UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-21905
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First Trust/Aberdeen Emerging Opportunity Fund
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(Exact name of registrant as specified in charter)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
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(Address of principal executive offices) (Zip code)
W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
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(Name and address of agent for service)
Registrant's telephone number, including area code: (630) 765-8000
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Date of fiscal year end: December 31
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Date of reporting period: March 31, 2015
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached
herewith.
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND (FEO)
PORTFOLIO OF INVESTMENTS (a)
MARCH 31, 2015 (UNAUDITED)
SHARES DESCRIPTION VALUE
--------------- -------------------------------------------------------------------------- -------------
COMMON STOCKS - 52.2%
BRAZIL - 5.1%
148,779 Banco Bradesco S.A., ADR ................................................. $ 1,380,671
22,000 Lojas Renner S.A. ........................................................ 620,457
30,454 Multiplan Empreendimentos Imobiliarios S.A., Preference Shares ........... 535,978
62,500 Souza Cruz S.A. .......................................................... 495,253
58,267 Ultrapar Participacoes S.A. .............................................. 1,185,404
84,104 Vale S.A., ADR ........................................................... 475,188
58,842 Vale S.A., Preference Shares, ADR ........................................ 285,384
-------------
4,978,335
-------------
CHILE - 0.7%
32,459 Banco Santander Chile S.A., ADR .......................................... 703,711
-------------
CHINA - 1.1%
960,000 PetroChina Co., Ltd., Class H ............................................ 1,062,448
-------------
HONG KONG - 6.1%
262,000 AIA Group Ltd. ........................................................... 1,649,189
120,000 China Mobile Ltd. ........................................................ 1,566,430
202,000 Hang Lung Group Ltd. ..................................................... 921,065
600,000 Swire Pacific Ltd., B Shares ............................................. 1,540,117
89,600 Swire Properties Ltd. .................................................... 291,822
-------------
5,968,623
-------------
HUNGARY - 0.6%
45,000 Richter Gedeon Nyrt ...................................................... 619,934
-------------
INDIA - 8.2%
17,000 Grasim Industries Ltd. ................................................... 984,000
16,000 Hero MotoCorp Ltd. ....................................................... 674,911
78,000 Hindustan Unilever Ltd. .................................................. 1,088,775
93,500 Housing Development Finance Corp., Ltd. .................................. 1,965,732
100,000 ICICI Bank Ltd. .......................................................... 504,145
41,736 Infosys Ltd. ............................................................. 1,479,438
208,173 ITC Ltd. ................................................................. 1,083,922
7,428 UltraTech Cement Ltd. .................................................... 341,588
-------------
8,122,511
-------------
INDONESIA - 1.9%
2,832,100 PT Astra International Tbk ............................................... 1,857,381
-------------
ITALY - 0.9%
30,900 Tenaris S.A., ADR ........................................................ 865,200
-------------
MALAYSIA - 1.0%
234,242 CIMB Group Holdings Berhad ............................................... 393,408
120,000 Public Bank Berhad ....................................................... 611,745
-------------
1,005,153
-------------
MEXICO - 4.3%
17,700 Fomento Economico Mexicano, S.A.B. de C.V., ADR (b)....................... 1,654,950
34,500 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., ADR ................ 1,342,050
See Notes to Portfolio of Investments
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND (FEO)
PORTFOLIO OF INVESTMENTS (a) (Continued)
MARCH 31, 2015 (UNAUDITED)
SHARES DESCRIPTION VALUE
--------------- -------------------------------------------------------------------------- -------------
COMMON STOCKS (CONTINUED)
MEXICO (CONTINUED)
218,182 Grupo Financiero Banorte, S.A.B. de C.V., O Shares ....................... $ 1,265,022
-------------
4,262,022
-------------
PHILIPPINES - 2.1%
1,400,000 Ayala Land, Inc. ......................................................... 1,205,817
394,359 Bank of the Philippine Islands ........................................... 886,646
-------------
2,092,463
-------------
POLAND - 0.8%
17,000 Bank Pekao S.A. .......................................................... 824,542
-------------
PORTUGAL - 0.6%
45,692 Jeronimo Martins SGPS S.A. ............................................... 574,822
-------------
RUSSIA - 2.4%
29,500 LUKOIL, ADR .............................................................. 1,354,935
5,181 Magnit OJSC .............................................................. 1,010,384
-------------
2,365,319
-------------
SOUTH AFRICA - 3.1%
48,610 Massmart Holdings Ltd. ................................................... 601,163
27,000 MTN Group Ltd. ........................................................... 456,344
20,978 SABMiller PLC ............................................................ 1,100,009
119,729 Truworths International Ltd............................................... 871,241
-------------
3,028,757
-------------
SOUTH KOREA - 3.4%
3,500 E-Mart Co., Ltd. ......................................................... 735,049
2,620 Samsung Electronics Co., Ltd., Preference Shares ......................... 2,607,130
-------------
3,342,179
-------------
TAIWAN - 2.5%
150,005 Taiwan Mobile Co., Ltd. .................................................. 524,945
409,954 Taiwan Semiconductor Manufacturing Co., Ltd. ............................. 1,906,306
-------------
2,431,251
-------------
THAILAND - 2.6%
79,000 PTT Exploration & Production PCL ......................................... 264,628
67,700 Siam Cement Public (The) Co., Ltd. ....................................... 1,061,063
230,600 Siam Commercial Bank Public Co., Ltd. .................................... 1,261,426
-------------
2,587,117
-------------
TURKEY - 2.5%
188,635 Akbank TAS ............................................................... 555,267
40,444 BIM Birlesik Magazalar AS ................................................ 717,421
146,150 Haci Omer Sabanci Holding AS ............................................. 516,250
192,000 Turkiye Garanti Bankasi AS ............................................... 630,186
-------------
2,419,124
-------------
UNITED KINGDOM - 1.5%
26,000 BHP Billiton PLC ......................................................... 569,839
See Notes to Portfolio of Investments
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND (FEO)
PORTFOLIO OF INVESTMENTS (a) (Continued)
MARCH 31, 2015 (UNAUDITED)
SHARES DESCRIPTION VALUE
--------------- -------------------------------------------------------------------------- -------------
COMMON STOCKS (CONTINUED)
UNITED KINGDOM (CONTINUED)
58,242 Standard Chartered PLC ................................................... $ 944,738
-------------
1,514,577
-------------
UNITED STATES - 0.8%
10,500 Yum! Brands, Inc. ........................................................ 826,560
-------------
TOTAL COMMON STOCKS ...................................................... 51,452,029
(Cost $38,152,947) -------------
PRINCIPAL
VALUE
(LOCAL STATED STATED VALUE
CURRENCY) DESCRIPTION COUPON MATURITY (US DOLLARS)
--------------- ----------------------------------------- -------------- --------------- -------------
FOREIGN SOVEREIGN BONDS AND NOTES - 39.5%
ARGENTINA - 1.2%
1,300,000 Argentina Bonar Bonds (USD) ............. 7.00% 04/17/17 1,229,250
-------------
ARMENIA - 0.4%
396,000 Republic of Armenia (USD) (c)............ 6.00% 09/30/20 389,070
-------------
BAHRAIN - 0.2%
250,000 Bahrain Government International Bond
(USD) (c)............................ 6.00% 09/19/44 241,875
-------------
BRAZIL - 2.7%
10,260,000 Brazil Notas do Tesouro Nacional, Series
F (BRL) ............................. 10.00% 01/01/25 2,711,850
-------------
CHILE - 0.3%
250,000 Empresa Nacional del Petroleo (USD) (c).. 4.38% 10/30/24 254,910
-------------
COLOMBIA - 1.7%
833,000,000 Colombia Government International Bond
(COP) ............................... 7.75% 04/14/21 360,269
2,677,000,000 Colombia Government International Bond
(COP) ............................... 9.85% 06/28/27 1,337,229
-------------
1,697,498
-------------
COSTA RICA - 0.3%
300,000 Costa Rica Government International Bond
(USD) ............................... 4.25% 01/26/23 286,500
-------------
CROATIA - 1.3%
930,000 Croatia Government International Bond
(USD) ............................... 6.63% 07/14/20 1,035,787
200,000 Croatia Government International Bond
(USD) ............................... 6.00% 01/26/24 222,376
-------------
1,258,163
-------------
DOMINICAN REPUBLIC - 0.8%
200,000 Dominican Republic International Bond
(USD) ............................... 7.50% 05/06/21 224,600
See Notes to Portfolio of Investments
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND (FEO)
PORTFOLIO OF INVESTMENTS (a) (Continued)
MARCH 31, 2015 (UNAUDITED)
PRINCIPAL
VALUE
(LOCAL STATED STATED VALUE
CURRENCY) DESCRIPTION COUPON MATURITY (US DOLLARS)
--------------- ----------------------------------------- -------------- --------------- -------------
FOREIGN SOVEREIGN BONDS AND NOTES (CONTINUED)
DOMINICAN REPUBLIC (CONTINUED)
118,000 Dominican Republic International Bond
(USD) ............................... 8.63% 04/20/27 $ 141,010
100,000 Dominican Republic International Bond
(USD) (c)............................ 7.45% 04/30/44 113,250
290,000 Dominican Republic International Bond
(USD) (c)............................ 6.85% 01/27/45 305,950
-------------
784,810
-------------
EGYPT - 1.2%
8,950,000 Egypt Treasury Bills (EGP) .............. (d) 04/14/15 1,169,918
-------------
ETHIOPIA - 0.3%
310,000 Federal Democratic Republic of Ethiopia
(USD) (c)............................ 6.63% 12/11/24 302,250
-------------
GEORGIA - 0.4%
350,000 Georgian Oil and Gas Corp. JSC
(USD) (c)............................ 6.88% 05/16/17 353,598
-------------
GHANA - 0.8%
350,000 Republic of Ghana (USD) (c).............. 8.13% 01/18/26 333,140
500,000 Republic of Ghana (USD) ................. 8.13% 01/18/26 475,915
-------------
809,055
-------------
HONDURAS - 0.7%
630,000 Honduras Government International Bond
(USD) (c)............................ 7.50% 03/15/24 675,675
-------------
HUNGARY - 0.6%
140,630,000 Hungary Government Bond (HUF) ........... 5.50% 06/24/25 598,349
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INDONESIA - 2.8%
700,000 Indonesia Government International Bond
(USD) (c)............................ 5.88% 01/15/24 811,125
4,000,000,000 Indonesia Treasury Bond (IDR) ........... 10.00% 07/15/17 325,478
6,900,000,000 Indonesia Treasury Bond (IDR) ........... 6.13% 05/15/28 465,400
5,500,000,000 Indonesia Treasury Bond (IDR) ........... 10.50% 08/15/30 529,416
7,311,000,000 Indonesia Treasury Bond (IDR) ........... 8.38% 03/15/34 596,154
-------------
2,727,573
-------------
IRAQ - 0.8%
880,000 Republic of Iraq (USD) .................. 5.80% 01/15/28 743,600
-------------
IVORY COAST - 0.8%
240,000 Ivory Coast Government International Bond
(USD) (c)............................ 6.38% 03/03/28 241,200
570,000 Ivory Coast Government International Bond
(USD) ............................... 5.75% 12/31/32 547,246
-------------
788,446
-------------
See Notes to Portfolio of Investments
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND (FEO)
PORTFOLIO OF INVESTMENTS (a) (Continued)
MARCH 31, 2015 (UNAUDITED)
PRINCIPAL
VALUE
(LOCAL STATED STATED VALUE
CURRENCY) DESCRIPTION COUPON MATURITY (US DOLLARS)
--------------- ----------------------------------------- -------------- --------------- -------------
FOREIGN SOVEREIGN BONDS AND NOTES (CONTINUED)
KAZAKHSTAN - 1.1%
1,170,000 Kazakhstan Government International Bond
(USD) (c)............................ 3.88% 10/14/24 $ 1,086,813
-------------
KENYA - 0.2%
200,000 Kenya Government International Bond
(USD) ............................... 6.88% 06/24/24 209,850
-------------
MEXICO - 2.5%
3,890,000 Mexican Bonos (MXN) ..................... 6.50% 06/09/22 267,214
22,540,000 Mexican Bonos (MXN) ..................... 8.50% 11/18/38 1,847,611
5,733,614 Mexican Udibonos, Inflation Adjusted Bond
(MXN) (e)............................ 4.50% 11/22/35 368,405
-------------
2,483,230
-------------
MONGOLIA - 0.9%
580,000 Development Bank of Mongolia LLC (USD)... 5.75% 03/21/17 549,550
400,000 Mongolia Government International Bond
(USD) ............................... 5.13% 12/05/22 340,000
-------------
889,550
-------------
PERU - 0.7%
2,102,000 Peruvian Government International Bond
(PEN) ............................... 6.95% 08/12/31 699,613
-------------
POLAND - 0.7%
1,670,000 Poland Government Bond (PLN) ............ 4.00% 10/25/23 503,022
640,000 Poland Government Bond (PLN) ............ 5.75% 04/25/29 234,230
-------------
737,252
-------------
ROMANIA - 1.2%
700,000 Romanian Government International Bond
(USD) ............................... 6.75% 02/07/22 849,625
260,000 Romanian Government International Bond
(USD) (c)............................ 6.13% 01/22/44 331,292
-------------
1,180,917
-------------
RUSSIA - 3.7%
221,556,000 Russian Federal Bond - OFZ (RUB) ........ 7.05% 01/19/28 2,674,280
400,000 Russian Foreign Bond - Eurobond (USD) ... 4.88% 09/16/23 386,880
650,000 Vnesheconombank Via VEB Finance PLC
(USD) ............................... 6.90% 07/09/20 601,250
-------------
3,662,410
-------------
RWANDA - 0.5%
300,000 Rwanda International Government Bond
(USD) ............................... 6.63% 05/02/23 303,000
See Notes to Portfolio of Investments
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND (FEO)
PORTFOLIO OF INVESTMENTS (a) (Continued)
MARCH 31, 2015 (UNAUDITED)
PRINCIPAL
VALUE
(LOCAL STATED STATED VALUE
CURRENCY) DESCRIPTION COUPON MATURITY (US DOLLARS)
--------------- ----------------------------------------- -------------- --------------- -------------
FOREIGN SOVEREIGN BONDS AND NOTES (CONTINUED)
RWANDA (CONTINUED)
200,000 Rwanda International Government Bond
(USD) (c)............................ 6.63% 05/02/23 $ 202,000
-------------
505,000
-------------
SENEGAL - 0.4%
380,000 Senegal Government International Bond
(USD) ............................... 8.75% 05/13/21 428,260
-------------
SERBIA - 0.6%
600,000 Republic of Serbia (USD) ................ 5.25% 11/21/17 625,110
-------------
SOUTH AFRICA - 2.8%
450,000 Eskom Holdings SOC Ltd. (USD) ........... 6.75% 08/06/23 450,090
210,000 Eskom Holdings SOC Ltd. (USD) (c)........ 6.75% 08/06/23 210,042
9,550,000 South Africa Government Bond (ZAR) ...... 10.50% 12/21/26 953,189
13,810,000 South Africa Government Bond (ZAR) ...... 8.00% 01/31/30 1,123,963
-------------
2,737,284
-------------
TANZANIA - 0.7%
680,000 Tanzania Government International Bond
(USD) (f)............................ 6.40% 03/09/20 705,500
-------------
TUNISIA - 0.6%
550,000 Banque Centrale de Tunisie SA (USD) (c).. 5.75% 01/30/25 556,875
-------------
TURKEY - 2.7%
1,600,000 Turkey Government Bond (TRY) ............ 6.30% 02/14/18 585,336
4,150,000 Turkey Government Bond (TRY) ............ 10.40% 03/20/24 1,808,444
250,000 Turkey Government International Bond
(USD) ............................... 6.25% 09/26/22 285,000
-------------
2,678,780
-------------
UNITED ARAB EMIRATES - 0.7%
520,000 Emirate of Dubai Government International
Bonds (USD) ......................... 7.75% 10/05/20 646,386
-------------
URUGUAY - 1.1%
183,000 Uruguay Government International Bond
(USD) ............................... 7.63% 03/21/36 259,860
20,868,758 Uruguay Government International Bond,
Inflation Adjusted Bond (UYU) (e).... 5.00% 09/14/18 821,188
-------------
1,081,048
-------------
VENEZUELA - 0.6%
1,230,000 Venezuela Government International Bond
(USD) ............................... 12.75% 08/23/22 544,275
-------------
ZAMBIA - 0.5%
500,000 Zambia Government International Bond
(USD) (c)............................ 8.50% 04/14/24 530,938
-------------
See Notes to Portfolio of Investments
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND (FEO)
PORTFOLIO OF INVESTMENTS (a) (Continued)
MARCH 31, 2015 (UNAUDITED)
PRINCIPAL
VALUE
(LOCAL STATED STATED VALUE
CURRENCY) DESCRIPTION COUPON MATURITY (US DOLLARS)
--------------- ----------------------------------------- -------------- --------------- -------------
FOREIGN SOVEREIGN BONDS AND NOTES (CONTINUED)
TOTAL FOREIGN SOVEREIGN BONDS AND NOTES .................................. 39,011,481
(Cost $43,091,559) -------------
FOREIGN CORPORATE BONDS AND NOTES (g) - 11.8%
BANGLADESH - 0.3%
250,000 Banglalink Digital Communications Ltd.
(USD) (c)............................ 8.63% 05/06/19 $ 257,500
-------------
BRAZIL - 0.7%
350,000 OAS Finance Ltd. (USD) (c) (i) (j) (k)... 8.88% (h) 52,500
200,000 OAS Investments GmbH (USD) (c) (i) (j)... 8.25% 10/19/19 30,500
384,000 Petrobras Global Finance BV (USD) ....... 7.25% 03/17/44 362,488
313,231 QGOG Atlantic/Alaskan Rigs Ltd. (USD) ... 5.25% 07/30/18 272,824
-------------
718,312
-------------
CANADA - 0.5%
650,000 Uranium One Investments, Inc. (USD) (c).. 6.25% 12/13/18 520,130
-------------
CHILE - 0.3%
320,000 SACI Falabella (USD) .................... 3.75% 04/30/23 320,948
-------------
COLOMBIA - 0.3%
460,000 Pacific Rubiales Energy Corp. (USD) (c).. 5.38% 01/26/19 304,750
-------------
DOMINICAN REPUBLIC - 0.4%
350,000 AES Andres Dominicana, Ltd. / Itabo
Dominicana, Ltd. (USD) .............. 9.50% 11/12/20 365,750
-------------
EL SALVADOR - 0.3%
268,000 Telemovil Finance Co., Ltd. (USD) ....... 8.00% 10/01/17 280,060
-------------
GUATEMALA - 0.9%
400,000 Comcel Trust via Comunicaciones Celulares
SA (USD) (c)......................... 6.88% 02/06/24 427,200
400,000 Industrial Subordinated Trust (USD) ..... 8.25% 07/27/21 434,000
-------------
861,200
-------------
INDONESIA - 0.4%
440,000 Pertamina Persero PT (USD) (c)........... 4.30% 05/20/23 443,300
-------------
KAZAKHSTAN - 0.4%
400,000 Zhaikmunai LLP (USD) (c)................... 7.13% 11/13/19 347,000
-------------
MEXICO - 1.5%
270,000 Alfa SAB de CV (USD) ...................... 6.88% 03/25/44 297,810
350,000 BBVA Bancomer S.A. (USD) (c)............... 6.75% 09/30/22 396,620
350,000 CEMEX Espana S.A. (USD) ................... 9.88% 04/30/19 391,125
150,000 Petroleos Mexicanos (USD) ................. 6.38% 01/23/45 168,075
See Notes to Portfolio of Investments
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND (FEO)
PORTFOLIO OF INVESTMENTS (a) (Continued)
MARCH 31, 2015 (UNAUDITED)
PRINCIPAL
VALUE
(LOCAL STATED STATED VALUE
CURRENCY) DESCRIPTION COUPON MATURITY (US DOLLARS)
--------------- ----------------------------------------- -------------- --------------- -------------
FOREIGN CORPORATE BONDS AND NOTES (g) (CONTINUED)
MEXICO (CONTINUED)
200,000 Sixsigma Networks Mexico S.A. de CV (USD)
(c).................................. 8.25% 11/07/21 $ 210,000
-------------
1,463,630
-------------
MOZAMBIQUE - 0.7%
700,000 EMATUM Via Mozambique EMATUM Finance 2020
BV (USD) ............................ 6.31% 09/11/20 675,675
-------------
NIGERIA - 0.4%
320,000 Diamond Bank PLC (USD) (c)............... 8.75% 05/21/19 259,354
200,000 Zenith Bank PLC (USD) (c)................ 6.25% 04/22/19 184,500
-------------
443,854
-------------
PARAGUAY - 0.5%
500,000 Banco Regional SAECA (USD) (c)........... 8.13% 01/24/19 531,900
-------------
PERU - 0.4%
160,000 InRetail Consumer (USD) (c).............. 5.25% 10/10/21 164,000
200,000 Union Andina de Cementos SAA (USD) ...... 5.88% 10/30/21 202,700
-------------
366,700
-------------
RUSSIA - 1.9%
400,000 Alfa Bank OJSC Via Alfa Bond Issuance PLC
(USD) ............................... 7.75% 04/28/21 394,616
230,000 Evraz Group S.A. (USD) (c)............... 6.50% 04/22/20 204,240
350,000 Lukoil International Finance BV (USD) ... 4.56% 04/24/23 297,220
350,000 Rosneft Oil Co. Via Rosneft International
Finance Ltd. (USD) .................. 4.20% 03/06/22 277,813
310,000 Sberbank of Russia Via SB Capital SA
(USD) ............................... 6.13% 02/07/22 290,228
380,000 Vimpel Communications Via VIP Finance
Ireland Ltd., OJSC (USD) ............ 7.75% 02/02/21 377,606
-------------
1,841,723
-------------
TURKEY - 0.5%
200,000 Arcelik AS (USD) (c)..................... 5.00% 04/03/23 191,900
300,000 Yasar Holdings AS (USD) (c).............. 8.88% 05/06/20 313,500
-------------
505,400
-------------
UNITED ARAB EMIRATES - 0.7%
600,000 Jafz Sukuk Ltd. (USD) ................... 7.00% 06/19/19 687,000
-------------
VENEZUELA - 0.7%
1,050,000 Petroleos de Venezuela S.A. (USD) ....... 8.50% 11/02/17 695,625
-------------
TOTAL FOREIGN CORPORATE BONDS AND NOTES .................................. 11,630,457
(Cost $12,421,198) -------------
See Notes to Portfolio of Investments
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND (FEO)
PORTFOLIO OF INVESTMENTS (a) (Continued)
MARCH 31, 2015 (UNAUDITED)
TOTAL INVESTMENTS - 103.5% ............................................... $ 102,093,967
(Cost $93,665,704) (l)
OUTSTANDING LOAN - (5.9%) ................................................ (5,800,000)
NET OTHER ASSETS AND LIABILITIES - 2.4% .................................. 2,323,884
-------------
NET ASSETS - 100.0% ...................................................... $ 98,617,851
=============
---------------------------------------
(a) All of these securities are available to serve as collateral for the
outstanding loan.
(b) Non-income producing security.
(c) This security, sold within the terms of a private placement
memorandum, is exempt from registration 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 the Fund's sub-advisor. At March 31, 2015, securities
noted as such amounted to $11,778,897 or 11.94% of net assets.
(d) Zero coupon bond.
(e) Security whose principal value is adjusted in accordance with
changes to the country's Consumer Price Index. Interest is
calculated on the basis of the current adjusted principal value.
(f) Floating rate security. The interest rate shown reflects the rate in
effect at March 31, 2015.
(g) Portfolio securities are included in a country based upon their
underlying credit exposure as determined by Aberdeen Asset
Management Inc., the Fund's investment sub-advisor.
(h) Perpetual maturity.
(i) This issuer is in default and interest is not being accrued by the
Fund.
(j) This company has filed for protection in a Sao Paulo state court.
(k) Fixed to Floating rate security. The interest rate shown reflects
the fixed rate in effect at March 31, 2015.
(l) Aggregate cost for financial reporting purposes, which approximates
the aggregate cost for federal income tax purposes. As of March 31,
2015, the aggregate gross unrealized appreciation for all securities
in which there was an excess of value over tax cost was $18,803,750
and the aggregate gross unrealized depreciation for all securities
in which there was an excess of tax cost over value was $10,375,487.
ADR American Depositary Receipt
Currency Abbreviations
BRL Brazilian Real
COP Colombian Peso
EGP Egyptian Pound
EUR Euro
GBP British Pound Sterling
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 New Sol
PHP Philippines Peso
PLN Polish Zloty
See Notes to Portfolio of Investments
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND (FEO)
PORTFOLIO OF INVESTMENTS (a) (Continued)
MARCH 31, 2015 (UNAUDITED)
RUB Russian Ruble
THB Thailand Baht
TRY Turkish Lira
TWD Taiwan New Dollar
USD United States Dollar
UYU Uruguayan Peso
ZAR South African Rand
---------------------------------------
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of March 31,
2015 is as follows (see Note 2A - Portfolio Valuation in the Notes to Portfolio
of Investments):
ASSETS TABLE
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
INVESTMENTS 3/31/2015 PRICES INPUTS INPUTS
---------------------------------------------- --------------- ------------- --------------- --------------
Common Stocks*................................ $ 51,452,029 $ 51,452,029 $ -- $ --
Foreign Sovereign Bonds and Notes*............ 39,011,481 -- 39,011,481 --
Foreign Corporate Bonds and Notes*............ 11,630,457 -- 11,630,457 --
--------------- ------------- --------------- --------------
Total Investments............................. $ 102,093,967 $ 51,452,029 $ 50,641,938 $ --
--------------- ------------- --------------- --------------
Forward Foreign Currency Contracts**.......... 287,072 -- 287,072 --
--------------- ------------- --------------- --------------
Total......................................... $ 102,381,039 $ 51,452,029 $ 50,929,010 $ --
=============== ============= =============== ==============
LIABILITIES TABLE
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
3/31/2015 PRICES INPUTS INPUTS
--------------- ------------- --------------- --------------
Forward Foreign Currency Contracts**.......... $ (114,641) $ -- $ (114,641) $ --
=============== ============= =============== ==============
* See Portfolio of Investments for country breakout.
** See the Forward Foreign Currency Contracts table for contract and currency
detail.
All transfers in and out of the Levels during the period are assumed to be
transferred on the last day of the period at their current value. As of March
31, 2015, the Fund transferred common stocks valued at $39,422,026 from Level 2
to Level 1 of the fair value hierarchy. The common stocks that transferred from
Level 2 to Level 1 did so as a result of foreign equities that are now being
valued based on quoted prices. Previously, these securities were fair valued
using a factor provided by a pricing service due to the change in value between
the foreign markets' close and the NYSE close on December 31, 2014 exceeding a
certain threshold.
See Notes to Portfolio of Investments
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND (FEO)
PORTFOLIO OF INVESTMENTS (a) (Continued)
MARCH 31, 2015 (UNAUDITED)
--------------------------------------------------
CURRENCY EXPOSURE % OF TOTAL
DIVERSIFICATION INVESTMENTS #
--------------------------------------------------
USD 40.0%
INR 9.0
HKD 6.9
ZAR 5.6
BRL 5.3
IDR 3.7
MXN 3.7
TRY 3.6
RUB 3.6
KRW 3.3
THB 2.5
TWD 2.4
PHP 2.0
PLN 1.5
HUF 1.2
EGP 1.1
MYR 1.0
GBP 0.9
UYU 0.8
PEN 0.7
COP 0.6
EUR 0.6
----------------------------------------------
Total 100.0%
======
# The weightings include the impact of currency forwards.
------------------------------------------------------------
% OF TOTAL
INDUSTRY CLASSIFICATION INVESTMENTS
------------------------------------------------------------
Sovereigns 35.3%
Banks 12.9
Real Estate 5.1
Oil, Gas & Consumable Fuels 3.8
Food & Staples Retailing 3.6
Wireless Telecommunications Services 3.6
Construction Materials 2.9
Beverages 2.7
Automobiles 2.5
Technology Hardware, Storage & Peripherals 2.5
Semiconductors & Semiconductor Equipment 1.9
Thrifts & Mortgage Finance 1.9
Insurance 1.6
Integrated Oils 1.6
Metals & Mining 1.5
Tobacco 1.5
IT Services 1.4
Transportation Infrastructure 1.3
Government Agencies 1.1
Household Products 1.1
Energy Equipment & Services 0.8
Exploration & Production 0.8
Financial Services 0.8
Hotels Restaurants & Leisure 0.8
Specialty Retail 0.8
Consumer Services 0.7
Government Development Banks 0.6
Multiline Retail 0.6
Pharmaceuticals 0.6
Diversified Financial Services 0.5
Consumer Finance 0.4
Power Generation 0.4
Chemicals 0.3
Department Stores 0.3
Oil & Gas Services & Equipment 0.3
Pipeline 0.3
Wireline Telecommunications Services 0.3
Home Improvement 0.2
Refining & Marketing 0.2
Software & Services 0.2
Supermarkets & Pharmacies 0.2
Industrial Other 0.1
------------------------------------------------------------
Total 100.0%
======
See Notes to Portfolio of Investments
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND (FEO)
PORTFOLIO OF INVESTMENTS (a) (Continued)
MARCH 31, 2015 (UNAUDITED)
--------------------------------------------------
% OF TOTAL
FIXED-INCOME
CREDIT QUALITY(1) INVESTMENTS
--------------------------------------------------
A 6.8%
A- 1.7
BBB+ 12.2
BBB 11.4
BBB- 20.0
BB+ 11.1
BB 1.3
BB- 7.7
B+ 13.7
B 8.8
CCC 2.4
C 0.2
NR 2.7
----------------------------------------------
Total 100.0%
======
(1) The credit quality and ratings information presented above reflects 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. The credit ratings shown relate
to the credit worthiness of the issuers of the underlying foreign
sovereign and foreign corporate bonds and notes in the Fund, and not to
the Fund or its shares. Credit ratings are subject to change.
See Notes to Portfolio of Investments
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND (FEO)
PORTFOLIO OF INVESTMENTS (CONTINUED)
MARCH 31, 2015 (UNAUDITED)
FORWARD FOREIGN CURRENCY CONTRACTS (see Note 2C - Forward Foreign Currency
Contracts in the Notes to Portfolio of Investments).
FORWARD FOREIGN CURRENCY CONTRACTS
---------------------------------------------------------
PURCHASE SALE UNREALIZED
SETTLEMENT AMOUNT AMOUNT VALUE AS OF VALUE AS OF APPRECIATION/
DATE COUNTERPARTY PURCHASED (a) SOLD (a) MARCH 31, 2015 MARCH 31, 2015 (DEPRECIATION)
---------- -------------- -------------------- ------------------ --------------- --------------- --------------
05/29/15 CIT BRL 3,326,000 USD 1,087,639 1,024,417 1,087,639 (63,222)
05/29/15 BAR INR 116,729,000 USD 1,858,150 1,840,880 1,858,150 (17,270)
04/16/15 BAR MXN 3,999,000 USD 271,685 261,884 271,685 (9,801)
04/16/15 UBS ZAR 4,700,000 USD 402,204 386,420 402,204 (15,784)
05/29/15 DNDF USD 1,178,096 BRL 3,326,000 1,178,096 1,024,417 153,679
05/29/15 CIT USD 1,095,790 COP 2,860,011,000 1,095,790 1,091,949 3,841
05/29/15 CIT USD 787,168 INR 49,749,000 787,168 784,569 2,599
04/16/15 DNDF USD 263,995 MXN 3,999,000 263,995 261,884 2,111
04/16/15 JPM USD 1,166,934 TRY 2,721,000 1,166,934 1,042,092 124,842
04/16/15 CIT USD 377,856 ZAR 4,700,000 377,856 386,420 (8,564)
--------------
Net Unrealized Appreciation (Depreciation)............................................................ $ 172,431
==============
(a) Please see Portfolio of Investments for currency descriptions.
Counterparty Abbreviations:
BAR Barclays Bank
CIT Citibank, NA
DNDF Deutsche NDF Currencies
JPM JPMorgan Chase
UBS UBS
See Notes to Portfolio of Investments
NOTES TO PORTFOLIO OF INVESTMENTS
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND (FEO)
MARCH 31, 2015 (UNAUDITED)
1. ORGANIZATION
First Trust/Aberdeen Emerging Opportunity Fund (the "Fund") is a diversified,
closed-end management investment company organized as a Massachusetts business
trust on May 16, 2006 and is registered with the Securities and Exchange
Commission under the Investment Company Act of 1940, as amended (the "1940
Act"). The Fund trades under the ticker symbol FEO on the New York Stock
Exchange ("NYSE").
2. VALUATION AND INVESTMENT PRACTICES
A. PORTFOLIO VALUATION:
The net asset value ("NAV") of the Common Shares of the Fund is determined
daily, as of the close of regular trading on the NYSE, normally 4:00 p.m.
Eastern time, on each day the NYSE is open for trading. If the NYSE closes early
on a valuation day, the NAV is determined as of that time. Domestic debt
securities and foreign securities are priced using data reflecting the earlier
closing of the principal markets for those securities. The NAV per Common Share
is calculated by dividing the value of all assets of the Fund (including accrued
interest and dividends), less all liabilities (including accrued expenses,
dividends declared but unpaid and any borrowings of the Fund), by the total
number of Common Shares outstanding.
The Fund's investments are valued daily at market value or, in absence of market
value with respect to any portfolio securities, at fair value. Market value
prices represent last sale or official closing prices from a national or foreign
exchange (i.e., a regulated market) and are primarily obtained from third party
pricing services. Fair value prices represent any prices not considered market
value prices and are either obtained from a third party pricing service or are
determined by the Pricing Committee of the Fund's investment advisor, First
Trust Advisors L.P.'s ("First Trust" or the "Advisor"), in accordance with
valuation procedures adopted by the Fund's Board of Trustees, and in accordance
with provisions of the 1940 Act. Investments valued by the Advisor's Pricing
Committee, if any, are footnoted as such in the footnotes to the Portfolio of
Investments. The Fund's investments are valued as follows:
Corporate bonds, corporate notes and other debt securities are valued on
the basis of valuations provided by dealers who make markets in such
securities or by an independent pricing service approved by the Fund's
Board of Trustees, which may use the following valuation inputs when
available:
1) benchmark yields;
2) reported trades;
3) broker/dealer quotes;
4) issuer spreads;
5) benchmark securities;
6) bids and offers; and
7) reference data including market research publications.
Fixed income and other debt securities having a remaining maturity of
sixty days or less when purchased are fair valued at cost adjusted for
amortization of premiums and accretions of discounts (amortized cost),
provided the Advisor's Pricing Committee has determined that the use of
amortized cost is an appropriate reflection of fair value given market and
issuer-specific conditions existing at the time of the determination.
Factors that may be considered in determining the appropriateness of the
use of amortized cost include, but are not limited to, the following:
1) the credit conditions in the relevant market and changes
thereto;
2) the liquidity conditions in the relevant market and changes
thereto;
3) the interest rate conditions in the relevant market and
changes thereto (such as significant changes in interest
rates);
4) issuer-specific conditions (such as significant credit
deterioration); and
5) any other market-based data the Advisor's Pricing Committee
considers relevant. In this regard, the Advisor's Pricing
Committee may use last-obtained market-based data to assist it
when valuing portfolio securities using amortized cost.
Common stocks and other securities listed on any national or foreign
exchange (excluding The NASDAQ(R) Stock Market, LLC ("NASDAQ") and the
London Stock Exchange Alternative Investment Market ("AIM")) are valued at
the last sale price on the exchange on which they are principally traded
or, for NASDAQ and AIM securities, the official closing price. Securities
traded on more than one securities exchange are valued at the last sale
price or official closing price, as applicable, at the close of the
securities exchange representing the principal market for such securities.
Securities traded in an over-the-counter market are fair valued at the
mean of their most recent bid and asked price, if available, and otherwise
at their closing bid price.
Forward foreign currency contracts are valued at the current day's
interpolated foreign exchange rate, as calculated using the current day's
spot rate, and the thirty, sixty, ninety and one-hundred eighty day
forward rates provided by an independent pricing service.
NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND (FEO)
MARCH 31, 2015 (UNAUDITED)
Certain securities may not be able to be priced by pre-established pricing
methods. Such securities may be valued by the Fund's Board of Trustees or its
delegate, the Advisor's Pricing Committee, at fair value. These securities
generally include, but are not limited to, restricted securities (securities
which may not be publicly sold without registration under the Securities Act of
1933, as amended) for which a pricing service is unable to provide a market
price; securities whose trading has been formally suspended; a security whose
market or fair value price is not available from a pre-established pricing
source; a security with respect to which an event has occurred that is likely to
materially affect the value of the security after the market has closed but
before the calculation of a Fund's NAV or make it difficult or impossible to
obtain a reliable market quotation; and a security whose price, as provided by
the pricing service, does not reflect the security's fair value. As a general
principle, the current fair value of a security would appear to be the amount
which the owner might reasonably expect to receive for the security upon its
current sale. When fair value prices are used, generally they will differ from
market quotations or official closing prices on the applicable exchanges. A
variety of factors may be considered in determining the fair value of such
securities, including, but not limited to, the following:
1) the fundamental business data relating to the issuer, or economic
data relating to the country of issue;
2) an evaluation of the forces which influence the market in which
these securities are purchased and sold;
3) the type, size and cost of security;
4) the financial statements of the issuer, or the financial condition
of the country of issue;
5) the credit quality and cash flow of the issuer, or country of issue,
based on Aberdeen Asset Management Inc.'s or external analysis;
6) the information as to any transactions in or offers for the
security;
7) the price and extent of public trading in similar securities (or
equity securities) of the issuer/borrower, or comparable companies;
8) the coupon payments;
9) the quality, value and salability of collateral, if any, securing
the security;
10) the business prospects of the issuer, including any ability to
obtain money or resources from a parent or affiliate and an
assessment of the issuer's management (for corporate debt only);
11) the economic, political and social prospects/developments of the
country of issue and the assessment of the country's governmental
leaders/officials (for sovereign debt only);
12) the prospects for the issuer's industry, and multiples (of earnings
and/or cash flows) being paid for similar businesses in that
industry (for corporate debt only); and
13) other relevant factors.
Fair valuation of an equity security will be based on the consideration of all
available information, including, but not limited to, the following:
1) the type of security;
2) the size of the holding;
3) the initial cost of the security;
4) transactions in comparable securities;
5) price quotes from dealers and/or pricing services;
6) relationships among various securities;
7) information obtained by contacting the issuer, analysts, or the
appropriate stock exchange;
8) an analysis of the issuer's financial statements; and
9) the existence of merger proposals or tender offers that might affect
the value of the security.
If the equity security in question is a foreign security, the following
additional information may be considered:
1) the value of similar foreign securities traded on other foreign
markets;
2) ADR trading of similar securities;
3) closed-end fund trading of similar securities;
4) foreign currency exchange activity;
5) the trading prices of financial products that are tied to baskets of
foreign securities;
6) factors relating to the event that precipitated the pricing problem;
7) whether the event is likely to recur; and
8) whether the effects of the event are isolated or whether they affect
entire markets, countries or regions.
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:
NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND (FEO)
MARCH 31, 2015 (UNAUDITED)
o Level 1 - Level 1 inputs are quoted prices in active markets for
identical investments. An active market is a market in which
transactions for the investment occur with sufficient frequency and
volume to provide pricing information on an ongoing basis.
o Level 2 - Level 2 inputs are observable inputs, either directly or
indirectly, and include the following:
o Quoted prices for similar investments in active markets.
o Quoted prices for identical or similar investments in markets
that are non-active. A non-active market is a market where
there are few transactions for the investment, the prices are
not current, or price quotations vary substantially either
over time or among market makers, or in which little
information is released publicly.
o Inputs other than quoted prices that are observable for the
investment (for example, interest rates and yield curves
observable at commonly quoted intervals, volatilities,
prepayment speeds, loss severities, credit risks, and default
rates).
o Inputs that are derived principally from or corroborated by
observable market data by correlation or other means.
o Level 3 - Level 3 inputs are unobservable inputs. Unobservable
inputs 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, 2015, is
included with the Fund's Portfolio of Investments.
B. SECURITIES TRANSACTIONS:
Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
Securities purchased on a when-issued, delayed-delivery or forward purchase
commitment basis may have extended settlement periods. The value of the security
so purchased is subject to market fluctuations during this period. The Fund
maintains liquid assets with a current value at least equal to the amount of its
when-issued, delayed-delivery or forward purchase commitments until payment is
made. At March 31, 2015, the Fund had no when-issued, delayed-delivery or
forward purchase commitments.
C. FORWARD FOREIGN CURRENCY CONTRACTS:
The Fund is subject to foreign currency risk in the normal course of pursuing
its investment objectives. Forward foreign currency contracts are agreements
between two parties ("Counterparties") to exchange one currency for another at a
future date and at a specified price. The Fund uses forward foreign currency
contracts to facilitate transactions in foreign securities and to manage the
Fund's foreign currency exposure. These contracts are valued daily, and the
Fund's net equity therein, representing unrealized gain or loss on the contracts
as measured by the difference between the forward foreign exchange rates at the
dates of entry into the contracts and the forward rates at the reporting date,
is included on the Forward Foreign Currency Contracts table in the Portfolio of
Investments. Risks arise from the possible inability of counterparties to meet
the terms of their contracts and from movement in currency and securities values
and interest rates. Due to the risks, the Fund could incur losses in excess of
the net unrealized value shown on the Forward Foreign Currency Contracts table
in the Portfolio of Investments. In the event of default by the Counterparty,
the Fund will provide notice to the Counterparty of the Fund's intent to convert
the currency held by the Fund into the currency that the Counterparty agreed to
exchange with the Fund. If a Counterparty becomes bankrupt or otherwise fails to
perform its obligations due to financial difficulties, the Fund may experience
significant delays in obtaining any recovery in a bankruptcy or other
reorganization proceeding. The Fund may obtain only limited recovery or may
obtain no recovery in such circumstances.
D. FOREIGN CURRENCY:
The books and records of the Fund are maintained in U.S. dollars. Foreign
currencies, investments and other assets and liabilities are translated into
U.S. dollars at the exchange rates prevailing at the end of the period.
Purchases and sales of investments and items of income and expense are
translated on the respective dates of such transactions. Net realized foreign
currency gains and losses include the effect of changes in exchange rates
between trade date and settlement date on investment security transactions,
foreign currency transactions and interest and dividends received.
3. DERIVATIVES TRANSACTIONS
For the fiscal year-to-date period (January 1, 2015 through March 31, 2015),
notional values of forward foreign currency contracts opened and closed were
$14,292,283 and $10,504,413, respectively.
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers, or
persons performing similar functions, have concluded that the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
270.30a-3(c))) are effective, as of a date within 90 days of the filing
date of the report that includes the disclosure required by this
paragraph, based on their evaluation of these controls and procedures
required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and
Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as
amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
270.30a-3(d)) that occurred during the registrant's last fiscal quarter
that have materially affected, or are reasonably likely to materially
affect, the registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) First Trust/Aberdeen Emerging Opportunity Fund
-------------------------------------------------------
By (Signature and Title)* /s/ Mark R. Bradley
----------------------------------------
Mark R. Bradley, President and
Chief Executive Officer
(principal executive officer)
Date: May 20, 2015
---------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Mark R. Bradley
----------------------------------------
Mark R. Bradley, President and
Chief Executive Officer
(principal executive officer)
Date: May 20, 2015
---------------
By (Signature and Title)* /s/ James M. Dykas
----------------------------------------
James M. Dykas, Treasurer,
Chief Financial Officer and
Chief Accounting Officer
(principal financial officer)
Date: May 20, 2015
---------------
* Print the name and title of each signing officer under his or her signature.