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
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FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
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(Exact name of registrant as specified in charter)
1001 Warrenville Road, Suite 300
LISLE, IL 60532
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(Address of principal executive offices) (Zip code)
W. Scott Jardine, Esq.
First Trust Portfolios L.P.
1001 Warrenville Road, Suite 300
LISLE, IL 60532
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(Name and address of agent for service)
Registrant's telephone number, including area code: (630) 241-4141
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Date of fiscal year end: DECEMBER 31
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Date of reporting period: SEPTEMBER 30, 2005
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. 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
SEPTEMBER 30, 2005 (UNAUDITED)
PRINCIPAL MARKET
VALUE VALUE
(LOCAL CURRENCY) (US DOLLARS)
---------------- -------------
FOREIGN BONDS AND NOTES+ - 137.6%
AUSTRALIA - 5.6%
10,500,000 Australian Government (AUD), 7.500%, 9/15/09 .............. $ 8,622,908
5,000,000 New South Wales Treasury Corp. (AUD), 8.000%, 3/01/08 ..... 4,023,191
8,300,000 Queensland Treasury (AUD), 6.000%, 7/14/09 ............... 6,448,315
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19,094,414
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AUSTRIA - 0.5%
2,500,000 Republic of Austria (TRY), 14.000%, 8/03/06 ............... 1,870,033
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BRAZIL - 10.5%
18,000,000 Banco Bradesco (BRL), 17.500%, 12/10/07 ................... 8,192,091
11,200,000 BIE Bank & Trust (BRL), 16.800%, 3/13/07 .................. 5,034,526
5,750,000 Citibank NA (BRL), 15.000%, 7/02/10 ....................... 2,699,267
1,997,120 Citigroup Global Markets (USD), 6.000%, 4/02/08 ........... 2,244,910
31,903,000 Electropaulo Metropolitan (BRL), 19.125%, 6/28/10 ......... 15,306,345
2,000,000 Petrobras International Finance (USD), 8.375%, 12/10/18 ... 2,241,900
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35,719,039
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CANADA - 7.5%
7,000,000 Canadian Government (CAD), 5.250%, 6/01/13 ............... 6,574,400
6,700,000 Canadian Government (CAD), 5.750%, 6/01/29 ............... 7,049,265
7,000,000 Province of Manitoba (NZD), 6.375%, 9/01/15 ............... 4,772,999
10,965,000 Province of Ontario (NZD), 6.250%, 6/16/15 ............... 7,417,778
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25,814,442
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COLOMBIA - 7.3%
24,113,000,000 Republic of Colombia (COP), 11.750%, 3/01/10 .............. 12,204,350
24,739,000,000 Republic of Colombia (COP), 12.000%, 10/22/15 ............. 12,788,333
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24,992,683
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GERMANY - 5.6%
4,600,000 KfW Bankengruppe (GBP), 4.750%, 12/07/10 .................. 8,227,891
3,650,000 KfW International Finance (CAD), 4.950%, 10/14/14 ......... 3,337,905
11,000,000 KfW Kredit Wiederaufbau (NZD), 6.000%, 7/15/09 ........... 7,452,747
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19,018,543
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INDONESIA - 4.2%
98,500,000,000 Indonesia Recapital Bond (IDR), 13.150%, 3/15/10 .......... 9,172,196
53,500,000,000 Indonesia Recapital Bond (IDR), 14.000%, 6/15/09 .......... 5,184,108
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14,356,304
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JAMAICA - 3.3%
4,950,000 Government of Jamaica (EUR), 10.500%, 10/27/14 ............ 7,102,704
3,000,000 Government of Jamaica (EUR), 11.000%, 7/27/12 ............. 4,310,243
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11,412,947
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KAZAKHSTAN - 3.7%
6,000,000 Kazkommerts International BV (USD), 7.875%, 4/07/14 ....... 6,336,000
6,000,000 TuranAlem Finance BV (USD), 8.000%, 3/24/14 .............. 6,225,432
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12,561,432
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See Notes to Quarterly Portfolio of Investments Page 1
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
PRINCIPAL MARKET
VALUE VALUE
(LOCAL CURRENCY) (US DOLLARS)
---------------- -------------
FOREIGN BONDS AND NOTES+ - CONTINUED
MEXICO - 10.0%
114,600,000 Mexican Fixed Rate Bonds (MXN), 8.000%, 12/19/13 ......... $ 10,323,269
61,355,100 Mexican Fixed Rate Bonds (MXN), 9.500%, 12/18/14 ......... 6,048,243
7,000,000 Pemex Project Funding Master Trust (USD), 7.750%, 9/29/49 . 7,295,750
123,000,000 United Mexican States (MXN), 8.000%, 12/07/23 ............. 10,607,707
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34,274,969
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MULTINATIONAL - 7.3%
8,400,000 European Investment Bank (AUD), 5.750%, 9/15/09 ........... 6,439,166
4,400,000 European Investment Bank (GBP), 7.625%, 12/07/07 .......... 8,276,025
6,500,000 European Investment Bank (NZD), 6.500%, 9/10/14 ........... 4,510,528
2,000,000 European Investment Bank (TRY), 14.500%, 2/21/07 .......... 1,512,811
2,240,000 Nordic Investment Bank (GBP), 5.750%, 11/06/08 ............ 4,102,016
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24,840,546
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NETHERLANDS - 4.7%
4,900,000 Bank Nederlandse Gemeenten NV (GBP), 4.625%, 12/07/06 .... 8,652,641
11,000,000 Bank Nederlandse Gemeenten NV (NZD), 5.250%, 6/17/09 ...... 7,294,597
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15,947,238
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NEW ZEALAND - 4.9%
11,700,000 Government of New Zealand (NZD), 7.000%, 7/15/09 ......... 8,386,779
12,000,000 Government of New Zealand (NZD), 6.500%, 2/15/06 ......... 8,298,498
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16,685,277
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NORWAY - 9.2%
11,000,000 Eksportsfinans (TRY), 14.625%, 3/15/07 .................... 8,251,020
11,300,000 Kommunalbanken (TRY), 14.750%, 2/09/09 .................... 8,527,661
8,600,000 Kommunalbanken AS (AUD), 5.750%, 10/15/07 ................. 6,556,902
4,500,000 Kommunalbanken AS (GBP), 4.750%, 1/28/10 .................. 8,024,959
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31,360,542
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PERU - 5.9%
23,750,000 Peru Bono Soberano (PEN), 9.910%, 5/05/15 ................. 8,615,176
19,000,000 Republic of Peru (PEN), 8.600%, 8/12/17 ................... 6,357,214
4,000,000 Republic of Peru (USD), 9.875%, 2/06/15 ................... 5,131,200
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20,103,590
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PHILIPPINES - 3.3%
6,000,000 Republic of Philippines (USD), 8.875%, 3/17/15 ............ 6,389,400
4,500,000 Republic of Philippines (USD), 9.500%, 2/02/30 ............ 4,817,250
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11,206,650
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RUSSIA - 11.7%
13,420,000 Alrosa Company SA (USD), 8.875%, 11/17/14 ................. 15,945,644
9,000,000 Russian Stand Bank (USD), 8.125%, 4/21/08 ................ 9,236,700
14,000,000 UBS Luxembourg (Vimpelcom) (USD), 8.000%, 2/11/10 ......... 14,654,500
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39,836,844
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Page 2 See Notes to Quarterly Portfolio of Investments
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
PRINCIPAL MARKET
VALUE VALUE
(LOCAL CURRENCY) (US DOLLARS)
---------------- -------------
FOREIGN BONDS AND NOTES+ - CONTINUED
SOUTH AFRICA - 5.7%
124,600,000 Republic of South Africa (ZAR), 8.000%, 12/21/18 .......... $ 19,476,180
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SPAIN - 5.9%
11,500,000 Instituto de Credito Oficial (AUD), 5.500%, 10/11/12 ...... 8,688,275
8,700,000 Instituto de Credito Oficial (AUD), 5.500%, 11/15/06 ...... 6,620,831
5,250,000 Instituto de Credito Oficial (CAD), 5.000%, 3/31/20 ....... 4,773,097
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20,082,203
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SWEDEN - 1.6%
8,000,000 Swedish Export Credit (NZD), 4.300%, 6/26/06 .............. 5,421,425
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TURKEY - 2.7%
8,900,000 Finans Capital Finance Ltd. (USD), 9.000%, 10/07/14 ....... 9,405,520
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UNITED KINGDOM - 5.0%
3,100,000 United Kingdom Treasury (GBP), 5.750%, 12/07/09 ........... 5,789,746
3,100,000 United Kingdom Treasury (GBP), 5.000%, 3/07/08 ............ 5,571,101
3,000,000 United Kingdom Treasury (GBP), 7.250%, 12/07/07 ........... 5,626,738
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16,987,585
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UNITED STATES - 0.4%
2,000,000 General Electric Capital Corp. (TRY), 12.250%, 8/10/09 .... 1,496,769
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URUGUAY - 4.0%
8,750,000 Republic of Uruguay (USD), 9.250%, 5/17/17 ................ 9,861,250
177,300,000 Republica Orient Uruguay (UYU), 17.750%, 2/04/06 .......... 3,745,281
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13,606,531
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VENEZUELA - 7.1%
19,200,000 Republic of Venezuela (USD), 8.500%, 10/08/14 ............. 21,369,600
2,500,000 Republic of Venezuela (USD), 9.250%, 9/15/27 .............. 2,962,625
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24,332,225
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TOTAL FOREIGN BONDS AND NOTES+ ............................ 469,903,931
(Cost $455,169,828) -------------
TOTAL INVESTMENTS - 137.6% ................................ 469,903,931
(Cost $455,169,828)*
LOAN OUTSTANDING - (42.9)% ................................ (146,477,736)
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NET OTHER ASSETS AND LIABILITIES - 5.3% ................... 18,024,087
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NET ASSETS - 100.0% ....................................... $ 341,450,282
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* Aggregate cost for federal income tax and financial reporting
purposes
+ Portfolio securities are included in a country based upon their
underlying credit exposure as determined by Aberdeen Asset
Management, Inc. - the Sub-Advisor.
See Notes to Quarterly Portfolio of Investments Page 3
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
COP Colombian Peso
EUR European Monetary Unit
GBP British Pound Sterling
IDR Indonesian Rupiah
JPY Japanese Yen
MXN Mexican Peso
NZD New Zealand Dollar
PEN Peruvian New Sol
SGD Singapore Dollar
TRY Turkish Lira
TWD Taiwan Dollar
USD United States Dollar
UYU Uruguay Peso
ZAR South African Rand
Page 4 See Notes to Quarterly Portfolio of Investments
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
SCHEDULE OF FORWARD CURRENCY CONTRACTS
SEPTEMBER 30, 2005 (UNAUDITED)
FORWARD FOREIGN CURRENCY CONTRACTS TO BUY
CONTRACTS TO RECEIVE
--------------------------------------------------------- NET
UNREALIZED
IN APPRECIATION/
EXPIRATION LOCAL VALUE IN EXCHANGE (DEPRECIATION)
DATE CURRENCY* U.S. $ FOR U.S. $ OF CONTRACTS
---------- ----------------------- ---------- ---------- --------------
10/11/05 TWD 324,800,000 9,796,135 10,000,000 $ (203,865)
10/24/05 JPY 352,726,625 3,115,349 3,175,000 (59,651)
10/24/05 SGD 7,009,407 4,146,121 4,175,000 (28,879)
10/31/05 JPY 2,371,492,200 20,961,892 21,000,000 (38,108)
10/31/05 SGD 33,826,000 20,013,371 20,000,000 13,371
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$ (317,132)
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FORWARD FOREIGN CURRENCY CONTRACTS TO SELL
CONTRACTS TO DELIVER
--------------------------------------------------------- NET
UNREALIZED
IN APPRECIATION/
EXPIRATION LOCAL VALUE IN EXCHANGE (DEPRECIATION)
DATE CURRENCY* U.S. $ FOR U.S. $ OF CONTRACTS
---------- ----------------------- ---------- ---------- --------------
10/24/05 GBP 31,600,000 55,710,136 57,006,400 $ 1,296,264
10/25/05 NZD 28,400,000 19,601,419 19,887,384 285,965
10/31/05 AUD 62,000,000 47,207,544 46,715,946 (491,598)
10/31/05 NZD 51,000,000 35,180,672 34,625,838 (554,834)
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$ 535,797
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Net Unrealized Appreciation of Forward Foreign Currency Contracts $ 218,665
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* Please see page 4 for currency descriptions.
See Notes to Quarterly Portfolio of Investments Page 5
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NOTES TO PORTFOLIO OF INVESTMENTS - (UNAUDITED)
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FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
SEPTEMBER 30, 2005
1. VALUATION AND INVESTMENT PRACTICES
A. PORTFOLIO VALUATION:
The net asset value ("NAV") of the Common Shares of the First Trust/Aberdeen
Global Opportunity Income Fund (the "Fund") is computed based upon the value of
the Fund's portfolio and other assets. The NAV is determined 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 Fund calculates NAV per Common
Share by subtracting the Fund's liabilities (including accrued expenses,
dividends payable and any borrowings of the Fund) and the liquidation value of
any outstanding Preferred Shares from the Fund's Managed Assets (the value of
the securities and other investments the Fund holds plus cash or other assets,
including interest accrued but not yet received minus accrued liabilities other
than the principal amount of borrowings) and dividing the result 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, 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, or if events occurring after the close of the
principal markets for particular securities (e.g., domestic debt and foreign
securities), but before the Fund values its assets, would materially affect NAV,
First Trust Advisors L.P. may use a fair value method to value the Fund's
securities and 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.
B. 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.
C. 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 instructs the custodian to
segregate assets of the Fund with a current value at least equal to the amount
of its when-issued purchase commitments.
D. FOREIGN CURRENCY:
The books and records of the Fund are maintained in U.S. dollars. Foreign
currencies, investments and other assets and liabilities are translated into
U.S. dollars at the exchange rates prevailing at the end of the period.
Purchases and sales of investment securities and items of income and expense are
translated on the respective dates of such transactions. Unrealized gains and
losses which result from changes in foreign currency exchange rates have been
included in the unrealized appreciation/(depreciation) of investments and net
other assets and liabilities. 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 fluctuations in exchange rates between the
initial purchase trade date and subsequent sale trade date is included in
realized gains and losses on investment securities sold.
Page 6
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NOTES TO PORTFOLIO OF INVESTMENTS - (UNAUDITED) (CONTINUED)
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FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
SEPTEMBER 30, 2005
2. UNREALIZED APPRECIATION/(DEPRECIATION)
As of September 30, 2005, the aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost was $19,464,120,
and the aggregate gross unrealized depreciation for all securities in which
there was an excess of tax cost over value was $4,730,017.
Page 7
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
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By (Signature and Title)* /S/ JAMES A. BOWEN
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James A. Bowen, Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)
Date NOVEMBER 23, 2005
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /S/ JAMES A. BOWEN
-------------------------------------------------------
James A. Bowen, Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)
Date NOVEMBER 23, 2005
----------------------------------------------------------------------------
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 23, 2005
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* Print the name and title of each signing officer under his or her signature.