Edgar Filing: FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-21636
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FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
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(Exact name of registrant as specified in charter)

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: JUNE 30, 2006
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

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

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUNDSEMI-ANNUAL REPORT
FOR THE SIX MONTHS ENDED JUNE 30, 2006

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TABLE OF CONTENTS
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FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND (FAM)
JUNE 30, 2006 (UNAUDITED)

Shareholder Letter ........................................... 1
Portfolio Commentary ......................................... 2
Portfolio Components ......................................... 5
Portfolio of Investments ..................................... 6
Schedule of Forward Foreign Currency Contracts ............... 11
Statement of Assets and Liabilities .......................... 12
Statement of Operations ...................................... 13
Statements of Changes in Net Assets .......................... 14
Statement of Cash Flows ...................................... 15
Financial Highlights ......................................... 16
Notes to Financial Statements ................................ 17
Additional Information ....................................... 22
Dividend Reinvestment Plan
Proxy Voting Policies and Procedures
Portfolio Holdings
Submission of Matters to a Vote of Shareholders
By-Law Amendments
Advisory Agreement

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This Semi-Annual Report contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933. Forward-looking statements
include statements regarding the goals, beliefs, plans or current expectations
of First Trust Advisors L.P. (the "Advisor") and/or Aberdeen Asset Management
Inc. (the "Sub-Advisor") and their respective representatives, taking into
account the information currently available to them. Forward-looking statements
include all statements that do not relate solely to current or historical fact.
For example, forward-looking statements include the use of words such as
"anticipate," "estimate," "intend," "expect," "believe," "plan," "may,"
"should," "would" or other words that convey uncertainty of future events or
outcomes.

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

HOW TO READ THIS REPORT

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

By reading the letter from the Fund's President, James A. Bowen, together with
the portfolio commentary by the portfolio management team of the Sub-Advisor,
you will obtain an understanding of how the market environment affected the
Fund's performance. The statistical information that follows can help you
understand the Fund's performance.

It is important to keep in mind that the opinions expressed by Mr. Bowen and
personnel of the Advisor and Sub-Advisor are just that: informed opinions. They
should not be considered to be promises or advice. The opinions, like the
statistics, cover the period through the date on the cover of this report. Of
course, the risks of investing in the Fund are spelled out in the prospectus.~

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SHAREHOLDER LETTER
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FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND (FAM)
SEMI-ANNUAL REPORT
JUNE 30, 2006

Dear Shareholders:

We are pleased to present to you the semi-annual report of the First
Trust/Aberdeen Global Opportunity Income Fund (the "Fund") (NYSE symbol: "FAM")
for the six-month period ended June 30, 2006. As you know, the Fund seeks to
provide a high level of current income and, to a lesser extent, capital
appreciation. The Fund pursues its investment objectives by investing in the
world bond markets through a diversified portfolio of investment grade and
below-investment grade government and corporate debt securities.

At the beginning of this reporting period, the global debt markets were
generally strong, but became considerably more volatile in mid-May. One factor
contributing to the sell-off was the uncertainty over the direction of future
interest rates, as inflation looked to be a bigger problem than perhaps
originally anticipated. Developed and emerging markets now appear to be
struggling with the implications of what higher inflation means for interest
rates and, as a result, global growth. However, we believe emerging markets will
continue to grow over the long term and patience will reward investors.

For a discussion of the specific market conditions that affected the Fund and
how the Fund performed, please review the portfolio commentary found on the
following pages. We thank you for your continued confidence in First Trust
Advisors L.P., the Fund's advisor, and Aberdeen Asset Management Inc., the
Fund's sub-advisor, and appreciate the opportunity to assist you in achieving
your financial goals.

Sincerely,

/S/ JAMES A. BOWEN
James A. Bowen
President of the First Trust/Aberdeen Global Opportunity Income
Fund August 11, 2006

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PORTFOLIO COMMENTARY
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PORTFOLIO MANAGEMENT TEAM

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

Since the Fund's inception, Derek Fulton has had primary responsibility for
overseeing the management of the global fixed-income portion of the Fund's
portfolio. Effective September 30, 2005, Aberdeen Asset Management PLC, the
parent company of the Sub-Advisor, acquired from Deutsche Asset Management Group
Limited ("Deutsche") UK asset management business, including certain UK
subsidiaries of Deutsche. As part of the acquisition integration, effective
November 1, 2005, Brett Diment replaced Colm McDonagh as one of the portfolio
managers of the Fund and currently heads the team responsible for the day-to-day
management of emerging market debt for the Fund. Included below is additional
information about Mr. Fulton and Mr. Diment as well as other members of the team
with significant responsibility for the day-to-day management of the Fund's
portfolio.

DEREK FULTON

HEAD OF GLOBAL AND ASIAN BONDS

After graduation, Mr. Fulton joined Murray Johnstone in 1996 as a graduate
trainee in fixed-income. In 1998, he qualified as an Associate of the Institute
of Investment Management & Research. Mr. Fulton has since become a senior member
of the fixed-income team with Aberdeen and is responsible for the day-to-day
management of global fixed-income and government portfolios. He is a member of
the Aberdeen's global economics team.

BRETT DIMENT

HEAD OF EMERGING MARKET DEBT

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

EDWIN GUITERREZ

PORTFOLIO MANAGER, EMERGING MARKET DEBT

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

NIMA TAYEBI

PORTFOLIO MANAGER, EMERGING MARKET DEBT

Mr. Tayebi has 8 years of experience as executive director responsible for
emerging markets trading at Millennium Global Investments, vice president at
Salomon Brothers focusing on emerging currency, and debt trading and head of
fixed-income research at Renaissance Capital. He joined Deutsche in 2001 as an
emerging markets currency portfolio manager and Aberdeen in 2005.

MAX WOLMAN

PORTFOLIO MANAGER, EMERGING MARKET DEBT

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

Page 2

PERFORMANCE

Comparative total returns of the Fund and the benchmarks for the six months
ended June 30, 2006 were as follows:

FAM Net Asset Value -1.5%
FAM Market Price 4.5
Lehman Global Emerging Markets Index 0.7
Lehman Global Aggregate Index 2.3

The following commentary will help explain the Fund's performance, along with
various factors that have impacted the Fund's investment portfolio.

REVIEW

After maintaining the 2006 first quarter's strong performance at the start of
the second quarter, emerging markets underwent a correction during the second
week of May that would persist effectively through the end of the quarter.
Emerging markets traded in tandem with other high risk assets as global equities
and high-yield bonds were both under pressure during the second half of the
quarter.

Emerging currencies suffered the most as investors hedged their local interest
rate and equity exposure. Local interest rate markets sold off considerably, as
recent entrants discovered the relative illiquidity of these markets during
sell-offs. The Fund mitigated some of the losses by hedging much of the currency
exposure early on during the sell-off, including the Turkish Lira, Mexican Peso,
Brazilian Real and Indonesian Rupiah.

Peruvian securities were strong performers for the Fund, returning 0.8% in the
second quarter of 2006 compared to -2.2% for the benchmark, as the
market-preferred candidate won the presidential elections. The more illiquid
credits such as the banks in Kazakhstan, namely Kazkommertsbank and Bank
TuranAlem and the Russian corporates all underperformed the benchmark as
investors reduced their exposure, opting for more liquid credits, such as
Russian sovereign debt. Returns for the Kazakhstan corporates over the second
quarter and first half of 2006 were -3.8% and -2.9%, respectively.

Detracting from the Fund's performance in general was the Fund's local interest
rate exposure, namely in Mexico, Brazil, Turkey, Argentina, Colombia and
Indonesia. One of the largest underperforming assets the Fund holds was
Colombian local bonds, which returned -16.0% for the first half of 2006, as both
local and foreign investors exited the trade due to the illiquid nature of the
bonds. Although the country's fundamentals remain strong, investors preferred
lower beta liquid assets during the market sell-off. The Fund trimmed the
exposure in Mexican Peso bonds leading up to the elections, as uncertainty over
the outcome led to considerable selling among local investors. The Turkish
central bank was forced to raise interest rates in defense of the currency and
rising inflation concerns; unfortunately the Fund was unable to reduce the
entire local Turkish Lira position due to market illiquidity and the Fund
suffered accordingly. The Fund also reduced its holding in Indonesian Rupiah
bonds as selling in emerging markets spread to any larger positions. Finally,
the Fund's exposure to relatively high-yielding hard currency bonds, namely
Argentina, Ecuador, Philippines and Venezuela, also detracted from performance
in the second quarter. Ecuador returned 11.5% for the first half of the year,
but in the second quarter the return was -3.4%, as all high beta assets were
affected by the market correction in the second quarter.

Looking ahead, the Fund remains constructive on local interest rate positions,
believing that real yields can continue to compress in Brazil, Mexico,
Indonesia, Argentina, Turkey and Colombia. On the hard currency front, spreads
should remain buttressed by ongoing positive supply-demand dynamics. The biggest
risk to emerging markets remains the potential return of the global risk
aversion trade that gripped financial markets during the second quarter.

OUTLOOK

The effect of monetary policy tightening in the G3 countries (Columbia, Mexico
and Venezuela) on global liquidity and risk assets became apparent in the second
quarter of 2006. The Federal Reserve increased the Fed funds rate to 5.25%.
There is uncertainty about the timing of the ending of the tightening cycle and
concerns that inflation pressures are rising. In addition, expectations of
growth are lower causing both an increased volatility and leading investors to
demand a higher premium to hold the riskiest assets.

The impact of the Bank of Japan's decision to reduce excess reserves in the
banking system in preparation for the ending of quantitative easing has further
reduced global risk tolerance and prompted speculation that Yen funded
investments in higher yielding assets could be unwound in a disorderly manner.
Completion of the process of removing the extraordinary monetary policy
accommodation paves the way for normalized monetary policy by making the cost of
overnight funds positive for the first time since 2000. The European Central
Bank raised rates to 2.8% and signaled the intention to continue to move rates
higher over the course of the year. Elsewhere, the global nature of the trend
towards tighter monetary policy continued with the central banks in Sweden and
South Korea raising policy rates.

Government bond yields in the U.S., Europe and Japan rose over the first quarter
of 2006, but stabilized in the second quarter as concerns that equity market
weakness could spark the buying of low risk assets. This was balanced by still
strong economic data, especially outside the U.S., coupled with yields moving
around the 5%, 4% and 2% levels in the U.S., the European Union and Japan,
respectively.

Page 3

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PORTFOLIO COMMENTARY - (CONTINUED)
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The U.S. dollar was weaker versus the G10 group of industrial countries as
expectations of stronger growth and tighter monetary policy in Asia and Europe
raised the prospect of lower capital exports to the U.S. The Fund's investment
grade bond positions were broadly unchanged, with positions in peripheral high
quality markets including Australia, New Zealand, Canada and the United Kingdom.
The overall duration of the investment grade portfolio was relatively short at
around 3.75 years, although the duration in certain markets was increased as a
hedge against equity market weakness, pushing bond yields lower. In summary, our
central case is still that global bond yields will rise in response to sustained
monetary tightening outside the U.S.

The Fund maintained its overweight position in Asian currencies, principally the
Japanese Yen, Singapore Dollar, Malaysian Ringgit and South Korean Won. The
Swedish Krona represents the Fund's other significant active currency position.
We expect the market to focus more on underlying valuations and balance of
payment positions in 2006 and less on pure interest rate differentials as a
driver of currency returns. We believe the Japanese Yen, Singapore Dollar and
Swedish Krona to be the best placed currencies to benefit from this shift in
focus. We have added a long position in Swiss Francs as we expect higher rates
to reduce the demand to borrow in currencies that have large capital account
surpluses. The Swiss Franc remains the most likely currency to benefit from safe
haven status.

Page 4

Page FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO COMPONENTS+*
JUNE 30, 2006 (UNAUDITED)

[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS

Multinational 11.9%
Brazil 11.1%
Russia 8.3%
Canada 6.8%
Mexico 6.7%
Norway 5.0%
Australia 4.2%
Germany 4.2%
United Kingdom 4.0%
Argentina 3.7%
Kazakhstan 3.6%
Netherlands 3.6%
Peru 3.5%
Indonesia 3.1%
Ecuador 2.9%
Colombia 2.6%
Dominican Republic 2.3%
Venezuela 2.2%
Spain 1.9%
Philippines 1.7%
Turkey 1.6%
Uruguay 1.3%
Ukraine 1.1%
El Salvador 1.0%
Ireland 1.0%
Austria 0.4%
United States 0.3%

+ Percentages are based on total investments. Please note that the percentages
on the Portfolio of Investments are based on net assets.

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

See Notes to Financial Statements. Page 5

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS
JUNE 30, 2006 (UNAUDITED)

PRINCIPAL MARKET
VALUE VALUE
(LOCAL CURRENCY) DESCRIPTION (US DOLLARS)
---------------- ------------------------------------------ ---------------

BONDS AND NOTES+ - 136.3%

ARGENTINA - 5.1%
2,300,000 Banco Hipotecario SA (USD), 9.75%, 4/27/16 ... $ 2,189,370
4,000,000 Banco Hipotecario SA (USD), 9.75%, 11/16/10 .. 3,965,000
9,678,707 Republic of Argentina (USD), 8.28%, 12/31/33 . 8,647,924
12,653,448 Republic of Argentina (USD),
Zero coupon, 12/15/35 ..................... 1,121,095
--------------
15,923,389
--------------

AUSTRALIA - 5.8%
10,500,000 Australian Government (AUD), 7.50%, 9/15/09 .. 8,188,673
5,000,000 New South Wales Treasury Corp. (AUD),
8.00%, 3/01/08 ............................ 3,832,716
8,300,000 Queensland Treasury (AUD), 6.00%, 7/14/09 .... 6,186,817
--------------
18,208,206
--------------

AUSTRIA - 0.5%
2,500,000 Republic of Austria (TRY), 14.00%, 8/03/06 ... 1,568,641
--------------

BRAZIL - 15.1%
10,000,000 Banco Bradesco SA (BRL), 17.50%, 12/10/07 .... 4,663,188
4,000,000 Banco do Brasil SA (USD), 7.95%, 1/23/49** ... 3,711,252
5,750,000 Brazil Citigroup (BRL), 15.00%, 7/02/10 ...... 2,725,987
5,000,000 Brazil NTN - B Note (BRL), 6.00%, 8/15/10 .... 3,173,504
1,997,120 Brazil NTN - C Note (BRL), 11.00%, 4/02/08 ... 2,418,565
36,300,000 Brazil NTN - F Note (BRL), 10.00%, 1/01/12 ... 14,109,633
29,603,000 Electropaulo Metropolitan (BRL),
19.13%, 6/28/10 ........................... 14,624,503
2,000,000 Petrobras International Finance (USD),
8.38%, 12/10/18 ........................... 2,147,500
--------------
47,574,132
--------------

CANADA - 9.2%
9,805,000 Canadian Government (CAD), 4.25%, 9/01/08 .... 8,749,313
7,000,000 Canadian Government (CAD), 5.25%, 6/01/13 .... 6,532,142
3,000,000 Canadian Government (CAD), 5.75%, 6/01/29 .... 3,103,413
7,000,000 Province of Manitoba (NZD), 6.38%, 9/01/15 ... 4,205,198
10,965,000 Province of Ontario (NZD), 6.25%, 6/16/15 .... 6,503,250
--------------
29,093,316
--------------

COLOMBIA - 3.6%
14,113,000,000 Republic of Colombia (COP), 11.75%, 3/01/10 .. 5,693,070
12,973,000,000 Republic of Colombia (COP), 12.00%, 10/22/1 .. 5,500,905
--------------
11,193,975
--------------

DOMINICAN REPUBLIC - 3.2%
2,458,290 Dominican Republic (USD), 9.04%, 1/23/18 ..... 2,609,474
7,350,000 Dominican Republic (USD), 8.63%, 4/20/27 ..... 7,386,750
--------------
9,996,224
--------------
Page 6 See Notes to Financial Statements.

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
JUNE 30, 2006 (UNAUDITED)

PRINCIPAL MARKET
VALUE VALUE
(LOCAL CURRENCY) DESCRIPTION (US DOLLARS)
---------------- ------------------------------------------ ---------------
BONDS AND NOTES+ - CONTINUED

ECUADOR - 3.9%
12,400,000 Republic of Ecuador (USD), 9.38%, 12/15/15 ... $ 12,276,000
--------------

EL SALVADOR - 1.4%
4,620,000 Republic of El Salvador (USD), 7.65%, 6/15/35 4,481,400
--------------

GERMANY - 5.8%
4,600,000 KfW Bankengruppe (GBP), 4.75%, 12/07/10 ...... 8,402,109
3,650,000 KfW International Finance (CAD),
4.95%, 10/14/14 ........................... 3,254,245
11,000,000 KfW Kredit Wiederaufbau (NZD),
6.00%, 7/15/09 ............................ 6,567,151
--------------
18,223,505
--------------

INDONESIA - 4.3%
11,500,000,000 Indonesian Government (IDR),
11.00%, 12/15/12 .......................... 1,155,618
90,400,000,000 Indonesian Government (IDR), 12.50%, 3/15/ ... 139,738,636
25,300,000,000 Indonesian Government (IDR),
11.00%, 10/15/14 .......................... 2,515,407
--------------
13,409,661
--------------

IRELAND - 1.4%
119,500,000 Dali Capital PLC (RUB), 7.00%, 4/13/09 ....... 4,464,842
--------------

KAZAKHSTAN - 4.9%
4,300,000 BTA Finance Luxembourg (USD),
8.25%, 1/25/49++ .......................... 3,922,456
3,300,000 Kazkommerts Finance 2 BV (USD),
9.20%, 11/29/49++ ......................... 3,332,670
6,000,000 Kazkommerts International BV (USD),
7.88%, 4/07/14 ............................ 5,917,800
2,300,000 TuranAlem Finance BV (USD),
8.00%, 3/24/14 ............................ 2,200,608
--------------
15,373,534
--------------

MEXICO - 9.1%
92,355,100 Mexican Fixed Rate Bonds (MXN),
9.50%, 12/18/14 ........................... 8,357,460
11,500,000 Pemex Project Funding Master Trust (USD),
9.50%, 9/15/27 ............................ 14,905,150
70,000,000 United Mexican States (MXN),
8.00%, 12/07/23 ........................... 5,412,984
--------------
28,675,594
--------------

MULTINATIONAL - 16.2%
8,700,000 Asian Development Bank (AUD),
5.50%, 2/15/16 ............................ 6,203,634
8,540,000 Council of Europe (AUD), 5.50%, 8/15/08 ...... 6,277,858
2,000,000 European Investment Bank (TRY),
14.50%, 2/21/07 ........................... 1,213,586

See Notes to Financial Statements. Page 7

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
JUNE 30, 2006 (UNAUDITED)

PRINCIPAL MARKET
VALUE VALUE
(LOCAL CURRENCY) DESCRIPTION (US DOLLARS)
---------------- ------------------------------------------ ---------------

BONDS AND NOTES+ - CONTINUED

MULTINATIONAL - (CONTINUED)
4,400,000 European Investment Bank (GBP),
7.63%, 12/07/07 ........................... 8,447,574
8,400,000 European Investment Bank (AUD),
5.75%, 9/15/09 ............................ 6,185,566
18,800,000 European Investment Bank (NZD),
6.50%, 9/10/14 ............................ 11,367,925
12,000,000 International Bank Reconstruction &
Development (NZD), 6.38%, 7/15/09 ......... 7,232,623
2,240,000 Nordic Investment Bank (GBP),
5.75%, 11/06/08 ........................... 4,215,766
--------------
51,144,532
--------------

NETHERLANDS - 4.9%
4,900,000 Bank Nederlandse Gemeenten NV (GBP),
4.63%, 12/07/06 ........................... 9,046,402
11,000,000 Bank Nederlandse Gemeenten NV (NZD),
5.25%, 6/17/09 ............................ 6,392,308
--------------
15,438,710
--------------

NORWAY - 6.8%
11,000,000 Eksportsfinans (TRY), 14.63%, 3/15/07 ........ 6,662,907
11,300,000 Kommunalbanken (TRY), 14.75%, 2/09/09 ........ 6,572,923
4,500,000 Kommunalbanken AS (GBP), 4.75%, 1/28/10 ...... 8,230,630
--------------
21,466,460
--------------

PERU - 4.8%
16,750,000 Peru Bono Soberano (PEN), 9.91%, 5/05/15 ..... 5,878,590
13,900,000 Peru Bono Soberano (PEN), 7.84%, 8/12/20 ..... 4,246,135
4,000,000 Republic of Peru (USD), 9.88%, 2/06/15 ....... 4,670,600
330,000 Republic of Peru (USD), 7.35%, 7/21/25 ....... 322,492
--------------
15,117,817
--------------

PHILIPPINES - 2.3%
6,400,000 Republic of Philippines (USD), 9.50%, 2/02/30 7,320,000
--------------

RUSSIA - 11.3%
9,400,000 Evraz Group SA (USD), 8.25%, 11/10/15 ........ 9,117,333
135,000,000 Russian Railways, Class A (RUB),
8.38%, 6/30/12 ............................ 5,076,889
1,150,000 Russian Standard Bank (USD),
8.63%, 5/05/11 ............................ 1,101,815
8,600,000 Russian Standard Bank (USD),
8.88%, 12/16/15++ ......................... 8,245,680
12,000,000 UBS Luxembourg (Vimpelcom) (USD),
8.00%, 2/11/10 ............................ 11,920,200
--------------
35,461,917
--------------

Page 8 See Notes to Financial Statements.

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
JUNE 30, 2006 (UNAUDITED)

PRINCIPAL MARKET
VALUE VALUE
(LOCAL CURRENCY) DESCRIPTION (US DOLLARS)
---------------- ------------------------------------------ ---------------
BONDS AND NOTES+ - CONTINUED

SPAIN - 2.6%
11,500,000 Instituto de Credito Oficial (AUD),
5.50%, 10/11/12 ......................... $ 8,255,163
--------------

TURKEY - 2.1%
6,700,000 Finans Capital Finance Ltd. (USD),
9.00%, 10/07/14++ ....................... 6,711,390
--------------

UKRAINE - 1.5%
4,600,000 Ukrainian Government (USD),
7.65%, 6/11/13 .......................... 4,634,500
--------------

UNITED KINGDOM - 5.5%
3,100,000 United Kingdom Treasury (GBP),
5.00%, 3/07/08 .......................... 5,756,689
3,000,000 United Kingdom Treasury (GBP),
7.25%, 12/07/07 ......................... 5,737,275
3,100,000 United Kingdom Treasury (GBP),
5.75%, 12/07/09 ......................... 5,903,265
--------------
17,397,229
--------------

UNITED STATES - 0.3%
2,000,000 General Electric Capital Corp. (TRY),
12.25%, 8/10/09 ......................... 1,084,613
--------------

URUGUAY - 1.7%
4,200,000 Oriental Republic of Uruguay (USD),
7.63%, 3/21/36 .......................... 3,811,500
1,700,000 Republic of Uruguay (USD),
8.00%, 11/18/22 ......................... 1,632,000
--------------
5,443,500
--------------

VENEZUELA - 3.0%
7,900,000 Republic of Venezuela (USD),
9.38%, 1/13/34 .......................... 9,305,805
--------------

TOTAL BONDS AND NOTES+ ..................... 429,244,055
--------------
(Cost $441,821,701)

TOTAL INVESTMENTS - 136.3% ................. 429,244,055
(Cost $441,821,701)*

LOAN OUTSTANDING - (47.5)% ................. (149,720,118)
NET OTHER ASSETS AND LIABILITIES - 11.2% ... 35,399,291
--------------
NET ASSETS - 100.0% ........................ $ 314,923,228
==============

See Notes to Financial Statements. Page 8

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
JUNE 30, 2006 (UNAUDITED)

---------------------------------------------

* 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 the
sub-advisor, Aberdeen Asset Management Inc.
++ Variable rate security. The interest rate shown reflects the
rate in effect at June 30, 2006.
** -Securities are restricted and cannot be offered for public
sale without first being registered under the Securities Act
of 1933, as amended (Note 2F).

AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
CHF Swiss Franc
COP Colombian Peso
GBP British Pound Sterling
IDR Indonesian Rupiah
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
MYR Malaysian Ringgit
NZD New Zealand Dollar
PEN Peruvian New Sol
RUB Russian Rouble
SEK Swedish Krona
SGD Singapore Dollar
TRY Turkish Lira
USD United States Dollar

Page 10 See Notes to Financial Statements.

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS
JUNE 30, 2006 (UNAUDITED)

FORWARD FOREIGN CURRENCY CONTRACTS TO BUY
CONTRACTS TO RECEIVE
-----------------------------------------------------------------------
NET NET
IN UNREALIZED UNREALIZED
EXPIRATION LOCAL VALUE IN EXCHANGE APPRECIATION DEPRECIATION
DATE CURRENCY* U.S. $ FOR U.S. $ OF CONTRACTS OF CONTRACTS
---------- -------------------- ---------- ----------- ------------ --------------

07/03/06 IDR 162,100,000,000 17,491,637 17,789,728 $ --- $ (298,091)
07/11/06 JPY 1,771,401,720 15,505,402 15,600,000 --- (94,598)
07/17/06 IDR 29,000,000,000 3,120,774 3,135,135 --- (14,361)
07/24/06 COP 5,800,000,000 2,250,024 2,249,806 218 --
07/24/06 KRW 37,706,000,000 39,775,520 40,000,000 --- (224,480)
07/24/06 MXN 130,300,000 11,473,454 11,586,519 --- (113,065)
07/24/06 SEK 110,368,500 15,369,453 15,000,000 369,453 --
07/24/06 TRY 34,000,000 21,250,117 22,884,770 --- (1,634,653)
08/24/06 MYR 34,656,000 9,461,356 9,600,000 --- (138,644)
09/21/06 CHF 24,000,000 19,813,608 19,548,223 265,385 --
09/21/06 SGD 43,201,714 27,402,068 27,250,000 152,068 --
---------------- --------------
$ 787,124 $ (2,517,892)
================ ==============

FORWARD FOREIGN CURRENCY CONTRACTS TO SELL
CONTRACTS TO DELIVER
-----------------------------------------------------------------------
NET NET
IN UNREALIZED UNREALIZED
EXPIRATION LOCAL VALUE IN EXCHANGE APPRECIATION DEPRECIATION
DATE CURRENCY* U.S. $ FOR U.S. $ OF CONTRACTS OF CONTRACTS
---------- -------------------- ---------- ----------- ------------ --------------

07/03/06 IDR 162,100,000,000 17,491,637 17,323,929 $ -- $ (167,708)
07/06/06 AUD 62,000,000 46,068,164 44,639,194 -- (1,428,970)
07/06/06 NZD 79,400,000 48,360,769 48,146,413 -- (214,356)
07/17/06 BRL 79,000,000 36,441,078 35,205,711 -- (1,235,367)
07/17/06 IDR 92,800,000,000 9,986,478 9,914,530 -- (71,948)
07/24/06 COP 37,000,000,000 14,353,603 14,694,202 340,599 --
07/24/06 KRW 24,005,000,000 25,322,531 25,000,000 -- (322,531)
07/24/06 MXN 287,200,000 25,289,148 26,164,400 875,252 --
07/24/06 TRY 44,700,000 27,937,654 30,732,323 2,794,669 --
09/21/06 CAD 25,000,000 22,452,759 22,435,549 -- (17,210)
09/21/06 GBP 13,600,000 25,197,970 25,113,570 -- (84,400)

---------------- --------------
$ 4,010,520 $ (3,542,490)
---------------- --------------
Unrealized Appreciation/(Depreciation) of Forward Foreign Currency Contracts ............. 4,797,644 (6,060,382)
================ ==============
Net Unrealized Depreciation of Forward Foreign Currency Contracts ........................ $ (1,262,738)
================

* Please see page 10 for currency descriptions.

See Notes to Financial Statements. Page 11

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2006 (UNAUDITED)

ASSETS:
Investments, at value
(Cost $441,821,701).............................................................. $429,244,055
Cash................................................................................ 41,741,524
Foreign currency (Cost $151,406).................................................... 154,572
Unrealized appreciation of forward foreign currency contracts....................... 4,797,644
Prepaid expenses.................................................................... 164,498
Receivables:
Interest ....................................................................... 13,108,074
Investment securities sold ..................................................... 7,048,159
Dividends ...................................................................... 58,775
-------------
Total Assets ....................................................................... 496,317,301
-------------
LIABILITIES:
Unrealized depreciation of forward foreign currency contracts....................... 6,060,382
Payables:
Outstanding loan ................................................................ 149,720,118
Investment securities purchased ................................................. 22,813,551
Interest and fees due on loan ................................................... 2,228,762
Investment advisory fees ........................................................ 384,203
Printing fees ................................................................... 72,509
Audit and legal fees ............................................................ 43,544
Administrative fees ............................................................. 34,024
Custodian fees .................................................................. 30,500
Accrued expenses ................................................................... 6,480
-------------
Total Liabilities .................................................................. 181,394,073
-------------
NET ASSETS ......................................................................... $314,923,228
=============
NET ASSETS CONSIST OF:
Accumulated net investment loss .................................................... $ (7,950,475)
Accumulated net realized gain on investments sold, forward foreign
currency contracts, foreign currencies and net other assets ........................ 9,063,303
Net unrealized depreciation of investments, forward foreign currency
contracts, foreign currencies and net other assets (17,135,060)
Par value .......................................................................... 173,652
Paid-in capital .................................................................... 330,771,808
-------------
Net Assets ......................................................................... $314,923,228
=============
NET ASSET VALUE, per Common Share (par value $0.01 per Common Share) ............... $ 18.14
=============
Number of Common Shares outstanding (unlimited number of Common Shares has been authorized) 17,365,236
=============

Page 12 See Notes to Financial Statements.

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2006 (UNAUDITED)

INVESTMENT INCOME:
Interest (net of foreign withholding tax of $467,966) ................ $ 18,658,954
Dividends ............................................................ 126,346
----------------
Total investment income .............................................. 18,785,300
----------------
EXPENSES:
Interest and fees on outstanding loan payable and swap contracts ..... 3,600,541
Investment advisory fees ............................................. 2,399,337
Administration fees .................................................. 211,783
Custodian fees ....................................................... 128,714
Audit and legal fees ................................................. 71,645
Printing fees ........................................................ 50,118
Trustees' fees and expenses .......................................... 19,220
Transfer agent fees .................................................. 15,000
Other ................................................................ 75,332
----------------
Total expenses ....................................................... 6,571,690
----------------
NET INVESTMENT INCOME ................................................ 12,213,610
----------------
NET REALIZED AND UNREALIZED GAIN/(LOSS)ON INVESTMENTS:
Net realized gain/(loss) on:
Investments ........................................................ 7,649,768
Swap contracts ..................................................... (1,073,143)
Forward foreign currency contracts ................................. 2,687,531
Foreign currencies ................................................. 369,672
----------------
Net realized gain on investments during the period ................... 9,633,828
----------------
Net change in unrealized appreciation/(depreciation) of:
Investments ...................................................... (20,294,821)
Swap contracts ................................................... 512,544
Forward foreign currency contracts ............................... (3,576,643)
Foreign currencies ............................................... (4,116,114)
----------------
Net change in unrealized depreciation of investments during the period (27,475,034)
----------------
Net realized and unrealized loss on investments ...................... (17,841,206)
----------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS ................. $ (5,627,596)
================

See Notes to Financial Statements. Page 13

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

SIX MONTHS
ENDED PERIOD
6/30/2006 ENDED
(UNAUDITED) 12/31/2005
--------------- --------------

OPERATIONS:
Net investment income............................................................... $ 12,213,610 $ 23,306,897
Net realized gain/(loss) on investments during the period........................... 9,633,828 (8,341,341)
Net change in unrealized appreciation/(depreciation) of investments..
during the period (27,475,034) 5,891,424
--------------- ---------------
Net increase/(decrease) in net assets resulting from operations..................... (5,627,596) 20,856,980

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.............................................................. (5,594,409) (21,704,195)
Distributions in excess of net investment income................................... (7,950,475) --
Net realized gains................................................................. -- (870,612)
Total distributions to shareholders................................................ (13,544,884) (22,574,807)

CAPITAL TRANSACTIONS:
Net proceeds from sale of 160,000 Common Shares..................................... -- 3,056,000
Offering costs...................................................................... -- (6,400)
--------------- --------------
Total capital transactions.......................................................... -- 3,049,600
--------------- --------------
Net increase/(decrease) in net assets............................................... (19,172,480) 1,331,773

NET ASSETS:
Beginning of period................................................................. 334,095,708 332,763,935
--------------- --------------
End of period....................................................................... $ 314,923,228 $ 334,095,708
=============== ==============
Accumulated net investment loss at end of period $ (7,950,475) $ (6,619,201)
=============== ==============

Page 14 See Notes to Financial Statements.

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2006 (UNAUDITED)

CASH FLOWS FROM OPERATING ACTIVITIES:
Net decrease in net assets resulting from operations $ (5,627,596)
Adjustments to reconcile net decrease in net assets resulting
from operations to net cash provided by operating activities:
Changes in assets and liabilities:
Decrease in investments, at value*.............................. 33,171,507
Decrease in net unrealized appreciation of forward foreign currency contracts 3,576,643
Decrease in interest receivable................................. 1,522,480
Increase in dividends receivable................................ (58,775)
Increase in receivable for investment securities sold........... (7,048,159)
Decrease in prepaid expenses ................................... 34,229
Decrease in swap contracts ..................................... (512,544)
Decrease in interest on swap contracts ......................... (121,133)
Increase in interest and fees due on loan....................... 128,554
Increase in payable for investment securities purchased......... 22,813,551
Decrease in investment advisory fees payable.................... (21,884)
Decrease in audit and legal fees payable........................ (34,022)
Increase in printing fees payable............................... 17,741
Decrease in administrative fees payable......................... (1,860)
Decrease in custodian fees payable.............................. (44,090)
Increase in accrued expenses and other liabilities.............. 1,101
-----------------
CASH PROVIDED BY OPERATING ACTIVITIES.................................... $ 47,795,743

CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders from net investment income ........... (13,544,884)
Increase in outstanding loan ....................................... 3,996,557
-----------------
CASH USED BY FINANCING ACTIVITIES ....................................... (9,548,327)
-----------------
Increase in cash** ...................................................... 38,247,416
Cash and foreign currency at beginning of period......................... 3,648,680
-----------------
CASH AND FOREIGN CURRENCY AT END OF PERIOD............................... $ 41,896,096
=================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest ................................ $ 3,471,987
=================

-----------------------------------------------------------------------
* Includes net change in unrealized depreciation on investments of
$(20,294,821).
** Includes net change in unrealized appreciation of foreign currency of $3,525.

See Notes to Financial Statements. Page 15

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

SIX MONTHS
ENDED YEAR PERIOD
06/30/2006 ENDED ENDED
(UNAUDITED) 12/31/2005 12/31/2004*
------------------------------------------------------------------------------------------------------------------------------------

Net asset value, beginning of period ............................ $ 19.24 $ 19.34 $ 19.10
------------- ----------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................................ 0.70 1.34 0.05
Net realized and unrealized gain/(loss) on investments........... (1.02) (0.14) 0.23
------------- ----------- -----------
Total from investment operations................................. (0.32) 1.20 0.28
------------- ----------- -----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income............................................ (0.32) (1.25) --
Distributions in excess of net investment income................. (0.46) -- --
Net realized gains............................................... -- (0.05) --
------------- ----------- -----------
Total from distributions......................................... (0.78) (1.30) --
------------- ----------- -----------
Common Shares offering costs charged to paid-in capital.......... -- (0.00)# (0.04)
------------- ----------- -----------
Net asset value, end of period $ 18.14 $ 19.24 $ 19.34
============= =========== ===========
Market value, end of period $ 16.80 $ 16.80 $ 19.45
============= =========== ===========
TOTAL RETURN BASED ON NET ASSET VALUE (A)+....................... (1.51)% 6.94% 1.26%
============= =========== ===========
TOTAL RETURN BASED ON MARKET VALUE (B)+.......................... 4.46% (7.15)% (2.75)%
============= =========== ===========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)............................. $ 314,923 $ 334,096 $ 332,764
Ratio of total expenses to average net assets excluding interest expense 1.78%** 1.80% 1.44%**
Ratio of total expenses to average net assets ................... 3.94%** 3.37% N/A
Ratio of net investment income to average net assets............. 7.33%** 7.03% 2.47%**
Portfolio turnover rate.......................................... 46% 75% 0%

INDEBTEDNESS:
Loan outstanding (in 000's)...................................... $ 149,720 $ 45,724 N/A
Asset coverage per $1,000 of indebtedness (c).................... $ 3,103 $ 3,293 N/A

--------------------------------------------------
* The Fund commenced operations on November 16, 2004.
** Annualized.
(a) Total return based on net asset value is the combination of reinvested
dividend distributions and reinvested capital gains distributions, if any,
at prices obtained by the Dividend Reinvestment Plan, and changes in net
asset value per share and does not reflect sales load.
(b) Total return based on market value is the combination of reinvested
dividend distributions and reinvested capital gains distributions, if any,
at prices obtained by the Dividend Reinvestment Plan, and changes in Common
Share market price per share, all based on Common Share market price per
share.
(c) Calculated by subtracting the Fund's total liabilities (not including the
loan outstanding) from the Fund's total assets, and dividing by the
outstanding loan balance.
+ Total return is not annualized for periods less than one year.
# Amount represents less than $0.01 per share.
N/A Not applicable.

Page 16 See Notes to Financial Statements.

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
JUNE 30, 2006 (UNAUDITED)

1. FUND DESCRIPTION

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

The Fund's primary investment objective is to seek a high level of current
income. As a secondary objective, the Fund seeks capital appreciation. The Fund
pursues these objectives by investing in the world bond markets through a
diversified portfolio of investment grade and below-investment grade government
and corporate debt securities. There can be no assurance that the Fund's
investment objectives will be achieved.

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. PORTFOLIO VALUATION:

The net asset value ("NAV") of the Common Shares of the Fund is computed based
upon the value of the Fund's portfolio and other assets less accrued
liabilities. The NAV is determined as of the close of regular session trading on
the 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
Total Assets (the value of the securities and other investments the Fund holds
plus cash or other assets, including interest accrued but not yet received ) 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, 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, 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. ("First Trust") 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 1940 Act.

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 the Statement of Assets and Liabilities.
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 AND INVESTMENT INCOME:

Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
Dividend income is recorded on the ex-dividend date. Interest income is recorded
on the accrual basis, including amortization of premiums and accretion of
discounts.

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.

Page 17

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
JUNE 30, 2006 (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. Unrealized gains and
losses which result from changes in foreign currency exchange rates have been
included in "Net change in unrealized appreciation/(depreciation) of foreign
currencies" on the Statement of Operations. Net realized foreign currency gains
and losses include the effect of changes in exchange rates between trade date
and settlement date on investment security transactions, foreign currency
transactions and interest and dividends received. The portion of foreign
currency gains and losses related to fluctuations in exchange rates between the
initial purchase trade date and subsequent sale trade date is included in "Net
realized gain/(loss) on foreign currencies" on the Statement of Operations.

E. CREDIT DEFAULT SWAPS:

The Fund has entered into credit default swap contracts with the Fund being the
"buyer" and the counterparty the "seller" in these transactions. As a buyer of
the credit default swap contracts, the Fund is obligated to pay the counterparty
a periodic stream of payments over the term of the contract provided that no
event of default (e.g., grace period extension, obligation acceleration,
repudiation/moratorium, or restructuring) relating to the security occurs or
until the termination of the swap contract, whichever is first. If no event of
default occurs, the Fund will have made a series of periodic payments and
recover nothing of monetary value. If an event of default occurs, the
counterparty must pay the Fund the full notional value, or "par value," of the
specified security. The amount of the cash payment from the counterparty to the
Fund is based on the difference of the par value of the specified security that
may have, through default, lost some, most or all of its value. Credit default
swap transactions are entered into for hedging or investment purposes.

The Fund purchases credit default swap contracts in order to hedge against the
risk of a fall in the capital price, or default, of debt securities it holds.
This involves the risk that the swap may expire worthless and the credit risk
that the seller may fail to satisfy its payment obligations to the Fund in the
event of a default. The Fund may only enter into such transactions with
counterparties rated A- or higher.

As of June 30, 2006, the Fund had no outstanding credit default swap contracts.

F. RESTRICTED SECURITIES:

The Fund may invest in restricted securities, which are defined as securities
that may not be offered for public sale without first being registered under the
Securities Act of 1933, as amended. Prior to registration, restricted securities
may only be resold in transactions exempt from registration. As of June 30,
2006, the Fund held restricted securities as shown in the following table. The
Fund does not have the right to demand that such securities be registered. These
securities are valued according to the valuation procedures as stated in the
Portfolio Valuation footnote (Note 2A) and are not expressed as a discount to
the carrying value of a comparable unrestricted security.

CARRYING VALUE CARRYING COST 6/30/06
PAR VALUE PER UNIT AT PER UNIT AT MARKET
ACQUISITION (LOCAL 6/30/06 ACQUISITION DATE VALUE % OF
SECURITY DATE CURRENCY) (RESTRICTED) (RESTRICTED) (RESTRICTED) NET ASSETS

Banco do Brasil SA (USD) 1/13/06 $4,000,000 $92.78 $100.00 $3,711,252 1.18%

G. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund will distribute to
holders of its Common Shares monthly dividends of all or a portion of its net
income after the payment of interest and dividends in connection with the
leverage. If the Fund recognizes a long-term capital gain, it will be required
to allocate such gain between the Common Shares and Preferred Shares, if any,
issued by the Fund in proportion to the total dividends paid for the year.
Distributions will automatically be reinvested into additional Common Shares
pursuant to the Fund's Dividend Reinvestment Plan unless cash distributions are
elected by the shareholder.

Distributions from income and capital gains are determined in accordance with
income tax regulations, which may differ from accounting principles generally
accepted in the United States of America. These differences are primarily due to
differing treatments of income and gains on various investment securities held
by the Fund, timing differences and differing characterization of distributions
made by the Fund.

Page 18

The tax character of distributions paid during the fiscal year ended December
31, 2005, was as follows: Distributions paid from:

2005

Ordinary Income ............................... $ 22,574,807
As of December 31, 2005, the components of distributable earnings
on a tax basis were as follows:

Undistributed Ordinary Income.................. $ 815,799
Undistributed Long-Term Capital Gains.......... 54,849
Net Unrealized Appreciation ................... 6,584,896

H. INCOME TAXES:

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

I. EXPENSES:

The Fund pays all expenses directly related to its operations.

J. ORGANIZATION AND OFFERING COSTS:

Organization costs consisted of costs incurred to establish the Fund and enable
it to legally conduct business. These costs included filing fees, listing fees,
legal services pertaining to the organization of the business and audit fees
relating to the initial registration and auditing the initial statement of
assets and liabilities, among other fees. Offering costs consisted of legal fees
pertaining to the Fund's shares offered for sale, registration fees,
underwriting fees, and printing of the initial prospectus, among other fees.
First Trust and Aberdeen Asset Management Inc. have paid all organization
expenses and all offering costs of the Fund (other than sales load) that
exceeded $0.04 per Common Share. The Fund's share of Common Share offering costs
of $688,210 and $6,400 in fiscal years 2004 and 2005, respectively, were
recorded as a reduction of the proceeds from the sale of Common Shares.

K. NEW ACCOUNTING PRONOUNCEMENT:

In July 2006, the Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes."
This pronouncement provides guidance on the recognition, measurement,
classification, and disclosures related to uncertain tax positions, along with
any related interest and penalties.

FIN 48 is effective for fiscal years beginning after December 15, 2006.

The impact from the adoption of FIN 48 is being evaluated, but is not
anticipated to have a material effect on the financial statements.

3. INVESTMENT ADVISORY FEE AND OTHER AFFILIATED TRANSACTIONS

First Trust is a limited partnership with one limited partner, Grace Partners of
DuPage L.P., and one general partner, The Charger Corporation. First Trust
serves as investment advisor to the Fund pursuant to an Investment Management
Agreement. First Trust is responsible for the ongoing monitoring of the Fund's
investment portfolio, managing the Fund's business affairs and certain
administrative services necessary for the management of the Fund. For these
services, First Trust is entitled to a monthly fee calculated at an annual rate
of 1.00% of the Fund's Managed Assets, the average daily gross asset value of
the Fund (which includes the principal amount of borrowings, minus accrued
liabilities).

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

PFPC Inc. ("PFPC"), an indirect, majority-owned subsidiary of The PNC Financial
Services Group, Inc., serves as the Fund's Administrator and Transfer Agent in
accordance with certain fee arrangements. PFPC Trust Company, also an indirect,
majority-owned subsidiary of The PNC Financial Services Group, Inc., serves as
the Fund's Custodian in accordance with certain fee arrangements.

Page 19

The Fund pays each Trustee who is not an officer or employee of First Trust or
any of its affiliates an annual retainer of $10,000, which includes compensation
for all board and committee meetings. Trustees are also reimbursed for travel
and out-of-pocket expenses in connection with all meetings.

Effective June 12, 2006, the Board of Trustees unanimously appointed Robert F.
Keith to the Board of Trustees and as a member of the Fund's Audit Committee,
Valuation Committee and Nominating and Governance Committee.

4. PURCHASES AND SALES OF SECURITIES

Cost of purchases and proceeds from sales of securities, other than U.S.
government obligations and short-term obligations, for the six months ended June
30, 2006, were $211,395,199 and $231,524,523, respectively.

As of June 30, 2006, the aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost was $4,675,483
and the aggregate gross unrealized depreciation for all securities in which
there was an excess of tax cost over value was $17,253,129.

5. COMMON SHARES

As of June 30, 2006, 17,365,236 of $0.01 par value Common Shares were issued. An
unlimited number of Common Shares has been authorized for the Fund's Dividend
Reinvestment Plan.

COMMON SHARE TRANSACTIONS WERE AS FOLLOWS:

SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2006 DECEMBER 31, 2005
SHARES AMOUNT SHARES AMOUNT

Proceeds from shares sold......... -- $ -- 160,000 $ 3,056,000
Offering Costs.................... -- -- -- (6,400)
-------- --------- --------- -------------
-- $ -- 160,000 $ 3,049,600
-------- --------- --------- -------------

6. PREFERRED SHARES OF BENEFICIAL INTEREST

The Fund's Declaration of Trust authorizes the issuance of an unlimited number
of preferred shares of beneficial interest, par value $0.01 per share (the
"Preferred Shares"), in one or more classes or series, with rights as determined
by the Board of Trustees without the approval of Common Shareholders. As of June
30, 2006, no Preferred Shares had been issued.

7. REVOLVING LOAN AGREEMENT

The Fund has entered into a revolving loan agreement among the Fund and certain
primary and secondary lenders, which provides for a credit facility to be used
as leverage for the Fund. The credit facility provides for a secured line of
credit for the Fund where Fund assets are pledged against advances made to the
Fund. Under the requirements of the 1940 Act, the Fund, immediately after any
such borrowings, must have an "asset coverage" of at least 300% (33 1/3% of the
Fund's total assets after borrowings). The total commitment under the facility
is up to $165,000,000. For the six months ended June 30, 2006, the average
amount outstanding was $147,656,880. The high and low annual interest rates
during the six months ended June 30, 2006, were 4.00% and 4.78%, respetively,
and the weighted average interest rate was 4.59%. The Fund also pays a
commitment fee of 0.325% per year, which is included in "Interest and fees on
outstanding loan payable and swap contracts" on the Statement of Operations.

8. CONCENTRATION OF RISK

An investment in the Fund's Common Shares is subject to investment risk,
including the possible loss of the entire principal invested. An investment in
Common Shares represents an indirect investment in the securities owned by the
Fund, which include a global bond portfolio of investment grade and
below-investment grade government and corporate debt securities. The value of
these securities, like other market investments, may move up or down, sometimes
rapidly and unpredictably. Common Shares at any point in time may be worth less
than the original investment, even after taking into account the reinvestment of
Fund dividends and distributions. Security prices can fluctuate for several
reasons including the general condition of the bond market, or when political or
economic events affecting the issuers occur.

Page 20

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

9. SUBSEQUENT EVENTS

On June 20, 2006, the Fund declared a dividend of $0.13 per share, which
represents a dividend from net investment income to Common Shareholders of
record July 6, 2006, payable July 17, 2006.

On July 20, 2006, the Fund declared a dividend of $0.13 per share, which
represents a dividend from net investment income to Common Shareholders of
record August 3, 2006, payable August 15, 2006.

Page 21

--------------------------------------------------------------------------------
ADDITIONAL INFORMATION
--------------------------------------------------------------------------------
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
JUNE 30, 2006 (UNAUDITED)

DIVIDEND REINVESTMENT PLAN

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

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

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

You may elect to opt-out of or withdraw from the Plan at any time by giving
written notice to the Plan Agent, or by telephone at (800) 331-1710, in
accordance with such reasonable requirements as the Plan Agent and Fund may
agree upon. If you withdraw or the Plan is terminated, you will receive a
certificate for each whole share in your account under the Plan, and you will
receive a cash payment for any fraction of a share in your account. If you wish,
the Plan Agent will sell your shares and send you the proceeds, minus brokerage
commissions.

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

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

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

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

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

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

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

Page 22

--------------------------------------------------------------------------------
ADDITIONAL INFORMATION - (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
JUNE 30, 2006 (UNAUDITED)
PORTFOLIO HOLDINGS

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

SUBMISSION OF MATTERS TO A VOTE OF SHAREHOLDERS

The Joint Annual Meeting of Shareholders of Energy Income and Growth Fund, First
Trust Value Line(R) 100 Fund, First Trust/Fiduciary Asset Management Covered
Call Fund, First Trust Strategic High Income Fund, First Trust/FIDAC Mortgage
Income Fund and First Trust/Aberdeen Global Opportunity Income Fund was held on
April 17, 2006. At the Annual Meeting, the Fund's Board of Trustees, consisting
of James A. Bowen, Niel B. Nielson, Thomas R. Kadlec and Richard E. Erickson,
were elected to serve an additional one-year term. The number of votes cast for
James A. Bowen was 12,747,293, the number of votes withheld was 282,883 and the
number of abstentions was 4,335,060. The number of votes cast for Niel B.
Nielson was 12,745,760, the number of votes withheld was 284,416 and the number
of abstentions was 4,335,060. The number of votes cast for Richard E. Erickson
was 12,743,322, the number of votes withheld was 286,854 and the number of
abstentions was 4,335,060. The number of votes cast for Thomas R. Kadlec was
12,744,475, the number of votes withheld was 285,701 and the number of
abstentions was 4,335,060.

BY-LAW AMENDMENTS

On June 12, 2006, the Board of Trustees of the Fund approved certain changes to
the By-Laws of the Fund that may have the effect of delaying or preventing a
change of control of the Fund. To receive a copy of the revised By-Laws,
investors may call the Fund at (800) 988-5891.

ADVISORY AGREEMENT

BOARD CONSIDERATIONS REGARDING CONTINUATION OF INVESTMENT MANAGEMENT AND
SUB-ADVISORY CONTRACTS

The Trustees unanimously approved the continuation of the Investment Management
Agreement (the "AGREEMENT") between First Trust Advisors L.P. ("FIRST TRUST")
and First Trust/Aberdeen Global Opportunity Income Fund (the "FUND") at a
meeting held on March 13, 2006. The Board of Trustees determined that the
Agreement is in the best interests of the Fund and that the compensation
arrangement set forth in the Agreement is fair and reasonable in light of the
nature, extent and quality of the services provided by First Trust and such
other matters as the Trustees considered to be relevant in the exercise of their
reasonable business judgment.

To reach this determination, the Trustees considered their duties under the
Investment Company Act of 1940, as amended (the "1940 Act") as well as under the
general principles of state law in reviewing and approving advisory contracts;
the requirements of the 1940 Act in such matters; the fiduciary duty of
investment advisers with respect to advisory agreements and compensation; the
standards used by courts in determining whether investment company boards have
fulfilled their duties; and the factors to be considered by the Trustees in
voting on such agreements. The Independent Trustees received advice from
independent legal counsel. The Trustees also applied their business judgment to
determine whether the arrangement between the Fund and First Trust was a
reasonable business arrangement from the Fund's perspective as well as from the
perspective of its shareholders. In reviewing such arrangement, the Board of
Trustees considered factors such as the nature, quality and extent of services
provided by First Trust under the Agreement and the fairness of the fee charged,
whether the fee level reflects any economies of scale, and any profitability
realized by First Trust under the Agreement.

The Trustees considered the nature, quality and extent of services provided by
First Trust, including the overall administration of the Fund and First Trust's
oversight of Aberdeen Asset Management Inc. ("ABERDEEN"), the Fund's
sub-advisor. The Board considered the experience and skills of the personnel
primarily responsible for providing services to the Fund and noted the
compliance program that had been developed by First Trust. In light of these
considerations and their overall familiarity with First Trust, the Trustees
concluded that the nature, quality and extent of services provided by First
Trust to the Fund have been and are expected to remain satisfactory.

The Trustees reviewed data prepared by Lipper Inc. ("LIPPER"), an independent
source, showing the management fees and expense ratios of the Fund compared to
those of a peer group that included two other closed-end global income funds
using preferred stock leverage or debt leverage. The Trustees also considered
the Fund's management fees and expense ratios as compared to a second peer group
of eight other closed-end funds, including six funds currently using leverage,
as selected by First Trust using data compiled by Lipper. The Trustees noted
that the Fund's management fees and expense ratios were the highest in both the
Lipper peer group and the First Trust-selected peer group. The Trustees noted
that in light of the small number of funds in each peer group, and the
differences between the Fund and the other funds in each peer group, the Fund's
management fees were within an acceptable range of the peer group and consistent
with reasonable expectations in light of the nature, quality and extent of
services provided by First Trust. The Trustees also considered the Fund's

Page 23

performance for the one-year period ended December 31, 2005 as compared to that
of other funds in the peer group and performance universe selected by Lipper and
the performance universe selected by First Trust. The Trustees noted that First
Trust did not provide services to any other institutional clients that have
similar investment objectives and policies to the Fund. The Board noted the
strong performance of the Fund over the one-year period. In addition, the
Trustees considered the market price and net asset value performance of the Fund
since inception, and compared the Fund's discount to the average and median
discount of each peer group, noting that the Fund's discount was indicative of
the asset class. The Trustees concluded that the Fund's performance was
reasonable. On the basis of the information provided, the Trustees concluded
that the Fund's management fees were reasonable and appropriate in light of the
nature, quality and extent of services provided by First Trust.

The Trustees noted that First Trust has continued to invest in personnel and
infrastructure but had not identified any economies of scale realized by the
Fund and had indicated that, because the Fund is a closed-end fund that is not
issuing more shares other than pursuant to its dividend reinvestment plan, First
Trust believed that any discussion of economies of scale was not meaningful. The
Trustees concluded that the management fees reflect an appropriate level of
sharing of any economies of scale. The Trustees also considered the costs of the
services provided and profits realized by First Trust from its relationship with
the Fund for the twelve months ended December 31, 2005, as set forth in the
materials provided to the Board. The Trustees noted the inherent limitations in
the profitability analysis, and concluded that First Trust's profitability
appeared to be not unreasonable in light of the services provided to the Fund.
In addition, the Trustees considered and discussed any ancillary benefits
derived by First Trust from its relationship with the Fund and noted that First
Trust receives no brokerage or soft dollars from the Fund and therefore the
typical fall-out benefits are not present. The Trustees concluded that any other
fall-out benefits received by First Trust or its affiliates would appear to be
attenuated. Based on all of the factors considered, the Trustees concluded that
it was in the best interests of the Fund to approve the continuation of the
Agreement, including the fees to be charged for the services thereunder. No
single factor was determinative in the Board's analysis.

At the March 13, 2006 meeting, the Trustees also approved the continuation of
the Investment Sub-Advisory Agreement (the "SUB- ADVISORY AGREEMENT") among the
Fund, First Trust and Aberdeen, after considering the factors discussed above,
as well as the following information. The Trustees considered the nature,
quality and extent of services provided by Aberdeen under the Sub-Advisory
Agreement. They received a presentation from representatives of Aberdeen. They
concluded that Aberdeen had managed the Fund consistent with its investment
objectives and policies. The Trustees also considered information provided by
Aberdeen as to the fees it charges to other clients, including two other funds
managed by it. The Board noted Aberdeen's representation that these funds are
not directly comparable to the Fund. The Board also noted that Lipper had not
provided any data on fees paid to sub-advisors of similar funds. The Trustees
considered Aberdeen's representation that because it manages the Fund in a
similar fashion to other accounts it is able to achieve economies of scale
through relationships with brokers, administrative systems and other
efficiencies and that while it expects internal costs to rise, it continues to
expect to experience the benefits of economies of scale. Based on the
information provided, the Trustees concluded that the sub-advisory fees were
reasonable. The Trustees considered the sub-advisory fee rate and how it related
to the overall management fee structure of the Fund. The Trustees considered
that the sub-advisory fee rate was negotiated at arm's length between First
Trust and Aberdeen, an unaffiliated third party, and that First Trust
compensates Aberdeen from its fees. The Trustees also considered data provided
by Aberdeen as to the profitability of the Sub-Advisory Agreement to Aberdeen.
The Trustees noted the inherent limitations in this profitability analysis and
concluded that the profitability analysis for First Trust was more relevant,
although the profitability of the Sub-Advisory Agreement appeared to be not
unreasonable in light of the services provided to the Fund. The Trustees noted
that Aberdeen does not maintain any soft-dollar arrangements and that Aberdeen
indicated that it does benefit from having its name associated with the
management of the Fund and the greater prominence that generates for Aberdeen.
Based on all of the factors considered, the Trustees concluded that it was in
the best interests of the Fund to approve the continuation of the Sub-Advisory
Agreement, including the fees to be charged for the services thereunder. No
single factor was determinative in the Board's analysis.

Page 24

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

Not applicable.

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

(A) Not applicable.

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

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

Not applicable.

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

There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's board of directors, where those
changes were implemented after the registrant last provided disclosure in
response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR
240.14a-101), or this Item.

ITEM 11. CONTROLS AND PROCEDURES.

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

(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's second fiscal
quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(registrant) FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND

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

Date AUGUST 23, 2006
----------------------------------------------------------------------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

Date AUGUST 23, 2006
----------------------------------------------------------------------------

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

Date AUGUST 23, 2006
----------------------------------------------------------------------------

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