N-CSRS 1 tm2517609d7_ncsr.htm N-CSR

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:	811-21980

Exact name of registrant as specified in charter:	abrdn Total 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, 2025

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.

abrdn Global Dynamic Dividend Fund (AGD)

abrdn Total Dynamic Dividend Fund (AOD)

Semi-Annual Report

April 30, 2025

aberdeeninvestments.com

Letter to Shareholders (unaudited)

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, 2025. 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.

Please visit the Funds on the web at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds. On the web you can view quarterly commentary on the Funds' performance, monthly fact sheets, distribution and performance information, and other Fund literature.

Total Investment Return¹

For the six-month period ended April 30, 2025, the total return to shareholders of the Funds based on the net asset value (“NAV”) and market price of the Funds, respectively, compared to the Funds' benchmark is as follows:

	AGD	AOD
NAV²^,³	1.08%	1.23%
Market Price²	5.04%	0.87%
MSCI AC World Index (Net DTR)⁴	0.88%	0.88%

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

The below tables represent comparison between the current six-month period end and the prior fiscal year end of each Fund's market price to NAV and associated Premium(+) and Discount(-).

	AGD
	NAV	Closing Market Price	Premium(+)/ Discount(-)
4/30/2025	$10.55	$9.99	-5.31%
10/31/2024	$11.15	$10.16	-8.88%

During the six-month period ended April 30, 2025, AGD’s NAV was within a range of $9.51 to $11.38 and AGD’s market price traded within a range of $8.74 to $10.50. During the six-month period ended April 30, 2025, AGD’s shares traded within a range of a premium(+)/discount(-) of -10.76% to -5.31%.

	AOD
	NAV	Closing Market Price	Premium(+)/ Discount(-)
4/30/2025	$9.12	$8.24	-9.65%
10/31/2024	$9.65	$8.75	-9.33%

During the six-month period ended April 30, 2025, AOD's NAV was within a range of $8.24 to $9.85 and AOD's market price traded within a range of $7.42 to $8.89. During the six-month period ended April 30, 2025, the AOD's shares traded within a range of a premium(+)/discount(-) of -12.16% to -8.47%.

Aberdeen Name Change

On March 4, 2025, abrdn plc, the parent company of the Fund's adviser, announced that it would change its name, and from that date, will use 'Aberdeen' as the principal trading identity for its Investments business. On March 12, 2025, abrdn plc completed the steps to legally change its name to Aberdeen Group plc. Aberdeen has retained 'abrdn' as an operational abbreviation across its subsidiary legal entities (including the Fund's adviser, fund names and descriptors).

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, 2025 are shown in the table below:

Fund	Distribution per share	NAV annualized distribution rate	Market Price annualized distribution rate
AGD	$0.67	12.70%	13.41%
AOD	$0.59	12.94%	14.32%

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.

{foots1}

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.

2025 Semi-Annual Report

Letter to Shareholders (unaudited) (concluded)

On May 9, 2025 and June 10, 2025, AGD announced that it will pay on May 30, 2025 and June 30, 2025, respectively, a distribution per share of $0.10 and $0.11, respectively, to all shareholders of record as of May 22, 2025 and June 23, 2025, respectively.

On May 9, 2025 and June 10, 2025, AOD announced that it will pay on May 30, 2025 and June 30, 2025, respectively, a distribution per share of $0.09 to all shareholders of record as of May 22, 2025 and June 23, 2025, respectively.

Each Fund's policy is to provide investors with a stable monthly distribution out of current income, 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 Board approved an open market repurchase and discount management policy (the “Program”). The Program allows each Fund to purchase, in the open market, up to 10% of its 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, the Funds report repurchase activity on its website on a monthly basis. For the six-months ended April 30, 2025, the Funds did not repurchase any shares through the Program.

On a quarterly basis, the Board will receive information on any transactions made pursuant to this policy during the prior quarter.

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 Aberdeen’s commitment to shareholders, we invite you to visit the Funds on the web at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds. Here, you can view monthly fact sheets, quarterly commentary, distribution and performance information, as well as other Fund literature. Enroll in Aberdeen's email services to receive content related to your fund. In addition, you will receive monthly factsheets based on your preferences. Sign up today at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds.

•	Visit: https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds

•	Call: 1-800-522-5465 (toll free in the U.S.).

Yours sincerely,

/s/ Alan Goodson
Alan Goodson
President

{foots1}

All amounts are U.S. Dollars unless otherwise stated.

2	2025 Semi-Annual Report

abrdn Global Dynamic Dividend Fund

Total Investment Return (unaudited)

The following table summarizes the average annual Fund performance compared to the Fund’s primary benchmark for the six-month (not annualized), 1-year, 3-year, 5-year and 10-year periods ended April 30, 2025.

AGD	6 Months	1 Year	3 Years	5 Years	10 Years
Net Asset Value (NAV)	1.08%	9.60%	6.90%	11.12%	7.58%
Market Price	5.04%	20.84%	9.34%	13.37%	8.36%
MSCI AC World Index (Net DTR)	0.88%	11.84%	10.27%	13.07%	8.63%

Performance of a $10,000 Investment for AGD (as of April 30, 2025)

This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the periods indicated. For comparison, the same investment is shown in the indicated index.

abrdn Investments Limited (the "Adviser") assumed responsibility for the management of the Fund as investment adviser on May 7, 2018. Performance prior to this date reflects the performance of an unaffiliated investment adviser.

The Adviser entered into a written contract with the Fund to waive fees or limit expenses. This contract may not be terminated before June 30, 2026. Absent such waivers and/or reimbursements, the Fund's returns would be lower. Additionally, Aberdeen has entered into an agreement with the Fund to limit investor relations services fees, without which performance would be lower if the Fund's investor services fees exceeded such limit during the relevant period. This agreement aligns with the term of the advisory agreement and may not be terminated prior to the end of the current term of the advisory agreement. See Note 3 in the Notes to Financial Statements.

Returns represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund’s transfer agent. All return data at NAV includes fees charged to the Fund, which are listed in the Fund’s Statement of Operations under “Expenses.” Total investment return at market value is based on changes in the market price at which the Fund’s shares traded on the NYSE during the period and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund’s transfer agent. The Fund’s total investment return is based on the reported NAV as of the financial reporting period end date of April 30, 2025. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on both market price and NAV. Past performance is no guarantee of future results. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund or the sale of Fund shares. The current performance of the Fund may be lower or higher than the figures shown. The Fund’s yield, return, market price and NAV will fluctuate. Performance information current to the most recent month-end is available at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds or by calling 800-522-5465.

The annualized net operating expense ratio, excluding fee waivers, based on the six-month period ended April 30, 2025, was 1.35%. The annualized net operating expense ratio net of fee waivers based on the six-month period ended April 30, 2025 was 1.25%. The annualized net operating expense ratio, net of fee waivers and excluding interest expense based on the six-month period ended April 30, 2025, was 1.16%.

2025 Semi-Annual Report

abrdn Global Dynamic Dividend Fund

Portfolio Summary (as a percentage of net assets) (unaudited)

As of April 30, 2025

The following table summarizes the sector composition of the Fund’s portfolio, in S&P Global Inc.’s Global Industry Classification Standard (“GICS”) Sectors. Industry allocation is shown below for any sector representing more than 25% of net assets.

Sectors-AGD
Information Technology	20.9%
Financials	20.3%
Health Care	11.9%
Consumer Discretionary	10.3%
Industrials	10.2%
Consumer Staples	9.3%
Communication Services	5.9%
Utilities	5.8%
Energy	4.8%
Materials	3.2%
Real Estate	2.9%
Short-Term Investment	1.0%
Liabilities in Excess of Other Assets	(6.5%)
	100.0%

The following table summarizes the composition of the Fund’s portfolio by geographic classification.

Countries-AGD
United States	62.4%
United Kingdom	7.5%
France	6.3%
Germany	6.1%
Netherlands	3.7%
Denmark	2.9%
Taiwan	2.6%
China	2.2%
Other, less than 2% each	11.8%
Short-Term Investment	1.0%
Liabilities in Excess of Other Assets	(6.5%)
	100.0%

The following were the Fund’s top ten holdings as of April 30, 2025:

Top Ten Holdings-AGD
Microsoft Corp.	3.7%
Broadcom, Inc.	3.0%
Alphabet, Inc., Class C	3.0%
Apple, Inc.	2.9%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	2.7%
JPMorgan Chase & Co.	1.9%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.8%
Tencent Holdings Ltd.	1.7%
TJX Cos., Inc.	1.6%
Goldman Sachs Group, Inc.	1.6%

4	2025 Semi-Annual Report

Portfolio of Investments (unaudited)

As of April 30, 2025

abrdn Global Dynamic Dividend Fund

	Shares or Principal Amount		Value
COMMON STOCKS—104.1%
AUSTRALIA—0.7%
Materials—0.7%
Rio Tinto PLC, ADR		32,500	$ 1,930,500
BRAZIL—1.6%
Industrials—1.1%
CCR SA		1,173,700	2,781,647
Materials—0.5%
Vale SA, ADR		139,700	1,300,607
Total Brazil			4,082,254
CANADA—1.3%
Energy—1.3%
Enbridge, Inc.^(a)		74,100	3,459,729
CHINA—2.2%
Communication Services—1.7%
Tencent Holdings Ltd.		73,300	4,489,694
Industrials—0.5%
Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)^(b)		38,200	1,221,392
Total China			5,711,086
DENMARK—2.9%
Consumer Discretionary—0.7%
Pandora AS		13,000	1,935,217
Financials—1.1%
Tryg AS		122,000	2,910,669
Health Care—1.1%
Novo Nordisk AS, Class B		42,600	2,848,301
Total Denmark			7,694,187
FRANCE—6.3%
Consumer Discretionary—0.7%
LVMH Moet Hennessy Louis Vuitton SE		3,200	1,772,574
Consumer Staples—2.2%
Danone SA		40,800	3,510,694
Pernod Ricard SA		21,100	2,287,144
			5,797,838
Energy—0.9%
TotalEnergies SE, ADR^(a)		41,200	2,342,220
Financials—0.3%
AXA SA		19,567	921,461
Industrials—0.8%
Teleperformance SE		18,367	2,014,034
Utilities—1.4%
Engie SA		172,100	3,557,020
Total France			16,405,147
GERMANY—6.1%
Communication Services—1.2%
Deutsche Telekom AG		90,200	3,239,761
Consumer Discretionary—0.9%
Mercedes-Benz Group AG		40,900	2,445,362

	Shares or Principal Amount		Value


Financials—2.7%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen^(c)		10,400	$ 7,119,939
Utilities—1.3%
RWE AG		84,100	3,265,952
Total Germany			16,071,014
HONG KONG—1.1%
Financials—1.1%
Hong Kong Exchanges & Clearing Ltd.		64,500	2,817,985
IRELAND—0.8%
Information Technology—0.8%
Accenture PLC, Class A		7,400	2,213,710
ISRAEL—0.7%
Energy—0.7%
Energean PLC		163,600	1,938,113
JAPAN—1.4%
Financials—1.4%
Mitsubishi UFJ Financial Group, Inc.		288,300	3,632,327
NETHERLANDS—3.7%
Financials—1.4%
ING Groep NV		189,900	3,687,728
Information Technology—2.3%
ASML Holding NV		4,600	3,079,433
BE Semiconductor Industries NV		28,000	3,032,503
			6,111,936
Total Netherlands			9,799,664
NORWAY—0.6%
Financials—0.6%
DNB Bank ASA		63,702	1,592,429
SINGAPORE—1.3%
Financials—1.3%
Oversea-Chinese Banking Corp. Ltd.		280,300	3,468,927
SPAIN—0.9%
Consumer Discretionary—0.9%
Amadeus IT Group SA		29,060	2,287,400
TAIWAN—2.6%
Information Technology—2.6%
Hon Hai Precision Industry Co. Ltd.		467,700	2,083,742
Taiwan Semiconductor Manufacturing Co. Ltd.		170,200	4,822,541
			6,906,283
UNITED KINGDOM—7.5%
Consumer Discretionary—2.6%
Playtech PLC^(c)		384,900	3,898,469
Taylor Wimpey PLC		1,878,300	2,951,387
			6,849,856
Financials—1.2%
London Stock Exchange Group PLC		20,700	3,223,228
Health Care—1.4%
AstraZeneca PLC, ADR^(a)		49,900	3,582,321
Industrials—1.4%
BAE Systems PLC		156,700	3,632,719

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report

Portfolio of Investments (unaudited) (continued)

As of April 30, 2025

abrdn Global Dynamic Dividend Fund

	Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED KINGDOM (continued)
Real Estate—0.9%
UNITE Group PLC, REIT		196,900	$ 2,262,189
Total United Kingdom			19,550,313
UNITED STATES—62.4%
Communication Services—3.0%
Alphabet, Inc., Class C^(a)		48,600	7,819,254
Consumer Discretionary—4.5%
Lowe's Cos., Inc.^(a)		16,100	3,599,316
NIKE, Inc., Class B		30,200	1,703,280
TJX Cos., Inc.^(a)		33,300	4,285,044
Wyndham Hotels & Resorts, Inc.		26,200	2,234,860
			11,822,500
Consumer Staples—7.1%
Coca-Cola Co.^(a)		47,100	3,417,105
Keurig Dr. Pepper, Inc.		98,200	3,396,738
Mondelez International, Inc., Class A^(a)		43,000	2,929,590
Nestle SA		28,810	3,066,461
Pilgrim's Pride Corp.		52,000	2,838,160
Target Corp.^(a)		30,200	2,920,340
			18,568,394
Energy—1.9%
Schlumberger NV		47,900	1,592,675
Williams Cos., Inc.^(a)		59,400	3,479,058
			5,071,733
Financials—9.2%
Bank of America Corp.^(a)		80,700	3,218,316
Blackstone, Inc.		17,100	2,252,241
CME Group, Inc.		12,300	3,408,084
Fidelity National Information Services, Inc.		39,539	3,118,837
Goldman Sachs Group, Inc.		7,500	4,106,625
JPMorgan Chase & Co.		20,100	4,916,862
MetLife, Inc.		41,000	3,090,170
			24,111,135
Health Care—9.4%
AbbVie, Inc.^(a)		20,112	3,923,851
Becton Dickinson & Co.		12,400	2,567,916
CVS Health Corp.		33,200	2,214,772
Johnson & Johnson		11,700	1,828,827
Medtronic PLC^(a)		29,000	2,458,040
Merck & Co., Inc.		32,400	2,760,480
Roche Holding AG		9,600	3,139,069
Sanofi SA		32,000	3,500,539
UnitedHealth Group, Inc.^(a)		5,592	2,300,772
			24,694,266
Industrials—6.4%
FedEx Corp.^(a)		9,700	2,040,201
Ferrovial SE		65,947	3,217,059
Honeywell International, Inc.		12,400	2,610,200
Norfolk Southern Corp.		13,400	3,002,270
Schneider Electric SE		11,800	2,757,020
Waste Management, Inc.		13,400	3,127,024
			16,753,774

	Shares or Principal Amount		Value


Information Technology—13.8%
Amdocs Ltd.		34,700	$ 3,073,726
Analog Devices, Inc.		11,700	2,280,564
Apple, Inc.^(a)		36,400	7,735,000
Broadcom, Inc.^(a)		41,060	7,902,818
Cisco Systems, Inc.		57,700	3,331,021
Microsoft Corp.^(a)		24,626	9,733,673
Oracle Corp.		15,000	2,110,800
			36,167,602
Materials—2.0%
Linde PLC		8,300	3,776,637
Newmont Corp.		29,200	1,538,256
			5,314,893
Real Estate—2.0%
American Tower Corp., REIT		11,500	2,592,215
Gaming & Leisure Properties, Inc., REIT^(a)		53,991	2,584,009
			5,176,224
Utilities—3.1%
CMS Energy Corp.^(a)		42,200	3,108,030
FirstEnergy Corp.		59,600	2,555,648
NextEra Energy, Inc.^(a)		37,100	2,481,248
			8,144,926
Total United States			163,644,701
Total Common Stocks			273,205,769
CORPORATE BONDS—0.0%
UNITED STATES—0.0%
Diversified Financial Services—0.0%
Fixed Income Pass-Through Trust, 0.00%, 01/15/2087^(c)(d)	$	500,000	–
Total Corporate Bonds			–
PREFERRED STOCKS—1.4%
SOUTH KOREA—1.4%
Information Technology—1.4%
Samsung Electronics Co. Ltd.^(a)		107,100	3,535,440
Total Preferred Stocks			3,535,440
SHORT-TERM INVESTMENT—1.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29%^(e)		2,735,159	2,735,159
Total Short-Term Investment			2,735,159
Total Investments (Cost $230,108,758)^(f)—106.5%			279,476,368
Liabilities in Excess of Other Assets—(6.5%)			(17,034,866)
Net Assets—100.0%			$262,441,502

See accompanying Notes to Financial Statements.

6	2025 Semi-Annual Report

Portfolio of Investments (unaudited) (concluded)

As of April 30, 2025

abrdn Global Dynamic Dividend Fund

(a)	All or a portion of the security has been designated as collateral for the line of credit.
(b)	China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program.
(c)	Non-income producing security.
(d)	Denotes a security issued under Regulation S or Rule 144A.
(e)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2025.
(f)	See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.
	Amounts listed as “–” are $0 or round to $0.

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

As of April 30, 2025, the Fund held the following forward foreign currency contracts:

Sale Contracts Settlement Date	Counterparty	Currency Purchased	Amount Purchased	Currency Sold	Amount Sold	Fair Value	Unrealized Appreciation/ (Depreciation)
United States Dollar/Euro
07/10/2025	Royal Bank of Canada	USD	21,608,280	EUR	19,400,000	$22,067,514	$(459,234)

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report

abrdn Total Dynamic Dividend Fund

Total Investment Return (unaudited)

AOD	6 Months	1 Year	3 Years	5 Years	10 Years
Net Asset Value (NAV)	1.23%	10.15%	7.54%	11.33%	7.65%
Market Price	0.87%	17.18%	7.70%	12.26%	8.11%
MSCI AC World Index (Net DTR)	0.88%	11.84%	10.27%	13.07%	8.63%

Performance of a $10,000 Investment for AOD (as of April 30, 2025)

This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the periods indicated. For comparison, the same investment is shown in the indicated index.

The annualized net operating expense ratio, excluding fee waivers, based on the six-month period ended April 30, 2025, was 1.24%. The annualized net operating expense ratio net of fee waivers based on the six-month period ended April 30, 2025 was 1.19%. The annualized net operating expense ratio, net of fee waivers and excluding interest expense based on the six-month period ended April 30, 2025, was 1.14%.

8	2025 Semi-Annual Report

abrdn Total Dynamic Dividend Fund

Portfolio Summary (as a percentage of net assets) (unaudited)

As of April 30, 2025

Sectors-AOD
Information Technology	20.9%
Financials	20.2%
Health Care	11.9%
Industrials	10.1%
Consumer Discretionary	9.6%
Consumer Staples	8.1%
Communication Services	6.9%
Utilities	5.7%
Energy	4.5%
Materials	3.2%
Real Estate	2.1%
Short-Term Investment	1.0%
Liabilities in Excess of Other Assets	(4.2%)
	100.0%

The following table summarizes the composition of the Fund’s portfolio by geographic classification.

Countries-AOD
United States	61.5%
France	6.7%
Germany	6.0%
United Kingdom	5.9%
Netherlands	3.6%
Denmark	2.9%
Taiwan	2.7%
China	2.2%
Other, less than 2% each	11.7%
Short-Term Investment	1.0%
Liabilities in Excess of Other Assets	(4.2%)
	100.0%

The following were the Fund’s top ten holdings as of April 30, 2025:

Top Ten Holdings-AOD
Microsoft Corp.	3.7%
Broadcom, Inc.	3.0%
Alphabet, Inc., Class C	3.0%
Apple, Inc.	2.9%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	2.7%
JPMorgan Chase & Co.	1.9%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.9%
Tencent Holdings Ltd.	1.7%
TJX Cos., Inc.	1.6%
Goldman Sachs Group, Inc.	1.6%

2025 Semi-Annual Report

Portfolio of Investments (unaudited)

As of April 30, 2025

abrdn Total Dynamic Dividend Fund

	Shares		Value
COMMON STOCKS—101.9%
AUSTRALIA—0.7%
Materials—0.7%
Rio Tinto PLC, ADR		117,400	$ 6,973,560
BRAZIL—1.5%
Industrials—1.0%
CCR SA		4,200,400	9,954,870
Materials—0.5%
Vale SA, ADR		506,300	4,713,653
Total Brazil			14,668,523
CANADA—1.3%
Energy—1.3%
Enbridge, Inc.^(a)		264,700	12,358,843
CHINA—2.2%
Communication Services—1.7%
Tencent Holdings Ltd.		270,000	16,537,754
Industrials—0.5%
Contemporary Amperex Technology Co. Ltd., A Shares (Stock Connect)^(b)		139,300	4,453,923
Total China			20,991,677
DENMARK—2.9%
Consumer Discretionary—0.7%
Pandora AS		47,200	7,026,327
Financials—1.1%
Tryg AS		443,100	10,571,456
Health Care—1.1%
Novo Nordisk AS, Class B		155,300	10,383,593
Total Denmark			27,981,376
FRANCE—6.7%
Consumer Discretionary—0.7%
LVMH Moet Hennessy Louis Vuitton SE		12,700	7,034,902
Consumer Staples—2.2%
Danone SA		149,700	12,881,149
Pernod Ricard SA		77,900	8,444,006
			21,325,155
Energy—1.3%
TotalEnergies SE, ADR^(a)		219,300	12,467,205
Financials—0.4%
AXA SA		70,000	3,296,482
Industrials—0.8%
Teleperformance SE		66,469	7,288,661
Utilities—1.3%
Engie SA		616,100	12,733,760
Total France			64,146,165
GERMANY—6.0%
Communication Services—1.2%
Deutsche Telekom AG		331,200	11,895,887
Consumer Discretionary—0.9%
Mercedes-Benz Group AG		151,400	9,052,026
Financials—2.7%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen^(c)		37,100	25,399,012

	Shares		Value


Utilities—1.2%
RWE AG		303,900	$ 11,801,697
Total Germany			58,148,622
HONG KONG—1.1%
Financials—1.1%
Hong Kong Exchanges & Clearing Ltd.		234,800	10,258,338
IRELAND—0.8%
Information Technology—0.8%
Accenture PLC, Class A		27,000	8,077,050
JAPAN—1.4%
Financials—1.4%
Mitsubishi UFJ Financial Group, Inc.		1,045,400	13,171,121
NETHERLANDS—3.6%
Financials—1.4%
ING Groep NV		679,800	13,201,253
Information Technology—2.2%
ASML Holding NV		16,500	11,045,791
BE Semiconductor Industries NV		97,800	10,592,101
			21,637,892
Total Netherlands			34,839,145
NORWAY—0.4%
Financials—0.4%
DNB Bank ASA		170,998	4,274,626
SINGAPORE—1.3%
Financials—1.3%
Oversea-Chinese Banking Corp. Ltd.		1,026,771	12,707,075
SPAIN—1.9%
Communication Services—1.0%
Cellnex Telecom SA^(c)(d)		236,900	9,587,189
Consumer Discretionary—0.9%
Amadeus IT Group SA		104,800	8,249,122
Total Spain			17,836,311
TAIWAN—2.7%
Information Technology—2.7%
Hon Hai Precision Industry Co. Ltd.		1,716,900	7,649,299
Taiwan Semiconductor Manufacturing Co. Ltd.		635,200	17,998,107
			25,647,406
UNITED KINGDOM—5.9%
Consumer Discretionary—1.9%
Playtech PLC^(c)		727,100	7,364,451
Taylor Wimpey PLC		6,959,700	10,935,829
			18,300,280
Financials—1.2%
London Stock Exchange Group PLC		75,100	11,693,931
Health Care—1.4%
AstraZeneca PLC, ADR		183,000	13,137,570
Industrials—1.4%
BAE Systems PLC		571,000	13,237,286
Total United Kingdom			56,369,067
UNITED STATES—61.5%
Communication Services—3.0%
Alphabet, Inc., Class C^(a)		176,400	28,380,996

See accompanying Notes to Financial Statements.

10	2025 Semi-Annual Report

Portfolio of Investments (unaudited) (continued)

As of April 30, 2025

abrdn Total Dynamic Dividend Fund

	Shares		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Consumer Discretionary—4.5%
Lowe's Cos., Inc.^(a)		59,600	$ 13,324,176
NIKE, Inc., Class B		109,600	6,181,440
TJX Cos., Inc.^(a)		120,800	15,544,544
Wyndham Hotels & Resorts, Inc.		95,300	8,129,090
			43,179,250
Consumer Staples—5.9%
Coca-Cola Co.		170,700	12,384,285
Keurig Dr. Pepper, Inc.		357,400	12,362,466
Mondelez International, Inc., Class A^(a)		151,000	10,287,630
Nestle SA		102,600	10,920,476
Target Corp.^(a)		109,900	10,627,330
			56,582,187
Energy—1.9%
Schlumberger NV		176,200	5,858,650
Williams Cos., Inc.		212,000	12,416,840
			18,275,490
Financials—9.2%
Bank of America Corp.^(a)		300,500	11,983,940
Blackstone, Inc.		61,700	8,126,507
CME Group, Inc.		44,800	12,413,184
Fidelity National Information Services, Inc.		145,900	11,508,592
Goldman Sachs Group, Inc.		27,400	15,002,870
JPMorgan Chase & Co.		75,700	18,517,734
MetLife, Inc.		148,700	11,207,519
			88,760,346
Health Care—9.4%
AbbVie, Inc.		73,400	14,320,340
Becton Dickinson & Co.		45,200	9,360,468
CVS Health Corp.		120,300	8,025,213
Johnson & Johnson		42,800	6,690,068
Medtronic PLC^(a)		116,500	9,874,540
Merck & Co., Inc.		118,100	10,062,120
Roche Holding AG		34,800	11,379,125
Sanofi SA		116,600	12,755,087
UnitedHealth Group, Inc.^(a)		19,900	8,187,656
			90,654,617
Industrials—6.4%
FedEx Corp.^(a)		34,900	7,340,517
Ferrovial SE		242,176	11,813,950
Honeywell International, Inc.		45,500	9,577,750
Norfolk Southern Corp.^(a)		48,200	10,799,210
Schneider Electric SE		42,900	10,023,403
Waste Management, Inc.		49,200	11,481,312
			61,036,142
Information Technology—13.9%
Amdocs Ltd.		126,200	11,178,796
Analog Devices, Inc.		52,500	10,233,300
Apple, Inc.^(a)		133,700	28,411,250
Broadcom, Inc.^(a)		150,600	28,985,982

	Shares		Value


Cisco Systems, Inc.^(a)		210,100	$ 12,129,073
Microsoft Corp.^(a)		89,100	35,217,666
Oracle Corp.		55,300	7,781,816
			133,937,883
Materials—2.0%
Linde PLC		30,200	13,741,499
Newmont Corp.		105,900	5,578,812
			19,320,311
Real Estate—2.1%
American Tower Corp., REIT		45,400	10,233,614
Gaming & Leisure Properties, Inc., REIT		202,600	9,696,436
			19,930,050
Utilities—3.2%
CMS Energy Corp.^(a)		152,800	11,253,720
FirstEnergy Corp.^(a)		233,200	9,999,616
NextEra Energy, Inc.^(a)		143,000	9,563,840
			30,817,176
Total United States			590,874,448
Total Common Stocks			979,323,353
PREFERRED STOCKS—1.3%
SOUTH KOREA—1.3%
Information Technology—1.3%
Samsung Electronics Co. Ltd.		394,600	13,026,000
Total Preferred Stocks			13,026,000
SHORT-TERM INVESTMENT—1.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29%^(e)		9,488,790	9,488,790
Total Short-Term Investment			9,488,790
Total Investments (Cost $749,918,208)^(f)—104.2%			1,001,838,143
Liabilities in Excess of Other Assets—(4.2%)			(40,543,376)
Net Assets—100.0%			$961,294,767

(a)	All or a portion of the security has been designated as collateral for the line of credit.
(b)	China A Shares. These shares are issued in local currency, traded in the local stock markets and are held through either a Qualified Foreign Institutional Investor (QFII) license or the Shanghai or Shenzhen Hong-Kong Stock Connect program.
(c)	Non-income producing security.
(d)	Denotes a security issued under Regulation S or Rule 144A.
(e)	Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of April 30, 2025.
(f)	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

See accompanying Notes to Financial Statements.

2025 Semi-Annual Report

Portfolio of Investments (unaudited) (concluded)

As of April 30, 2025

abrdn Total Dynamic Dividend Fund

As of April 30, 2025, the Fund held the following forward foreign currency contracts:

Sale Contracts Settlement Date	Counterparty	Currency Purchased	Amount Purchased	Currency Sold	Amount Sold	Fair Value	Unrealized Appreciation/ (Depreciation)
United States Dollar/Euro
07/10/2025	Royal Bank of Canada	USD	81,866,424	EUR	73,500,000	$83,606,305	$(1,739,881)

See accompanying Notes to Financial Statements.

12	2025 Semi-Annual Report

Statement of Assets and Liabilities (unaudited)

April 30, 2025

Assets	abrdn Global Dynamic Dividend Fund	abrdn Total Dynamic Dividend Fund
Investments, at value	$ 276,741,209	$ 992,349,353
Short-term investments, at value	2,735,159	9,488,790
Foreign currency, at value	459,056	1,894,118
Cash	5	23
Receivable for investments sold	3,674,055	12,211,460
Interest and dividends receivable	1,768,692	3,851,078
Tax reclaim receivable	1,533,734	5,993,994
Other assets	38,028	—
Total assets	286,949,938	1,025,788,816
Liabilities
Line of credit payable (Note 7)	18,356,064	42,101,196
Payable for investments purchased	5,214,163	19,342,179
Unrealized depreciation on forward foreign currency exchange contracts	459,234	1,739,881
Investment management fees payable (Note 3)	193,331	742,744
Interest payable on line of credit

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