First Trust/abrdn Global Opportunity Income Fund (FAM)
Portfolio of Investments
March 31, 2024 (Unaudited)
 
Principal
Value
(Local
Currency)
Description
Stated
Coupon
Stated
Maturity
Value
(US Dollars)
FOREIGN SOVEREIGN BONDS AND NOTES (a) – 73.1%
 
Angola – 1.8%
1,444,000
Angolan Government International Bond (USD) (b)
9.13
%
11/26/49
$1,225,739
 
Argentina – 2.1%
2,949,672
Argentine Republic Government International Bond (USD) (c)
3.63
%
07/09/35
1,230,269
543,200
Argentine Republic Government International Bond (USD) (c)
4.25
%
01/09/38
253,019
 
 
1,483,288
 
Australia – 5.5%
7,000,000
Treasury Corp. of Victoria (AUD)
1.50
%
11/20/30
3,835,263
 
Bahrain – 1.3%
500,000
Bahrain Government International Bond (USD) (d)
4.25
%
01/25/28
467,425
510,000
Bahrain Government International Bond (USD) (b)
6.25
%
01/25/51
424,581
 
 
892,006
 
Brazil – 8.5%
5,079,000
Brazil Notas do Tesouro Nacional, Series F (BRL)
10.00
%
01/01/27
1,010,898
24,870,000
Brazil Notas do Tesouro Nacional, Series F (BRL)
10.00
%
01/01/29
4,866,713
 
 
5,877,611
 
Canada – 1.2%
1,251,000
CPPIB Capital, Inc. (CAD) (b)
1.95
%
09/30/29
836,297
 
Colombia – 2.0%
6,025,900,000
Colombian TES (COP)
9.25
%
05/28/42
1,378,203
 
Dominican Republic – 1.6%
359,000
Dominican Republic International Bond (USD) (d)
5.50
%
02/22/29
349,400
25,050,000
Dominican Republic International Bond (DOP) (d)
11.25
%
09/15/35
460,395
340,000
Dominican Republic International Bond (USD) (b)
5.88
%
01/30/60
289,953
 
 
1,099,748
 
Ecuador – 2.4%
3,169,400
Ecuador Government International Bond (USD) (b) (c)
3.50
%
07/31/35
1,676,439
 
Egypt – 2.9%
1,223,000
Egypt Government International Bond (USD) (d)
8.50
%
01/31/47
973,337
928,000
Egypt Government International Bond (USD) (b)
7.90
%
02/21/48
706,013
18,000,000
Egypt Treasury Bills (EGP)
(e)
09/10/24
339,759
 
 
2,019,109
 
Georgia – 0.3%
200,000
Georgia Government International Bond (USD) (d)
2.75
%
04/22/26
186,526
 
Ghana – 0.5%
662,000
Ghana Government International Bond (USD) (d) (f)
7.63
%
05/16/29
342,379
 
Hungary – 2.5%
243,430,000
Hungary Government Bond (HUF)
2.50
%
10/24/24
650,702
440,780,000
Hungary Government Bond (HUF)
3.00
%
10/27/27
1,070,215
 
 
1,720,917
 
Indonesia – 0.3%
3,259,000,000
Indonesia Treasury Bond (IDR)
8.38
%
03/15/34
230,268
 
Iraq – 1.1%
808,500
Iraq International Bond (USD) (b)
5.80
%
01/15/28
762,953
First Trust/abrdn Global Opportunity Income Fund (FAM)
Portfolio of Investments (Continued)
March 31, 2024 (Unaudited)
Principal
Value
(Local
Currency)
Description
Stated
Coupon
Stated
Maturity
Value
(US Dollars)
FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued)
 
Ivory Coast – 1.2%
919,000
Ivory Coast Government International Bond (EUR) (b)
6.63
%
03/22/48
$810,627
 
Kenya – 1.1%
873,000
Republic of Kenya Government International Bond (USD) (b)
8.25
%
02/28/48
753,312
 
Mexico – 8.7%
20,000,000
Mexican Bonos (MXN)
10.00
%
12/05/24
1,194,455
33,450,000
Mexican Bonos (MXN)
5.75
%
03/05/26
1,862,456
58,574,400
Mexican Bonos (MXN)
7.75
%
11/13/42
2,993,815
 
 
6,050,726
 
Morocco – 0.5%
400,000
Morocco Government International Bond (USD) (b)
2.38
%
12/15/27
357,143
 
New Zealand – 4.6%
3,708,000
New Zealand Government Bond (NZD)
0.50
%
05/15/24
2,202,738
2,337,000
New Zealand Government Bond (NZD)
2.75
%
05/15/51
953,152
 
 
3,155,890
 
Nigeria – 0.7%
634,000
Nigeria Government International Bond (USD) (d)
7.63
%
11/28/47
494,133
 
Oman – 2.4%
1,590,000
Oman Government International Bond (USD) (d)
7.00
%
01/25/51
1,677,463
 
Peru – 3.2%
8,575,000
Peruvian Government International Bond (PEN) (b)
6.90
%
08/12/37
2,192,336
 
Poland – 4.1%
14,913,000
Republic of Poland Government Bond (PLN)
1.75
%
04/25/32
2,863,432
 
Qatar – 2.2%
1,733,000
Qatar Government International Bond (USD) (b)
4.40
%
04/16/50
1,534,168
 
Rwanda – 0.6%
532,000
Rwanda International Government Bond (USD) (d)
5.50
%
08/09/31
433,100
 
Saudi Arabia – 1.1%
745,000
Saudi Government International Bond (USD) (d)
4.38
%
04/16/29
730,835
 
Senegal – 0.9%
858,000
Senegal Government International Bond (USD) (b)
6.75
%
03/13/48
638,898
 
Turkey – 3.0%
290,000
Istanbul Metropolitan Municipality (USD) (d)
10.50
%
12/06/28
311,039
1,617,000
Turkey Government International Bond (USD)
9.38
%
01/19/33
1,801,322
 
 
2,112,361
 
Ukraine – 0.3%
572,000
Ukraine Government International Bond (USD) (b) (f)
7.75
%
09/01/29
189,383
 
United Kingdom – 2.7%
1,458,500
United Kingdom Gilt (GBP) (b)
4.25
%
06/07/32
1,899,609
 
Uruguay – 1.1%
25,903,745
Uruguay Government International Bond (UYU)
4.38
%
12/15/28
733,252
 
Uzbekistan – 0.7%
300,000
National Bank of Uzbekistan (USD) (b)
4.85
%
10/21/25
290,265
First Trust/abrdn Global Opportunity Income Fund (FAM)
Portfolio of Investments (Continued)
March 31, 2024 (Unaudited)
Principal
Value
(Local
Currency)
Description
Stated
Coupon
Stated
Maturity
Value
(US Dollars)
FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued)
 
Uzbekistan (Continued)
260,000
Republic of Uzbekistan International Bond (USD) (d)
3.70
%
11/25/30
$217,546
 
 
507,811
 
Total Foreign Sovereign Bonds and Notes
50,701,225
 
(Cost $51,805,475)
FOREIGN CORPORATE BONDS AND NOTES (a) (g) – 28.5%
 
Barbados – 0.5%
337,000
Sagicor Financial Co., Ltd. (USD) (d)
5.30
%
05/13/28
321,448
 
Brazil – 3.4%
440,000
Banco do Brasil S.A. (USD) (b) (h)
6.25
%
(i)
442,650
228,000
BRF S.A. (USD) (d)
5.75
%
09/21/50
181,515
375,274
Guara Norte Sarl (USD) (d)
5.20
%
06/15/34
342,689
500,000
Itau Unibanco Holding S.A. (USD) (b) (h)
4.63
%
(i)
470,366
291,000
Minerva Luxembourg S.A. (USD) (d)
8.88
%
09/13/33
306,359
1,550,000
OAS Finance Ltd. (USD) (f) (h) (j) (k)
8.88
%
(i)
11,625
460,000
OAS Investments GmbH (USD) (f) (j) (k)
8.25
%
10/19/19
3,450
687,358
Samarco Mineracao S.A. (USD) (b) (l)
9.50
%
06/30/31
620,786
 
 
2,379,440
 
Chile – 0.6%
468,000
Empresa Nacional del Petroleo (USD) (d)
3.45
%
09/16/31
401,450
 
China – 0.7%
468,000
Huarong Finance II Co., Ltd. (USD) (b)
5.50
%
01/16/25
464,532
 
Colombia – 1.3%
410,000
Ecopetrol S.A. (USD)
8.88
%
01/13/33
433,926
600,000
Empresas Publicas de Medellin ESP (USD) (b)
4.38
%
02/15/31
501,675
 
 
935,601
 
Dominican Republic – 0.7%
491,000
AES Espana BV (USD) (d)
5.70
%
05/04/28
453,198
 
Ecuador – 0.7%
460,946
International Airport Finance S.A. (USD) (d)
12.00
%
03/15/33
488,956
 
Georgia – 0.5%
345,000
Georgian Railway JSC (USD) (b)
4.00
%
06/17/28
315,227
 
India – 2.8%
160,000,000
HDFC Bank Ltd. (INR) (b)
8.10
%
03/22/25
1,922,694
 
Israel – 1.7%
312,000
Bank Leumi Le-Israel BM (USD) (b) (d) (h)
7.13
%
07/18/33
308,439
551,310
Energean Israel Finance Ltd. (USD) (b) (d)
8.50
%
09/30/33
546,899
300,000
Teva Pharmaceutical Finance Netherlands III B.V. (USD)
7.13
%
01/31/25
301,911
 
 
1,157,249
 
Kazakhstan – 1.0%
806,000
KazMunayGas National Co. JSC (USD) (b)
5.75
%
04/19/47
702,136
 
Mexico – 3.5%
400,000
BBVA Bancomer S.A. (USD) (b) (h)
5.13
%
01/18/33
372,037
237,000
Braskem Idesa S.A.P.I. (USD) (d)
6.99
%
02/20/32
184,128
225,000
Cemex SAB de CV (USD) (d) (h)
9.13
%
(i)
244,570
First Trust/abrdn Global Opportunity Income Fund (FAM)
Portfolio of Investments (Continued)
March 31, 2024 (Unaudited)
Principal
Value
(Local
Currency)
Description
Stated
Coupon
Stated
Maturity
Value
(US Dollars)
FOREIGN CORPORATE BONDS AND NOTES (a) (g) (Continued)
 
Mexico (Continued)
22,160,000
Petroleos Mexicanos (MXN) (b)
7.19
%
09/12/24
$1,296,622
350,000
Sixsigma Networks Mexico SA de CV (USD) (d)
7.50
%
05/02/25
337,583
 
 
2,434,940
 
Nigeria – 2.3%
526,000
Access Bank PLC (USD) (d)
6.13
%
09/21/26
488,549
464,000
BOI Finance BV (EUR) (d)
7.50
%
02/16/27
474,696
270,000
IHS Netherlands Holdco BV (USD) (d)
8.00
%
09/18/27
258,176
400,000
SEPLAT Energy PLC (USD) (d)
7.75
%
04/01/26
389,693
 
 
1,611,114
 
Oman – 0.4%
250,000
EDO Sukuk Ltd. (USD) (d)
5.88
%
09/21/33
255,070
 
Peru – 0.5%
522,000
Petroleos del Peru S.A. (USD) (d)
5.63
%
06/19/47
351,128
 
Russia – 0.0%
500,000
Sovcombank Via SovCom Capital DAC (USD) (f) (h) (j)
7.75
%
(i)
14,841
 
Singapore – 0.7%
520,000
Puma International Financing S.A. (USD) (b)
5.00
%
01/24/26
504,481
 
South Africa – 2.5%
530,000
Eskom Holdings SOC Ltd. (USD) (b)
7.13
%
02/11/25
527,673
43,650,000
Eskom Holdings SOC Ltd. (ZAR)
(e)
12/31/32
504,718
400,000
Liquid Telecommunications Financing PLC (USD) (d)
5.50
%
09/04/26
236,480
300,000
Sasol Financing USA LLC (USD)
6.50
%
09/27/28
287,707
200,000
Transnet SOC Ltd. (USD) (d)
8.25
%
02/06/28
199,389
 
 
1,755,967
 
Tanzania – 0.6%
452,000
HTA Group Ltd. (USD) (d)
7.00
%
12/18/25
451,810
 
Trinidad And Tobago – 1.0%
632,000
Heritage Petroleum Co., Ltd. (USD) (d)
9.00
%
08/12/29
667,076
 
Turkey – 0.9%
352,000
WE Soda Investments Holdings PLC (USD) (d)
9.50
%
10/06/28
366,409
262,000
Yapi ve Kredi Bankasi AS (USD) (d) (h)
9.25
%
01/17/34
269,891
 
 
636,300
 
Ukraine – 1.8%
467,000
Kernel Holding S.A. (USD) (d)
6.75
%
10/27/27
347,681
567,000
MHP Lux S.A. (USD) (b)
6.95
%
04/03/26
476,030
453,000
NPC Ukrenergo (USD) (d) (f)
6.88
%
11/09/28
173,431
460,000
Ukraine Railways Via Rail Capital Markets PLC (USD) (b) (f)
8.25
%
07/09/26
276,355
 
 
1,273,497
 
Zambia – 0.4%
285,000
First Quantum Minerals Ltd. (USD) (d)
8.63
%
06/01/31
277,399
 
Total Foreign Corporate Bonds and Notes
19,775,554
 
(Cost $23,417,286)
First Trust/abrdn Global Opportunity Income Fund (FAM)
Portfolio of Investments (Continued)
March 31, 2024 (Unaudited)
Principal
Value
Description
Stated
Coupon
Stated
Maturity
Value
U.S. GOVERNMENT BONDS AND NOTES (a) – 18.2%
$2,038,500
United States Treasury Bond
2.38
%
05/15/51
$1,384,508
2,783,500
United States Treasury Note
2.75
%
07/31/27
2,644,053
9,432,200
United States Treasury Note
2.38
%
05/15/29
8,630,831
 
Total U.S. Government Bonds and Notes
12,659,392
 
(Cost $14,094,067)
 
 
Total Investments – 119.8%
83,136,171
 
(Cost $89,316,828)
 
Outstanding Loan – (23.9)%
(16,600,000
)
 
Net Other Assets and Liabilities – 4.1%
2,876,729
 
Net Assets – 100.0%
$69,412,900
 
Forward Foreign Currency Contracts
Settlement
Date
Counterparty
Amount
Purchased
Amount
Sold
Purchase
Value as of
3/31/2024
Sale
Value as of
3/31/2024
Unrealized
Appreciation/
(Depreciation)
04/17/24
DB
AUD
1,462,000
USD
959,840
$953,242
$959,840
$(6,598
)
04/17/24
DB
CAD
587,000
USD
439,170
433,477
439,170
(5,693
)
04/17/24
GS
GBP
54,000
USD
68,754
68,163
68,754
(591
)
04/17/24
CIT
JPY
454,387,794
USD
3,173,975
3,010,505
3,173,975
(163,470
)
04/17/24
CIT
ZAR
28,794,544
USD
1,507,941
1,517,957
1,507,941
10,016
04/17/24
CIT
USD
4,605,377
AUD
6,875,000
4,605,377
4,482,586
122,791
05/10/24
GS
USD
1,703,862
BRL
8,460,000
1,703,862
1,679,925
23,937
04/17/24
BAR
USD
889,017
GBP
698,347
889,017
881,512
7,505
04/17/24
DB
USD
1,162,376
NZD
1,865,000
1,162,376
1,114,273
48,103
04/17/24
DB
USD
1,801,297
ZAR
33,888,132
1,801,297
1,786,475
14,822
Net Unrealized Appreciation / (Depreciation)
$50,822
First Trust/abrdn Global Opportunity Income Fund (FAM)
Portfolio of Investments (Continued)
March 31, 2024 (Unaudited)
 
(a)
All of these securities are available to serve as collateral for the outstanding loan.
(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 March 31, 2024.
(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 March 31, 2024, securities noted as such amounted to $15,967,690 or 23.0% of net assets.
(e)
Zero coupon bond.
(f)
This issuer is in default and interest is not being accrued by the Fund.
(g)
Portfolio securities are included in a country based upon their underlying credit exposure as determined by abrdn.
(h)
Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at March 31, 2024. At a
predetermined date, the fixed rate will change to a floating rate or a variable rate.
(i)
Perpetual maturity.
(j)
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.
(k)
This issuer has filed for bankruptcy protection in a São Paulo state court.
(l)
This note is a Payment-in-kind (“PIK”) Toggle Note whereby the issuer may pay interest on the note (1) entirely in cash,
(2) entirely in PIK interest or (3) a combination of both. Interest paid will accrue on the notes at a rate of 9% per annum. For the
fiscal year to date period (January 1, 2024 to March 31, 2024), the Fund received 19,963 shares in PIK interest.
 
Abbreviations throughout the Portfolio of Investments:
AUD
– Australian Dollar
BAR
– Barclays Bank
BRL
– Brazilian Real
CAD
– Canadian Dollar
CIT
– Citibank, NA
COP
– Colombian Peso
DB
– Deutsche Bank
DOP
– Dominican Republic Peso
EGP
– Egyptian Pound
EUR
– Euro
GBP
– British Pound Sterling
GS
– Goldman Sachs
HUF
– Hungarian Forint
IDR
– Indonesian Rupiah
INR
– Indian Rupee
JPY
– Japanese Yen
MXN
– Mexican Peso
NZD
– New Zealand Dollar
PEN
– Peruvian Nuevo Sol
PLN
– Polish Zloty
USD
– United States Dollar
UYU
– Uruguayan Peso
ZAR
– South African Rand
First Trust/abrdn Global Opportunity Income Fund (FAM)
Portfolio of Investments (Continued)
March 31, 2024 (Unaudited)
Credit Quality†
% of Total
Investments
AAA
20.0%
AA
6.5
AA-
2.3
A+
0.9
A
3.4
A-
0.5
BBB+
12.4
BBB
6.2
BBB-
3.9
BB+
3.1
BB
12.1
BB-
4.2
B+
6.0
B
4.4
B-
8.5
CCC+
0.3
CCC
2.4
CC
1.6
Not Rated
1.3
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
76.2%
Banks
5.2
Integrated Oils
2.9
Utilities
2.6
Exploration & Production
1.9
Metals & Mining
1.5
Refining & Marketing
1.5
Food & Beverage
1.2
Railroad
0.9
Industrial Other
0.9
Oil & Gas Services & Equipment
0.7
Transportation & Logistics
0.6
Government Development Banks
0.6
Chemicals
0.6
Financial Services
0.5
Retail - Consumer Staples
0.4
Software & Services
0.4
Life Insurance
0.4
Pharmaceuticals
0.4
Construction Materials Manufacturing
0.3
Wireline Telecommunications Services
0.3
Total
100.0%
 
  
Currency Exposure
Diversification
% of Total
Investments††
USD
60.8%
MXN
8.8
BRL
5.0
JPY
3.6
PLN
3.4
PEN
2.6
NZD
2.5
INR
2.3
HUF
2.1
COP
1.7
EUR
1.5
CAD
1.5
GBP
1.3
UYU
0.9
DOP
0.6
EGP
0.4
AUD
0.4
ZAR
0.3
IDR
0.3
Total
100.0%
 
††
The weightings include the impact of currency forwards.
 
 
First Trust/abrdn Global Opportunity Income Fund (FAM)
Portfolio of Investments (Continued)
March 31, 2024 (Unaudited)
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, 2024 is as follows: 
ASSETS TABLE
 
Total
Value at
3/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Foreign Sovereign Bonds and Notes*
$50,701,225
$—
$50,701,225
$—
Foreign Corporate Bonds and Notes*
19,775,554
—
19,775,554
—
U.S. Government Bonds and Notes
12,659,392
—
12,659,392
—
Total Investments
83,136,171
—
83,136,171
—
Forward Foreign Currency Contracts
227,174
—
227,174
—
Total
$83,363,345
$—
$83,363,345
$—
 
LIABILITIES TABLE
 
Total
Value at
3/31/2024
Level 1
Quoted
Prices
Level 2
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Forward Foreign Currency Contracts
$(176,352
)
$—
$(176,352
)
$—
 
*
See Portfolio of Investments for country breakout.
Restricted Securities
As of March 31, 2024, the Fund held restricted securities as shown in the following table that abrdn has deemed illiquid pursuant to procedures adopted by the Fund’s Board of Trustees. 
Security
Acquisition
Date
Principal
Value
Current Price
Carrying
Cost
Value
% of
Net
Assets
OAS Finance Ltd., 8.88%
4/18/2013
1,550,000
$0.75
$1,550,000
$11,625
0.02
%
OAS Investments GmbH, 8.25%, 10/19/19
10/12/2012
460,000
0.75
460,000
3,450
0.00
**
Sovcombank Via SovCom Capital DAC, 7.75%
2/19/2020
500,000
2.97
511,643
14,841
0.02
 
$2,521,643
$29,916
0.04
%
** Amount is less than 0.01%
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