NPORT-EX 2 NPORT_908050182962405.htm

Portfolio of Investments (unaudited)

As of January 31, 2020

		Shares				Value
LONG-TERM INVESTMENTS (102.0%)
COMMON STOCKS (100.8%)
AUSTRALIA (0.7%)
Consumer Staples (0.7%)
Treasury Wine Estates Ltd.(a)			877,600			$	7,538,194
BRAZIL (2.5%)
Industrials (1.5%)
CCR SA			2,295,208				9,775,509
Rumo SA(b)			1,092,300				5,917,284
							15,692,793
Materials (1.0%)
Vale SA, ADR			834,500				9,788,685
Total Brazil							25,481,478
CANADA (2.5%)
Energy (1.4%)
Enbridge, Inc.(c)			350,300				14,246,701
Materials (1.1%)
Barrick Gold Corp.(c)			622,631				11,531,126
Total Canada							25,777,827
CHINA (0.8%)
Industrials (0.3%)
CRRC Corp. Ltd., Class H(a)			5,209,950				3,435,197
Real Estate (0.5%)
China Evergrande Group(a)			2,285,000				5,049,082
Total China							8,484,279
FINLAND (1.2%)
Information Technology (0.7%)
Nokia OYJ(a)			1,968,600				7,663,172
Materials (0.5%)
Stora Enso OYJ, R Shares(a)			376,200				4,883,263
Total Finland							12,546,435
FRANCE (5.2%)
Energy (0.8%)
TOTAL SA, ADR(c)			175,000				8,503,250
Financials (1.1%)
AXA SA(a)			424,900				11,298,753

See Notes to Portfolio of Investments.

Aberdeen Total Dynamic Dividend Fund

Portfolio of Investments (unaudited) (continued)

As of January 31, 2020

Industrials (2.0%)
Alstom SA(a)			196,119			$	10,394,356
Bouygues SA(a)			252,000				9,956,439
							20,350,795
Utilities (1.3%)
Veolia Environnement SA(a)			471,600				13,912,377
Total France							54,065,175
GERMANY (3.3%)
Financials (1.1%)
Deutsche Boerse AG(a)			72,900				11,833,381
Health Care (1.1%)
Bayer AG(a)			144,500				11,596,918
Information Technology (1.1%)
Infineon Technologies AG(a)			506,800				10,887,555
Total Germany							34,317,854
HONG KONG (2.2%)
Financials (2.2%)
AIA Group Ltd.(a)			1,268,700				12,571,479
Hong Kong Exchanges & Clearing Ltd.(a)			316,700				10,405,948
Total Hong Kong							22,977,427
JAPAN (3.0%)
Financials (0.8%)
Mitsubishi UFJ Financial Group, Inc.(a)			1,722,400				8,843,864
Health Care (1.0%)
Shionogi & Co. Ltd.(a)			170,300				10,128,438
Real Estate (1.2%)
GLP J-REIT(a)			9,000				12,089,023
Total Japan							31,061,325
LUXEMBOURG (0.7%)
Materials (0.7%)
ArcelorMittal SA(c)			532,000				7,799,120
NETHERLANDS (1.0%)
Consumer Staples (1.0%)
Unilever NV(a)			170,600				9,954,880
NORWAY (0.9%)
Communication Services (0.9%)
Telenor ASA(a)			507,100				9,163,828

See Notes to Portfolio of Investments.

Aberdeen Total Dynamic Dividend Fund

Portfolio of Investments (unaudited) (continued)

As of January 31, 2020

SINGAPORE (1.2%)
Financials (1.2%)
Oversea-Chinese Banking Corp. Ltd.(a)			1,544,700			$	12,155,409
SOUTH KOREA (1.4%)
Materials (1.4%)
LG Chem Ltd.(a)			51,100				14,248,700
SPAIN (2.6%)
Communication Services (1.3%)
Cellnex Telecom SA(a)(d)			266,000				13,229,552
Industrials (1.3%)
Ferrovial SA(a)			440,874				14,004,552
Total Spain							27,234,104
SWEDEN (1.8%)
Consumer Staples (1.1%)
Essity AB, Class B(a)			360,800				11,453,926
Financials (0.7%)
Swedbank AB, A Shares(a)			473,200				7,265,384
Total Sweden							18,719,310
SWITZERLAND (5.1%)
Consumer Staples (1.2%)
Nestle SA(a)			114,500				12,628,503
Financials (1.3%)
Zurich Insurance Group AG(a)			32,900				13,657,370
Health Care (2.6%)
Novartis AG(a)			135,700				12,819,321
Roche Holding AG(a)			42,100				14,123,217
							26,942,538
Total Switzerland							53,228,411
UNITED KINGDOM (7.3%)
Communication Services (2.2%)
Cineworld Group PLC(a)			3,865,000				9,021,290
Vodafone Group PLC(a)			7,073,800				13,898,019
							22,919,309
Energy (0.9%)
BP PLC, ADR(c)			274,100				9,903,233
Financials (1.2%)
Standard Chartered PLC(a)			1,459,800				12,138,877
Health Care (1.1%)
GlaxoSmithKline PLC, ADR			247,100				11,564,280

See Notes to Portfolio of Investments.

Aberdeen Total Dynamic Dividend Fund

Portfolio of Investments (unaudited) (continued)

As of January 31, 2020

Industrials (1.3%)
Melrose Industries PLC(a)			4,247,886			$	13,018,448
Information Technology (0.6%)
Avast PLC(a)(d)			1,068,600				6,001,751
Total United Kingdom							75,545,898
UNITED STATES (57.4%)
Communication Services (2.5%)
Activision Blizzard, Inc.			159,300				9,315,864
Alphabet, Inc., Class C(b)(c)			11,200				16,063,376
							25,379,240
Consumer Discretionary (9.4%)
Aptiv PLC(c)			133,400				11,310,986
Dollar General Corp.(c)			80,600				12,364,846
Las Vegas Sands Corp.			190,800				12,461,148
Lennar Corp., Class A(c)			187,800				12,462,408
Lowe's Cos., Inc.(c)			115,500				13,425,720
Target Corp.(c)			126,000				13,953,240
TJX Cos., Inc. (The)(c)			182,400				10,768,896
Whirlpool Corp.(c)			74,800				10,933,516
							97,680,760
Consumer Staples (2.8%)
Kraft Heinz Co. (The)(c)			237,500				6,935,000
Molson Coors Brewing Co., Class B(c)			162,800				9,048,424
Mondelez International, Inc., Class A(c)			227,500				13,053,950
							29,037,374
Energy (3.1%)
EOG Resources, Inc.(c)			133,900				9,762,649
Kinder Morgan, Inc.(c)			610,500				12,741,135
Schlumberger Ltd.(c)			290,400				9,731,304
							32,235,088
Financials (6.8%)
American International Group, Inc.(c)			193,600				9,730,336
Bank of America Corp.(c)			395,200				12,974,416
Blackstone Group, Inc. (The), Class A			93,400				5,703,938
Charles Schwab Corp. (The)			319,100				14,535,005
Citigroup, Inc.(c)			169,800				12,634,818
Goldman Sachs Group, Inc. (The)			22,300				5,301,825
Huntington Bancshares, Inc.(c)			705,500				9,573,635
							70,453,973
Health Care (6.5%)
Allergan PLC(c)			59,200				11,049,088
Bristol-Myers Squibb Co.(c)			198,000				12,464,100
Eli Lilly & Co.			88,000				12,288,320
Medtronic PLC(c)			118,900				13,725,816
Pfizer, Inc.(c)			217,600				8,103,424
UnitedHealth Group, Inc.(c)			35,800				9,753,710
							67,384,458

See Notes to Portfolio of Investments.

Aberdeen Total Dynamic Dividend Fund

Portfolio of Investments (unaudited) (continued)

As of January 31, 2020

Industrials (4.4%)
Delta Air Lines, Inc.(c)			197,400			$	11,003,076
FedEx Corp.(c)			78,300				11,325,312
Norfolk Southern Corp.(c)			61,400				12,784,094
Raytheon Co.(c)			47,000				10,384,180
							45,496,662
Information Technology (14.9%)
Apple, Inc.(c)			85,200				26,370,252
Broadcom, Inc.(c)			41,500				12,664,140
Cisco Systems, Inc.(c)			245,300				11,276,441
Intel Corp.(c)			271,100				17,331,423
Leidos Holdings, Inc.(c)			98,900				9,936,483
Microsoft Corp.(c)			111,300				18,946,599
NortonLifeLock, Inc.			1,705,400				48,467,468
TE Connectivity Ltd.(c)			106,600				9,826,388
							154,819,194
Real Estate (3.2%)
American Tower Corp., REIT(c)			51,200				11,865,088
Digital Realty Trust, Inc.(c), REIT			106,900				13,147,631
GEO Group, Inc. (The), REIT(c)			548,000				8,658,400
							33,671,119
Utilities (3.8%)
Clearway Energy, Inc., Class C(c)			300,000				6,351,000
CMS Energy Corp.(c)			146,500				10,036,715
FirstEnergy Corp.(c)			172,100				8,740,959
NextEra Energy, Inc.(c)			52,300				14,026,860
							39,155,534
Total United States							595,313,402
Total Common Stocks							1,045,613,056
PREFERRED STOCKS (1.2%)
SOUTH KOREA (1.2%)
Information Technology (1.2%)
Samsung Electronics Co., Ltd.(a)			320,300				12,520,772
Total Preferred Stocks							12,520,772
Total Long-Term Investments—102.0% (cost $884,398,486)							1,058,133,828
Total Investments—102.0% (cost $884,398,486)							1,058,133,828
Liabilities in Excess of Other Assets—(2.0)%							(20,979,663	)
Net Assets—100.0%						$	1,037,154,165

(a)	Fair Values are determined pursuant to procedures approved by the Fund’s 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.
(d)	Denotes a security issued under Regulation S or Rule 144A.
ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust

See Notes to Portfolio of Investments.

Aberdeen Total Dynamic Dividend Fund

Portfolio of Investments (unaudited) (continued)

As of January 31, 2020

At January 31, 2020, the Fund's 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

04/08/2020

State Street Bank and Trust

USD

27,481,393

EUR

24,500,000

$

27,278,633

$

202,760

See Notes to Portfolio of Investments.

Aberdeen Total Dynamic Dividend Fund

Notes to Portfolio of Investments (unaudited)

January 31, 2020

Summary of Significant Accounting Policies

a. Security Valuation:

The Fund values its securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's 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 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 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 security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Fund's Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Fund's Board of Directors. A security that has been fair valued by the Fund's Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs. 

Aberdeen Total Dynamic Dividend Fund