Edgar Filing: FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21636

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
(Exact name of registrant as specified in charter)

120 East Liberty Drive
WHEATON, IL 60187
(Address of principal executive offices) (Zip code)

W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive
WHEATON, IL 60187
(Name and address of agent for service)

Registrant's telephone number, including area code: (630) 765-8000

Date of fiscal year end: DECEMBER 31

Date of reporting period: SEPTEMBER 30, 2008

Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.

ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a)
SEPTEMBER 30, 2008 (UNAUDITED)

PRINCIPAL
VALUE
(LOCAL STATED VALUE
CURRENCY) DESCRIPTION COUPON MATURITY (US DOLLARS)
-------------- ---------------------------------------------- ------ -------- ------------

BONDS AND NOTES (b) - 135.4%
ARGENTINA - 2.3%
5,910,000 Republic of Argentina (USD) (c) .............. 0.00% 12/15/35 $ 478,710
700,000 Republic of Argentina (USD) (c) .............. 3.00% 04/30/13 476,940
8,190,000 Republic of Argentina (USD) .................. 7.00% 04/17/17 4,908,350
629,998 Republic of Argentina (USD) .................. 8.28% 12/31/33 361,461
------------
6,225,461
------------
AUSTRALIA - 8.0%
11,000,000 Australian Government (AUD) .................. 6.00% 02/15/17 9,078,511
8,000,000 Australian Government (AUD) .................. 7.50% 09/15/09 6,457,824
8,100,000 Queensland Treasury (AUD) .................... 6.00% 10/14/15 6,438,306
------------
21,974,641
------------
BRAZIL - 12.2%
5,750,000 Brazil Citigroup (BRL) ....................... 15.00% 07/02/10 3,081,564
2,160,000 Dasa Finance Corp. (USD) ..................... 8.75% 05/29/18 1,809,000
29,603,000 Electropaulo Metropolitan (BRL) .............. 19.13% 06/28/10 15,751,241
1,720,000 Independencia International Ltd. (USD) ....... 9.88% 05/15/15 1,427,600
1,650,000 Independencia International Ltd. (USD) ....... 9.88% 01/31/17 1,369,500
3,800,000 Isa Capital do Brasil S.A. (USD) ............. 7.88% 01/30/12 3,657,500
1,940,000 Odebrecht Finance Ltd. (USD) ................. 7.50% 10/18/17 1,731,450
4,720,000 Republic of Brazil (USD) ..................... 7.13% 01/20/37 4,873,400
------------
33,701,255
------------
CANADA - 14.3%
8,200,000 Canadian Government (CAD) .................... 9.50% 06/01/10 8,541,098
7,000,000 Canadian Government (CAD) .................... 5.25% 06/01/13 7,180,615
10,000,000 Export Development Canada (NZD) .............. 8.13% 11/30/10 6,907,412
15,000,000 Province of Manitoba (NZD) ................... 6.38% 09/01/15 9,835,827
10,965,000 Province of Ontario (NZD) .................... 6.25% 06/16/15 7,142,730
------------
39,607,682
------------
CHINA - 1.8%
3,698,000 Parkson Retail Group Ltd. (USD) .............. 7.88% 11/14/11 3,781,205
1,230,000 Parkson Retail Group Ltd. (USD) .............. 7.13% 05/30/12 1,143,900
------------
4,925,105
------------
COLOMBIA - 1.7%
930,000 EEB International Ltd. (USD) ................. 8.75% 10/31/14 906,285
4,733,000,000 Republic of Colombia (COP) ................... 11.75% 03/01/10 2,197,800
1,500,000 Republic of Colombia (USD) ................... 7.38% 09/18/37 1,506,975
------------
4,611,060
------------
DOMINICAN REPUBLIC - 4.5%
4,550,000 Cerveceria Nacional Dominica (USD) (c) ....... 16.00% 03/27/12 3,753,750
9,940,000 Dominican Republic (USD) ..................... 8.63% 04/20/27 8,697,500
------------
12,451,250
------------

See Notes to Quarterly Portfolio of Investments

Page 1

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)

PRINCIPAL
VALUE
(LOCAL STATED VALUE
CURRENCY) DESCRIPTION COUPON MATURITY (US DOLLARS)
-------------- ---------------------------------------------- ------ -------- ------------

BONDS AND NOTES (b) - (CONTINUED)
ECUADOR - 3.2%
7,340,000 Republic of Ecuador (USD) .................... 9.38% 12/15/15 $ 6,202,300
3,600,000 Republic of Ecuador (USD) .................... 10.00% 08/15/30 2,628,000
------------
8,830,300
------------
EGYPT - 2.9%
4,285,000 Egypt Government Bond (EGP) .................. 9.35% 08/16/10 793,735
12,360,000 Egypt Government Bond (EGP) .................. 9.10% 09/20/12 2,119,200
30,250,000 Egypt Treasury Bill (EGP) .................... 0.00% 05/05/09 5,120,210
------------
8,033,145
------------
EL SALVADOR - 3.3%
2,090,000 Republic of El Salvador (USD) ................ 8.25% 04/10/32 2,121,350
7,230,000 Republic of El Salvador (USD) ................ 7.65% 06/15/35 7,121,550
------------
9,242,900
------------
FINLAND - 3.1%
4,581,000 Republic of Finland (GBP) .................... 9.38% 02/03/10 8,655,613
------------
GABON - 1.9%
5,670,000 Gabonese Republic (USD) ...................... 8.20% 12/12/17 5,260,513
------------
GEORGIA - 1.8%
5,900,000 Republic of Georgia (USD) .................... 7.50% 04/15/13 5,000,250
------------
GERMANY - 1.3%
3,650,000 KfW International Finance (CAD) .............. 4.95% 10/14/14 3,662,247
------------
GHANA - 1.0%
3,370,000 Republic of Ghana (USD) ...................... 8.50% 10/04/17 2,847,492
------------
INDONESIA - 7.7%
1,310,000 Empire Capital Resources Pte. Ltd. (USD) ..... 9.38% 12/15/11 1,336,479
28,000,000,000 Indonesian Government (IDR) .................. 11.00% 12/15/12 2,792,390
2,550,000,000 Indonesian Government (IDR) .................. 12.50% 03/15/13 266,530
18,500,000,000 Indonesian Government (IDR) .................. 9.00% 09/15/13 1,681,799
7,170,000,000 Indonesian Recapitalization Bond (IDR) ....... 13.40% 02/15/11 774,473
33,100,000,000 Indonesian Recapitalization Bond (IDR) ....... 13.45% 08/15/11 3,576,478
9,000,000,000 Indonesian Recapitalization Bond (IDR) ....... 13.18% 07/15/12 964,466
970,000 Majapahit Holding B.V. (USD) ................. 7.75% 10/17/16 861,884
4,260,000 Majapahit Holding B.V. (USD) ................. 7.25% 06/28/17 3,757,963
1,140,000 MGTI Finance Company, Ltd. (USD) ............. 8.38% 09/15/10 1,139,301
470,000 Republic of Indonesia (USD) .................. 6.88% 03/09/17 439,323
2,510,000 Republic of Indonesia (USD) .................. 6.88% 01/17/18 2,312,460
1,240,000 Republic of Indonesia (USD) .................. 8.50% 10/12/35 1,234,339
------------
21,137,885
------------
MEXICO - 4.4%
37,370,000 Mexican Bonos Desarr Fixed Rate Bond (MXN) ... 7.25% 12/15/16 3,189,426
22,340,000 Mexican Bonos Desarr Fixed Rate Bond (MXN) ... 10.00% 12/05/24 2,323,634
50,080,000 Mexican Bonos Desarr Fixed Rate Bond (MXN) ... 10.00% 11/20/36 5,313,567

See Notes to Quarterly Portfolio of Investments

Page 2

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)

PRINCIPAL
VALUE
(LOCAL STATED VALUE
CURRENCY) DESCRIPTION COUPON MATURITY (US DOLLARS)
-------------- ---------------------------------------------- ------ -------- ------------

BONDS AND NOTES (b) - (CONTINUED)
MEXICO - (CONTINUED)
1,170,000 Mexician Republic (USD) ...................... 8.30% 08/15/31 $ 1,381,653
------------
12,208,280
------------
MULTINATIONAL - 17.5%
17,600,000 Asian Development Bank (AUD) ................. 5.50% 02/15/16 13,490,066
18,800,000 European Investment Bank (NZD) ............... 6.50% 09/10/14 12,571,799
11,000,000 European Investment Bank (TRY) ............... 18.50% 03/20/09 8,638,834
8,600,000 International Bank Reconstruction
& Development (NZD) ....................... 6.38% 07/15/09 5,719,267
5,000,000 Nordic Investment Bank (AUD) ................. 5.38% 01/18/11 3,877,789
2,240,000 Nordic Investment Bank (GBP) ................. 5.75% 11/06/08 3,986,067
------------
48,283,822
------------
NIGERIA - 2.9%
3,750,000 GTB Finance B.V. (USD) ....................... 8.50% 01/29/12 3,421,875
601,500,000 KfW International Finance (NGN) .............. 8.50% 01/18/11 4,607,946
------------
8,029,821
------------
NORWAY - 5.4%
4,500,000 Kommunalbanken AS (GBP) ...................... 4.75% 01/28/10 8,006,221
10,000,000 Kommunalbanken AS (NZD) ...................... 8.00% 10/19/10 6,865,376
------------
14,871,597
------------
PAKISTAN - 0.2%
1,350,000 Islamic Republic of Pakistan (USD) ........... 6.88% 06/01/17 641,250
------------
PANAMA - 1.0%
2,330,000 Republic of Panama (USD) ..................... 8.88% 09/30/27 2,722,489
------------
PERU - 2.7%
300,000 Peru Bono Soberano (PEN) ..................... 8.60% 08/12/17 101,321
13,900,000 Peru Bono Soberano (PEN) ..................... 7.84% 08/12/20 4,449,305
8,600,000 Peru Bono Soberano (PEN) ..................... 8.20% 08/12/26 2,790,927
------------
7,341,553
------------
PHILIPPINES - 3.4%
3,140,000 Republic of Philippines (USD) ................ 10.63% 03/16/25 4,202,570
4,280,000 Republic of Philippines (USD) ................ 9.50% 02/02/30 5,275,100
------------
9,477,670
------------
RUSSIA - 7.4%
1,450,000 Evraz Group S.A. (USD) ....................... 8.88% 04/24/13 1,221,625
3,030,000 Evraz Group S.A. (USD) ....................... 8.25% 11/10/15 2,242,200
56,400,000 GPB Eurobond Finance PLC (RUB) ............... 7.25% 02/22/10 1,986,152
120,844,545 Red Arrow International Leasing PLC (RUB) .... 8.38% 06/30/12 4,515,196
1,370,000 RS Finance (RSB) (USD) ....................... 7.50% 10/07/10 880,225
7,150,000 RSHB Capital S.A. (USD) ...................... 7.75% 05/29/18 5,420,773
2,040,000 Transcapitalinvest, Ltd. (USD) ............... 8.70% 08/07/18 1,799,484
2,970,000 Vimpelcom Finance (USD) ...................... 8.38% 04/30/13 2,342,439
------------
20,408,094
------------

See Notes to Quarterly Portfolio of Investments

Page 3

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)

PRINCIPAL
VALUE
(LOCAL STATED VALUE
CURRENCY) DESCRIPTION COUPON MATURITY (US DOLLARS)
-------------- ---------------------------------------------- ------ -------- ------------

BONDS AND NOTES (b) - (CONTINUED)
SPAIN - 3.2%
11,500,000 Instituto de Credito Oficial (AUD) ........... 5.50% 10/11/12 $ 8,823,829
------------
TURKEY - 0.6%
2,800,000 Turkey Government Bond (TRY) ................. 0.00% 04/14/10 1,680,662
------------
UKRAINE - 5.7%
7,300,000 Alfa Bank Ukraine (USD) ...................... 9.75% 12/22/09 6,360,490
4,700,000 EX-IM Bank of Ukraine (USD) .................. 7.65% 09/07/11 3,639,506
16,000,000 JSCB Ukrsotsbank, Credit Linked Note
(USD) (d) ................................. 12.00% 10/15/12 3,193,442
3,000,000 UBS AG Jersey Branch (USD) ................... 9.13% 06/21/10 2,418,000
------------
15,611,438
------------
UNITED KINGDOM - 2.5%
2,700,000 United Kingdom CNVR (GBP) .................... 9.00% 07/12/11 5,412,816
700,000 United Kingdom Treasury (GBP) ................ 6.00% 12/07/28 1,458,591
------------
6,871,407
------------
URUGUAY - 3.1%
138,620,000 Republic Orient Uruguay,
Inflation Adjusted Bond (UYU) (e) ......... 5.00% 09/14/18 6,560,898
52,400,000 Republic Orient Uruguay,
Inflation Adjusted Bond (UYU) (e) ......... 4.25% 04/05/27 2,143,058
------------
8,703,956
------------
VENEZUELA - 4.4%
2,623,000 Republic of Venezuela (USD) .................. 8.50% 10/08/14 2,081,482
4,520,000 Republic of Venezuela (USD) .................. 5.75% 02/26/16 2,960,600
1,410,000 Republic of Venezuela (USD) .................. 10.75% 09/19/13 1,261,950
8,460,000 Petroleos de Venezuela S.A. (USD) ............ 5.25% 04/12/17 4,589,550
1,720,000 Bolivarian Republic of Venezuela (USD) ....... 9.00% 05/07/23 1,173,900
------------
12,067,482
------------
TOTAL INVESTMENTS - 135.4% ................... 373,910,149
(Cost $395,471,781) (f)
LOAN OUTSTANDING - (46.8)%. .................. (129,127,668)
NET OTHER ASSETS AND LIABILITIES - 11.4% ..... 31,346,737
------------
NET ASSETS - 100.0% .......................... $276,129,218
============

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

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

(d) Credit linked notes are structured securities whose principal and interest
payments are contingent on the performance of specified borrower companies,
or reference securities (See Note 1C - Credit Linked Notes in the Notes to
Quarterly Portfolio of Investments).

(e) Security whose principal value is adjusted in accordance with changes to
the country's Consumer Price Index. Interest is calculated on the basis of
the current adjusted principal value.

See Notes to Quarterly Portfolio of Investments

Page 4

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
SEPTEMBER 30, 2008 (UNAUDITED)

(f) Aggregate cost for federal income tax and financial reporting purposes. As
of September 30, 2008, the aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost was
$9,478,451 and the aggregate gross unrealized depreciation for all
securities in which there was an excess of tax cost over value was
$31,040,083.

RSB Russian Standard Bank

Currency
ARS Argentine Peso
AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
COP Colombian Peso
EGP Egyptian Pound
GBP British Pound Sterling
IDR Indonesian Rupiah
MXN Mexican Peso
MYR Malaysian Ringgit
NGN Nigerian Naira
NZD New Zealand Dollar
PEN Peruvian New Sol
RUB Russian Ruble
SGD Sinapore Dollar
TRY Turkish Lira
TWD Taiwan Dollar
USD United States Dollar
UYU Uruguayan Peso

SECURITY VALUATION INPUTS

A summary of the inputs used to value the Fund's net assets as of September 30,
2008 is as follows (See Note 1A - Portfolio Valuation in the Notes to Quarterly
Portfolio of Investments):

INVESTMENTS OTHER FINANCIAL
VALUATION INPUTS IN SECURITIES INSTRUMENTS (a)
---------------- ------------- ---------------

Level 1 - Quoted Prices - Investments ............ $ -- $8,917,867
Level 2 - Other Significant Observable Inputs .... 373,910,149 --
Level 3 - Significant Unobservable Inputs ........ -- --
------------ ----------
TOTAL ............................................ $373,910,149 $8,917,867
============ ==========

(a) Other financial instruments are forward foreign currency contracts not
reflected in the Portfolio of Investments, which are valued at the
unrealized appreciation (depreciation) on the contracts.

% OF TOTAL
INDUSTRY CLASSIFICATION INVESTMENTS
----------------------- -----------

Government Bonds and Notes 53.5%
Supranational Bank 12.9
Diversified Financial Services 7.2
Regional Authority 6.3
Electric Utilities 5.7
Commercial Banks 3.4
Special Purpose Banks 3.3
Multiline 1.3
Oil, Gas & Consumable Fuels 1.2
Beverages 1.0
Import/Export Bank 1.0
Metals & Mining 0.9
Capital Markets 0.7
Telecommunications 0.6
Health Care 0.5
Construction & Chemicals 0.5
-----
Total 100.0%
=====

See Notes to Quarterly Portfolio of Investments

Page 5

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS
SEPTEMBER 30, 2008 (UNAUDITED)

FORWARD FOREIGN CURRENCY CONTRACTS TO BUY
CONTRACTS TO RECEIVE

NET NET
UNREALIZED UNREALIZED
IN APPRECIATION DEPRECIATION
EXPIRATION LOCAL VALUE IN EXCHANGE OF CONTRACTS OF CONTRACTS
DATE CURRENCY (a) U.S. $ FOR U.S. $ U.S. $ U.S. $
---------- ------------------ ----------- ----------- ------------ ------------

11/10/08 ARS 9,401,000 $ 2,932,208 $ 3,017,978 $-- $ (85,770)
11/10/08 BRL 10,052,000 5,236,620 6,108,945 -- (872,325)
10/16/08 CAD 3,197,000 3,048,653 3,048,653 -- --
11/10/08 COP 6,705,464,000 3,072,421 3,404,619 -- (332,198)
10/16/08 MXN 78,726,000 7,182,964 7,332,573 -- (149,609)
10/16/08 MYR 78,802,000 22,929,998 24,272,909 -- (1,342,911)
10/16/08 SGD 32,112,000 22,362,584 23,719,899 -- (1,357,315)
10/16/08 TRY 6,721,000 5,266,446 5,349,379 -- (82,933)
10/16/08 TWD 776,000,000 24,085,666 25,708,133 -- (1,622,467)
--- -----------
$-- $(5,845,528)
--- -----------

FORWARD FOREIGN CURRENCY CONTRACTS TO SELL
CONTRACTS TO DELIVER

11/10/08 ARS 9,401,000 $ 2,932,208 $ 3,012,658 $ 80,450 $ --
11/10/08 BRL 36,523,000 19,026,769 22,044,981 3,018,212 --
10/16/08 CAD 22,778,000 21,424,013 22,536,142 1,112,129 --
11/10/08 COP 11,026,052,000 5,001,006 6,197,893 1,196,887 --
11/10/08 EGP 22,721,000 4,111,940 4,218,765 106,825 --
10/16/08 GBP 15,132,000 26,937,578 29,726,209 2,788,631 --
11/10/08 IDR 25,602,136,000 2,698,797 2,648,954 -- (49,843)
10/16/08 MXN 114,230,000 10,422,350 11,054,140 631,790 --
10/16/08 NZD 70,122,000 46,826,581 52,461,774 5,635,193 --
11/10/08 PEN 7,202,000 2,407,616 2,399,067 -- (8,549)
11/10/08 RUB 175,224,000 6,790,856 7,009,100 218,244 --
10/16/08 TRY 10,257,000 8,037,187 8,070,613 33,426 --
------------ -----------
$ 14,821,787 $ (58,392)
------------ -----------
Unrealized Appreciation (Depreciation) .................... $ 14,821,787 $(5,903,920)
============ ===========
Net Unrealized Appreciation (Depreciation) ................ $ 8,917,867
===========

(a) Please see page 5 for currency descriptions.

See Notes to Quarterly Portfolio of Investments

Page 6

NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
SEPTEMBER 30, 2008 (UNAUDITED)

1. VALUATION AND INVESTMENT PRACTICES

A. PORTFOLIO VALUATION:

The net asset value ("NAV") of the Common Shares of First Trust/Aberdeen Global
Opportunity Income Fund (the "Fund") is determined daily as of the close of
regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m.
Eastern time, on each day the NYSE is open for trading. Domestic debt securities
and foreign securities are priced using data reflecting the earlier closing of
the principal markets for those securities. The NAV per Common Share is
calculated by dividing the value of all assets of the Fund (including accrued
interest and dividends), less all liabilities (including accrued expenses,
dividends declared but unpaid and any borrowings of the Fund), by the total
number of Common Shares outstanding.

The Fund's investments are valued daily at market value or, in the absence of
market value with respect to any portfolio securities, at fair value according
to procedures adopted by the Fund's Board of Trustees. A majority of the Fund's
assets are valued using market information supplied by third parties. In
addition, structured products, including currency linked notes and credit linked
notes, as well as interest rate swaps and credit default swaps, are valued using
a pricing service or quotes provided by the selling dealer or financial
institution. 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, First Trust Advisors L.P. ("First Trust") may
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 Investment Company Act of 1940, as amended. Fixed income securities with a
remaining maturity of 60 days or more will be valued by the Fund using a pricing
service. Short-term investments that mature in less than 60 days when purchased
are valued on an amortized cost basis.

In September 2006, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"),
effective for fiscal years beginning after November 15, 2007. This standard
clarifies the definition of fair value for financial reporting, establishes a
framework for measuring fair value and requires additional disclosures about the
use of fair value measurements. FAS 157 became effective for the Fund as of
January 1, 2008, the beginning of its current fiscal year. The three levels of
the fair value hierarchy under FAS 157 are described below:

- Level 1 - quoted prices in active markets for identical securities

- Level 2 - other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit
risk, etc.)

- Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)

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 net assets as of September 30, 2008 is
included with the Fund's Portfolio of Investments.

B. SECURITIES TRANSACTIONS:

Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.

Securities purchased or sold on a when-issued or delayed-delivery basis may be
settled a month or more after the trade date; interest income on such securities
is not accrued until settlement date. The Fund maintains liquid assets with a
current value at least equal to the amount of its when-issued or
delayed-delivery purchase commitments. At September 30, 2008, the Fund had no
when-issued or delayed-delivery purchase commitments.

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.

Page 7

NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS - (CONTINUED)

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
SEPTEMBER 30, 2008 (UNAUDITED)

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.

D. FORWARD FOREIGN CURRENCY CONTRACTS:

Forward foreign currency contracts are agreements to exchange one currency for
another at a future date and at a specified price. The Fund may use 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 Net Other Assets and Liabilities on the
Portfolio of Investments. Risks arise from the possible inability of
counterparties to meet the terms of their contracts and from movement in
currency and securities values and interest rates. Due to the risks, the Fund
could incur losses up to the entire contract amount, which may exceed the net
unrealized value shown in the Schedule of Forward Foreign Currency Contracts.

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 are translated on the respective
dates of such transactions. Net realized foreign currency gains and losses
include the effect of changes in exchange rates between trade date and
settlement date on investment security and foreign currency transactions.

Page 8

ITEM 2. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).

(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that have materially affected, or are reasonably likely
to materially affect, the registrant's internal control over financial
reporting.

ITEM 3. EXHIBITS.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) FIRST TRUST/ABERDEEN 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 November 24, 2008
----------------------------------------------------------------------------

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 November 24, 2008
----------------------------------------------------------------------------

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

Date November 24, 2008
----------------------------------------------------------------------------

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