Edgar Filing: FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-21636
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First Trust/Aberdeen Global Opportunity Income 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: June 30, 2011
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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. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

FIRST TRUST

SEMI-ANNUAL REPORT
FOR THE SIX MONTHS ENDED
JUNE 30, 2011

First Trust/Aberdeen
Global Opportunity
Income Fund

Aberdeen
Asset Management

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TABLE OF CONTENTS
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FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND (FAM)
SEMI-ANNUAL REPORT
JUNE 30, 2011

Shareholder Letter........................................................... 1
At A Glance.................................................................. 2
Portfolio Commentary......................................................... 3
Portfolio of Investments..................................................... 6
Schedule of Forward Foreign Currency Contracts............................... 12
Statement of Assets and Liabilities.......................................... 13
Statement of Operations...................................................... 14
Statements of Changes in Net Assets.......................................... 15
Statement of Cash Flows...................................................... 16
Financial Highlights......................................................... 17
Notes to Financial Statements................................................ 18
Additional Information....................................................... 25

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This report contains certain forward-looking statements within the meaning of
the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934,
as amended. Forward-looking statements include statements regarding the goals,
beliefs, plans or current expectations of First Trust Advisors L.P. ("First
Trust" or the "Advisor") and/or Aberdeen Asset Management Inc. ("Aberdeen" or
the "Sub-Advisor") and their respective representatives, taking into account the
information currently available to them. Forward-looking statements include all
statements that do not relate solely to current or historical fact. For example,
forward-looking statements include the use of words such as "anticipate,"
"estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or
other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
the First Trust/Aberdeen Global Opportunity Income Fund (the "Fund") to be
materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. When evaluating the
information included in this report, you are cautioned not to place undue
reliance on these forward-looking statements, which reflect the judgment of the
Advisor and/or Sub-Advisor and their respective representatives only as of the
date hereof. We undertake no obligation to publicly revise or update these
forward-looking statements to reflect events and circumstances that arise after
the date hereof.

PERFORMANCE AND RISK DISCLOSURE

There is no assurance that the Fund will achieve its investment objectives. The
Fund is subject to market risk, which is the possibility that the market values
of securities owned by the Fund will decline and that the value of the Fund
shares may therefore be less than what you paid for them. Accordingly, you can
lose money by investing in the Fund. See "Risk Considerations" in the Notes to
Financial Statements for a discussion of certain other risks of investing in the
Fund.

Performance data quoted represents past performance, which is no guarantee of
future results, and current performance may be lower or higher than the figures
shown. For the most recent month-end performance figures, please visit
http://www.ftportfolios.com or speak with your financial advisor. Investment
returns, net asset value and common share price will fluctuate and Fund shares,
when sold, may be worth more or less than their original cost.

HOW TO READ THIS REPORT

This report contains information that may help you evaluate your investment. It
includes details about the Fund and presents data and analysis that provide
insight into the Fund's performance and investment approach.

By reading the portfolio commentary by the portfolio management team of the
Fund, you may obtain an understanding of how the market environment affected the
Fund's performance. The statistical information that follows may help you
understand the Fund's performance compared to that of relevant market
benchmarks.

It is important to keep in mind that the opinions expressed by personnel of
Aberdeen are just that: informed opinions. They should not be considered to be
promises or advice. The opinions, like the statistics, cover the period through
the date on the cover of this report. The risks of investing in the Fund are
spelled out in the prospectus, the statement of additional information, this
report and other Fund regulatory filings.

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SHAREHOLDER LETTER
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FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND (FAM)
SEMI-ANNUAL LETTER FROM THE PRESIDENT
JUNE 30, 2011

Dear Shareholders:

I am pleased to present you with the semi-annual report for your investment in
First Trust/Aberdeen Global Opportunity Income Fund (the "Fund").

First Trust Advisors L.P. ("First Trust") has always believed that staying
invested in quality products and having a long-term horizon can help investors
reach their financial goals. Though the markets have been recovering from their
lows of 2008-2009, they have been somewhat choppy over the past several months.
However, successful investors understand that the success they have achieved is
typically because of their long-term investment perspective through all kinds of
markets.

The report you hold contains detailed information about your investment; a
portfolio commentary from the Fund's management team that provides a recap of
the period; a performance analysis and a market and Fund outlook. Additionally,
you will find the Fund's financial statements for the six months this report
covers. I encourage you to read this document and discuss it with your financial
advisor.

First Trust has been through many types of markets. That's why we remain
committed to being a long-term investor and investment manager and to bringing
you quality investment solutions regardless of the inevitable volatility the
market experiences. We offer a variety of products that may fit many financial
plans to help those investors seeking long-term investment success. You may want
to talk to your advisor about the other investments First Trust offers that
might also fit your financial goals.

At First Trust we continue to be committed to making available up-to-date
information about your investments so you and your financial advisor have
current information on your portfolio. We value our relationship with you, and
we thank you for the opportunity to assist you in achieving your financial
goals. I look forward to the remainder of 2011 and to the next edition of your
Fund's report.

Sincerely,

/s/ James A. Bowen

James A. Bowen
President of First Trust/Aberdeen Global Opportunity Income Fund

Page 1

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
"AT A GLANCE"
AS OF JUNE 30, 2011 (UNAUDITED)

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FUND STATISTICS
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Symbol on New York Stock Exchange FAM
Common Share Price $17.43
Common Share Net Asset Value ("NAV") $17.98
Premium (Discount) to NAV (3.06)%
Net Assets Applicable to Common Shares $312,481,222
Current Monthly Distribution per Common Share (1) $0.130
Current Annualized Distribution per Common Share $1.560
Current Distribution Rate on Closing Common Share Price (2) 8.95%
Current Distribution Rate on NAV (2) 8.68%
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COMMON SHARE PRICE & NAV (WEEKLY CLOSING PRICE)
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Common Share Price NAV
12/31/2010 17.36 17.80
1/7/2011 16.74 17.61
1/14/2011 16.71 17.54
1/21/2011 16.47 17.39
1/28/2011 16.74 17.32
2/4/2011 16.59 17.31
2/11/2011 16.66 17.23
2/18/2011 16.72 17.36
2/25/2011 16.83 17.35
3/4/2011 16.29 17.33
3/11/2011 16.56 17.39
3/18/2011 16.36 17.33
3/25/2011 16.64 17.54
4/1/2011 16.83 17.63
4/8/2011 16.77 17.90
4/15/2011 16.86 17.89
4/21/2011 16.90 18.05
4/29/2011 17.26 18.20
5/6/2011 17.00 17.99
5/13/2011 17.14 17.88
5/20/2011 17.43 18.05
5/27/2011 17.37 18.02
6/3/2011 17.38 18.04
6/10/2011 17.34 17.93
6/17/2011 17.18 17.89
6/24/2011 17.35 17.81
6/30/2011 17.43 17.98

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PERFORMANCE
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Average Annual Total Return
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6 Months Ended 1 Year Ended 5 Years Ended Inception (11/23/2004)
6/30/2011 6/30/2011 6/30/2011 to 6/30/2011

FUND PERFORMANCE (3)
NAV 5.76% 17.64% 11.18% 9.42%
Market Value 5.12% 18.94% 12.20% 8.15%

INDEX PERFORMANCE
Blended Benchmark (4) 5.12% 13.50% 9.56% 8.05%
Barclays Capital Global Emerging
Markets Index 5.84% 14.28% 9.30% 8.89%
Barclays Capital Global Aggregate
Index 4.38% 10.51% 7.10% 5.29%
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% OF TOTAL
TOP 10 HOLDINGS INVESTMENTS
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Asian Development Bank, 5.50%, 2/15/16 4.9%
New Zealand Government Bond, 6.00%, 12/15/17 4.4
European Investment Bank, 6.50%, 9/10/14 4.3
Province of Manitoba, 6.38%, 9/1/15 3.4
Australian Government, 6.00%, 2/15/17 3.2
Instituto de Credito Oficial, 5.50%, 10/11/12 3.1
Brazil Notas do Tesouro Nacional, Series F, 10.00%, 1/1/21 2.8
Turkey Government Bond, 16.00%, 3/7/12 2.7
Province of Ontario, 6.25%, 6/16/15 2.5
Republic of South Africa, 8.25%, 9/15/17 2.5
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Total 33.8%
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% OF TOTAL
TOP 10 COUNTRIES (5) INVESTMENTS
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Multinational 9.1%
Canada 7.7
Brazil 7.1
Mexico 6.7
South Africa 6.5
Australia 5.5
United Kingdom 5.3
Indonesia 4.6
Turkey 4.4
New Zealand 4.4
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Total 61.3%
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% OF TOTAL
CREDIT QUALITY (6) INVESTMENTS
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AAA 27.1%
AA+ 9.0
AA 1.6
A 14.7
A- 0.2
BBB+ 4.0
BBB 8.5
BBB- 1.8
BB+ 9.5
BB 5.8
BB- 5.3
B+ 5.0
B 2.4
B- 2.1
CCC- 0.1
NR 2.9
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Total 100.0%
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% OF TOTAL
INDUSTRY CLASSIFICATION INVESTMENTS
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Government Bonds and Notes 69.9%
Supranational Bank 9.1
Oil, Gas & Consumable Fuels 2.7
Household Durables 2.1
Electric Utilities 2.0
Commercial Banks 1.9
Real Estate Management & Development 1.6
Diversified Operations 1.4
Food Products 1.2
Diversified Telecommunication Services 1.1
Diversified Financial Services 1.1
Special Purpose Banks 1.1
Import/Export Bank 0.9
Construction Materials 0.7
Multi-Utilities 0.7
Transportation Infrastructure 0.6
Food & Staples Retailing 0.5
Beverages 0.4
Wireless Telecommunication Services 0.3
Construction & Engineering 0.3
Road & Rail 0.2
Metals & Mining 0.2
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Total 100.0%
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(1) Most recent distribution paid or declared through 6/30/2011. Subject to
change in the future.

(2) Distribution rates are calculated by annualizing the most recent
distribution paid or declared through the report date and then dividing by
Common Share price or NAV, as applicable, as of 6/30/2011. Subject to
change in the future.

(3) Total return is based on the combination of reinvested dividend, capital
gain and return of capital distributions, if any, at prices obtained by
the Dividend Reinvestment Plan and changes in NAV per share for net asset
value returns and changes in Common Share price for market value returns.
Total returns do not reflect sales load and are not annualized for periods
less than one year. Past performance is not indicative of future results.

(4) Blended benchmark consists of the following: Citigroup World Government
Bond Index (40.0%); JPMorgan Emerging Markets Bond Index - Global
Diversified (30.0%); JPMorgan Global Bond Index - Emerging Markets
Diversified (30.0%)

(5) Portfolio securities are included in a country based upon their underlying
credit exposure as determined by Aberdeen Asset Management Inc., the
investment sub-advisor.

(6) 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 Rating Group, a
division of the McGraw Hill Companies, Inc., Moody's Investors Service,
Inc. 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.

Page 2

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PORTFOLIO COMMENTARY
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FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND (FAM)
SEMI-ANNUAL REPORT
JUNE 30, 2011

SUB-ADVISOR

Aberdeen Asset Management Inc. ("Aberdeen" or the "Sub-Advisor"), a Securities
and Exchange Commission registered investment advisor, is a wholly-owned
subsidiary of Aberdeen Asset Management PLC ("Aberdeen Group"). Aberdeen Group
is a publicly-traded international investment management group listed on the
London Stock Exchange, managing assets for both institutional and retail clients
from offices around the world.

PORTFOLIO MANAGEMENT TEAM

Investment decisions for the First Trust/Aberdeen Global Opportunity Income Fund
(the "Fund") are made by Aberdeen using a team approach and not by any one
individual. By making team decisions, Aberdeen seeks to ensure that the
investment process results in consistent returns across all portfolios with
similar objectives. Aberdeen does not employ separate research analysts.
Instead, Aberdeen's investment managers combine the roles of analysis with
portfolio management. Each member of the team has sector and portfolio
responsibilities such as day-to-day monitoring of liquidity. The overall result
of this matrix approach is a high degree of cross-coverage, leading to a deeper
understanding of the securities in which Aberdeen invests.

JOHN MURPHY
PORTFOLIO MANAGER, GLOBAL BONDS

Mr. Murphy joined Aberdeen with the acquisition of the Deutsche Asset Management
Group Limited ("Deutsche") fixed-income business in 2005. Mr. Murphy was also a
portfolio manager at Deutsche, and previously at Morgan Grenfell Asset
Management, which he joined in 1984.

BRETT DIMENT
HEAD OF EMERGING MARKET DEBT

Mr. Diment joined Deutsche in 1991 as a member of the fixed-income group and
became head of the Emerging Market Debt team at Deutsche in 1999. Mr. Diment
joined Aberdeen following the Deutsche acquisition in 2005 and is now
responsible for the day-to-day management of the Emerging Market Debt team and
portfolios.

KEVIN DALY
PORTFOLIO MANAGER, EMERGING MARKET DEBT

Mr. Daly joined the Emerging Market Debt team at Aberdeen in April 2007 as a
portfolio manager, having spent the previous 10 years at Standard & Poor's in
London and Singapore as a credit market analyst covering global emerging market
debt, and was head of marketing for Global Sovereign Ratings at Standard &
Poor's. Mr. Daly was a regular participant on the Global Sovereign Committee,
served as a member of the Sovereign Ratings Review Board, and was one of the
initial members of the Emerging Market Council, formed in 2006 to advise senior
management on business and market developments in emerging markets.

EDWIN GUTIERREZ
PORTFOLIO MANAGER, EMERGING MARKET DEBT

Mr. Gutierrez has served as an economist specializing in Latin America at LGT
Asset Management, and more recently as a portfolio manager specializing in
emerging market fixed-income at Invesco Asset Management. He joined Deutsche in
2000 and Aberdeen in 2005.

MAX WOLMAN
PORTFOLIO MANAGER, EMERGING MARKET DEBT

Mr. Wolman joined Aberdeen in January 2001 and is portfolio manager on the
Emerging Market Debt mandates. Mr. Wolman originally specialized in currency and
domestic debt analysis; however, he is now responsible for wider emerging market
debt analysis, including external and corporate issuers. He is a member of the
Emerging Market Debt investment committee at Aberdeen and is also responsible
for the daily implementation of the investment process.

ESTHER CHAN
PORTFOLIO MANAGER, EMERGING MARKET DEBT

Ms. Chan joined Aberdeen in Singapore in 2005 where she started as a corporate
credit analyst and trader working across investment-grade and high-yield assets
in the region. She has 6 years of experience in the asset class, and now serves
as a portfolio manager in Aberdeen London with specialization in analysis,
management and trading of external Asian debt and Emerging Market corporates.
Prior to joining Aberdeen, Ms. Chan worked as a corporate finance analyst at
John Moore, assisting in various deals focused on the debt restructuring in
Indonesian firms facing creditor holdout situations, post-Asian crisis.

Page 3

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PORTFOLIO COMMENTARY - (Continued)
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FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND (FAM)
SEMI-ANNUAL REPORT
JUNE 30, 2011

COMMENTARY

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND

The primary investment objective of the Fund is to seek a high level of current
income. As a secondary objective, the Fund seeks capital appreciation. The Fund
pursues its investment objectives by investing in the world bond markets through
a diversified portfolio of investment grade and below-investment grade
government and corporate debt securities. There can be no assurance that the
Fund's investment objectives will be achieved, and the Fund may not be
appropriate for all investors.

MARKET RECAP - DEVELOPED MARKETS

At the start of 2011, bond yields rose further as the financial markets became
increasingly focused on the implications of higher inflation. These concerns
centered on the effects of higher energy prices as the escalation of political
events in the Middle East and North Africa prompted a further spike in oil
prices. Towards the end of the six-month period, the global economy decelerated.
An increase in oil prices decreased real incomes and consumers' spending power,
especially in the U.S. This in turn resulted in decline in demand for goods and
a slowdown in global manufacturing, exacerbated by the Japanese earthquake.

For much of the period, peripheral Eurozone countries continued to come under
severe pressure from bond investors concerned over levels of indebtedness.
Yields on peripheral sovereign debt rose significantly as investors shunned the
bond markets. European Union-International Monetary Fund ("EU-IMF") bailouts
failed to calm the markets as expected and fears about the fiscal situation in
other Eurozone countries kept yield spreads versus German bunds at record high
levels. Towards the end of the period, fears of a Greek default dominated the
markets and led to the widespread risk aversion. As a result, 10-year U.S.
Treasuries ended the period under review at 3.16%.

In the currency markets, the U.S. dollar underperformed most major currencies.
Currencies regarded as safer havens, most notably the Swiss franc, were the top
performers. The euro also strengthened against the U.S. dollar, benefiting from
interest rates hikes introduced by the European Central Bank ("ECB").

MARKET RECAP - EMERGING MARKETS

Emerging market debt experienced mixed fortunes throughout the six-month period
under review, having started the year on a weaker note. Local currency debt
initially underperformed, reflecting concerns about rising inflation and the
perception that central banks are not reacting promptly enough. Rising inflation
concerns have weighed on emerging market debt amid rising commodity prices, in
particular those related to food, putting severe pressure on developing
economies. This was exacerbated somewhat by a spike in oil prices following the
uprisings in North Africa and the Middle East which, although having eased
somewhat due to increased confidence surrounding global oil supplies, still
remain very much at the forefront.

Overall, emerging market debt recorded strong performance over the six months
despite inflation concerns and international concerns. A rally in the U.S.
Treasuries benefitted hard currency-denominated debt, while weak U.S. dollar
boosted performance of local currency-denominated assets. However, towards the
end of the reporting period, weak figures from the U.S. and fears about the
possibility of Greek default decreased investors' appetite for risky assets and
caused global bond yields to fall. Greece managed to pass the austerity bill at
the end of June, paving the way for the next (euro)12 billion of its EU-IMF
bail-out package, causing spreads to narrow somewhat.

Over the six-month period, the JPMorgan Emerging Markets Bond Index-Global
Diversified ("JPM EMBI") gained 4.8% while the benchmark spread remained flat on
the year, despite surging significantly just before the Greek government
approved the austerity bill in June. The JPMorgan Government Bond Index-Emerging
Markets ("JPM GBI-EM") gained 6.9% over the first half of the year.

FUND RECAP

The Fund had a net asset value ("NAV") total return1 of 5.76% and a market value
total return1 of 5.12% for the six months ended June 30, 2011. The blended
benchmark had a total return2 of 5.12% over the same period. In addition to this
blended benchmark, the Fund currently uses other indexes for comparative
purposes. The total returns for the six months ended June 30, 2011 for these
indexes were as follows: the Barclays Capital Global Emerging Markets Index was
5.84% and the Barclays Capital Global Aggregate Index was 4.38%.

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1 Total return is based on the combination of reinvested dividend, capital
gain and return of capital distributions, if any, at prices obtained by
the Dividend Reinvestment Plan, and changes in net asset value per share
for net asset value returns and changes in Common Share price for market
value returns. Total returns do not reflect sales load. Past performance
is not indicative of future results.

2 The Fund's blended benchmark consists of the following: 40% Citigroup
World Government Bond Index; 30% JPMorgan Emerging Markets Bond
Index-Global Diversified; and 30% JPMorgan Global Bond Index-Emerging
Markets Diversified.

Page 4

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PORTFOLIO COMMENTARY - (Continued)
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FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND (FAM)
SEMI-ANNUAL REPORT
JUNE 30, 2011

PERFORMANCE ANALYSIS - DEVELOPED MARKETS

Over the first half of 2011, the Fund's developed market portfolio outperformed
the Citigroup World Government Bond Index. The Fund returned 7.06% gross of fees
versus 5.13% for the index. The Fund's investments were concentrated in markets
such as Australia, New Zealand, Canada and the UK relative to underweight
positions in Europe and Japan. The Fund's overweight position in the Australian
dollar, together with an underweight to the Japanese Yen, added value during the
period. Very strong returns in both Australia and New Zealand also added to
returns.

PERFORMANCE ANALYSIS - EMERGING MARKETS

The Fund outperformed its blended benchmark of both hard currency and local
bonds and outperformed the individual components gross of fees.

The Fund's overweight position in both hard and local currency bonds contributed
positively to the outperformance. The local currency denominated index (JPM
EMBI) had a higher return than the USD currency bonds index (JPM GBI-EM), as the
USD weakened against most major currencies over the period.

Within the hard currency holdings, the Fund's overweight position in the high
beta (a stock whose return generally follows the market's returns) Latin
American countries, such as Argentina and Venezuela, added value to the
portfolio. An overweight position to Ivory Coast also added value as an end to a
political crisis renewed appetite for the defaulted bonds. An overweight
position in Kazakhstan detracted value due to BTA Bank publishing worse than
expected results. An underweight position in Turkey, compared to the benchmark,
benefited the Fund's portfolio as investors expressed concern over an increase
in oil prices, its 6.5% current account deficit and the country's lax monetary
policy. An overweight to Dominican Republic bonds benefitted the portfolio while
an overweight to China detracted value.

Within the local currency holdings, an underweight position in euro-related
Hungary benefitted the portfolio. Allocations to Latin American bonds, including
Argentina, Brazil, Mexico and Uruguay all added value. Positions in Indonesia
and South Africa also made a positive contribution to performance.

MARKET AND FUND OUTLOOK - DEVELOPED MARKETS

Looking ahead, we believe that U.S. growth will reaccelerate in the second half
of 2011. Business investment is likely to pick up and the manufacturing sector
will benefit from easing supply side constraints which should boost auto
production. Furthermore, consumption should recover on lower gasoline prices, an
ongoing reduction in the household debt service burden and tentative signs of
improvement in the housing market. Against this backdrop we anticipate that U.S.
Treasury yields will rise in the months ahead.

In the Eurozone, we expect the ECB to maintain a hawkish bias. In addition, the
spread tightening that has occurred will likely continue in the short term due
to positioning and favorable supply dynamics, particularly in the likes of Spain
and Italy. However, in the medium term, the Greek situation is not sustainable
and very visible public anger about austerity measures may make it difficult for
these measures to be implemented fully.

Throughout the European sovereign debt crisis, British gilts have continued to
be seen as a 'safe haven'. However, there are some reasons to be a little
concerned about the sustainability of the government's fiscal path in the UK if
the British economy continues to perform weakly. It seems the balance of risks
is to the downside, with a weak consumer seeing his wealth and spending power
eroded, increasing loss of credibility in the Bank of England's commitment to
its inflation target, and political risk around the government's fiscal plans.
We believe that yields are likely to rise from current levels in the U.K.

We expect to see a decent recovery in Japan as production and consumer sentiment
bounces back, and yields rise as Greek worries subside and global growth shows
resilience going into the second half of 2011.

MARKET AND FUND OUTLOOK - EMERGING MARKETS

How long the Greek crisis will persist depends on several events: the European
Union plan on private sector involvement to extend maturities on Greek debt
coming due in 2012-14, and the willingness of the International Monetary
Fund/European Union to agree to a further US$100bn bailout package for Greece to
cover the financing gap over the next three years. Once those hurdles are
cleared, the focus will shift to implementation risk, which will remain very
high. But some calmer waters for Greece will shift the focus elsewhere for a
change, which should be supportive for emerging market debt going into July.

Page 5

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) (b)
JUNE 30, 2011 (UNAUDITED)

PRINCIPAL
VALUE
(LOCAL STATED VALUE
CURRENCY) DESCRIPTION COUPON MATURITY (US DOLLARS)
--------------- ------------------------------------------------------------ ---------- -------- --------------
FOREIGN SOVEREIGN BONDS AND NOTES (c) - 86.7%

ARGENTINA - 2.8%

9,160,280 Republic of Argentina (ARS) (d)............................. 5.45% 02/04/18 $ 4,535,537
4,450,000 Republic of Argentina (USD)................................. 7.00% 04/17/17 4,061,878
--------------
8,597,415
--------------
AUSTRALIA - 6.8%
11,000,000 Australian Government (AUD)................................. 6.00% 02/15/17 12,413,873
8,100,000 Queensland Treasury (AUD)................................... 6.00% 10/14/15 8,983,045
--------------
21,396,918
--------------
BRAZIL - 6.3%
3,880,000 Brazil Notas do Tesouro Nacional Series F (BRL)............. 10.00% 01/01/13 2,402,540
11,370,000 Brazil Notas do Tesouro Nacional Series F (BRL)............. 10.00% 01/01/17 6,606,825
19,180,000 Brazil Notas do Tesouro Nacional Series F (BRL)............. 10.00% 01/01/21 10,744,327
--------------
19,753,692
--------------
CANADA - 9.5%
1,700,000 Canadian Government (CAD)................................... 5.25% 06/01/13 1,884,110
3,300,000 Canadian Government (CAD)................................... 8.00% 06/01/23 5,038,809
15,000,000 Province of Manitoba (NZD).................................. 6.38% 09/01/15 13,229,347
10,965,000 Province of Ontario (NZD)................................... 6.25% 06/16/15 9,624,158
--------------
29,776,424
--------------
DOMINICAN REPUBLIC - 0.7%
2,066,000 Dominican Republic (USD).................................... 8.63% 04/20/27 2,262,270
--------------
EGYPT - 0.8%
16,100,000 Egypt Treasury Bill (EGP)................................... (e) 09/13/11 2,623,044
--------------
EL SALVADOR - 1.5%
700,000 Republic of El Salvador (USD)............................... 8.25% 04/10/32 785,750
3,230,000 Republic of El Salvador (USD)............................... 7.65% 06/15/35 3,359,200
530,000 Republic of El Salvador (USD)............................... 7.63% 02/01/41 545,900
--------------
4,690,850
--------------
HUNGARY - 2.4%
771,070,000 Hungary Government Bond (HUF)............................... 6.00% 10/24/12 4,207,754
328,000,000 Hungary Government Bond (HUF)............................... 5.50% 02/12/16 1,689,181
305,000,000 Hungary Government Bond (HUF)............................... 6.50% 06/24/19 1,574,401
--------------
7,471,336
--------------
INDONESIA - 3.1%
34,100,000,000 Indonesian Government Bond (IDR)............................ 10.00% 07/15/17 4,554,659
34,970,000,000 Indonesian Government Bond (IDR)............................ 10.50% 08/15/30 4,733,251
3,200,000,000 Indonesian Government Bond (IDR)............................ 9.50% 07/15/31 398,168
--------------
9,686,078
--------------
IVORY COAST - 1.8%
10,800,000 Ivory Coast Government Bond (USD)........................... 2.50% 12/31/32 5,751,000
--------------
LITHUANIA - 1.8%
2,390,000 Republic of Lithuania (USD)................................. 6.75% 01/15/15 2,646,925
1,980,000 Republic of Lithuania (USD)................................. 7.38% 02/11/20 2,281,950
570,000 Republic of Lithuania (USD)................................. 6.13% 03/09/21 605,055
--------------
5,533,930
--------------

Page 6 See Notes to Financial Statements

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) (b) - (Continued)
JUNE 30, 2011 (UNAUDITED)

MALAYSIA - 1.6%

9,000,000 Malaysia Government Bond (MYR).............................. 3.21% 05/31/13 $ 2,985,985
6,200,000 Malaysia Government Bond (MYR).............................. 4.01% 09/15/17 2,087,498
--------------
5,073,483
--------------
MEXICO - 5.2%
13,930,000 Mexican Bonos Desarr Fixed Rate Bond (MXN).................. 9.50% 12/18/14 1,326,681
80,800,000 Mexican Bonos Desarr Fixed Rate Bond (MXN).................. 8.00% 06/11/20 7,420,944
17,900,000 Mexican Bonos Desarr Fixed Rate Bond (MXN).................. 8.00% 12/07/23 1,623,325
28,900,000 Mexican Bonos Desarr Fixed Rate Bond (MXN).................. 7.50% 06/03/27 2,450,419
32,950,000 Mexican Bonos Desarr Fixed Rate Bond (MXN).................. 10.00% 11/20/36 3,411,831
--------------
16,233,200
--------------
NEW ZEALAND - 5.5%
19,150,000 New Zealand Government Bond (NZD)........................... 6.00% 12/15/17 17,057,803
--------------
PAKISTAN - 0.6%
200,000 Islamic Republic of Pakistan (USD).......................... 7.13% 03/31/16 174,719
2,250,000 Islamic Republic of Pakistan (USD).......................... 6.88% 06/01/17 1,833,750
--------------
2,008,469
--------------
PERU - 1.4%
10,100,000 Peruvian Government Bond (PEN).............................. 7.84% 08/12/20 4,056,237
200,000 Peruvian Government International Bond (USD)................ 5.63% 11/18/50 188,850
--------------
4,245,087
--------------
POLAND - 3.5%
22,000,000 Poland Government Bond (PLN)................................ 5.50% 10/25/19 7,927,275
7,970,000 Poland Government Bond (PLN)................................ 5.75% 09/23/22 2,867,526
--------------
10,794,801
--------------
QATAR - 1.2%
800,000 State of Qatar (USD)........................................ 5.25% 01/20/20 856,800
2,630,000 State of Qatar (USD)........................................ 6.40% 01/20/40 2,919,300
--------------
3,776,100
--------------
SENEGAL - 0.3%
800,000 Senegal Goverment International Bond (USD).................. 8.75% 05/13/21 827,000
--------------
SERBIA - 0.8%
219,000,000 Serbia Treasury Bill (RSD).................................. (e) 12/13/12 2,651,320
--------------
SOUTH AFRICA - 8.1%
2,130,000 Eskom Holdings Ltd. (USD)................................... 5.75% 01/26/21 2,204,550
64,400,000 Republic of South Africa (ZAR).............................. 8.25% 09/15/17 9,586,045
61,000,000 Republic of South Africa (ZAR).............................. 7.25% 01/15/20 8,380,351
29,700,000 Republic of South Africa (ZAR).............................. 10.50% 12/21/26 5,088,065
--------------
25,259,011
--------------
SPAIN - 3.9%
11,500,000 Instituto de Credito Oficial (AUD).......................... 5.50% 10/11/12 12,102,122
--------------

See Notes to Financial Statements Page 7

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) (b) - (Continued)
JUNE 30, 2011 (UNAUDITED)

TURKEY - 4.9%

300,000 Republic of Turkey (USD).................................... 7.25% 03/05/38 $ 345,000
1,290,000 Republic of Turkey (USD).................................... 6.75% 05/30/40 1,396,425
16,375,000 Turkey Government Bond (TRY)................................ 16.00% 03/07/12 10,583,718
5,400,000 Turkey Government Bond (TRY)................................ (e) 04/25/12 3,106,351
--------------
15,431,494
--------------
UKRAINE - 0.3%
1,000,000 Ukraine Government Bond (USD)............................... 6.39% 06/26/12 1,025,000
--------------
UNITED ARAB EMIRATES - 0.9%
2,500,000 Dubai Government International Bond (USD)................... 7.75% 10/05/20 2,667,500
--------------
UNITED KINGDOM - 6.6%
3,100,000 United Kingdom Treasury (GBP)............................... 9.00% 07/12/11 4,988,389
1,200,000 United Kingdom Treasury (GBP)............................... 8.00% 12/07/15 2,426,314
4,600,000 United Kingdom Treasury (GBP)............................... 6.00% 12/07/28 9,137,260
2,520,000 United Kingdom Treasury (GBP)............................... 4.25% 12/07/49 4,055,899
--------------
20,607,862
--------------
URUGUAY - 1.5%
38,830,000 Republic Orient Uruguay, Inflation Adjusted Bond (UYU) (f).. 5.00% 09/14/18 3,377,489
16,800,000 Republica Orient Uruguay (UYU).............................. 4.25% 04/05/27 1,401,811
--------------
4,779,300
--------------
VENEZUELA - 2.9%
1,170,000 Republic of Venezuela (USD)................................. 8.50% 10/08/14 1,073,475
9,720,000 Republic of Venezuela (USD)................................. 5.75% 02/26/16 7,581,600
400,000 Republic of Venezuela (USD)................................. 7.75% 10/13/19 291,000
--------------
8,946,075
--------------
TOTAL FOREIGN SOVEREIGN BONDS AND NOTES........................................... 271,028,584
(Cost $240,101,730) --------------

FOREIGN CORPORATE BONDS AND NOTES (c) - 37.8%

BRAZIL - 2.5%
1,950,000 Hypermarcas S.A. (USD)...................................... 6.50% 04/20/21 1,957,313
1,150,000 Odebrecht Finance Ltd. (USD)................................ 7.50% 09/14/15 1,161,500
650,000 Petrobras International Finance Co. (USD)................... 5.38% 01/27/21 669,533
1,630,000 Rearden G Holdings Eins GmbH (USD).......................... 7.88% 03/30/20 1,787,458
2,000,000 Virgolino de Oliveira Finance Ltd. (USD).................... 10.50% 01/28/18 2,150,000
--------------
7,725,804
--------------
CHINA - 3.5%
660,000 China Oriental Group Co. Ltd. (USD)......................... 8.00% 08/18/15 673,200
2,650,000 China Overseas Finance Cayman II Ltd. (USD)................. 5.50% 11/10/20 2,524,644
5,600,000 Sinochem Overseas Capital Co. Ltd. (USD).................... 4.50% 11/12/20 5,395,281
1,150,000 West China Cement Ltd. (USD)................................ 7.50% 01/25/16 1,109,750
1,200,000 Yanlord Land Group Ltd. (USD)............................... 10.63% 03/29/18 1,220,640
--------------
10,923,515
--------------
COLOMBIA - 0.8%
2,200,000 TGI International Ltd. (USD)................................ 9.50% 10/03/17 2,483,250
--------------

Page 8 See Notes to Financial Statements

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) (b) - (Continued)
JUNE 30, 2011 (UNAUDITED)

DOMINICAN REPUBLIC - 1.0%

1,350,000 AES Andres Dominicana/Itabo Dominicana (USD)................ 9.50% 11/12/20 $ 1,445,850
1,770,000 Cerveceria Nacional Dominicana (USD) (d).................... 16.00% 03/27/12 1,654,950
--------------
3,100,800
--------------
EL SALVADOR - 0.5%
1,550,000 Telemovil Finance Co. Ltd. (USD)............................ 8.00% 10/01/17 1,640,675
--------------
GERMANY - 1.3%
3,650,000 KfW International Finance (CAD)............................. 4.95% 10/14/14 4,083,519
--------------
HONG KONG - 0.8%
2,290,000 CFG Investment S.A.C. (USD)................................. 9.25% 12/19/13 2,358,700
--------------
INDONESIA - 2.6%
1,000,000 Indosat Palapa Co. B.V. (USD)............................... 7.38% 07/29/20 1,115,000
3,220,000 Majapahit Holding B.V. (USD)................................ 7.75% 10/17/16 3,744,503
700,000 PT Adaro Indonesia (USD).................................... 7.63% 10/22/19 780,500
2,200,000 Star Energy Geothermal (Wayang Windu) Ltd. (USD)............ 11.50% 02/12/15 2,497,000
--------------
8,137,003
--------------
KAZAKHSTAN - 2.3%
2,073,160 BTA Bank JSC (USD) (g)...................................... 10.75% 07/01/18 1,645,571
5,501,197 BTA Bank JSC (USD) (d) (h).................................. 0.00% 07/01/20 225,549
394,970 BTA Bank JSC (USD).......................................... 7.20% 07/01/25 180,699
800,000 Development Bank of Kazakhstan (USD)........................ 5.50% 12/20/15 826,000
1,200,000 Halyk Savings Bank of Kazakhstan (USD)...................... 7.25% 01/28/21 1,218,000
2,900,000 Kazmunaygas National Co. (USD).............................. 6.38% 04/09/21 3,070,375
--------------
7,166,194
--------------
MEXICO - 3.1%
1,610,000 Axtel S.A.B. de C.V. (USD).................................. 9.00% 09/22/19 1,580,215
1,120,000 Corp. Geo S.A. de C.V. (USD)................................ 8.88% 09/25/14 1,204,000
2,400,000 Desarrolladora Homex S.A. (USD)............................. 9.50% 12/11/19 2,580,000
2,650,000 GEO Maquinaria S.A. de C.V. (USD)........................... 9.63% 05/02/21 2,716,250
1,672,000 Servicios Corporativos Javer Sapi de C.V. (USD)............. 9.88% 04/06/21 1,751,420
--------------
9,831,885
--------------
MULTINATIONAL - 11.4%
17,600,000 Asian Development Bank (AUD)................................ 5.50% 02/15/16 18,902,915
18,800,000 European Investment Bank (NZD).............................. 6.50% 09/10/14 16,601,171
--------------
35,504,086
--------------
NIGERIA - 0.5%
1,400,000 GTB Finance B.V. (USD)...................................... 7.50% 05/19/16 1,441,160
--------------
PERU - 0.7%
2,300,000 Banco de Credito del Peru (USD)............................. 4.75% 03/16/16 2,288,500
--------------
PHILIPPINES - 0.3%
1,000,000 Alliance Global Group, Inc. (USD)........................... 6.50% 08/18/17 985,683
--------------
QATAR - 0.8%
2,300,000 Qatari Diar Finance QSC (USD)............................... 5.00% 07/21/20 2,361,773
--------------

See Notes to Financial Statements Page 9

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) (b) - (Continued)
JUNE 30, 2011 (UNAUDITED)

RUSSIA - 1.7%

1,750,000 Alfa Bank (USD)............................................. 7.88% 09/25/17 $ 1,846,250
1,360,000 Novatek Finance Ltd. (USD).................................. 6.60% 02/03/21 1,421,200
700,000 Russian Railways (USD)...................................... 5.74% 04/03/17 746,375
1,220,000 Vimpelcom Ltd. (USD)........................................ 6.49% 02/02/16 1,262,700
--------------
5,276,525
--------------
TURKEY - 0.6%
1,700,000 Yasar Holdings (USD)........................................ 9.63% 10/07/15 1,808,375
--------------
UKRAINE - 1.1%
3,543,000 EX-IM Bank of Ukraine (USD)................................. 7.65% 09/07/11 3,591,716
--------------
UNITED ARAB EMIRATES - 0.9%
2,680,000 Dubai Electricity & Water Authority (USD)................... 7.38% 10/21/20 2,757,366
--------------
VENEZUELA - 1.4%
6,000,000 Petroleos de Venezuela S.A. (USD)........................... 8.50% 11/02/17 4,479,000
--------------
TOTAL FOREIGN CORPORATE BONDS AND NOTES........................................... 117,945,529
--------------
(Cost $105,486,844)

SHARES DESCRIPTION VALUE
--------------- ---------------------------------------------------------------------------------- --------------
COMMON STOCKS - 0.0%

KAZAKHSTAN - 0.0%
4,217,842 BTA Bank JSC (i).................................................................. 67,936
--------------
TOTAL COMMON STOCKS............................................................... 67,936
(Cost $0) --------------

TOTAL INVESTMENTS - 124.5%........................................................ 389,042,049
(Cost $345,588,574) (j)

OUTSTANDING LOANS - (28.7%)....................................................... (89,667,740)
NET OTHER ASSETS AND LIABILITIES - 4.2%........................................... 13,106,913
--------------
NET ASSETS - 100.0%............................................................... $ 312,481,222
--------------

(a) All percentages shown in the Portfolio of Investments are based on net
assets.

(b) All portfolio securities serve as collateral for the outstanding loans.

(c) Portfolio securities are included in a country based upon their underlying
credit exposure as determined by Aberdeen Asset Management Inc., the
Fund's sub-advisor.

(d) Variable rate security. The interest rate shown reflects the rate in
effect at June 30, 2011.

(e) Zero coupon bond.

(f) 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.

(g) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date. The interest rate shown reflects the rate in effect at
June 30, 2011.

(h) Recovery units issued under BTA Bank's restructuring plan. Recovery
payments are dependent on future performance.

(i) Non-income producing security.

(j) Aggregate cost for financial reporting purposes, which approximates the
aggregate cost for federal income tax purposes. As of June 30, 2011, the
aggregate gross unrealized appreciation for all securities in which there
was an excess of value over tax cost was $46,747,033 and the aggregate
gross unrealized depreciation for all securities in which there was an
excess of tax cost over value was $3,293,558.

Page 10 See Notes to Financial Statements

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) (b) - (Continued)
JUNE 30, 2011 (UNAUDITED)

Currency Abbreviations:
ARS Argentine Peso
AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
EGP Egyptian Pound
GBP British Pound Sterling
HUF Hungarian Forint
IDR Indonesian Rupiah
MYR Malaysian Ringgit
MXN Mexican Peso
NZD New Zealand Dollar
PEN Peruvian New Sol
PLN Polish Zloty
RSD Serbian Dinar
TRY Turkish Lira
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 June 30, 2011
is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):

ASSETS TABLE
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
6/30/2011 PRICES INPUTS INPUTS
------------ ------------ ------------ ------------

Foreign Sovereign Bonds and Notes*............... $271,028,584 $ -- $271,028,584 $ --
Foreign Corporate Bonds and Notes*............... 117,945,529 -- 117,945,529 --
Common Stocks*................................... 67,936 67,936 -- --
------------ ------------ ------------ ------------
Total Investments................................ 389,042,049 67,936 388,974,113 --
Forward Foreign Currency Contracts**............. 423,912 -- 423,912 --
------------ ------------ ------------ ------------
Total............................................ $389,465,961 $ 67,936 $389,398,025 $ --
============ ============ ============ ============

LIABILITIES TABLE

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
6/30/2011 PRICES INPUTS INPUTS
------------ ------------ ------------ ------------
Forward Foreign Currency Contracts**............. $ (3,227,226) $ -- $ (3,227,226) $ --
============ ============ ============ ============

* See the Portfolio of Investments for country breakout.
** See the Schedule of Forward Foreign Currency Contracts for contract and
currency detail.

See Notes to Financial Statements Page 11

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS
JUNE 30, 2011 (UNAUDITED)

FORWARD FOREIGN CURRENCY CONTRACTS
--------------------------------------------------------
PURCHASE SALE UNREALIZED
SETTLEMENT AMOUNT AMOUNT VALUE AS OF VALUE AS OF APPRECIATION
DATE COUNTERPARTY PURCHASED (a) SOLD (a) JUNE 30, 2011 JUNE 30, 2011 (DEPRECIATION)
---------- ------------ ------------------- ------------------- ------------- ------------- --------------

07/21/11 DUB GBP 2,050,000 USD 3,337,051 $ 3,289,273 $ 3,337,051 $ (47,778)
07/21/11 JPM ZAR 11,173,000 USD 1,644,024 1,647,254 1,644,024 3,230
08/25/11 RBS USD 9,125,816 BRL 14,949,000 9,125,816 9,453,699 (327,883)
07/21/11 BAR USD 11,062,146 CAD 10,676,000 11,062,146 11,063,499 (1,353)
07/21/11 BAR USD 24,080,171 GBP 14,750,000 24,080,171 23,666,721 413,450
08/25/11 RBS USD 2,966,617 IDR 25,708,706,000 2,966,617 2,970,708 (4,091)
07/21/11 BAR USD 52,838,673 NZD 67,142,000 52,838,673 55,545,865 (2,707,192)
07/21/11 RBS USD 2,629,848 PLN 7,249,000 2,629,848 2,636,950 (7,102)
07/21/11 JPM USD 2,496,307 TRY 4,056,000 2,496,307 2,489,075 7,232
07/21/11 RBS USD 4,538,516 ZAR 31,678,000 4,538,516 4,670,343 (131,827)
--------------
Net Unrealized Appreciation (Depreciation)........................................................... $ (2,803,314)
==============

(a) Please see page 11 for currency descriptions.

Counterparty Abbreviations:
BAR Barclays Bank
DUB Deutsche Bank
JPM JPMorgan Chase
RBS Royal Bank of Scotland

Page 12 See Notes to Financial Statements

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2011 (UNAUDITED)

ASSETS:

Investments, at value
(Cost $345,588,574)......................................................................... $389,042,049
Cash........................................................................................... 4,561,966
Foreign currency (Cost $3,332,093)............................................................. 3,414,276
Unrealized appreciation on forward foreign currency contracts.................................. 423,912
Prepaid expenses............................................................................... 20,475
Receivables:
Interest.................................................................................... 8,408,152
Investment securities sold.................................................................. 1,656,715
------------
Total Assets............................................................................. 407,527,545
------------
LIABILITIES:
Outstanding loans.............................................................................. 89,667,740
Unrealized depreciation on forward foreign currency contracts.................................. 3,227,226
Payables:
Investment securities purchased............................................................. 1,583,320
Investment advisory fees.................................................................... 329,655
Custodian fees.............................................................................. 77,376
Interest and fees on loans.................................................................. 70,417
Audit and tax fees.......................................................................... 32,071
Administrative fees......................................................................... 27,949
Printing fees............................................................................... 16,213
Transfer agent fees......................................................................... 5,729
Legal fees.................................................................................. 3,530
Trustees' fees and expenses................................................................. 159
Other liabilities.............................................................................. 4,938
------------
Total Liabilities........................................................................... 95,046,323
------------
NET ASSETS..................................................................................... $312,481,222
============
NET ASSETS CONSIST OF:
Paid-in capital................................................................................ $296,847,215
Par value...................................................................................... 173,768
Accumulated net investment income (loss)....................................................... (14,643,266)
Accumulated net realized gain (loss) on investments, forward foreign currency contracts
and foreign currency transactions........................................................... (11,087,346)
Net unrealized appreciation (depreciation) on investments, forward foreign currency contracts
and foreign currency translation............................................................ 41,190,851
------------
NET ASSETS..................................................................................... $312,481,222
============
NET ASSET VALUE, per Common Share (par value $0.01 per Common Share)........................... $ 17.98
============
Number of Common Shares outstanding (unlimited number of Common Shares has been authorized).... 17,376,792
============

See Notes to Financial Statements Page 13

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2011 (UNAUDITED)

INVESTMENT INCOME:

Interest (net of foreign withholding tax of $136,373).......................................... $ 13,614,179
Other.......................................................................................... 6,054
------------
Total investment income..................................................................... 13,620,233
------------
EXPENSES:
Investment advisory fees....................................................................... 1,965,377
Interest and fees on loans..................................................................... 579,789
Administrative fees............................................................................ 166,864
Custodian fees................................................................................. 159,934
Printing fees.................................................................................. 43,876
Audit and tax fees............................................................................. 26,871
Transfer agent fees............................................................................ 21,233
Trustees' fees and expenses.................................................................... 19,533
Legal fees..................................................................................... 12,167
Other.......................................................................................... 44,279
------------
Total expenses.............................................................................. 3,039,923
------------
NET INVESTMENT INCOME (LOSS)................................................................... 10,580,310
------------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments................................................................................. 2,513,650
Forward foreign currency contracts.......................................................... (3,326,303)
Foreign currency transactions............................................................... (299,459)
------------
Net realized gain (loss)....................................................................... (1,112,112)
------------
Net change in unrealized appreciation (depreciation) on:
Investments................................................................................. 8,898,298
Forward foreign currency contracts.......................................................... (790,640)
Foreign currency translation................................................................ (882,834)
------------
Net change in unrealized appreciation (depreciation)........................................... 7,224,824
------------
NET REALIZED AND UNREALIZED GAIN (LOSS)........................................................ 6,112,712
------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS............................... $ 16,693,022
============

Page 14 See Notes to Financial Statements

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS

SIX MONTHS
ENDED YEAR
6/30/2011 ENDED
(UNAUDITED) 12/31/2010
------------ ------------
OPERATIONS:

Net investment income (loss)....................................................... $ 10,580,310 $ 22,177,339
Net realized gain (loss)........................................................... (1,112,112) 18,878,286
Net change in unrealized appreciation (depreciation)............................... 7,224,824 7,205,812
------------ ------------
Net increase (decrease) in net assets resulting from operations.................... 16,693,022 48,261,437
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.............................................................. (13,553,898) (27,092,773)
Net realized gain.................................................................. -- --
Return of capital.................................................................. -- --
------------ ------------
Total distributions to shareholders................................................ (13,553,898) (27,092,773)
------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from Common Shares reinvested............................................. -- 212,053
------------ ------------
Net increase (decrease) in net assets resulting from capital transactions.......... -- 212,053
------------ ------------
Total increase (decrease) in net assets............................................ 3,139,124 21,380,717
NET ASSETS:
Beginning of period................................................................ 309,342,098 287,961,381
------------ ------------
End of period...................................................................... $312,481,222 $309,342,098
============ ============
Accumulated net investment income (loss) at end of period.......................... $(14,643,266) $(11,669,678)
============ ============
CAPITAL TRANSACTIONS WERE AS FOLLOWS:
Common Shares at beginning of period............................................... 17,376,792 17,365,236
Common Shares issued as reinvestment under the Dividend Reinvestment Plan.......... -- 11,556
------------ ------------
Common Shares at end of period..................................................... 17,376,792 17,376,792
============ ============

See Notes to Financial Statements Page 15

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2011 (UNAUDITED)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net increase (decrease) in net assets resulting from operations.................... $ 16,693,022
Adjustments to reconcile net increase (decrease) in net assets resulting from
operations to net cash provided by operating activities:
Purchases of investments..................................................... (106,884,950)
Sales, maturities and paydowns of investments................................ 113,926,004
Net amortization/accretion of premiums/discounts on investments.............. (353,542)
Net realized gain/loss on investments........................................ (2,513,650)
Net change in unrealized appreciation/depreciation on forward foreign
currency contracts...................................................... 790,640
Net change in unrealized appreciation/depreciation on investments............ (8,898,298)
CHANGES IN ASSETS AND LIABILITIES:
Increase in interest receivable.............................................. (978,440)
Increase in prepaid expenses................................................. (2,087)
Decrease in interest and fees on loans payable............................... (4,917)
Decrease in investment advisory fees payable................................. (5,303)
Decrease in audit and tax fees payable....................................... (22,129)
Decrease in legal fees payable............................................... (11,672)
Decrease in printing fees payable............................................ (18,671)
Decrease in administrative fees payable...................................... (508)
Increase in custodian fees payable........................................... 21,134
Increase in transfer agent fees payable...................................... 2,301
Increase in Trustees' fees and expenses payable.............................. 125
Increase in other liabilities payable........................................ 1,326
------------
CASH PROVIDED BY OPERATING ACTIVITIES.............................................. $ 11,740,385
------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to Common Shareholders from net investment income.............. (13,553,898)
------------
CASH USED IN FINANCING ACTIVITIES.................................................. (13,553,898)
------------

Decrease in cash and foreign currency (a).......................................... (1,813,513)
Cash and foreign currency at beginning of period................................... 8,716,726
Unrealized appreciation/depreciation on Euro Loan.................................. 1,073,029
------------
Cash and foreign currency at end of period......................................... $ 7,976,242
============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: .................................
Cash paid during the period for interest and fees.................................. $ 584,706
============

(a) Includes net change in unrealized appreciation/depreciation on foreign
currency of $46,000.

Page 16 See Notes to Financial Statements

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
FINANCIAL HIGHLIGHTS
FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD

SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
6/30/2011 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 12/31/2010 12/31/2009 12/31/2008 12/31/2007 12/31/2006
------------ ------------ ------------ ------------ ------------ ------------

Net asset value, beginning of period.... $ 17.80 $ 16.58 $ 12.69 $ 18.54 $ 19.07 $ 19.24
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)............ 0.61 1.28 1.47 1.46 1.34 1.38
Net realized and unrealized gain (loss). 0.35 1.50 3.98 (5.75) (0.17) 0.48
-------- -------- -------- -------- -------- --------
Total from investment operations........ 0.96 2.78 5.45 (4.29) 1.17 1.86
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income................... (0.78) (1.56) (0.68) (1.56) (0.79) (1.31)
Net realized gain....................... -- -- -- -- (0.55) (0.47)
Return of capital....................... -- -- (0.88) -- (0.36) (0.25)
-------- -------- -------- -------- -------- --------
Total from distributions................ (0.78) (1.56) (1.56) (1.56) (1.70) (2.03)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.......... $ 17.98 $ 17.80 $ 16.58 $ 12.69 $ 18.54 $ 19.07
======== ======== ======== ======== ======== ========
Market value, end of period............. $ 17.43 $ 17.36 $ 16.03 $ 10.40 $ 16.54 $ 19.15
======== ======== ======== ======== ======== ========
Total return based on net asset
value (a) ........................... 5.76% 17.90% 47.48% (23.14)% 6.92% 10.72%
======== ======== ======== ======== ======== ========
Total return based on market value (a).. 5.12% 18.93% 73.98% (29.39)% (5.01)% 27.33%
======== ======== ======== ======== ======== ========

RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).... $312,481 $309,342 $287,961 $220,286 $322,016 $331,138
Ratio of total expenses to average
net assets .......................... 2.00% (c) 2.13% 2.57% 3.55% 4.45% 4.04%
Ratio of net expenses to average net
assets excluding interest expense
and fees on loans ................... 1.62% (c) 1.65% 1.77% 1.83% 1.82% 1.79%
Ratio of net investment income (loss) to
average net assets................... 6.95% (c) 7.41% 9.90% 8.72% 7.10% 7.19%
Portfolio turnover rate................. 28% 101% 72% 66% 97% 99%
INDEBTEDNESS:
Total loan outstanding (in 000's)....... $ 89,668 $ 88,595 $ 89,511 $ 89,101 $144,624 $152,482
Asset coverage per $1,000 of
indebtedness (b) $ 4,485 $ 4,492 $ 4,217 $ 3,472 $ 3,227 $ 3,172

-----------------------
(a) Total return is based on the combination of reinvested dividend, capital
gain and return of capital distributions, if any, at prices obtained by
the Dividend Reinvestment Plan, and changes in net asset value per share
for net asset value returns and changes in Common Share price for market
value returns. Total returns do not reflect sales load and are not
annualized for periods less than one year. Past performance is not
indicative of future results.

(b) Calculated by taking the Fund's total assets less the Fund's total
liabilities (not including the loans outstanding), and dividing by the
outstanding loan balance in 000's.

See Notes to Financial Statements Page 17

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
JUNE 30, 2011 (UNAUDITED)

1. FUND DESCRIPTION

First Trust/Aberdeen Global Opportunity Income Fund (the "Fund") is a
diversified, closed-end management investment company organized as a
Massachusetts business trust on September 7, 2004 , and is registered with the
Securities and Exchange Commission ("SEC") under the Investment Company Act of
1940, as amended (the "1940 Act"). The Fund trades under the ticker symbol FAM
on the New York Stock Exchange ("NYSE").

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
average daily 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.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
preparation of financial statements in accordance with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts and disclosures in
the financial statements. Actual results could differ from those estimates.

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 in accordance with valuation procedures
adopted by the Fund's Board of Trustees and in accordance with provisions of the
1940 Act. The Fund's securities will be valued as follows:

Bond, 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.

Common stocks and other securities listed on any national or foreign
exchange (excluding the NASDAQ National Market ("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. If
there are no transactions on the valuation day, the securities are valued
at the mean between the most recent bid and asked prices.

Securities listed on the NASDAQ or the AIM are valued at the official
closing price. If there is no official closing price on the valuation
day, the securities are valued at the mean between the most recent bid
and asked prices.

Currency linked notes, credit linked notes, interest rate swaps and
credit default swaps, if any, are valued using a pricing service or, if
the pricing service does not provide a value, by quotes provided by the
selling dealer or financial institution.

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.

Debt securities having a remaining maturity of sixty days or less when
purchased are valued at cost adjusted for amortization of premiums and
accretion of discounts.

Page 18

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS - (Continued)
--------------------------------------------------------------------------------

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
JUNE 30, 2011 (UNAUDITED)

In the event that market quotations are not readily available, the pricing
service does not provide a valuation for a particular asset, or the valuations
are deemed unreliable, the Fund's Board of Trustees has designated First Trust
Advisors L.P. ("First Trust") to use a fair value method to value the Fund's
securities and other investments. Additionally, if events occur after the close
of the principal market for particular securities (e.g., domestic debt and
foreign securities), but before the Fund values its assets, that could
materially affect NAV, First Trust may use a fair value method to value the
Fund's securities and other investments. The use of fair value pricing by the
Fund is governed by valuation procedures adopted by the Fund's Board of
Trustees, and in accordance with the provisions of the 1940 Act. As a general
principle, the fair value of a security is the amount which the Fund might
reasonably expect to receive for the security upon its current sale. However, in
light of the judgment involved in fair valuations, there can be no assurance
that a fair value assigned to a particular security will be the amount which the
Fund might be able to receive upon its current sale. Fair valuation of a
security will be based on the consideration of all available information,
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 the Sub-Advisor'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.

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:

o Level 1 - Level 1 inputs are quoted prices in active markets for
identical securities. An active market is a market in which
transactions for the security 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 securities in active markets.
o Quoted prices for identical or similar securities in markets
that are non-active. A non-active market is a market where
there are few transactions for the security, 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
security (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
security.

The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. A summary
of the inputs used to value the Fund's investments as of June 30, 2011, is
included with the Fund's Portfolio of Investments.

B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME:

Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
Interest income is recorded daily on the accrual basis. Amortization of premiums
and the accretion of discounts are recorded using the effective interest method.

Securities purchased or sold 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 June 30, 2011, the Fund had no when-issued, delayed-delivery
or forward purchase commitments.

Page 19

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
JUNE 30, 2011 (UNAUDITED)

C. CREDIT LINKED NOTES:

The Fund invests in credit linked notes. Credit linked notes are securities that
are collateralized by one or more designated 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 reference 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.

Credit linked notes are subject to credit risk of the reference securities
underlying the credit linked notes. 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.

Credit linked notes typically are privately negotiated transactions between two
or more parties. The Fund bears the risk that the issuer of the credit linked
note will default or become bankrupt. The Fund bears the risk of loss of the
principal amount it invested, and the periodic interest payments expected to be
received for the duration of its investment in the credit linked note.

The market for credit linked notes may suddenly become illiquid. The other
parties to the transaction may be the only investors with sufficient
understanding of the derivative to be interested in bidding for it. 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. At June 30, 2011, the Fund had no credit
linked notes.

D. 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 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 in "Unrealized
appreciation/(depreciation) on forward foreign currency contracts" on the
Statement of Assets and Liabilities. When the forward contract is closed, the
Fund records a realized gain or loss equal to the difference between the
proceeds from (or the cost of) the closing transaction and the Fund's basis in
the contract. This realized gain or loss is included in "Net realized gain
(loss) on forward foreign currency contracts" on the Statement of Operations.
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 Schedule of Forward Foreign Currency Contracts.

During the six months ended June 30, 2011, the open and close notional values of
forward foreign currency contracts were $466,719,705 and $355,949,294,
respectively.

E. 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 investment securities and items of income and expense are
translated on the respective dates of such transactions. Unrealized gains and
losses on assets and liabilities, other than investments in securities, which
result from changes in foreign currency exchange rates have been included in
"Net change in unrealized appreciation (depreciation) on foreign currency
translation" on the Statement of Operations. Unrealized gains and losses on
investments in securities which result from changes in foreign exchange rates
are included with fluctuations arising from changes in market price and are
shown in "Net change in unrealized appreciation (depreciation) on investments"
on the Statement of Operations. 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. The portion of foreign
currency gains and losses related to fluctuation in exchange rates between the
initial purchase trade date and subsequent sale trade date is included in "Net
realized gain (loss) on foreign currency transactions" on the Statement of
Operations.

F. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

The Fund will distribute to holders of its Common Shares monthly dividends of
all or a portion of its net income after the payment of interest and dividends
in connection with leverage. Distributions will automatically be reinvested into
additional Common Shares pursuant to the Fund's Dividend Reinvestment Plan
unless cash distributions are elected by the shareholder.

Page 20

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
JUNE 30, 2011 (UNAUDITED)

Distributions from net investment income and realized capital gains are
determined in accordance with income tax regulations, which may differ from
accounting principles generally accepted in the United States of America.
Certain capital accounts in the financial statements are periodically adjusted
for permanent differences in order to reflect their tax character. These
permanent differences are primarily due to the varying treatment of income and
gain/loss on portfolio securities held by the Fund and have no impact on net
assets or net asset value per share. Temporary differences, which arise from
recognizing certain items of income, expense and gain/loss in different periods
for financial statement and tax purposes, will reverse at some time in the
future.

The tax character of distributions paid during the fiscal year ended December
31, 2010 was as follows:

Distributions paid from:
Ordinary income................................. $ 27,092,773
Capital gain.................................... --
Return of capital............................... --

As of December 31, 2010, the distributable earnings and net assets on a tax
basis were as follows:

Undistributed ordinary income................... $ --
Undistributed capital gains..................... --
--------------
Total undistributed earnings.................... --
Accumulated capital and other losses............ (9,315,025)
Net unrealized appreciation (depreciation)...... 21,636,140
--------------
Total accumulated earnings (losses)............. 12,321,115
Paid-in capital................................. 297,020,983
--------------
Net assets...................................... $ 309,342,098
==============

G. INCOME TAXES:

The Fund intends to continue to qualify as a regulated investment company by
complying with the requirements under Subchapter M of the Internal Revenue Code
of 1986, as amended (the "Code"), which includes distributing substantially all
of its net investment income and net realized gains to shareholders.
Accordingly, no provision has been made for federal or state income taxes.

The Fund intends to utilize provisions of the federal income tax laws which
allow it to carry realized capital losses forward for eight years following the
year of the loss and offset such loss against any future realized capital gains.
The Fund is subject to certain limitations under U.S. tax rules on the use of
capital loss carryforwards and net unrealized built-in losses. These limitations
apply when there has been a 50% change in ownership. At December 31, 2010, the
Fund had a capital loss carryforward for federal income tax purposes of
$8,457,603, expiring on December 31, 2017. During the year ended December 31,
2010, the Fund utilized capital loss carryforwards in the amount of $20,281,148.

Certain losses realized after October 31 may be deferred and treated as
occurring on the first day of the following fiscal year. For the fiscal year
ended December 31, 2010, the Fund intends to elect to defer net realized
currency losses of $857,422 incurred between November 1, 2010 and December 31,
2010.

The Fund is subject to accounting standards that establish a minimum threshold
for recognizing, and a system for measuring, the benefits of a tax position
taken or expected to be taken in a tax return. Taxable years ended 2007, 2008,
2009 and 2010 remain open to federal and state audit. As of June 30, 2011,
management has evaluated the application of these standards to the Fund and has
determined that no provision for income tax is required in the Fund's financial
statements for uncertain tax positions.

H. EXPENSES:

The Fund will pay all expenses directly related to its operations.

I. ACCOUNTING PRONOUNCEMENT:

In May 2011, the Financial Accounting Standards Board ("FASB") issued ASU
2011-04 Amendments to Achieve Common Fair Value Measurement and Disclosure
Requirements in U.S. GAAP and IFRSs, modifying Topic 820, Fair Value
Measurements and Disclosures. At the same time, the International Accounting
Standards Board ("IASB") issued International Financial Reporting Standard
("IFRS") 13, Fair Value Measurement. The objective by the FASB and IASB is
convergence of their guidance on fair value measurements and disclosures.
Specifically, the ASU requires reporting entities to disclose (i) the amounts of
any transfers between Level 1 and Level 2, and the reasons for the transfers,
(ii) for Level 3 fair value measurements, quantitative information about
significant unobservable inputs used, (iii) a description of the valuation
processes used by the reporting entity and, (iv) a narrative description of the
sensitivity of the fair value measurement to changes in unobservable inputs if a
change in those inputs might result in a significantly higher or lower fair
value measurement. The effective date of the ASU is for interim and annual
periods beginning after December 15, 2011, and is therefore not effective for
the current fiscal year. The Adviser is in the process of assessing the impact
of the updated standards on the Funds' financial statements, if any.

Page 21

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
JUNE 30, 2011 (UNAUDITED)

3. INVESTMENT ADVISORY FEE, AFFILIATED TRANSACTIONS AND OTHER FEE ARRANGEMENTS

First Trust, the investment advisor to the Fund, is a limited partnership with
one limited partner, Grace Partners of DuPage L.P., and one general partner, The
Charger Corporation. First Trust is responsible for the ongoing monitoring of
the Fund's investment portfolio, managing the Fund's business affairs and
providing certain administrative services necessary for the management of the
Fund. For these services, First Trust is entitled to a monthly fee calculated at
an annual rate of 1.00% of the Fund's Managed Assets. First Trust also provides
fund reporting services to the Fund for a flat annual fee in the amount of
$9,250.

Aberdeen Asset Management Inc. ("Aberdeen" or the "Sub-Advisor") serves as the
Fund's sub-advisor and manages the Fund's portfolio subject to First Trust's
supervision. The Sub-Advisor receives a monthly portfolio management fee
calculated at an annual rate of 0.50% of Managed Assets that is paid by First
Trust out of its investment advisory fee.

BNY Mellon Investment Servicing (US) Inc. serves as the Fund's Administrator,
Fund Accountant and Transfer Agent in accordance with certain fee arrangements.
PFPC Trust Company, which was renamed BNY Mellon Investment Servicing Trust
Company effective July 1, 2011, serves as the Fund's Custodian in accordance
with certain fee arrangements.

Each Trustee who is not an officer or employee of First Trust, any sub-advisor,
or any of their affiliates ("Independent Trustees"), is paid an annual retainer
of $10,000 per trust for the first 14 trusts of the First Trust Fund Complex and
an annual retainer of $7,500 per trust for each subsequent trust in the First
Trust Fund Complex. The annual retainer is allocated equally among each of the
trusts. No additional meeting fees are paid in connection with Board or
Committee meetings.

Additionally, the Lead Independent Trustee is paid $10,000 annually, the
Chairman of the Audit Committee is paid $5,000 annually, and each of the
Chairmen of the Nominating and Governance Committee and Valuation Committee are
paid $2,500 annually to serve in such capacities, with such compensation paid by
the trusts in the First Trust Fund Complex and equally allocated among those
trusts. Trustees are also reimbursed by the trusts in the First Trust Fund
Complex for travel and out-of-pocket expenses in connection with all meetings.
The Lead Independent Trustee and each Committee chairman serve two-year terms
before rotating to serve as chairman of another Committee or as Lead Independent
Trustee. The officers and "Interested" Trustee receive no compensation from the
trusts for serving in such capacities.

4. PURCHASES AND SALES OF SECURITIES

Cost of purchases and proceeds from sales of securities, other than U.S.
government obligations and short-term obligations, for the six months ended June
30, 2011, were $108,468,270 and $115,582,719, respectively.

5. BORROWINGS

The Fund has entered into a credit agreement with The Bank of Nova Scotia, which
provides for a revolving credit facility to be used as leverage for the Fund.
The revolving credit facility provides for a secured line of credit for the Fund
where Fund assets are pledged against advances made to the Fund. Under the
requirements of the 1940 Act, the Fund, immediately after any such borrowings,
must have an "asset coverage" of at least 300% (33-1/3% of the Fund's total
assets after borrowings). The total commitment under the facility is up to
$110,000,000. As of June 30, 2011, the Fund had three loans outstanding under
the revolving credit facility totaling $89,667,740. The three loans, which are
all LIBOR loans, bear interest based on the adjusted LIBOR rate and are in the
amounts of $46,000,000, $30,000,000 and $13,667,740 (the U.S. Dollar equivalent
of a (euro)9,425,000 loan). For the six months ended June 30, 2011, the average
amount outstanding was $89,231,473. The high and low annual interest rates
during the six months ended June 30, 2011 were 2.10% and 1.09%, respectively,
and the weighted average interest rate was 1.25%. The weighted average interest
rate at June 30, 2011 was 1.24%. The revolving credit facility was originally
scheduled to expire on January 5, 2011 but was extended through January 4, 2012.
The Fund pays a commitment fee of 0.15% on any day that the loan balances exceed
50% of the total commitment and 0.30% at all other times, which is included in
"Interest and fees on loans" on the Statement of Operations. Prior to January 6,
2011, the Fund paid a commitment fee of 0.30% on any day that the loan balances
exceeded 50% of the total commitment and 0.50% at all other times.

6. INDEMNIFICATION

The Fund has a variety of indemnification obligations under contracts with its
service providers. The Fund's maximum exposure under these arrangements is
unknown. However, the Fund has not had prior claims or losses pursuant to these
contracts and expects the risk of loss to be remote.

Page 22

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
JUNE 30, 2011 (UNAUDITED)

7. RISK CONSIDERATIONS

Risks are inherent in all investing. The following summarizes some, but not all,
of the risks that should be considered for the Fund. For additional information
about the risks associated with investing in the Fund, please see the Fund's
prospectus and statement of additional information, as well as other Fund
regulatory filings.

INVESTMENT AND MARKET RISK: An investment in the Fund's Common Shares is subject
to investment risk, including the possible loss of the entire principal
invested. An investment in Common Shares represents an indirect investment in
the securities owned by the Fund, which include a global bond portfolio of
investment grade and below-investment grade government and corporate debt
securities. The value of these securities, like other market investments, may
move up or down, sometimes rapidly and unpredictably. Common Shares, at any
point in time, may be worth less than the original investment, even after taking
into account the reinvestment of Fund dividends and distributions. Security
prices can fluctuate for several reasons including the general condition of the
bond market, or when political or economic events affecting the issuers occur.
When the Advisor or Sub-Advisor determines that it is temporarily unable to
follow the Fund's investment strategy or that it is impractical to do so (such
as when a market disruption event has occurred and trading in the securities is
extremely limited or absent), the Fund may take temporary defensive positions.

NON-INVESTMENT GRADE SECURITIES RISK: The Fund may invest up to 60% of its
Managed Assets in non-investment grade securities. Non-investment grade
securities are rated below "Baa3" by Moody's Investors Service, Inc., below
"BBB-" by Standard & Poor's, or comparably rated by another nationally
recognized statistical rating organization or, if unrated, determined by the
Sub-Advisor to be of comparable credit quality. Non-investment grade debt
instruments are commonly referred to as "high yield" or "junk" bonds, are
considered speculative with respect to the issuer's capacity to pay interest and
repay principal and are susceptible to default or decline in market value due to
adverse economic and business developments. The market values for high yield
securities tend to be very volatile, and these securities are less liquid than
investment grade debt securities.

EMERGING MARKETS RISK: The Fund may invest in fixed-income securities of issuers
located in countries considered to be emerging markets. Investments in such
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.

FIXED-INCOME SECURITIES RISK: Debt securities, including high yield securities,
are subject to certain risks, including: (i) issuer risk, which is the risk that
the value of fixed-income securities may decline for a number of reasons which
directly relate to the issuer, such as management performance, financial
leverage and reduced demand for the issuer's goods and services; (ii)
reinvestment risk, which is the risk that income from the Fund's portfolio will
decline if the Fund invests the proceeds from matured, traded or called bonds at
market interest rates that are below the Fund portfolio's current earnings rate;
(iii) prepayment risk, which is the risk that 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 in lower yielding
securities; and (iv) credit risk, which is the risk that a security in the
Fund's portfolio will decline in price or the issuer fails to make interest
payments when due because the issuer of the security experiences a decline in
its financial status.

INTEREST RATE RISK: The Fund's portfolio is also subject to interest rate risk.
Interest rate risk is the risk that fixed-income securities will decline in
value because of changes in market interest rates. Investments in debt
securities with long-term maturities may experience significant price declines
if long-term interest rates increase.

NON-U.S. ISSUER RISK: Investments in the securities and instruments of non-U.S.
issuers involve certain considerations and risks not ordinarily associated with
investments in securities and instruments of U.S. issuers. Non-U.S. companies
are not generally subject to uniform accounting, auditing and financial
standards and requirements comparable to those applicable to U.S. companies.
Non-U.S. securities exchanges, brokers and listed companies may be subject to
less government supervision and regulation than exists in the United States.
Dividend and interest income may be subject to withholding and other non-U.S.
taxes, which may adversely affect the net return on such investments. There may
be difficulty in obtaining or enforcing a court judgment abroad.

CURRENCY RISK: The value of securities denominated or quoted in foreign
currencies may be adversely affected by fluctuations in the relative currency
exchange rates and by exchange control regulations. The Fund's investment
performance may be negatively affected by a devaluation of a currency in which
the Fund's investments are denominated or quoted. Further, the Fund's investment
performance may be significantly affected, either positively or negatively, by

Page 23

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
JUNE 30, 2011 (UNAUDITED)

currency exchange rates because the U.S. dollar value of securities denominated
or quoted in another currency will increase or decrease in response to changes
in the value of such currency in relation to the U.S. dollar. 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.

CREDIT LINKED NOTES RISK: The Fund may invest up to 35% of its Managed Assets in
credit linked notes. Credit linked notes are subject to credit risk of the
reference securities underlying the credit linked notes. 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 Fund also bears
the risk that the issuer of the credit linked note will default or become
bankrupt. The Fund bears the risk of loss of the principal amount it invested
and the periodic interest payments expected to be received for the duration of
its investment in the credit linked note.

LEVERAGE RISK: The use of leverage results in additional risks and can magnify
the effect of any losses. The funds borrowed pursuant to a leverage borrowing
program constitute a substantial lien and burden by reason of their prior claim
against the income of the Fund and against the net assets of the Fund in
liquidation. The rights of lenders to receive payments of interest on and
repayments of principal on any borrowings made by the Fund under a leverage
borrowing program are senior to the rights of holders of Common Shares with
respect to payment of dividends or upon liquidation. If the Fund is not in
compliance with certain credit facility provisions, the Fund may not be
permitted to declare dividends or other distributions, including dividends and
distributions with respect to Common Shares or purchase Common Shares.

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 these 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.

NON-U.S. GOVERNMENT SECURITIES RISK: Economies and social and political climates
in individual countries may differ unfavorably from 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. Heightened risks of investing in emerging markets
government debt include: smaller market capitalization of securities markets,
which may suffer periods of relative illiquidity; significant price volatility;
restrictions on foreign investment; and possible repatriation of investment
income and capital.

8. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events to the Fund through
the date the financial statements were issued, and has determined that there
were the following subsequent events in addition to those that have already been
disclosed:

On July 20, 2011, the Fund declared a dividend of $0.13 per share to Common
Shareholders of record on August 3, 2011, payable on August 15, 2011.

On August 19, 2011, the Fund declared a dividend of $0.13 per share to Common
Shareholders of record on September 6, 2011, payable on September 15, 2011.

Page 24

--------------------------------------------------------------------------------
ADDITIONAL INFORMATION
--------------------------------------------------------------------------------

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
JUNE 30, 2011 (UNAUDITED)

DIVIDEND REINVESTMENT PLAN

If your Common Shares are registered directly with the Fund or if you hold your
Common Shares with a brokerage firm that participates in the Fund's Dividend
Reinvestment Plan (the "Plan"), unless you elect, by written notice to the Fund,
to receive cash distributions, all dividends, including any capital gain
distributions, on your Common Shares will be automatically reinvested by BNY
Mellon Investment Servicing (US) Inc. (the "Plan Agent"), in additional Common
Shares under the Plan. If you elect to receive cash distributions, you will
receive all distributions in cash paid by check mailed directly to you by the
Plan Agent, as the dividend paying agent.

If you decide to participate in the Plan, the number of Common Shares you will
receive will be determined as follows:

(1) If Common Shares are trading at or above net asset value ("NAV") at
the time of valuation, the Fund will issue new shares at a price
equal to the greater of (i) NAV per Common Share on that date or
(ii) 95% of the market price on that date.

(2) If Common Shares are trading below NAV at the time of valuation, the
Plan Agent will receive the dividend or distribution in cash and
will purchase Common Shares in the open market, on the NYSE or
elsewhere, for the participants' accounts. It is possible that the
market price for the Common Shares may increase before the Plan
Agent has completed its purchases. Therefore, the average purchase
price per share paid by the Plan Agent may exceed the market price
at the time of valuation, resulting in the purchase of fewer shares
than if the dividend or distribution had been paid in Common Shares
issued by the Fund. The Plan Agent will use all dividends and
distributions received in cash to purchase Common Shares in the open
market within 30 days of the valuation date except where temporary
curtailment or suspension of purchases is necessary to comply with
federal securities laws. Interest will not be paid on any uninvested
cash payments.

You may elect to opt-out of or withdraw from the Plan at any time by giving
written notice to the Plan Agent, or by telephone at (866) 340-1104, in
accordance with such reasonable requirements as the Plan Agent and the Fund may
agree upon. If you withdraw or the Plan is terminated, you will receive a
certificate for each whole share in your account under the Plan, and you will
receive a cash payment for any fraction of a share in your account. If you wish,
the Plan Agent will sell your shares and send you the proceeds, minus brokerage
commissions.

The Plan Agent maintains all Common Shareholders' accounts in the Plan and gives
written confirmation of all transactions in the accounts, including information
you may need for tax records. Common Shares in your account will be held by the
Plan Agent in non-certificated form. The Plan Agent will forward to each
participant any proxy solicitation material and will vote any shares so held
only in accordance with proxies returned to the Fund. Any proxy you receive will
include all Common Shares you have received under the Plan.

There is no brokerage charge for reinvestment of your dividends or distributions
in Common Shares. However, all participants will pay a pro rata share of
brokerage commissions incurred by the Plan Agent when it makes open market
purchases.

Automatically reinvesting dividends and distributions does not mean that you do
not have to pay income taxes due upon receiving dividends and distributions.
Capital gains and income are realized although cash is not received by you.
Consult your financial advisor for more information.

If you hold your Common Shares with a brokerage firm that does not participate
in the Plan, you will not be able to participate in the Plan and any dividend
reinvestment may be effected on different terms than those described above.

The Fund reserves the right to amend or terminate the Plan if in the judgment of
the Board of Trustees the change is warranted. There is no direct service charge
to participants in the Plan; however, the Fund reserves the right to amend the
Plan to include a service charge payable by the participants. Additional
information about the Plan may be obtained by writing BNY Mellon Investment
Servicing (US) Inc., 301 Bellevue Parkway, Wilmington, Delaware 19809.

--------------------------------------------------------------------------------
PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures that the Fund uses to determine how
to vote proxies and information on how the Fund voted proxies relating to
portfolio investments during the most recent 12-month period ended June 30 is
available (1) without charge, upon request, by calling (800) 988-5891; (2) on
the Fund's website located at http://www.ftportfolios.com; and (3) on the
Securities and Exchange Commission's ("SEC") website located at
http://www.sec.gov.

Page 25

--------------------------------------------------------------------------------
ADDITIONAL INFORMATION - (Continued)
--------------------------------------------------------------------------------

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
JUNE 30, 2011 (UNAUDITED)

PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the SEC for the
first and third quarters of each fiscal year on Form N-Q. The Fund's Forms N-Q
are available (1) by calling (800) 988-5891; (2) on the Fund's website located
at http://www.ftportfolios.com; (3) on the SEC's website at http://www.sec.gov;
and (4) for review and copying at the SEC's Public Reference Room ("PRR") in
Washington, DC. Information regarding the operation of the PRR may be obtained
by calling (800) SEC-0330.

SUBMISSION OF MATTERS TO A VOTE OF SHAREHOLDERS

The Joint Annual Meeting of Shareholders of the Common Shares of Energy Income
and Growth Fund, First Trust Enhanced Equity Income Fund, First Trust/Aberdeen
Global Opportunity Income Fund, First Trust/FIDAC Mortgage Income Fund, First
Trust Strategic High Income Fund, First Trust Strategic High Income Fund II,
First Trust/Aberdeen Emerging Opportunity Fund, First Trust Strategic High
Income Fund III, First Trust Specialty Finance and Financial Opportunities Fund,
First Trust Active Dividend Income Fund and First Trust High Income Long/Short
Fund was held on April 18, 2011. At the Meeting, Robert F. Keith was elected by
the Common Shareholders of the First Trust/Aberdeen Global Opportunity Income
Fund as a Class I Trustee for a three-year term expiring at the Fund's annual
meeting of shareholders in 2014. The number of votes cast in favor of Mr. Keith
was 15,676,256, the number of votes against was 267,664 and the number of
abstentions was 1,432,872. James A. Bowen, Neil B. Nielson, Richard E. Erickson
and Thomas R. Kadlec are the other current and continuing Trustees.

Page 26

This Page Left Blank Intentionally.

FIRST TRUST

INVESTMENT ADVISOR
First Trust Advisors L.P.
120 E. Liberty Drive, Suite 400
Wheaton, IL 60187

INVESTMENT SUB-ADVISOR
Aberdeen Asset Management Inc.
1735 Market Street, 32nd Floor
Philadelphia, PA 19103

ADMINISTRATOR,
FUND ACCOUNTANT &
TRANSFER AGENT
BNY Mellon Investment Servicing (US) Inc.
301 Bellevue Parkway
Wilmington, DE 19809

CUSTODIAN
BNY Mellon Investment Servicing Trust Company
(Formerly PFPC Trust Company)
8800 Tinicum Boulevard
Philadelphia, PA 19153

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
111 S. Wacker Drive
Chicago, IL 60606

LEGAL COUNSEL
Chapman and Cutler LLP
111 W. Monroe Street
Chicago, IL 60603

[Blank Back Cover]

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) Schedule of Investments in securities of unaffiliated issuers as of the
close of the reporting period is included as part of the report to
shareholders filed under Item 1 of this form.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) Not applicable.

(b) There have been no changes, as of the date of filing, in any of the
Portfolio Managers identified in response to paragraph (a)(1) of this item
in the Registrant's most recent annual report on Form N-CSR.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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.

ITEM 11. 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 second fiscal quarter
of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control
over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section
302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section
906 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 Global Opportunity Income Fund
--------------------------------------------------------------------

By (Signature and Title)* /s/ James A. Bowen
------------------------------------------------------
James A. Bowen, Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)

Date August 22, 2011
----------------------------------

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.

Date August 22, 2011
----------------------------------

By (Signature and Title)* /s/ Mark R. Bradley
------------------------------------------------------
Mark R. Bradley, Treasurer, Chief Financial Officer
and Chief Accounting Officer
(principal financial officer)

Date August 22, 2011
----------------------------------

* Print the name and title of each signing officer under his or her signature.