# EDGAR Filing Document

**Accession Number:** 0001379400
**File Stem:** 0001752724-23-075799
**Filing Date:** 2023-3
**Character Count:** 62603
**Document Hash:** 0de79f3d5d419fc3176073586f9a21a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075799.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075799

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** abrdn Total Dynamic Dividend Fund
- **CENTRAL INDEX KEY:** 0001379400
- **IRS NUMBER:** 205785181
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21980
- **FILM NUMBER:** 23785431

**BUSINESS ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 215-405-5700

**MAIL ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ABERDEEN TOTAL DYNAMIC DIVIDEND FUND
- **DATE OF NAME CHANGE:** 20180508

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALPINE TOTAL DYNAMIC DIVIDEND FUND
- **DATE OF NAME CHANGE:** 20061027

## Nport-Ex

### Portfolio of Investments (unaudited) <br> As of January 31, 2023

#### abrdn Total Dynamic Dividend Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—99.2%** | &nbsp;&nbsp;**COMMON STOCKS—99.2%** | &nbsp;&nbsp;**COMMON STOCKS—99.2%** |  |
| &nbsp;&nbsp;**AUSTRALIA—0.8%** | &nbsp;&nbsp;**AUSTRALIA—0.8%** | &nbsp;&nbsp;**AUSTRALIA—0.8%** | &nbsp;&nbsp;**AUSTRALIA—0.8%** |
| &nbsp;&nbsp;**Materials—0.8%** |  |  |  |
| &nbsp;&nbsp;BHP Group Ltd., ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;118700 | &nbsp;&nbsp;$8326805 |
| &nbsp;&nbsp;**BRAZIL—2.0%** | &nbsp;&nbsp;**BRAZIL—2.0%** | &nbsp;&nbsp;**BRAZIL—2.0%** | &nbsp;&nbsp;**BRAZIL—2.0%** |
| &nbsp;&nbsp;**Industrials—1.2%** |  |  |  |
| &nbsp;&nbsp;CCR SA |  | 5026238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11644024 |
| &nbsp;&nbsp;**Materials—0.8%** |  |  |  |
| &nbsp;&nbsp;Vale SA, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;444300 | &nbsp;&nbsp;&nbsp;&nbsp; 8299524 |
| &nbsp;&nbsp;**Total Brazil** | &nbsp;&nbsp;**Total Brazil** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19943548** |
| &nbsp;&nbsp;**CANADA—2.5%** | &nbsp;&nbsp;**CANADA—2.5%** | &nbsp;&nbsp;**CANADA—2.5%** | &nbsp;&nbsp;**CANADA—2.5%** |
| &nbsp;&nbsp;**Energy—1.4%** |  |  |  |
| &nbsp;&nbsp;Enbridge, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;354300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14515671 |
| &nbsp;&nbsp;**Materials—1.1%** |  |  |  |
| &nbsp;&nbsp;Barrick Gold Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;573800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11217790 |
| &nbsp;&nbsp;**Total Canada** | &nbsp;&nbsp;**Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25733461** |
| &nbsp;&nbsp;**CHINA—3.3%** | &nbsp;&nbsp;**CHINA—3.3%** | &nbsp;&nbsp;**CHINA—3.3%** | &nbsp;&nbsp;**CHINA—3.3%** |
| &nbsp;&nbsp;**Communication Services—1.1%** |  |  |  |
| &nbsp;&nbsp;Meituan, Class B<sup>(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;22020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492276 |
| &nbsp;&nbsp;Tencent Holdings Ltd. |  | &nbsp;&nbsp;&nbsp;220200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10730106 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11222382 |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., H Shares |  | 1652900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12839234 |
| &nbsp;&nbsp;**Real Estate—0.9%** |  |  |  |
| &nbsp;&nbsp;China Vanke Co. Ltd., H Shares |  | 4490800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9078151 |
| &nbsp;&nbsp;**Total China** | &nbsp;&nbsp;**Total China** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33139767** |
| &nbsp;&nbsp;**DENMARK—1.0%** | &nbsp;&nbsp;**DENMARK—1.0%** | &nbsp;&nbsp;**DENMARK—1.0%** | &nbsp;&nbsp;**DENMARK—1.0%** |
| &nbsp;&nbsp;**Financials—1.0%** |  |  |  |
| &nbsp;&nbsp;Tryg A/S |  | &nbsp;&nbsp;&nbsp;428800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9840143 |
| &nbsp;&nbsp;**FINLAND—1.9%** | &nbsp;&nbsp;**FINLAND—1.9%** | &nbsp;&nbsp;**FINLAND—1.9%** | &nbsp;&nbsp;**FINLAND—1.9%** |
| &nbsp;&nbsp;**Financials—1.2%** |  |  |  |
| &nbsp;&nbsp;Nordea Bank Abp |  | &nbsp;&nbsp;&nbsp;993200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11610889 |
| &nbsp;&nbsp;**Information Technology—0.7%** |  |  |  |
| &nbsp;&nbsp;Nokia OYJ |  | 1531806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7263083 |
| &nbsp;&nbsp;**Total Finland** | &nbsp;&nbsp;**Total Finland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18873972** |
| &nbsp;&nbsp;**FRANCE—6.8%** | &nbsp;&nbsp;**FRANCE—6.8%** | &nbsp;&nbsp;**FRANCE—6.8%** | &nbsp;&nbsp;**FRANCE—6.8%** |
| &nbsp;&nbsp;**Consumer Discretionary—1.2%** |  |  |  |
| &nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE |  | &nbsp;&nbsp;&nbsp;&nbsp;13550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11828820 |
| &nbsp;&nbsp;**Consumer Staples—1.1%** |  |  |  |
| &nbsp;&nbsp;Danone SA |  | &nbsp;&nbsp;&nbsp;203300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11148820 |
| &nbsp;&nbsp;**Energy—1.5%** |  |  |  |
| &nbsp;&nbsp;TotalEnergies SE, ADR<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;240300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14908212 |
| &nbsp;&nbsp;**Health Care—1.1%** |  |  |  |
| &nbsp;&nbsp;Sanofi |  | &nbsp;&nbsp;&nbsp;&nbsp;115993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11358548 |
| &nbsp;&nbsp;**Industrials—1.0%** |  |  |  |
| &nbsp;&nbsp;Alstom SA |  | &nbsp;&nbsp;&nbsp;345498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10273440 |
| &nbsp;&nbsp;**Information Technology—0.9%** |  |  |  |
| &nbsp;&nbsp;Teleperformance |  | &nbsp;&nbsp;&nbsp;&nbsp;34100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9479350 |
| &nbsp;&nbsp;**Total France** | &nbsp;&nbsp;**Total France** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68997190** |
| &nbsp;&nbsp;**GERMANY—4.0%** | &nbsp;&nbsp;**GERMANY—4.0%** | &nbsp;&nbsp;**GERMANY—4.0%** | &nbsp;&nbsp;**GERMANY—4.0%** |
| &nbsp;&nbsp;**Financials—1.3%** |  |  |  |
| &nbsp;&nbsp;Deutsche Boerse AG |  | &nbsp;&nbsp;&nbsp;&nbsp;72900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13044892 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**Materials—1.2%** |  |  |  |
| &nbsp;&nbsp;Linde PLC |  | &nbsp;&nbsp;&nbsp;&nbsp;35700 | &nbsp;&nbsp;$11810259 |
| &nbsp;&nbsp;**Utilities—1.5%** |  |  |  |
| &nbsp;&nbsp;RWE AG |  | &nbsp;&nbsp;&nbsp;&nbsp;343400 | &nbsp;&nbsp;&nbsp;&nbsp; 15287781 |
| &nbsp;&nbsp;**Total Germany** | &nbsp;&nbsp;**Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40142932** |
| &nbsp;&nbsp;**HONG KONG—0.7%** | &nbsp;&nbsp;**HONG KONG—0.7%** | &nbsp;&nbsp;**HONG KONG—0.7%** | &nbsp;&nbsp;**HONG KONG—0.7%** |
| &nbsp;&nbsp;**Financials—0.7%** |  |  |  |
| &nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;169200 | &nbsp;&nbsp;&nbsp;&nbsp; 7610206 |
| &nbsp;&nbsp;**ITALY—1.4%** | &nbsp;&nbsp;**ITALY—1.4%** | &nbsp;&nbsp;**ITALY—1.4%** | &nbsp;&nbsp;**ITALY—1.4%** |
| &nbsp;&nbsp;**Utilities—1.4%** |  |  |  |
| &nbsp;&nbsp;Enel SpA |  | 2383400 | &nbsp;&nbsp;&nbsp;&nbsp; 14033746 |
| &nbsp;&nbsp;**JAPAN—2.1%** | &nbsp;&nbsp;**JAPAN—2.1%** | &nbsp;&nbsp;**JAPAN—2.1%** | &nbsp;&nbsp;**JAPAN—2.1%** |
| &nbsp;&nbsp;**Financials—1.2%** |  |  |  |
| &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. |  | 1722400 | &nbsp;&nbsp;&nbsp;&nbsp; 12616374 |
| &nbsp;&nbsp;**Real Estate—0.9%** |  |  |  |
| &nbsp;&nbsp;GLP J-REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp; 8599861 |
| &nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;**Total Japan** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21216235** |
| &nbsp;&nbsp;**NETHERLANDS—3.8%** | &nbsp;&nbsp;**NETHERLANDS—3.8%** | &nbsp;&nbsp;**NETHERLANDS—3.8%** | &nbsp;&nbsp;**NETHERLANDS—3.8%** |
| &nbsp;&nbsp;**Consumer Staples—1.3%** |  |  |  |
| &nbsp;&nbsp;Heineken NV |  | &nbsp;&nbsp;&nbsp;131900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13181941 |
| &nbsp;&nbsp;**Information Technology—2.5%** |  |  |  |
| &nbsp;&nbsp;ASML Holding NV |  | &nbsp;&nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11115680 |
| &nbsp;&nbsp;BE Semiconductor Industries NV |  | &nbsp;&nbsp;&nbsp;193800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13861807 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24977487 |
| &nbsp;&nbsp;**Total Netherlands** | &nbsp;&nbsp;**Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38159428** |
| &nbsp;&nbsp;**NORWAY—1.0%** | &nbsp;&nbsp;**NORWAY—1.0%** | &nbsp;&nbsp;**NORWAY—1.0%** | &nbsp;&nbsp;**NORWAY—1.0%** |
| &nbsp;&nbsp;**Communication Services—1.0%** |  |  |  |
| &nbsp;&nbsp;Telenor ASA |  | 1012930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10603969 |
| &nbsp;&nbsp;**SINGAPORE—1.4%** | &nbsp;&nbsp;**SINGAPORE—1.4%** | &nbsp;&nbsp;**SINGAPORE—1.4%** | &nbsp;&nbsp;**SINGAPORE—1.4%** |
| &nbsp;&nbsp;**Financials—1.4%** |  |  |  |
| &nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. |  | 1426971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14098970 |
| &nbsp;&nbsp;**SOUTH KOREA—1.3%** | &nbsp;&nbsp;**SOUTH KOREA—1.3%** | &nbsp;&nbsp;**SOUTH KOREA—1.3%** | &nbsp;&nbsp;**SOUTH KOREA—1.3%** |
| &nbsp;&nbsp;**Materials—1.3%** |  |  |  |
| &nbsp;&nbsp;LG Chem Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13094149 |
| &nbsp;&nbsp;**SPAIN—2.4%** | &nbsp;&nbsp;**SPAIN—2.4%** | &nbsp;&nbsp;**SPAIN—2.4%** | &nbsp;&nbsp;**SPAIN—2.4%** |
| &nbsp;&nbsp;**Communication Services—0.9%** |  |  |  |
| &nbsp;&nbsp;Cellnex Telecom SA<sup>(b)(c)</sup> |  | &nbsp;&nbsp;&nbsp;241800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9475655 |
| &nbsp;&nbsp;**Industrials—1.5%** |  |  |  |
| &nbsp;&nbsp;Ferrovial SA |  | &nbsp;&nbsp;&nbsp;495414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14618801 |
| &nbsp;&nbsp;**Total Spain** | &nbsp;&nbsp;**Total Spain** |  | &nbsp;&nbsp;&nbsp;&nbsp;**24094456** |
| &nbsp;&nbsp;**SWEDEN—0.5%** | &nbsp;&nbsp;**SWEDEN—0.5%** | &nbsp;&nbsp;**SWEDEN—0.5%** | &nbsp;&nbsp;**SWEDEN—0.5%** |
| &nbsp;&nbsp;**Industrials—0.5%** |  |  |  |
| &nbsp;&nbsp;Atlas Copco AB, A Shares |  | &nbsp;&nbsp;404400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4798635 |
| &nbsp;&nbsp;**SWITZERLAND—2.5%** | &nbsp;&nbsp;**SWITZERLAND—2.5%** | &nbsp;&nbsp;**SWITZERLAND—2.5%** | &nbsp;&nbsp;**SWITZERLAND—2.5%** |
| &nbsp;&nbsp;**Financials—1.4%** |  |  |  |
| &nbsp;&nbsp;Zurich Insurance Group AG |  | &nbsp;&nbsp;&nbsp;&nbsp;28200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13945704 |
| &nbsp;&nbsp;**Health Care—1.1%** |  |  |  |
| &nbsp;&nbsp;Roche Holding AG |  | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11862474 |
| &nbsp;&nbsp;**Total Switzerland** | &nbsp;&nbsp;**Total Switzerland** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25808178** |
| &nbsp;&nbsp;**TAIWAN—1.3%** | &nbsp;&nbsp;**TAIWAN—1.3%** | &nbsp;&nbsp;**TAIWAN—1.3%** | &nbsp;&nbsp;**TAIWAN—1.3%** |
| &nbsp;&nbsp;**Information Technology—1.3%** |  |  |  |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. |  | &nbsp;&nbsp;&nbsp;752000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13270380 |

---

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) <br> As of January 31, 2023

#### abrdn Total Dynamic Dividend Fund

------

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** | &nbsp;&nbsp;**COMMON STOCKS (continued)** |  |
| &nbsp;&nbsp;**UNITED KINGDOM—4.1%** | &nbsp;&nbsp;**UNITED KINGDOM—4.1%** | &nbsp;&nbsp;**UNITED KINGDOM—4.1%** | &nbsp;&nbsp;**UNITED KINGDOM—4.1%** |
| &nbsp;&nbsp;**Communication Services—0.9%** |  |  |  |
| &nbsp;&nbsp;Vodafone Group PLC, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;777900 | &nbsp;&nbsp;$9008082 |
| &nbsp;&nbsp;**Consumer Discretionary—1.0%** |  |  |  |
| &nbsp;&nbsp;Taylor Wimpey PLC |  | 6651800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9651236 |
| &nbsp;&nbsp;**Health Care—1.2%** |  |  |  |
| &nbsp;&nbsp;AstraZeneca PLC, ADR |  | &nbsp;&nbsp;&nbsp;&nbsp;192300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12570651 |
| &nbsp;&nbsp;**Industrials—1.0%** |  |  |  |
| &nbsp;&nbsp;Melrose Industries PLC |  | 5807310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10239258 |
| &nbsp;&nbsp;**Total United Kingdom** | &nbsp;&nbsp;**Total United Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41469227** |
| &nbsp;&nbsp;**UNITED STATES—54.4%** | &nbsp;&nbsp;**UNITED STATES—54.4%** | &nbsp;&nbsp;**UNITED STATES—54.4%** | &nbsp;&nbsp;**UNITED STATES—54.4%** |
| &nbsp;&nbsp;**Communication Services—1.6%** |  |  |  |
| &nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;159000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15879330 |
| &nbsp;&nbsp;**Consumer Discretionary—7.6%** |  |  |  |
| &nbsp;&nbsp;Aptiv PLC<sup>(a)(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;91100 | &nbsp;&nbsp;&nbsp;&nbsp; 10302499 |
| &nbsp;&nbsp;Genuine Parts Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;82400 | &nbsp;&nbsp;&nbsp;&nbsp; 13828368 |
| &nbsp;&nbsp;Las Vegas Sands Corp.<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;138600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8177400 |
| &nbsp;&nbsp;Lowe's Cos., Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14161000 |
| &nbsp;&nbsp;Target Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;85500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14717970 |
| &nbsp;&nbsp;TJX Cos., Inc. (The)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;186900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15299634 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76486871 |
| &nbsp;&nbsp;**Consumer Staples—5.2%** |  |  |  |
| &nbsp;&nbsp;Coca-Cola Co. (The) |  | &nbsp;&nbsp;239400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14680008 |
| &nbsp;&nbsp;Kraft Heinz Co. (The)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;278300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11279499 |
| &nbsp;&nbsp;Mondelez International, Inc., Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;227500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14887600 |
| &nbsp;&nbsp;Nestle SA |  | &nbsp;&nbsp;&nbsp;100300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12237507 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53084614 |
| &nbsp;&nbsp;**Energy—2.2%** |  |  |  |
| &nbsp;&nbsp;New Fortress Energy, Inc. |  | &nbsp;&nbsp;&nbsp;229300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8894547 |
| &nbsp;&nbsp;Williams Cos., Inc. (The) |  | &nbsp;&nbsp;&nbsp;418700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13498888 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22393435 |
| &nbsp;&nbsp;**Financials—6.7%** |  |  |  |
| &nbsp;&nbsp;Bank of America Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;306700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10881716 |
| &nbsp;&nbsp;Blackstone, Inc., Class A |  | &nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10555600 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;34800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12730188 |
| &nbsp;&nbsp;Huntington Bancshares, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;766300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11624771 |
| &nbsp;&nbsp;Intercontinental Exchange, Inc. |  | &nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11185200 |
| &nbsp;&nbsp;JPMorgan Chase & Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;77300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10818908 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67796383 |
| &nbsp;&nbsp;**Health Care—8.2%** |  |  |  |
| &nbsp;&nbsp;AbbVie, Inc. |  | &nbsp;&nbsp;&nbsp;100700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14878425 |
| &nbsp;&nbsp;Baxter International, Inc. |  | &nbsp;&nbsp;&nbsp;157300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7187037 |
| &nbsp;&nbsp;Bristol-Myers Squibb Co.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;162900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11834685 |
| &nbsp;&nbsp;CVS Health Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;110100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9713022 |
| &nbsp;&nbsp;Eli Lilly & Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;27100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9326465 |
| &nbsp;&nbsp;Medtronic PLC<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;118900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9950741 |
| &nbsp;&nbsp;Merck & Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;89100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9570231 |
| &nbsp;&nbsp;UnitedHealth Group, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;21900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10932261 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83392867 |
| &nbsp;&nbsp;**Industrials—4.1%** |  |  |  |
| &nbsp;&nbsp;FedEx Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;54600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10584756 |
| &nbsp;&nbsp;Norfolk Southern Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;39400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9684914 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Schneider Electric SE |  | &nbsp;&nbsp;&nbsp;&nbsp;80800 | &nbsp;&nbsp;$13107016 |
| &nbsp;&nbsp;Stanley Black & Decker, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;87400 | &nbsp;&nbsp;&nbsp;&nbsp; 7805694 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41182380 |
| &nbsp;&nbsp;**Information Technology—11.7%** |  |  |  |
| &nbsp;&nbsp;Amdocs Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;142100 | &nbsp;&nbsp;&nbsp;&nbsp; 13063253 |
| &nbsp;&nbsp;Analog Devices, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;68600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11762842 |
| &nbsp;&nbsp;Apple, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;213600 | &nbsp;&nbsp;&nbsp;&nbsp; 30820344 |
| &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp; 14332745 |
| &nbsp;&nbsp;Cisco Systems, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;245300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11938751 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;148900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11173456 |
| &nbsp;&nbsp;Microsoft Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;100300 | &nbsp;&nbsp;&nbsp;&nbsp; 24855343 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117946734 |
| &nbsp;&nbsp;**Materials—1.0%** |  |  |  |
| &nbsp;&nbsp;Air Products & Chemicals, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;30700 | &nbsp;&nbsp;&nbsp;&nbsp; 9839657 |
| &nbsp;&nbsp;**Real Estate—2.1%** |  |  |  |
| &nbsp;&nbsp;American Tower Corp., REIT |  | &nbsp;&nbsp;&nbsp;&nbsp;46400 | &nbsp;&nbsp;&nbsp;&nbsp; 10365296 |
| &nbsp;&nbsp;Gaming and Leisure Properties, Inc., REIT |  | &nbsp;&nbsp;206800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11076208 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21441504 |
| &nbsp;&nbsp;**Utilities—4.0%** |  |  |  |
| &nbsp;&nbsp;Clearway Energy, Inc., Class C<sup>(a)</sup> |  | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10137000 |
| &nbsp;&nbsp;CMS Energy Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;156000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9857640 |
| &nbsp;&nbsp;FirstEnergy Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9746100 |
| &nbsp;&nbsp;NextEra Energy, Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10895980 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40636720 |
| &nbsp;&nbsp;**Total United States** | &nbsp;&nbsp;**Total United States** |  | &nbsp;&nbsp;&nbsp;&nbsp;**550080495** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;**1003335892** |
| &nbsp;&nbsp;**PREFERRED STOCKS—1.3%** | &nbsp;&nbsp;**PREFERRED STOCKS—1.3%** | &nbsp;&nbsp;**PREFERRED STOCKS—1.3%** |  |
| &nbsp;&nbsp;**SOUTH KOREA—1.3%** | &nbsp;&nbsp;**SOUTH KOREA—1.3%** | &nbsp;&nbsp;**SOUTH KOREA—1.3%** | &nbsp;&nbsp;**SOUTH KOREA—1.3%** |
| &nbsp;&nbsp;**Information Technology—1.3%** |  |  |  |
| &nbsp;&nbsp;Samsung Electronics Co. Ltd. |  | &nbsp;&nbsp;288800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12959632 |
| &nbsp;&nbsp;**Total Preferred Stocks** | &nbsp;&nbsp;**Total Preferred Stocks** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12959632** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.6%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.6%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.6%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(d)</sup> |  | 6062282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6062282 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6062282** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $819,576,660)—101.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $819,576,660)—101.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $819,576,660)—101.1%** | &nbsp;&nbsp;&nbsp;&nbsp;**1022357806** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(1.1%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(1.1%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(1.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11454410) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$1010903396** |

---

(a) All or a portion of the security has been designated as collateral for the line of credit.

(b) Denotes a security issued under Regulation S or Rule 144A.

(c) Non-income producing security.

(d) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2023.

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

See accompanying Notes to Portfolio of Investments.

------

### Portfolio of Investments (unaudited) <br> As of January 31, 2023

#### abrdn Total Dynamic Dividend Fund

------

At January 31, 2023, the Fund held the following forward foreign currency contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sale Contracts<br> Settlement Date** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Purchased** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Amount<br> Sold** | &nbsp;&nbsp;**Fair Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** | &nbsp;&nbsp;**United States Dollar/Euro** |  |  |  |  |  |
| &nbsp;&nbsp;04/19/2023 | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;USD | &nbsp;&nbsp;79903467 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;73500000 | &nbsp;&nbsp;$80283858 | &nbsp;&nbsp;$(380391) |

---

See accompanying Notes to Portfolio of Investments.

------

Notes to Portfolio of Investments <br> January 31, 2023 (unaudited)

------

1. Summary of Significant Accounting Policies

a. Security Valuation:

The Fund 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 of Trustees (the "Board") designated abrdn Investments Limited (formerly, Aberdeen Asset Managers 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.

Equity securities that are traded on an exchange are valued at the last quoted sale 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. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time. A security using any of these pricing methodologies is determined to be a Level 1 investment.

Foreign equity securities that are traded on foreign exchanges that close prior to Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing the Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign securities.These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a "government money market fund" pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value ("NAV"). Registered investment companies are valued at their net asset value as reported by such company. 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 closed 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. Under normal circumstances the Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). 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.

**4**

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** abrdn Total Dynamic Dividend Fund

- **b. Investment Company Act file number:** 811-21980

- **c. CIK number of Registrant:** 0001379400

- **d. LEI of Registrant:** 254900D48NKNOGZ95B43

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1900 Market Street

  - **City:** PHILADELPHIA

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19103

  - **Telephone number:** 215-405-5700

**Item A.2. Information about the Series.**

- **a. Name of Series:** abrdn Total Dynamic Dividend Fund

- **c. LEI of Series:** 254900D48NKNOGZ95B43

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1027065955.15

**Total Liabilities:** $16163269.55

**Net Assets:** $1010902685.60

**Cash Not Reported:** $73193.82

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 11.83%               | -5.71%               | 8.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2953483.60             | $100094085.81                              |
| Month 2  | $-3070907.30             | $-32706674.65                              |
| Month 3  | $1847506.34              | $56921223.59                               |

### Schedule of Portfolio Investments

| Name                                       | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Hong Kong Exchanges & Clearing Ltd         | Hong Kong Exchanges & Clearing Ltd                         | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |    169200 | NS      | $7610206.05   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd    | Ping An Insurance Group Co of China Ltd                    | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |   1652900 | NS      | $12839234.31  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE        | LVMH Moet Hennessy Louis Vuitton SE                        | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |     13550 | NS      | $11828819.62  | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Cisco Systems Inc                          | Cisco Systems Inc                                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    245300 | NS      | $11938751.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CCR SA                                     | CCR SA                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   5026238 | NS      | $11644023.97  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                                  | Nokia Oyj                                                  | CUSIP: 000000000<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |   1531806 | NS      | $7263082.47   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Genuine Parts Co                           | Genuine Parts Co                                           | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |     82400 | NS      | $13828368.00  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                 | Mondelez International Inc                                 | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    227500 | NS      | $14887600.00  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                     | UnitedHealth Group Inc                                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     21900 | NS      | $10932261.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                            | ASML Holding NV                                            | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     16800 | NS      | $11115680.36  | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc         | Mitsubishi UFJ Financial Group Inc                         | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |   1722400 | NS      | $12616374.65  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                         | NextEra Energy Inc                                         | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    146000 | NS      | $10895980.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                 | AbbVie Inc                                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    100700 | NS      | $14878425.00  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc             | Air Products and Chemicals Inc                             | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     30700 | NS      | $9839657.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                       | Williams Cos Inc/The                                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    418700 | NS      | $13498888.00  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                         | Deutsche Boerse AG                                         | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |     72900 | NS      | $13044892.36  | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Amdocs Ltd                                 | Amdocs Ltd                                                 | CUSIP: 000000000<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |    142100 | NS      | $13063253.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                              | Medtronic PLC                                              | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |    118900 | NS      | $9950741.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH               | Huntington Bancshares Inc/OH                               | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    766300 | NS      | $11624771.00  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc                        | Clearway Energy Inc                                        | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |    300000 | NS      | $10137000.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                           | Roche Holding AG                                           | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     38000 | NS      | $11862474.11  | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                       | PURCHASED USD / SOLD EUR                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |         1 | NC      | $-380390.59   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Gaming and Leisure Properties Inc          | Gaming and Leisure Properties Inc                          | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |    206800 | NS      | $11076208.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                             | Lowe's Cos Inc                                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     68000 | NS      | $14161000.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp                      | Norfolk Southern Corp                                      | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |     39400 | NS      | $9684914.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                             | Microsoft Corp                                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    100300 | NS      | $24855343.00  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                   | Enel SpA                                                   | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |   2383400 | NS      | $14033745.86  | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corp                        | American Tower Corp                                        | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |     46400 | NS      | $10365296.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc              | Intercontinental Exchange Inc                              | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |    104000 | NS      | $11185200.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Tryg A/S                                   | Tryg A/S                                                   | CUSIP: 000000000<br>LEI: 213800ZRS8AC4LSTCE39 | Long             | EC               | CORP              | DK        |    428800 | NS      | $9840143.47   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Gold Corp                          | Barrick Gold Corp                                          | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    573800 | NS      | $11217790.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                               | Alphabet Inc                                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    159000 | NS      | $15879330.00  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                            | AstraZeneca PLC                                            | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    192300 | NS      | $12570651.00  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                            | CVS Health Corp                                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    110100 | NS      | $9713022.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| GLP J-Reit                                 | GLP J-Reit                                                 | CUSIP: 000000000<br>LEI: 353800E27V9KA51K2I90 | Long             | EC               |  | JP        |      7600 | NS      | $8599860.67   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Target Corp                                | Target Corp                                                | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     85500 | NS      | $14717970.00  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                           | Coca-Cola Co/The                                           | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    239400 | NS      | $14680008.00  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc                 | Stanley Black & Decker Inc                                 | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     87400 | NS      | $7805694.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellnex Telecom SA                         | Cellnex Telecom SA                                         | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |    241800 | NS      | $9475654.67   | 0.94%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Nestle SA                                  | Nestle SA                                                  | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    100300 | NS      | $12237507.24  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| CMS Energy Corp                            | CMS Energy Corp                                            | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |    156000 | NS      | $9857640.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BE Semiconductor Industries NV             | BE Semiconductor Industries NV                             | CUSIP: 000000000<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |    193800 | NS      | $13861806.91  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                         | Vodafone Group PLC                                         | CUSIP: 92857W308<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |    777900 | NS      | $9008082.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                            | TJX Cos Inc/The                                            | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    186900 | NS      | $15299634.00  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Copco AB                             | Atlas Copco AB                                             | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |    404400 | NS      | $4798635.20   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom Inc                               | Broadcom Inc                                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     24500 | NS      | $14332745.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                       | Bank of America Corp                                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    306700 | NS      | $10881716.00  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Wimpey PLC                          | Taylor Wimpey PLC                                          | CUSIP: 000000000<br>LEI: 21380089BTRXTD8S3R66 | Long             | EC               | CORP              | GB        |   6651800 | NS      | $9651235.49   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| FedEx Corp                                 | FedEx Corp                                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     54600 | NS      | $10584756.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                | Goldman Sachs Group Inc/The                                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     34800 | NS      | $12730188.00  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc | Fidelity National Information Services Inc                 | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |    148900 | NS      | $11173456.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                                    | Vale SA                                                    | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    444300 | NS      | $8299524.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp                           | FirstEnergy Corp                                           | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |    238000 | NS      | $9746100.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurich Insurance Group AG                  | Zurich Insurance Group AG                                  | CUSIP: 000000000<br>LEI: 529900QVNRBND50TXP03 | Long             | EC               | CORP              | CH        |     28200 | NS      | $13945703.36  | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Analog Devices Inc                         | Analog Devices Inc                                         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     68600 | NS      | $11762842.00  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                                  | Danone SA                                                  | CUSIP: 000000000<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |    203300 | NS      | $11148820.33  | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors               | State Street Institutional US Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   2920155 | NS      | $2920155.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Alstom SA                                  | Alstom SA                                                  | CUSIP: 000000000<br>LEI: 96950032TUYMW11FB530 | Long             | EC               | CORP              | FR        |    345498 | NS      | $10273440.33  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Blackstone Inc                             | Blackstone Inc                                             | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |    110000 | NS      | $10555600.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi                                     | Sanofi                                                     | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    115993 | NS      | $11358547.78  | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE AG                                     | RWE AG                                                     | CUSIP: 000000000<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |    343400 | NS      | $15287780.96  | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| China Vanke Co Ltd                         | China Vanke Co Ltd                                         | CUSIP: 000000000<br>LEI: 529900E66UJ2DWY7KW55 | Long             | EC               | CORP              | CN        |   4490800 | NS      | $9078150.64   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors               | State Street Institutional US Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   3142127 | NS      | $3142127.43   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Oversea-Chinese Banking Corp Ltd           | Oversea-Chinese Banking Corp Ltd                           | CUSIP: 000000000<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |   1426971 | NS      | $14098969.84  | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                           | TotalEnergies SE                                           | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    240300 | NS      | $14908212.00  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| New Fortress Energy Inc                    | New Fortress Energy Inc                                    | CUSIP: 644393100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    229300 | NS      | $8894547.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Melrose Industries PLC                     | Melrose Industries PLC                                     | CUSIP: 000000000<br>LEI: 213800RGNXXZY2M7TR85 | Long             | EC               | CORP              | GB        |   5807310 | NS      | $10239258.17  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Apple Inc                                  | Apple Inc                                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    213600 | NS      | $30820344.00  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd  | Taiwan Semiconductor Manufacturing Co Ltd                  | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    752000 | NS      | $13270379.72  | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                            | Nordea Bank Abp                                            | CUSIP: 000000000<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |    993200 | NS      | $11610889.23  | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Kraft Heinz Co/The                         | Kraft Heinz Co/The                                         | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |    278300 | NS      | $11279499.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                       | Tencent Holdings Ltd                                       | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    220200 | NS      | $10730105.91  | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                       | Las Vegas Sands Corp                                       | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |    138600 | NS      | $8177400.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                                  | Aptiv PLC                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JE        |     91100 | NS      | $10302499.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                             | Merck & Co Inc                                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     89100 | NS      | $9570231.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                             | Eli Lilly & Co                                             | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     27100 | NS      | $9326465.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                        | JPMorgan Chase & Co                                        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     77300 | NS      | $10818908.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                      | Schneider Electric SE                                      | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     80800 | NS      | $13107016.12  | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrovial SA                               | Ferrovial SA                                               | CUSIP: 000000000<br>LEI: 95980020140005757903 | Long             | EC               | CORP              | ES        |    495414 | NS      | $14618800.89  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Telenor ASA                                | Telenor ASA                                                | CUSIP: 000000000<br>LEI: 549300IM1QSBY4SLPM26 | Long             | EC               | CORP              | NO        |   1012930 | NS      | $10603969.47  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                                    | Meituan                                                    | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |     22020 | NS      | $492276.40    | 0.05%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BHP Group Ltd                              | BHP Group Ltd                                              | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |    118700 | NS      | $8326805.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                  | Linde PLC                                                  | CUSIP: 000000000<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | IE        |     35700 | NS      | $11810258.46  | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                 | Samsung Electronics Co Ltd                                 | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |    288800 | NS      | $12959631.55  | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Baxter International Inc                   | Baxter International Inc                                   | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |    157300 | NS      | $7187037.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                    | Bristol-Myers Squibb Co                                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    162900 | NS      | $11834685.00  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc                               | Enbridge Inc                                               | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |    354300 | NS      | $14515671.00  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleperformance                            | Teleperformance                                            | CUSIP: 000000000<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |     34100 | NS      | $9479350.03   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| LG Chem Ltd                                | LG Chem Ltd                                                | CUSIP: 000000000<br>LEI: 988400IES4EIG7O06940 | Long             | EC               | CORP              | KR        |     23200 | NS      | $13094148.93  | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                                | Heineken NV                                                | CUSIP: 000000000<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |    131900 | NS      | $13181940.76  | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** abrdn Total Dynamic Dividend Fund

**Signature:** Sharon Ferrari

**Name of Signer:** Sharon Ferrari

**Title:** Assistant Treasurer