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)
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
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(Address of principal executive offices) (Zip code)
W. Scott Jardine, Esq.
First Trust Portfolios L.P.
120 East Liberty Drive, Suite 400
Wheaton, IL 60187
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(Name and address of agent for service)
Registrant's telephone number, including area code: (630) 765-8000
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Date of fiscal year end: December 31
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Date of reporting period: March 31, 2013
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached
herewith.
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a)
MARCH 31, 2013 (UNAUDITED)
PRINCIPAL
VALUE
(LOCAL STATED VALUE
CURRENCY) DESCRIPTION COUPON STATED MATURITY (US DOLLARS)
--------------- ----------------------------------------- -------------- --------------- -------------
FOREIGN SOVEREIGN BONDS AND NOTES - 91.2%
ARGENTINA - 0.9%
2,920,000 Republic of Argentina (USD) ........... 7.00% 09/12/13 $ 2,894,291
-------------
AUSTRALIA - 10.7%
11,000,000 Australian Government (AUD) ........... 6.00% 02/15/17 12,751,538
8,100,000 Queensland Treasury (AUD) ............. 6.00% 10/14/15 9,030,646
9,800,000 Treasury Corp. of Victoria (AUD) ...... 6.00% 10/17/22 11,664,241
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33,446,425
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BRAZIL - 6.6%
38,734,000 Brazil Notas do Tesouro Nacional Series F
(BRL) ............................. 10.00% 01/01/17 19,619,370
900,000 Republic of Brazil (USD) .............. 5.63% 01/07/41 1,057,500
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20,676,870
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CANADA - 10.4%
1,700,000 Canadian Government Bond (CAD) ........ 5.25% 06/01/13 1,685,207
5,000,000 Canadian Government Bond (CAD) ........ 8.00% 06/01/23 7,727,863
15,000,000 Province of Manitoba (NZD) ............ 6.38% 09/01/15 13,395,039
10,965,000 Province of Ontario (NZD) ............. 6.25% 06/16/15 9,743,571
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32,551,680
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COSTA RICA - 0.4%
1,200,000 Republic of Costa Rica (USD) .......... 4.25% 01/26/23 1,204,200
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CROATIA - 0.8%
2,370,000 Croatia Government International Bond
(USD) ............................. 6.63% 07/14/20 2,589,225
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DOMINICAN REPUBLIC - 0.3%
700,000 Dominican Republic (USD) .............. 7.50% 05/06/21 787,850
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GEORGIA - 0.4%
1,300,000 Georgian Oil and Gas Corp. (USD) (c)... 6.88% 05/16/17 1,367,210
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HONDURAS - 1.0%
2,960,000 Honduras Government International Bond
(USD) (c).......................... 7.50% 03/15/24 2,985,160
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HUNGARY - 5.1%
810,000,000 Hungary Government Bond (HUF) ......... 6.75% 08/22/14 3,513,500
2,170,000,000 Hungary Government Bond (HUF) ......... 6.75% 11/24/17 9,637,979
2,950,000 Hungary Government Bond (USD) ......... 4.13% 02/19/18 2,832,000
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15,983,479
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INDONESIA - 1.6%
17,100,000,000 Indonesian Government Bond (IDR) ...... 10.00% 07/15/17 2,101,993
18,670,000,000 Indonesian Government Bond (IDR) ...... 10.50% 08/15/30 2,741,615
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4,843,608
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See Notes to Quarterly Portfolio of Investments
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
MARCH 31, 2013 (UNAUDITED)
PRINCIPAL
VALUE
(LOCAL STATED VALUE
CURRENCY) DESCRIPTION COUPON STATED MATURITY (US DOLLARS)
--------------- ----------------------------------------- -------------- --------------- -------------
FOREIGN SOVEREIGN BONDS AND NOTES - (CONTINUED)
IVORY COAST - 0.9%
2,995,000 Ivory Coast Government Bond (USD) (d).. 5.75% 12/31/32 $ 2,792,837
-------------
LATVIA - 0.8%
2,700,000 Republic of Latvia (USD) (c)........... 2.75% 01/12/20 2,609,550
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MALAYSIA - 2.1%
4,800,000 Malaysia Government Bond (MYR) ........ 3.21% 05/31/13 1,550,511
14,500,000 Malaysia Government Bond (MYR) ........ 4.01% 09/15/17 4,847,982
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6,398,493
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MEXICO - 5.0%
6,400,000 Mexican Bonos Desarr Fixed Rate Bond
(MXN) ............................. 8.00% 12/17/15 565,742
115,500,000 Mexican Bonos Desarr Fixed Rate Bond
(MXN) ............................. 7.50% 06/03/27 11,352,654
13,850,000 Mexican Bonos Desarr Fixed Rate Bond
(MXN) ............................. 10.00% 11/20/36 1,720,306
1,500,000 United Mexican States (USD) ........... 6.05% 01/11/40 1,863,750
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15,502,452
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MONGOLIA - 0.3%
600,000 Mongolia Government International Bond
(USD) ............................. 4.13% 01/05/18 582,000
400,000 Mongolia Government International Bond
(USD) ............................. 5.13% 12/05/22 375,000
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957,000
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NEW ZEALAND - 5.9%
19,150,000 New Zealand Government Bond (NZD) ..... 6.00% 12/15/17 18,238,701
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NIGERIA - 2.5%
1,100,000,000 Nigeria Government Bond (NGN) ......... 15.10% 04/27/17 7,921,665
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PAKISTAN - 1.1%
1,050,000 Islamic Republic of Pakistan (USD) .... 7.13% 03/31/16 945,000
2,810,000 Islamic Republic of Pakistan (USD) .... 6.88% 06/01/17 2,465,775
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3,410,775
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PERU - 1.6%
10,100,000 Peruvian Government Bond (PEN) ........ 7.84% 08/12/20 4,922,873
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ROMANIA - 1.9%
4,450,000 Romania Government Bond (RON) ......... 5.75% 01/27/16 1,304,375
3,910,000 Romania Government International Bond
(USD) ............................. 6.75% 02/07/22 4,564,925
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5,869,300
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RUSSIA - 2.0%
185,000,000 Russian Foreign Bond (RUB) ............ 7.85% 03/10/18 6,361,434
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See Notes to Quarterly Portfolio of Investments
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
MARCH 31, 2013 (UNAUDITED)
PRINCIPAL
VALUE
(LOCAL STATED VALUE
CURRENCY) DESCRIPTION COUPON STATED MATURITY (US DOLLARS)
--------------- ----------------------------------------- -------------- --------------- -------------
FOREIGN SOVEREIGN BONDS AND NOTES - (CONTINUED)
SERBIA - 4.0%
800,000 Republic of Serbia (USD) .............. 5.25% 11/21/17 $ 828,000
950,000 Republic of Serbia (USD) (c)........... 4.88% 02/25/20 941,450
3,150,000 Republic of Serbia (USD) .............. 7.25% 09/28/21 3,500,438
1,540,000 Republic of Serbia (USD) (c)........... 7.25% 09/28/21 1,711,325
513,000,000 Serbia Treasury Bills (RSD) ........... (e) 01/23/14 5,422,631
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12,403,844
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SOUTH AFRICA - 4.8%
20,300,000 Republic of South Africa (ZAR) ........ 13.50% 09/15/15 2,607,243
76,800,000 Republic of South Africa (ZAR) ........ 10.50% 12/21/26 10,581,392
17,100,000 Republic of South Africa (ZAR) ........ 7.00% 02/28/31 1,703,718
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14,892,353
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TANZANIA - 0.5%
1,600,000 Tanzania Government International Bond
(USD) (f).......................... 6.45% 03/08/20 1,696,000
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TURKEY - 5.7%
2,100,000 Republic of Turkey (USD) .............. 6.25% 09/26/22 2,493,750
16,100,000 Turkey Government Bond (TRY) .......... 9.00% 01/27/16 9,512,464
8,400,000 Turkey Government Bond (TRY) .......... 3.00% 02/23/22 5,730,698
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17,736,912
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UNITED ARAB EMIRATES - 2.1%
5,270,000 Dubai Government International Bond (USD) 7.75% 10/05/20 6,521,625
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UNITED KINGDOM - 5.3%
1,200,000 United Kingdom Treasury (GBP) ......... 8.00% 12/07/15 2,203,972
4,600,000 United Kingdom Treasury (GBP) ......... 6.00% 12/07/28 10,272,730
2,170,000 United Kingdom Treasury (GBP) ......... 4.25% 12/07/49 4,043,627
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16,520,329
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URUGUAY - 2.1%
82,941,766 Republica Orient Uruguay, Inflation
Adjusted Bond (UYU) (g)............ 5.00% 09/14/18 5,172,984
22,952,649 Republica Orient Uruguay, Inflation
Adjusted Bond (UYU) (g)............ 4.25% 04/05/27 1,504,599
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6,677,583
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VENEZUELA - 4.1%
9,720,000 Republic of Venezuela (USD) ........... 5.75% 02/26/16 9,209,700
800,000 Republic of Venezuela (USD) ........... 7.75% 10/13/19 752,000
2,430,000 Republic of Venezuela (USD) ........... 11.95% 08/05/31 2,745,900
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12,707,600
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VIETNAM - 0.3%
800,000 Socialist Republic of Vietnam (USD) ... 6.88% 01/15/16 890,000
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See Notes to Quarterly Portfolio of Investments
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
MARCH 31, 2013 (UNAUDITED)
PRINCIPAL
VALUE
(LOCAL STATED VALUE
CURRENCY) DESCRIPTION COUPON STATED MATURITY (US DOLLARS)
--------------- ----------------------------------------- -------------- --------------- -------------
FOREIGN SOVEREIGN BONDS AND NOTES - (CONTINUED)
TOTAL FOREIGN SOVEREIGN BONDS AND NOTES ............................ 284,361,324
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(Cost $253,025,184)
FOREIGN CORPORATE BONDS AND NOTES (b) - 35.5%
BRAZIL - 1.9%
600,000 Banco do Estado do Rio Grande do Sul
(USD) (c).......................... 7.38% 02/02/22 $ 654,300
660,000 OAS Investments GMBH (USD) (c)......... 8.25% 10/19/19 711,150
550,000 Odebrecht Finance Ltd. (USD) .......... 7.50% 09/14/15 588,500
1,350,000 OGX Petroleo e Gas Participacoes S.A.
(USD) ............................. 8.50% 06/01/18 1,059,750
900,000 OSX 3 Leasing B.V. (USD) (c)........... 9.25% 03/20/15 897,750
800,000 Vale Overseas Ltd. (USD) .............. 4.38% 01/11/22 821,800
1,100,000 Virgolino de Oliveira Finance Ltd. (USD) 10.50% 01/28/18 1,177,000
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5,910,250
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CHILE - 0.5%
1,400,000 Automotores Gildemeister S.A. (USD) (c) 6.75% 01/15/23 1,473,500
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CHINA - 1.3%
1,250,000 China Overseas Finance Cayman II Ltd.
(USD) ............................. 5.50% 11/10/20 1,406,275
600,000 COSL Finance BVI Ltd. (USD) (c)........ 3.25% 09/06/22 586,855
1,200,000 Country Garden Holdings Co., Ltd. (USD) 11.13% 02/23/18 1,392,000
600,000 Yancoal International Resources
Development Co. Ltd. (USD) (c)..... 5.73% 05/16/22 616,680
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4,001,810
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DOMINICAN REPUBLIC - 0.5%
1,350,000 AES Andres Dominicana/Itabo Dominicana
(USD) ............................. 9.50% 11/12/20 1,458,000
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EL SALVADOR - 0.5%
1,550,000 Telemovil Finance Co., Ltd. (USD) ..... 8.00% 10/01/17 1,697,250
-------------
GERMANY - 1.2%
3,650,000 KfW International Finance (CAD) ....... 4.95% 10/14/14 3,793,722
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GUATEMALA - 0.5%
1,550,000 Industrial Subordinated Trust (USD) ... 8.25% 07/27/21 1,719,539
-------------
INDIA - 0.4%
1,200,000 Bharti Airtel International Netherlands
B.V. (USD) (c)..................... 5.13% 03/11/23 1,210,800
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INDONESIA - 0.2%
700,000 PT Adaro Indonesia (USD) .............. 7.63% 10/22/19 764,750
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See Notes to Quarterly Portfolio of Investments
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
MARCH 31, 2013 (UNAUDITED)
PRINCIPAL
VALUE
(LOCAL STATED VALUE
CURRENCY) DESCRIPTION COUPON STATED MATURITY (US DOLLARS)
--------------- ----------------------------------------- -------------- --------------- -------------
FOREIGN CORPORATE BONDS AND NOTES (b) - (CONTINUED)
KAZAKHSTAN - 0.9%
1,000,000 Kazakhstan Temir Zholy Finance B.V. (USD)
(c)................................ 6.95% 07/10/42 $ 1,172,500
1,500,000 Zhaikmunai International B.V. (USD) (c) 7.13% 11/13/19 1,608,750
-------------
2,781,250
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MEXICO - 2.9%
800,000 Alpek S.A. de C.V. (USD) (c)........... 4.50% 11/20/22 832,000
1,400,000 BBVA Bancomer S.A. Texas (USD) (c)..... 6.75% 09/30/22 1,603,000
850,000 CEMEX Espana S.A. Luxembourg (USD) .... 9.88% 04/30/19 982,770
460,000 CEMEX Finance, LLC (USD) (c)........... 9.38% 10/12/22 537,050
1,300,000 Corporacion GEO S.A. de C.V. (USD) (c). 8.88% 03/27/22 1,124,500
536,000 Desarrolladora Homex S.A. (USD) ....... 9.50% 12/11/19 463,640
2,580,438 GEO Maquinaria S.A. de C.V. (USD) ..... 9.63% 05/02/21 2,128,861
1,350,000 Tenedora Nemak S.A. de C.V. (USD) (c).. 5.50% 02/28/23 1,370,250
-------------
9,042,071
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MULTINATIONAL - 13.2%
17,600,000 Asian Development Bank (AUD) .......... 5.50% 02/15/16 19,433,038
284,000,000 European Bank For Reconstruction &
Development (INR) ................. 5.25% 02/07/14 5,172,164
18,800,000 European Investment Bank (NZD) ........ 6.50% 09/10/14 16,498,310
-------------
41,103,512
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NIGERIA - 0.5%
1,400,000 Access Finance B.V. (USD) (c).......... 7.25% 07/25/17 1,488,444
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RUSSIA - 7.8%
2,250,000 Alfa Bank (USD) ....................... 7.88% 09/25/17 2,545,200
300,000 Alfa Bank OJSC Via Alfa Bond Issuance PLC
(USD) ............................. 7.75% 04/28/21 336,750
1,400,000 EuroChem Mineral & Chemical Co. OJSC
(USD) (c).......................... 5.13% 12/12/17 1,428,000
900,000 Evraz Group S.A. (USD) ................ 7.40% 04/24/17 960,750
900,000 Gazprom Neft OAO via GPN Capital S.A.
(USD) (c).......................... 4.38% 09/19/22 892,125
1,870,000 Home Credit & Finance Bank (USD) (c) (i) 9.38% 04/24/20 2,014,925
1,400,000 Metalloinvest Finance Ltd. (USD) ...... 6.50% 07/21/16 1,477,882
278,600,000 RZD Capital Ltd. (RUB) ................ 8.30% 04/02/19 9,249,415
1,000,000 Sberbank of Russia via SB Capital S.A.
(USD) (c).......................... 6.13% 02/07/22 1,120,000
800,000 Sibur Securities Ltd. (USD) (c)........ 3.91% 01/31/18 790,000
1,500,000 Vimpelcom Holdings B.V. (USD) (c)...... 5.95% 02/13/23 1,498,125
1,700,000 VTB Bank OJSC via VTB Capital S.A. (USD) 6.88% 05/29/18 1,878,500
-------------
24,191,672
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See Notes to Quarterly Portfolio of Investments
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
MARCH 31, 2013 (UNAUDITED)
PRINCIPAL
VALUE
(LOCAL STATED VALUE
CURRENCY) DESCRIPTION COUPON STATED MATURITY (US DOLLARS)
--------------- ----------------------------------------- -------------- --------------- -------------
FOREIGN CORPORATE BONDS AND NOTES (b) - (CONTINUED)
TURKEY - 1.4%
750,000 Arcelik AS (USD) (c)................... 5.00% 04/03/23 $ 750,000
860,000 Turkiye Halk Bankasi AS (USD) ......... 3.88% 02/05/20 849,250
800,000 Turkiye Vakiflar Bankasi (USD) (c)..... 6.00% 11/01/22 824,000
1,700,000 Yasar Holdings (USD) .................. 9.63% 10/07/15 1,802,000
-------------
4,225,250
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UKRAINE - 1.5%
1,350,000 Ferrexpo Finance PLC (USD) ............ 7.88% 04/07/16 1,353,375
1,500,000 Metinvest B.V. (USD) .................. 10.25% 05/20/15 1,589,550
485,000 MHP S.A. (USD) ........................ 10.25% 04/29/15 522,716
1,350,000 MHP S.A. (USD) (c)..................... 8.25% 04/02/20 1,340,725
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4,806,366
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UNITED ARAB EMIRATES - 0.3%
800,000 Abu Dhabi National Energy Co. (USD) (c) 3.63% 01/12/23 810,000
-------------
TOTAL FOREIGN CORPORATE BONDS AND NOTES................................... 110,478,186
(Cost $97,348,765) -------------
SHARES DESCRIPTION VALUE
--------------- -------------------------------------------------------------------------- -------------
COMMON STOCKS - 0.0%
KAZAKHSTAN - 0.0%
342 BTA Bank JSC (h).................................................... 1
-------------
TOTAL COMMON STOCKS ................................................ 1
(Cost $0) -------------
TOTAL INVESTMENTS - 126.7% ......................................... 394,839,511
(Cost $350,373,949) (j)
OUTSTANDING LOANS - (31.5%) ........................................ (98,081,475)
NET OTHER ASSETS AND LIABILITIES - 4.8% ............................ 14,935,114
-------------
NET ASSETS - 100.0% ................................................ $ 311,693,150
=============
-----------------------------
(a) All of the securities within the Portfolio of Investments, except
for the BTA Bank JSC common stock, are available to serve as
collateral for the outstanding loans.
(b) Securities are included in a country based upon their underlying
credit exposure as determined by Aberdeen Asset Management Inc., the
Fund's investment sub-advisor.
See Notes to Quarterly Portfolio of Investments
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
MARCH 31, 2013 (UNAUDITED)
(c) This security, sold within the terms of a private placement
memorandum, is exempt from registration upon resale under Rule 144A
of the Securities Act of 1933, as amended, and may be resold in
transactions exempt from registration, normally to qualified
institutional buyers. Pursuant to procedures adopted by the Fund's
Board of Trustees, this security has been determined to be liquid by
the sub-advisor. Although market instability can result in periods
of increased overall market illiquidity, liquidity for each security
is determined based on security specific factors and assumptions,
which require subjective judgment. At March 31, 2013, securities
noted as such amounted to $36,970,124 or 11.86% of net assets.
(d) 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 March 31, 2013.
(e) Zero coupon bond.
(f) Floating rate security. The interest rate shown reflects the rate in
effect at March 31, 2013.
(g) 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.
(h) Non-income producing security.
(i) Fixed-to-floating rate security. The interest rate shown reflects
the fixed rate in effect at March 31, 2013. At a predetermined date,
the fixed rate will change to a floating rate.
(j) Aggregate cost for financial reporting purposes, which approximates
the aggregate cost for federal income tax purposes. As of March 31,
2013, the aggregate gross unrealized appreciation for all securities
in which there was an excess of value over tax cost was $47,153,263
and the aggregate gross unrealized depreciation for all securities
in which there was an excess of tax cost over value was $2,687,701.
Currency Abbreviations:
AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
GBP British Pound Sterling
HUF Hungarian Forint
IDR Indonesian Rupiah
INR Indian Rupee
KZT Kazakhstani Tenge
MXN Mexican Peso
MYR Malaysian Ringgit
NGN Nigerian Naira
NZD New Zealand Dollar
PEN Peruvian New Sol
RON Romanian Leu
RSD Serbian Dinar
RUB Russian Ruble
TRY Turkish Lira
USD United States Dollar
UYU Uruguayan Peso
ZAR South African Rand
See Notes to Quarterly Portfolio of Investments
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
MARCH 31, 2013 (UNAUDITED)
VALUATION INPUTS
A summary of the inputs used to value the Fund's investments as of March 31,
2013 is as follows (see Note 2A - Portfolio Valuation in the Notes to Quarterly
Portfolio of Investments):
ASSETS TABLE
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
3/31/2013 PRICES INPUTS INPUTS
--------------- ------------- --------------- --------------
Foreign Sovereign Bonds and Notes*............ $ 284,361,324 $ -- $ 284,361,324 $ --
Foreign Corporate Bonds and Notes*............ 110,478,186 -- 110,478,186 --
Common Stocks*................................ 1 1 -- --
--------------- ------------- -------------- --------------
Total Investments 394,839,511 1 394,839,510 --
--------------- ------------- -------------- --------------
Forward Foreign Currency Contracts** 1,905,608 -- 1,905,608 --
--------------- ------------- -------------- --------------
Total......................................... $ 396,745,119 $ 1 $ 396,745,118 $ --
=============== ============= =============== ==============
LIABILITIES TABLE
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
3/31/2013 PRICES INPUTS INPUTS
--------------- ------------- --------------- --------------
Forward Foreign Currency Contracts**.......... $ (182,079) $ -- $ (182,079) $ --
=============== ============= =============== ==============
* See the Portfolio of Investments for country breakout.
** See the Schedule of Forward Foreign Currency Contracts for contract and
currency detail.
All transfers in and out of the Levels during the period are assumed to be
transferred on the last day of the period at their current value. As of March
31, 2013, the Fund transferred common stock valued at $1 from Level 2 to Level 1
of the fair value hierarchy as a result of being priced on the primary exchange.
See Notes to Quarterly Portfolio of Investments
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
MARCH 31, 2013 (UNAUDITED)
% OF TOTAL CURRENCY EXPOSURE % OF TOTAL
INDUSTRY CLASSIFICATION INVESTMENTS DIVERSIFICATION INVESTMENTS +
-------------------------------------------------------------- ----------------------------------------
Government Bonds and Notes 72.0% USD 58.8%
Supranational Bank 10.4 AUD 13.4
Road & Rail 2.3 ZAR 3.8
Commercial Banks 1.8 BRL 3.8
Metals & Mining 1.7 MXN 3.5
Oil, Gas & Consumable Fuels 1.4 TRY 3.4
Diversified Financial Services 1.2 NGN 2.0
Household Durables 1.1 UYU 1.7
Special Purpose Banks 1.0 MYR 1.6
Wireless Telecommunication Services 0.9 RUB 1.5
Consumer Finance 0.8 HUF 1.4
Food Products 0.8 RSD 1.4
Diversified Telecommunication Services 0.7 INR 1.3
Real Estate Management & Development 0.7 PEN 1.2
Chemicals 0.6 NZD 0.6
Machinery 0.5 GBP 0.4
Construction Materials 0.4 RON 0.3
Distributors 0.4 IDR 0.0 ++
Electric Utilities 0.4 KZT 0.0 ++
Auto Components 0.4 CAD (0.1)
Multi-Utilities 0.2 ----------------------------------------
Industrial Conglomerates 0.2 Total 100.0
Construction & Engineering 0.1 =======
--------------------------------------------------------------
Total 100.0 + The weightings include the impact of
======= currency forwards.
++ Amount is less than 0.1%.
See Notes to Quarterly Portfolio of Investments
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS
MARCH 31, 2013 (UNAUDITED)
FORWARD FOREIGN CURRENCY CONTRACTS
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PURCHASE SALE UNREALIZED
SETTLEMENT AMOUNT AMOUNT VALUE AS OF VALUE AS OF APPRECIATION/
DATE COUNTERPARTY PURCHASED (a) SOLD (a) MARCH 31, 2013 MARCH 31, 2013 (DEPRECIATION)
---------- -------------- -------------------- ------------------ --------------- --------------- --------------
04/19/13 JPM ZAR 20,166,000 USD 2,273,061 $ 2,186,564 $ 2,273,061 $ (86,497)
06/04/13 RBS USD 4,714,679 BRL 9,427,000 4,714,679 4,628,233 86,446
04/19/13 UBS USD 13,537,681 CAD 13,391,000 13,537,681 13,175,844 361,837
04/19/13 UBS USD 14,784,873 GBP 9,224,000 14,784,873 14,013,749 771,124
04/19/13 JPM USD 7,716,923 HUF 1,711,960,000 7,716,923 7,190,678 526,245
06/04/13 JPM USD 4,797,825 IDR 46,711,627,000 4,797,825 4,764,418 33,407
04/19/13 GS USD 27,791,382 NZD 33,323,000 27,791,382 27,840,650 (49,268)
04/19/13 UBS USD 27,798,213 NZD 33,323,000 27,798,213 27,840,650 (42,437)
06/04/13 JPM USD 2,634,221 RUB 82,135,000 2,634,221 2,610,901 23,320
06/04/13 RBS USD 6,976,192 RUB 217,900,000 6,976,192 6,926,586 49,606
04/19/13 JPM USD 1,802,332 TRY 3,277,000 1,802,332 1,806,209 (3,877)
04/19/13 CIT USD 2,240,187 ZAR 20,166,000 2,240,187 2,186,564 53,623
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Net Unrealized Appreciation (Depreciation)........................................... $ 1,723,529
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(a) Please see Portfolio of Investments for currency descriptions.
Counterparty Abbreviations:
CIT Citibank, NA
GS Goldman Sachs
JPM JPMorgan Chase
RBS Royal Bank of Scotland
UBS UBS AG
See Notes to Quarterly Portfolio of Investments
NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
MARCH 31, 2013 (UNAUDITED)
1. ORGANIZATION
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 2, 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").
2. 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. 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:
Bonds, 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 equity securities listed on any national or
foreign exchange (excluding the NASDAQ(R) Stock Market LLC ("NASDAQ") and
the London Stock Exchange Alternative Investment Market ("AIM")) are
valued at the last sale price on the exchange on which they are
principally traded or, for NASDAQ and AIM securities, the official closing
price. Securities traded on more than one securities exchange are valued
at the last sale price or official closing price, as applicable, at the
close of the securities exchange representing the principal market for
such securities.
Securities traded in an over-the-counter market are valued at their
closing bid prices.
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.
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. 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;
NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS - (CONTINUED)
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
MARCH 31, 2013 (UNAUDITED)
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 investments. An active market is a market in which
transactions for the investment occur with sufficient frequency and
volume to provide pricing information on an ongoing basis.
o Level 2 - Level 2 inputs are observable inputs, either directly or
indirectly, and include the following:
o Quoted prices for similar investments in active markets.
o Quoted prices for identical or similar investments in markets
that are non-active. A non-active market is a market where
there are few transactions for the investment, the prices are
not current, or price quotations vary substantially either
over time or among market makers, or in which little
information is released publicly.
o Inputs other than quoted prices that are observable for the
investment (for example, interest rates and yield curves
observable at commonly quoted intervals, volatilities,
prepayment speeds, loss severities, credit risks, and default
rates).
o Inputs that are derived principally from or corroborated by
observable market data by correlation or other means.
o Level 3 - Level 3 inputs are unobservable inputs. Unobservable
inputs may reflect the reporting entity's own assumptions about the
assumptions that market participants would use in pricing the
investment.
The inputs or methodology used for valuing investments are not necessarily an
indication of the risk associated with investing in those investments. A summary
of the inputs used to value the Fund's investments as of March 31, 2013, 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, delayed-delivery or forward
purchase commitment basis may have extended settlement periods. The value of the
security so purchased is subject to market fluctuations during this period. The
Fund maintains liquid assets with a current value at least equal to the amount
of its when-issued, delayed-delivery or forward purchase commitments until
payment is made. At March 31, 2013, the Fund had no when-issued,
delayed-delivery or forward purchase commitments.
C. FORWARD FOREIGN CURRENCY CONTRACTS:
The Fund is subject to foreign currency risk in the normal course of pursuing
its investment objectives. Forward foreign currency contracts are agreements to
exchange one currency for another at a future date and at a specified price. The
Fund uses forward foreign currency contracts to facilitate transactions in
foreign securities and to manage the Fund's foreign currency exposure. These
contracts are valued daily, and the Fund's net equity therein, representing
unrealized gain or loss on the contracts as measured by the difference between
the forward foreign exchange rates at the dates of entry into the contracts and
the forward rates at the reporting date, is included on the Schedule of Forward
Foreign Currency Contracts. 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 period ended March 31, 2013, the open and close notional values of
forward foreign currency contracts were $227,555,976 and $230,483,417,
respectively.
NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS - (CONTINUED)
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
MARCH 31, 2013 (UNAUDITED)
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. 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.
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)* /a/ Mark R. Bradley
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Mark R. Bradley, President and
Chief Executive Officer
(principal executive officer)
Date May 21, 2013
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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)* /a/ Mark R. Bradley
----------------------------------------
Mark R. Bradley, President and
Chief Executive Officer
(principal executive officer)
Date May 21, 2013
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By (Signature and Title)* /a/ James M. Dykas
----------------------------------------
James M. Dykas, Treasurer,
Chief Financial Officer and
Chief Accounting Officer
(principal financial officer)
Date May 21, 2013
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* Print the name and title of each signing officer under his or her signature.