W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
(Name and address of agent for service)
Form N-CSR is to be used by management investment
companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required
to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use
the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information
specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection
of information contained in Form N-CSR 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 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. § 3507.
Item 1. Reports to Stockholders.
The First Trust/abrdn Global Opportunity Income
Fund (“Registrant”) has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal
financial officer, principal accounting officer or controller, or persons performing similar functions (“Code of Ethics”).
During the period covered by this Form N-CSR, there were no substantive amendments to the Code of Ethics and there were no waivers from
the Code of Ethics granted to the Registrant’s principal executive officer, principal financial officer, principal accounting officer
or controller, or persons performing similar functions.
A copy of the currently effective Code of Ethics will be filed with
the Registrant’s annual Form N-CSR.
Not applicable to semi-annual reports on Form N-CSR.
Not applicable to semi-annual reports on Form N-CSR.
(a) Not applicable to the Registrant.
(b) Not applicable to the Registrant.
Not applicable to the Registrant.
Not applicable to the Registrant.
Not applicable to the Registrant.
This statement is included in the Registrant’s
Semi-annual Report filed under Item 1 of this Form N-CSR.
Not applicable to semi-annual reports on Form N-CSR.
No reportable purchases for the period covered by this report.
There have been no material changes to the
procedures by which the shareholders may recommend nominees to the Registrant’s board of directors, where those changes were implemented
after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407)
(as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
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.
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.
I, James M. Dykas, certify that:
I, Derek D. Maltbie, certify that:
I, James M. Dykas, Chairman of the Board, President
and Chief Executive Officer of First Trust/abrdn Global Opportunity Income Fund (the “Registrant”), certify that:
I, Derek D. Maltbie, Treasurer, Chief Financial Officer
and Chief Accounting Officer of First Trust/abrdn Global Opportunity Income Fund (the “Registrant”), certify that:
N-2
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6 Months Ended |
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Jun. 30, 2024
$ / shares
shares
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| Prospectus [Line Items] |
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| Document Period End Date |
Jun. 30, 2024
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| Cover [Abstract] |
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| Entity Central Index Key |
0001302624
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| Amendment Flag |
false
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| Entity Inv Company Type |
N-2
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| Document Type |
N-CSRS
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| Entity Registrant Name |
First Trust/abrdn Global
Opportunity Income Fund
|
| General Description of Registrant [Abstract] |
|
| Investment Objectives and Practices [Text Block] |
The Fund’s primary investment objective is to seek a high level of current income. As a secondary objective, the Fund seeks capital appreciation. The Fund pursues these objectives by investing its Managed Assets in
the world bond markets through a diversified portfolio of investment grade and below-investment grade government and corporate debt securities. “Managed Assets” means the total asset value of the Fund minus the sum of the Fund’s liabilities other than the principal amount of borrowings, if any. There can be no assurance that the Fund will achieve its investment objectives. The Fund may not
be appropriate for all investors.
|
| Risk Factors [Table Text Block] |
Principal Risks
The Fund is a closed-end management investment company designed primarily as a long-term
investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty
inherent in all investments, there can be no assurance that the Fund will achieve its investment objectives. The following discussion
summarizes the principal risks associated with investing in the Fund, which includes the risk that you could lose some or all of
your investment in the Fund. The Fund is subject to the informational requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940 and, in accordance therewith, files reports, proxy statements and other information that is available
for review.
Africa Risk. The Fund may invest in African issuers. A fund that invests in securities issued
by African issuers is subject to certain risks specifically associated with investments in the securities of African issuers.
Investing in the economies of African countries involves risks not typically associated with investments in securities of issuers
in more developed economies, countries or geographic regions that may negatively affect the value of investments in the Fund. Such heightened
risks include, among others, expropriation and/or nationalization of assets, restrictions on and government intervention in international
trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision
making, armed conflict, civil war, and social instability as a result of religious, ethnic and/or socioeconomic unrest or widespread
outbreaks of disease. The securities markets in Africa are underdeveloped and are often considered to be less correlated to global
economic cycles than markets located in more developed economies, countries or geographic regions. Securities markets in African
countries are subject to greater risks associated with market volatility, lower market capitalization, lower trading volume, illiquidity,
inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, governmental control and heavy regulation
of labor and industry. Moreover, trading on African securities markets may be suspended altogether. Certain governments in African
countries may restrict or control to varying degrees the ability of foreign investors to invest in securities of issuers located
or operating in those countries. Moreover, certain countries in Africa may require governmental approval or special licenses prior to
investment by foreign investors; may limit the amount of investment by foreign investors in a particular industry and/or issuer;
may limit such foreign investment to a certain class of securities of an issuer that may have less advantageous rights than the classes available
for purchase by domestic investors of those countries; and/or may impose additional taxes on foreign investors. These factors,
among others, make investing in issuers located or operating in countries in Africa significantly riskier than investing in issuers located
or operating in more developed countries.
Asia Risk. The Fund is subject to certain risks specifically associated with investments in
the securities of Asian issuers. Many Asian economies have experienced rapid growth and industrialization, and there is no assurance
that this growth rate will be maintained. Some Asian economies are highly dependent on trade, and economic conditions in other
countries within and outside Asia can impact these economies. Certain of these economies may be adversely affected by trade or
policy disputes with its major trade partners. There is also a high concentration of market capitalization and trading volume in a small
number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.
Certain Asian countries have experienced and may in the future experience expropriation and nationalization of assets, confiscatory
taxation, currency manipulation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic
and/or political unrest. In particular, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea
could have a severe adverse effect on Asian economies. Governments of certain Asian countries have exercised, and continue to
exercise, substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies,
including the largest in the country. Accordingly, government actions could have a significant effect on the issuers of the Fund’s securities or on economic conditions generally. Recent developments in relations between the U.S. and China have heightened
concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions,
or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on
the economy of Asian countries and a commensurately negative impact on the Fund.
Asset-Backed Securities Risk. Asset-backed securities are debt securities typically created by buying and pooling
loans or other receivables other than mortgage loans and creating securities backed by those similar
type assets. Asset-backed securities are subject to credit risk, extension risk, interest rate risk, liquidity risk, prepayment risk and
valuation risk, as well as risk of default on the
underlying assets. Rising interest rates tend to extend the duration of such securities,
making them more sensitive to losses in value resulting from increases in interest rates. These securities are generally not backed
by the full faith and credit of the U.S. government and are subject to the risk of default on the underlying asset or loan, particularly
during periods of economic downturn. Payment of interest and repayment of principal on asset-backed securities is largely dependent
upon the cash flows generated by the assets backing the securities. Asset-backed security values may also be affected by the creditworthiness
of the servicing agent for the pool, the originator of the loans or receivables and any entities providing credit enhancement.
Credit Agency Risk. Credit ratings are determined by credit rating agencies and are only the opinions
of such entities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not
evaluate market risk or the liquidity of securities. Any shortcomings or inefficiencies in credit rating agencies’ processes for determining credit ratings may adversely affect the credit ratings of securities held by the Fund or such credit rating agency’s ability to evaluate creditworthiness, and, as a result, may adversely affect those securities’ perceived or actual credit risk.
Credit and Below-Investment Grade Securities Risk. Credit risk is the risk that the issuer or other obligated party of a debt security
in the Fund’s portfolio will fail to pay, or it is perceived that it will fail to pay, dividends or interest and/or repay principal, when due. Below-investment grade instruments, including instruments that are not rated but judged
to be of comparable quality, are commonly referred to as high-yield securities or “junk” bonds and are considered speculative with respect to the issuer’s capacity to pay dividends or interest and repay principal and are more susceptible to default or decline in
market value than investment grade securities due to adverse economic and business developments. High-yield securities are often unsecured
and subordinated to other creditors of the issuer. The market values for high-yield securities tend to be very volatile, and
these securities are generally less liquid than investment grade securities. For these reasons, an investment in the Fund is subject to the following
specific risks: (i) increased price sensitivity to changing interest rates and to a deteriorating economic environment; (ii) greater
risk of loss due to default or declining credit quality; (iii) adverse company specific events more likely to render the issuer unable to make
dividend, interest and/or principal payments; (iv) negative perception of the high-yield market which may depress the price and
liquidity of high-yield securities; (v) volatility; and (vi) liquidity.
Credit Linked Notes Risk. Credit linked notes are securities that are collateralized by one or more credit
default swaps on designated debt securities that are referred to as “reference securities.” Through the purchase of a credit linked note, the buyer assumes the risk of the default or, in some cases, other declines in credit quality of the referenced
securities. The buyer also takes on exposure to the issuer of the credit linked note in the full amount of the purchase price of the note. The
issuer of a credit linked note normally will have hedged its risk on the reference securities without acquiring any additional credit
exposure. The Fund has the right to receive periodic interest payments from the issuer of the credit linked note at an agreed upon interest
rate, and, if there has been no default or, if applicable, other declines in credit quality, a return of principal at the maturity
date. If one of the underlying reference securities defaults or suffers certain other declines in credit quality, the Fund may, instead
of receiving repayment of principal in whole or in part, receive the security that has defaulted. The market for credit linked notes may suddenly
become illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for credit linked
notes. In certain cases, a market price for a credit linked note may not be available.
Current Market Conditions Risk. Current market conditions risk is the risk that a particular investment, or shares
of the Fund in general, may fall in value due to current market conditions. As a means to fight inflation,
which remains at elevated levels, the Federal Reserve and certain foreign central banks have raised interest rates and expect to
continue to do so, and the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. U.S.
regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. Recent and
potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence
in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. The ongoing
adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may
continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad
may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing
armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle
East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe,
the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue
to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United
States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other
matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government
is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the
United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical
conflicts develop or worsen, economies,
markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by
governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets,
negatively impacting global growth prospects. While vaccines have been developed, there is no guarantee that vaccines will be effective
against emerging future variants of the disease. As this global pandemic illustrated, such events may affect certain geographic
regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets
and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development
and increased regulation of artificial intelligence. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could result in disruptions in the trading markets.
Cyber Security Risk. The Fund is susceptible to potential operational risks through breaches in cyber
security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund
to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur
regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.
Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding, but may also result from outside attacks such as denial-of-service attacks through efforts to make network
services unavailable to intended users. In addition, cyber security breaches of the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the Fund invests, can also subject
the Fund to many of the same risks associated with direct cyber security breaches. The Fund has established risk management systems designed
to reduce the risks associated with cyber security. However, there is no guarantee that such efforts will succeed, especially
because the Fund does not directly control the cyber security systems of issuers or third party service providers. Substantial costs may
be incurred by the Fund in order to resolve or prevent cyber incidents in the future.
Emerging Markets Risk. Investments in emerging market securities are considered speculative. In addition
to the general risks of investing in non-U.S. securities, heightened risks of investing in emerging markets
securities include: smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant
price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore,
foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls,
forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. The currencies
of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent
to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to
have, negative effects on the economies and securities markets of certain emerging market countries. The risks associated with investing
in emerging market securities also include: greater political uncertainties, risk of market closure or manipulation, limited reliable
access to capital, dependence on international trade or development assistance, overburdened infrastructures and environmental problems.
Emerging market countries also often have less uniformity in accounting and reporting requirements, unsettled securities laws, unreliable
securities valuation and greater risks associated with custody of securities. In addition, because the Public Company Accounting
Oversight Board is generally restricted from inspecting the audit work and practices of registered accountants in certain
emerging market countries there is the risk that material accounting and financial information about issuers in such countries may
be unavailable or unreliable.
Shareholder claims that are available in the U.S. may be less reliable in emerging
market countries, and claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including
for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S.
authorities to pursue. The limitations associated with investments in emerging market companies could impact the Fund’s ability to achieve its investment objective.
Europe Risk. The Fund is subject to certain risks associated specifically with investments in securities
of European issuers, in addition to the risks associated with investments in non-U.S. securities generally.
Political or economic disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. A significant number of countries in Europe are member states in the European Union (“EU”), and the member states no longer control their own monetary policies by directing independent interest rates for their currencies.
In these member states, the authority to direct monetary policies, including money supply and official interest rates for the Euro,
is exercised by the European Central Bank. In a 2016 referendum, the United Kingdom elected to withdraw from the EU (“Brexit”). After years of negotiations between the United Kingdom and the EU, a withdrawal agreement was reached whereby the United Kingdom
formally left the EU. As the second largest economy among EU members, the implications of the United Kingdom’s withdrawal are difficult to gauge and cannot be fully known. Trade between the United Kingdom and the EU is highly integrated through supply chains
and trade in services, as well as through multinational companies. The United Kingdom’s departure may negatively impact the EU and Europe as a whole by causing volatility within the EU, triggering prolonged economic downturns in certain European countries
or sparking additional member states to contemplate departing the EU (thereby perpetuating political instability in the region).
Fixed Income Securities Risk. An investment in fixed income securities is subject to certain risks, including:
•Interest Rate Risk. Interest rate risk is the risk that securities will decline in value because of changes
in market interest rates. For fixed rate securities, when market interest rates rise, the market value of such securities
generally will fall. Investments in fixed rate securities with long-term maturities may experience significant price declines if
long-term interest rates increase. During periods of rising interest rates, the average life of certain types of securities may be extended
because of slower than expected prepayments. This may lock in a below-market yield, increase the security’s duration and further reduce the value of the security. Fixed rate securities with longer durations tend to be more sensitive to changes in interest rates, usually
making them more volatile than securities with shorter durations.
•Issuer Risk. The value of fixed income securities may decline for a number of reasons which directly
relate to the issuer, such as management performance, leverage and reduced demand for the issuer’s goods and services.
•Prepayment Risk. Prepayment risk is the risk that the issuer of a debt security will repay principal
prior to the scheduled maturity date. During periods of declining interest rates, the issuer of a security may exercise
its option to prepay principal earlier than scheduled, forcing the Fund to reinvest the proceeds from such prepayment in lower
yielding securities, which may result in a decline in the Fund’s income and distributions to common shareholders.
•Reinvestment Risk. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called securities at market interest rates that are below the Fund portfolio’s current earnings rate. Similarly, the yield-to-maturity of a security assumes that all coupons are reinvested at the prevailing
rate. If rates fall, the actual yield realized on the security may be lower as the security’s coupons are reinvested at lower yields.
Forward Foreign Currency Exchange Contracts Risk. The Fund may use forward foreign currency exchange contracts for both hedging and investment purposes. A forward foreign currency exchange contract is
a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a
specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. The Fund
may also invest in non-deliverable forward foreign currency exchange contracts (“NDFs”). NDFs are similar to other forward foreign currency exchange contracts, but do not require or permit physical delivery of currency upon settlement. Instead, settlement is made
in cash based on the difference between the contracted exchange rate and the spot foreign exchange rate at settlement.
Forward foreign currency exchange contracts involve certain risks, including foreign
currency risk, the risk of failure of the counterparty to perform its obligations under the contract, and liquidity risk. For
example, because forward currency exchange contracts are privately negotiated transactions, there can be no assurance that the
Fund will be able to roll-over a forward currency exchange contract upon its expiration if it desires to do so. In addition, the principals
who deal in the forward markets are not required to continue to make markets in the currencies they trade and these markets can experience
periods of illiquidity, sometimes of significant duration. The cost to the Fund of engaging in currency exchange transactions
varies with such factors as the currency involved, the length of the contract period and prevailing market conditions. Successful
use of forward foreign currency exchange contracts depends on the portfolio manager’s skill in analyzing and predicting currency values, among other factors. Forward contracts may substantially change the Fund’s exposure to changes in currency exchange rates and could result in losses to the Fund if currencies do not perform as the portfolio manager anticipates. There is no assurance that the portfolio manager’s use of forward currency contracts will be advantageous to the Fund.
When used for hedging purposes, the Fund is subject to the risk that the use of forward
contracts may not serve as a complete hedge because of an imperfect correlation between movements in the prices of the contracts
and the prices of the currencies hedged. While forward foreign currency exchange contracts may limit the risk of loss due to a decline
in the value of the hedged currencies, they also may limit any potential gain that might result should the value of the currencies
increase. Hedging against a decline in the value of a currency does not eliminate fluctuations in the value of a portfolio security traded
in that currency or prevent a loss if the value of the security declines. Moreover, it may not be possible for the Fund to hedge against
a devaluation that is so generally anticipated that the Fund is not able to contract to sell the currency at a price above the devaluation
level it anticipates. The projection of short-term currency market movements can be extremely difficult, and the successful execution
of a hedging strategy can be highly uncertain.
Geographic Concentration Risk. The Fund may invest from time to time a substantial amount of its assets in issuers
located in a single country or region. Because the Fund may concentrate its investments in this
manner, it assumes the risk that economic, political and social conditions in that country or region will have a significant impact on
its investment performance, which may result in greater losses and volatility than if it had diversified its investments across a
greater number of countries and regions.
Government Securities Risk. The ability of a government issuer, especially in an emerging market country, to make
timely and complete payments on its debt obligations will be strongly influenced by the government issuer’s balance of payments, including export performance, its access to international credits and investments, fluctuations
of interest rates and the extent of its foreign
reserves. A country whose exports are concentrated in a few commodities or whose economy
depends on certain strategic imports could be vulnerable to fluctuations in international prices of such commodities or
imports. To the extent that a country receives payment for its exports in currencies other than U.S. dollars, its ability to make
debt payments denominated in U.S. dollars could be adversely affected. If a government issuer cannot generate sufficient earnings from
foreign trade to service its external debt, it may need to depend on continuing loans and aid from foreign governments, commercial banks,
and multinational organizations. There are no bankruptcy proceedings similar to those in the United States by which defaulted
government debt may be collected. Additional factors that may influence a government issuer’s ability or willingness to service debt include, but are not limited to, a country’s cash flow situation, the availability of sufficient foreign exchange on the date a payment
is due, the relative size of its debt service burden to the economy as a whole, and the issuer’s policy towards the International Monetary Fund, the International Bank for Reconstruction and Development and other international agencies to which a government debtor may
be subject.
The Fund’s investments in non-U.S. government securities have additional risks and considerations that may not typically be associated with investments in U.S. government securities. Economies and social and political
climates in individual countries may differ, and may differ unfavorably, from that of the United States. Non-U.S. economies may have
less favorable rates of growth of gross domestic product, rates of inflation, currency valuation, capital reinvestment, resource self-sufficiency
and balance of payments positions. Many countries have experienced extremely high rates of inflation for many years. Unanticipated
economic, political and social developments may also affect the values of the Fund’s investments and limit the availability of additional investments in such countries. Furthermore, such developments may significantly disrupt the financial markets or interfere with the Fund’s ability to enforce its rights against non-U.S. government issuers. Investments in debt instruments
of issuers located in emerging market countries are considered speculative.
Illiquid and Restricted Securities Risk. The Fund may invest in securities that are restricted and/or illiquid securities.
Restricted securities are securities that cannot be offered for public resale unless registered
under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. Restricted securities
may be illiquid as they generally are not listed on an exchange and may have no active trading market. Investments in restricted securities
could have the effect of increasing the amount of the Fund’s assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase these securities. Illiquid and restricted securities may be difficult to dispose of at a fair price at the times
when the Fund believes it is desirable to do so. The market price of illiquid and restricted securities generally is more volatile than that of
more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of such securities. Illiquid
and restricted securities are also more difficult to value, especially in challenging markets.
Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will
be worth less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may decline. This risk is more prevalent with respect to fixed income securities held by the Fund. Inflation
rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund investors.
Latin America Risk. The Fund is subject to certain risks specifically associated with investments in
the securities of Latin American issuers. The economies of Latin American countries have in the past experienced considerable
difficulties, including high inflation rates, high interest rates, high unemployment, government overspending and political
instability. International economic conditions, particularly those in the United States, Europe and Asia, as well as world prices
for oil and other commodities may also influence the development of Latin American economies. Many Latin American countries are highly
reliant on the exportation of commodities and their economies may be significantly impacted by fluctuations in commodity prices
and the global demand for certain commodities. Investments in Latin American countries may be subject to currency risks, such as
restrictions on the flow of money in and out of a country, extreme volatility relative to the U.S. dollar, and devaluation, all of which
could decrease the value of investments in Latin American companies. Other Latin American investment risks may include inadequate investor
protection, less developed regulatory, accounting, auditing and financial standards, unfavorable changes in laws or regulations,
natural disasters, corruption and military activity. The governments of many Latin American countries may also exercise substantial
influence over many aspects of the private sector, and any such exercise could have a significant effect on companies in which
the Fund invests. Securities of companies in Latin America may also be subject to significant price volatility.
Leverage Risk. The use of leverage by the Fund can magnify the effect of any losses. If the income
and gains from the securities and investments purchased with leverage proceeds do not cover the cost of leverage, the
return to the common shares will be less than if leverage had not been used. Leverage involves risks and special considerations for
common shareholders including: (i) the likelihood of greater volatility of net asset value and market price of the common shares than
a comparable portfolio without leverage; (ii) the risk that fluctuations in interest rates on borrowings will reduce the return to the
common shareholders or will result in fluctuations in the dividends paid on the common shares; (iii) in a declining market, the use of leverage
is likely to cause a greater decline in the net asset value of the common shares than if the Fund were not leveraged, which may result
in a greater decline in the market price of the
common shares; and (iv) when the Fund uses certain types of leverage, the investment
advisory fee payable to the Advisor and by the Advisor to the Sub-Advisor will be higher than if the Fund did not use leverage.
Management Risk and Reliance on Key Personnel. The implementation of the Fund’s investment strategy depends upon the continued contributions of certain key employees of the Advisor and Sub-Advisor, some
of whom have unique talents and experience and would be difficult to replace. The loss or interruption of the services of a key
member of the portfolio management team could have a negative impact on the Fund.
Market Discount from Net Asset Value. Shares of closed-end investment companies such as the Fund frequently trade at a
discount from their net asset value. The Fund cannot predict whether its common shares will
trade at, below or above net asset value.
Market Risk. Investments held by the Fund, as well as shares of the Fund itself, are subject to
market fluctuations caused by real or perceived adverse economic conditions, political events, regulatory factors or market
developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or
underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or
global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political
changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases
or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Any
of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may fluctuate.
Non-U.S. Securities and Currency Risk. Investing in securities of non-U.S. issuers may involve certain risks not typically
associated with investing in securities of U.S. issuers. These risks include: (i) there may be
less publicly available information about non-U.S. issuers or markets due to less rigorous disclosure or accounting standards or regulatory
practices; (ii) non-U.S. markets may be smaller, less liquid and more volatile than the U.S. market; (iii) potential adverse
effects of fluctuations in currency exchange rates or controls on the value of the Fund’s investments; (iv) the economies of non-U.S. countries may grow at slower rates than expected or may experience a downturn or recession; (v) the impact of economic, political, social
or diplomatic events as well as of foreign governmental laws or restrictions and differing legal standards; (vi) certain non-U.S.
countries may impose restrictions on the ability of non-U.S. issuers to make payments of principal and interest to investors located in
the United States due to blockage of non-U.S. currency exchanges or otherwise; and (vii) withholding and other non-U.S. taxes may decrease the Fund’s return. Foreign companies are generally not subject to the same accounting, auditing and financial reporting
standards as are U.S. companies. In addition, there may be difficulty in obtaining or enforcing a court judgment abroad, including in
the event the issuer of a non-U.S. security defaults or enters bankruptcy administration or other proceedings. These risks may be more pronounced
to the extent that the Fund invests a significant amount of its assets in companies located in one region or in emerging
markets. Because the Fund may invest in securities denominated or quoted in non-U.S. currencies, changes in the non-U.S. currency/United
States dollar exchange rate may affect the value of the Fund’s securities and the unrealized appreciation or depreciation of investments. While certain of the Fund’s non-U.S. dollar-denominated securities may be hedged into U.S. dollars, hedging may not alleviate
all currency risks.
Recent developments in relations between the U.S. and China had heightened concerns
of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the
threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on
global markets, including the economy of Asian countries, and a commensurately negative impact on the Fund.
Operational Risk. The Fund is subject to risks arising from various operational factors, including,
but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third parties for
a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Advisor seek to reduce these operational risks through controls
and procedures, there is no way to completely protect against such risks.
Potential Conflicts of Interest Risk. First Trust, abrdn Inc. (“abrdn”) and the portfolio managers have interests which may conflict with the interests of the Fund. In particular, First Trust and abrdn currently manage
and may in the future manage and/or advise other investment funds or accounts with the same or substantially similar investment objectives
and strategies as the Fund. In addition, while the Fund is using leverage, the amount of the fees paid to First Trust (and by First
Trust to abrdn) for investment advisory and management services are higher than if the Fund did not use leverage because the fees
paid are calculated based on managed assets. Therefore, First Trust and abrdn have a financial incentive to leverage the Fund.
Reorganization Risk. The Board of Trustees and shareholders of the Fund have approved the reorganization
of the Fund into ACP. The transaction is anticipated to be consummated in September 2024, subject to
the satisfaction of applicable regulatory requirements and approvals and customary closing conditions. There is no assurance
whether such approvals will be obtained or conditions met. Under the terms of the transaction, shareholders of the Fund would
receive shares of ACP, which will have its own investment strategies, and thereafter cease to be a shareholder of the Fund. More
information on the transaction, including the risks and considerations associated with the transaction as well as the risks of investing
in ACP, is contained in the proxy statement/prospectus related to the Reorganization as filed with the SEC.
Valuation Risk. Unlike publicly traded common stock which trades on national exchanges, there is
no central place or exchange for certain debt securities trading. Debt securities generally trade on an “over-the-counter” market which may be anywhere in the world where the buyer and seller can settle on a price. Due to the lack of centralized information
and trading, the valuation of certain debt securities may carry more risk than that of common stock. Uncertainties in the conditions
of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may
lead to inaccurate asset pricing.
|
| Share Price |
$ 6.34
|
| NAV Per Share |
$ 6.50
|
| Latest Premium (Discount) to NAV [Percent] |
(2.46%)
|
| Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
| Outstanding Security, Title [Text Block] |
Common Shares outstanding (unlimited number of Common Shares has been authorized)
|
| Outstanding Security, Held [Shares] | shares |
10,143,247
|
| Africa Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Africa Risk. The Fund may invest in African issuers. A fund that invests in securities issued
by African issuers is subject to certain risks specifically associated with investments in the securities of African issuers.
Investing in the economies of African countries involves risks not typically associated with investments in securities of issuers
in more developed economies, countries or geographic regions that may negatively affect the value of investments in the Fund. Such heightened
risks include, among others, expropriation and/or nationalization of assets, restrictions on and government intervention in international
trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision
making, armed conflict, civil war, and social instability as a result of religious, ethnic and/or socioeconomic unrest or widespread
outbreaks of disease. The securities markets in Africa are underdeveloped and are often considered to be less correlated to global
economic cycles than markets located in more developed economies, countries or geographic regions. Securities markets in African
countries are subject to greater risks associated with market volatility, lower market capitalization, lower trading volume, illiquidity,
inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, governmental control and heavy regulation
of labor and industry. Moreover, trading on African securities markets may be suspended altogether. Certain governments in African
countries may restrict or control to varying degrees the ability of foreign investors to invest in securities of issuers located
or operating in those countries. Moreover, certain countries in Africa may require governmental approval or special licenses prior to
investment by foreign investors; may limit the amount of investment by foreign investors in a particular industry and/or issuer;
may limit such foreign investment to a certain class of securities of an issuer that may have less advantageous rights than the classes available
for purchase by domestic investors of those countries; and/or may impose additional taxes on foreign investors. These factors,
among others, make investing in issuers located or operating in countries in Africa significantly riskier than investing in issuers located
or operating in more developed countries.
|
| Asia Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Asia Risk. The Fund is subject to certain risks specifically associated with investments in
the securities of Asian issuers. Many Asian economies have experienced rapid growth and industrialization, and there is no assurance
that this growth rate will be maintained. Some Asian economies are highly dependent on trade, and economic conditions in other
countries within and outside Asia can impact these economies. Certain of these economies may be adversely affected by trade or
policy disputes with its major trade partners. There is also a high concentration of market capitalization and trading volume in a small
number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.
Certain Asian countries have experienced and may in the future experience expropriation and nationalization of assets, confiscatory
taxation, currency manipulation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic
and/or political unrest. In particular, escalated tensions involving North Korea and any outbreak of hostilities involving North Korea
could have a severe adverse effect on Asian economies. Governments of certain Asian countries have exercised, and continue to
exercise, substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies,
including the largest in the country. Accordingly, government actions could have a significant effect on the issuers of the Fund’s securities or on economic conditions generally. Recent developments in relations between the U.S. and China have heightened
concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions,
or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on
the economy of Asian countries and a commensurately negative impact on the Fund.
|
| Asset Backed Securities Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Asset-Backed Securities Risk. Asset-backed securities are debt securities typically created by buying and pooling
loans or other receivables other than mortgage loans and creating securities backed by those similar
type assets. Asset-backed securities are subject to credit risk, extension risk, interest rate risk, liquidity risk, prepayment risk and
valuation risk, as well as risk of default on the
underlying assets. Rising interest rates tend to extend the duration of such securities,
making them more sensitive to losses in value resulting from increases in interest rates. These securities are generally not backed
by the full faith and credit of the U.S. government and are subject to the risk of default on the underlying asset or loan, particularly
during periods of economic downturn. Payment of interest and repayment of principal on asset-backed securities is largely dependent
upon the cash flows generated by the assets backing the securities. Asset-backed security values may also be affected by the creditworthiness
of the servicing agent for the pool, the originator of the loans or receivables and any entities providing credit enhancement.
|
| Credit Agency Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Credit Agency Risk. Credit ratings are determined by credit rating agencies and are only the opinions
of such entities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not
evaluate market risk or the liquidity of securities. Any shortcomings or inefficiencies in credit rating agencies’ processes for determining credit ratings may adversely affect the credit ratings of securities held by the Fund or such credit rating agency’s ability to evaluate creditworthiness, and, as a result, may adversely affect those securities’ perceived or actual credit risk.
|
| Credit And Below Investment Grade Securities Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Credit and Below-Investment Grade Securities Risk. Credit risk is the risk that the issuer or other obligated party of a debt security
in the Fund’s portfolio will fail to pay, or it is perceived that it will fail to pay, dividends or interest and/or repay principal, when due. Below-investment grade instruments, including instruments that are not rated but judged
to be of comparable quality, are commonly referred to as high-yield securities or “junk” bonds and are considered speculative with respect to the issuer’s capacity to pay dividends or interest and repay principal and are more susceptible to default or decline in
market value than investment grade securities due to adverse economic and business developments. High-yield securities are often unsecured
and subordinated to other creditors of the issuer. The market values for high-yield securities tend to be very volatile, and
these securities are generally less liquid than investment grade securities. For these reasons, an investment in the Fund is subject to the following
specific risks: (i) increased price sensitivity to changing interest rates and to a deteriorating economic environment; (ii) greater
risk of loss due to default or declining credit quality; (iii) adverse company specific events more likely to render the issuer unable to make
dividend, interest and/or principal payments; (iv) negative perception of the high-yield market which may depress the price and
liquidity of high-yield securities; (v) volatility; and (vi) liquidity.
|
| Credit Linked Notes Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Credit Linked Notes Risk. Credit linked notes are securities that are collateralized by one or more credit
default swaps on designated debt securities that are referred to as “reference securities.” Through the purchase of a credit linked note, the buyer assumes the risk of the default or, in some cases, other declines in credit quality of the referenced
securities. The buyer also takes on exposure to the issuer of the credit linked note in the full amount of the purchase price of the note. The
issuer of a credit linked note normally will have hedged its risk on the reference securities without acquiring any additional credit
exposure. The Fund has the right to receive periodic interest payments from the issuer of the credit linked note at an agreed upon interest
rate, and, if there has been no default or, if applicable, other declines in credit quality, a return of principal at the maturity
date. If one of the underlying reference securities defaults or suffers certain other declines in credit quality, the Fund may, instead
of receiving repayment of principal in whole or in part, receive the security that has defaulted. The market for credit linked notes may suddenly
become illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for credit linked
notes. In certain cases, a market price for a credit linked note may not be available.
|
| Current Market Conditions Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Current Market Conditions Risk. Current market conditions risk is the risk that a particular investment, or shares
of the Fund in general, may fall in value due to current market conditions. As a means to fight inflation,
which remains at elevated levels, the Federal Reserve and certain foreign central banks have raised interest rates and expect to
continue to do so, and the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. U.S.
regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund’s ability to achieve its investment strategies or make certain investments. Recent and
potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence
in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. The ongoing
adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may
continue to have an adverse impact the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund’s investments and operations. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad
may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing
armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle
East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe,
the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue
to have a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United
States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other
matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government
is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the
United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical
conflicts develop or worsen, economies,
markets and individual securities may be adversely affected, and the value of the Fund’s assets may go down. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by
governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets,
negatively impacting global growth prospects. While vaccines have been developed, there is no guarantee that vaccines will be effective
against emerging future variants of the disease. As this global pandemic illustrated, such events may affect certain geographic
regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets
and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development
and increased regulation of artificial intelligence. These events, and any other future events, may adversely affect the prices and liquidity of the Fund’s portfolio investments and could result in disruptions in the trading markets.
|
| Cyber Security Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Cyber Security Risk. The Fund is susceptible to potential operational risks through breaches in cyber
security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund
to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur
regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.
Cyber security breaches may involve unauthorized access to the Fund’s digital information systems through “hacking” or malicious software coding, but may also result from outside attacks such as denial-of-service attacks through efforts to make network
services unavailable to intended users. In addition, cyber security breaches of the Fund’s third-party service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the Fund invests, can also subject
the Fund to many of the same risks associated with direct cyber security breaches. The Fund has established risk management systems designed
to reduce the risks associated with cyber security. However, there is no guarantee that such efforts will succeed, especially
because the Fund does not directly control the cyber security systems of issuers or third party service providers. Substantial costs may
be incurred by the Fund in order to resolve or prevent cyber incidents in the future.
|
| Emerging Markets Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Emerging Markets Risk. Investments in emerging market securities are considered speculative. In addition
to the general risks of investing in non-U.S. securities, heightened risks of investing in emerging markets
securities include: smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant
price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore,
foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls,
forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. The currencies
of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent
to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to
have, negative effects on the economies and securities markets of certain emerging market countries. The risks associated with investing
in emerging market securities also include: greater political uncertainties, risk of market closure or manipulation, limited reliable
access to capital, dependence on international trade or development assistance, overburdened infrastructures and environmental problems.
Emerging market countries also often have less uniformity in accounting and reporting requirements, unsettled securities laws, unreliable
securities valuation and greater risks associated with custody of securities. In addition, because the Public Company Accounting
Oversight Board is generally restricted from inspecting the audit work and practices of registered accountants in certain
emerging market countries there is the risk that material accounting and financial information about issuers in such countries may
be unavailable or unreliable.
Shareholder claims that are available in the U.S. may be less reliable in emerging
market countries, and claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including
for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S.
authorities to pursue. The limitations associated with investments in emerging market companies could impact the Fund’s ability to achieve its investment objective.
|
| Europe Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Europe Risk. The Fund is subject to certain risks associated specifically with investments in securities
of European issuers, in addition to the risks associated with investments in non-U.S. securities generally.
Political or economic disruptions in European countries, even in countries in which the Fund is not invested, may adversely affect security values and thus the Fund’s holdings. A significant number of countries in Europe are member states in the European Union (“EU”), and the member states no longer control their own monetary policies by directing independent interest rates for their currencies.
In these member states, the authority to direct monetary policies, including money supply and official interest rates for the Euro,
is exercised by the European Central Bank. In a 2016 referendum, the United Kingdom elected to withdraw from the EU (“Brexit”). After years of negotiations between the United Kingdom and the EU, a withdrawal agreement was reached whereby the United Kingdom
formally left the EU. As the second largest economy among EU members, the implications of the United Kingdom’s withdrawal are difficult to gauge and cannot be fully known. Trade between the United Kingdom and the EU is highly integrated through supply chains
and trade in services, as well as through multinational companies. The United Kingdom’s departure may negatively impact the EU and Europe as a whole by causing volatility within the EU, triggering prolonged economic downturns in certain European countries
or sparking additional member states to contemplate departing the EU (thereby perpetuating political instability in the region).
|
| Fixed Income Securities Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Fixed Income Securities Risk. An investment in fixed income securities is subject to certain risks, including:
•Interest Rate Risk. Interest rate risk is the risk that securities will decline in value because of changes
in market interest rates. For fixed rate securities, when market interest rates rise, the market value of such securities
generally will fall. Investments in fixed rate securities with long-term maturities may experience significant price declines if
long-term interest rates increase. During periods of rising interest rates, the average life of certain types of securities may be extended
because of slower than expected prepayments. This may lock in a below-market yield, increase the security’s duration and further reduce the value of the security. Fixed rate securities with longer durations tend to be more sensitive to changes in interest rates, usually
making them more volatile than securities with shorter durations.
•Issuer Risk. The value of fixed income securities may decline for a number of reasons which directly
relate to the issuer, such as management performance, leverage and reduced demand for the issuer’s goods and services.
•Prepayment Risk. Prepayment risk is the risk that the issuer of a debt security will repay principal
prior to the scheduled maturity date. During periods of declining interest rates, the issuer of a security may exercise
its option to prepay principal earlier than scheduled, forcing the Fund to reinvest the proceeds from such prepayment in lower
yielding securities, which may result in a decline in the Fund’s income and distributions to common shareholders.
•Reinvestment Risk. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called securities at market interest rates that are below the Fund portfolio’s current earnings rate. Similarly, the yield-to-maturity of a security assumes that all coupons are reinvested at the prevailing
rate. If rates fall, the actual yield realized on the security may be lower as the security’s coupons are reinvested at lower yields.
|
| Forward Foreign Currency Exchange Contracts Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Forward Foreign Currency Exchange Contracts Risk. The Fund may use forward foreign currency exchange contracts for both hedging and investment purposes. A forward foreign currency exchange contract is
a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a
specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. The Fund
may also invest in non-deliverable forward foreign currency exchange contracts (“NDFs”). NDFs are similar to other forward foreign currency exchange contracts, but do not require or permit physical delivery of currency upon settlement. Instead, settlement is made
in cash based on the difference between the contracted exchange rate and the spot foreign exchange rate at settlement.
Forward foreign currency exchange contracts involve certain risks, including foreign
currency risk, the risk of failure of the counterparty to perform its obligations under the contract, and liquidity risk. For
example, because forward currency exchange contracts are privately negotiated transactions, there can be no assurance that the
Fund will be able to roll-over a forward currency exchange contract upon its expiration if it desires to do so. In addition, the principals
who deal in the forward markets are not required to continue to make markets in the currencies they trade and these markets can experience
periods of illiquidity, sometimes of significant duration. The cost to the Fund of engaging in currency exchange transactions
varies with such factors as the currency involved, the length of the contract period and prevailing market conditions. Successful
use of forward foreign currency exchange contracts depends on the portfolio manager’s skill in analyzing and predicting currency values, among other factors. Forward contracts may substantially change the Fund’s exposure to changes in currency exchange rates and could result in losses to the Fund if currencies do not perform as the portfolio manager anticipates. There is no assurance that the portfolio manager’s use of forward currency contracts will be advantageous to the Fund.
When used for hedging purposes, the Fund is subject to the risk that the use of forward
contracts may not serve as a complete hedge because of an imperfect correlation between movements in the prices of the contracts
and the prices of the currencies hedged. While forward foreign currency exchange contracts may limit the risk of loss due to a decline
in the value of the hedged currencies, they also may limit any potential gain that might result should the value of the currencies
increase. Hedging against a decline in the value of a currency does not eliminate fluctuations in the value of a portfolio security traded
in that currency or prevent a loss if the value of the security declines. Moreover, it may not be possible for the Fund to hedge against
a devaluation that is so generally anticipated that the Fund is not able to contract to sell the currency at a price above the devaluation
level it anticipates. The projection of short-term currency market movements can be extremely difficult, and the successful execution
of a hedging strategy can be highly uncertain.
|
| Geographic Concentration Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Geographic Concentration Risk. The Fund may invest from time to time a substantial amount of its assets in issuers
located in a single country or region. Because the Fund may concentrate its investments in this
manner, it assumes the risk that economic, political and social conditions in that country or region will have a significant impact on
its investment performance, which may result in greater losses and volatility than if it had diversified its investments across a
greater number of countries and regions.
|
| Government Securities Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Government Securities Risk. The ability of a government issuer, especially in an emerging market country, to make
timely and complete payments on its debt obligations will be strongly influenced by the government issuer’s balance of payments, including export performance, its access to international credits and investments, fluctuations
of interest rates and the extent of its foreign
reserves. A country whose exports are concentrated in a few commodities or whose economy
depends on certain strategic imports could be vulnerable to fluctuations in international prices of such commodities or
imports. To the extent that a country receives payment for its exports in currencies other than U.S. dollars, its ability to make
debt payments denominated in U.S. dollars could be adversely affected. If a government issuer cannot generate sufficient earnings from
foreign trade to service its external debt, it may need to depend on continuing loans and aid from foreign governments, commercial banks,
and multinational organizations. There are no bankruptcy proceedings similar to those in the United States by which defaulted
government debt may be collected. Additional factors that may influence a government issuer’s ability or willingness to service debt include, but are not limited to, a country’s cash flow situation, the availability of sufficient foreign exchange on the date a payment
is due, the relative size of its debt service burden to the economy as a whole, and the issuer’s policy towards the International Monetary Fund, the International Bank for Reconstruction and Development and other international agencies to which a government debtor may
be subject.
The Fund’s investments in non-U.S. government securities have additional risks and considerations that may not typically be associated with investments in U.S. government securities. Economies and social and political
climates in individual countries may differ, and may differ unfavorably, from that of the United States. Non-U.S. economies may have
less favorable rates of growth of gross domestic product, rates of inflation, currency valuation, capital reinvestment, resource self-sufficiency
and balance of payments positions. Many countries have experienced extremely high rates of inflation for many years. Unanticipated
economic, political and social developments may also affect the values of the Fund’s investments and limit the availability of additional investments in such countries. Furthermore, such developments may significantly disrupt the financial markets or interfere with the Fund’s ability to enforce its rights against non-U.S. government issuers. Investments in debt instruments
of issuers located in emerging market countries are considered speculative.
|
| Illiquid And Restricted Securities Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Illiquid and Restricted Securities Risk. The Fund may invest in securities that are restricted and/or illiquid securities.
Restricted securities are securities that cannot be offered for public resale unless registered
under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. Restricted securities
may be illiquid as they generally are not listed on an exchange and may have no active trading market. Investments in restricted securities
could have the effect of increasing the amount of the Fund’s assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase these securities. Illiquid and restricted securities may be difficult to dispose of at a fair price at the times
when the Fund believes it is desirable to do so. The market price of illiquid and restricted securities generally is more volatile than that of
more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of such securities. Illiquid
and restricted securities are also more difficult to value, especially in challenging markets.
|
| Inflation Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will
be worth less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may decline. This risk is more prevalent with respect to fixed income securities held by the Fund. Inflation
rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund investors.
|
| Latin America Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Latin America Risk. The Fund is subject to certain risks specifically associated with investments in
the securities of Latin American issuers. The economies of Latin American countries have in the past experienced considerable
difficulties, including high inflation rates, high interest rates, high unemployment, government overspending and political
instability. International economic conditions, particularly those in the United States, Europe and Asia, as well as world prices
for oil and other commodities may also influence the development of Latin American economies. Many Latin American countries are highly
reliant on the exportation of commodities and their economies may be significantly impacted by fluctuations in commodity prices
and the global demand for certain commodities. Investments in Latin American countries may be subject to currency risks, such as
restrictions on the flow of money in and out of a country, extreme volatility relative to the U.S. dollar, and devaluation, all of which
could decrease the value of investments in Latin American companies. Other Latin American investment risks may include inadequate investor
protection, less developed regulatory, accounting, auditing and financial standards, unfavorable changes in laws or regulations,
natural disasters, corruption and military activity. The governments of many Latin American countries may also exercise substantial
influence over many aspects of the private sector, and any such exercise could have a significant effect on companies in which
the Fund invests. Securities of companies in Latin America may also be subject to significant price volatility.
|
| Leverage Risk [Member] |
|
| General Description of Registrant [Abstract] |
|
| Risk [Text Block] |
Leverage Risk. The use of leverage by the Fund can magnify the effect of any losses. If the income
and gains from the securities and investments purchased with leverage proceeds do not cover the cost of leverage, the
return to the common shares will be less than if leverage had not been used. Leverage involves risks and special considerations for
common shareholders including: (i) the likelihood of greater volatility of net asset value and market price of the common shares than
a comparable portfolio without leverage; (ii) the risk that fluctuations in interest rates on borrowings will reduce the return to the
common shareholders or will result in fluctuations in the dividends paid on the common shares; (iii) in a declining market, the use of leverage
is likely to cause a greater decline in the net asset value of the common shares than if the Fund were not leveraged, which may result
in a greater decline in the market price of the
common shares; and (iv) when the Fund uses certain types of leverage, the investment
advisory fee payable to the Advisor and by the Advisor to the Sub-Advisor will be higher than if the Fund did not use leverage.
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| Management Risk And Reliance On Key Personnel [Member] |
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| General Description of Registrant [Abstract] |
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| Risk [Text Block] |
Management Risk and Reliance on Key Personnel. The implementation of the Fund’s investment strategy depends upon the continued contributions of certain key employees of the Advisor and Sub-Advisor, some
of whom have unique talents and experience and would be difficult to replace. The loss or interruption of the services of a key
member of the portfolio management team could have a negative impact on the Fund.
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| Market Discount From Net Asset Value [Member] |
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| General Description of Registrant [Abstract] |
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| Risk [Text Block] |
Market Discount from Net Asset Value. Shares of closed-end investment companies such as the Fund frequently trade at a
discount from their net asset value. The Fund cannot predict whether its common shares will
trade at, below or above net asset value.
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| Market Risk [Member] |
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| General Description of Registrant [Abstract] |
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| Risk [Text Block] |
Market Risk. Investments held by the Fund, as well as shares of the Fund itself, are subject to
market fluctuations caused by real or perceived adverse economic conditions, political events, regulatory factors or market
developments, changes in interest rates and perceived trends in securities prices. Shares of the Fund could decline in value or
underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or
global events such as war, acts of terrorism, market manipulation, government defaults, government shutdowns, regulatory actions, political
changes, diplomatic developments, the imposition of sanctions and other similar measures, spread of infectious diseases
or other public health issues, recessions, or other events could have a significant negative impact on the Fund and its investments. Any
of such circumstances could have a materially negative impact on the value of the Fund’s shares, the liquidity of an investment, and may result in increased market volatility. During any such events, the Fund’s shares may trade at increased premiums or discounts to their net asset value, the bid/ask spread on the Fund’s shares may widen and the returns on investment may fluctuate.
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| Non U S Securities And Currency Risk [Member] |
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| General Description of Registrant [Abstract] |
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| Risk [Text Block] |
Non-U.S. Securities and Currency Risk. Investing in securities of non-U.S. issuers may involve certain risks not typically
associated with investing in securities of U.S. issuers. These risks include: (i) there may be
less publicly available information about non-U.S. issuers or markets due to less rigorous disclosure or accounting standards or regulatory
practices; (ii) non-U.S. markets may be smaller, less liquid and more volatile than the U.S. market; (iii) potential adverse
effects of fluctuations in currency exchange rates or controls on the value of the Fund’s investments; (iv) the economies of non-U.S. countries may grow at slower rates than expected or may experience a downturn or recession; (v) the impact of economic, political, social
or diplomatic events as well as of foreign governmental laws or restrictions and differing legal standards; (vi) certain non-U.S.
countries may impose restrictions on the ability of non-U.S. issuers to make payments of principal and interest to investors located in
the United States due to blockage of non-U.S. currency exchanges or otherwise; and (vii) withholding and other non-U.S. taxes may decrease the Fund’s return. Foreign companies are generally not subject to the same accounting, auditing and financial reporting
standards as are U.S. companies. In addition, there may be difficulty in obtaining or enforcing a court judgment abroad, including in
the event the issuer of a non-U.S. security defaults or enters bankruptcy administration or other proceedings. These risks may be more pronounced
to the extent that the Fund invests a significant amount of its assets in companies located in one region or in emerging
markets. Because the Fund may invest in securities denominated or quoted in non-U.S. currencies, changes in the non-U.S. currency/United
States dollar exchange rate may affect the value of the Fund’s securities and the unrealized appreciation or depreciation of investments. While certain of the Fund’s non-U.S. dollar-denominated securities may be hedged into U.S. dollars, hedging may not alleviate
all currency risks.
Recent developments in relations between the U.S. and China had heightened concerns
of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the
threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on
global markets, including the economy of Asian countries, and a commensurately negative impact on the Fund.
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| Operational Risk [Member] |
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| General Description of Registrant [Abstract] |
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| Risk [Text Block] |
Operational Risk. The Fund is subject to risks arising from various operational factors, including,
but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third parties for
a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Advisor seek to reduce these operational risks through controls
and procedures, there is no way to completely protect against such risks.
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| Potential Conflicts Of Interest Risk [Member] |
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| General Description of Registrant [Abstract] |
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| Risk [Text Block] |
Potential Conflicts of Interest Risk. First Trust, abrdn Inc. (“abrdn”) and the portfolio managers have interests which may conflict with the interests of the Fund. In particular, First Trust and abrdn currently manage
and may in the future manage and/or advise other investment funds or accounts with the same or substantially similar investment objectives
and strategies as the Fund. In addition, while the Fund is using leverage, the amount of the fees paid to First Trust (and by First
Trust to abrdn) for investment advisory and management services are higher than if the Fund did not use leverage because the fees
paid are calculated based on managed assets. Therefore, First Trust and abrdn have a financial incentive to leverage the Fund.
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| Reorganization Risk [Member] |
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| General Description of Registrant [Abstract] |
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| Risk [Text Block] |
Reorganization Risk. The Board of Trustees and shareholders of the Fund have approved the reorganization
of the Fund into ACP. The transaction is anticipated to be consummated in September 2024, subject to
the satisfaction of applicable regulatory requirements and approvals and customary closing conditions. There is no assurance
whether such approvals will be obtained or conditions met. Under the terms of the transaction, shareholders of the Fund would
receive shares of ACP, which will have its own investment strategies, and thereafter cease to be a shareholder of the Fund. More
information on the transaction, including the risks and considerations associated with the transaction as well as the risks of investing
in ACP, is contained in the proxy statement/prospectus related to the Reorganization as filed with the SEC.
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| Valuation Risk [Member] |
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| General Description of Registrant [Abstract] |
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| Risk [Text Block] |
Valuation Risk. Unlike publicly traded common stock which trades on national exchanges, there is
no central place or exchange for certain debt securities trading. Debt securities generally trade on an “over-the-counter” market which may be anywhere in the world where the buyer and seller can settle on a price. Due to the lack of centralized information
and trading, the valuation of certain debt securities may carry more risk than that of common stock. Uncertainties in the conditions
of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may
lead to inaccurate asset pricing.
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