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abrdn Global Dynamic Dividend Fund — Net Asset Value 2019
Dec 2, 2019
33229_rns_2019-12-02_a5d6b34a-04b4-41e5-b5f0-4fecfe9652b9.zip
Net Asset Value
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NPORT-EX/A 1 ALPA.htm
Portfolio of Investments (unaudited)
As of July 31, 2019
| Shares | Value | |
|---|---|---|
| LONG-TERM INVESTMENTS (99.7%) | ||
| COMMON STOCKS (98.5%) | ||
| AUSTRALIA (1.5%) | ||
| Consumer Staples (1.5%) | ||
| Treasury Wine Estates Ltd.(a) | 165,800 | $ 1,993,572 |
| BRAZIL (2.9%) | ||
| Consumer Discretionary (1.0%) | ||
| Arezzo Industria e Comercio SA | 102,200 | 1,349,420 |
| Industrials (1.9%) | ||
| CCR SA | 341,900 | 1,339,344 |
| Cosan Logistica SA(b) | 250,900 | 1,228,087 |
| 2,567,431 | ||
| Total Brazil | 3,916,851 | |
| CANADA (2.4%) | ||
| Energy (1.2%) | ||
| Enbridge, Inc. | 48,400 | 1,616,076 |
| Materials (1.2%) | ||
| Barrick Gold Corp. | 102,950 | 1,673,967 |
| Total Canada | 3,290,043 | |
| CHINA (0.4%) | ||
| Industrials (0.4%) | ||
| CRRC Corp. Ltd., Class H(a) | 693,650 | 546,008 |
| FINLAND (2.9%) | ||
| Information Technology (1.1%) | ||
| Nokia OYJ(a) | 264,100 | 1,423,407 |
| Materials (1.8%) | ||
| Stora Enso OYJ, R Shares(a) | 111,300 | 1,281,776 |
| UPM-Kymmene OYJ(a) | 43,056 | 1,160,575 |
| 2,442,351 | ||
| Total Finland | 3,865,758 | |
| FRANCE (5.0%) | ||
| Energy (0.9%) | ||
| TOTAL SA, ADR(c) | 23,500 | 1,215,890 |
| Financials (1.1%) | ||
| AXA SA(a) | 58,900 | 1,483,588 |
| Industrials (1.8%) | ||
| Alstom SA(a) | 27,202 | 1,171,557 |
See Notes to Portfolio of Investments.
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| Bouygues SA(a) | 34,900 | $ |
|---|---|---|
| 2,420,946 | ||
| Utilities (1.2%) | ||
| Veolia Environnement SA(a) | 65,100 | 1,642,853 |
| Total France | 6,763,277 | |
| GERMANY (3.1%) | ||
| Financials (1.0%) | ||
| Deutsche Boerse AG(a) | 10,100 | 1,402,107 |
| Health Care (1.0%) | ||
| Bayer AG(a) | 20,000 | 1,295,380 |
| Information Technology (1.1%) | ||
| Infineon Technologies AG(a) | 77,700 | 1,439,172 |
| Total Germany | 4,136,659 | |
| HONG KONG (2.3%) | ||
| Financials (2.3%) | ||
| AIA Group Ltd.(a) | 175,100 | 1,795,605 |
| Hong Kong Exchanges & Clearing Ltd.(a) | 38,300 | 1,290,031 |
| Total Hong Kong | 3,085,636 | |
| INDONESIA (1.1%) | ||
| Communication Services (1.1%) | ||
| Tower Bersama Infrastructure Tbk PT(a) | 4,899,200 | 1,466,562 |
| JAPAN (3.0%) | ||
| Financials (0.8%) | ||
| Mitsubishi UFJ Financial Group, Inc.(a) | 231,200 | 1,141,897 |
| Health Care (1.0%) | ||
| Shionogi & Co. Ltd.(a) | 23,500 | 1,301,078 |
| Real Estate (1.2%) | ||
| LaSalle Logiport REIT(a) | 1,350 | 1,688,081 |
| Total Japan | 4,131,056 | |
| LUXEMBOURG (0.6%) | ||
| Materials (0.6%) | ||
| ArcelorMittal(c) | 52,800 | 830,016 |
| MEXICO (1.2%) | ||
| Utilities (1.2%) | ||
| Infraestructura Energetica Nova SAB de CV | 415,500 | 1,601,400 |
| NETHERLANDS (1.0%) | ||
| Consumer Staples (1.0%) | ||
| Unilever NV(a) | 23,500 | 1,362,145 |
See Notes to Portfolio of Investments.
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| NORWAY (0.9%) | ||
|---|---|---|
| Communication Services (0.9%) | ||
| Telenor ASA(a) | 63,700 | $ 1,290,750 |
| SINGAPORE (1.3%) | ||
| Financials (1.3%) | ||
| Oversea-Chinese Banking Corp. Ltd.(a) | 213,000 | 1,773,370 |
| SOUTH KOREA (1.1%) | ||
| Materials (1.1%) | ||
| LG Chem Ltd.(a) | 5,500 | 1,555,552 |
| SPAIN (2.0%) | ||
| Financials (0.7%) | ||
| Banco Bilbao Vizcaya Argentaria SA(a) | 180,400 | 918,544 |
| Industrials (1.3%) | ||
| Ferrovial SA(a) | 69,277 | 1,802,155 |
| Total Spain | 2,720,699 | |
| SWEDEN (2.0%) | ||
| Consumer Staples (1.3%) | ||
| Essity AB, Class B(a) | 60,300 | 1,791,096 |
| Financials (0.7%) | ||
| Swedbank AB, A Shares(a) | 65,200 | 887,876 |
| Total Sweden | 2,678,972 | |
| SWITZERLAND (5.4%) | ||
| Consumer Staples (1.4%) | ||
| Nestle SA(a) | 18,000 | 1,909,569 |
| Financials (2.0%) | ||
| UBS Group AG(a)(b) | 102,400 | 1,142,972 |
| Zurich Insurance Group AG(a) | 4,500 | 1,565,242 |
| 2,708,214 | ||
| Health Care (2.0%) | ||
| Novartis AG(a) | 15,100 | 1,384,652 |
| Roche Holding AG(a) | 4,900 | 1,311,559 |
| 2,696,211 | ||
| Total Switzerland | 7,313,994 | |
| UNITED KINGDOM (8.2%) | ||
| Communication Services (2.9%) | ||
| BT Group PLC, ADR | 87,600 | 1,044,192 |
| Cineworld Group PLC(a) | 374,500 | 1,162,533 |
| Vodafone Group PLC(a) | 981,000 | 1,785,402 |
| 3,992,127 |
See Notes to Portfolio of Investments.
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| Energy (1.1%) — BP PLC, ADR(c) | 36,600 | $ 1,454,484 |
|---|---|---|
| Financials (1.0%) | ||
| Standard Chartered PLC(a) | 173,300 | 1,426,207 |
| Health Care (2.1%) | ||
| Dechra Pharmaceuticals PLC(a) | 39,300 | 1,403,675 |
| GlaxoSmithKline PLC, ADR | 34,200 | 1,411,776 |
| 2,815,451 | ||
| Industrials (1.1%) | ||
| Melrose Industries PLC(a) | 633,666 | 1,430,128 |
| Total United Kingdom | 11,118,397 | |
| UNITED STATES (50.2%) | ||
| Communication Services (3.0%) | ||
| Activision Blizzard, Inc. | 22,000 | 1,072,280 |
| Alphabet, Inc., Class C(b)(c) | 1,500 | 1,825,020 |
| AT&T, Inc. | 33,200 | 1,130,460 |
| 4,027,760 | ||
| Consumer Discretionary (9.4%) | ||
| Aptiv PLC(c) | 19,900 | 1,744,235 |
| Dollar General Corp.(c) | 12,500 | 1,675,250 |
| Las Vegas Sands Corp. | 26,300 | 1,589,572 |
| Lennar Corp., Class A(c) | 28,800 | 1,370,016 |
| Lowes Cos., Inc.(c) | 17,500 | 1,774,500 |
| Target Corp.(c) | 18,800 | 1,624,320 |
| TJX Cos., Inc. (The)(c) | 25,000 | 1,364,000 |
| Whirlpool Corp.(c) | 10,400 | 1,512,992 |
| 12,654,885 | ||
| Consumer Staples (2.9%) | ||
| Kraft Heinz Co. (The) | 32,500 | 1,040,325 |
| Molson Coors Brewing Co., Class B(c) | 22,400 | 1,209,376 |
| Mondelez International, Inc., Class A(c) | 31,300 | 1,674,237 |
| 3,923,938 | ||
| Energy (3.4%) | ||
| EOG Resources, Inc. | 15,200 | 1,304,920 |
| Kinder Morgan, Inc. | 84,000 | 1,732,080 |
| Schlumberger Ltd.(c) | 40,000 | 1,598,800 |
| 4,635,800 | ||
| Financials (6.3%) | ||
| American International Group, Inc.(c) | 26,200 | 1,466,938 |
| Bank of America Corp.(c) | 54,400 | 1,668,992 |
| Charles Schwab Corp. (The) | 29,300 | 1,266,346 |
| Citigroup, Inc.(c) | 23,400 | 1,665,144 |
| Evercore, Inc., Class A | 12,800 | 1,105,536 |
| Huntington Bancshares, Inc. | 95,500 | 1,360,875 |
| 8,533,831 |
See Notes to Portfolio of Investments.
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| Health Care (5.9%) — Allergan PLC(c) | 8,200 | $ 1,316,100 |
|---|---|---|
| Bristol-Myers Squibb Co.(c) | 30,900 | 1,372,269 |
| Eli Lilly & Co. | 9,100 | 991,445 |
| Medtronic PLC(c) | 15,600 | 1,590,264 |
| Pfizer, Inc.(c) | 29,200 | 1,134,128 |
| UnitedHealth Group, Inc.(c) | 6,600 | 1,643,466 |
| 8,047,672 | ||
| Industrials (3.7%) | ||
| Delta Air Lines, Inc.(c) | 28,900 | 1,764,056 |
| FedEx Corp.(c) | 9,300 | 1,585,929 |
| Norfolk Southern Corp. | 5,100 | 974,712 |
| Raytheon Co.(c) | 3,900 | 710,931 |
| 5,035,628 | ||
| Information Technology (10.0%) | ||
| Apple, Inc.(c) | 15,300 | 3,259,512 |
| Broadcom, Inc.(c) | 5,700 | 1,652,943 |
| Cisco Systems, Inc. | 33,300 | 1,844,820 |
| Intel Corp.(c) | 39,900 | 2,016,945 |
| Leidos Holdings, Inc. | 13,600 | 1,116,560 |
| Microsoft Corp.(c) | 14,900 | 2,030,423 |
| TE Connectivity Ltd.(c) | 17,600 | 1,626,240 |
| 13,547,443 | ||
| Materials (0.5%) | ||
| Warrior Met Coal, Inc. | 27,170 | 672,186 |
| Real Estate (1.8%) | ||
| Digital Realty Trust, Inc., REIT(c) | 12,100 | 1,383,756 |
| GEO Group, Inc. (The), REIT | 62,000 | 1,104,220 |
| 2,487,976 | ||
| Utilities (3.3%) | ||
| Clearway Energy, Inc., Class A | 40,800 | 700,536 |
| CMS Energy Corp.(c) | 19,500 | 1,135,290 |
| FirstEnergy Corp. | 23,000 | 1,011,310 |
| NextEra Energy, Inc.(c) | 8,000 | 1,657,360 |
| 4,504,496 | ||
| Total United States | 68,071,615 | |
| Total Common Stocks | 133,512,332 | |
| PREFERRED STOCKS (1.2%) | ||
| SOUTH KOREA (1.2%) | ||
| Information Technology (1.2%) | ||
| Samsung Electronics Co., Ltd.(a) | 52,400 | 1,620,565 |
| Total Preferred Stocks | 1,620,565 | |
| Total Long-Term Investments99.7% (cost $122,848,318) | 135,132,897 | |
| Total Investments99.7% (cost $122,848,318) | 135,132,897 | |
| Other Assets in Excess of Liabilities0.3% | 371,901 | |
| Net Assets100.0% | $ 135,504,798 |
See Notes to Portfolio of Investments.
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(a) Fair Values are determined pursuant to procedures approved by the Funds Board of Directors. Unless otherwise noted, securities are valued by applying valuation factors to the exchange traded price. See Note (a) of the accompanying Notes to Portfolio of Investments.
(b) Non-income producing security.
(c) All or a portion of the security has been designated as collateral for the line of credit.
ADR American Depositary Receipt
PLC Public Limited Company
REIT Real Estate Investment Trust
At July 31, 2019, the Funds open forward foreign currency exchange contracts were as follows:
| Sale Contracts Settlement Date | Counterparty | Amount Purchased | Amount Sold | Fair Value | Unrealized Appreciation | ||
|---|---|---|---|---|---|---|---|
| United States Dollar/Euro | |||||||
| 10/10/2019 | State Street Bank and Trust | USD | 3,062,976 | EUR | 2,700,000 | $ 3,005,599 | $ 57,377 |
See Notes to Portfolio of Investments.
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Notes to Portfolio of Investments (unaudited)
July 31, 2019
Summary of Significant Accounting Policies
a. Secu rity Valuation:
The Fund values its 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.
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 (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 the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing the Funds 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 Investment Company Act of 1940, and has an objective to maintain a $1.00 per share net asset value. Generally, these investment types are categorized as Level 1 investments.
In the event that a securitys market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Funds Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Funds Board of Directors. A security that has been fair valued by the Funds Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs.
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