NPORT-EX 1 FTAberdeenEmergingOpp.htm
First Trust/Aberdeen Emerging Opportunity Fund (FEO)
Portfolio of Investments
March 31, 2019 (Unaudited)
Principal
Value
(Local
Currency) 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
(US Dollars)
FOREIGN SOVEREIGN BONDS AND NOTES (a) – 42.0%
    Angola – 0.7%            
500,000  
Angolan Government International Bond (USD) (b)
  9.38%   05/08/48   $541,950
    Argentina – 1.2%            
17,200,000  
Argentina POM Politica Monetaria, ARLLMONP (ARS) (c)
  66.27%   06/21/20   445,905
340,000  
Argentine Republic Government International Bond (USD)
  5.63%   01/26/22   293,930
266,387  
Argentine Republic Government International Bond (USD)
  8.28%   12/31/33   216,773
        956,608
    Bahrain – 0.4%            
270,000  
Bahrain Government International Bond (USD)
  7.00%   01/26/26   291,276
    Brazil – 4.3%            
7,330,000  
Brazil Notas do Tesouro Nacional, Series F (BRL)
  10.00%   01/01/21   1,957,274
5,000,000  
Brazil Notas do Tesouro Nacional, Series F (BRL)
  10.00%   01/01/29   1,362,399
        3,319,673
    Costa Rica – 0.7%            
260,000  
Costa Rica Government International Bond (USD)
  4.25%   01/26/23   247,003
270,000  
Costa Rica Government International Bond (USD)
  7.16%   03/12/45   261,562
        508,565
    Dominican Republic – 0.3%            
235,000  
Dominican Republic International Bond (USD)
  5.50%   01/27/25   242,346
    Ecuador – 1.5%            
750,000  
Ecuador Government International Bond (USD) (b)
  8.75%   06/02/23   788,438
337,000  
Ecuador Government International Bond (USD) (b)
  10.75%   01/31/29   372,469
        1,160,907
    Egypt – 1.6%            
200,000  
Egypt Government International Bond (USD) (b)
  7.60%   03/01/29   205,793
540,000  
Egypt Government International Bond (USD) (b)
  7.90%   02/21/48   525,242
9,150,000  
Egypt Treasury Bills (EGP)
  (d)   08/20/19   499,708
        1,230,743
    El Salvador – 1.0%            
350,000  
El Salvador Government International Bond (USD)
  5.88%   01/30/25   341,253
435,000  
El Salvador Government International Bond (USD)
  7.65%   06/15/35   454,036
        795,289
    Ghana – 1.6%            
560,000  
Ghana Government International Bond (USD)
  8.13%   01/18/26   576,100
270,000  
Ghana Government International Bond (USD) (b)
  7.63%   05/16/29   264,580
2,150,000  
Republic of Ghana Government Bond (GHS)
  21.50%   03/09/20   422,457
        1,263,137
    Indonesia – 1.8%            
7,500,000,000  
Indonesia Treasury Bond (IDR)
  5.63%   05/15/23   501,078
11,800,000,000  
Indonesia Treasury Bond (IDR)
  8.38%   03/15/34   852,649
        1,353,727
    Iraq – 1.0%            
200,000  
Iraq International Bond (USD) (b)
  6.75%   03/09/23   203,185
610,000  
Iraq International Bond (USD)
  5.80%   01/15/28   587,254
        790,439
First Trust/Aberdeen Emerging Opportunity Fund (FEO)
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Principal
Value
(Local
Currency) 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
(US Dollars)
FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued)
    Kenya – 0.3%            
200,000  
Kenya Government International Bond (USD)
  6.88%   06/24/24   $205,802
    Malaysia – 1.5%            
4,700,000  
Malaysia Government Bond (MYR)
  3.89%   03/15/27   1,157,654
    Mexico – 2.8%            
23,300,000  
Mexican Bonos (MXN)
  8.00%   06/11/20   1,204,898
4,000,000  
Mexican Bonos (MXN)
  6.50%   06/09/22   198,662
16,000,000  
Mexican Bonos (MXN)
  5.75%   03/05/26   728,951
        2,132,511
    Nigeria – 1.9%            
414,000,000  
Nigeria Government Bond (NGN)
  12.50%   01/22/26   1,061,836
200,000  
Nigeria Government International Bond (USD) (b)
  7.88%   02/16/32   208,360
200,000  
Nigeria Government International Bond (USD) (b)
  7.63%   11/28/47   195,095
        1,465,291
    Oman – 0.3%            
270,000  
Oman Government International Bond (USD) (b)
  6.75%   01/17/48   240,550
    Peru – 2.5%            
5,590,000  
Peruvian Government International Bond (PEN)
  6.90%   08/12/37   1,893,072
    Poland – 3.4%            
6,100,000  
Republic of Poland Government Bond (PLN)
  4.00%   10/25/23   1,720,358
3,400,000  
Republic of Poland Government Bond (PLN)
  2.50%   07/25/27   875,061
        2,595,419
    Russia – 4.2%            
178,700,000  
Russian Federal Bond - OFZ (RUB)
  7.05%   01/19/28   2,542,012
33,000,000  
Russian Federal Bond - OFZ (RUB)
  7.70%   03/23/33   478,541
200,000  
Russian Foreign Bond - Eurobond (USD)
  5.88%   09/16/43   223,868
        3,244,421
    Rwanda – 0.7%            
200,000  
Rwanda International Government Bond (USD) (b)
  6.63%   05/02/23   206,331
300,000  
Rwanda International Government Bond (USD)
  6.63%   05/02/23   309,496
        515,827
    Saudi Arabia – 0.4%            
270,000  
Saudi Government International Bond (USD) (b)
  4.38%   04/16/29   281,847
    South Africa – 3.1%            
20,700,000  
Republic of South Africa Government Bond (ZAR)
  10.50%   12/21/26   1,583,695
820,000  
Republic of South Africa Government International Bond (USD)
  4.88%   04/14/26   814,322
        2,398,017
    Suriname – 0.4%            
270,000  
Suriname Government International Bond (USD) (b)
  9.25%   10/26/26   266,355
    Tanzania – 0.1%            
66,669  
Tanzania Government International Bond, 6 Mo. LIBOR + 6.00% (USD) (c)
  8.69%   03/09/20   68,039
    Turkey – 3.5%            
17,200,000  
Turkey Government Bond (TRY)
  8.80%   09/27/23   1,995,947
First Trust/Aberdeen Emerging Opportunity Fund (FEO)
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Principal
Value
(Local
Currency) 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
(US Dollars)
FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued)
    Turkey (Continued)            
5,800,000  
Turkey Government Bond (TRY)
  10.50%   08/11/27   $678,253
        2,674,200
    Ukraine – 0.8%            
500,000  
Ukraine Government International Bond (USD) (b)
  7.75%   09/01/24   482,856
188,000  
Ukraine Government International Bond (USD) (b) (e)
  (d)   05/31/40   120,441
        603,297
   
Total Foreign Sovereign Bonds and Notes
  32,196,962
    (Cost $32,683,053)            
FOREIGN CORPORATE BONDS AND NOTES (a) (f) – 16.1%
    Argentina – 0.2%            
200,000  
Genneia S.A. (USD) (b)
  8.75%   01/20/22   182,000
    Bahrain – 0.4%            
240,000  
Oil and Gas Holding Co. BSCC (The) (USD) (b)
  8.38%   11/07/28   269,184
    Barbados – 0.4%            
250,000  
Sagicor Finance 2015 Ltd. (USD) (b)
  8.88%   08/11/22   265,313
    Brazil – 2.8%            
280,000  
CSN Resources S.A. (USD) (b)
  7.63%   02/13/23   281,400
330,000  
GTL Trade Finance, Inc. (USD)
  7.25%   04/16/44   371,217
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
207,000  
Odebrecht Drilling Norbe VIII/IX Ltd. (USD)
  6.35%   12/01/21   204,671
650,000  
Petrobras Global Finance BV (USD)
  8.75%   05/23/26   770,250
551,000  
Petrobras Global Finance BV (USD)
  6.90%   03/19/49   546,262
        2,177,925
    China – 0.3%            
200,000  
Yingde Gases Investment Ltd. (USD) (b)
  6.25%   01/19/23   202,136
    Colombia – 0.2%            
162,000  
Banco GNB Sudameris S.A. (USD) (b) (e)
  6.50%   04/03/27   166,862
    Congo – 0.4%            
260,000  
HTA Group Ltd. (USD)
  9.13%   03/08/22   272,066
    Dominican Republic – 1.0%            
720,000  
AES Andres BV / Dominican Power Partners / Empresa Generadora de Electricidad Itabo (USD) (b)
  7.95%   05/11/26   767,700
    Ecuador – 0.3%            
200,000  
International Airport Finance S.A. (USD) (b)
  12.00%   03/15/33   214,200
    Georgia – 0.7%            
200,000  
Bank of Georgia JSC (USD) (b)
  6.00%   07/26/23   200,763
350,000  
Georgian Oil and Gas Corp. JSC (USD) (b)
  6.75%   04/26/21   360,946
        561,709
    Guatemala – 0.5%            
400,000  
Comunicaciones Celulares S.A. Via Comcel Trust (USD) (b)
  6.88%   02/06/24   416,750
    Honduras – 0.4%            
280,000  
Inversiones Atlantida S.A. (USD) (b)
  8.25%   07/28/22   285,950
First Trust/Aberdeen Emerging Opportunity Fund (FEO)
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Principal
Value
(Local
Currency) 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
(US Dollars)
FOREIGN CORPORATE BONDS AND NOTES (a) (f) (Continued)
    India – 0.3%            
275,000  
Vedanta Resources PLC (USD) (b)
  6.13%   08/09/24   $251,885
    Indonesia – 0.3%            
200,000  
Medco Platinum Road Pte Ltd. (USD) (b)
  6.75%   01/30/25   195,109
    Jamaica – 0.2%            
130,000  
Digicel Group One Ltd. (USD) (b)
  8.25%   12/30/22   79,950
240,000  
Digicel Group Two Ltd. (USD) (b)
  8.25%   09/30/22   82,200
        162,150
    Kazakhstan – 1.0%            
480,000  
KazMunayGas National Co. JSC (USD)
  4.75%   04/19/27   493,363
308,000  
Tengizchevroil Finance Co. International Ltd. (USD) (b)
  4.00%   08/15/26   301,181
        794,544
    Mexico – 1.3%            
270,000  
BBVA Bancomer S.A. (USD) (e)
  5.13%   01/18/33   249,277
4,800,000  
Petroleos Mexicanos (MXN)
  7.19%   09/12/24   208,344
270,000  
Sixsigma Networks Mexico SA de CV (USD) (b)
  7.50%   05/02/25   264,465
279,000  
Unifin Financiera SAB de CV SOFOM ENR (USD) (b) (e)
  8.88%   (j)   243,430
        965,516
    Nigeria – 1.1%            
290,000  
IHS Netherlands Holdco BV (USD) (b)
  9.50%   10/27/21   300,642
290,000  
SEPLAT Petroleum Development Co., PLC (USD) (b)
  9.25%   04/01/23   299,425
270,000  
United Bank for Africa PLC (USD) (b)
  7.75%   06/08/22   276,307
        876,374
    Oman – 0.4%            
325,000  
Oztel Holdings SPC Ltd. (USD) (b)
  6.63%   04/24/28   317,809
    Russia – 1.2%            
394,000  
Evraz Group S.A. (USD) (b)
  5.38%   03/20/23   399,713
290,000  
Gazprom OAO Via Gaz Capital S.A. (USD)
  4.95%   03/23/27   290,869
200,000  
GTH Finance BV (USD) (b)
  7.25%   04/26/23   213,708
        904,290
    South Africa – 0.3%            
250,000  
Liquid Telecommunications Financing PLC (USD)
  8.50%   07/13/22   258,005
    Turkey – 0.6%            
288,000  
Turkiye Vakiflar Bankasi TAO (USD)
  6.00%   11/01/22   250,929
230,000  
Yapi ve Kredi Bankasi AS (USD) (b) (e)
  13.88%   (j)   231,345
        482,274
    Ukraine – 1.5%            
280,000  
Metinvest BV (USD) (b)
  8.50%   04/23/26   275,904
322,000  
MHP Lux S.A. (USD) (b)
  6.95%   04/03/26   304,020
7,250,000  
Ukreximbank Via Biz Finance PLC (UAH)
  16.50%   03/02/21   245,201
280,000  
Ukreximbank Via Biz Finance PLC (USD)
  9.63%   04/27/22   283,224
        1,108,349
First Trust/Aberdeen Emerging Opportunity Fund (FEO)
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Principal
Value
(Local
Currency) 		  Description   Stated
Coupon 		  Stated
Maturity 		  Value
(US Dollars)
FOREIGN CORPORATE BONDS AND NOTES (a) (f) (Continued)
    Zambia – 0.3%            
260,000  
First Quantum Minerals Ltd. (USD)
  7.50%   04/01/25   $249,925
   
Total Foreign Corporate Bonds and Notes
  12,348,025
    (Cost $12,781,299)            
    
Shares   Description   Value
COMMON STOCKS (a) – 46.4%
    Brazil – 5.0%    
103,750  
Ambev S.A.
  445,966
122,567  
Banco Bradesco S.A., ADR
  1,337,206
42,377  
BRF S.A. (k)
  243,741
40,051  
Lojas Renner S.A.
  445,380
58,762  
Multiplan Empreendimentos Imobiliarios S.A.
  350,740
26,300  
Petroleo Brasileiro S.A. (Preference Shares)
  186,938
64,053  
Vale S.A., ADR
  836,532
        3,846,503
    Chile – 0.8%    
10,859  
Banco Santander Chile S.A., ADR
  323,055
40,482  
SACI Falabella
  301,010
        624,065
    China – 13.7%    
5,862  
58.com, Inc., ADR (k)
  385,016
5,798  
Autohome, Inc., ADR (k)
  609,486
58,893  
China International Travel Service Corp., Ltd., Class A
  614,151
54,000  
China Mobile Ltd.
  550,322
188,000  
China Resources Land Ltd.
  843,012
101,800  
Hangzhou Hikvision Digital Technology Co., Ltd., Class A
  531,253
11,107  
Huazhu Group Ltd., ADR
  468,049
8,184  
Kweichow Moutai Co., Ltd., Class A
  1,040,007
60,000  
Midea Group Co., Ltd., Class A
  435,076
115,000  
Ping An Insurance Group Co. of China Ltd., Class H
  1,287,715
58,400  
Shanghai International Airport Co., Ltd., Class A
  540,097
14,400  
Sunny Optical Technology Group Co., Ltd.
  171,976
48,000  
Tencent Holdings Ltd.
  2,207,403
23,500  
Wuxi Biologics Cayman, Inc. (b) (k)
  228,565
14,115  
Yum China Holdings, Inc.
  633,905
        10,546,033
    Hong Kong – 2.6%    
98,600  
AIA Group Ltd.
  981,610
129,000  
Hang Lung Group Ltd.
  414,117
17,134  
Hong Kong Exchanges & Clearing Ltd.
  597,184
        1,992,911
    India – 6.3%    
42,998  
Grasim Industries Ltd.
  532,517
6,137  
Hero MotoCorp Ltd.
  226,181
16,701  
Hindustan Unilever Ltd.
  411,480
44,583  
Housing Development Finance Corp., Ltd.
  1,266,698
166,060  
ITC Ltd.
  712,542
33,445  
Kotak Mahindra Bank Ltd.
  644,278
23,960  
Tata Consultancy Services Ltd.
  692,306
First Trust/Aberdeen Emerging Opportunity Fund (FEO)
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    India (Continued)    
5,428  
UltraTech Cement Ltd.
  $313,288
        4,799,290
    Indonesia – 2.4%    
1,324,900  
Astra International Tbk PT
  681,523
355,800  
Bank Central Asia Tbk PT
  693,360
337,600  
Bank Rakyat Indonesia Persero Tbk PT
  97,677
246,300  
Indocement Tunggal Prakarsa Tbk PT
  378,790
        1,851,350
    Luxembourg – 0.4%    
12,100  
Tenaris S.A., ADR
  341,825
    Malaysia – 0.6%    
80,600  
Public Bank Bhd
  457,243
    Mexico – 2.3%    
7,300  
Fomento Economico Mexicano, S.A.B. de C.V., ADR
  673,644
10,300  
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., ADR
  464,427
114,538  
Grupo Financiero Banorte, S.A.B. de C.V., Class O
  622,250
        1,760,321
    Philippines – 1.4%    
957,900  
Ayala Land, Inc.
  819,077
160,899  
Bank of the Philippine Islands
  258,002
        1,077,079
    Poland – 0.3%    
8,328  
Bank Polska Kasa Opieki S.A.
  238,600
    Russia – 1.2%    
10,013  
Lukoil PJSC, ADR
  895,262
    South Africa – 1.7%    
33,910  
Massmart Holdings Ltd.
  186,839
57,500  
MTN Group Ltd.
  353,160
2,560  
Naspers Ltd., Class N
  591,200
34,391  
Truworths International Ltd.
  165,391
        1,296,590
    South Korea – 3.6%    
673  
Amorepacific Corp.
  63,440
1,936  
LG Chem Ltd.
  624,241
2,506  
NAVER Corp.
  273,759
56,170  
Samsung Electronics Co., Ltd. (Preference Shares)
  1,793,818
        2,755,258
    Taiwan – 2.4%    
228,954  
Taiwan Semiconductor Manufacturing Co., Ltd.
  1,823,728
    Thailand – 1.2%    
47,600  
Siam Cement (The) PCL (l)
  722,962
53,000  
Siam Commercial Bank (The) PCL (l)
  220,451
        943,413
First Trust/Aberdeen Emerging Opportunity Fund (FEO)
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Shares   Description   Value
COMMON STOCKS (a) (Continued)
    Turkey – 0.5%    
26,944  
BIM Birlesik Magazalar A.S.
  $368,242
   
Total Common Stocks
  35,617,713
    (Cost $28,941,097)    
   
Total Investments – 104.5%
  80,162,700
    (Cost $74,405,449) (m)    
   
Outstanding Loan – (7.6)%
  (5,800,000)
   
Net Other Assets and Liabilities – 3.1%
  2,353,793
   
Net Assets – 100.0%
  $76,716,493
    
Forward Foreign Currency Contracts
Settlement
Date 		  Counterparty   Amount
Purchased 		  Amount
Sold 		  Purchase
Value as of
3/31/2019 		  Sale
Value as of
3/31/2019 		  Unrealized
Appreciation/
(Depreciation)
04/11/19   CIT   MXN 15,409,000   USD 793,121   $   792,250   $   793,121   $    (871)
04/11/19   CIT   ZAR 10,508,000   USD 738,765      727,172      738,765    (11,593)
05/23/19   BAR   USD 393,617   BRL 1,480,000      393,617      376,517     17,100
04/11/19   BAR   USD 775,948   MXN 15,409,000      775,948      792,250    (16,302)
05/23/19   UBS   USD 921,677   RUB 60,545,000      921,677      915,058      6,619
04/11/19   UBS   USD 1,130,989   ZAR 16,163,000    1,130,989    1,118,508     12,481
Net Unrealized Appreciation (Depreciation)
  $7,434
    
Counterparty Abbreviations
BAR Barclays Bank
CIT Citibank, NA
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 March 31, 2019, securities noted as such amounted to $12,782,354 or 16.7% of net assets.
(c) Floating rate security.
(d) Zero coupon bond.
(e) Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at March 31, 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 March 31, 2019, securities noted as such are valued at $943,413 or 1.2% of net assets.
(m) Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of March 31, 2019, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $10,394,311 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $4,629,626. The net unrealized appreciation was $5,764,685. The amounts presented are inclusive of derivative contracts.
    
First Trust/Aberdeen Emerging Opportunity Fund (FEO)
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
ADR American Depositary Receipt
ARLLMONP Argentina Blended Historical Policy Rate
LIBOR London Interbank Offered Rate
Valuation Inputs
The Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
• 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.
The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.
A summary of the inputs used to value the Fund’s investments as of March 31, 2019 is as follows:
ASSETS TABLE
  Total
Value at
3/31/2019 		Level 1
Quoted
Prices 		Level 2
Significant
Observable
Inputs 		Level 3
Significant
Unobservable
Inputs
Foreign Sovereign Bonds and Notes*
$ 32,196,962 $ — $ 32,196,962 $ —
Foreign Corporate Bonds and Notes*
 12,348,025  —  12,348,025  —
Common Stocks:        
Thailand
 943,413  —  943,413  —
Other Country Categories*
 34,674,300  34,674,300  —  —
Total Investments
$ 80,162,700 $ 34,674,300 $ 45,488,400 $—
Forward Foreign Currency Contracts
 36,200  —  36,200  —
Total
$ 80,198,900 $ 34,674,300 $ 45,524,600 $—
LIABILITIES TABLE
  Total
Value at
3/31/2019 		Level 1
Quoted
Prices 		Level 2
Significant
Observable
Inputs 		Level 3
Significant
Unobservable
Inputs
Forward Foreign Currency Contracts
$ (28,766) $ — $ (28,766) $ —
    
* See Portfolio of Investments for country breakout.
Restricted Securities
As of March 31, 2019, the Fund held restricted securities as shown in the following table that Aberdeen Standard Investment Inc. has deemed illiquid.
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%
First Trust/Aberdeen Emerging Opportunity Fund (FEO)
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Credit Quality† % of Total
Fixed-Income
Investments
A+ 0.6%
A 5.8
A- 12.1
BBB 10.1
BBB- 9.5
BB+ 9.6
BB 9.0
BB- 8.2
B+ 8.9
B 9.6
B- 9.9
CCC+ 0.5
CCC- 0.2
Not Rated 6.0
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 40.2%
Banks 8.2
Interactive Media & Services 4.3
Metals & Mining 3.3
Real Estate Management & Development 3.0
Insurance 2.8
Beverages 2.7
Integrated Oils 2.5
Wireless Telecommunication Services 2.5
Construction Materials 2.4
Semiconductors & Semiconductor Equipment 2.3
Technology Hardware, Storage & Peripherals 2.2
Hotels, Restaurants & Leisure 2.1
Exploration & Production 1.7
Thrifts & Mortgage Finance 1.6
Oil, Gas & Consumable Fuels 1.4
Transportation Infrastructure 1.3
Automobiles 1.1
Utilities 1.0
Multiline Retail 0.9
Tobacco 0.9
Electronic Equipment, Instruments & Components 0.9
IT Services 0.9
Chemicals 0.8
Capital Markets 0.8
Internet & Direct Marketing Retail 0.7
Communications Equipment 0.7
Food & Staples Retailing 0.7
Government Development Banks 0.7
Household Durables 0.5
Household Products 0.5
Oil & Gas Services & Equipment 0.5
Pipelines 0.5
Energy Equipment & Services 0.4
Food & Beverage 0.4
Life Insurance 0.3
Software & Services 0.3
Wireline Telecommunication Services 0.3
Food Products 0.3
Commercial Finance 0.3
Life Sciences Tools & Services 0.3
Transportation & Logistics 0.3
Power Generation 0.2
Specialty Retail 0.2
Personal Products 0.1
Industrial Other 0.0*
Total 100.0%
    
* Amount is less than 0.05%.
    
 
First Trust/Aberdeen Emerging Opportunity Fund (FEO)
Portfolio of Investments (Continued)
March 31, 2019 (Unaudited)
Currency Exposure
Diversification 		% of Total
Investments†
USD 38.2%
HKD 9.1
INR 6.0
BRL 5.8
IDR 4.0
CNY 3.9
TRY 3.8
MXN 3.7
PLN 3.5
KRW 3.4
ZAR 3.1
RUB 2.6
PEN 2.4
TWD 2.3
MYR 2.0
PHP 1.3
NGN 1.3
THB 1.2
EGP 0.6
ARS 0.6
GHS 0.5
CLP 0.4
UAH 0.3
Total 100.0%
    
Currency Abbreviations
ARS Argentine Peso
BRL Brazilian Real
CLP Chilean Peso
CNY Chinese Yuan Renminbi
EGP Egyptian Pound
GHS Ghanaian Cedis
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
    
† The weightings include the impact of currency forwards.