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

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: December 31, 2012
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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

ANNUAL REPORT
FOR THE YEAR ENDED
DECEMBER 31, 2012

FIRST TRUST/ABERDEEN
GLOBAL OPPORTUNITY INCOME FUND

ABERDEEN
ASSET MANAGEMENT

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TABLE OF CONTENTS
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FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND (FAM)
ANNUAL REPORT
DECEMBER 31, 2012

Shareholder Letter........................................................... 1
At A Glance.................................................................. 2
Portfolio Commentary......................................................... 3
Portfolio of Investments..................................................... 7
Schedule of Forward Foreign Currency Contracts............................... 14
Statement of Assets and Liabilities.......................................... 15
Statement of Operations...................................................... 16
Statements of Changes in Net Assets.......................................... 17
Statement of Cash Flows...................................................... 18
Financial Highlights......................................................... 19
Notes to Financial Statements................................................ 20
Report of Independent Registered Public Accounting Firm...................... 27
Additional Information....................................................... 28
Trustees and Officers........................................................ 30
Privacy Policy............................................................... 32

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

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

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

PERFORMANCE AND RISK DISCLOSURE

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

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

HOW TO READ THIS REPORT

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

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

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

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SHAREHOLDER LETTER
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FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND (FAM)
ANNUAL LETTER FROM THE CHAIRMAN AND CEO
DECEMBER 31, 2012

Dear Shareholders:

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

The report you hold contains detailed information about the Fund over the twelve
months ended December 31, 2012. It contains a market overview and a performance
analysis for the period. I encourage you to read this document and discuss it
with your financial advisor. A successful investor is also typically a
knowledgeable one, as we have found to be the case at First Trust.

First Trust remains committed to being a long-term investor and investment
manager and to bringing you quality financial solutions regardless of market ups
and downs. We have always believed that there are two ways to attain success in
reaching your financial goals: staying invested in quality products and having a
long-term investment horizon. We are committed to this approach in the products
we manage or supervise and offer to investors.

First Trust offers a variety of products that we believe could fit many
financial plans to help investors seeking long-term investment success. We
encourage you to talk to your advisor about the other investments First Trust
offers that might also fit your financial goals and to discuss those goals with
your advisor regularly so that he or she can help keep you on track.

First Trust will continue to make available up-to-date information about your
investment so you and your financial advisor are current on what you own. We
value our relationship with you, and thank you for the opportunity to assist you
in achieving your financial goals. I look forward to 2013 and to the next
edition of your Fund's report.

Sincerely,

/s/ James A. Bowen

James A. Bowen
Chairman of the Board of Trustees of First Trust/Aberdeen Global Opportunity
Income Fund and Chief Executive Officer of First Trust Advisors L.P.

Page 1

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
"AT A GLANCE"
AS OF DECEMBER 31, 2012 (UNAUDITED)

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FUND STATISTICS
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Symbol on New York Stock Exchange FAM
Common Share Price $17.85
Common Share Net Asset Value ("NAV") $18.37
Premium (Discount) to NAV (2.83)%
Net Assets Applicable to Common Shares $319,570,247
Current Monthly Distribution per Common Share (1) $0.130
Current Annualized Distribution per Common Share $1.560
Current Distribution Rate on Closing Common Share Price (2) 8.74%
Current Distribution Rate on NAV (2) 8.49%
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COMMON SHARE PRICE & NAV (WEEKLY CLOSING PRICE)
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Common Share Price NAV
12/11 15.76 16.94
15.88 16.85
15.99 16.97
16.40 17.25
1/12 16.83 17.54
17.02 17.66
17.00 17.55
17.17 17.65
2/12 17.52 17.72
17.40 17.72
17.49 17.71
17.20 17.66
17.57 17.60
3/12 17.46 17.61
17.31 17.43
17.42 17.47
17.33 17.54
4/12 17.60 17.76
17.58 17.65
17.52 17.45
16.65 17.08
5/12 16.94 16.97
16.65 16.70
16.97 16.99
16.92 17.15
17.15 17.20
6/12 17.09 17.44
17.28 17.43
17.45 17.63
17.69 17.83
7/12 17.71 17.81
17.63 17.83
17.74 17.87
17.71 17.70
17.87 17.82
8/12 17.96 17.83
18.02 17.92
18.20 18.06
18.11 18.04
9/12 18.63 18.09
18.05 17.93
17.99 18.03
18.00 18.17
10/12 18.05 18.10
17.85 17.94
17.89 18.00
17.34 17.94
17.80 18.03
11/12 17.98 18.16
17.63 18.21
17.60 18.28
17.94 18.26
17.81 18.34
12/12 17.85 18.36

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PERFORMANCE
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Average Annual Total Return
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1 Year Ended 5 Years Ended Inception (11/23/2004)
12/31/2012 12/31/2012 to 12/31/2012

FUND PERFORMANCE (3)
NAV 18.51% 10.57% 9.71%
Market Value 23.85% 12.49% 8.71%

INDEX PERFORMANCE
Blended Benchmark(4) 12.18% 7.99% 7.87%
Barclays Capital Global Emerging Markets Index 18.14% 9.50% 9.68%
Barclays Capital Global Aggregate Index 4.32% 5.44% 4.99%
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% OF TOTAL
TOP 10 HOLDINGS INVESTMENTS
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Asian Development Bank, 5.50%, 02/15/16 4.9%
New Zealand Government Bond, 6.00%, 12/15/17 4.5
European Investment Bank, 6.50%, 09/10/14 4.1
Brazil Notas do Tesouro Nacional, Series F, 10.00%,
01/01/17 3.9
Republic of South Africa, 10.50%, 12/21/26 3.4
Province of Manitoba, 6.38%, 09/01/15 3.3
Australian Government, 6.00%, 02/15/17 3.2
Treasury Corp. Victoria, 6.00%, 10/17/22 2.9
United Kingdom Treasury, 6.00%, 12/07/28 2.8
Mexican Bonos Desarr Fixed Rate Bond, 7.50%, 06/03/27 2.6
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Total 35.6%
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% OF TOTAL
TOP 10 COUNTRIES(5) INVESTMENTS
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Multinational 8.9%
Australia 8.4
Russia 8.3
Canada 8.1
Brazil 7.2
Mexico 6.4
Turkey 5.4
South Africa 4.5
New Zealand 4.5
United Kingdom 4.4
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Total 66.1%
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% OF TOTAL
CREDIT QUALITY(6) INVESTMENTS
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AAA 29.6%
AA+ 3.3
AA 3.0
A 6.6
A- 4.6
BBB+ 7.4
BBB 10.4
BBB- 11.6
BB+ 0.7
BB 2.0
BB- 5.3
B+ 7.2
B 4.3
B- 1.1
CC 0.5
NR 2.4
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Total 100.0%
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% OF TOTAL
INDUSTRY CLASSIFICATION INVESTMENTS
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Government Bonds and Notes 72.7%
Supranational Bank 8.9
Commercial Banks 2.5
Road & Rail 2.4
Oil, Gas & Consumable Fuels 2.2
Household Durables 1.4
Diversified Financial Services 1.4
Metals & Mining 1.1
Multi-Utilities 1.0
Special Purpose Banks 1.0
Consumer Finance 0.8
Wireless Telecommunication Services 0.7
Food Products 0.6
Electric Utilities 0.6
Chemicals 0.6
Machinery 0.5
Diversified Telecommunication Services 0.4
Construction Materials 0.4
Real Estate Management & Development 0.3
Construction & Engineering 0.3
Industrial Conglomerates 0.2
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Total 100.0%
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(1) Most recent distribution paid or declared through 12/31/2012. Subject to
change in the future.

(2) Distribution rates are calculated by annualizing the most recent
distribution paid or declared through the report date and then dividing by
Common Share price or NAV, as applicable, as of 12/31/2012. Subject to
change in the future.

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

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

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

(6) The credit quality and ratings information presented above reflects the
ratings assigned by one or more nationally recognized statistical rating
organizations (NRSROs), including Standard & Poor's Ratings Group, a
division of the McGraw-Hill Companies, Inc., Moody's Investors Service,
Inc., Fitch Ratings or a comparably rated NRSRO. For situations in which a
security is rated by more than one NRSRO and the ratings are not
equivalent, the highest ratings are used.

Page 2

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PORTFOLIO COMMENTARY
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FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND (FAM)
ANNUAL REPORT
DECEMBER 31, 2012

SUB-ADVISOR

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

PORTFOLIO MANAGEMENT TEAM

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

JOZSEF SZABO
HEAD OF GLOBAL MACRO

Jozsef Szabo joined Aberdeen in 2011 from the central bank of Hungary where for
the last six years he had managed fixed-income portfolios as a part of the
official foreign currency reserves management operations. Previously, Mr. Szabo
worked in monetary analysis within the central bank and served as secretary to
the Monetary Council. Prior to that, Mr. Szabo worked for the Hungarian
Government Debt Management Agency.

BRETT DIMENT
HEAD OF EMERGING MARKET DEBT

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

KEVIN DALY
PORTFOLIO MANAGER, EMERGING MARKET DEBT

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

EDWIN GUTIERREZ
PORTFOLIO MANAGER, EMERGING MARKET DEBT

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

MAX WOLMAN
PORTFOLIO MANAGER, EMERGING MARKET DEBT

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

Page 3

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PORTFOLIO COMMENTARY - (CONTINUED)
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ESTHER CHAN
PORTFOLIO MANAGER, EMERGING MARKET DEBT

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

COMMENTARY

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND

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

CHANGE IN CERTAIN INVESTMENT STRATEGIES

On December 10, 2012, the Fund's Board of Trustees approved a change to certain
of the Fund's investment strategies. The Fund's investment strategies are
non-fundamental policies of the Fund and require 60 days' prior written notice
to shareholders before they can be changed by the Board without receiving
shareholder approval. As such, on or about April 30, 2013, the following Fund
investment strategy will become effective:

o The Fund may invest up to 5% of its Managed Assets in
non-deliverable forward foreign exchange contracts for purposes of
hedging.

FUND RECAP

The Fund had a net asset value ("NAV") total return of 18.51% and a market value
total return of 23.85% for the year ended December 31, 2012, compared to the
blended benchmark1 total return of 12.18% over the same period. In addition to
this blended benchmark, the Fund currently uses other indexes for comparative
purposes. The total returns for the year ended December 31, 2012, for these
indexes were as follows: the Barclays Capital Global Emerging Markets Index was
18.14% and the Barclays Capital Global Aggregate Index was 4.32%.

PERFORMANCE ANALYSIS - DEVELOPED MARKETS

Over the course of 2012, the Fund's developed market portfolio outperformed the
Citigroup World Government Bond Index ("Bond Index"). The Fund returned 17.10%
versus 12.17% for this index. The Fund's investments were concentrated in
Australia, New Zealand, Canada and the UK relative to underweight positions in
Europe and Japan and the U.S. Strong returns in Australian, New Zealand and UK
bonds were major positive contributors to outperformance during the period, as
well as a large negative return in Japan. The underweight position in Europe
gave a negative contribution over the period.

PERFORMANCE ANALYSIS - EMERGING MARKETS

Over the year, the Fund outperformed in hard currency space benefitting from its
overweight position in the Ivory Coast, which was the top performing country in
the JP Morgan Emerging Markets Bond Index Global Diversified. The Fund also held
tactical positions in several off benchmark EM corporates which resulted in
strong performance. Examples include state-owned companies in Dubai and Russian
telecom companies. The Fund's underweight positions in high-grade sovereigns
also benefitted performance as these sovereigns underperformed the benchmark.

Local currency performance was more mixed, underperforming the benchmark
predominately because of the Fund's underweight positions in both Hungary and
Poland. The Fund's overweight holdings in the higher-yielding sovereigns such as
South Africa, Indonesia and Brazil also hurt performance as these countries'
currencies tended to underperform countries such as Poland, Chile, and Peru and
their lower-yielding currencies.

An important factor impacting the return of the Fund relative to its benchmarks
was the Fund's use of financial leverage through the use of bank borrowings. The
Fund uses leverage because its managers believe that, over time, leverage
provides opportunities for additional income and total return for common
shareholders. However, the use of leverage can also expose common shareholders
to additional volatility. For example, as the prices of securities held by the
Fund decline, the negative

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

Page 4

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PORTFOLIO COMMENTARY - (CONTINUED)
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impact of the evaluation changes on Common Share NAV and common shareholder
total return is magnified by the use of leverage. Conversely, leverage may
enhance Common Share returns during periods when the prices of securities held
by the Fund generally are rising. Unlike the Fund, the Barclays Capital Global
Emerging Markets Index, Barclays Capital Global Aggregate Index and the
components of the blended benchmark are not leveraged. Leverage had a positive
impact on the performance of the Fund over this reporting period.

MARKET RECAP AND FUND OUTLOOK - DEVELOPED MARKETS

Core developed bond markets provided decent returns in 2012, rallying as stress
in peripheral Europe led to high demand for safe assets and remaining at
depressed levels of yield thanks to a weak global growth outlook and the action
of central banks.

European troubles had a pronounced impact on all markets, with stress
reappearing in earnest in April/May after the lull induced by the European
Central Bank's (ECB) Long Term Refinancing Operations (LTRO) early in the year
as growth forecasts were revised lower and deficit numbers increased. This
prompted a rate cut from the ECB, taking the deposit rate to zero, and the
introduction of a scheme for bond purchases - Outright Monetary Transactions
(OMT) - contributing considerably to a global hunt for yield, during which both
peripheral and core markets were well supported as spreads compressed.

The U.S. Federal Reserve ("Fed") continued with an easing bias in 2012, making
changes to policy. From a position at the beginning of the year where the
conditions of rates were seen as on hold "at least through mid-2013" and the
maturity of Treasury holdings was being extended, by the end of 2012 the Fed was
buying $85bn bonds per month, while forward guidance on rates was linked
explicitly to improving unemployment and inflation, which the Fed believes is
consistent with no hikes until 2015. This helped to keep yields low in the U.S.
and abroad, while weakening the U.S. dollar and hence increasing returns in
other currencies.

In the UK, the Bank of England conducted further quantitative easing as the
growth outlook remained poor and inflation slowed, ensuring gilts were
supported. However, later in the year, the central bank attempted an innovative
policy directly aimed at increasing credit supply to the private sector, known
as the Funding for Lending Scheme. Despite the positive reception, we believe
the outlook for the UK is weak, with austerity and poor economic confidence a
drag.

The Reserve Bank of Australia cut interest rates from 4.25% to 3.00% over the
course of 2012, leading to good performance in Australian government bonds. The
economic outlook deteriorated as the strong currency and slowing Chinese economy
were a drag on activity, while the central bank became less optimistic about the
mining investment cycle. However, the Australian dollar was buoyant as demand
from international central banks and sovereign wealth funds was high. This also
supported the New Zealand dollar, as well as rates remaining at 2.50% throughout
the year - one of the few developed central banks not to ease policy, along with
the Bank of Canada.

Troubled peripheral economies in the Eurozone continue to pose risks, which
derive from and lead to contagion and systemic problems. Action by the European
Central Bank, as well as progress towards fiscal integration and debt
mutualization, may reduce the likelihood of these issues worsening. However, we
believe the steps toward a more integrated Europe will be slow and difficult, as
will rebalancing the external position of all Eurozone nations. Consequently,
the ECB may keep rates low for the longest period and maintain or expand
non-standard measures, providing effective liquidity support while this
adjustment occurs and holds the currency union together. In our opinion, market
stress is required to prompt policy makers to take tough decisions. Hence, we
continue to show caution on exposure to European debt.

In the U.S., we remain modestly upbeat as we foresee gradual improvement in
labor and housing markets leading to a pickup in consumption. We believe core
government bonds are fundamentally overvalued, offering little value to
long-term investors. However, financial repression, where central banks
artificially keep rates low and increase liquidity while the various arms of the
state take more control over the asset allocations of domestic pension funds,
banks and insurers, is likely to continue to be the dominant factor in
determining the level and shape of yield curves for a significant period. As
such, real yields are likely to remain pegged at very low levels, while
inflation is low due to deleveraging and slack in many sectors of the economy.

The developed market section of the Fund is set to remain invested primarily in
the relatively high-yielding Australian and New Zealand government bond markets
for the time being, with small allocations to UK and Canada. Our outlook for
Australia suggests lower rates and compression in spread with the U.S., combined
with attractive income and a well-supported currency, while New Zealand is
likely to follow suit.

Page 5

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PORTFOLIO COMMENTARY - (CONTINUED)
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MARKET AND FUND OUTLOOK - EMERGING MARKETS

Emerging market debt performed strongly in 2012. Over the year, the JP Morgan
Emerging Markets Bond Index Global Diversified gained 17.42%, and its spread
narrowed 147 basis points from +404 over U.S. Treasuries. The JP Morgan Global
Bond Index - Emerging Markets Diversified increased 21.5% over the year.

In hard currency debt, all regions posted positive returns, but performance was
uneven. Emerging Europe was the strongest performer as the Balkans, Baltics and
Commonwealth of Independent States, commonly referred to as CIS, all excelled,
while the Middle East underperformed as Jordan suffered from an energy crisis.
Ivory Coast was the top performer during 2012, increasing by 89.1% as it sought
to normalize relations with creditors, while other high-yielding credits in
Venezuela, Pakistan and Belarus also performed strongly. Belize was the
worst-performing credit over the year, having defaulted on its "superbond" in
August, while highly-indebted countries Jamaica and Lebanon also struggled over
the year. In local currency debt, Asia was the only region to have a
single-digit return as Indonesia and Malaysia all lagged. Nigeria was the top
performer, benefitting from its inclusion into the benchmark index while Europe
was spurred on by strong performance by Hungary.

Global risk appetite improved at the start of 2012 due to the ECB injecting
liquidity via two LTROs in December and February and the U.S. Federal Reserve
providing a dovish interest rate outlook in January. In addition, the People's
Bank of China (PBoC) announced its first 0.5% reserve requirement ratio cut in
2012, appeasing slowing global growth indicators.

In response to the continuation of poor economic data trends, the PBoC cut the
benchmark lending rate by 0.25% to 6.31% in early June, while the Central Bank
of Brazil cut the Selic rate by 0.75% in April and 0.5% in May to 8.5%. The
announcement of an extension of 'Operation Twist' by the Fed and a surprisingly
positive outcome from the European Union summit helped to further boost market
sentiment in the second quarter.

Our outlook for emerging market debt is constructive for 2013. However, we
envisage more modest returns in the coming year following the strong performance
of the asset class in 2012. We believe global growth will continue to be driven
by emerging markets and we see most scope for returns deriving from emerging
market currencies which have generally lagged the other parts of the asset
class. We believe a key risk to the Fund's returns' expectations is the
sensitivity of the asset class to rising U.S. Treasury yields, which could occur
if U.S. macroeconomic indicators show some signs of recovery. Having said that,
we believe the prospects for stronger economic growth in the U.S. and China may
also herald a stronger outlook for emerging market exports given the
interconnectivity of global trade, which could have a positive effect on
emerging market assets. We believe the Eurozone sovereign debt crisis and the
zero growth prospects will continue to make headlines in 2013, although its
effect on emerging markets will most likely be limited to temporary episodes of
risk-off sentiment given the reduced Euro tail risk. China was at the forefront
of investors' minds in 2012, but having avoided a hard landing last year, going
forward we expect a continued moderation in long-term potential growth. Even
more importantly, in our opinion, structural growth remains strong.

Page 6

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a)
DECEMBER 31, 2012

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

FOREIGN SOVEREIGN BONDS AND NOTES (b) - 91.6%

ARGENTINA - 1.6%
2,920,000 Republic of Argentina (USD) ............................. 7.00% 09/12/13 $ 2,901,125
2,445,000 Republic of Argentina (USD) ............................. 8.75% 06/02/17 2,176,050
-------------
5,077,175
-------------
AUSTRALIA - 10.6%
11,000,000 Australian Government (AUD) ............................. 6.00% 02/15/17 12,884,749
8,100,000 Queensland Treasury (AUD) ............................... 6.00% 10/14/15 9,084,236
9,800,000 Treasury Corp. of Victoria (AUD) ........................ 6.00% 10/17/22 11,856,334
-------------
33,825,319
-------------
BRAZIL - 6.6%
8,320,000 Brazil Notas do Tesouro Nacional Series F (BRL) ......... 10.00% 01/01/15 4,239,067
30,455,000 Brazil Notas do Tesouro Nacional Series F (BRL) ......... 10.00% 01/01/17 15,697,749
900,000 Republic of Brazil (USD) ................................ 5.63% 01/07/41 1,183,500
-------------
21,120,316
-------------
CANADA - 10.2%
1,700,000 Canadian Government Bond (CAD) .......................... 5.25% 06/01/13 1,738,522
5,000,000 Canadian Government Bond (CAD) .......................... 8.00% 06/01/23 7,936,463
15,000,000 Province of Manitoba (NZD) .............................. 6.38% 09/01/15 13,352,989
10,965,000 Province of Ontario (NZD) ............................... 6.25% 06/16/15 9,692,448
-------------
32,720,422
-------------
COSTA RICA - 0.4%
1,200,000 Republic of Costa Rica (USD) ............................ 4.25% 01/26/23 1,216,800
-------------
CROATIA - 0.8%
2,370,000 Croatia Government International Bond (USD) ............. 6.63% 07/14/20 2,719,575
-------------
DOMINICAN REPUBLIC - 1.0%
700,000 Dominican Republic (USD) ................................ 7.50% 05/06/21 818,300
2,066,000 Dominican Republic (USD) ................................ 8.63% 04/20/27 2,502,959
-------------
3,321,259
-------------
EGYPT - 0.4%
350,000 Arab Republic of Egypt (USD) (c) ........................ 6.88% 04/30/40 333,375
1,140,000 Arab Republic of Egypt (USD) ............................ 6.88% 04/30/40 1,085,850
-------------
1,419,225
-------------
EL SALVADOR - 0.2%
550,000 Republic of El Salvador (USD) (c) ....................... 5.88% 01/30/25 558,800
150,000 Republic of El Salvador (USD) ........................... 8.25% 04/10/32 181,875
-------------
740,675
-------------
GEORGIA - 0.4%
1,300,000 Georgian Oil and Gas Corp. (USD) (c) .................... 6.88% 05/16/17 1,352,000
-------------

See Notes to Financial Statements Page 7

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
DECEMBER 31, 2012

FOREIGN SOVEREIGN BONDS AND NOTES (b) - (CONTINUED)

HUNGARY - 4.4%
810,000,000 Hungary Government Bond (HUF) ........................... 6.75% 08/22/14 $ 3,759,021
2,170,000,000 Hungary Government Bond (HUF) ........................... 6.75% 11/24/17 10,225,260
-------------
13,984,281
-------------
INDONESIA - 1.6%
17,100,000,000 Indonesian Government Bond (IDR) ........................ 10.00% 07/15/17 2,153,560
18,670,000,000 Indonesian Government Bond (IDR) ........................ 10.50% 08/15/30 2,860,138
-------------
5,013,698
-------------
IVORY COAST - 1.4%
4,850,000 Ivory Coast Government Bond (USD) (e) ................... 3.75% 12/31/32 4,559,000
-------------
LATVIA - 0.8%
2,700,000 Republic of Latvia (USD) (c) ............................ 2.75% 01/12/20 2,683,800
-------------
MALAYSIA - 2.5%
9,000,000 Malaysia Government Bond (MYR) .......................... 3.21% 05/31/13 2,944,999
14,500,000 Malaysia Government Bond (MYR) .......................... 4.01% 09/15/17 4,902,076
-------------
7,847,075
-------------
MEXICO - 5.0%
115,500,000 Mexican Bonos Desarr Fixed Rate Bond (MXN) .............. 7.50% 06/03/27 10,417,579
32,950,000 Mexican Bonos Desarr Fixed Rate Bond (MXN) .............. 10.00% 11/20/36 3,692,219
1,500,000 United Mexican States (USD) ............................. 6.05% 01/11/40 2,019,000
-------------
16,128,798
-------------
MONGOLIA - 0.3%
600,000 Mongolia Government International Bond (USD) ............ 4.13% 01/05/18 595,500
400,000 Mongolia Government International Bond (USD) ............ 5.13% 12/05/22 394,000
-------------
989,500
-------------
NEW ZEALAND - 5.7%
19,150,000 New Zealand Government Bond (NZD) ....................... 6.00% 12/15/17 18,070,847
-------------
NIGERIA - 2.6%
1,356,000,000 Republic of Nigeria (NGN) ............................... (d) 06/27/13 8,216,848
-------------
PAKISTAN - 0.5%
1,800,000 Islamic Republic of Pakistan (USD) ...................... 6.88% 06/01/17 1,656,000
-------------
PERU - 1.6%
10,100,000 Peruvian Government Bond (PEN) .......................... 7.84% 08/12/20 4,996,780
-------------
QATAR - 0.7%
1,660,000 State of Qatar (USD) .................................... 6.40% 01/20/40 2,329,312
-------------
ROMANIA - 1.5%
3,910,000 Romanian Government International Bond (USD) ............ 6.75% 02/07/22 4,765,312
-------------
RUSSIA - 2.1%
185,000,000 Russian Foreign Bond (RUB) .............................. 7.85% 03/10/18 6,615,361
-------------

Page 8 See Notes to Financial Statements

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
DECEMBER 31, 2012

FOREIGN SOVEREIGN BONDS AND NOTES (b) - (CONTINUED)

SERBIA - 3.2%
800,000 Republic of Serbia (USD) ................................ 5.25% 11/21/17 $ 834,000
3,150,000 Republic of Serbia (USD) ................................ 7.25% 09/28/21 3,634,312
2,600,000 Republic of Serbia (USD) (c) ............................ 7.25% 09/28/21 2,999,750
248,000,000 Serbia Treasury Bills (RSD) ............................. (d) 01/17/13 2,900,802
-------------
10,368,864
-------------
SOUTH AFRICA - 5.7%
20,300,000 Republic of South Africa (ZAR) .......................... 13.50% 09/15/15 2,881,472
89,100,000 Republic of South Africa (ZAR) .......................... 10.50% 12/21/26 13,484,070
17,100,000 Republic of South Africa (ZAR) .......................... 7.00% 02/28/31 1,872,395
-------------
18,237,937
-------------
TURKEY - 5.7%
2,100,000 Republic of Turkey (USD) ................................ 6.25% 09/26/22 2,622,900
16,100,000 Turkey Government Bond (TRY) ............................ 9.00% 01/27/16 9,751,422
8,300,000 Turkey Government Bond (TRY) ............................ 10.50% 01/15/20 5,702,223
-------------
18,076,545
-------------
UNITED ARAB EMIRATES - 1.3%
3,170,000 Dubai Government International Bond (USD) ............... 7.75% 10/05/20 4,010,050
-------------
UNITED KINGDOM - 5.6%
1,200,000 United Kingdom Treasury (GBP) ........................... 8.00% 12/07/15 2,383,772
4,600,000 United Kingdom Treasury (GBP) ........................... 6.00% 12/07/28 11,090,067
2,170,000 United Kingdom Treasury (GBP) ........................... 4.25% 12/07/49 4,340,021
-------------
17,813,860
-------------
URUGUAY - 2.0%
81,275,468 Republica Orient Uruguay, Inflation Adjusted Bond
(UYU) (f) ............................................ 5.00% 09/14/18 4,895,597
22,491,531 Republica Orient Uruguay, Inflation Adjusted Bond
(UYU) (f) ............................................ 4.25% 04/05/27 1,376,580
-------------
6,272,177
-------------
VENEZUELA - 4.9%
1,170,000 Republic of Venezuela (USD) ............................. 8.50% 10/08/14 1,202,760
9,720,000 Republic of Venezuela (USD) ............................. 5.75% 02/26/16 9,306,900
1,600,000 Republic of Venezuela (USD) ............................. 7.75% 10/13/19 1,516,000
1,000,000 Republic of Venezuela (USD) ............................. 7.65% 04/21/25 885,000
2,430,000 Republic of Venezuela (USD) ............................. 11.95% 08/05/31 2,776,275
-------------
15,686,935
-------------
VIETNAM - 0.3%
800,000 Socialist Republic of Vietnam (USD) ..................... 6.88% 01/15/16 878,000
-------------
TOTAL FOREIGN SOVEREIGN BONDS AND NOTES .............................................. 292,713,746
(Cost $253,247,248) -------------

See Notes to Financial Statements Page 9

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
DECEMBER 31, 2012

FOREIGN CORPORATE BONDS AND NOTES (b) - 34.3%

BRAZIL - 2.5%
600,000 Banco do Estado do Rio Grande do Sul (USD) (c) .......... 7.38% 02/02/22 $ 660,000
660,000 OAS Investments GMBH (USD) (c) .......................... 8.25% 10/19/19 701,250
550,000 Odebrecht Finance Ltd. (USD) ............................ 7.50% 09/14/15 603,625
600,000 Odebrecht Finance Ltd. (USD) (c) ........................ 7.13% 06/26/42 699,000
1,950,000 OGX Petroleo e Gas Participacoes S.A. (USD) ............. 8.50% 06/01/18 1,764,750
900,000 OSX 3 Leasing B.V. (USD) (c) ............................ 9.25% 03/20/15 932,625
600,000 QGOG Constellation S.A. (USD) (c) ....................... 6.25% 11/09/19 627,000
800,000 Vale Overseas Ltd. (USD) ................................ 4.38% 01/11/22 856,840
1,100,000 Virgolino de Oliveira Finance Ltd. (USD) ................ 10.50% 01/28/18 1,133,000
-------------
7,978,090
-------------
CHINA - 0.8%
1,250,000 China Overseas Finance Cayman II Ltd. (USD) ............. 5.50% 11/10/20 1,397,734
600,000 COSL Finance BVI Ltd. (USD) (c) ......................... 3.25% 09/06/22 588,001
600,000 Yancoal International Resources Development Co. Ltd.
(USD) (c) ............................................ 5.73% 05/16/22 619,765
-------------
2,605,500
-------------
CROATIA - 0.3%
850,000 Hrvatska Electroprivreda (USD) (c) ...................... 6.00% 11/09/17 901,000
-------------
DOMINICAN REPUBLIC - 0.5%
1,350,000 AES Andres Dominicana/Itabo Dominicana (USD) ............ 9.50% 11/12/20 1,507,275
-------------
EL SALVADOR - 0.5%
1,550,000 Telemovil Finance Co., Ltd. (USD) ....................... 8.00% 10/01/17 1,685,625
-------------
GERMANY - 1.2%
3,650,000 KfW International Finance (CAD) ......................... 4.95% 10/14/14 3,899,526
-------------
GUATEMALA - 0.5%
1,550,000 Industrial Subordinated Trust (USD) ..................... 8.25% 07/27/21 1,732,125
-------------
INDONESIA - 0.2%
700,000 PT Adaro Indonesia (USD) ................................ 7.63% 10/22/19 784,000
-------------
KAZAKHSTAN - 0.9%
1,000,000 Kazakhstan Temir Zholy Finance B.V. (USD) (c) ........... 6.95% 07/10/42 1,260,000
1,500,000 Zhaikmunai International B.V. (USD) (c) ................. 7.13% 11/13/19 1,575,000
-------------
2,835,000
-------------
MEXICO - 3.0%
800,000 Alpek S.A. de C.V. (USD) (c) ............................ 4.50% 11/20/22 836,000
1,400,000 BBVA Bancomer S.A. Texas (USD) (c) ...................... 6.75% 09/30/22 1,578,500
850,000 CEMEX Espana S.A. Luxembourg (USD) ...................... 9.88% 04/30/19 952,000
460,000 CEMEX Finance, LLC (USD) (c) ............................ 9.38% 10/12/22 519,800
1,300,000 Corporacion GEO S.A. de C.V. (USD) (c) .................. 8.88% 03/27/22 1,387,750
1,136,000 Desarrolladora Homex S.A. (USD) ......................... 9.50% 12/11/19 1,232,560
2,590,375 GEO Maquinaria S.A. de C.V. (USD) ....................... 9.63% 05/02/21 2,473,808
525,000 Urbi Desarrollos Urbanos Sab de C.V. (USD) .............. 9.50% 01/21/20 501,375
-------------
9,481,793
-------------

Page 10 See Notes to Financial Statements

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
DECEMBER 31, 2012

FOREIGN CORPORATE BONDS AND NOTES (b) - (CONTINUED)

MULTINATIONAL - 11.3%
17,600,000 Asian Development Bank (AUD) ............................ 5.50% 02/15/16 $ 19,560,534
18,800,000 European Investment Bank (NZD) .......................... 6.50% 09/10/14 16,399,447
-------------
35,959,981
-------------
NIGERIA - 0.5%
1,400,000 Access Finance B.V. (USD) (c) ........................... 7.25% 07/25/17 1,462,864
-------------
RUSSIA - 8.3%
1,750,000 Alfa Bank (USD) ......................................... 7.88% 09/25/17 1,960,000
300,000 Alfa Bank OJSC Via Alfa Bond Issuance PLC (USD) ......... 7.75% 04/28/21 333,750
1,400,000 EuroChem Mineral & Chemical CO OJSC (USD) (c) ........... 5.13% 12/12/17 1,435,882
900,000 Gazprom Neft OAO via GPN Capital S.A. (USD) (c) ......... 4.38% 09/19/22 924,750
1,870,000 Home Credit & Finance Bank (USD) (c) .................... 9.38% 04/24/20 1,968,175
1,400,000 Metalloinvest Finance Ltd. (USD) ........................ 6.50% 07/21/16 1,475,250
900,000 Rosneft Oil CO Via Rosneft International Finance Ltd.
(USD) (c) 4.20% 03/06/22 918,000
128,300,000 RSHB Capital S.A. (RUB) ................................. 7.50% 03/25/13 4,196,794
278,600,000 RZD Capital Ltd. (RUB) .................................. 8.30% 04/02/19 9,482,540
1,000,000 Sberbank of Russia via SB Capital S.A. (USD) (c) ........ 6.13% 02/07/22 1,145,000
1,300,000 Vimpelcom Holdings B.V. (USD) ........................... 7.50% 03/01/22 1,493,375
1,200,000 VTB Bank OJSC via VTB Capital S.A. (USD) ................ 6.88% 05/29/18 1,357,800
-------------
26,691,316
-------------
TURKEY - 1.1%
800,000 Turkiye Is Bankasi A.S. (USD) (c) ....................... 6.00% 10/24/22 847,000
800,000 Turkiye Vakiflar Bankasi (USD) (c) ...................... 6.00% 11/01/22 832,000
1,700,000 Yasar Holdings (USD) .................................... 9.63% 10/07/15 1,791,375
-------------
3,470,375
-------------
UKRAINE - 0.9%
1,500,000 Metinvest B.V. (USD) .................................... 10.25% 05/20/15 1,548,750
1,290,000 MHP S.A. (USD) .......................................... 10.25% 04/29/15 1,370,625
-------------
2,919,375
-------------
UNITED ARAB EMIRATES - 1.3%
800,000 Abu Dhabi National Energy Co. (USD) (c) ................. 3.63% 01/12/23 828,000
2,680,000 Dubai Electricity & Water Authority (USD) ............... 7.38% 10/21/20 3,309,800
-------------
4,137,800
-------------
VENEZUELA - 0.5%
1,700,000 Petroleos de Venezuela S.A. (USD) ....................... 8.50% 11/02/17 1,683,000
-------------
TOTAL FOREIGN CORPORATE BONDS AND NOTES ............................................. 109,734,645
(Cost $93,807,723) -------------

See Notes to Financial Statements Page 11

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
DECEMBER 31, 2012

SHARES DESCRIPTION VALUE
---------------- ------------------------------------------------------------------------------------- -------------

COMMON STOCKS - 0.0%

KAZAKHSTAN - 0.0%
342 BTA Bank JSC (g) .................................................................... $ 1
-------------
TOTAL COMMON STOCKS ................................................................. 1
(Cost $0) -------------

TOTAL INVESTMENTS - 125.9% .......................................................... 402,448,392
(Cost $347,054,971) (h)

OUTSTANDING LOANS - (30.8%) ......................................................... (98,440,602)
NET OTHER ASSETS AND LIABILITIES - 4.9% ............................................. 15,562,457
-------------
NET ASSETS - 100.0% ................................................................. $ 319,570,247
=============

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

(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.

(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 (the "1933 Act"), 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
December 31, 2012, securities noted as such amounted to $31,175,087 or
9.8% of net assets.

(d) Zero coupon bond.

(e) 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
December 31, 2012.

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

(g) Non-income producing security.

(h) Aggregate cost for federal income tax purposes is $367,661,237. As of
December 31, 2012, the aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost was
$36,414,831 and the aggregate gross unrealized depreciation for all
securities in which there was an excess of tax cost over value was
$1,627,676.

Currency Abbreviations:
AUD Australian Dollar NGN Nigerian Naira
BRL Brazilian Real NZD New Zealand Dollar
CAD Canadian Dollar PEN Peruvian New Sol
EUR Euro Dollar RSD Serbian Dinar
GBP British Pound Sterling RUB Russian Ruble
HUF Hungarian Forint TRY Turkish Lira
IDR Indonesian Rupiah USD United States Dollar
KZT Kazakhstani Tenge UYU Uruguayan Peso
MXN Mexican Peso ZAR South African Rand
MYR Malaysian Ringgit

Page 12 See Notes to Financial Statements

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS (a) - (CONTINUED)
DECEMBER 31, 2012

VALUATION INPUTS

A summary of the inputs used to value the Fund's investments as of December 31,
2012 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial
Statements):

ASSETS TABLE
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
12/31/2012 PRICES INPUTS INPUTS
------------- -------------- -------------- ------------

Foreign Sovereign Bonds and Notes*................. $ 292,713,746 $ -- $ 292,713,746 $ --
Foreign Corporate Bonds and Notes*................. 109,734,645 -- 109,734,645 --
Common Stocks*..................................... 1 -- 1 --
------------- -------------- -------------- ------------
Total Investments.................................. 402,448,392 -- 402,448,392 --
Forward Foreign Currency Contracts**............... 693,930 693,930 --
------------- -------------- -------------- ------------
Total.............................................. $ 403,142,322 $ -- $ 403,142,322 $ --
============= ============== ============== ============

LIABILITIES TABLE
LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
12/31/2012 PRICES INPUTS INPUTS
------------- -------------- -------------- ------------
Forward Foreign Currency Contracts**............... $ (769,582) $ -- $ (769,582) $ --
============= ============== ============== ============

* 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 December
31, 2012, the Fund transferred common stock valued at $1 from Level 1 to Level 2
of the fair value hierarchy. The common stock that transferred from Level 1 to
Level 2 did so as a result of a lack of trading volume on the primary exchange.

CURRENCY EXPOSURE % OF TOTAL
DIVERSIFICATION INVESTMENTS+
USD 55.5%
AUD 13.3
RUB 5.0
BRL 5.0
ZAR 3.9
TRY 3.8
MXN 3.2
MYR 2.0
NGN 2.0
UYU 1.6
HUF 1.5
PEN 1.2
NZD 0.8
RSD 0.7
GBP 0.7
IDR (0.2)
CAD 0.0 ++
EUR 0.0 ++
KZT 0.0 ++
---------------------------------------
Total 100.0
=====

+ The weightings include the impact of currency forwards.
++ Amount is less than 0.01%.

See Notes to Financial Statements Page 13

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS
DECEMBER 31, 2012

FORWARD FOREIGN CURRENCY CONTRACTS
------------------------------------------------------------
PURCHASE SALE
VALUE AS OF VALUE AS OF UNREALIZED
SETTLEMENT COUNTER- AMOUNT AMOUNT DECEMBER 31, DECEMBER 31, APPRECIATION
DATE PARTY PURCHASED (a) SOLD (a) 2012 2012 (DEPRECIATION)
------------ --------- --------------------- ------------------- ---------------- ---------------- -------------

01/24/13 JPM EUR 1,780,000 USD 2,326,853 $ 2,350,021 $ 2,326,853 $ 23,168
01/24/13 JPM MXN 69,865,000 USD 5,326,227 5,392,357 5,326,227 66,130
01/24/13 CIT ZAR 20,000,000 USD 2,242,278 2,350,867 2,242,278 108,589
01/24/13 GS USD 13,663,282 CAD 13,391,000 13,663,282 13,455,273 208,009
01/24/13 JPM USD 2,335,041 EUR 1,780,000 2,335,041 2,350,021 (14,980)
01/24/13 GS USD 14,890,303 GBP 9,224,000 14,890,303 14,982,936 (92,633)
01/24/13 JPM USD 7,999,178 HUF 1,711,960,000 7,999,178 7,731,743 267,435
03/04/13 RBS USD 5,768,334 IDR 55,938,419,000 5,768,334 5,760,374 7,960
01/24/13 CIT USD 6,396,174 MXN 82,707,000 6,396,174 6,383,535 12,639
01/24/13 GS USD 54,403,130 NZD 66,646,000 54,403,130 54,988,062 (584,932)
01/24/13 CIT USD 2,282,574 ZAR 20,000,000 2,282,574 2,350,867 (68,293)
01/24/13 JPM USD 2,361,635 ZAR 20,166,000 2,361,635 2,370,379 (8,744)
-------------
Net Unrealized Appreciation (Depreciation)............................................................... $ (75,652)
=============

(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

Page 14 See Notes to Financial Statements

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2012

ASSETS:

Investments, at value
(Cost $347,054,971)........................................................................ $ 402,448,392
Cash........................................................................................... 5,321,463
Foreign currency (Cost $2,792,351)............................................................. 2,803,142
Unrealized appreciation on forward foreign currency contracts.................................. 693,930
Prepaid expenses............................................................................... 11,315
Receivables:
Interest.................................................................................... 6,336,108
Investment securities sold.................................................................. 1,944,180
-------------
Total Assets............................................................................. 419,558,530
-------------
LIABILITIES:
Outstanding loan............................................................................... 98,440,602
Unrealized depreciation on forward foreign currency contracts.................................. 769,582
Payables:
Investment advisory fees.................................................................... 352,158
Deferred Indonesian capital gains tax....................................................... 154,527
Custodian fees.............................................................................. 91,669
Audit and tax fees.......................................................................... 58,200
Interest and fees on loans.................................................................. 44,596
Administrative fees......................................................................... 28,967
Printing fees............................................................................... 23,435
Legal fees.................................................................................. 7,561
Transfer agent fees......................................................................... 5,767
Financial reporting fees.................................................................... 771
Other liabilities.............................................................................. 10,448
-------------
Total Liabilities........................................................................ 99,988,283
-------------
NET ASSETS..................................................................................... $ 319,570,247
=============
NET ASSETS CONSIST OF:
Paid-in capital................................................................................ $ 286,588,252
Par value...................................................................................... 174,006
Accumulated net investment income (loss)....................................................... (19,572,645)
Accumulated net realized gain (loss) on investments, forward foreign currency
contracts and foreign currency transactions.................................................. (4,243,572)
Net unrealized appreciation (depreciation) on investments, forward foreign
currency contracts and foreign currency translation.......................................... 56,624,206
-------------
NET ASSETS..................................................................................... $ 319,570,247
=============
NET ASSET VALUE, per Common Share (par value $0.01 per Common Share)........................... $ 18.37
=============
Number of Common Shares outstanding (unlimited number of Common Shares has been authorized).... 17,400,622
=============

See Notes to Financial Statements Page 15

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2012

INVESTMENT INCOME:

Interest (net of foreign withholding tax of $158,766).......................................... $ 27,005,957
Other.......................................................................................... 53,796
-------------
Total investment income..................................................................... 27,059,753
-------------
EXPENSES:
Investment advisory fees....................................................................... 4,052,766
Interest and fees on loans..................................................................... 1,167,989
Custodian fees................................................................................. 362,827
Administrative fees............................................................................ 333,957
Printing fees.................................................................................. 85,181
Legal fees..................................................................................... 79,844
Audit and tax fees............................................................................. 58,466
Transfer agent fees............................................................................ 40,969
Trustees' fees and expenses.................................................................... 30,833
Financial reporting fees....................................................................... 9,250
Other.......................................................................................... 198,066
-------------
Total expenses.............................................................................. 6,420,148
-------------
NET INVESTMENT INCOME (LOSS)................................................................... 20,639,605
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments................................................................................. 10,486,198
Forward foreign currency contracts.......................................................... (3,979,494)
Foreign currency transactions............................................................... (4,114,586)
-------------
Net realized gain (loss)....................................................................... 2,392,118
-------------
Net change in unrealized appreciation (depreciation) on:
Investments................................................................................. 31,069,091
Forward foreign currency contracts.......................................................... (2,375,994)
Foreign currency translation................................................................ 340,549
Net change in deferred Indonesian capital gains tax............................................ (154,527)
-------------
Net change in unrealized appreciation (depreciation)........................................... 28,879,119
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS)........................................................ 31,271,237
-------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................ $ 51,910,842
=============

Page 16 See Notes to Financial Statements

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

YEAR YEAR
ENDED ENDED
12/31/2012 12/31/2011
-------------- --------------

OPERATIONS:
Net investment income (loss)....................................................... $ 20,639,605 $ 21,142,480
Net realized gain (loss)........................................................... 2,392,118 (2,778,149)
Net change in unrealized appreciation (depreciation)............................... 28,879,119 (6,220,940)
-------------- --------------
Net increase (decrease) in net assets resulting from operations.................... 51,910,842 12,143,391
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.............................................................. (22,937,807) (26,944,561)
Net realized gain.................................................................. -- --
Return of capital.................................................................. (4,194,342) (166,478)
-------------- --------------
Total distributions to shareholders................................................ (27,132,149) (27,111,039)
-------------- --------------
CAPITAL TRANSACTIONS:
Proceeds from Common Shares reinvested............................................. 271,141 145,963
-------------- --------------
Net increase (decrease) in net assets resulting from capital transactions.......... 271,141 145,963
-------------- --------------
Total increase (decrease) in net assets............................................ 25,049,834 (14,821,685)

NET ASSETS:
Beginning of period................................................................ 294,520,413 309,342,098
-------------- --------------
End of period...................................................................... $ 319,570,247 $ 294,520,413
============== ==============
Accumulated net investment income (loss) at end of period.......................... $ (19,572,645) $ (17,222,426)
============== ==============
CAPITAL TRANSACTIONS WERE AS FOLLOWS:
Common Shares at beginning of period............................................... 17,385,109 17,376,792
Common Shares issued as reinvestment under the Dividend Reinvestment Plan.......... 15,513 8,317
-------------- --------------
Common Shares at end of period..................................................... 17,400,622 17,385,109
============== ==============

See Notes to Financial Statements Page 17

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2012

CASH FLOWS FROM OPERATING ACTIVITIES:

Net increase (decrease) in net assets resulting from operations................. $ 51,910,842
Adjustments to reconcile net increase (decrease) in net assets resulting from
operations to net cash provided by operating activities:
Purchases of investments.................................................. (217,581,368)
Sales, maturities and paydowns of investments............................. 223,104,509
Net amortization/accretion of premiums/discounts on investments........... (1,409,805)
Net realized gain/loss on investments..................................... (10,486,198)
Net realized gain/loss on foreign currency transactions (a)............... 4.022,033
Net change in unrealized appreciation/depreciation on forward foreign
currency contracts................................................... 2,375,994
Net change in unrealized appreciation/depreciation on investments......... (31,069,091)
CHANGES IN ASSETS AND LIABILITIES:
Decrease in interest receivable........................................... 611,053
Decrease in prepaid expenses.............................................. 170
Decrease in interest and fees on loans payable............................ (18,122)
Increase in investment advisory fees payable.............................. 19,604
Increase in audit and tax fees payable.................................... 4,000
Decrease in legal fees payable............................................ (1,423)
Increase in printing fees payable......................................... 110
Increase in administrative fees payable................................... 1,462
Increase in custodian fees payable........................................ 2,889
Increase in transfer agent fees payable................................... 1,561
Increase in financial reporting fees payable.............................. 1
Increase in deferred Indonesian capital gains tax......................... 154,527
Increase in other liabilities payable..................................... 6,018
--------------
CASH PROVIDED BY OPERATING ACTIVITIES........................................... $ 21,648,766
-------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Common Shares reinvested.................................... 271,141
Distributions to Common Shareholders from net investment income........... (22,937,807)
Distributions to Common Shareholders from return of capital............... (4,194,342)
--------------
CASH USED IN FINANCING ACTIVITIES............................................... (26,861,008)
-------------
Effect of exchange rate changes on Euro Loan (b)................................ 242,323
Decrease in cash and foreign currency (c)....................................... (4,969,919)
Cash and foreign currency at beginning of period................................ 13,094,524
-------------

Cash and foreign currency at end of period...................................... $ 8,124,605
=============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest and fees............................... $ 1,186,111
=============

(a) This amount is a component of net realized gain (loss) on foreign currency
transactions as shown on the Statement of Operations.

(b) This amount is a component of net change in unrealized appreciation
(depreciation) on foreign currency translation as shown on the Statement
of Operations.

Page 18 See Notes to Financial Statements

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

YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED
12/31/2012 12/31/2011 12/31/2010 12/31/2009 12/31/2008
----------- ----------- ----------- ----------- -----------

Net asset value, beginning of period $ 16.94 $ 17.80 $ 16.58 $ 12.69 $ 18.54
----------- ----------- ----------- ----------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) 1.18 1.22 1.28 1.47 1.46
Net realized and unrealized gain (loss) 1.81 (0.52) 1.50 3.98 (5.75)
----------- ----------- ----------- ----------- -----------
Total from investment operations 2.99 0.70 2.78 5.45 (4.29)
----------- ----------- ----------- ----------- -----------
DISTRIBUTIONS PAID TO SHAREHOLDERS FROM:
Net investment income (1.32) (1.55) (1.56) (0.68) (1.56)
Net realized gain -- -- -- -- --
Return of capital (0.24) (0.01) -- (0.88) --
----------- ----------- ----------- ----------- -----------
Total distributions (1.56) (1.56) (1.56) (1.56) (1.56)
----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 18.37 $ 16.94 $ 17.80 $ 16.58 $ 12.69
=========== =========== =========== =========== ===========
Market value, end of period $ 17.85 $ 15.76 $ 17.36 $ 16.03 $ 10.40
=========== =========== =========== =========== ===========
Total return based on net asset value (a) 18.51% 4.37% 17.90% 47.48% (23.14)%
=========== =========== =========== =========== ===========
Total return based on market value (a) 23.85% (0.44)% 18.93% 73.98% (29.39)%
=========== =========== =========== =========== ===========

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

RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 319,570$ 294,520 $ 309,342 $ 287,961 $ 220,286
Ratio of total expenses to average net assets 2.09% 2.02% 2.13% 2.57% 3.55%
Ratio of total expenses to average net assets
excluding interest expense and fees on loans 1.71% 1.63% 1.65% 1.77% 1.83%
Ratio of net investment income (loss) to
average net assets 6.72% 6.94% 7.41% 9.90% 8.72%
Portfolio turnover rate 56% 52% 101% 72% 66%
INDEBTEDNESS:
Total loans outstanding (in 000's) $ 98,441 $ 98,198 $ 88,595 $ 89,511 $ 89,101
Asset coverage per $1,000 of indebtedness (b) $ 4,246 $ 3,999 $ 4,492 $ 4,217 $ 3,472

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

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

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

See Notes to Financial Statements Page 19

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

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
DECEMBER 31, 2012

1. FUND DESCRIPTION

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

The Fund's primary investment objective is to seek a high level of current
income. As a secondary objective, the Fund seeks capital appreciation. The Fund
pursues these objectives by investing its Managed Assets in the world bond
markets through a diversified portfolio of investment grade and below-investment
grade government and corporate debt securities. "Managed Assets" means the total
asset value of the Fund minus the sum of the Fund's liabilities other than the
principal amount of borrowings, if any. There can be no assurance that the Fund
will achieve its investment objectives. The Fund may not be appropriate for all
investors.

o The Fund may invest up to 5% of its Managed Assets in
non-deliverable forward foreign exchange contracts for purposes of
hedging.

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 ("U.S. GAAP") requires
management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results could differ from
those estimates.

A. PORTFOLIO VALUATION:

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

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

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 the 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.

Page 20

--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
--------------------------------------------------------------------------------

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
DECEMBER 31, 2012

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" or the "Advisor") 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;

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 December 31, 2012, is
included with the Fund's Portfolio of Investments.

B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME:

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

Securities purchased or sold on a when-issued, delayed-delivery or forward
purchase commitment basis may have extended settlement periods. The value of the
security so purchased is subject to market fluctuations during this period. The
Fund maintains liquid assets with a current value at least equal to the amount
of its when-issued, delayed-delivery or forward purchase commitments until
payment is made. At December 31, 2012, the Fund had no when-issued,
delayed-delivery or forward purchase commitments.

Page 21

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
DECEMBER 31, 2012

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 in "Unrealized appreciation
(depreciation) on forward foreign currency contracts" on the Statement of Assets
and Liabilities. When the forward contract is closed, the Fund records a
realized gain or loss equal to the difference between the proceeds from (or the
cost of) the closing transaction and the Fund's basis in the contract. This
realized gain or loss is included in "Net realized gain (loss) on forward
foreign currency contracts" on the Statement of Operations. Risks arise from the
possible inability of counterparties to meet the terms of their contracts and
from movement in currency and securities values and interest rates. Due to the
risks, the Fund could incur losses in excess of the net unrealized value shown
on the Schedule of Forward Foreign Currency Contracts.

During the year ended December 31, 2012, the amount of notional values of
forward foreign currency contracts opened and closed were $904,648,360 and
$891,721,328, respectively.

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

E. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

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

Distributions from net investment income and realized capital gains are
determined in accordance with income tax regulations, which may differ from U.S.
GAAP. Certain capital accounts in the financial statements are periodically
adjusted for permanent differences in order to reflect their tax character.
These permanent differences are primarily due to the varying treatment of income
and gain/loss on portfolio securities held by the Fund and have no impact on net
assets or NAV per share. Temporary differences, which arise from recognizing
certain items of income, expense and gain/loss in different periods for
financial statement and tax purposes, will reverse at some time in the future.
Permanent differences incurred during the year ended December 31, 2012,
primarily a result of differing book and tax treatment on realization of foreign
currency gains (losses), have been reclassified at year end to reflect a
decrease in accumulated net investment income (loss) by $52,017, an increase in
accumulated net realized gain (loss) on investments by $3,385,236 and a decrease
to paid-in capital of $3,333,219. Net assets were not affected by this
reclassification.

The tax character of distributions paid during the fiscal year ended December
31, 2012 and December 31, 2011 was as follows:

Distributions paid from: 2012 2011
Ordinary income................................. $ 22,937,807 $ 26,944,561
Capital gain.................................... -- --
Return of capital............................... 4,194,342 166,478

Page 22

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
DECEMBER 31, 2012

As of December 31, 2012, the distributable earnings and net assets on a tax
basis were as follows:

Undistributed ordinary income................... $ --
Undistributed capital gains..................... --
-------------
Total undistributed earnings.................... --
Accumulated capital and other losses............ (3,048,251)
Net unrealized appreciation (depreciation)...... 36,256,079
-------------
Total accumulated earnings (losses)............. 33,207,828
Other........................................... (399,839)
Paid-in capital................................. 286,762,258
-------------
Net assets...................................... $ 319,570,247
=============

F. INCOME AND OTHER TAXES:

The Fund intends to continue to qualify as a regulated investment company by
complying with the requirements under Subchapter M of the Internal Revenue Code
of 1986, as amended (the "Code"), which includes distributing substantially all
of its net investment income and net realized gains to shareholders.
Accordingly, no provision has been made for federal or state income taxes.
However, due to the timing and amount of distributions, the Fund may be subject
to an excise tax of 4% of the amount by which approximately 98% of the Fund's
taxable income exceeds the distributions from such taxable income for the
calendar year.

Certain countries assess a capital gains tax on securities sold in their local
markets. This tax is accrued as the securities in these foreign markets
appreciate in value and is paid at the time of sale to the extent a capital gain
is realized. Taxes accrued on securities in an unrealized appreciation position
are included in "Net change in unrealized appreciation (depreciation)" on the
Statement of Operations. The capital gains tax paid on securities sold is
included in "Other" expenses on the Statement of Operations.

Under the Regulated Investment Company Modernization Act of 2010 (the "Act"),
net capital losses arising in tax years after December 22, 2010, may be carried
forward indefinitely, and their character is retained as short-term and/or
long-term losses. Previously, net capital losses were carried forward for eight
years and treated as short-term losses. As a transition rule, the Act requires
that post-enactment net capital losses be used before pre-enactment net capital
losses. At December 31, 2012, the Fund had capital loss carryforwards for
federal income tax purposes of $2,142,594 expiring on December 31, 2017.

During the year ended December 31, 2012, the Fund utilized pre-enactment capital
loss carryforwards in the amount of $3,333,219.

The Fund is subject to certain limitations under the U.S. tax rules on the use
of capital loss carryforwards and net unrealized built-in losses. These
limitations apply when there has been a 50% change in ownership.

Certain losses realized during the current fiscal year may be deferred and
treated as occurring on the first day of the following fiscal year for federal
income tax purposes. For the fiscal year ended December 31, 2012, the Fund
intends to elect to defer net realized ordinary losses of $905,657.

The Fund is subject to accounting standards that establish a minimum threshold
for recognizing, and a system for measuring, the benefits of a tax position
taken or expected to be taken in a tax return. Taxable years ended 2009, 2010,
2011 and 2012 remain open to federal and state audit. As of December 31, 2012,
management has evaluated the application of these standards to the Fund and has
determined that no provision for income tax is required in the Fund's financial
statements for uncertain tax positions.

G. EXPENSES:

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

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

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

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

BNY Mellon Investment Servicing (US) Inc. serves as the Fund's Administrator,
Fund Accountant and Transfer Agent in accordance with certain fee arrangements.
The Bank of New York Mellon serves as the Fund's Custodian in accordance with
certain fee arrangements.

Page 23

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
DECEMBER 31, 2012

Effective January 23, 2012, James A. Bowen resigned from his position as the
President and Chief Executive Officer of the Fund. He will continue as a
Trustee, the Chairman of the Board of Trustees and a member of the Executive
Committee. The Board elected Mark R. Bradley to serve as the President and Chief
Executive Officer of the Fund and James M. Dykas to serve as the Treasurer,
Chief Financial Officer and Chief Accounting Officer of the Fund.

Effective January 1, 2012, each Trustee who is not an officer or employee of
First Trust, any sub-advisor or any of their affiliates ("Independent Trustees")
is paid a fixed annual retainer of $125,000 per year and an annual per fund fee
of $4,000 for each closed-end fund or other actively managed fund and $1,000 for
each index fund in the First Trust Fund Complex. The fixed annual retainer is
allocated pro rata among each fund in the First Trust Fund Complex based on net
assets.

Additionally, the Lead Independent Trustee is paid $15,000 annually, the
Chairman of the Audit Committee is paid $10,000 annually, and each of the
Chairmen of the Nominating and Governance Committee and the Valuation Committee
is paid $5,000 annually to serve in such capacities, with such compensation
allocated pro rata among each fund in the First Trust Fund Complex based on net
assets. Trustees are reimbursed for travel and out-of-pocket expenses in
connection with all meetings. The Lead Independent Trustee and each Committee
chairman will serve two-year terms until December 31, 2013 before rotating to
serve as chairman of another committee or as Lead Independent Trustee. After
December 31, 2013, the Lead Independent Trustee and Committee chairman will
rotate every three years. The officers and "Interested" Trustee receive no
compensation from the funds for acting in such capacities.

4. PURCHASES AND SALES OF SECURITIES

Cost of purchases and proceeds from sales of securities, other than U.S.
government obligations and short-term obligations, for the year ended December
31, 2012, were $217,581,368 and $225,048,689, respectively.

5. BORROWINGS

The Fund has entered into a credit agreement with The Bank of Nova Scotia, which
provides for a revolving credit facility to be used as leverage for the Fund.
The revolving credit facility provides for a secured line of credit for the Fund
where Fund assets are pledged against advances made to the Fund. Under the
requirements of the 1940 Act, the Fund, immediately after any such borrowings,
must have an "asset coverage" of at least 300% (33-1/3% of the Fund's total
assets after borrowings). The total commitment under the facility is up to
$120,000,000. As of December 31, 2012, the Fund had three loans outstanding
under the revolving credit facility totaling $98,440,602. The three loans, which
are all LIBOR loans, bear interest based on the adjusted LIBOR rate and are in
the amounts of $50,000,000, $36,000,000 and $12,440,602 (the U.S. Dollar
equivalent of a (euro)9,425,000 loan). For the year ended December 31, 2012, the
average amount outstanding was $98,118,151. The high and low annual interest
rates during the year ended December 31, 2012 were 1.97% and 0.95%,
respectively, and the weighted average interest rate was 1.15%. The weighted
average interest rate at December 31, 2012 was 1.09%. The revolving credit
facility was scheduled to expire on January 2, 2013 but was extended through
December 31, 2013. The Fund pays a commitment fee of 0.10% on any day that the
loan balances exceed 50% of the total commitment and 0.15% at all other times,
which is included in "Interest and fees on loans" on the Statement of
Operations. Prior to January 2, 2013, the Fund paid a commitment fee of 0.15% on
any day that the loan balances exceeded 50% of the total commitment and 0.30% at
all other times.

6. INDEMNIFICATION

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

7. RISK CONSIDERATIONS

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

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

Page 24

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
DECEMBER 31, 2012

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

EMERGING MARKETS RISK: The Fund may invest in fixed-income securities of issuers
located in countries considered to be emerging markets. Investments in such
securities are considered speculative. In addition to the general risks of
investing in non-U.S. securities, heightened risks of investing in emerging
markets securities include: smaller market capitalization of securities markets,
which may suffer periods of relative illiquidity; significant price volatility;
restrictions on foreign investment; and possible restrictions on repatriation of
investment income and capital. Furthermore, foreign investors may be required to
register the proceeds of sales, and future economic or political crises could
lead to price controls, forced mergers, expropriation or confiscatory taxation,
seizure, nationalization or creation of government monopolies. The currencies of
emerging market countries may experience significant declines against the U.S.
dollar, and devaluation may occur subsequent to investments in these currencies
by the Fund. Inflation and rapid fluctuations in inflation rates have had, and
may continue to have, negative effects on the economies and securities markets
of certain emerging market countries. The risks associated with investing in
emerging market securities also include: greater political uncertainties,
dependence on international trade or development assistance, overburdened
infrastructures and environmental problems.

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

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

NON-U.S. ISSUER RISK: Investments in the securities and instruments of non-U.S.
issuers involve certain considerations and risks not ordinarily associated with
investments in securities and instruments of U.S. issuers. Non-U.S. companies
are not generally subject to uniform accounting, auditing and financial
standards and requirements comparable to those applicable to U.S. companies.
Non-U.S. securities exchanges, brokers and listed companies may be subject to
less government supervision and regulation than exists in the United States.
Dividend and interest income may be subject to withholding and other non-U.S.
taxes, which may adversely affect the net return on such investments. There may
be difficulty in obtaining or enforcing a court judgment abroad. Non-U.S.
investments may also involve risks associated with the level of currency
exchange rates, less complete financial information about the issuers, less
market liquidity, more market volatility and political instability. Future
political and economic developments, the possible seizure or nationalization of
non-U.S. holdings, the possible establishment of exchange controls or freezes on
the convertibility of currency, or the adoption of other governmental
restrictions might adversely affect an investment in non-U.S. securities.

EUROPE RISK: The Fund invests in securities issued by companies operating in
Europe. The Fund is therefore subject to certain risks associated specifically
with Europe. A significant number of countries in Europe are member states in
the European Union (the "EU"), and the member states no longer control their own
monetary policies by directing independent interest rates for their currencies.
In these member states, the authority to direct monetary policies, including
money supply and official interest rates for the Euro, is exercised by the
European Central Bank. In addition, the continued implementation of the EU
provisions and recent rapid political and social change throughout Europe make
the extent and nature of future economic development in the region and their
effect on securities issued by European companies impossible to predict. The
European sovereign debt crisis has resulted in a weakened Euro and has put into
question the future financial prospects of the European region as a whole.

CURRENCY RISK: The value of securities denominated or quoted in foreign
currencies may be adversely affected by fluctuations in the relative currency
exchange rates and by exchange control regulations. The Fund's investment
performance may be negatively affected by a devaluation of a currency in which
the Fund's investments are denominated or quoted. Further, the Fund's investment
performance may be significantly affected, either positively or negatively, by
currency exchange rates because the U.S. dollar value of securities denominated
or quoted in another currency will increase or decrease in response to changes
in the value of such currency in relation to the U.S. dollar. While certain of
the Fund's non-U.S. dollar-denominated securities may be hedged into U.S.
dollars, hedging may not alleviate all currency risks.

Page 25

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
DECEMBER 31, 2012

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

GOVERNMENT SECURITIES RISK: The ability of a government issuer, especially in an
emerging market country, to make timely and complete payments on its debt
obligations will be strongly influenced by the government issuer's balance of
payments, including export performance, its access to international credits and
investments, fluctuations of interest rates and the extent of its foreign
reserves. A country whose exports are concentrated in a few commodities or whose
economy depends on certain strategic imports could be vulnerable to fluctuations
in international prices of these commodities or imports. To the extent that a
country receives payment for its exports in currencies other than U.S. dollars,
its ability to make debt payments denominated in U.S. dollars could be adversely
affected. If a government issuer cannot generate sufficient earnings from
foreign trade to service its external debt, it may need to depend on continuing
loans and aid from foreign governments, commercial banks, and multinational
organizations. There are no bankruptcy proceedings similar to those in the
United States by which defaulted government debt may be collected. Additional
factors that may influence a government issuer's ability or willingness to
service debt include, but are not limited to, a country's cash flow situation,
the availability of sufficient foreign exchange on the date a payment is due,
the relative size of its debt service burden to the economy as a whole, and the
issuer's policy towards the International Monetary Fund, the International Bank
for Reconstruction and Development and other international agencies to which a
government debtor may be subject.

NON-U.S. GOVERNMENT SECURITIES RISK: Economies and social and political climates
in individual countries may differ unfavorably from the United States. Non-U.S.
economies may have less favorable rates of growth of gross domestic product,
rates of inflation, currency valuation, capital reinvestment, resource
self-sufficiency and balance of payments positions. Many countries have
experienced extremely high rates of inflation for many years. Unanticipated
economic, political and social developments may also affect the values of the
Fund's investments and limit the availability of additional investments in such
countries. Furthermore, such developments may significantly disrupt the
financial markets or interfere with the Fund's ability to enforce its rights
against non-U.S. government issuers.

Investments in debt instruments of issuers located in emerging market countries
are considered speculative. Heightened risks of investing in emerging markets
government debt include: smaller market capitalization of securities markets,
which may suffer periods of relative illiquidity; significant price volatility;
restrictions on foreign investment; and possible repatriation of investment
income and capital. Furthermore, foreign investors may be required to register
the proceeds of sales and future economic or political crises could lead to
price controls, forced mergers, expropriation or confiscatory taxation, seizure,
nationalization or creation of government monopolies. The currencies of emerging
market countries may experience significant declines against the U.S. dollar,
and devaluation may occur subsequent to investments in these currencies by the
Fund. Inflation and rapid fluctuations in inflation rates have had, and may
continue to have, negative effects on the economies and securities markets of
certain emerging market countries.

8. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events to the Fund through
the date the financial statements were issued, and has determined that there
were the following subsequent events:

On January 22, 2013, the Fund declared a dividend of $0.13 per share to Common
Shareholders of record on February 5, 2013, payable on February 15, 2013.

On February 20, 2013, the Fund declared a dividend of $0.13 per share to Common
Shareholders of record on March 5, 2013, payable on March 15, 2013.

Page 26

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
--------------------------------------------------------------------------------

TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF FIRST TRUST/ABERDEEN GLOBAL
OPPORTUNITY INCOME FUND:

We have audited the accompanying statement of assets and liabilities of First
Trust/Aberdeen Global Opportunity Income Fund (the "Fund"), including the
portfolio of investments, as of December 31, 2012, and the related statements of
operations and cash flows for the year then ended, the statements of changes in
net assets for each of the two years in the period then ended, and the financial
highlights for each of the five years in the period then ended. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
The Fund is not required to have, nor were we engaged to perform, an audit of
its internal control over financial reporting. Our audits included consideration
of internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of December 31, 2012 by correspondence with the Fund's
custodian. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
First Trust/Aberdeen Global Opportunity Income Fund as of December 31, 2012, the
results of its operations and its cash flows for the year then ended, the
changes in its net assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in the period then
ended, in conformity with accounting principles generally accepted in the United
States of America.

/s/ Deloitte & Touche LLP

Chicago, Illinois
February 25, 2013

Page 27

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

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
DECEMBER 31, 2012 (UNAUDITED)

DIVIDEND REINVESTMENT PLAN

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

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

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

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

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

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

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

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

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

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

PROXY VOTING POLICIES AND PROCEDURES

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

Page 28

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ADDITIONAL INFORMATION - (CONTINUED)
--------------------------------------------------------------------------------

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
DECEMBER 31, 2012 (UNAUDITED)

PORTFOLIO HOLDINGS

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

NYSE CERTIFICATION INFORMATION

In accordance with Section 303A-12 of the NYSE Listed Company Manual, the Fund's
President has certified to the NYSE that, as of May 8, 2012, he was not aware of
any violation by the Fund of NYSE corporate governance listing standards. In
addition, the Fund's reports to the SEC on Form N-CSR and N-Q contain
certifications by the Fund's principal executive officer and principal financial
officer to the Fund's public disclosure in such reports and that are required by
Rule 30a-2 under the 1940 Act.

TAX INFORMATION

The Fund meets the requirements of Section 853 of the Code and elects to pass
through to its shareholders credit for foreign taxes paid. The net amount of
income received by the Fund from sources within foreign countries and
possessions of the United States is $23,477,976 (representing a total of $1.35
per share). The total amount of taxes paid to such countries is $158,766
(representing a total of $0.01 per share).

Of the ordinary income (including short-term capital gain) distributions made by
the Fund during the year ended December 31, 2012, none qualified for the
corporate dividends received deduction available to corporate shareholders or as
qualified dividend income.

SUBMISSION OF MATTERS TO A VOTE OF SHAREHOLDERS

The Joint Annual Meeting of Shareholders of the Common Shares of First Trust
Energy Income and Growth Fund, First Trust Enhanced Equity Income Fund, First
Trust/Aberdeen Global Opportunity Income Fund, First Trust Mortgage Income Fund,
First Trust Strategic High Income Fund II, First Trust/Aberdeen Emerging
Opportunity Fund, First Trust Specialty Finance and Financial Opportunities
Fund, First Trust Active Dividend Income Fund, First Trust Energy Infrastructure
Fund, Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income
Fund and First Trust High Income Long/Short Fund was held on April 18, 2012 (the
"Annual Meeting"). At the Annual Meeting, Richard E. Erickson and Thomas R.
Kadlec were elected by the Common Shareholders of the First Trust/Aberdeen
Global Opportunity Income Fund as Class II Trustees for a three-year term
expiring at the Fund's annual meeting of shareholders in 2015. The number of
votes cast in favor of Mr. Erickson was 15,491,768, the number of votes against
was 306,991 and the number of abstentions was 1,586,350. The number of votes
cast in favor of Mr. Kadlec was 15,481,458, the number of votes against was
317,301 and the number of abstentions was 1,586,350. James A. Bowen, Niel B.
Nielson and Robert F. Keith are the other current and continuing Trustees.

Page 29

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BOARD OF TRUSTEES AND OFFICERS
--------------------------------------------------------------------------------

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
DECEMBER 31, 2012 (UNAUDITED)

NUMBER OF
PORTFOLIOS IN
THE FIRST OTHER
TRUST TRUSTEESHIPS OR
NAME, ADDRESS, TERM OF OFFICE FUND COMPLEX DIRECTORSHIPS
DATE OF BIRTH AND AND LENGTH OF PRINCIPAL OCCUPATIONS OVERSEEN BY HELD BY
POSITION WITH THE FUND SERVICE(2) DURING PAST 5 YEARS TRUSTEE TRUSTEE
------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
------------------------------------------------------------------------------------------------------------------------------------

Richard E. Erickson, Trustee o Three-Year Term Physician; President, Wheaton Orthopedics; 98 None
c/o First Trust Advisors L.P. Co-Owner and Co-Director (January 1996
120 East Liberty Drive, o Since Fund to May 2007), Sports Med Center for
Suite 400 Inception Fitness; Limited Partner, Gundersen Real
Wheaton, IL 60187 Estate Limited Partnership; Member,
D.O.B.: 04/51 Sportsmed LLC

Thomas R. Kadlec, Trustee o Three-Year Term President (March 2010 to Present), Senior 98 Director of ADM
c/o First Trust Advisors L.P. Vice President and Chief Financial Officer Investor Services,
120 East Liberty Drive, o Since Fund (May 2007 to March 2010), Vice President Inc. and ADM
Suite 400 Inception and Chief Financial Officer (1990 to May Investor Services
Wheaton, IL 60187 2007), ADM Investor Services, Inc. (Futures International
D.O.B.: 11/57 Commission Merchant)

Robert F. Keith, Trustee o Three-Year Term President (2003 to Present), Hibs 98 Director of
c/o First Trust Advisors L.P. Enterprises (Financial and Management Trust Company
120 East Liberty Drive, o Since June 2006 Consulting) of Illinois
Suite 400
Wheaton, IL 60187
D.O.B.: 11/56

Niel B. Nielson, Trustee o Three-Year Term President and Chief Executive Officer (June 98 Director of
c/o First Trust Advisors L.P. 2012 to Present), Dew Learning LLC Covenant
120 East Liberty Drive, o Since Fund (Educational Products and Services); Transport Inc.
Suite 400 Inception President (June 2002 to Present), Covenant
Wheaton, IL 60187 College
D.O.B.: 03/54

------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE
------------------------------------------------------------------------------------------------------------------------------------

James A. Bowen(1), Trustee and o Three-Year Term Chief Executive Officer (December 2010 98 None
Chairman of the Board to Present), President (until December
120 East Liberty Drive, o Since Fund 2010), First Trust Advisors L.P. and First
Suite 400 Inception Trust Portfolios L.P.; Chairman of the
Wheaton, IL 60187 Board of Directors, BondWave LLC
D.O.B.: 09/55 (Software Development Company/
Investment Advisor) and Stonebridge
Advisors LLC (Investment Advisor)

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

(1) Mr. Bowen is deemed an "interested person" of the Fund due to his position
as Chief Executive Officer of First Trust Advisors L.P., investment
advisor of the Fund.

(2) Currently, Robert F. Keith, as a Class I Trustee, is serving as a trustee
until the Fund's 2014 annual meeting of shareholders. Richard E. Erickson
and Thomas R. Kadlec, as Class II Trustees, are serving as trustees until
the Fund's 2015 annual meeting of shareholders. James A. Bowen and Niel B.
Nielson, as Class III Trustees, are serving as trustees until the Fund's
2013 annual meeting of shareholders.

Page 30

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BOARD OF TRUSTEES AND OFFICERS - (CONTINUED)
--------------------------------------------------------------------------------

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
DECEMBER 31, 2012 (UNAUDITED)

TERM OF OFFICE
NAME, ADDRESS AND POSITION AND OFFICES AND LENGTH OF PRINCIPAL OCCUPATIONS
DATE OF BIRTH WITH FUND SERVICE DURING PAST 5 YEARS

------------------------------------------------------------------------------------------------------------------------------------
OFFICERS(3)
------------------------------------------------------------------------------------------------------------------------------------

Mark R. Bradley President and Chief o Indefinite Term Chief Operating Officer (December 2010 to Present)
120 E. Liberty Drive, Executive Officer and Chief Financial Officer, First Trust Advisors
Suite 400 o President and Chief L.P. and First Trust Portfolios L.P.; Chief
Wheaton, IL 60187 Executive Officer Since Financial Officer, BondWave LLC (Software
D.O.B.: 11/57 January 2012 Development Company/Investment Advisor) and
Stonebridge Advisors LLC (Investment Advisor)
o Treasurer, Chief
Financial Officer and
Chief Accounting Officer
From Fund Inception to
January 2012

James M. Dykas Treasurer, Chief Financial o Indefinite Term Controller (January 2011 to Present), Senior Vice
120 E. Liberty Drive, Officer and Chief President (April 2007 to Present), Vice President
Suite 400 Accounting Officer o Treasurer, Chief (January 2005 to April 2007), First Trust Advisors
Wheaton, IL 60187 Financial Officer and L.P. and First Trust Portfolios L.P.
D.O.B.: 01/66 Chief Accounting Officer
Since January 2012

o Assistant Treasurer from
December 2005 to January
2012

W. Scott Jardine Secretary and Chief Legal o Indefinite Term General Counsel, First Trust Advisors L.P., First
120 E. Liberty Drive, Officer Trust Portfolios L.P. and BondWave LLC
Suite 400 o Since Fund Inception (Software Development Company/Investment
Wheaton, IL 60187 Advisor); Secretary of Stonebridge Advisors LLC
D.O.B.: 05/60 (Investment Advisor)

Daniel J. Lindquist Vice President o Indefinite Term Senior Vice President (September 2005 to
120 E. Liberty Drive, Present), First Trust Advisors L.P. and First Trust
Suite 400 o Since December 2005 Portfolios L.P.
Wheaton, IL 60187
D.O.B.: 02/70

Kristi A. Maher Assistant Secretary and o Indefinite Term Deputy General Counsel (May 2007 to Present),
120 E. Liberty Drive, Chief Compliance Officer First Trust Advisors L.P. and First Trust
Suite 400 o Assistant Secretary Portfolios L.P.
Wheaton, IL 60187 since Fund Inception
D.O.B.: 12/66
o Chief Compliance Officer
since January 2011

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

(3) Officers of the Fund have an indefinite term. The term "officer" means the
president, vice president, secretary, treasurer, controller or any other
officer who performs a policy making function.

Page 31

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PRIVACY POLICY
--------------------------------------------------------------------------------

FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
DECEMBER 31, 2012 (UNAUDITED)

First Trust values our relationship with you and considers your privacy an
important priority in maintaining that relationship. We are committed to
protecting the security and confidentiality of your personal information.

SOURCES OF INFORMATION

We collect nonpublic personal information about you from the following sources:

o Information we receive from you and your broker-dealer, investment
advisor or financial representative through interviews,
applications, agreements or other forms;

o Information about your transactions with us, our affiliates or
others;

o Information we receive from your inquiries by mail, e-mail or
telephone; and

o Information we collect on our website through the use of "cookies".
For example, we may identify the pages on our website that your
browser requests or visits.

INFORMATION COLLECTED

The type of data we collect may include your name, address, social security
number, age, financial status, assets, income, tax information, retirement and
estate plan information, transaction history, account balance, payment history,
investment objectives, marital status, family relationships and other personal
information.

DISCLOSURE OF INFORMATION

We do not disclose any nonpublic personal information about our customers or
former customers to anyone, except as permitted by law. In addition to using
this information to verify your identity (as required under law), the permitted
uses may also include the disclosure of such information to unaffiliated
companies for the following reasons:

o In order to provide you with products and services and to effect
transactions that you request or authorize, we may disclose your
personal information as described above to unaffiliated financial
service providers and other companies that perform administrative or
other services on our behalf, such as transfer agents, custodians
and trustees, or that assist us in the distribution of investor
materials such as trustees, banks, financial representatives, proxy
services, solicitors and printers.

o We may release information we have about you if you direct us to do
so, if we are compelled by law to do so, or in other legally limited
circumstances (for example to protect your account from fraud).

In addition, in order to alert you to our other financial products and services,
we may share your personal information within First Trust.

PRIVACY ONLINE

We allow third-party companies, including AddThis (a social media sharing
service), to collect certain anonymous information when you visit our website.
These companies may use non-personally identifiable information during your
visits to this and other websites in order to provide advertisements about goods
and services likely to be of greater interest to you. These companies typically
use a cookie, third party web beacon or pixel tags, to collect this information.
To learn more about this behavioral advertising practice, you can visit
www.networkadvertising.org.

CONFIDENTIALITY AND SECURITY

With regard to our internal security procedures, First Trust restricts access to
your nonpublic personal information to those First Trust employees who need to
know that information to provide products or services to you. We maintain
physical, electronic and procedural safeguards to protect your nonpublic
personal information.

POLICY UPDATES AND INQUIRIES

As required by federal law, we will notify you of our privacy policy annually.
We reserve the right to modify this policy at any time, however, if we do change
it, we will tell you promptly. For questions about our policy, or for additional
copies of this notice, please go to www.ftportfolios.com, or contact us at
1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust
Advisors).

Page 32

FIRST TRUST

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

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

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

CUSTODIAN
The Bank of New York Mellon
101 Barclay Street, 20th Floor
New York, NY 10286

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

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

[BLANK BACK COVER]

ITEM 2. CODE OF ETHICS.

(a) The registrant, as of the end of the period covered by this report,
has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by
the registrant or a third party.

(c) There have been no amendments, during the period covered by this
report, to a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial
officer, principal accounting officer or controller, or persons
performing similar functions, regardless of whether these
individuals are employed by the registrant or a third party, and
that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit
waiver, from a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial
officer, principal accounting officer or controller, or persons
performing similar functions, regardless of whether these
individuals are employed by the registrant or a third party, that
relates to one or more of the items set forth in paragraph (b) of
this item's instructions.

(e) Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by the report, the registrant's board of
trustees has determined that Thomas R. Kadlec and Robert F. Keith are qualified
to serve as audit committee financial experts serving on its audit committee and
that each of them is "independent," as defined by Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees (Registrant) -- The aggregate fees billed for each of the
last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements were $49,000 for 2011 and
$53,000 for 2012.

(b) Audit-Related Fees (Registrant) -- The aggregate fees billed in each
of the last two fiscal years, for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under paragraph
(a) of this Item were $0 for 2011 and $0 for 2012.

Audit-Related Fees (Investment Adviser) -- The aggregate fees billed in
each of the last two fiscal years of the registrant for assurance and related
services by the principal accountant that are reasonably related to the
performance of the audit of the registrant's financial statements and are not
reported under paragraph (a) of this Item were $0 for 2011 and $0 for 2012.

(c) Tax Fees (Registrant) -- The aggregate fees billed in each of the last
two fiscal years for professional services rendered by the principal accountant
for tax compliance, tax advice, and tax planning to the registrant were $5,200
for 2011 and $0 for 2012. These fees in 2011 were for tax preparation.

Tax Fees (Investment Adviser) -- The aggregate fees billed in each of the
last two fiscal years of the registrant for professional services rendered by
the principal accountant for tax compliance, tax advice, and tax planning to the
registrant's adviser were $0 for 2011 and $0 for 2012.

(d) All Other Fees (Registrant) -- The aggregate fees billed in each of
the last two fiscal years for products and services provided by the principal
accountant to the registrant, other than the services reported in paragraphs (a)
through (c) of this Item were $0 for 2011 and $0 for 2012.

All Other Fees (Investment Adviser) -- The aggregate fees billed in each
of the last two fiscal years for products and services provided by the principal
accountant to the registrant's investment adviser, other than services reported
in paragraphs (a) through (c) of this Item were $0 for 2011 and $0 for 2012.

(e)(1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to its charter and its Audit and Non-Audit Services Pre-Approval
Policy, the Audit Committee (the "Committee") is responsible for the
pre-approval of all audit services and permitted non-audit services (including
the fees and terms thereof) to be performed for the registrant by its
independent auditors. The Chairman of the Committee is authorized to give such
pre-approvals on behalf of the Committee up to $25,000 and report any such
pre-approval to the full Committee.

The Committee is also responsible for the pre-approval of the independent
auditor's engagements for non-audit services with the registrant's adviser (not
including a sub-adviser whose role is primarily portfolio management and is
sub-contracted or overseen by another investment adviser) and any entity
controlling, controlled by or under common control with the investment adviser
that provides ongoing services to the registrant, if the engagement relates
directly to the operations and financial reporting of the registrant, subject to
the de minimis exceptions for non-audit services described in Rule 2-01 of
Regulation S-X. If the independent auditor has provided non-audit services to
the registrant's adviser (other than any sub-adviser whose role is primarily
portfolio management and is sub-contracted with or overseen by another
investment adviser) and any entity controlling, controlled by or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to its policies, the Committee
will consider whether the provision of such non-audit services is compatible
with the auditor's independence.

(e)(2) The percentage of services described in each of paragraphs (b) through
(d) for the registrant and the registrant's investment adviser of this
Item that were approved by the audit committee pursuant to the
pre-approval exceptions included in paragraph (c)(7)(i)(c) or paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X are as follows:

(b) 0%

(d) 0%

(f) The percentage of hours expended on the principal accountant's engagement
to audit the registrant's financial statements for the most recent fiscal
year that were attributed to work performed by persons other than the
principal accountant's full-time, permanent employees was less than fifty
percent.

(g) The aggregate non-audit fees billed by the registrant's accountant for
services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under
common control with the adviser that provides ongoing services to the
Registrant for 2011 were $5,200 and $6,200, for the Registrant and the
Registrant's investment adviser, respectively and for 2012 were $0 and
$4,120 for the Registrant and the Registrant's investment adviser,
respectively.

(h) The Registrant's audit committee of its Board of Trustees determined that
the provision of non-audit services that were rendered to the
Registrant's investment adviser (not including any sub-adviser whose role
is primarily portfolio management and is subcontracted with or overseen
by another investment adviser), and any entity controlling, controlled
by, or under common control with the investment adviser that provides
ongoing services to the Registrant that were not pre-approved pursuant
to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with
maintaining the principal accountant's independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) The registrant has a separately designated audit committee consisting of
all the independent trustees of the Registrant. The members of the audit
committee are: Thomas R. Kadlec, Niel B. Nielson, Richard E. Erickson and
Robert F. Keith.

ITEM 6. INVESTMENTS.

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

(b) Not applicable.

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

The Proxy Voting Policies are attached herewith.

ABERDEEN U.S. REGISTERED ADVISERS
PROXY VOTING POLICIES AND PROCEDURES

AS OF FEBRUARY 8, 2010

The following are proxy voting policies and procedures ("Policies and
Procedures") adopted by affiliated investment advisers registered with the U.S.
Securities and Exchange Commission ("SEC") under the Investment Advisers Act of
1940, as amended ("Advisers Act"), that are subsidiaries of Aberdeen Asset
Management PLC ("AAM"); including, specifically, Aberdeen Asset Management Inc.,
a Delaware Corporation, ("Aberdeen US"),

Aberdeen Asset Management Asia Limited, a Singapore Corporation ("Aberdeen
Singapore"), Aberdeen Asset Management Limited, an Australian Corporation
("Aberdeen AU"), and Aberdeen Asset Management Investment Services Limited, a UK
Corporation ("AAMISL"), (collectively referred to herein as "Aberdeen Advisers"
and each an "Aberdeen Adviser") (collectively with AAM, "Aberdeen"). These
Policies and Procedures address proxy voting considerations under U.S. law and
regulation and under Canadian securities laws. These Policies and Procedures do
not address the laws or requirements of other jurisdictions.

Each of the Aberdeen Advisers provides advisory resources to certain U.S.
clients, including substantive advice on voting proxies for certain equity
securities. These Policies and Procedures are adopted to ensure compliance by
the Aberdeen Advisers with Rule 206(4)-6 under the Advisers Act and other
applicable fiduciary obligations under rules and regulations of the SEC and
interpretations of its staff with respect to proxies for voting securities held
by client portfolios.

Clients may consist of investment companies registered under the Investment
Company Act of 1940, as amended ("1940 Act") ("Funds" and each a "Fund"), and
other U.S. residents as well as non-U.S. registered funds or clients. Each
Aberdeen Adviser follows these Policies and Procedures for each of its
respective U.S. clients as required under the Advisers Act and other applicable
law, unless expressly directed by a client in writing to refrain from voting
that client IS proxies or to vote in accordance with the client's proxy voting
policies and procedures. Aberdeen Advisers who advise or subadvise the Funds
follow both these Policies and Procedures and the proxy voting policies and
procedures adopted by the Funds and their respective Boards of Directors or
Trustees. Aberdeen Advisers located outside the U.S. may provide proxy voting
services to their non-U.S. based clients in accordance with the jurisdiction in
which the client is located. Aberdeen US, Aberdeen Singapore and Aberdeen AU
will provide proxy voting services to Canadian investment funds in accordance
with National Instrument 81-106 - Investment Fund Continuous Disclosure.

I. DEFINITIONS

A. "Best interest of clients". Clients' best economic interests over the long
term that is, the common interest that all clients share in seeing the value of
a common investment increase over time. Clients may have differing political or
social interests, but their best economic interest is generally uniform.

B. "Material conflict of interest". Circumstances when an Aberdeen Adviser or
any member of senior management, portfolio manager or portfolio analyst
knowingly does business with a particular proxy issuer or closely affiliated
entity, which may appear to create a material conflict between the interests of
the Aberdeen Adviser and the interests of its clients in how proxies of that
issuer are voted. A material conflict of interest might also exist in unusual
circumstances when Aberdeen has actual knowledge of a material business
arrangement between a particular proxy issuer or closely affiliated entity and
an affiliate of an Aberdeen Adviser.

II. GENERAL VOTING POLICIES

A. Client's Best Interest. These Policies and Procedures are designed and
implemented in a way that is reasonably expected to ensure that proxies are
voted in the best interests of clients. Proxies are voted with the aim of
furthering the best economic interests of clients, promoting high levels of
corporate governance and adequate disclosure of company policies, activities and
returns, including fair and equal treatment of stockholders.

B. Shareholder Activism. Aberdeen Advisers seek to develop relationships with
the management of portfolio companies to encourage transparency and improvements
in the treatment of employees, owners and stakeholders. Thus, Aberdeen Advisers
may engage in dialogue with the management of portfolio companies with respect
to pending proxy voting issues.

C. Case-by-Case Basis. These Policies and Procedures are guidelines. Each vote
is ultimately cast on a case-by-case basis, taking into consideration the
contractual obligations under the advisory agreement or comparable document, and
all other relevant facts and circumstances at the time of the vote. Aberdeen
Advisers may cast

proxy votes in favor of management proposals or seek to change the views of
management, considering specific issues as they arise on their merits. Aberdeen
Advisers may also join with other investment managers in seeking to submit a
shareholder proposal to a company or to oppose a proposal submitted by the
company. Such action may be based on fundamental, social, environmental or human
rights grounds.

D. Individualized. These Policies and Procedures are tailored to suit Aberdeen's
advisory business and the types of securities portfolios Aberdeen Advisers
manage. To the extent that clients (e.g., investment companies, corporations,
pension plans) have adopted their own procedures, Aberdeen Advisers may vote the
same securities differently depending upon clients' directions.

E. Material Conflicts of Interest. Material conflicts are resolved in the best
interest of clients. When a material conflict of interest between an Aberdeen
Adviser and its respective client(s) is identified, the Aberdeen Adviser will
choose among the procedures set forth in Section IV.B.2. below to resolve such
conflict.

F. Limitations. The circumstances under which Aberdeen may take a limited role
in voting proxies, include the following:

1. No Responsibility. Aberdeen Advisers will not vote proxies for client
accounts in which the client contract specifies that Aberdeen will not vote.
Under such circumstances, the clients' custodians are instructed to mail proxy
material directly to such clients or the clients' designees.

2. Limited Value. An Aberdeen Adviser may abstain from voting a client proxy if
the Aberdeen Adviser determines that the effect on shareholders' economic
interests or the value of the portfolio holding is indeterminable or
insignificant. Aberdeen Advisers may also abstain from voting the proxies of
portfolio companies held in their passively managed funds. Proxies with respect
to securities that have been sold before the date of the shareholders meeting
and are no longer held by a client generally will not be voted.

3. Unjustifiable Costs. An Aberdeen Adviser may abstain from voting a client
proxy for cost reasons (e.g., non-U.S. securities).

4. Securities Lending Arrangements. If voting securities are part of a
securities lending program, Aberdeen may be unable to vote while the securities
are on loan.

5. Share Blocking. Certain jurisdictions may impose share blocking restrictions
at various times which may prevent Aberdeen from exercising its voting
authority.

6. Special Considerations. Aberdeen's responsibilities for voting proxies are
determined generally by its obligations under each advisory contract or similar
document. If a client requests in writing that an Aberdeen Adviser vote its
proxy in a manner inconsistent with these Policies and Procedures, the Aberdeen
Adviser may follow the client's direction or may request that the client vote
the proxy directly.

G. Sources of Information. The Aberdeen Advisers may conduct research internally
and/or use the resources of an independent research consultant. The Aberdeen
Advisers may consider legislative materials, studies of corporate governance and
other proxy voting issues, and/or analyses of shareholder and management
proposals by a certain sector of companies, e.g., Fortune 500 companies.

H. Subadvisers. To the extent that an Aberdeen Adviser may rely on subadvisers,
whether affiliated or unaffiliated, to manage any client portfolio on a
discretionary basis, the Aberdeen Adviser may delegate responsibility for voting
proxies to the subadviser. However, such subadvisers will be required either to
follow these Policies and Procedures or to demonstrate that their proxy voting
policies and procedures are consistent with these Policies and Procedures or
otherwise implemented in the best interests of the Aberdeen Advisers' clients.

I. Availability of Policies and Procedures. Aberdeen Advisers will provide
clients with a copy of these Policies and Procedures, as revised from time to
time, upon request.

J. Disclosure of Vote. As disclosed in Part II of each Aberdeen Adviser's Form
ADV, a client may obtain information on how its proxies were voted by requesting
such information from its Aberdeen Adviser. Aberdeen Advisers do not generally
disclose client proxy votes to third parties, other than as required for Funds,
unless specifically requested, in writing, by the client.

III. SPECIFIC VOTING POLICIES

A. General Philosophy.

o Support existing management on votes on the financial statements of
a company and the election of the Board of Directors;

o Vote for the acceptance of the accounts unless there are grounds to
suspect that either the accounts as presented or audit procedures
used, do not present an accurate picture of company results; and

o Support routine issues such as the appointment of independent
auditors, allocation of income and the declaration of stock (scrip)
dividend proposals provided there is a cash alternative.

B. Anti-takeover Measures. Aberdeen Advisers vote on anti-takeover measures on a
case-by-case basis taking into consideration such factors as the long-term
financial performance of the target company relative to its industry
competition. Key measures of performance will include the growth rates for
sales, operating income, net income and total shareholder returns. Other factors
which will be considered include margin analysis, cash flow and debt levels.

C. Proxy Contests for Control. Aberdeen Advisers vote on proxy contests for
control on a case-bycase basis taking into consideration such factors as
long-term financial performance of the target company relative to its industry,
management's track record, background to the proxy contest, qualifications of
director nominees, evaluation of what each side is offering shareholders as well
as the likelihood that the proposed objectives and goals can be met, and stock
ownership positions.

D. Contested Elections. Aberdeen Advisers vote on contested elections on a
case-by-case basis taking into consideration such factors as the qualifications
of all director nominees. Aberdeen Advisers also consider the independence of
board and key committee members and the corporate governance practices of the
company.

E. Executive compensation proposals. Aberdeen Advisers consider such proposals
on a case-by-case basis taking into consideration such factors as executive pay
and spending perquisites, particularly in conjunction with sub-par performance
and employee layoffs.

F. Shareholder Proposals. Aberdeen Advisers consider such proposals on a
case-by-case basis. Aberdeen Advisers support those proposals which will improve
the company's corporate governance or business profile at a reasonable cost, but
may oppose proposals which result in significant cost being incurred with little
or no benefit to the company or its shareholders.

IV. PROXY VOTING PROCEDURES

This section applies to each Aberdeen Adviser except to the extent that certain
procedures are identified as applicable only to a specific Aberdeen Adviser.

A. Obtain Proxy. Registered owners of record, e.g., trustees or custodian banks,
that receive proxy materials from the issuer or its information agent, are
instructed to sign physical proxy cards in blank and forward directly

to the Global Voting Team based in Scotland ("PA-UK"). Proxies may also be
delivered electronically by custodians using proxy services such as ProxyEdge
and Institutional Shareholder Services ("ISS"). Each proxy received is matched
to the securities to be voted.

B. Material Conflicts of Interest.

1. Identify the existence of any material conflicts of interest relating to the
securities to be voted or the issue at hand. Portfolio managers and research
analysts ("Analysts") and senior management of each Aberdeen Adviser have an
affirmative duty to disclose any personal conflicts such as officer or director
positions held by them, their spouses or close relatives in the portfolio
company or attempts by the portfolio company to exert influence over such person
with respect to their vote. Conflicts based on business relationships or
dealings of affiliates of any Aberdeen Adviser will only be considered to the
extent that the Aberdeen Adviser has actual knowledge of such business
relationships.

2. When a material conflict of interest between an Aberdeen Adviser's interests
and its clients' interests appears to exist, the Aberdeen Adviser may choose
among the following options to eliminate such conflict: (1) vote in accordance
with these Policies and Procedures if it involves little or no discretion; (2)
vote as recommended by a third party service if the Aberdeen Adviser utilizes
such a service; (3) "echo vote" or "mirror vote" the proxies in the same
proportion as the votes of other proxy holders that are not Aberdeen clients;
(4) if possible, erect information barriers around the person or persons making
voting decisions sufficient to insulate the decision from the conflict; (5) if
practical, notify affected clients of the conflict of interest and seek a waiver
of the conflict; or (6) if agreed upon in writing with the client, forward the
proxies to affected clients allowing them to vote their own proxies.

C. Analysts. The proxy administration process is carried out by the PA-UK. The
PA-UK ensures that each proxy statement is directed to the appropriate Analyst.
If a third party recommendation service has been retained, the PA-UK will
forward the proxy statement to the Analyst with the recommendation highlighted.
The Analyst will determine whether to vote as recommended by the service
provider or to recommend an alternative and shall advise the PA-UK. The Analyst
may consult with the PA-UK as necessary. If the Analyst recommends voting
against the third party recommendation, he or she is responsible for documenting
the reasons for such recommendation and that no conflict of interest influenced
such recommendation. If no third party recommendation service is utilized or if
no recommendation is provided, the Analyst is responsible for documenting the
rationale for his or her vote recommendation.

D. Vote. The following describes the breakdown of responsibilities between the
PA-UK and the Corporate Governance Group ("CGG") in voting portfolio securities
and the extent to which the Aberdeen Advisers rely on third party service
providers.

The PA-UK is responsible for ensuring that votes for Aberdeen Advisers' clients
are cast in a timely fashion and in accordance with these Policies and
Procedures. In addition, the PA-UK is primarily responsible for administering
proxy votes for the US and Canadian Funds which are advised or sub-advised by
the Aberdeen Advisers.

Responsibility for considering the substantive issues relating to any vote and
for deciding how shares will be voted resides with the relevant Analyst.

In the event that a material conflict of interest is identified by an Analyst,
decisions on how to vote will be referred to the Corporate Governance Group
("CGG"). The CGG includes the Chief Investment Officer, the head of the Socially
Responsible Research, and representatives from portfolio management teams. The
CGG meets as needed to consider material conflicts of interest or any other
items raising unique issues. If the CGG determines that there is no material
conflict of interest, the vote recommendation will be forwarded to the PA-UK. If
a material conflict of interest is identified, the CGG will follow the conflict
of interest procedures set forth in Section IV.B.2., above.

The PA-UK helps facilitate and coordinate proxy voting for U.S. clients of the
Aberdeen Advisers. The Aberdeen Advisers have engaged Proxy Edge, a third party
service provider, to cast votes electronically for certain clients and to
maintain records of such votes electronically. Aberdeen has also engaged ISS, a
third party service provider, to provide (I) notification of impending votes;
(2) research into non-routine votes, including shareholder resolutions; (3)
voting recommendations which may be viewed on-line; and (4) web-based voting. In
the absence of any material conflict of interest, the Aberdeen Advisers may
either vote in accordance with the ISS recommendation or decline to follow the
ISS recommendation based on its own view of the agenda item provided that
decisions to vote contrary to the ISS recommendation are documented as set forth
in Section IV.C., above. In the event of a material conflict of interest, the
Aberdeen Advisers will follow the procedures outlined in Section IV.B.2, above.

E. Review. PA-UK are responsible for ensuring that proxy materials are received
in a timely manner and reconciled against holdings on the record date of client
accounts over which the Aberdeen Adviser has voting authority to ensure that all
shares held on the record date, and for which a voting obligation exists, are
voted.

V. DOCUMENTATION, RECORDKEEPING AND REPORTING REQUIREMENTS

A. Documentation.

Each Adviser's Chief Compliance Officer is responsible for implementing
and updating these Policies and Procedures;

The PA-UK is responsible for:

1. Overseeing the proxy voting process;
2. Consulting with portfolio managers/analysts for the relevant portfolio
security; and
3. Maintaining manual proxy voting records, if any, and overseeing and reviewing
voting execution and recordkeeping by third party providers such as ISS and
ProxyEdge.

B. Record Keeping.

1. Each Aberdeen Adviser maintains or procures the maintenance of records of all
proxies it has voted. As permitted by Rule 204-2(c), electronic proxy statements
and the record of each vote cast by each client account will be maintained by
either ISS or Proxy Edge, depending on the client account.

A US Fund's proxy voting record must be filed with the SEC on Form N-PX. Form
N-PX must be completed and signed in the manner required, containing a fund's
proxy voting record for the most recent twelve-month period ended June 30th
(beginning August) I, 2004). If an Aberdeen Adviser delegates this reporting
responsibility to a third party service provider such as ISS or Proxy Edge, it
will ensure that the third party service provider files Form N-PX accordingly.
Aberdeen Advisers shall obtain and maintain undertakings from both ISS and Proxy
Edge to provide it with copies of proxy voting records and other documents
relating to its clients' votes promptly upon request. Aberdeen Advisers, ISS and
Proxy Edge may rely on the SEC's EDGAR system to keep records of certain proxy
statements if the proxy statements are maintained by issuers on that system
(e.g., large U.S.-based issuers).

2. As required by Rule 204-2(c), such records will also include: (a) a copy of
the Policies and Procedures; (b) a copy of any document created by the Aberdeen
Adviser that was material to making a decision on how to vote proxies on behalf
of a client or that memorializes the basis for that decision; and (c) each
written client request for proxy voting records and the Aberdeen Adviser's
written response to any (written or oral) client request for such records .

3. Duration. Proxy voting books and records will be maintained in an easily
accessible place for a period of five years, the first two in an appropriate
office of the Aberdeen Adviser.

C. Reporting. The Aberdeen Advisers will initially inform clients of these
Policies and Procedures by summary disclosure in Part II of their respective
Forms ADV. Upon receipt of a client's request for more information, the Aberdeen
Advisers will provide to the client a copy of these Policies and Procedures
and/or, in accordance with the client's stated requirements, how the client's
proxies were voted during the period requested subsequent to the adoption of
these Policies and Procedures. Such periodic reports, other than those required
for Funds, will not be made available to third parties absent the express
written request of the client. However, to the extent that any Aberdeen Adviser
may serve as a subadviser to another adviser to a Client, such Aberdeen Adviser
will be deemed to be authorized to provide proxy voting records on such Client
accounts to such other adviser.

For Canadian investment funds, Aberdeen US, Aberdeen AU and Aberdeen Singapore
will assist in preparing annual proxy voting records for the period ending June
30 of each year and will post an annual proxy voting record on each Canadian
investment fund's website no later than August 31 of each year. Upon receipt of
a client or securityholder's request, Aberdeen US, Aberdeen AU or Aberdeen
Singapore will make available a copy of these Policies and Procedures and the
Canadian investment fund's proxy voting record, without charge, to any client or
securityholder upon a request made by the client Or securityholder after August
31.

D. Review of Policies and Procedures. These Policies and Procedures will be
subject to review on a periodic basis as deemed appropriate by the Aberdeen
Advisers. Any questions regarding the Policies and Procedures should be directed
to the Compliance Department of the respective Aberdeen Adviser.

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

(A)(1) IDENTIFICATION OF PORTFOLIO MANAGER(S) OR MANAGEMENT TEAM MEMBERS AND
DESCRIPTION OF ROLE OF PORTFOLIO MANAGER(S) OR MANAGEMENT TEAM MEMBERS

INFORMATION PROVIDED AS OF FEBRUARY 13, 2013

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

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

Jozsef Szabo, Head of Global Macro

Jozsef Szabo joined Aberdeen in 2011 from the central bank of Hungary where for
the last six years he had managed fixed income portfolios as a part of the
official FX reserves management operations. Previously, Mr. Szabo worked in
monetary analysis within the central bank and served as secretary to the
Monetary Council. Prior to that, Mr. Szabo worked for the Hungarian Government
Debt Management Agency.

Brett Diment, Head of Emerging Market Debt

Mr. Diment is Head of Emerging Market Debt and joined Aberdeen following the
acquisition of Deutsche Asset Management ("Deutsche") in 2005. He is responsible
for the day-to-day management

of the Emerging Market Debt Team and portfolios. Mr. Diment had been at Deutsche
since 1991 as a member of the Fixed Income group and served as Head of the
Emerging Debt Team there from 1999 until its acquisition by Aberdeen.

Edwin Gutierrez, Portfolio Manager, Global Emerging Market Debt

Mr. Gutierrez is a Portfolio Manager on the Global Emerging Market Debt Team and
has been with Aberdeen since December 2005.

Max Wolman, Portfolio Manager, Global Emerging Market Debt

Mr. Wolman is a Portfolio Manager on the Global Emerging Market Debt Team and
has been with Aberdeen since January 2001. Mr. Wolman originally specialized in
currency and domestic debt analysis but is now responsible for a wide range of
emerging debt analysis including external and corporate issuers. Mr. Wolman is a
member of the Emerging Markets Debt Investment Committee at Aberdeen and is also
responsible for the daily implementation of the investment process.

Esther Chan, Portfolio Manager, Global Emerging Market Debt

Ms. Chan is a Portfolio Manager on the Global Emerging Market Debt team. Ms.
Chan joined Aberdeen in the Singapore office in 2005 where she started as a
corporate credit analyst and trader working across investment-grade and
high-yield assets in the region. Ms. Chan has six years of experience in the
asset class, and now serves as a portfolio manager in Aberdeen London with
specialization in analysis, management and trading of external Asian debt and
Emerging Market Corporates.

(A)(2) OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGER(S) OR MANAGEMENT TEAM MEMBER
AND POTENTIAL CONFLICTS OF INTEREST

OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGER(S) OR MANAGEMENT TEAM MEMBER

INFORMATION PROVIDED AS OF DECEMBER 31, 2012

(assets in millions).

# of Accounts
--------------
Managed for Total Assets
------------ -------------
Total which for which
------ ------ ----------
Name of Portfolio Manager # of Advisory Fee Advisory Fee
-------------------------- ----- ------------- -------------
or Team Member Accounts Total is Based on is Based on
-------------- --------- ------ ------------ ------------
Type of Accounts*** Managed Assets Performance Performance
------------------- ------- ------ ----------- -----------

1. Jozsef Szabo Registered Investment Companies: 9 $846.90 0 $0
Other Pooled Investment Vehicles: 88 $18,227.70 0 $0
Other Accounts: 173 $30,295.22 2 $296.26

2. Brett Diment Registered Investment Companies: 9 $846.90 0 $0
Other Pooled Investment Vehicles: 88 $18,227.70 0 $0
Other Accounts: 173 $30,295.22 2 $296.26

3. Edwin Gutierrez Registered Investment Companies: 9 $846.90 0 $0
Other Pooled Investment Vehicles: 88 $18,227.70 0 $0
Other Accounts: 173 $30,295.22 2 $296.26

4. Max Wolman Registered Investment Companies: 9 $846.90 0 $0
Other Pooled Investment Vehicles: 88 $18,227.70 0 $0
Other Accounts: 173 $30,295.22 2 $296.26

5. Esther Chan Registered Investment Companies: 9 $846.90 0 $0
Other Pooled Investment Vehicles: 88 $18,227.70 0 $0
Other Accounts: 173 $30,295.22 2 $296.26

POTENTIAL CONFLICTS OF INTERESTS

The Sub-Adviser believes that there are no material conflicts of interest in
connection with any Portfolio Manager's management of the registrant's
investments and investments of other accounts. The Sub-Adviser has adopted the
CFA Institute Code of Ethics and Standards of Professional Conduct and adherence
by all employees is mandatory. All employees are expected to avoid any
employment, associations or business activities, including personal investments,
that interfere with their duties to Aberdeen, divide their loyalty or create or
appear to create a conflict of interest. Employees must promptly report any
situation or transaction involving an actual or potential conflict of interest
to the Compliance Officer.

With regards to allocation, the Sub-Adviser has adopted Best Execution, Soft
Dollar, Order Aggregation, and Trade Allocation Policies & Procedures designed
among other things to ensure fair treatment of all accounts.

Aberdeen Asset Management Inc. aggregates orders so as to realize the benefits
of larger block orders. When executing aggregated orders, it seeks to allocate
opportunities to all clients in a consistent manner. Most portfolios are managed
to a model based on common attributes to a benchmark with low dispersion between
accounts and benchmarks. This is accomplished through the calculation of a
'median account' with this median account becoming the model portfolio. Certain
situations such as new portfolio fundings, unique guideline restrictions and the
fundability of certain security types may cause us to adjust our weightings.
However over time, we expect to minimize the dispersion of account holdings
around the model portfolio.

New Issue Allocation
--------------------

Aberdeen seeks to allocate new issue opportunities to all clients in a
consistent manner.

New issue opportunities are allocated according to the following factors:

1. All portfolios are ranked based on their account composition versus their
benchmark. The portfolio management team will set a minimum acceptable position
size (in terms of percent of market value) for the security.

2. Next, we define the target percentage for our Barclays Capital Aggregate Bond
Index ("BCAB") portfolios, depending on the characteristics of the security or
the percentage of the account based on that securities' contribution to duration
and the current composition of each account.

3. For portfolios with a benchmark other than BCAB, we may adjust the target
allocation to reflect the characteristics of the BCAB benchmark.

4. We then determine our desired total par value and give our indication of
interest.

5. If our order is completely filled, we will allocate according to the steps
outlined above. If we are allotted a significant percentage of our order
(typically 70% or more), we will allocate pro-rata based on the initial
allocation developed from the steps outlined above. If we are not allotted a
significant percentage of our order, we will remove the non-BCAB benchmark
adjustments and allocate pro-rata based on market value of participating
accounts. If this continues to result in accounts receiving less than the
minimum target position size, the least deserving accounts (defined as those
accounts that are closest to the model account) will be eliminated from the
allocation.

Batch Transaction and Allocation Policy - Equity
------------------------------------------------

Where practicable, all client portfolio orders for the same security should be
combined or "batched" and executed as block transactions in order to facilitate
best execution as well as for the purpose of negotiating more favorable
brokerage commissions. Where a block trade is executed for a number of client
accounts, the average execution price on all of the purchases and sales that are
aggregated to this purpose should be used for all accounts.

If an entire block is not fully executed on the same day, an allocation method
should be administered that is fair and reasonable to all clients. If it is not
practicable to allocate the executed portion of the block on a pro rata basis,
allocation may be done on a random account basis (alphabetically, numerically,
or otherwise), but any procedure administered should not operate to consistently
favor or disfavor the same client accounts. If any method is to be used other
than a pro rata method, the manner in which the shares are to be allocated
should be documented, disclosed and signed off by the Chief Compliance Officer.

(A)(3) COMPENSATION STRUCTURE OF PORTFOLIO MANAGER(S) OR MANAGEMENT TEAM MEMBERS

INFORMATION PROVIDED AS OF DECEMBER 31, 2012

Aberdeen Asset Management PLC's ("Aberdeen") remuneration policies are designed
to support its business strategy, as a leading international asset manager. The
objective is to attract, retain and reward talented individuals for the delivery
of sustained, superior returns for its clients and shareholders. Aberdeen
operates in a highly competitive international employment market, and aims to
maintain its strong track record of success in developing and retaining talent.

Aberdeen's policy is to recognize corporate and individual achievements each
year through an appropriate annual bonus scheme. The aggregate value of awards
in any year is dependent on the group's overall

performance and profitability. Consideration is also given to the levels of
bonuses paid in the market. Individual awards which are payable to all members
of staff are non-pensionable, are determined by a rigorous assessment of
achievement against defined objectives.

A long-term incentive plan for key staff and senior employees comprises of a
mixture of cash and deferred shares in Aberdeen PLC or select Aberdeen funds
(where applicable). Overall compensation packages are designed to be competitive
relative to the investment management industry.

Base Salary

Aberdeen's policy is to pay a fair salary commensurate with the individual's
role, responsibilities and experience, and having regard to the market rates
being offered for similar roles in the asset management sector and other
comparable companies. Any increase is to reflect inflation and is applied in a
manner consistent with other Aberdeen employees; any other increases must be
justified by reference to promotion or changes in responsibilities.

Annual Bonus

Aberdeen's policy is to recognize corporate and individual achievements each
year through an appropriate annual bonus scheme. The Remuneration Committee of
Aberdeen determines the key performance indicators that will be applied in
considering the overall size of the bonus pool. In line with practice amongst
other asset management companies, individual bonuses are not subject to an
absolute cap. However, the aggregate size of the bonus pool is dependent on the
group's overall performance and profitability. Consideration is also given to
the levels of bonuses paid in the market. Individual awards are determined by a
rigorous assessment of achievement against defined objectives, and are reviewed
and approved by the Remuneration Committee.

Aberdeen has a deferral policy which is intended to assist in the retention of
talent and to create additional alignment of executives' interests with
Aberdeen's sustained performance and, in respect of the deferral into funds,
managed by Aberdeen, to align the interest of asset managers with our clients.

Staff performance is reviewed formally at least once a year. The review process
evaluates the various aspects that the individual has contributed to the
Aberdeen, and specifically, in the case of portfolio managers, to the relevant
investment team. Discretionary bonuses are based on client service, asset growth
and the performance of the respective portfolio manager. Overall participation
in team meetings, generation of original research ideas and contribution to
presenting the team externally are also evaluated.

In the calculation of a portfolio management team's bonus, the Aberdeen takes
into consideration investment matters (which include the performance of funds,
adherence to the company investment process, and quality of company meetings) as
well as more subjective issues such as team participation and effectiveness at
client presentations. To the extent performance is factored in, such performance
is not judged against any specific benchmark and is evaluated over the period of
a year - January to December. The pre- or after-tax performance of an individual
account is not considered in the determination of a portfolio manager's
discretionary bonus; rather the review process evaluates the overall performance
of the team for all of the accounts they manage.

Portfolio manager performance on investment matters is judged over all of the
accounts the portfolio manager contributes to and is documented in the appraisal
process. A combination of the team's and individual's performance is considered
and evaluated.

Although performance is not a substantial portion of a portfolio manager's
compensation, the Aberdeen also recognizes that fund performance can often be
driven by factors outside one's control, such as (irrational) markets, and as
such pays attention to the effort by portfolio managers to ensure integrity of
our core process by sticking to disciplines and processes set, regardless of
momentum and 'hot' themes. Short-terming is thus discouraged and
trading-oriented managers will thus find it difficult to thrive in the Aberdeen
environment.

Additionally, if any of the aforementioned undue risks were to be taken by a
portfolio manager, such trend would be identified via Aberdeen's dynamic
compliance monitoring system.

Long-Term Incentives

As part of an effective remuneration package, a long-term incentive plan is used
to structure the package so as to retain, motivate, and reward key staff members
with a view to improving their performance and thereby increasing the value of
the Aberdeen PLC for the benefit of shareholders. Long-term incentive plans can
be either fund or share based and typically vest over one, two and three year
periods.

(A)(4) DISCLOSURE OF SECURITIES OWNERSHIP

THE INFORMATION BELOW IS AS OF DECEMBER 31, 2012

Name of Portfolio Manager Dollar ($) Range of
or Fund Shares
Team Member Beneficially Owned
------------------------- -------------------
Jozsef Szabo $0
Brett Diment $0
Edwin Guiterrez $0
Max Wolman $0
Esther Chan $0

(B) Not applicable.

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

None.

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

There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's board of directors, where those
changes were implemented after the registrant last provided disclosure in
response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR
229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)),
or this Item.

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of
disclosure required by Item 2 is attached hereto.

(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/ Mark R. Bradley
----------------------------------------
Mark R. Bradley, President and
Chief Executive Officer
(principal executive officer)

Date February 25, 2013
----------------------

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

By (Signature and Title)* /s/ Mark R. Bradley
----------------------------------------
Mark R. Bradley, President and
Chief Executive Officer
(principal executive officer)

Date February 25, 2013
----------------------

By (Signature and Title)* /s/ James M. Dykas
----------------------------------------
James M. Dykas, Treasurer,
Chief Financial Officer
and Chief Accounting Officer
(principal financial officer)

Date February 25, 2013
----------------------

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