge, Inc.(a)		107,300	3,813,442
CHINA—1.7%
Communication Services—0.9%
Tencent Holdings Ltd.		56,700	2,488,177
Financials—0.8%
Ping An Insurance Group Co. of China Ltd., H Shares		435,700	1,974,627
Total China			4,462,804
DENMARK—1.1%
Financials—1.1%
Tryg AS		156,000	3,087,588
FRANCE—10.0%
Consumer Discretionary—1.0%
LVMH Moet Hennessy Louis Vuitton SE		3,200	2,628,595
Consumer Staples—3.1%
Danone SA		95,700	5,989,608
Pernod Ricard SA		15,600	2,359,377
			8,348,985
Energy—1.4%
TotalEnergies SE, ADR(a)		50,900	3,688,723
Financials—0.5%
AXA SA		37,350	1,290,502
Industrials—1.0%
Bouygues SA		46,400	1,710,085
Teleperformance SE(b)		11,800	1,068,900
			2,778,985
Utilities—3.0%
Engie SA(b)		475,500	8,254,970
Total France			26,990,760
GERMANY—3.0%
Consumer Discretionary—1.0%
Mercedes-Benz Group AG		34,200	2,586,918
Financials—1.0%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		6,300	2,770,794
Utilities—1.0%
RWE AG		81,900	2,853,030
Total Germany			8,210,742

	Shares or Principal Amount		Value
HONG KONG—0.8%
Financials—0.8%
Hong Kong Exchanges & Clearing Ltd.		70,600	$   2,243,273
ISRAEL—0.8%
Energy—0.8%
Energean PLC		154,400	2,129,953
JAPAN—1.8%
Financials—1.2%
Mitsubishi UFJ Financial Group, Inc.		319,000	3,177,671
Real Estate—0.6%
GLP J-Reit		2,000	1,626,624
Total Japan			4,804,295
NETHERLANDS—4.0%
Financials—1.2%
ING Groep NV, Series N		208,000	3,288,535
Information Technology—2.8%
ASML Holding NV		4,600	4,006,659
BE Semiconductor Industries NV		26,100	3,462,792
			7,469,451
Total Netherlands			10,757,986
NORWAY—1.7%
Communication Services—1.0%
Telenor ASA		224,700	2,587,130
Financials—0.7%
DNB Bank ASA		109,425	1,907,184
Total Norway			4,494,314
SINGAPORE—1.3%
Financials—1.3%
Oversea-Chinese Banking Corp. Ltd.		342,000	3,550,495
SOUTH KOREA—0.8%
Materials—0.8%
LG Chem Ltd.		7,100	2,040,172
SPAIN—0.9%
Consumer Discretionary—0.9%
Amadeus IT Group SA		36,660	2,326,954
SWEDEN—0.7%
Industrials—0.7%
Atlas Copco AB, A Shares		105,900	1,854,953
TAIWAN—1.5%
Information Technology—1.5%
Taiwan Semiconductor Manufacturing Co. Ltd.		170,200	4,075,227
UNITED KINGDOM—4.2%
Consumer Discretionary—1.0%
Taylor Wimpey PLC		1,585,300	2,597,708
Financials—1.0%
London Stock Exchange Group PLC		25,700	2,833,170
Health Care—1.4%
AstraZeneca PLC, ADR(a)		49,900	3,786,412
Industrials—0.8%
Melrose Industries PLC		260,200	2,044,217
Total United Kingdom			11,261,507

See accompanying Notes to Financial Statements.

	Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES—61.4%
Communication Services—2.2%
Alphabet, Inc., Class C(a)(b)		36,000	$   5,927,040
Consumer Discretionary—5.2%
Aptiv PLC(a)(b)		24,400	1,732,400
Genuine Parts Co.(a)		22,500	3,537,225
Las Vegas Sands Corp.		35,400	1,570,344
Lowe's Cos., Inc.(a)		16,100	3,670,639
TJX Cos., Inc.(a)		37,400	3,518,966
			14,029,574
Consumer Staples—6.4%
Coca-Cola Co.(a)		67,800	4,188,006
Keurig Dr Pepper, Inc.		81,100	2,733,070
Mondelez International, Inc., Class A(a)		43,000	3,093,420
Nestle SA		28,810	2,892,528
Target Corp.(a)		26,500	4,265,970
			17,172,994
Energy—1.2%
Williams Cos., Inc.(a)		82,285	3,156,453
Financials—8.2%
Bank of America Corp.(a)		80,700	2,986,707
Blackstone, Inc.		25,154	2,933,208
CME Group, Inc.(a)		13,300	2,788,212
Fidelity National Information Services, Inc.		43,339	2,943,585
Goldman Sachs Group, Inc.		9,500	4,053,745
JPMorgan Chase & Co.		20,900	4,007,366
MetLife, Inc.		31,700	2,253,236
			21,966,059
Health Care—10.1%
AbbVie, Inc.(a)		24,212	3,937,840
Bristol-Myers Squibb Co.(a)		42,408	1,863,408
CVS Health Corp.		37,100	2,512,041
Eli Lilly & Co.(a)		5,700	4,452,270
Medtronic PLC(a)		29,000	2,326,960
Merck & Co., Inc.		29,100	3,760,302
Roche Holding AG		11,010	2,638,152
Sanofi SA		30,900	3,052,705
UnitedHealth Group, Inc.(a)		5,592	2,704,850
			27,248,528
Industrials—6.4%
FedEx Corp.(a)		13,500	3,534,030
Ferrovial SE		76,000	2,733,368
Norfolk Southern Corp.		11,200	2,579,584
Schneider Electric SE		15,800	3,602,611
Stanley Black & Decker, Inc.		22,800	2,083,920
Waste Management, Inc.		13,400	2,787,468
			17,320,981
Information Technology—14.5%
Accenture PLC, Class A		7,400	2,226,734
Amdocs Ltd.		36,500	3,065,635
Analog Devices, Inc.		18,100	3,631,041
Apple, Inc.(a)		54,000	9,197,820
Broadcom, Inc.(a)		4,726	6,145,076
Cisco Systems, Inc.		63,600	2,987,928

	Shares or Principal Amount		Value
Microsoft Corp.(a)		25,626	$   9,976,971
Oracle Corp.		16,800	1,911,000
			39,142,205
Materials—2.4%
Linde PLC		8,300	3,659,995
Newmont Corp.		67,800	2,755,392
			6,415,387
Real Estate—1.6%
American Tower Corp., REIT		11,500	1,972,940
Gaming & Leisure Properties, Inc., REIT(a)		53,991	2,307,035
			4,279,975
Utilities—3.2%
CMS Energy Corp.		43,800	2,654,718
FirstEnergy Corp.		59,600	2,285,064
NextEra Energy Partners LP		46,300	1,313,068
NextEra Energy, Inc.(a)		37,100	2,484,587
			8,737,437
Total United States			165,396,633
Total Common Stocks			267,971,950
CORPORATE BONDS—0.0%
UNITED STATES—0.0%
Diversified Financial Services—0.0%
Fixed Income Pass-Through Trust, Class B, Series 2007 -C 0.00%, 01/15/2087(c)(d)	$	500,000	500
Total Corporate Bonds			500
PREFERRED STOCKS—1.3%
SOUTH KOREA—1.3%
Information Technology—1.3%
Samsung Electronics Co. Ltd.		75,400	3,520,509
Total Preferred Stocks			3,520,509
SHORT-TERM INVESTMENT—0.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.25%(e)		1,616,230	1,616,230
Total Short-Term Investment			1,616,230
Total Investments (Cost $232,818,458)(f)—101.4%			273,109,189
Liabilities in Excess of Other Assets—(1.4%)			(3,670,940)
Net Assets—100.0%			$269,438,249

    

(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.
(d)	Variable or Floating Rate security. Rate disclosed is as of April 30, 2024.
(e)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2024.
(f)	See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

    

ADR	American Depositary Receipt
EUR	Euro Currency
PLC	Public Limited Company
REIT	Real Estate Investment Trust
USD	U.S. Dollar

	Shares		Value
COMMON STOCKS—102.7%
AUSTRALIA—0.8%
Materials—0.8%
Rio Tinto PLC, ADR		119,900	$     8,132,817
BRAZIL—1.6%
Industrials—0.9%
CCR SA		3,650,100	8,667,283
Materials—0.7%
Vale SA, ADR		608,400	7,404,228
Total Brazil			16,071,511
CANADA—1.5%
Energy—1.5%
Enbridge, Inc.(a)		414,500	14,731,330
CHINA—1.7%
Communication Services—1.0%
Tencent Holdings Ltd.		220,200	9,663,077
Financials—0.7%
Ping An Insurance Group Co. of China Ltd., H Shares		1,652,900	7,491,074
Total China			17,154,151
DENMARK—1.2%
Financials—1.2%
Tryg AS		584,900	11,576,474
FRANCE—10.8%
Consumer Discretionary—1.1%
LVMH Moet Hennessy Louis Vuitton SE		12,900	10,596,525
Consumer Staples—3.2%
Danone SA		363,300	22,737,979
Pernod Ricard SA		62,000	9,377,011
			32,114,990
Energy—1.5%
TotalEnergies SE, ADR(a)		204,200	14,798,374
Financials—0.7%
AXA SA		212,550	7,343,937
Industrials—1.1%
Bouygues SA		176,133	6,491,433
Teleperformance SE(b)		44,600	4,040,079
			10,531,512
Utilities—3.2%
Engie SA(b)		1,805,300	31,341,108
Total France			106,726,446
GERMANY—3.2%
Consumer Discretionary—1.0%
Mercedes-Benz Group AG		126,400	9,561,008
Financials—1.1%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		24,000	10,555,406
Utilities—1.1%
RWE AG		323,500	11,269,295
Total Germany			31,385,709
HONG KONG—0.9%
Financials—0.9%
Hong Kong Exchanges & Clearing Ltd.		266,500	8,467,880

	Shares		Value
JAPAN—1.8%
Financials—1.2%
Mitsubishi UFJ Financial Group, Inc.		1,169,700	$    11,651,792
Real Estate—0.6%
GLP J-Reit		7,600	6,181,172
Total Japan			17,832,964
NETHERLANDS—4.1%
Financials—1.3%
ING Groep NV, Series N		789,100	12,475,880
Information Technology—2.8%
ASML Holding NV		16,800	14,633,014
BE Semiconductor Industries NV		102,500	13,599,087
			28,232,101
Total Netherlands			40,707,981
NORWAY—1.8%
Communication Services—1.1%
Telenor ASA		890,530	10,253,301
Financials—0.7%
DNB Bank ASA		415,125	7,235,273
Total Norway			17,488,574
SINGAPORE—1.4%
Financials—1.4%
Oversea-Chinese Banking Corp. Ltd.		1,298,471	13,480,160
SOUTH KOREA—0.8%
Materials—0.8%
LG Chem Ltd.		27,100	7,787,136
SPAIN—1.7%
Communication Services—0.8%
Cellnex Telecom SA(b)(c)		241,800	7,992,626
Consumer Discretionary—0.9%
Amadeus IT Group SA		138,600	8,797,486
Total Spain			16,790,112
SWEDEN—0.7%
Industrials—0.7%
Atlas Copco AB, A Shares		404,400	7,083,504
TAIWAN—1.7%
Information Technology—1.7%
Taiwan Semiconductor Manufacturing Co. Ltd.		676,600	16,200,344
UNITED KINGDOM—4.3%
Consumer Discretionary—1.0%
Taylor Wimpey PLC		5,888,400	9,648,865
Financials—1.1%
London Stock Exchange Group PLC		98,400	10,847,624
Health Care—1.5%
AstraZeneca PLC, ADR		192,300	14,591,724
Industrials—0.7%
Melrose Industries PLC		968,800	7,611,212
Total United Kingdom			42,699,425
UNITED STATES—62.7%
Communication Services—2.3%
Alphabet, Inc., Class C(a)(b)		136,200	22,423,968
Consumer Discretionary—5.5%
Aptiv PLC(a)(b)		91,100	6,468,100

See accompanying Notes to Financial Statements.

	Shares		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Genuine Parts Co.(a)		86,200	$    13,551,502
Las Vegas Sands Corp.		138,600	6,148,296
Lowe's Cos., Inc.(a)		63,100	14,386,169
TJX Cos., Inc.(a)		143,600	13,511,324
			54,065,391
Consumer Staples—6.5%
Coca-Cola Co.		260,700	16,103,439
Keurig Dr Pepper, Inc.		303,500	10,227,950
Mondelez International, Inc., Class A(a)		154,200	11,093,148
Nestle SA		104,800	10,521,937
Target Corp.(a)		99,800	16,065,804
			64,012,278
Energy—1.2%
Williams Cos., Inc.		304,000	11,661,440
Financials—8.0%
Bank of America Corp.(a)		306,700	11,350,967
Blackstone, Inc.		97,800	11,404,458
CME Group, Inc.		50,700	10,628,748
Fidelity National Information Services, Inc.		148,900	10,113,288
Goldman Sachs Group, Inc.		34,800	14,849,508
JPMorgan Chase & Co.		77,300	14,821,502
MetLife, Inc.		81,000	5,757,480
			78,925,951
Health Care—10.4%
AbbVie, Inc.(a)		88,200	14,344,848
Bristol-Myers Squibb Co.(a)		162,900	7,157,826
CVS Health Corp.		139,300	9,432,003
Eli Lilly & Co.		21,600	16,871,760
Medtronic PLC(a)		118,900	9,540,536
Merck & Co., Inc.		110,900	14,330,498
Roche Holding AG		41,400	9,920,027
Sanofi SA		118,593	11,716,165
UnitedHealth Group, Inc.(a)		20,300	9,819,110
			103,132,773
Industrials—6.7%
FedEx Corp.(a)		51,800	13,560,204
Ferrovial SE		292,000	10,501,886
Norfolk Southern Corp.(a)		39,400	9,074,608
Schneider Electric SE		62,800	14,319,240
Stanley Black & Decker, Inc.		87,400	7,988,360
Waste Management, Inc.		50,300	10,463,406
			65,907,704
Information Technology—14.6%
Accenture PLC, Class A		27,500	8,275,025
Amdocs Ltd.		142,100	11,934,979
Analog Devices, Inc.		68,600	13,761,846
Apple, Inc.(a)		196,600	33,486,878

	Shares		Value
Broadcom, Inc.(a)		17,500	$    22,754,725
Cisco Systems, Inc.(a)		245,300	11,524,194
Microsoft Corp.(a)		90,900	35,390,097
Oracle Corp.		63,200	7,189,000
			144,316,744
Materials—2.4%
Linde PLC		30,800	13,581,667
Newmont Corp.		262,300	10,659,872
			24,241,539
Real Estate—1.7%
American Tower Corp., REIT		46,400	7,960,384
Gaming & Leisure Properties, Inc., REIT		206,800	8,836,564
			16,796,948
Utilities—3.4%
CMS Energy Corp.(a)		156,000	9,455,160
FirstEnergy Corp.(a)		238,000	9,124,920
NextEra Energy Partners LP		177,800	5,042,408
NextEra Energy, Inc.(a)		146,000	9,777,620
			33,400,108
Total United States			618,884,844
Total Common Stocks			1,013,201,362
PREFERRED STOCKS—1.4%
SOUTH KOREA—1.4%
Information Technology—1.4%
Samsung Electronics Co. Ltd.		288,800	13,484,389
Total Preferred Stocks			13,484,389
SHORT-TERM INVESTMENT—0.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.25%(d)		6,062,282	6,062,282
Total Short-Term Investment			6,062,282
Total Investments (Cost $807,106,433)(e)—104.7%			1,032,748,033
Liabilities in Excess of Other Assets—(4.7%)			(46,235,092)
Net Assets—100.0%			$986,512,941

    

(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.
(d)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2024.
(e)	See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

    

ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to generally accepted accounting principles ("GAAP") in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Funds are maintained in U.S. Dollars and the U.S. Dollar is used as both the functional and reporting currency. 

a.  Security Valuation:

The Funds 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 designated abrdn Investments 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 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.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Funds disclose the fair value of their 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,

2024 Semi-Annual Report

21

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.

Open-end mutual funds are valued at the respective 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.

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 a Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time a 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.

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.

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Funds sweep 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.

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.

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).

22	2024 Semi-Annual Report

Restricted securities are privately-placed securities whose resale is restricted under U.S. securities laws. The Funds may invest in restricted securities, including unregistered securities eligible for resale without registration pursuant to Rule 144A and privately-placed securities of U.S. and non-U.S. issuers offered outside the U.S. without registration pursuant to Regulation S under the Securities Act of 1933, as amended (the "1933 Act"). Rule 144A securities may be freely traded among certain qualified institutional investors, such as the Funds, but resale of such securities in the U.S. is permitted only in limited circumstances.

c.  Foreign Currency Translation:

Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as provided by an independent pricing service approved by the Board.

Foreign currency amounts are translated into U.S. Dollars on the following basis:

(i) market value of investment securities, other assets and liabilities – at the current daily rates of exchange at the Valuation Time; and

(ii) purchases and sales of investment securities, income and expenses – at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in equity securities due to changes in the foreign exchange rates from the portion due to changes in market prices of equity securities. Accordingly, realized and unrealized foreign currency gains and losses with respect to such securities are included in the reported net realized and unrealized gains and losses on investment transactions balances.

The Funds report certain foreign currency related transactions and foreign taxes withheld on security transactions as components of realized gains for financial reporting purposes, whereas such foreign currency related transactions are treated as ordinary income for U.S. federal income tax purposes.

Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation/depreciation in value of investments, and translation of other assets and liabilities denominated in foreign currencies.

Net realized foreign exchange gains or losses represent foreign exchange gains and losses from transactions in foreign currencies and forward foreign currency contracts, exchange gains or losses realized between the trade date and settlement date on security transactions, and the difference between the amounts of interest and dividends

recorded on the Funds' books and the U.S. Dollar equivalent of the amounts actually received.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar. Generally, when the U.S. Dollar rises in value against foreign currency, the Funds' investments denominated in that foreign currency will lose value because the foreign currency is worth fewer U.S. Dollars; the opposite effect occurs if the U.S. Dollar falls in relative value.

d.  Derivative Financial Instruments:

The Funds are authorized to use derivatives to manage currency risk, credit risk, and interest rate risk and to replicate, or use as a substitute for, physical securities. Losses may arise due to changes in the value of the contract or if the counterparty does not perform under the contract. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities.

Forward Foreign Currency Exchange Contracts:

A forward foreign currency exchange contract ("forward contract") involves an obligation to purchase and sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are used to manage a Fund's currency exposure in an efficient manner. They are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to give the desired currency exposure either in absolute terms or relative to a particular benchmark or index. The use of forward contracts allows for the separation of investment decision-making between foreign exchange holdings and their currencies.

The forward contract is marked-to-market daily and the change in market value is recorded by a Fund as unrealized appreciation or depreciation. Forward contracts' prices are received daily from an independent pricing provider. When the forward contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These realized and unrealized gains and losses are reported on the Statement of Operations. A Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or from unanticipated movements in exchange rates. During the six-month period ended April 30, 2024, the Funds used forward contracts to hedge their currency exposure.

While a Fund may enter into forward contracts to seek to reduce currency exchange rate risks, transactions in such contracts involve

24	2024 Semi-Annual Report

certain risks. A Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates. Thus, while a Fund may benefit from such transactions, unanticipated changes in currency prices may result in a poorer overall performance for a Fund than if it had not engaged in any such transactions. Moreover, there may be an imperfect correlation between a Fund’s portfolio holdings or securities quoted or denominated in a particular currency and forward contracts entered into by the Fund. Such imperfect correlation may prevent a Fund from achieving a complete hedge, which will expose the Fund to the risk of foreign exchange loss.

Forward contracts are subject to the risk that the counterparties to such contracts may default on their obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive a Fund of unrealized profits, transaction costs or the benefits of a currency hedge or force a Fund to cover its purchase or sale commitments, if any, at the market price at the time of the default.

Summary of Derivative Instruments:

The Funds may use derivatives for various purposes as noted above. The following is a summary of the fair value of derivative instruments, not accounted for as hedging instruments, as of 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

Amounts listed as “–” are $0 or round to $0.

	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

Amounts listed as “–” are $0 or round to $0.

The Funds have transactions that may be subject to enforceable master netting agreements. A reconciliation of the gross amounts on the Statements of Assets and Liabilities as of April 30, 2024 to the net amounts by broker and derivative type, including any collateral received or pledged, is included in the following tables:

Information about derivatives reflected as of the date of this report is generally indicative of the type of activity for the six-month period ended April 30, 2024. The tables below summarize the weighted average values of derivatives holdings for the Funds during the six-month period ended April 30, 2024.

Derivative held in AGD	Average Notional Value
Foreign Currency Contracts Sold	$21,077,918

    

Derivative held in AOD	Average Notional Value
Foreign Currency Contracts Sold	$79,857,555

The Funds value derivatives at fair value, as described in the Statements of Operations. Accordingly, the Funds do not follow hedge accounting even for derivatives employed as economic hedges.

e.  Security Transactions, Investment Income and Expenses:

Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and foreign currency transactions are calculated on the identified cost basis.

Discounts and premiums on securities purchased are accreted or amortized on an effective yield basis over the estimated lives of the respective securities.

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27

f.  Distributions:

The Funds intend to make regular monthly distributions of net investment income to holders of common shares. The Funds expect to pay their common shareholders annually all or substantially all of their investment company taxable income. In addition, at least annually, the Funds intend to distribute all or substantially all of their net capital gains, if any.

Distributions from net realized gains for book purposes may include short-term capital gains which are ordinary income for tax purposes. Distributions to common shareholders are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book-tax” differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal income tax treatment. Temporary differences do not require reclassification. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes they are reported to shareholders as return of capital.

g.  Federal Income Taxes:

Each Fund intends to continue to qualify as a “regulated investment company” ("RIC") by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to make distributions of net investment income and net realized capital gains sufficient to relieve the Funds from all federal income taxes. Therefore, no federal income tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended October 31, 2023 are subject to such review.

h.  Foreign Withholding Tax:

Dividend and interest income from non-U.S. sources received by the Funds are generally subject to non-U.S. withholding taxes and are recorded on the Statements of Operations. The Funds file for tax reclaims for the refund of such withholding taxes according to tax treaties. Tax reclaims that are deemed collectible are booked as tax reclaim receivable on the Statements of Assets and Liabilities. In addition, the Funds may be subject to capital gains tax in certain countries in which they invest. The above taxes may be reduced or

eliminated under the terms of applicable U.S. income tax treaties with some of these countries. The Funds accrue such taxes when the related income is earned.

In addition, when the Funds sell securities within certain countries in which they invest, the capital gains realized may be subject to tax. Based on these market requirements and as required under GAAP, the Funds accrue deferred capital gains tax on securities currently held that have unrealized appreciation within these countries. The amount of deferred capital gains tax accrued, if any, is reported on the Statements of Assets and Liabilities.

3.  Agreements and Transactions with Affiliates

a.  Investment Adviser:

abrdn Investments Limited serves as the Funds' investment adviser (the "Adviser") pursuant to investment advisory agreements (the “Advisory Agreements”) with the Funds. The Adviser is a wholly-owned indirect subsidiary of abrdn plc. In rendering advisory services, the Adviser may use the resources of investment advisor subsidiaries of abrdn plc. These affiliates have entered into procedures pursuant to which investment professionals from affiliates may render portfolio management and research services as associated persons of the Adviser.

As compensation for its services to AGD, the Adviser receives an annual investment advisory fee of 1.00% based on the Fund’s average daily net assets, computed daily and payable monthly.  For the six-month period ended April 30, 2024, AGD paid the Adviser $1,344,369.

As compensation for its services to AOD, the Adviser receives an annual investment advisory fee of 1.00% based on the Fund’s average daily managed assets, computed daily and payable monthly. During the six-month period ended April 30, 2024, AOD paid the Adviser $5,081,964. “Managed Assets” means total assets of the Fund, including any form of investment leverage, minus all accrued expenses incurred in the normal course of operations, but not excluding any liabilities or obligations attributable to investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of debt securities), (ii) the issuance of preferred stock or other similar preference securities, (iii) the reinvestment of collateral received for securities loaned in accordance with the Fund’s investment objectives and policies, and/or (iv) any other means.

Effective May 4, 2018, the Adviser entered into a written contract (the “Expense Limitation Agreement”) with the Funds that is effective through June 30, 2024. The Expense Limitation Agreement limits the total ordinary operating expenses of the Funds (excluding any leverage costs, interest, taxes, brokerage commissions, and any non-routine expenses) from exceeding 1.16% and 1.14% of the average daily net

28	2024 Semi-Annual Report

assets of AGD and AOD, respectively, on an annualized basis. The total amount of the waiver for the six-month period ended April 30, 2024 pursuant to the Expense Limitation Agreement was $143,132 and $464,137 for AGD and AOD, respectivley.

The Adviser may request and receive reimbursement from the Funds of the advisory fees waived and other expenses reimbursed pursuant to the Expense Limitation Agreement as of a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses; provided that the following requirements are met: the reimbursements do not cause the Funds to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser, and the payment of such reimbursement is approved by the Board on a quarterly basis (the “Reimbursement Requirements”). Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by the Adviser is not permitted.

As of April 30, 2024, to the extent the Reimbursement Requirements are met, the cumulative potential reimbursements to the Adviser from the Funds, based on expenses reimbursed by the Adviser, including adjustments described above, would be:

AGD

Amount Fiscal Year 2021 (Expires 10/31/24)		$209,854
Amount Fiscal Year 2022 (Expires 10/31/25)		$281,603
Amount Fiscal Year 2023 (Expires 10/31/26)		$317,076
Amount Fiscal Year 2024 (Expires 10/31/27)		$143,132
Total*		$951,665

    

*	Amounts reported are due to expire throughout the respective 3-year expiration period presented above.

    

Amount Fiscal Year 2021 (Expires 10/31/24)		$491,643
Amount Fiscal Year 2022 (Expires 10/31/25)		$593,179
Amount Fiscal Year 2023 (Expires 10/31/26)		$840,966
Amount Fiscal Year 2024 (Expires 10/31/27)		$464,137
Total*		$2,389,925

    

*	Amounts reported are due to expire throughout the respective 3-year expiration period presented above.

b.  Fund Administrator:

abrdn Inc., an affiliate of the Adviser, is the Funds' Administrator. Pursuant to the Administration Agreement, abrdn Inc. receives a fee paid by each Fund, at an annual fee rate of 0.08% of the Fund’s average daily net assets. State Street Bank and Trust Company serves as AGD's Sub-Administrator. For the six-month period ended April 30, 2024, abrdn Inc. earned $107,549 and $394,530 from AGD and AOD, respectively from the Fund for administration services.

c.  Investor Relations:

Under the terms of the Investor Relations Services Agreement, abrdn Inc. provides and/or engages third parties to provide investor relations services to the Funds and certain other funds advised by the Adviser or its affiliates as part of an Investor Relations Program. Under the Investor Relations Services Agreement, each Fund owes a portion of the fees related to the Investor Relations Program (the “Fund’s Portion”). However, Investor Relations Services fees are limited by abrdn Inc. so that each Fund will only pay up to an annual rate of 0.05% of the Fund’s average weekly net assets. Any difference between the capped rate of 0.05% of each Fund’s average weekly net assets and each Fund’s Portion is paid for by abrdn Inc.

During the six-month period ended April 30, 2024, AGD and AOD incurred investor relations fees of approximately $38,153 and $123,054, respectively. For the six-month period ended April 30, 2024,  abrdn Inc. did not contribute to the investor relations fees for the Funds because the Funds' contribution was below 0.05% of the Funds average weekly net assets on an annual basis.

4.  Investment Transactions

Purchases and sales of investment securities (excluding short-term securities) for the six-month period ended April 30, 2024, were $129,898,429 and $125,971,071, respectively for AGD.

Purchases and sales of investment securities (excluding short-term securities) for the six-month period ended April 30, 2024, were $474,586,244 and $475,809,828, respectively for AOD.

5.  Capital

As of April 30, 2024, there were 24,865,081 and 105,430,999 shares of common stock issued and outstanding of AGD and AOD, respectively.

6.  Open Market Repurchase Policy

The Boards approved an open market repurchase and discount management policy (the “Program”). The Program allows each 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 net asset value per share in the reasonable judgment of management based on historical discount levels and current market conditions.

On a quarterly basis, the Boards 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 each Fund’s website on a monthly basis.  Under the terms of the Program, each Fund is permitted to repurchase up to 10% of its outstanding shares of common stock in the open market during any 12 month period.

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29

For the six-month period ended April 30, 2024, the Funds did not repurchase any shares through this program.

7.  Line of Credit

Each Fund has entered into a lending agreement with BNP Paribas Prime Brokerage International Ltd. (“BNPP PB”).

AGD is allowed borrow on an uncommitted and secured basis. The BNPP PB facility provides a secured, uncommitted line of credit for the Fund where selected Fund assets are pledged against advances made to the Fund. The Fund has granted a security interest in all pledged assets used as collateral to the BNPP PB facility. The Fund is permitted to borrow up to the maximum allowable amount under the 1940 Act, as amended, of the total assets for extraordinary or emergency purposes, which is generally, 33.33% of total assets, but may exceed that under certain market conditions. Additionally, the Fund is permitted to borrow up to 10% of the total assets for investment purposes.

AOD is allowed to borrow on a secured and committed basis. The maximum commitment amount is $300,000,000 however, the Fund may borrow up to 33.33% of its total assets on an uncommitted basis. The BNPP PB facility provides a secured, committed line of credit for the Fund where certain Fund assets are pledged against advances made to the Fund. The Fund has granted a security interest in all pledged assets used as collateral to BNPP PB.

The interest on the BNPP PB for both Funds on amounts borrowed are charged at a variable rate, which may be based on the Secured Overnight Financing Rate (“SOFR”) plus a spread. On April 30, 2024, the amount drawn on the line of credit was $7,908,278 and $63,133,712 for AGD and AOD, respectively. Either BNPP PB or the Funds may terminate this agreement upon delivery of written notice. During the six-month period ended April 30, 2024, the borrowing activity for the Funds was as follows:

Fund	Max Borrowing	Average Borrowing	Average interest rate on Borrowing	Interest expense related to Line of Credit
AGD	$7,908,234	$562,251	6.28%	$16,858
AOD	$63,133,712	$30,781,726	6.37%	$993,219

8.  Portfolio Investment Risks

a.  Dividend Strategy Risk:

There is no guarantee that the issuers of the stocks held by the Funds will declare dividends in the future or that, if dividends are declared, they will remain at their current levels or increase over time. The Funds' emphasis on dividend paying stocks could cause the Funds to

underperform similar funds that invest without consideration of a company’s track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks may not participate in a broad market advance to the same degree as other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. The Funds may hold securities for short periods of time related to the dividend payment periods and may experience loss during these periods.

b.  Emerging Markets Risk:

The Funds are subject to emerging market risk. This is a magnification of the risks that apply to foreign investments. These risks are greater for securities of companies in emerging market countries because the countries may have less stable governments, more volatile currencies and less established markets (see “Foreign Securities Risk” below).

c.  Equity Securities Risk:

The stock or other security of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer than expected earnings or certain management decisions) or to the industry in which the company is engaged (such as a reduction in the demand for products or services in a particular industry). Holders of common stock generally are subject to more risks than holders of preferred stock or debt securities because the right to repayment of common shareholders' claims is subordinated to that of preferred stock and debt securities upon the bankruptcy of the issuer.

d.  Foreign Currency Exposure Risk:

The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the Funds more greatly to the extent the Funds do not hedge their currency risk, or hedging techniques used by the Adviser are unsuccessful.

e.  Foreign Securities Risk:

Foreign countries in which the Funds may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Funds' investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. To the extent the Funds focus their investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.

30	2024 Semi-Annual Report

f.  Issuer Risk

The value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services. In an increasingly interconnected financial market, the adverse changes in the financial conditions of one issuer may negatively affect other issuers.

g.  Leverage Risk:

The Funds may use leverage to purchase securities. Increases and decreases in the value of the Funds' portfolio will be magnified when the Funds use leverage.

h.  Management Risk:

The Funds are subject to the risk that the Adviser may make poor security selections. The Adviser, and its portfolio managers apply their own investment techniques and risk analyses in making investment decisions for the Funds and there can be no guarantee that these decisions will achieve the desired results for the Funds. In addition, the Adviser may select securities that underperform the relevant market or other funds with similar investment objectives and strategies.

i.  Market Events Risk:

Markets are affected by numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, the fluctuation of other stock markets around the world, and financial, economic and other global market developments and disruptions, such as those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies and natural/environmental disasters. Such events can negatively impact the securities markets and cause the Fund to lose value.

Policy and legislative changes in countries around the world are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes.

The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. In addition, economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries or sectors experiencing economic and financial difficulties, the value and liquidity of the Fund’s investments may be negatively affected by such events.

j.  Mid-Cap Securities Risk

Securities of medium-sized companies tend to be more volatile and less liquid than securities of larger companies.

k.  Non-U.S. Taxation Risk

Income, proceeds and gains received by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments. Tax treaties between certain countries and the United States may reduce or eliminate such taxes.

If, at the close of its taxable year, more than 50% of the value of a Fund’s total assets consists of securities of foreign corporations, including for this purpose foreign governments, the Fund will be permitted to make an election under the Code that will allow shareholders a deduction or credit for foreign taxes paid by the Fund. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes. A shareholder’s ability to claim an offsetting foreign tax credit or deduction in respect of such foreign taxes is subject to certain limitations imposed by the Code, which may result in the shareholder’s not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. If a Fund does not qualify for or chooses not to make such an election, shareholders will not be entitled separately to claim a credit or deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund’s taxable income. Even if a Fund elects to pass through to its shareholders foreign tax credits or deductions, tax-exempt shareholders and those who invest in the Fund through tax-advantaged accounts such as IRAs will not benefit from any such tax credit or deduction.

l.  Portfolio Turnover Risk:

The Funds may engage in active and frequent trading of portfolio securities to achieve their investment objectives. High portfolio turnover necessarily results in greater transaction costs which may reduce Fund performance. It may also result in greater realization of gains, which may include short-term gains taxable at ordinary income tax rates.

m.  Qualified Dividend Income Tax Risk

Favorable U.S. federal tax treatment of Fund distributions may be adversely affected, changed or repealed by future changes in tax laws.

n.  Sector Risk:

To the extent that the Funds have a significant portion of their assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Funds may be more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

Information Technology Sector Risk. To the extent that the information technology sector represents a significant portion of a Fund, the Fund will be sensitive to changes in, and its performance may depend to a

2024 Semi-Annual Report

31

greater extent on, factors impacting this sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on their profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates, competition for the services of qualified personnel and reduced availability of financing options. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

o.  Small-Cap Securities Risk

Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Therefore, they generally involve greater risk.

p.  Valuation Risk:

The price that the Funds could receive upon the sale of any particular portfolio investment may differ from the Funds' valuation of the

investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Funds, and the Funds could realize a greater than expected loss or lower than expected gain upon the sale of the investment. The Funds' ability to value their investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

9.  Contingencies

In the normal course of business, the Funds may provide general indemnifications pursuant to certain contracts and organizational documents. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds, and therefore, cannot be estimated; however, the Funds expect the risk of loss from such claims to be remote.

10.  Tax Information

The U.S. federal income tax basis of the Funds' investments (including derivatives, if applicable) and the net unrealized appreciation as of April 30, 2024, were as follows:

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

11.  Fund Reorganization

Effective March 10, 2023, AGD acquired all of the assets and assumed all of the liabilities of the Delaware Enhanced Global Dividend and Income Fund and Delaware Investments® Dividend and Income Fund, Inc. (the “Acquired Funds”) pursuant to plans of reorganization approved by the AGD Board of Directors on August 11, 2022.

The acquisition was accomplished by a tax-free exchange as follows:

15,045,838 shares of the Acquired Funds, fair valued at $129,362,047 (breakout by Acquired Fund is listed below) for 12,315,499 shares of AGD.

The investment portfolio and cash of the Acquired Funds, with a fair value of $128,538,930 and identified cost of $128,260,156 were the principal assets acquired by AGD. For financial reporting purposes, assets received and shares issued by AGD were recorded at value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting of AGD's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the reorganization, the investment portfolio and cash of AGD was $134,563,276.

12.  Subsequent Events

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of April 30, 2024, other than as noted below.

On May 9, 2024 and June 11, 2024, AGD and AOD announced that they will pay on May 31, 2024 and June 28, 2024, respectively, a distribution per share to all shareholders of record as of May 23, 2024 and June 21, 2024, respectively. AGD and AOD will pay a distribution of $0.065 and $0.0575 per share, respectively.

On June 10, 2024, the Board of each Fund approved the continuation of expense limitation agreement for each Fund for an additional year until at least June 30, 2025.

Effective June 30, 2024, Stephen Bird, an interested Trustee, departed as CEO of abrdn plc and resigned from the Boards of the Funds. Effective June 30, 2024, Christian Pittard was appointed as an interested Trustee of the Funds. 

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33

The Funds intend to distribute to shareholders substantially all of their net investment income and to distribute any net realized capital gains at least annually. Net investment income for this purpose is income other than net realized long-term and short-term capital gains net of expenses. Pursuant to the Dividend Reinvestment and Optional Cash Purchase Plan (the “Plan”), shareholders whose shares of common stock are registered in their own names will be deemed to have elected to have all distributions automatically reinvested by Computershare Trust Company N.A. (the “Plan Agent”) in the Fund shares pursuant to the Plan, unless such shareholders elect to receive distributions in cash. Shareholders who elect to receive distributions in cash will receive such distributions paid by check in U.S. Dollars mailed directly to the shareholder by the Plan Agent, as dividend paying agent. In the case of shareholders such as banks, brokers or nominees that hold shares for others who are beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the shareholders as representing the total amount registered in such shareholders’ names and held for the account of beneficial owners that have not elected to receive distributions in cash. Investors that own shares registered in the name of a bank, broker or other nominee should consult with such nominee as to participation in the Plan through such nominee and may be required to have their shares registered in their own names in order to participate in the Plan. Please note that the Funds do not issue certificates so all shares will be registered in book entry form. The Plan Agent serves as agent for the shareholders in administering the Plan. If the Trustees of a Fund declare an income dividend or a capital gains distribution payable either in the Funds' common stock or in cash, nonparticipants in the Plan will receive cash and participants in the Plan will receive common stock, to be issued by the Funds or purchased by the Plan Agent in the open market, as provided below. If the market price per share (plus expected per share fees) on the valuation date equals or exceeds NAV per share on that date, the Funds will issue new shares to participants at NAV; provided, however, that if the NAV is less than 95% of the market price on the valuation date, then such shares will be issued at 95% of the market price. The valuation date will be the payable date for such distribution or dividend or, if that date is not a trading day on the NYSE, the immediately preceding trading date. If NAV exceeds the market price of Fund shares at such time, or if the Funds should declare an income dividend or capital gains distribution payable only in cash, the Plan Agent will, as agent for the participants, buy Fund shares in the open market, on the NYSE or elsewhere, for the participants’ accounts on, or shortly after, the payment date. If, before the Plan Agent has completed its purchases, the market price exceeds the NAV of the Funds' share, the average per share purchase price paid by the Plan Agent may exceed the NAV of the Funds' shares, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Funds on the dividend payment date. Because of

the foregoing difficulty with respect to open-market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making open-market purchases and will receive the uninvested portion of the dividend amount in newly issued shares at the close of business on the last purchase date.

Participants have the option of making additional cash payments of a minimum of $50 per investment (by check, one-time online bank debit or recurring automatic monthly ACH debit) to the Plan Agent for investment in the Funds' common stock, with an annual maximum contribution of $250,000. The Plan Agent will wait up to three business days after receipt of a check or electronic funds transfer to ensure it receives good funds. Following confirmation of receipt of good funds, the Plan Agent will use all such funds received from participants to purchase Fund shares in the open market on the 25th day of each month or the next trading day if the 25th is not a trading day.

If the participant sets up recurring automatic monthly ACH debits, funds will be withdrawn from his or her U.S. bank account on the 20th of each month or the next business day if the 20th is not a banking business day and invested on the next investment date. The Plan Agent maintains all shareholder accounts in the Plan and furnishes written confirmations of all transactions in an account, including information needed by shareholders for personal and tax records. Shares in the account of each Plan participant will be held by the Plan Agent in the name of the participant, and each shareholder’s proxy will include those shares purchased pursuant to the Plan. There will be no brokerage charges with respect to common shares issued directly by the Funds. However, each participant will pay a per share fee of $0.02 incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends, capital gains distributions and voluntary cash payments made by the participant. Per share fees include any applicable brokerage commissions the Plan Agent is required to pay.

Participants also have the option of selling their shares through the Plan. The Plan supports two types of sales orders. Batch order sales are submitted on each market day and will be grouped with other sale requests to be sold. The price will be the average sale price obtained by Computershare’s broker, net of fees, for each batch order and will be sold generally within 2 business days of the request during regular open market hours. Please note that all written sales requests are always processed by Batch Order. ($10 and $0.12 per share). Market Order sales will sell at the next available trade. The shares are sold real time when they hit the market, however an available trade must be presented to complete this transaction. Market Order sales may only

34	2024 Semi-Annual Report

be requested by phone at 1-800-647-0584 or using Investor Center through www.computershare.com/buyaberdeen. ($25 and $0.12 per share).

The receipt of dividends and distributions under the Plan will not relieve participants of any income tax that may be payable on such dividends or distributions. The Funds or the Plan Agent may terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to notice of the termination sent to members of the Plan at least 30 days prior to the record date for such dividend or distribution. The Plan also may be amended by

the Funds or the Plan Agent, but (except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority) only by mailing a written notice at least 30 days prior to the effective date to the participants in the Plan. All correspondence concerning the Plan should be directed to the Plan Agent by phone at 1-800-647-0584, using Investor Center through www.computershare.com/buyaberdeen or in writing to Computershare Trust Company N.A., P.O. Box 43006, Providence, RI 02940-3078. 

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35

Trustees

P. Gerald Malone, Chair
Stephen Bird
Todd Reit
John Sievwright
Nancy Yao

Investment Adviser

abrdn Investments Limited
1 George Street
Edinburgh, EH2 2LL
United Kingdom

Administrator

abrdn Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103

Custodian

State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016

Transfer Agent

Computershare Trust Company, N.A.
P.O. Box 43006
Providence, RI 02940-3078

Independent Registered Public Accounting Firm

KPMG LLP
1601 Market Street
Philadelphia, PA 19103

Legal Counsel

Dechert LLP
1900 K Street N.W.
Washington D.C. 20006

Investor Relations

abrdn Inc.
1900 Market Street, Suite 200
Philadelphia, PA 19103
1-800-522-5465
[email protected]

The Financial Statements as of April 30, 2024, included in this report, were not audited and accordingly, no opinion is expressed thereon.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may purchase, from time to time, shares of its common stock in the open market.

Shares of abrdn Global Dynamic Dividend Fund and abrdn Total Dynamic Dividend Fund are traded on the NYSE under the symbols “AGD” and “AOD”, respectively. Information about the Funds' net asset value and market price is available at www.abrdnagd.com (AGD) and www.abrdnaod.com (AOD).

This report, including the financial information herein, is transmitted to the shareholders of abrdn Global Dynamic Dividend Fund and abrdn Total Dynamic Dividend Fund for their general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. Past performance is no guarantee of future results.