First Trust-abrdn Emerging Opportunity Fund
Filed: 22 Nov 19, 12:00am
| Principal Value (Local Currency) | Description | Stated Coupon | Stated Maturity | Value (US Dollars) | ||||
| FOREIGN SOVEREIGN BONDS AND NOTES (a) – 46.3% | ||||||||
| Armenia – 0.6% | ||||||||
| 500,000 | Republic of Armenia International Bond (USD) (b) | 3.95% | 09/26/29 | $490,746 | ||||
| Bahrain – 1.0% | ||||||||
| 270,000 | Bahrain Government International Bond (USD) | 7.00% | 01/26/26 | 303,822 | ||||
| 490,000 | Bahrain Government International Bond (USD) (b) | 5.63% | 09/30/31 | 495,195 | ||||
| 799,017 | ||||||||
| Brazil – 4.5% | ||||||||
| 7,500,000 | Brazil Notas do Tesouro Nacional, Series F (BRL) | 10.00% | 01/01/25 | 2,073,837 | ||||
| 4,600,000 | Brazil Notas do Tesouro Nacional, Series F (BRL) | 10.00% | 01/01/29 | 1,323,385 | ||||
| 3,397,222 | ||||||||
| Costa Rica – 0.7% | ||||||||
| 260,000 | Costa Rica Government International Bond (USD) | 4.25% | 01/26/23 | 255,128 | ||||
| 270,000 | Costa Rica Government International Bond (USD) | 7.16% | 03/12/45 | 271,015 | ||||
| 526,143 | ||||||||
| Dominican Republic – 0.3% | ||||||||
| 235,000 | Dominican Republic International Bond (USD) | 5.50% | 01/27/25 | 248,515 | ||||
| Ecuador – 2.2% | ||||||||
| 750,000 | Ecuador Government International Bond (USD) (b) | 8.75% | 06/02/23 | 797,820 | ||||
| 337,000 | Ecuador Government International Bond (USD) (b) | 10.75% | 01/31/29 | 365,016 | ||||
| 490,000 | Ecuador Government International Bond (USD) (b) | 9.50% | 03/27/30 | 496,860 | ||||
| 1,659,696 | ||||||||
| Egypt – 2.4% | ||||||||
| 4,100,000 | Egypt Government Bond (EGP) | 16.00% | 06/11/22 | 262,323 | ||||
| 200,000 | Egypt Government International Bond (USD) (b) | 7.60% | 03/01/29 | 212,228 | ||||
| 790,000 | Egypt Government International Bond (USD) (b) | 7.90% | 02/21/48 | 797,542 | ||||
| 9,200,000 | Egypt Treasury Bills (EGP) | (c) | 04/28/20 | 523,346 | ||||
| 1,795,439 | ||||||||
| El Salvador – 1.1% | ||||||||
| 350,000 | El Salvador Government International Bond (USD) | 5.88% | 01/30/25 | 361,378 | ||||
| 435,000 | El Salvador Government International Bond (USD) | 7.65% | 06/15/35 | 468,717 | ||||
| 830,095 | ||||||||
| Ghana – 0.4% | ||||||||
| 270,000 | Ghana Government International Bond (USD) (b) | 7.63% | 05/16/29 | 270,682 | ||||
| Indonesia – 2.5% | ||||||||
| 7,500,000,000 | Indonesia Treasury Bond (IDR) | 5.63% | 05/15/23 | 514,407 | ||||
| 18,800,000,000 | Indonesia Treasury Bond (IDR) | 8.38% | 03/15/34 | 1,403,742 | ||||
| 1,918,149 | ||||||||
| Jamaica – 0.3% | ||||||||
| 200,000 | Jamaica Government International Bond (USD) | 7.88% | 07/28/45 | 262,002 | ||||
| Kenya – 0.3% | ||||||||
| 200,000 | Kenya Government International Bond (USD) | 6.88% | 06/24/24 | 211,439 | ||||
| Malaysia – 1.5% | ||||||||
| 4,700,000 | Malaysia Government Bond (MYR) | 3.89% | 03/15/27 | 1,151,897 | ||||
| Mexico – 2.9% | ||||||||
| 8,000,000 | Mexican Bonos (MXN) | 6.50% | 06/09/22 | 403,652 | ||||
| Principal Value (Local Currency) | Description | Stated Coupon | Stated Maturity | Value (US Dollars) | ||||
| FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued) | ||||||||
| Mexico (Continued) | ||||||||
| 16,000,000 | Mexican Bonos (MXN) | 5.75% | 03/05/26 | $768,193 | ||||
| 18,900,000 | Mexican Bonos (MXN) | 7.75% | 11/13/42 | 1,002,838 | ||||
| 2,174,683 | ||||||||
| Nigeria – 1.9% | ||||||||
| 377,000,000 | Nigeria Government Bond (NGN) | 14.50% | 07/15/21 | 1,043,679 | ||||
| 200,000 | Nigeria Government International Bond (USD) (b) | 7.88% | 02/16/32 | 211,094 | ||||
| 200,000 | Nigeria Government International Bond (USD) (b) | 7.63% | 11/28/47 | 197,922 | ||||
| 1,452,695 | ||||||||
| Oman – 1.0% | ||||||||
| 510,000 | Oman Government International Bond (USD) (b) | 6.00% | 08/01/29 | 508,541 | ||||
| 270,000 | Oman Government International Bond (USD) (b) | 6.75% | 01/17/48 | 255,488 | ||||
| 764,029 | ||||||||
| Peru – 2.8% | ||||||||
| 5,900,000 | Peruvian Government International Bond (PEN) | 6.90% | 08/12/37 | 2,143,840 | ||||
| Poland – 3.5% | ||||||||
| 6,100,000 | Republic of Poland Government Bond (PLN) | 4.00% | 10/25/23 | 1,656,854 | ||||
| 3,780,000 | Republic of Poland Government Bond (PLN) | 2.50% | 07/25/27 | 980,655 | ||||
| 2,637,509 | ||||||||
| Qatar – 0.7% | ||||||||
| 420,000 | Qatar Government International Bond (USD) | 4.82% | 03/14/49 | 520,749 | ||||
| Russia – 4.8% | ||||||||
| 182,000,000 | Russian Federal Bond - OFZ (RUB) | 7.05% | 01/19/28 | 2,845,730 | ||||
| 33,000,000 | Russian Federal Bond - OFZ (RUB) | 7.70% | 03/23/33 | 534,009 | ||||
| 200,000 | Russian Foreign Bond - Eurobond (USD) | 5.88% | 09/16/43 | 254,522 | ||||
| 3,634,261 | ||||||||
| Rwanda – 0.7% | ||||||||
| 200,000 | Rwanda International Government Bond (USD) (b) | 6.63% | 05/02/23 | 216,578 | ||||
| 300,000 | Rwanda International Government Bond (USD) | 6.63% | 05/02/23 | 324,866 | ||||
| 541,444 | ||||||||
| Saudi Arabia – 0.7% | ||||||||
| 490,000 | Saudi Government International Bond (USD) (b) | 4.38% | 04/16/29 | 551,098 | ||||
| South Africa – 2.5% | ||||||||
| 20,700,000 | Republic of South Africa Government Bond (ZAR) | 10.50% | 12/21/26 | 1,526,429 | ||||
| 330,000 | Republic of South Africa Government International Bond (USD) | 4.88% | 04/14/26 | 341,454 | ||||
| 1,867,883 | ||||||||
| Tanzania – 0.0% | ||||||||
| 33,336 | Tanzania Government International Bond, 6 Mo. LIBOR + 6.00% (USD) (d) | 7.99% | 03/09/20 | 33,836 | ||||
| Turkey – 5.4% | ||||||||
| 17,200,000 | Turkey Government Bond (TRY) | 8.80% | 09/27/23 | 2,631,627 | ||||
| 9,600,000 | Turkey Government Bond (TRY) | 10.50% | 08/11/27 | 1,485,816 | ||||
| 4,117,443 | ||||||||
| Ukraine – 1.6% | ||||||||
| 500,000 | Ukraine Government International Bond (USD) (b) | 7.75% | 09/01/24 | 529,171 | ||||
| Principal Value (Local Currency) | Description | Stated Coupon | Stated Maturity | Value (US Dollars) | ||||
| FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued) | ||||||||
| Ukraine (Continued) | ||||||||
| 440,000 | Ukraine Government International Bond (EUR) | 6.75% | 06/20/26 | $518,310 | ||||
| 188,000 | Ukraine Government International Bond (USD) (b) (e) | (c) | 05/31/40 | 176,273 | ||||
| 1,223,754 | ||||||||
Total Foreign Sovereign Bonds and Notes | 35,224,266 | |||||||
| (Cost $33,879,729) | ||||||||
| FOREIGN CORPORATE BONDS AND NOTES (a) (f) – 16.8% | ||||||||
| Bahrain – 0.4% | ||||||||
| 250,000 | Oil and Gas Holding (The) Co. BSCC (USD) | 7.63% | 11/07/24 | 283,963 | ||||
| Barbados – 0.3% | ||||||||
| 250,000 | Sagicor Finance 2015 Ltd. (USD) (b) | 8.88% | 08/11/22 | 263,750 | ||||
| Brazil – 2.5% | ||||||||
| 280,000 | CSN Resources S.A. (USD) (b) | 7.63% | 02/13/23 | 292,950 | ||||
| 330,000 | GTL Trade Finance, Inc. (USD) | 7.25% | 04/16/44 | 407,550 | ||||
| 350,000 | OAS Finance Ltd. (USD) (e) (g) (h) (i) | 8.88% | (j) | 2,625 | ||||
| 200,000 | OAS Investments GmbH (USD) (g) (h) (i) | 8.25% | 10/19/19 | 1,500 | ||||
| 163,874 | Odebrecht Drilling Norbe VIII/IX Ltd. (USD) | 6.35% | 12/01/21 | 163,056 | ||||
| 408,000 | Petrobras Global Finance BV (USD) (b) | 5.09% | 01/15/30 | 426,115 | ||||
| 551,000 | Petrobras Global Finance BV (USD) | 6.90% | 03/19/49 | 633,099 | ||||
| 1,926,895 | ||||||||
| China – 0.3% | ||||||||
| 200,000 | Shimao Property Holdings Ltd. (USD) | 5.60% | 07/15/26 | 204,583 | ||||
| Colombia – 0.2% | ||||||||
| 162,000 | Banco GNB Sudameris S.A. (USD) (b) (e) | 6.50% | 04/03/27 | 168,279 | ||||
| Congo – 0.4% | ||||||||
| 260,000 | HTA Group Ltd. (USD) | 9.13% | 03/08/22 | 271,773 | ||||
| Dominican Republic – 1.0% | ||||||||
| 720,000 | AES Andres BV / Dominican Power Partners / Empresa Generadora de Electricidad Itabo (USD) (b) | 7.95% | 05/11/26 | 769,500 | ||||
| Ecuador – 0.3% | ||||||||
| 200,000 | International Airport Finance S.A. (USD) (b) | 12.00% | 03/15/33 | 222,750 | ||||
| Georgia – 0.8% | ||||||||
| 200,000 | Bank of Georgia JSC (USD) (b) | 6.00% | 07/26/23 | 206,271 | ||||
| 350,000 | Georgian Oil and Gas Corp. JSC (USD) (b) | 6.75% | 04/26/21 | 364,363 | ||||
| 570,634 | ||||||||
| Guatemala – 0.5% | ||||||||
| 400,000 | Comunicaciones Celulares S.A. Via Comcel Trust (USD) (b) | 6.88% | 02/06/24 | 413,000 | ||||
| Honduras – 0.4% | ||||||||
| 280,000 | Inversiones Atlantida S.A. (USD) (b) | 8.25% | 07/28/22 | 294,703 | ||||
| India – 0.3% | ||||||||
| 250,000 | Adani Green Energy UP Ltd. / Prayatna Developers Pvt. Ltd. / Parampujya Solar Energy (USD) (b) | 6.25% | 12/10/24 | 261,662 | ||||
| Indonesia – 0.3% | ||||||||
| 200,000 | Medco Platinum Road Pte Ltd. (USD) (b) | 6.75% | 01/30/25 | 201,091 | ||||
| Principal Value (Local Currency) | Description | Stated Coupon | Stated Maturity | Value (US Dollars) | ||||
| FOREIGN CORPORATE BONDS AND NOTES (a) (f) (Continued) | ||||||||
| Jamaica – 0.2% | ||||||||
| 163,820 | Digicel Group One Ltd. (USD) (b) | 8.25% | 12/30/22 | $98,292 | ||||
| 186,263 | Digicel Group Two Ltd. (USD) (b) | 8.25% | 09/30/22 | 40,047 | ||||
| 138,339 | ||||||||
| Kazakhstan – 1.1% | ||||||||
| 480,000 | KazMunayGas National Co. JSC (USD) | 4.75% | 04/19/27 | 520,455 | ||||
| 308,000 | Tengizchevroil Finance Co. International Ltd. (USD) (b) | 4.00% | 08/15/26 | 322,380 | ||||
| 842,835 | ||||||||
| Mexico – 1.3% | ||||||||
| 270,000 | BBVA Bancomer S.A. (USD) (e) | 5.13% | 01/18/33 | 258,188 | ||||
| 4,800,000 | Petroleos Mexicanos (MXN) | 7.19% | 09/12/24 | 213,439 | ||||
| 270,000 | Sixsigma Networks Mexico SA de CV (USD) (b) | 7.50% | 05/02/25 | 268,110 | ||||
| 279,000 | Unifin Financiera SAB de CV SOFOM ENR (USD) (b) (e) | 8.88% | (j) | 249,010 | ||||
| 988,747 | ||||||||
| Nigeria – 1.1% | ||||||||
| 230,000 | IHS Netherlands Holdco BV (USD) (b) | 8.00% | 09/18/27 | 235,462 | ||||
| 290,000 | SEPLAT Petroleum Development Co., PLC (USD) (b) | 9.25% | 04/01/23 | 304,645 | ||||
| 270,000 | United Bank for Africa PLC (USD) (b) | 7.75% | 06/08/22 | 288,000 | ||||
| 828,107 | ||||||||
| Oman – 0.4% | ||||||||
| 325,000 | Oztel Holdings SPC Ltd. (USD) (b) | 6.63% | 04/24/28 | 328,151 | ||||
| Russia – 1.3% | ||||||||
| 394,000 | Evraz Group S.A. (USD) (b) | 5.38% | 03/20/23 | 419,921 | ||||
| 290,000 | Gazprom OAO Via Gaz Capital S.A. (USD) | 4.95% | 03/23/27 | 314,092 | ||||
| 200,000 | GTH Finance BV (USD) (b) | 7.25% | 04/26/23 | 223,540 | ||||
| 957,553 | ||||||||
| Saudi Arabia – 0.3% | ||||||||
| 200,000 | Saudi Arabian Oil Co. (USD) (b) | 4.25% | 04/16/39 | 216,029 | ||||
| South Africa – 0.3% | ||||||||
| 250,000 | Liquid Telecommunications Financing PLC (USD) | 8.50% | 07/13/22 | 247,732 | ||||
| Turkey – 1.0% | ||||||||
| 260,000 | Hazine Mustesarligi Varlik Kiralama AS (USD) (b) | 5.00% | 04/06/23 | 259,022 | ||||
| 288,000 | Turkiye Vakiflar Bankasi TAO (USD) | 6.00% | 11/01/22 | 275,845 | ||||
| 230,000 | Yapi ve Kredi Bankasi AS (USD) (b) (e) | 13.88% | (j) | 248,515 | ||||
| 783,382 | ||||||||
| Ukraine – 1.8% | ||||||||
| 280,000 | Metinvest BV (USD) (b) | 8.50% | 04/23/26 | 298,429 | ||||
| 322,000 | MHP Lux S.A. (USD) (b) | 6.95% | 04/03/26 | 334,102 | ||||
| 13,500,000 | Ukreximbank Via Biz Finance PLC (UAH) | 16.50% | 03/02/21 | 558,708 | ||||
| 140,000 | Ukreximbank Via Biz Finance PLC (USD) | 9.63% | 04/27/22 | 146,245 | ||||
| 1,337,484 | ||||||||
| Zambia – 0.3% | ||||||||
| 260,000 | First Quantum Minerals Ltd. (USD) | 7.50% | 04/01/25 | 256,750 | ||||
Total Foreign Corporate Bonds and Notes | 12,777,692 | |||||||
| (Cost $13,047,723) | ||||||||
| Shares | Description | Value | ||
| COMMON STOCKS (a) – 42.6% | ||||
| Brazil – 5.1% | ||||
| 96,650 | Ambev S.A. | $446,619 | ||
| 138,370 | Banco Bradesco S.A., ADR | 1,126,332 | ||
| 34,377 | BRF S.A. (k) | 316,554 | ||
| 39,056 | Lojas Renner S.A. | 473,472 | ||
| 47,262 | Multiplan Empreendimentos Imobiliarios S.A. | 327,937 | ||
| 68,600 | Petroleo Brasileiro S.A. (Preference Shares) | 454,202 | ||
| 62,153 | Vale S.A., ADR | 714,759 | ||
| 3,859,875 | ||||
| Chile – 0.4% | ||||
| 10,859 | Banco Santander Chile S.A., ADR | 304,052 | ||
| China – 12.4% | ||||
| 7,062 | 58.com, Inc., ADR (k) | 348,227 | ||
| 5,798 | Autohome, Inc., ADR (k) | 481,988 | ||
| 49,093 | China International Travel Service Corp., Ltd., Class A | 640,003 | ||
| 49,500 | China Mobile Ltd. | 409,568 | ||
| 170,000 | China Resources Land Ltd. | 712,518 | ||
| 43,300 | Hangzhou Hikvision Digital Technology Co., Ltd., Class A | 195,925 | ||
| 11,946 | Huazhu Group Ltd., ADR | 394,457 | ||
| 3,784 | Kweichow Moutai Co., Ltd., Class A | 609,604 | ||
| 49,800 | Midea Group Co., Ltd., Class A | 356,492 | ||
| 117,000 | Ping An Insurance Group Co. of China Ltd., Class H | 1,344,253 | ||
| 4,291 | Prosus N.V. (k) | 314,995 | ||
| 85,600 | Sands China Ltd. | 387,716 | ||
| 42,200 | Shanghai International Airport Co., Ltd., Class A | 471,634 | ||
| 20,100 | Sunny Optical Technology Group Co., Ltd. | 295,434 | ||
| 45,700 | Tencent Holdings Ltd. | 1,925,327 | ||
| 27,500 | Wuxi Biologics Cayman, Inc. (b) (k) | 280,695 | ||
| 5,598 | Yum China Holdings, Inc. | 254,317 | ||
| 9,423,153 | ||||
| Hong Kong – 2.4% | ||||
| 92,000 | AIA Group Ltd. | 869,209 | ||
| 66,500 | Budweiser Brewing Co., APAC Ltd. (b) (k) | 239,267 | ||
| 118,000 | Hang Lung Group Ltd. | 293,882 | ||
| 14,535 | Hong Kong Exchanges & Clearing Ltd. | 426,534 | ||
| 1,828,892 | ||||
| India – 6.2% | ||||
| 27,398 | Grasim Industries Ltd. | 282,258 | ||
| 2,554 | Hero MotoCorp Ltd. | 97,475 | ||
| 16,701 | Hindustan Unilever Ltd. | 467,068 | ||
| 46,426 | Housing Development Finance Corp., Ltd. | 1,295,161 | ||
| 166,060 | ITC Ltd. | 608,881 | ||
| 31,945 | Kotak Mahindra Bank Ltd. | 741,256 | ||
| 28,951 | SBI Life Insurance Co., Ltd. (b) | 345,768 | ||
| 20,360 | Tata Consultancy Services Ltd. | 603,111 | ||
| 5,428 | UltraTech Cement Ltd. | 332,506 | ||
| 4,773,484 | ||||
| Indonesia – 2.5% | ||||
| 1,324,900 | Astra International Tbk PT | 616,015 | ||
| 321,900 | Bank Central Asia Tbk PT | 688,247 | ||
| 997,900 | Bank Rakyat Indonesia Persero Tbk PT | 289,634 | ||
| 246,300 | Indocement Tunggal Prakarsa Tbk PT | 324,901 | ||
| 1,918,797 | ||||
| Shares | Description | Value | ||
| COMMON STOCKS (a) (Continued) | ||||
| Italy – 0.5% | ||||
| 17,150 | Tenaris S.A., ADR | $363,237 | ||
| Mexico – 2.2% | ||||
| 7,700 | Fomento Economico Mexicano, S.A.B. de C.V., ADR | 705,166 | ||
| 7,600 | Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., ADR | 361,380 | ||
| 113,338 | Grupo Financiero Banorte, S.A.B. de C.V., Class O | 610,856 | ||
| 1,677,402 | ||||
| Netherlands – 0.2% | ||||
| 700 | ASML Holding N.V. | 173,384 | ||
| Philippines – 1.3% | ||||
| 732,100 | Ayala Land, Inc. | 698,482 | ||
| 160,899 | Bank of the Philippine Islands | 288,706 | ||
| 987,188 | ||||
| Russia – 1.3% | ||||
| 2,863 | Lukoil PJSC, ADR | 236,856 | ||
| 17,360 | Novatek PJSC | 351,296 | ||
| 111,838 | Sberbank of Russia PJSC | 392,670 | ||
| 980,822 | ||||
| South Africa – 1.3% | ||||
| 54,600 | MTN Group Ltd. | 347,176 | ||
| 4,291 | Naspers Ltd., Class N | 650,252 | ||
| 997,428 | ||||
| South Korea – 3.2% | ||||
| 2,136 | LG Chem Ltd. | 534,826 | ||
| 57,801 | Samsung Electronics Co., Ltd. (Preference Shares) | 1,908,740 | ||
| 2,443,566 | ||||
| Taiwan – 2.5% | ||||
| 220,954 | Taiwan Semiconductor Manufacturing Co., Ltd. | 1,937,162 | ||
| Thailand – 0.6% | ||||
| 33,300 | Siam Cement (The) PCL (l) | 444,218 | ||
| Turkey – 0.5% | ||||
| 42,310 | BIM Birlesik Magazalar A.S. | 368,030 | ||
Total Common Stocks | 32,480,690 | |||
| (Cost $27,481,423) | ||||
Total Investments – 105.7% | 80,482,648 | |||
| (Cost $74,408,875) (m) | ||||
Outstanding Loan – (7.6)% | (5,800,000) | |||
Net Other Assets and Liabilities – 1.9% | 1,455,932 | |||
Net Assets – 100.0% | $76,138,580 | |||
| Forward Foreign Currency Contracts | ||||||||||||||
| Settlement Date | Counterparty | Amount Purchased | Amount Sold | Purchase Value as of 9/30/2019 | Sale Value as of 9/30/2019 | Unrealized Appreciation/ (Depreciation) | ||||||||
| 11/21/19 | CIT | BRL | 1,475,000 | USD | 353,183 | $ 353,799 | $ 353,183 | $ 616 | ||||||
| 11/21/19 | BAR | INR | 67,921,000 | USD | 936,712 | 953,096 | 936,712 | 16,384 | ||||||
| 10/10/19 | DB | TRY | 11,255,000 | USD | 1,875,400 | 1,986,156 | 1,875,400 | 110,756 | ||||||
| 11/21/19 | BAR | USD | 365,712 | BRL | 1,480,000 | 365,712 | 354,999 | 10,713 | ||||||
| 11/21/19 | DB | USD | 935,551 | INR | 67,921,000 | 935,551 | 953,096 | (17,545) | ||||||
| 10/10/19 | CIT | USD | 714,819 | MXN | 14,375,000 | 714,819 | 727,151 | (12,332) | ||||||
| 10/10/19 | CIT | USD | 1,960,388 | TRY | 11,255,000 | 1,960,388 | 1,986,156 | (25,768) | ||||||
| 10/10/19 | UBS | USD | 396,531 | ZAR | 5,655,000 | 396,531 | 372,873 | 23,658 | ||||||
Net Unrealized Appreciation (Depreciation) | $106,482 | |||||||||||||
| Counterparty Abbreviations | |
| BAR | Barclays Bank |
| CIT | Citibank, NA |
| DB | Deutsche Bank |
| UBS | UBS |
| (a) | All of these securities are available to serve as collateral for the outstanding loans. |
| (b) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be liquid by Aberdeen Standard Investments Inc. (the “Sub-Advisor”). Although market instability can result in periods of increased overall market illiquidity, liquidity for each security is determined based on security specific factors and assumptions, which require subjective judgment. At September 30, 2019, securities noted as such amounted to $15,456,073 or 20.3% of net assets. |
| (c) | Zero coupon bond. |
| (d) | Floating rate security. |
| (e) | Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at September 30, 2019. At a predetermined date, the fixed rate will change to a floating rate or a variable rate. |
| (f) | Portfolio securities are included in a country based upon their underlying credit exposure as determined by the Sub-Advisor. |
| (g) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A under the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. See Restricted Securities table. |
| (h) | This issuer is in default and interest is not being accrued by the Fund, nor paid by the issuer. |
| (i) | This issuer has filed for bankruptcy protection in a São Paulo state court. |
| (j) | Perpetual maturity. |
| (k) | Non-income producing security. |
| (l) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures adopted by the Fund’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940, as amended. At September 30, 2019, securities noted as such are valued at $444,218 or 0.6% of net assets. |
| (m) | Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of September 30, 2019, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $10,055,433 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $3,875,178. The net unrealized appreciation was $6,180,255. The amounts presented are inclusive of derivative contracts. |
| ADR | American Depositary Receipt |
| LIBOR | London Interbank Offered Rate |
| • | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. |
| • | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.) |
| • | Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
| ASSETS TABLE | ||||
| Total Value at 9/30/2019 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Foreign Sovereign Bonds and Notes* | $ 35,224,266 | $ — | $ 35,224,266 | $ — |
Foreign Corporate Bonds and Notes* | 12,777,692 | — | 12,777,692 | — |
| Common Stocks: | ||||
Thailand | 444,218 | — | 444,218 | — |
Other Country Categories* | 32,036,472 | 32,036,472 | — | — |
Total Investments | $ 80,482,648 | $ 32,036,472 | $ 48,446,176 | $— |
Forward Foreign Currency Contracts | 162,127 | — | 162,127 | — |
Total | $ 80,644,775 | $ 32,036,472 | $ 48,608,303 | $— |
| LIABILITIES TABLE | ||||
| Total Value at 9/30/2019 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Forward Foreign Currency Contracts | $ (55,645) | $ — | $ (55,645) | $ — |
| * | See Portfolio of Investments for country breakout. |
| Security | Acquisition Date | Principal Value/Shares | Current Price | Carrying Cost | Value | % of Net Assets | ||
| OAS Finance Ltd., 8.88% | 04/18/13 | $350,000 | $0.75 | $350,000 | $2,625 | 0.00% | ||
| OAS Investments GmbH, 8.25%, 10/19/19 | 10/15/12 | 200,000 | 0.75 | 200,000 | 1,500 | 0.00 | ||
| $550,000 | $4,125 | 0.00% |
| Credit Quality† | % of Total Fixed-Income Investments |
| AA- | 1.1% |
| A+ | 1.6 |
| A | 5.5 |
| A- | 11.8 |
| BBB | 12.9 |
| BBB- | 6.7 |
| BB+ | 5.1 |
| BB | 7.2 |
| BB- | 19.9 |
| B+ | 10.0 |
| B | 8.0 |
| B- | 5.7 |
| CCC | 0.5 |
| CC | 0.1 |
| Not Rated | 3.9 |
| Total | 100.0% |
| † | The credit quality and ratings information presented above reflect the ratings assigned by one or more nationally recognized statistical rating organizations (NRSROs), including Standard & Poor’s Ratings Group, a division of the McGraw-Hill Companies, Inc., Moody’s Investors Service, Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a security is rated by more than one NRSRO and the ratings are not equivalent, the highest ratings are used. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change. |
| Industry Classification | % of Total Investments |
| Sovereigns | 44.1% |
| Banks | 7.7 |
| Interactive Media & Services | 3.4 |
| Insurance | 3.2 |
| Metals & Mining | 3.0 |
| Semiconductors & Semiconductor Equipment | 2.6 |
| Real Estate Management & Development | 2.5 |
| Beverages | 2.5 |
| Technology Hardware, Storage & Peripherals | 2.4 |
| Wireless Telecommunication Services | 2.3 |
| Integrated Oils | 2.2 |
| Hotels, Restaurants & Leisure | 2.1 |
| Exploration & Production | 2.0 |
| Construction Materials | 1.7 |
| Thrifts & Mortgage Finance | 1.6 |
| Oil, Gas & Consumable Fuels | 1.3 |
| Internet & Direct Marketing Retail | 1.2 |
| Transportation Infrastructure | 1.0 |
| Utilities | 1.0 |
| Automobiles | 0.9 |
| Government Development Banks | 0.9 |
| Tobacco | 0.8 |
| IT Services | 0.7 |
| Chemicals | 0.7 |
| Electronic Equipment, Instruments & Components | 0.6 |
| Multiline Retail | 0.6 |
| Household Products | 0.6 |
| Capital Markets | 0.5 |
| Food & Staples Retailing | 0.5 |
| Pipelines | 0.5 |
| Energy Equipment & Services | 0.5 |
| Household Durables | 0.4 |
| Food & Beverage | 0.4 |
| Food Products | 0.4 |
| Life Sciences Tools & Services | 0.3 |
| Manufactured Goods | 0.3 |
| Software & Services | 0.3 |
| Life Insurance | 0.3 |
| Power Generation | 0.3 |
| Commercial Finance | 0.3 |
| Wireline Telecommunication Services | 0.3 |
| Industrial Other | 0.3 |
| Transportation & Logistics | 0.3 |
| Real Estate | 0.3 |
| Oil & Gas Services & Equipment | 0.2 |
| Total | 100.0% |
| Currency Exposure Diversification | % of Total Investments† |
| USD | 35.9% |
| HKD | 8.9 |
| BRL | 6.7 |
| INR | 5.9 |
| TRY | 5.6 |
| RUB | 5.1 |
| IDR | 4.8 |
| PLN | 3.3 |
| KRW | 3.0 |
| CNY | 2.8 |
| MXN | 2.8 |
| ZAR | 2.7 |
| PEN | 2.7 |
| TWD | 2.4 |
| MYR | 1.4 |
| NGN | 1.3 |
| EUR | 1.2 |
| PHP | 1.2 |
| EGP | 1.0 |
| UAH | 0.7 |
| THB | 0.6 |
| Total | 100.0% |
| † | The weightings include the impact of currency forwards. |
| Currency Abbreviations | |
| BRL | Brazilian Real |
| CNY | Chinese Yuan Renminbi |
| EGP | Egyptian Pound |
| EUR | Euro |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| RUB | Russian Ruble |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| UAH | Ukrainian Hryvnia |
| USD | United States Dollar |
| ZAR | South African Rand |