First Trust-abrdn Emerging Opportunity Fund
Filed: 25 Nov 22, 3:00pm
| Principal Value (Local Currency) | Description | Stated Coupon | Stated Maturity | Value (US Dollars) | ||||
| FOREIGN SOVEREIGN BONDS AND NOTES (a) – 40.8% | ||||||||
| Angola – 0.6% | ||||||||
| 386,000 | Angolan Government International Bond (USD) (b) | 9.13% | 11/26/49 | $261,171 | ||||
| Argentina – 1.3% | ||||||||
| 136,989 | Argentine Republic Government International Bond (USD) | 1.00% | 07/09/29 | 26,840 | ||||
| 1,677,339 | Argentine Republic Government International Bond (USD) (c) | 0.50% | 07/09/30 | 341,067 | ||||
| 891,100 | Argentine Republic Government International Bond (USD) (c) | 3.88% | 01/09/38 | 211,422 | ||||
| 579,329 | ||||||||
| Bahrain – 1.3% | ||||||||
| 450,000 | Bahrain Government International Bond (USD) (d) | 4.25% | 01/25/28 | 394,470 | ||||
| 250,000 | Bahrain Government International Bond (USD) (b) | 6.25% | 01/25/51 | 174,305 | ||||
| 568,775 | ||||||||
| Belarus – 0.2% | ||||||||
| 420,000 | Republic of Belarus International Bond (USD) (b) | 5.88% | 02/24/26 | 105,000 | ||||
| Brazil – 7.5% | ||||||||
| 15,550,000 | Brazil Notas do Tesouro Nacional, Series F (BRL) | 10.00% | 01/01/27 | 2,729,111 | ||||
| 3,748,000 | Brazil Notas do Tesouro Nacional, Series F (BRL) | 10.00% | 01/01/29 | 642,930 | ||||
| 3,372,041 | ||||||||
| Colombia – 1.2% | ||||||||
| 2,839,000,000 | Colombia Government International Bond (COP) | 9.85% | 06/28/27 | 549,349 | ||||
| Dominican Republic – 0.8% | ||||||||
| 200,000 | Dominican Republic International Bond (USD) (d) | 5.50% | 02/22/29 | 172,972 | ||||
| 270,000 | Dominican Republic International Bond (USD) (b) | 5.88% | 01/30/60 | 179,294 | ||||
| 352,266 | ||||||||
| Ecuador – 0.6% | ||||||||
| 78,781 | Ecuador Government International Bond (USD) (d) | (e) | 07/31/30 | 22,991 | ||||
| 344,360 | Ecuador Government International Bond (USD) (c) (d) | 5.50% | 07/31/30 | 164,713 | ||||
| 251,480 | Ecuador Government International Bond (USD) (c) (d) | 1.50% | 07/31/40 | 74,815 | ||||
| 262,519 | ||||||||
| Egypt – 1.5% | ||||||||
| 418,000 | Egypt Government International Bond (USD) (d) | 7.60% | 03/01/29 | 293,889 | ||||
| 211,000 | Egypt Government International Bond (USD) (d) | 7.63% | 05/29/32 | 127,834 | ||||
| 505,000 | Egypt Government International Bond (USD) (b) | 7.90% | 02/21/48 | 265,256 | ||||
| 686,979 | ||||||||
| Georgia – 0.6% | ||||||||
| 334,000 | Georgia Government International Bond (USD) (d) | 2.75% | 04/22/26 | 285,605 | ||||
| Ghana – 0.4% | ||||||||
| 432,000 | Ghana Government International Bond (USD) (d) | 7.63% | 05/16/29 | 166,320 | ||||
| Hungary – 2.5% | ||||||||
| 679,190,000 | Hungary Government Bond (HUF) | 3.00% | 10/27/27 | 1,137,906 | ||||
| Indonesia – 2.5% | ||||||||
| 16,146,000,000 | Indonesia Treasury Bond (IDR) | 8.38% | 03/15/34 | 1,127,013 | ||||
| Iraq – 1.7% | ||||||||
| 650,000 | Iraq International Bond (USD) (b) | 6.75% | 03/09/23 | 633,423 | ||||
| Principal Value (Local Currency) | Description | Stated Coupon | Stated Maturity | Value (US Dollars) | ||||
| FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued) | ||||||||
| Iraq (Continued) | ||||||||
| 171,875 | Iraq International Bond (USD) (b) | 5.80% | 01/15/28 | $141,684 | ||||
| 775,107 | ||||||||
| Malaysia – 2.9% | ||||||||
| 6,010,000 | Malaysia Government Bond (MYR) | 3.89% | 03/15/27 | 1,287,759 | ||||
| Mexico – 3.7% | ||||||||
| 30,051,800 | Mexican Bonos (MXN) | 5.75% | 03/05/26 | 1,310,897 | ||||
| 8,250,000 | Mexican Bonos (MXN) | 7.75% | 11/13/42 | 340,122 | ||||
| 1,651,019 | ||||||||
| Nigeria – 0.2% | ||||||||
| 200,000 | Nigeria Government International Bond (USD) (d) | 7.63% | 11/28/47 | 112,000 | ||||
| Oman – 2.0% | ||||||||
| 1,100,000 | Oman Government International Bond (USD) (d) | 7.00% | 01/25/51 | 911,002 | ||||
| Peru – 1.2% | ||||||||
| 3,048,000 | Peruvian Government International Bond (PEN) (b) | 5.35% | 08/12/40 | 524,046 | ||||
| Poland – 0.7% | ||||||||
| 1,909,000 | Republic of Poland Government Bond (PLN) | 2.50% | 07/25/27 | 311,485 | ||||
| Qatar – 1.7% | ||||||||
| 862,000 | Qatar Government International Bond (USD) (b) | 4.40% | 04/16/50 | 760,265 | ||||
| Russia – 0.1% | ||||||||
| 186,844,000 | Russian Federal Bond - OFZ (RUB) (f) (g) (h) | 7.65% | 04/10/30 | 46,556 | ||||
| Rwanda – 0.4% | ||||||||
| 266,000 | Rwanda International Government Bond (USD) (d) | 5.50% | 08/09/31 | 194,536 | ||||
| Saudi Arabia – 1.1% | ||||||||
| 490,000 | Saudi Government International Bond (USD) (d) | 4.38% | 04/16/29 | 480,251 | ||||
| South Africa – 2.9% | ||||||||
| 30,483,200 | Republic of South Africa Government Bond (ZAR) | 9.00% | 01/31/40 | 1,328,882 | ||||
| Uruguay – 0.7% | ||||||||
| 13,068,850 | Uruguay Government International Bond (UYU) | 4.38% | 12/15/28 | 330,723 | ||||
| Uzbekistan – 0.5% | ||||||||
| 299,000 | Republic of Uzbekistan International Bond (USD) (d) | 3.70% | 11/25/30 | 214,519 | ||||
Total Foreign Sovereign Bonds and Notes | 18,382,423 | |||||||
| (Cost $25,603,482) | ||||||||
| FOREIGN CORPORATE BONDS AND NOTES (a) (i) – 22.9% | ||||||||
| Barbados – 0.5% | ||||||||
| 250,000 | Sagicor Financial Co., Ltd. (USD) (d) | 5.30% | 05/13/28 | 234,200 | ||||
| Brazil – 1.6% | ||||||||
| 240,000 | Banco do Brasil S.A. (USD) (b) (j) | 6.25% | (k) | 206,990 | ||||
| 200,000 | BRF S.A. (USD) (d) | 5.75% | 09/21/50 | 138,151 | ||||
| 187,230 | Guara Norte Sarl (USD) (d) | 5.20% | 06/15/34 | 149,410 | ||||
| 260,000 | Itau Unibanco Holding S.A. (USD) (b) (j) | 4.63% | (k) | 203,358 | ||||
| 350,000 | OAS Finance Ltd. (USD) (j) (l) (m) (n) | 8.88% | (k) | 2,625 | ||||
| Principal Value (Local Currency) | Description | Stated Coupon | Stated Maturity | Value (US Dollars) | ||||
| FOREIGN CORPORATE BONDS AND NOTES (a) (i) (Continued) | ||||||||
| Brazil (Continued) | ||||||||
| 200,000 | OAS Investments GmbH (USD) (l) (m) (n) | 8.25% | 10/19/19 | $1,500 | ||||
| 702,034 | ||||||||
| Chile – 0.4% | ||||||||
| 236,000 | Empresa Nacional del Petroleo (USD) (d) | 3.45% | 09/16/31 | 185,733 | ||||
| China – 1.3% | ||||||||
| 648,000 | Huarong Finance II Co., Ltd. (USD) (b) | 5.50% | 01/16/25 | 584,010 | ||||
| Colombia – 0.8% | ||||||||
| 411,000 | Ecopetrol S.A. (USD) | 5.38% | 06/26/26 | 372,522 | ||||
| Dominican Republic – 0.5% | ||||||||
| 270,000 | AES Andres BV (USD) (d) | 5.70% | 05/04/28 | 222,149 | ||||
| Ecuador – 0.4% | ||||||||
| 195,594 | International Airport Finance S.A. (USD) (d) | 12.00% | 03/15/33 | 180,991 | ||||
| Ghana – 0.6% | ||||||||
| 400,000 | Tullow Oil PLC (USD) (b) | 7.00% | 03/01/25 | 259,440 | ||||
| Honduras – 0.5% | ||||||||
| 240,000 | Inversiones Atlantida S.A. (USD) (d) | 7.50% | 05/19/26 | 217,188 | ||||
| India – 2.4% | ||||||||
| 250,000 | Adani Green Energy UP Ltd. / Prayatna Developers Pvt. Ltd. / Parampujya Solar Energy (USD) (d) | 6.25% | 12/10/24 | 228,312 | ||||
| 70,000,000 | HDFC Bank Ltd. (INR) (b) | 8.10% | 03/22/25 | 851,831 | ||||
| 1,080,143 | ||||||||
| Indonesia – 0.4% | ||||||||
| 200,000 | Medco Platinum Road Pte Ltd. (USD) (d) | 6.75% | 01/30/25 | 181,244 | ||||
| Israel – 0.4% | ||||||||
| 211,000 | Energean Israel Finance Ltd. (USD) (b) (d) | 4.88% | 03/30/26 | 187,263 | ||||
| Mexico – 2.6% | ||||||||
| 270,000 | BBVA Bancomer S.A. (USD) (b) (j) | 5.13% | 01/18/33 | 223,738 | ||||
| 200,000 | Braskem Idesa S.A.P.I. (USD) (d) | 6.99% | 02/20/32 | 134,500 | ||||
| 9,600,000 | Petroleos Mexicanos (MXN) (b) | 7.19% | 09/12/24 | 431,684 | ||||
| 280,000 | Petroleos Mexicanos (USD) | 7.69% | 01/23/50 | 173,071 | ||||
| 270,000 | Sixsigma Networks Mexico SA de CV (USD) (d) | 7.50% | 05/02/25 | 224,866 | ||||
| 1,187,859 | ||||||||
| Nigeria – 1.9% | ||||||||
| 264,000 | Access Bank PLC (USD) (d) | 6.13% | 09/21/26 | 200,397 | ||||
| 230,000 | BOI Finance BV (EUR) (d) | 7.50% | 02/16/27 | 184,184 | ||||
| 230,000 | IHS Netherlands Holdco BV (USD) (d) | 8.00% | 09/18/27 | 193,890 | ||||
| 320,000 | SEPLAT Energy PLC (USD) (d) | 7.75% | 04/01/26 | 263,283 | ||||
| 841,754 | ||||||||
| Oman – 1.1% | ||||||||
| 200,000 | Oryx Funding Ltd. (USD) (d) | 5.80% | 02/03/31 | 178,709 | ||||
| 325,000 | Oztel Holdings SPC Ltd. (USD) (d) | 6.63% | 04/24/28 | 315,777 | ||||
| 494,486 | ||||||||
| Principal Value (Local Currency) | Description | Stated Coupon | Stated Maturity | Value (US Dollars) | ||||
| FOREIGN CORPORATE BONDS AND NOTES (a) (i) (Continued) | ||||||||
| Peru – 0.3% | ||||||||
| 200,000 | Petroleos del Peru S.A. (USD) (d) | 5.63% | 06/19/47 | $120,530 | ||||
| Russia – 0.1% | ||||||||
| 217,000 | Home Credit & Finance Bank OOO Via Eurasia Capital S.A. (USD) (b) (g) (j) | 8.80% | (k) | 24,955 | ||||
| 250,000 | Sovcombank Via SovCom Capital DAC (USD) (j) (l) | 7.75% | (k) | 21,471 | ||||
| 46,426 | ||||||||
| Saudi Arabia – 2.7% | ||||||||
| 1,096,000 | Saudi Arabian Oil Co. (USD) (b) | 2.88% | 04/16/24 | 1,061,279 | ||||
| 200,000 | Saudi Arabian Oil Co. (USD) (d) | 4.25% | 04/16/39 | 171,873 | ||||
| 1,233,152 | ||||||||
| Singapore – 0.5% | ||||||||
| 260,000 | Puma International Financing S.A. (USD) (b) | 5.00% | 01/24/26 | 229,312 | ||||
| South Africa – 1.5% | ||||||||
| 270,000 | Eskom Holdings SOC Ltd. (USD) (b) | 7.13% | 02/11/25 | 240,395 | ||||
| 287,000 | Liquid Telecommunications Financing PLC (USD) (d) | 5.50% | 09/04/26 | 228,165 | ||||
| 230,000 | Sasol Financing USA LLC (USD) | 6.50% | 09/27/28 | 207,592 | ||||
| 676,152 | ||||||||
| Tanzania – 0.4% | ||||||||
| 200,000 | HTA Group Ltd. (USD) (d) | 7.00% | 12/18/25 | 175,238 | ||||
| Trinidad And Tobago – 0.8% | ||||||||
| 341,000 | Heritage Petroleum Co., Ltd. (USD) (d) | 9.00% | 08/12/29 | 357,593 | ||||
| Ukraine – 0.7% | ||||||||
| 239,000 | Kernel Holding S.A. (USD) (d) | 6.75% | 10/27/27 | 89,027 | ||||
| 279,000 | MHP Lux S.A. (USD) (b) | 6.95% | 04/03/26 | 140,834 | ||||
| 224,000 | NPC Ukrenergo (USD) (d) | 6.88% | 11/09/28 | 43,724 | ||||
| 230,000 | Ukraine Railways Via Rail Capital Markets PLC (USD) (b) | 8.25% | 07/09/24 | 51,440 | ||||
| 325,025 | ||||||||
| Zambia – 0.5% | ||||||||
| 260,000 | First Quantum Minerals Ltd. (USD) (b) | 7.50% | 04/01/25 | 250,566 | ||||
Total Foreign Corporate Bonds and Notes | 10,345,010 | |||||||
| (Cost $13,340,433) | ||||||||
| CORPORATE BONDS AND NOTES (a) (i) – 0.2% | ||||||||
| United States – 0.2% | ||||||||
| $12,142,000 | JPMorgan Chase Bank, N.A. (UAH) (d) | 11.67% | 11/27/23 | 116,784 | ||||
| (Cost $460,991) | ||||||||
| Shares | Description | Value | ||
| COMMON STOCKS (a) – 44.0% | ||||
| Argentina – 0.4% | ||||
| 999 | Globant S.A. (o) | 186,893 | ||
| Austria – 0.6% | ||||
| 18,479 | Mondi PLC (f) | 285,241 | ||
| Shares | Description | Value | ||
| COMMON STOCKS (a) (Continued) | ||||
| Brazil – 3.2% | ||||
| 96,214 | B3 S.A. - Brasil Bolsa Balcao | $234,544 | ||
| 125,881 | Banco Bradesco S.A., ADR | 463,242 | ||
| 242 | MercadoLibre, Inc. (o) | 200,323 | ||
| 44,995 | Raia Drogasil S.A. | 189,761 | ||
| 55,144 | Rumo S.A. | 189,628 | ||
| 26,058 | WEG S.A. | 154,821 | ||
| 1,432,319 | ||||
| Cayman Islands – 2.9% | ||||
| 84,700 | Alibaba Group Holding Ltd. (f) (o) | 845,250 | ||
| 17,809 | JD.com, Inc, Class A (f) | 449,289 | ||
| 1,294,539 | ||||
| Chile – 0.4% | ||||
| 12,670 | Banco Santander Chile S.A., ADR | 177,507 | ||
| China – 9.2% | ||||
| 79,000 | China Merchants Bank Co., Ltd., Class H (f) | 365,601 | ||
| 58,000 | China Resources Land Ltd. (f) | 227,179 | ||
| 7,893 | China Tourism Group Duty Free Corp., Ltd., Class A (f) | 216,609 | ||
| 5,300 | China Tourism Group Duty Free Corp., Ltd., Class H (b) (o) (p) | 133,215 | ||
| 18,210 | Foshan Haitian Flavouring & Food Co., Ltd., Class A (f) | 210,672 | ||
| 1,084 | Kweichow Moutai Co., Ltd., Class A (f) | 283,358 | ||
| 39,408 | LONGi Green Energy Technology Co., Ltd., Class A (f) | 262,599 | ||
| 34,702 | Midea Group Co., Ltd., Class A (f) | 238,939 | ||
| 71,232 | NARI Technology Co., Ltd., Class A (f) | 246,732 | ||
| 5,800 | Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A (f) | 242,318 | ||
| 11,300 | Sungrow Power Supply Co., Ltd., Class A (f) | 173,860 | ||
| 27,000 | Tencent Holdings Ltd. (f) | 911,961 | ||
| 39,000 | WuXi Biologics Cayman, Inc. (b) (f) (o) (p) | 232,161 | ||
| 39,300 | Yonyou Network Technology Co., Ltd., Class A (f) | 96,290 | ||
| 6,400 | Yunnan Energy New Material Co., Ltd., Class A (f) | 155,517 | ||
| 39,500 | Zhongsheng Group Holdings Ltd. (f) | 156,631 | ||
| 4,153,642 | ||||
| Hong Kong – 2.0% | ||||
| 43,600 | AIA Group Ltd. (f) | 363,010 | ||
| 117,300 | Budweiser Brewing Co., APAC Ltd. (b) (f) (p) | 305,456 | ||
| 6,935 | Hong Kong Exchanges & Clearing Ltd. (f) | 237,055 | ||
| 905,521 | ||||
| India – 7.2% | ||||
| 12,646 | Hindustan Unilever Ltd. (f) | 417,056 | ||
| 26,705 | Housing Development Finance Corp., Ltd. (f) | 745,057 | ||
| 20,505 | Kotak Mahindra Bank Ltd. (f) | 455,098 | ||
| 1,876 | Maruti Suzuki India Ltd. (f) | 202,508 | ||
| 113,174 | Power Grid Corp. of India Ltd. (f) | 293,858 | ||
| 34,436 | SBI Life Insurance Co., Ltd. (b) (f) (p) | 526,276 | ||
| 9,401 | Tata Consultancy Services Ltd. (f) | 344,536 | ||
| 3,359 | UltraTech Cement Ltd. (f) | 256,940 | ||
| 3,241,329 | ||||
| Indonesia – 2.3% | ||||
| 875,500 | Bank Central Asia Tbk PT (f) | 488,739 | ||
| 1,008,624 | Bank Rakyat Indonesia Persero Tbk PT (f) | 295,197 | ||
| Shares | Description | Value | ||
| COMMON STOCKS (a) (Continued) | ||||
| Indonesia (Continued) | ||||
| 801,800 | Telkom Indonesia Persero Tbk PT (f) | $233,681 | ||
| 1,017,617 | ||||
| Mexico – 3.2% | ||||
| 5,163 | Fomento Economico Mexicano, S.A.B. de CV, ADR | 323,978 | ||
| 3,385 | Grupo Aeroportuario del Centro Norte, S.A.B. de CV, ADR | 169,724 | ||
| 83,019 | Grupo Financiero Banorte S.A.B. de C.V., Class O | 531,805 | ||
| 121,689 | Grupo Mexico S.A.B. de C.V., Series B | 410,997 | ||
| 1,436,504 | ||||
| Netherlands – 0.7% | ||||
| 598 | ASM International N.V. (f) | 133,896 | ||
| 428 | ASML Holding N.V. (f) | 177,312 | ||
| 311,208 | ||||
| Peru – 0.3% | ||||
| 954 | Credicorp Ltd. | 117,151 | ||
| Philippines – 0.3% | ||||
| 83,499 | Bank of the Philippine Islands (f) | 127,180 | ||
| Russia – 0.0% | ||||
| 7,303 | Lukoil PJSC, ADR (f) (g) (h) | 5,480 | ||
| 27,281 | Novatek PJSC (f) (g) (h) | 14,397 | ||
| 41,335 | Sberbank of Russia PJSC (f) (g) (h) (o) | 2,243 | ||
| 22,120 | ||||
| South Africa – 1.5% | ||||
| 5,093 | Anglo American Platinum Ltd. (f) | 361,218 | ||
| 77,769 | Sanlam Ltd. (f) | 219,973 | ||
| 14,924 | Vodacom Group Ltd. (f) | 100,276 | ||
| 681,467 | ||||
| South Korea – 3.9% | ||||
| 1,040 | LG Chem Ltd. (f) | 384,005 | ||
| 33,573 | Samsung Electronics Co., Ltd. (Preference Shares) (f) | 1,090,548 | ||
| 19,041 | Samsung Engineering Co., Ltd. (f) (o) | 299,740 | ||
| 1,774,293 | ||||
| Taiwan – 4.5% | ||||
| 30,000 | Delta Electronics, Inc. (f) | 238,294 | ||
| 104,000 | Hon Hai Precision Industry Co., Ltd. (f) | 333,020 | ||
| 110,954 | Taiwan Semiconductor Manufacturing Co., Ltd. (f) | 1,470,739 | ||
| 2,042,053 | ||||
| Thailand – 1.4% | ||||
| 51,000 | Kasikornbank PCL | 193,792 | ||
| Shares | Description | Value | ||
| COMMON STOCKS (a) (Continued) | ||||
| Thailand (Continued) | ||||
| 100,100 | PTT Exploration & Production PCL | $426,848 | ||
| 620,640 | ||||
Total Common Stocks | 19,827,224 | |||
| (Cost $22,902,065) | ||||
Total Investments – 107.9% | 48,671,441 | |||
| (Cost $62,306,971) | ||||
Outstanding Loan – (12.9)% | (5,800,000) | |||
Net Other Assets and Liabilities – 5.0% | 2,222,185 | |||
Net Assets – 100.0% | $45,093,626 | |||
| Forward Foreign Currency Contracts | ||||||||||||||
| Settlement Date | Counterparty | Amount Purchased | Amount Sold | Purchase Value as of 9/30/2022 | Sale Value as of 9/30/2022 | Unrealized Appreciation/ (Depreciation) | ||||||||
| 11/22/22 | DB | CNY | 10,780,000 | USD | 1,604,835 | $ 1,523,743 | $ 1,604,835 | $ (81,092) | ||||||
| 11/22/22 | CIT | USD | 1,949,079 | BRL | 10,111,000 | 1,949,079 | 1,851,819 | 97,260 | ||||||
| 11/22/22 | MS | USD | 887,842 | BRL | 4,843,000 | 887,842 | 886,990 | 852 | ||||||
| 10/18/22 | DB | USD | 166,014 | EUR | 162,000 | 166,014 | 158,964 | 7,050 | ||||||
| 10/18/22 | DB | USD | 1,446,715 | MXN | 30,323,000 | 1,446,715 | 1,500,651 | (53,936) | ||||||
| 10/18/22 | GS | USD | 830,786 | ZAR | 14,071,000 | 830,786 | 776,135 | 54,651 | ||||||
Net Unrealized Appreciation / (Depreciation) | $24,785 | |||||||||||||
| Counterparty Abbreviations | |
| CIT | Citibank, NA |
| DB | Deutsche Bank |
| GS | Goldman Sachs |
| MS | Morgan Stanley |
| (a) | All of these securities are available to serve as collateral for the outstanding loans. |
| (b) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”). |
| (c) | Step-up security. A security where the coupon increases or steps up at a predetermined date. Interest rate shown reflects the rate in effect at September 30, 2022. |
| (d) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of 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 abrdn Inc., the Fund’s sub-advisor (“abrdn” or 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, 2022, securities noted as such amounted to $8,539,098 or 18.9% of net assets. |
| (e) | Zero coupon bond. |
| (f) | 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 provisions of the Investment Company Act of 1940, as amended. At September 30, 2022, securities noted as such are valued at $15,769,551 or 35.0% of net assets. Certain of these securities are fair valued using a factor provided by a third-party pricing service due to the change in value between the foreign markets’ close and the New York Stock Exchange close exceeding a certain threshold. On days when this threshold is not exceeded, these securities are typically valued at the last sale price on the exchange on which they are principally traded. |
| (g) | Pursuant to procedures adopted by the Fund’s Board of Trustees, this security has been determined to be illiquid by the Sub-Advisor. |
| (h) | This security’s value was determined using significant unobservable inputs (see Valuation Inputs section). |
| (i) | Portfolio securities are included in a country based upon their underlying credit exposure as determined by abrdn. |
| (j) | Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at September 30, 2022. At a predetermined date, the fixed rate will change to a floating rate or a variable rate. |
| (k) | Perpetual maturity. |
| (l) | This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A of the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. See Restricted Securities table. |
| (m) | This issuer is in default and interest is not being accrued by the Fund, nor paid by the issuer. |
| (n) | This issuer has filed for bankruptcy protection in a São Paulo state court. |
| (o) | Non-income producing security. |
| (p) | This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities. |
| ADR | American Depositary Receipt |
| Credit Quality† | % of Total Fixed-Income Investments |
| AA- | 2.6% |
| A+ | 5.9 |
| A | 1.1 |
| A- | 5.1 |
| BBB+ | 6.5 |
| BBB | 16.1 |
| BBB- | 4.8 |
| BB+ | 2.6 |
| BB | 22.5 |
| BB- | 8.3 |
| B+ | 7.9 |
| B | 4.2 |
| B- | 4.6 |
| CCC+ | 5.0 |
| CCC- | 0.2 |
| CC | 0.5 |
| C | 0.5 |
| D | 0.4 |
| Not Rated | 1.2 |
| 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 S&P Global Ratings, 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 | 37.8% |
| Banks | 10.8 |
| Integrated Oils | 4.5 |
| Semiconductors & Semiconductor Equipment | 4.2 |
| Internet & Direct Marketing Retail | 3.1 |
| Exploration & Production | 2.6 |
| Insurance | 2.3 |
| Technology Hardware, Storage & Peripherals | 2.2 |
| Metals & Mining | 2.1 |
| Beverages | 1.9 |
| Interactive Media & Services | 1.9 |
| Chemicals | 1.8 |
| Diversified Financial Services | 1.5 |
| Utilities | 1.4 |
| Financial Services | 1.2 |
| Electrical Equipment | 1.2 |
| Electronic Equipment, Instruments & Components | 1.2 |
| Refining & Marketing | 1.1 |
| IT Services | 1.1 |
| Specialty Retail | 1.0 |
| Capital Markets | 1.0 |
| Oil, Gas & Consumable Fuels | 0.9 |
| Personal Products | 0.8 |
| Wireless Telecommunication Services | 0.8 |
| Industrial Other | 0.8 |
| Construction & Engineering | 0.6 |
| Electric Utilities | 0.6 |
| Paper & Forest Products | 0.6 |
| Food & Beverage | 0.6 |
| Construction Materials | 0.5 |
| Health Care Equipment & Supplies | 0.5 |
| Household Durables | 0.5 |
| Life Insurance | 0.5 |
| Diversified Telecommunication Services | 0.5 |
| Life Sciences Tools & Services | 0.5 |
| Power Generation | 0.5 |
| Wireline Telecommunications Services | 0.5 |
| Real Estate Management & Development | 0.5 |
| Software & Services | 0.4 |
| Food Products | 0.4 |
| Automobiles | 0.4 |
| Food & Staples Retailing | 0.4 |
| Road & Rail | 0.4 |
| Government Development Banks | 0.4 |
| Transportation & Logistics | 0.4 |
| Transportation Infrastructure | 0.3 |
| Oil & Gas Services & Equipment | 0.3 |
| Software | 0.2 |
| Retail - Consumer Staples | 0.2 |
| Railroad | 0.1 |
| Total | 100.0% |
| Currency Exposure Diversification | % of Total Investments† |
| USD | 42.9% |
| HKD | 8.7 |
| INR | 8.4 |
| IDR | 4.4 |
| CNH | 4.4 |
| TWD | 4.2 |
| KRW | 3.7 |
| MXN | 3.1 |
| CNY | 3.1 |
| ZAR | 3.1 |
| BRL | 2.9 |
| MYR | 2.7 |
| HUF | 2.3 |
| THB | 1.3 |
| COP | 1.1 |
| PEN | 1.1 |
| EUR | 0.7 |
| UYU | 0.7 |
| PLN | 0.6 |
| PHP | 0.3 |
| UAH | 0.2 |
| RUB | 0.1 |
| Total | 100.0% |
| † | The weightings include the impact of currency forwards. |
| Currency Abbreviations | |
| BRL | Brazilian Real |
| CNH | Chinese Yuan Renminbi (Offshore) |
| CNY | Chinese Yuan Renminbi |
| COP | Colombian Peso |
| EUR | Euro |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| RUB | Russian Ruble |
| THB | Thai Baht |
| TWD | New Taiwan Dollar |
| UAH | Ukrainian Hryvnia |
| USD | United States Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |
| • | 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 9/30/2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
| Foreign Sovereign Bonds and Notes: | ||||
Russia | $ 46,556 | $ — | $ — | $ 46,556 |
Other Country Categories* | 18,335,867 | — | 18,335,867 | — |
Foreign Corporate Bonds and Notes* | 10,345,010 | — | 10,345,010 | — |
Corporate Bonds and Notes* | 116,784 | — | 116,784 | — |
| Common Stocks: | ||||
Argentina | 186,893 | 186,893 | — | — |
Brazil | 1,432,319 | 1,432,319 | — | — |
Chile | 177,507 | 177,507 | — | — |
China | 4,153,642 | 133,215 | 4,020,427 | — |
Mexico | 1,436,504 | 1,436,504 | — | — |
Peru | 117,151 | 117,151 | — | — |
Russia | 22,120 | — | — | 22,120 |
Other Country Categories* | 12,301,088 | — | 12,301,088 | — |
Total Investments | 48,671,441 | 3,483,589 | 45,119,176 | 68,676 |
Forward Foreign Currency Contracts | 159,813 | — | 159,813 | — |
Total | $ 48,831,254 | $ 3,483,589 | $ 45,278,989 | $ 68,676 |
| LIABILITIES TABLE | ||||
| Total Value at 9/30/2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Forward Foreign Currency Contracts | $ (135,028) | $ — | $ (135,028) | $ — |
| * | 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% | 4/18/2013 | $350,000 | $0.75 | $350,000 | $2,625 | 0.01% | ||
| OAS Investments GmbH, 8.25%, 10/19/19 | 10/15/2012 | 200,000 | 0.75 | 200,000 | 1,500 | 0.00 | ||
| Sovcombank Via SovCom Capital DAC, 7.75% | 2/19/2020 | 250,000 | 8.59 | 255,821 | 21,471 | 0.05 | ||
| $805,821 | $25,596 | 0.06% |