UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21636
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FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
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(Exact name of registrant as specified in charter)
1001 Warrenville Road, Suite 300
LISLE, IL 60532
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(Address of principal executive offices) (Zip code)
W. Scott Jardine, Esq.
First Trust Portfolios L.P.
1001 Warrenville Road, Suite 300
LISLE, IL 60532
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(Name and address of agent for service)
Registrant's telephone number, including area code: (630) 241-4141
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Date of fiscal year end: DECEMBER 31
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Date of reporting period: MARCH 31, 2005
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule of Investments is attached herewith.
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS
MARCH 31, 2005 (UNAUDITED)
PRINCIPAL MARKET
VALUE VALUE
(LOCAL CURRENCY) (US DOLLARS)
------------------ ------------
FOREIGN BONDS AND NOTES - 141.6%
AUSTRALIA - 8.6%
11,000,000 Australian Government (AUD), 7.500%, 7/15/05 ................... $ 8,534,791
10,500,000 Australian Government (AUD), 7.500%, 9/15/09 ................... 8,688,701
5,000,000 New South Wales Treasury Corp. (AUD), 8.000%, 3/01/08 .......... 4,079,712
8,300,000 Queensland Treasury (AUD), 6.000%, 7/14/09 ..................... 6,455,824
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27,759,028
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AUSTRIA - 0.6%
2,500,000 Republic of Austria (TRY), 14.000%, 8/03/06 .................... 1,846,580
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BRAZIL - 6.6%
1,997,120 Citigroup Global Markets (USD), 6.000%, 4/02/08 ................ 1,950,746
10,000,000 Federal Republic of Brazil (USD), 9.250%, 10/22/10 ............. 10,599,000
7,900,000 Federal Republic of Brazil (USD), 11.000%, 8/17/40 ............. 8,766,235
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21,315,981
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CANADA - 6.2%
7,000,000 Canadian Government (CAD), 5.250%, 6/01/13 ..................... 6,179,755
6,700,000 Canadian Government (CAD), 5.750%, 6/01/29 ..................... 6,326,535
11,000,000 Province of Ontario (NZD), 5.750%, 3/03/08 ..................... 7,577,417
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20,083,707
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COLOMBIA - 6.0%
46,000,000,000 Republic of Colombia (COP), 11.750%, 3/01/10 ................... 19,444,639
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ECUADOR - 4.1%
14,800,000 Republic of Ecuador (USD), 8.000%, 8/15/30 ..................... 13,246,000
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GERMANY - 8.5%
6,750,000 Aries Vermogensverwaltung GM (USD), 9.600%, 10/25/14 .......... 8,137,557
11,000,000 KfW (NZD), 6.000%, 7/15/09 ..................................... 7,592,226
4,600,000 KfW Bankengruppe (GBP), 4.750%, 12/07/10 ....................... 8,616,210
3,650,000 KfW International Finance (CAD), 4.950%, 10/14/14 .............. 3,085,624
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27,431,617
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ITALY - 2.0%
8,400,000 Republic of Italy (AUD), 5.875%, 8/14/08 ....................... 6,460,732
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JAMAICA - 4.6%
7,450,000 Government of Jamaica (EUR), 10.500%, 10/27/14 ................. 10,480,199
3,000,000 Government of Jamaica (EUR), 11.000%, 7/27/12 .................. 4,269,059
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14,749,258
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KAZAKHSTAN - 3.6%
12,100,000 TuranAlem Finance BV (USD), 8.000%, 3/24/14 .................... 11,795,975
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MEXICO - 10.0%
111,355,100 Mexican Fixed Rate Bonds (MXN), 9.500%, 12/18/14 ............... 9,350,160
10,000,000 Pemex Project Funding Master Trust (USD), 7.750%, 9/29/49 ..... 9,938,390
185,000,000 United Mexican States (MXN), 8.000%, 12/07/23 .................. 12,946,332
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32,234,882
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See Notes to Portfolio of Investments. Page 1
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
PRINCIPAL MARKET
VALUE VALUE
(LOCAL CURRENCY) (US DOLLARS)
------------------ ------------
FOREIGN BONDS AND NOTES - CONTINUED
MULTINATIONAL - 6.0%
4,400,000 European Investment Bank (GBP), 7.625%, 12/07/07 ............... $ 8,883,627
2,000,000 European Investment Bank (TRY), 14.500%, 2/21/07 ............... 1,478,078
6,500,000 International Finance Corp. (NZD), 6.750%, 7/15/09 ............. 4,654,853
2,240,000 Nordic Investment Bank (GBP), 5.750%, 11/06/08 ................. 4,347,334
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19,363,892
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NETHERLANDS - 8.8%
4,900,000 Bank Nederlandse Gemeenten NV (GBP), 4.625%, 12/07/06 .......... 9,229,945
3,500,000 Bank Nederlandse Gemeenten NV (NZD), 5.250%, 6/17/09 ........... 2,347,381
7,500,000 Bank Nederlandse Gemeenten NV (NZD), 5.250%, 6/17/09 ........... 5,036,713
12,000,000 Kazkommerts International BV (USD), 7.875%, 4/07/14 ............ 11,661,600
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28,275,639
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NEW ZEALAND - 5.3%
12,000,000 Government of New Zealand (NZD), 6.500%, 2/15/06 ............... 8,540,294
11,700,000 Government of New Zealand (NZD), 7.000%, 7/15/09 ............... 8,538,712
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17,079,006
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NORWAY - 8.9%
11,000,000 Eksportsfinans (TRY), 14.625%, 3/15/07 ......................... 8,149,353
4,500,000 Kommunalbanken AS (GBP), 4.750%, 1/28/10 ....................... 8,418,781
8,600,000 Kommunalbanken AS (AUD), 5.750%, 10/15/07 ...................... 6,592,283
7,500,000 Kommunalbanken (TRY), 14.750%, 2/09/09 ......................... 5,562,754
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28,723,171
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PERU - 4.3%
9,000,000 Republic of Peru (USD), 8.750%, 11/21/33 ....................... 9,362,700
4,000,000 Republic of Peru (USD), 9.875%, 2/06/15 ........................ 4,629,800
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13,992,500
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PHILIPPINES - 5.2%
6,000,000 Republic of Philippines (USD), 8.875%, 3/17/15 ................. 6,095,400
7,000,000 Republic of Philippines (USD), 9.500%, 2/02/30 ................. 6,860,000
3,600,000 Republic of Philippines (USD), 10.625%, 3/16/25 ................ 3,851,752
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16,807,152
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POLAND - 4.5%
23,000,000 Poland Government (PLZ), 6.000%, 5/24/09 ....................... 7,436,648
21,000,000 Poland Government (PLZ), 8.500%, 11/12/06 ...................... 6,969,677
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14,406,325
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RUSSIA - 8.5%
13,420,000 Alrosa Company SA (USD), 8.875%, 11/17/14 ...................... 13,872,925
12,050,000 Gaz Capital SA (USD), 8.625%, 4/28/34 .......................... 13,442,980
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27,315,905
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SOUTH AFRICA - 4.9%
82,500,000 Republic of South Africa (ZAR), 13.000%, 8/31/10 ............... 15,912,016
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SPAIN - 2.1%
8,700,000 Instituto de Credito Oficial (AUD), 5.500%, 11/15/06 ........... 6,666,605
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Page 2 See Notes to Portfolio of Investments.
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
MARCH 31, 2005 (UNAUDITED)
PRINCIPAL MARKET
VALUE VALUE
(LOCAL CURRENCY) (US DOLLARS)
------------------ ------------
FOREIGN BONDS AND NOTES - CONTINUED
SWEDEN - 4.6%
28,100,000 Kingdom of Sweden (SEK), 5.000%, 12/01/20 ...................... $ 4,518,326
8,000,000 Swedish Export Credit (NZD), 4.300%, 6/26/06 ................... 5,506,483
7,000,000 Swedish Export Credit (NZD), 6.000%, 12/19/08 .................. 4,822,301
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14,847,110
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TURKEY - 2.8%
8,900,000 Finans Capital Finance Ltd. (USD), 9.000%, 10/07/14 ............ 9,169,225
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UKRAINE - 1.1%
3,400,000 City of Kiev (USD), 8.625%, 7/15/11 ............................ 3,657,550
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UNITED KINGDOM - 5.6%
3,100,000 United Kingdom Treasury (GBP), 5.000%, 3/07/08 ................. 5,914,204
3,100,000 United Kingdom Treasury (GBP), 5.750%, 12/07/09 ................ 6,126,195
3,000,000 United Kingdom Treasury (GBP), 7.250%, 12/07/07 ................ 6,037,403
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18,077,802
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URUGUAY - 2.3%
177,300,000 Republica Orient Uruguay (UYU), 17.750%, 2/04/06 ............... 7,293,726
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VENEZUELA - 5.9%
19,200,000 Republic of Venezuela (USD), 8.500%, 10/08/14 .................. 19,048,320
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TOTAL FOREIGN BONDS AND NOTES .................................. 457,004,343
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(Cost $463,900,497)
TOTAL INVESTMENTS - 141.6% ..................................... 457,004,343
(Cost $463,900,497)*
LOAN OUTSTANDING - (46.3)% ..................................... (149,585,153)
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NET OTHER ASSETS AND LIABILITIES - 4.7% ........................ 15,260,345
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NET ASSETS - 100.0% ............................................ $ 322,679,535
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* Aggregate cost is the same for federal tax and financial
reporting purposes.
AUD Australian Dollar
CAD Canadian Dollar
COP Colombian Peso
EUR European Monetary Unit
GBP British Pound Sterling
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
NZD New Zealand Dollar
PLZ Polish Zloty
SEK Swedish Krona
SGD Singapore Dollar
THB Thailand Baht
TRY Turkish Lira
USD United States Dollar
UYU Uruguay Peso
ZAR South African Rand
See Notes to Portfolio of Investments. Page 3
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS
MARCH 31, 2005 (UNAUDITED)
FORWARD FOREIGN CURRENCY CONTRACTS TO BUY
CONTRACTS TO RECEIVE
----------------------------------------------------- NET
UNREALIZED
IN APPRECIATION/
EXPIRATION LOCAL VALUE IN EXCHANGE (DEPRECIATION)
DATE CURRENCY* U.S. $ FOR U.S. $ OF CONTRACTS
------------ ------------------- ---------- ---------- ------------
04/18/05 JPY 1,881,324,000 17,544,754 18,000,000 $ (455,246)
04/25/05 JPY 2,149,875,000 20,091,084 21,000,000 (908,916)
04/18/05 KRW 4,516,650,000 4,445,455 4,500,000 (54,545)
04/25/05 KRW 28,966,000,000 28,505,573 28,000,000 505,573
04/18/05 SGD 14,604,750 8,847,342 9,000,000 (152,658)
04/25/05 SGD 48,994,500 29,697,110 30,000,000 (302,890)
04/25/05 THB 1,074,640,000 27,479,653 28,000,000 (520,347)
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$(1,889,029)
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FORWARD FOREIGN CURRENCY CONTRACTS TO SELL
CONTRACTS TO DELIVER
----------------------------------------------------- NET
UNREALIZED
IN APPRECIATION/
EXPIRATION LOCAL VALUE IN EXCHANGE (DEPRECIATION)
DATE CURRENCY* U.S. $ FOR U.S. $ OF CONTRACTS
------------ ------------------- ---------- ---------- ------------
04/25/05 AUD 62,000,000 47,788,112 46,738,080 $ (1,050,032)
04/18/05 GBP 14,150,000 26,739,977 27,039,094 299,117
04/18/05 NZD 25,600,000 18,215,706 18,839,680 623,974
04/26/05 NZD 51,000,000 36,184,388 35,493,960 (690,428)
04/29/05 TRY 24,000,000 17,744,917 17,289,821 (455,096)
04/29/05 ZAR 100,900,000 16,152,787 16,168,576 15,789
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$ (1,256,676)
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Net Unrealized Depreciation of Forward Foreign
Currency Contracts ........................................ $(3,145,705)
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* Please see page 3 for currency descriptions.
Page 4 See Notes to Portfolio of Investments.
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NOTES TO PORTFOLIO OF INVESTMENTS - (UNAUDITED)
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FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
MARCH 31, 2005
1. VALUATION AND INVESTMENT PRACTICES
PORTFOLIO VALUATION:
The net asset value ("NAV") of the Common Shares of the First Trust/Aberdeen
Global Opportunity Income Fund (the "Fund") is computed based upon the value of
the Fund's portfolio and other assets. The NAV is determined as of the close of
regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m.
Eastern time, on each day the NYSE is open for trading. Domestic debt securities
and foreign securities are priced using data reflecting the earlier closing of
the principal markets for those securities. The Fund calculates NAV per Common
Share by subtracting the Fund's liabilities (including accrued expenses,
dividends payable and any borrowings of the Fund) and the liquidation value of
any outstanding Preferred Shares from the Fund's Managed Assets (the value of
the securities and other investments the Fund holds plus cash or other assets,
including interest accrued but not yet received) and dividing the result by the
total number of Common Shares outstanding.
The Fund's investments are valued daily at market value, or in the absence of
market value, with respect to any portfolio securities, at fair value in
accordance with valuation procedures adopted by the Board of Trustees. A
majority of the Fund's assets are valued using market information supplied by
third parties. In addition, structured products, including currency-linked
notes, credit-linked notes as well as interest rate swaps and credit default
swaps, are valued using a pricing service or quotes provided by the selling
dealer or financial institution. In the event that market quotations are not
readily available, the pricing service does not provide a valuation for a
particular asset, or the valuations are deemed unreliable, or if events
occurring after the close of the principal markets for particular securities
(e.g., domestic debt and foreign securities), but before the Fund values its
assets, would materially affect NAV, First Trust Advisors L.P. may use a fair
value method to value the Fund's securities and investments. The use of fair
value pricing by the Fund is governed by valuation procedures adopted by the
Fund's Board of Trustees, in accordance with the provisions of the Investment
Company Act of 1940.
FOREIGN CURRENCY:
The books and records of the Fund are maintained in U.S. dollars. Foreign
currencies, investments and other assets and liabilities are translated into
U.S. dollars at the exchange rates prevailing at the end of the period.
Purchases and sales of investment securities are translated on the respective
dates of such transactions. Unrealized gains and losses which result from
changes in foreign currency exchange rates have been included in the unrealized
appreciation/(depreciation) of investments and net other assets and liabilities.
Net realized foreign currency gains and losses include the effect of changes in
exchange rates between trade date and settlement date on investment security
transactions and foreign currency transactions. The portion of foreign currency
gains and losses related to fluctuations in exchange rates between the initial
purchase trade date and subsequent sale trade date is included in realized gains
and losses on investment securities sold.
SECURITIES TRANSACTIONS:
Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
Securities purchased or sold on a when-issued or delayed-delivery basis may be
settled a month or more after the trade date; interest income is not accrued
until settlement date. The Fund instructs the custodian to segregate assets of
the Fund with a current value at least equal to the amount of its when-issued
purchase commitments.
2. UNREALIZED APPRECIATION/(DEPRECIATION)
As of March 31, 2005, the aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost was $403,919 and
the aggregate gross unrealized depreciation for all securities in which there
was an excess of tax cost over value was $7,300,073.
Page 5
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940,
as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective,
as of a date within 90 days of the filing date of the report that
includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule
30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934,
as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940
Act (17 CFR 270.30a-3(d)) that occurred during the registrant's
last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
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By (Signature and Title)* /S/ JAMES A. BOWEN
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James A. Bowen, Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)
Date MAY 24,2005
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /S/ JAMES A. BOWEN
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James A. Bowen, Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)
Date MAY 24,2005
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By (Signature and Title)* /S/ MARK R. BRADLEY
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Mark R. Bradley, Treasurer, Controller, Chief
Financial Officer and Chief Accounting Officer
(principal financial officer)
Date MAY 24,2005
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* Print the name and title of each signing officer under his or her signature.