First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Semi-Annual Report

June 30, 2018

Shareholder Letter	1
At a Glance	2
Portfolio Commentary	4
Portfolio of Investments	8
Statement of Assets and Liabilities	16
Statement of Operations	17
Statements of Changes in Net Assets	18
Statement of Cash Flows	19
Financial Highlights	20
Notes to Financial Statements	21
Additional Information	29

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 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 Additional Information section of this report 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 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.

The Advisor may also periodically provide additional information on Fund performance on the Fund’s web page at www.ftportfolios.com.

How to Read This Report

This report contains information that may help you evaluate your investment in the Fund. 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 First Trust and 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 material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, this report and other Fund regulatory filings.

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Semi-Annual Letter from the Chairman and CEO

June 30, 2018

Dear Shareholders,

First Trust is pleased to provide you with the semi-annual report for the First Trust/Aberdeen Global Opportunity Income Fund which contains detailed information about your investment for the six months ended June 30, 2018, including a market overview and a performance analysis for the period. We encourage you to read this report carefully and discuss it with your financial advisor.

As 2018 began, there was much enthusiasm for the “Tax Cuts and Jobs Act of 2017” tax reform bill, which President Trump had signed into law on December 22, 2017, and the potential increase in take-home pay for many Americans, as well as the reduction in the federal corporate tax rate from 35% to 21% that the new tax package would bring. Early in the new year, many investors were watching the Federal Reserve (the “Fed”) and its signaled intent to continue raising interest rates at a gradual pace (it had raised rates three times in 2017). Based on strong job growth and the economic outlook in the U.S., the Fed did, in fact, raise interest rates this year, on March 21 and June 13. Additionally, they indicated at their June 2018 meeting that two additional rate hikes are expected before year-end.

For the entire first quarter of 2018, increased market volatility was the norm for U.S. markets. The Dow Jones Industrial Average (“DJIA”) was off to a strong start in January continuing its very strong performance displayed throughout 2017. However, February was a different story. Early in the month, the DJIA plunged 567 points and sank into “correction” territory (defined as a drop of 10% from the index’s high) and in just two weeks during February, was down more than 3,200 points. However, as February came to a close, the DJIA was back on track and up from the lows experienced earlier in the month.

For the second quarter of 2018, market volatility continued. Increasing trade tensions have had an impact on markets around the world and could continue to do so in the future. The talk from President Trump on tariffs and trade agreements gave many investors pause about the U.S. stock market and its long-standing economic growth and what the future might hold. The DJIA closed out both April and May slightly down but ended June slightly up. Despite this volatility, we continue to believe that the combination of low interest rates, low inflation and strong corporate earnings still point to a positive economic environment and further growth, though we understand that past performance can never guarantee future performance.

Globally, markets underperformed moderately in the first half of 2018, as the MSCI AC World Index, which captures 23 developed markets and 24 emerging markets, ended the six-month period down just slightly. Analysts believe European companies are set up for growing earnings and credit upswings, which seems to bode well for global market performance. In addition, we believe the longer-term drivers of positive demographics, lower debt levels and improving productivity may lead to a multi-year cyclical upswing in emerging market economic fundamentals.

We continue to believe that one should invest for the long term and be prepared for market movements, which can happen at any time. You can do this by keeping current on your portfolio and investing goals and by speaking regularly with your investment professional. As we’ve said before, markets go up and they also go down, but savvy investors are prepared for either through careful attention to investment goals.

Thank you for giving First Trust the opportunity to be a part of your financial plan. We value our relationship with you and will report on your investment again in six months.

Sincerely,

James A. Bowen

Chairman of the Board of Trustees

Chief Executive Officer of First Trust Advisors L.P.

Page 1

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

“AT A GLANCE”

As of June 30, 2018 (Unaudited)

 

(1)	Most recent distribution paid or declared through 6/30/2018. 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 6/30/2018. 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 of less than one year. Past performance is not indicative of future results.

(4)	Blended Index 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 2

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

“AT A GLANCE” (Continued)

As of June 30, 2018 (Unaudited)

 

(5)

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. Sub-investment grade ratings are those rated BB+/Ba1 or lower. Investment grade ratings are those rated BBB-/Baa3 or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.

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

Page 3

Portfolio Commentary

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Semi-Annual Report

June 30, 2018 (Unaudited)

Advisor

First Trust Advisors L.P. (“First Trust” or the “Advisor”) is the investment advisor to the First Trust/Aberdeen Global Opportunity Income Fund (the “Fund”). 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.

Sub-Advisor

Aberdeen Asset Management Inc. (“Aberdeen” or the “Sub-Advisor”), a Securities and Exchange Commission registered investment advisor, is an indirect wholly-owned subsidiary of Standard Life Aberdeen plc. Standard Life Aberdeen plc is a publicly-traded global provider of long-term savings and investments listed on the London Stock Exchange, managing assets for institutional and retail clients from offices around the world.

Portfolio Management Team

Investment decisions for 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 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 are the members of the team with significant responsibility for the day-to-day management of the Fund’s portfolio.

James Athey

Senior Investment Manager, Global Macro

Brett Diment

Head of Global Emerging Market Debt

Kevin Daly

Senior Investment Manager, Emerging Market Debt

Edwin Gutierrez

Head of Emerging Market Sovereign Debt

Max Wolman

Senior Investment Manager, Emerging Market Debt

Patrick O’Donnell

Senior Investment Manager, Global Macro and Pan Euro

Commentary

First Trust/Aberdeen Global Opportunity Income Fund

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.

Page 4

Portfolio Commentary (Continued)

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Semi-Annual Report

June 30, 2018 (Unaudited)

Fund Recap

The Fund had a net asset value (“NAV”) total return¹ of -7.20% and a market value total return of -10.42% for the six months ended June 30, 2018, compared to the Blended Index² total return of -4.26% over the same period. In addition to this Blended Index, the Fund currently uses other indexes for comparative purposes. The total returns for the six months ended June 30, 2018 for these indexes were as follows: the Bloomberg Barclays Global Emerging Markets Index was -3.89% and the Bloomberg Barclays Global Aggregate Index was -1.46%. 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 portfolio 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 impact of the evaluation changes on Common Share NAV and Common Share market value 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 Bloomberg Barclays Global Emerging Markets Index, Bloomberg Barclays Global Aggregate Index and the components of the Blended Index are not leveraged. Leverage had a negative impact on the performance of the Fund over this reporting period.

Emerging Market Fixed Income Commentary

Market Recap

The first half of 2018 witnessed a period of market volatility and weakness particularly in the emerging market economies. This was primarily seen in the second quarter coming from increased rhetoric around trade wars and the negative impact this would have on China’s economy, which was already showing signs of cooling. The market was also concerned about the continued rate hikes expected from the Federal Reserve (the “Fed”) for the remainder of the year. With weak economic data from Europe during the period, the U.S. dollar strengthened against the Euro, which is usually a sign of emerging market exchange rate weakness.

Over the first half of the year there were a number of elections which took place in various large emerging market countries such as Mexico and Turkey. This caused further market weakness given the uncertainties following the outcomes of the elections. President Erdogan was re-elected to the Turkish presidency as expected, however his economic policies and meddling with monetary policies have been a concern for investors in Turkey. In Mexico, Andres Manual Lopez Obrador, the left-wing candidate, won the presidential election as highly anticipated. However, leading up to the elections, the market became increasingly concerned around his campaign platform to unwind some of the reforms which had occurred under President Enrique Pena Nieto.

Performance Analysis

The emerging market debt portion of the Fund performed even with the emerging market debt portion of its Blended Index over the period in both hard currency and local currency bonds.

The Fund’s overweight exposure and good stock selection in Honduras and Ukraine contributed positively to the Fund’s performance, whereas the Fund’s overweight exposure to Argentina, Ecuador, Indonesia and Brazil detracted from Fund performance. The Fund’s underweight position in Turkey, Romania and Hungary and zero holdings in Lebanon had a positive impact on performance, whereas the Fund’s underweight exposure in Malaysia detracted from performance.

Market and Fund Outlook

As we end the first half of the year, the start of the summer holiday period should provide a good opportunity for market participants to reflect on the return of volatility to the market. Sentiment turned negative in mid-April when the U.S. dollar started to appreciate against both developed and emerging market currencies. This event also coincided with the IMF/World Bank Spring meetings and helped provide an excuse for a decline in investors’ risk tolerance. While portfolio flow data has turned negative in the last three months, year-to-date figures have shown a significant allocation to the asset class – JP Morgan estimates that local currency debt has seen nearly US $14bn of inflows, while hard currency has been bolstered by nearly US $7.5bn. The recent sell-off has probably been driven by non-dedicated investors rather than emerging market investors, in our view.

Liquidity in risk assets has fallen as the Fed continues its course of policy normalization, while geopolitical considerations (especially in regard to global trade) have also provided investors with another excuse to exercise caution. We believe that despite the external

1

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 of less than one year. Past performance is not indicative of future results.

2	Blended Index 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 5

Portfolio Commentary (Continued)

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Semi-Annual Report

June 30, 2018 (Unaudited)

environment, emerging market countries remain in a far stronger position now to withstand these headwinds compared to the 2013 “taper tantrum” episode or the 2015 commodity price crash. This should allow good investment opportunities in favored credits where we deem valuations to have overshot long-term fundamentals.

Developed Market Commentary

Market Recap

The first half of 2018 saw pockets of volatility in global asset markets reflecting tighter financial conditions, increased U.S.-China trade tensions and political developments in Europe. The yield on the U.S. 10-year Treasury bond reached the highest level in five years, at 3.11%, before falling to close the period at 2.86%, while the curve flattened as longer tenors were relatively well bid. Core European rates diverged from the U.S. with the yield on German bunds falling 10 basis points (bps) to close at 30 bps reflecting a flight to quality following the announcement of an anti-establishment coalition government in Italy and dovish rates, guidance from the European Central Bank (“ECB”). Italian spreads widened 80 bps over domestic political developments, with moves spilling over to the rest of the E.U. periphery. Elsewhere, UK gilt ten-year yields marched higher in the first half of the period as a hike in May was fully priced by the market before Bank of England’s Governor Mark Carney backtracked in an interview, prompting market participants to pare expectations of a hike and gilts to rally. Yields closed slightly higher at 1.28%. In currencies, the U.S. dollar index appreciated by 3% reflecting firmer economic growth and divergent central bank policy. The yen was the best performing currency in the G10 supported by risk-off sentiment. The Swedish krona broadly weakened as economic data disappointed relative to expectations, while Riksbanken rhetoric leaned dovish.

In the U.S., the domestic economic backdrop continued to be very upbeat, with the unemployment rate dipping to 3.8%, and the emphasis remained on diminished spare capacity. Inflation signals – while contained – were on an upward path. Yield curve flattening remained the reaction to a generally more hawkish Fed, who raised its target range twice, in March and June, to 1.75-2% and signaled two further rate hikes for 2018, while keeping its projection for 2019 unchanged, pushing front end yields higher. Longer tenors were supported by risk-off bid, as U.S.-China trade tensions intensified after President Trump ordered officials to identify a further $200bn in goods that would be subject to a 10% tariff and further indicated he would be prepared to impose tariffs on an additional $200bn beyond that.

In Europe, markets were roiled by political developments in Italy. A deal was struck between anti-establishment parties Five Star Movement and Northern League to form a government. Giuseppe Conte was selected as a compromise candidate for prime minister. Conte, a fairly unknown lawyer with no political experience, is expected to act as executor of the deal agreed between the leaders of both parties, which include plans to scrap the 2011 pension reforms and increased deficit spending at odds with European Union (“EU”) fiscal rules. The potential appointment of a Eurosceptic finance minister prompted an aggressive sell-off in Italian assets, with the Italian spread to Germany widening as much as 175 basis points, in May. These moves somewhat retraced in June as a more moderate candidate was appointed as finance minister and following some softer rhetoric from the government. The Italian 10-year bond closed the period 109 bps wider than the German 10-year bond at 2.37%.

The ECB announced a dovish final taper of its asset purchase program, reducing purchases to €15bn per month from September to December, at which point purchases will end. It was noted the taper was “subject to incoming data” – this conditionality helped give a dovish twist to the announcement, although realistically, the bar to the ECB reneging on the taper is very high, in our view. Calendar forward guidance was also introduced, with the Governing Council expecting key rates “to remain at their present levels at least through the summer of 2019”. This dovish guidance on rate policy, when previously the Euro Overnight Index Average market was around 75% priced for a June 2019 hike, drove a notable rally in core European rates while the euro sold off sharply. In a further dovish twist, the ECB is considering reinvesting maturing assets into longer dated bonds in a move intended to maintain the flatness of the yield curve.

In the UK, the Bank of England Monetary Policy Committee (“MPC”) kept the bank rate unchanged at 0.5% in June but the vote split was more hawkish versus expectations at 6-3 (vs. 7-2), as Chief Economist Andy Haldane joined Ian McCafferty and Michael Saunders in the dissenting camp voting for a hike. Minutes from the meeting suggested that data has been consistent with expectations and recent weakness in output can be dismissed in the context of improving survey indicators. Furthermore, the MPC agreed that the labor market remains strong with slack now largely eroded, which should result in firmer wage growth and cost pressures. The policy rate threshold for balance sheet reduction was also reduced from 2% to 1.5%, which means in order for the Bank of England to unwind its quantitative easing program, the Bank rate would need to see about four rate rises. The hawkish tilt was caveated with an acknowledgment to external risks which may take time to resolve.

Page 6

Portfolio Commentary (Continued)

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Semi-Annual Report

June 30, 2018 (Unaudited)

In Japan, Haruhiko Kuroda was nominated by Prime Minister Shinzo Abe for another five-year term as governor of the Bank of Japan; the implication, in our view, is for continued commitment to ending the low inflation that has dogged the country for the past two decades.

Performance Analysis

The Fund’s developed market bond portfolio underperformed relative to benchmark during the first half of 2018. The portfolio remains underweight positions in the U.S. and core Europe with overweight positions in Australia, Spain, Portugal and Poland.

The major positive contributor to performance was the Fund’s U.S. short duration bias as fiscal stimulus announcements, positive economic data and a firmer path of interest rate hikes prompted U.S. yields to move higher. Overweight to Poland and Australia rates also added value over the period. These gains were partially offset by an allocation to U.S. dollar denominated Italian and Portuguese debt as the announcement of an anti-establishment government in Italy prompted an aggressive sell-off in domestic assets, which spilled over to the rest of the E.U. periphery.

In currencies, the portfolio’s overweight to U.S. dollars versus euros positively contributed, although these gains were more than offset by longs in Swedish krona and Polish zloty, which were higher beta in the euro sell off. An overweight to Australian dollars also negatively contributed.

Market and Fund Outlook

Our global outlook is characterized by late cycle dynamics. We expect the market, which we feel has become complacent about the lack of inflation, to be surprised to the upside as spare capacity is eroded in the most advanced economies. We expect central banks to pursue further normalization, led by the Fed, driving short and intermediate yields higher; however, continued Bank of Japan asset purchases will limit the extent of the rates sell-off globally. We expect increased Treasury supply, coupled with the gradual reduction in the Fed’s balance sheet, to drive a repricing higher in term premium in the U.S., although this conflicts with the longer-term expectation for a flat (or inverted) curve as we near the end of the cycle. Supported by robust growth, the environment could remain supportive of risk assets but we also see a number of growing vulnerabilities including geopolitical concerns, EU politics, China debt and pervasively high market valuations. So, we acknowledge the strength of the late cycle environment, but see returns skewed to the downside for risk assets over the medium term.

We have reduced the bearish bias of the portfolio following the Europe-led duration rally, both Italy and ECB driven. Long positions are concentrated at the front-ends of the curves of economies that are lagging in the economic cycle, while our shorts are focused around the 10-year tenor in the U.S., giving the portfolio a curve steepening bias. We remain positive on the U.S. dollar, bearish on the EU periphery, and see upside risks for U.S. inflation break-evens. We think structural flaws and internal divergence remain a threat to the Eurozone in the medium-term.

Page 7

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Portfolio of Investments

June 30, 2018 (Unaudited)

Principal Value (Local Currency)		Description		Stated Coupon		Stated Maturity		Value (US Dollars)
FOREIGN SOVEREIGN BONDS AND NOTES (a) – 101.4%
		Angola – 0.6%
825,000		Angolan Government International Bond (USD) (b)		9.38%		05/08/48		$835,228
		Argentina – 2.7%
57,580,000		Argentina POM Politica Monetaria, Argentina Central Bank 7 day repurchase reference rate (ARS) (c)		32.22%		06/21/20		2,061,621
715,039		Argentine Republic Government International Bond (USD)		8.28%		12/31/33		645,323
530,000		Argentine Republic Government International Bond (USD)		7.13%		07/06/36		427,313
1,150,000		Argentine Republic Government International Bond (USD)		6.88%		01/11/48		866,536
								4,000,793
		Australia – 4.5%
7,945,000		Treasury Corp. of Victoria (AUD)		6.00%		10/17/22		6,755,085
		Bahrain – 0.9%
800,000		Bahrain Government International Bond (USD)		7.00%		01/26/26		751,383
680,000		Bahrain Government International Bond (USD) (b)		7.00%		10/12/28		611,313
								1,362,696
		Belarus – 0.5%
861,000		Republic of Belarus International Bond (USD) (b)		6.20%		02/28/30		816,538
		Brazil – 5.5%
35,600,000		Brazil Notas do Tesouro Nacional, Series F (BRL)		10.00%		01/01/29		8,300,768
		Canada – 5.5%
4,709,000		Canadian Government Bond (CAD)		10.50%		03/15/21		4,380,213
4,043,000		Canadian Government Bond (CAD)		8.00%		06/01/23		3,918,695
								8,298,908
		Czech Republic – 0.8%
20,910,000		Czech Republic Government Bond (CZK)		5.70%		05/25/24		1,163,044
		Ecuador – 0.5%
740,000		Ecuador Government International Bond (USD) (b)		8.75%		06/02/23		695,933
		Egypt – 0.9%
575,000		Egypt Government International Bond (USD) (b)		6.13%		01/31/22		566,919
380,000		Egypt Government International Bond (USD) (b)		8.50%		01/31/47		369,354
437,000		Egypt Government International Bond (USD) (b)		7.90%		02/21/48		399,121
								1,335,394
		El Salvador – 0.4%
580,000		El Salvador Government International Bond (USD)		7.65%		06/15/35		569,954
		Ethiopia – 1.1%
1,620,000		Ethiopia International Bond (USD) (b)		6.63%		12/11/24		1,590,038
		Ghana – 2.8%
1,340,000		Ghana Government International Bond (USD)		8.13%		01/18/26		1,376,796
1,450,000		Ghana Government International Bond (USD) (b)		7.63%		05/16/29		1,418,738
6,200,000		Republic of Ghana Government Bond (GHS)		21.50%		03/09/20		1,365,739
								4,161,273
		Honduras – 0.8%
1,125,000		Honduras Government International Bond (USD) (b)		7.50%		03/15/24		1,204,875
		Indonesia – 2.9%
61,800,000,000		Indonesia Treasury Bond (IDR)		8.38%		03/15/34		4,323,412

Page 8

See Notes to Financial Statements

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Portfolio of Investments (Continued)

June 30, 2018 (Unaudited)

Principal Value (Local Currency)		Description		Stated Coupon		Stated Maturity		Value (US Dollars)
FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued)
		Iraq – 1.3%
428,000		Iraq International Bond (USD) (b)		6.75%		03/09/23		$412,323
1,760,000		Iraq International Bond (USD)		5.80%		01/15/28		1,584,204
								1,996,527
		Italy – 7.6%
581,000		Italy Buoni Poliennali Del Tesoro (EUR)		3.75%		05/01/21		728,599
3,000,000		Italy Buoni Poliennali Del Tesoro (EUR)		9.00%		11/01/23		4,754,487
1,600,000		Italy Buoni Poliennali Del Tesoro (EUR)		7.25%		11/01/26		2,537,449
2,970,000		Republic of Italy Government International Bond (USD)		6.88%		09/27/23		3,302,492
								11,323,027
		Japan – 8.7%
795,500,000		Japan Government Ten Year Bond (JPY)		0.10%		06/20/27		7,249,493
476,350,000		Japan Government Thirty Year Bond (JPY)		2.40%		03/20/37		5,806,729
								13,056,222
		Kenya – 0.5%
590,000		Kenya Government International Bond (USD)		6.88%		06/24/24		584,053
200,000		Kenya Government International Bond (USD) (b)		8.25%		02/28/48		187,868
								771,921
		Malaysia – 2.1%
13,000,000		Malaysia Government Bond (MYR)		3.89%		03/15/27		3,103,642
		Mexico – 4.6%
26,500,000		Mexican Bonos (MXN)		6.50%		06/09/22		1,281,244
20,000,000		Mexican Bonos (MXN)		10.00%		12/05/24		1,131,879
27,000,000		Mexican Bonos (MXN)		5.75%		03/05/26		1,215,270
58,800,000		Mexican Bonos (MXN)		8.50%		11/18/38		3,217,676
								6,846,069
		Nigeria – 2.7%
1,130,000,000		Nigeria Government Bond (NGN)		12.50%		01/22/26		2,931,748
663,000		Nigeria Government International Bond (USD) (b)		7.88%		02/16/32		652,100
513,000		Nigeria Government International Bond (USD) (b)		7.63%		11/28/47		468,958
								4,052,806
		Norway – 0.6%
7,511,000		Norway Government Bond (NOK) (b)		1.75%		02/17/27		927,288
		Oman – 0.5%
770,000		Oman Government International Bond (USD) (b)		6.75%		01/17/48		699,699
		Pakistan – 0.4%
760,000		Pakistan Government International Bond (USD) (b)		6.88%		12/05/27		662,199
		Peru – 3.5%
16,000,000		Peruvian Government International Bond (PEN)		6.90%		08/12/37		5,258,987
		Poland – 4.1%
12,500,000		Republic of Poland Government Bond (PLN)		4.00%		10/25/23		3,577,650
10,000,000		Republic of Poland Government Bond (PLN)		2.50%		07/25/27		2,527,972
								6,105,622
		Portugal – 2.5%
2,000,000		Portugal Government International Bond (USD)		5.13%		10/15/24		2,076,266

See Notes to Financial Statements

Page 9

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Portfolio of Investments (Continued)

June 30, 2018 (Unaudited)

Principal Value (Local Currency)		Description		Stated Coupon		Stated Maturity		Value (US Dollars)
FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued)
		Portugal (Continued)
1,088,000		Portugal Obrigacoes do Tesouro OT (EUR) (b)		5.65%		02/15/24		$1,610,181
								3,686,447
		Russia – 6.5%
510,000,000		Russian Federal Bond - OFZ (RUB)		7.05%		01/19/28		7,856,524
90,000,000		Russian Federal Bond - OFZ (RUB)		7.70%		03/23/33		1,439,455
400,000		Russian Foreign Bond - Eurobond (USD)		5.88%		09/16/43		430,876
								9,726,855
		Rwanda – 1.0%
1,440,000		Rwanda International Government Bond (USD)		6.63%		05/02/23		1,436,239
		South Africa – 5.1%
68,400,000		Republic of South Africa Government Bond (ZAR)		10.50%		12/21/26		5,466,455
2,200,000		Republic of South Africa Government International Bond (USD)		4.88%		04/14/26		2,120,884
								7,587,339
		Spain – 5.9%
4,340,000		Spain Government Bond (EUR) (b)		5.90%		07/30/26		6,970,406
1,000,000		Spain Government Bond (EUR)		6.00%		01/31/29		1,696,081
100,000		Spain Government Bond (EUR) (b)		5.15%		10/31/44		180,241
								8,846,728
		Sri Lanka – 0.9%
1,500,000		Sri Lanka Government International Bond (USD) (b)		6.75%		04/18/28		1,419,226
		Supranationals – 0.7%
8,550,000		European Investment Bank (SEK)		1.25%		05/12/25		985,337
		Suriname – 0.4%
675,000		Republic of Suriname (USD) (b)		9.25%		10/26/26		651,375
		Tanzania – 0.3%
386,672		Tanzania Government International Bond, 6 Mo. LIBOR + 6.00% (USD) (c)		8.24%		03/09/20		394,982
		Tunisia – 0.9%
1,600,000		Banque Centrale de Tunisie International Bond (USD)		5.75%		01/30/25		1,414,472
		Turkey – 5.5%
5,100,000		Turkey Government Bond (TRY)		10.40%		03/27/19		1,055,781
28,550,000		Turkey Government Bond (TRY)		8.80%		09/27/23		4,549,256
15,100,000		Turkey Government Bond (TRY)		10.40%		03/20/24		2,570,437
								8,175,474
		Ukraine – 1.8%
1,720,000		Ukraine Government International Bond (USD) (b)		7.75%		09/01/24		1,635,892
197,000		Ukraine Government International Bond (USD) (b)		7.75%		09/01/25		185,366
197,000		Ukraine Government International Bond (USD) (b)		7.75%		09/01/26		183,239
197,000		Ukraine Government International Bond (USD) (b)		7.75%		09/01/27		181,470
716,000		Ukraine Government International Bond (USD) (b)		(d)		05/31/40		455,508
								2,641,475
		United Kingdom – 2.9%
974,000		United Kingdom Gilt (GBP)		4.25%		12/07/27		1,623,600

Page 10

See Notes to Financial Statements

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Portfolio of Investments (Continued)

June 30, 2018 (Unaudited)

Principal Value (Local Currency)		Description		Stated Coupon		Stated Maturity		Value (US Dollars)
FOREIGN SOVEREIGN BONDS AND NOTES (a) (Continued)
		United Kingdom (Continued)
1,250,000		United Kingdom Gilt (GBP)		4.25%		12/07/49		$2,663,692
								4,287,292
		Total Foreign Sovereign Bonds and Notes						151,471,189
		(Cost $158,619,267)
FOREIGN CORPORATE BONDS AND NOTES (a) (e) – 26.8%
		Argentina – 0.3%
525,000		Genneia S.A. (USD) (b)		8.75%		01/20/22		507,759
		Azerbaijan – 0.9%
1,305,000		Southern Gas Corridor CJSC (USD) (b)		6.88%		03/24/26		1,409,976
		Barbados – 0.6%
750,000		Sagicor Finance 2015 Ltd. (USD) (b)		8.88%		08/11/22		830,625
		Brazil – 4.0%
766,000		Azul Investments LLP (USD) (b)		5.88%		10/26/24		652,065
750,000		Braskem Netherlands Finance BV (USD)		4.50%		01/10/28		690,938
780,000		CSN Resources S.A. (USD) (b)		7.63%		02/13/23		704,933
850,000		GTL Trade Finance, Inc. (USD)		7.25%		04/16/44		864,875
1,550,000		OAS Finance Ltd. (USD) (f) (g) (h) (i)		8.88%		(j)		93,000
460,000		OAS Investments GmbH (USD) (f) (g) (h)		8.25%		10/19/19		27,600
730,000		Odebrecht Drilling Norbe VIII/IX Ltd. (USD)		6.35%		12/01/21		689,850
1,830,000		Petrobras Global Finance BV (USD)		8.75%		05/23/26		1,984,635
293,564		QGOG Atlantic/Alaskan Rigs Ltd. (USD)		5.25%		07/30/18		284,023
								5,991,919
		China – 0.7%
765,000		Shimao Property Holdings Ltd. (USD)		8.38%		02/10/22		806,080
308,000		Yingde Gases Investment Ltd. (USD) (b)		6.25%		01/19/23		291,427
								1,097,507
		Colombia – 0.4%
550,000		Banco GNB Sudameris S.A. (USD) (b) (i)		6.50%		04/03/27		563,068
		Dominican Republic – 1.3%
1,860,000		AES Andres BV / Dominican Power Partners / Empresa Generadora de Electricidad Itabo (USD) (b)		7.95%		05/11/26		1,925,100
		El Salvador – 0.6%
800,000		Grupo Unicomer Co., Ltd. (USD) (b)		7.88%		04/01/24		844,000
		Georgia – 1.0%
540,000		Bank of Georgia JSC (USD) (b)		6.00%		07/26/23		539,804
975,000		Georgian Oil and Gas Corp. JSC (USD) (b)		6.75%		04/26/21		984,589
								1,524,393
		Ghana – 0.5%
748,000		Tullow Oil PLC (USD) (b)		7.00%		03/01/25		708,730
		Guatemala – 0.5%
735,000		Comunicaciones Celulares S.A. Via Comcel Trust (USD) (b)		6.88%		02/06/24		755,525
		Honduras – 0.5%
770,000		Inversiones Atlantida S.A. (USD) (b)		8.25%		07/28/22		794,956

See Notes to Financial Statements

Page 11

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Portfolio of Investments (Continued)

June 30, 2018 (Unaudited)

Principal Value (Local Currency)		Description		Stated Coupon		Stated Maturity		Value (US Dollars)
FOREIGN CORPORATE BONDS AND NOTES (a) (e) (Continued)
		India – 1.6%
120,000,000		NTPC Ltd. (INR)		7.25%		05/03/22		$1,706,746
756,000		Vedanta Resources PLC (USD) (b)		6.13%		08/09/24		666,355
								2,373,101
		Indonesia – 0.7%
284,000		Medco Platinum Road Pte Ltd. (USD) (b)		6.75%		01/30/25		250,459
760,000		Perusahaan Listrik Negara PT (USD) (b)		5.45%		05/21/28		774,934
								1,025,393
		Kazakhstan – 0.5%
789,000		Tengizchevroil Finance Co. International Ltd. (USD) (b)		4.00%		08/15/26		741,409
		Mexico – 1.8%
750,000		Axtel SAB de CV (USD) (b)		6.38%		11/14/24		713,437
13,950,000		Petroleos Mexicanos (MXN)		7.19%		09/12/24		618,222
750,000		Sixsigma Networks Mexico SA de CV (USD) (b)		7.50%		05/02/25		723,375
773,000		Unifin Financiera SAB de CV SOFOM ENR (USD) (b) (i)		8.88%		(j)		694,162
								2,749,196
		Nigeria – 2.4%
750,000		Access Bank PLC (USD) (b)		10.50%		10/19/21		784,440
730,000		IHS Netherlands Holdco BV (USD) (b)		9.50%		10/27/21		702,516
770,000		SEPLAT Petroleum Development Co., PLC (USD) (b)		9.25%		04/01/23		754,600
1,070,000		United Bank for Africa PLC (USD) (b)		7.75%		06/08/22		1,043,940
370,000		Zenith Bank PLC (USD) (b)		7.38%		05/30/22		369,701
								3,655,197
		Oman – 0.6%
892,000		Oztel Holdings SPC Ltd. (USD) (b)		6.63%		04/24/28		849,817
		Russia – 2.1%
820,000		Credit Bank of Moscow Via CBOM Finance PLC (USD) (i)		7.50%		10/05/27		670,143
1,045,000		Evraz Group S.A. (USD) (b)		5.38%		03/20/23		1,028,280
790,000		Gazprom OAO Via Gaz Capital S.A. (USD)		4.95%		03/23/27		763,594
600,000		GTH Finance BV (USD) (b)		7.25%		04/26/23		622,565
								3,084,582
		South Africa – 1.8%
48,000,000		Eskom Holdings SOC Ltd. (ZAR)		7.50%		09/15/33		2,624,350
		Turkey – 2.0%
920,000		Hazine Mustesarligi Varlik Kiralama AS (USD) (b)		5.00%		04/06/23		871,195
760,000		Turkiye Garanti Bankasi AS (USD)		5.88%		03/16/23		723,330
744,000		Turkiye Vakiflar Bankasi TAO (USD)		6.00%		11/01/22		645,588
870,000		Yasar Holdings AS (USD) (b)		8.88%		05/06/20		788,726
								3,028,839
		Ukraine – 2.0%
770,000		Metinvest BV (USD) (b)		8.50%		04/23/26		721,459
860,000		MHP LUX S.A. (USD) (b)		6.95%		04/03/26		807,080
19,750,000		Ukreximbank Via Biz Finance PLC (UAH)		16.50%		03/02/21		726,131
735,000		Ukreximbank Via Biz Finance PLC (USD)		9.63%		04/27/22		738,748
								2,993,418
		Total Foreign Corporate Bonds and Notes						40,078,860
		(Cost $43,415,291)

Page 12

See Notes to Financial Statements

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Portfolio of Investments (Continued)

June 30, 2018 (Unaudited)

Principal Value		Description		Stated Coupon		Stated Maturity		Value
U.S. GOVERNMENT BONDS AND NOTES (a) – 8.5%
$3,057,000		United States Treasury Note		1.63%		03/15/20		$3,012,041
3,949,000		United States Treasury Note		2.63%		05/15/21		3,949,694
1,260,000		United States Treasury Note		1.50%		08/15/26		1,137,987
4,002,000		United States Treasury Note		3.75%		11/15/43		4,550,634
		Total U.S. Government Bonds and Notes						12,650,356
		(Cost $12,806,566)

    

	Total Investments – 136.7%		204,200,405
	(Cost $214,841,124) (k)
	Outstanding Loans – (42.2)%		(63,006,528)
	Net Other Assets and Liabilities – 5.5%		8,212,054
	Net Assets – 100.0%		$149,405,931

    

Forward Foreign Currency Contracts
Settlement Date		Counterparty		Amount Purchased			Amount Sold			Purchase Value as of 6/30/2018		Sale Value as of 6/30/2018		Unrealized Appreciation/ (Depreciation)
07/10/18		GS		EUR	79,000		USD	97,846		$    92,332		$    97,846		$   (5,514)
07/10/18		UBS		PLN	13,167,000		USD	3,588,081		3,515,797		3,588,081		(72,284)
07/10/18		UBS		ZAR	46,184,000		USD	3,653,850		3,361,937		3,653,850		(291,913)
07/10/18		CIT		USD	505,102		AUD	668,000		505,102		494,374		10,728
07/10/18		UBS		USD	5,223,468		AUD	6,788,000		5,223,468		5,023,664		199,804
08/24/18		BAR		USD	1,370,804		BRL	5,390,000		1,370,804		1,382,103		(11,299)
08/24/18		BAR		USD	2,864,400		BRL	10,488,000		2,864,400		2,689,331		175,069
07/10/18		UBS		USD	7,373,138		CAD	9,479,000		7,373,138		7,211,692		161,446
07/10/18		BAR		USD	1,496,924		JPY	158,090,000		1,496,924		1,428,976		67,948
07/10/18		BAR		USD	3,863,191		PLN	13,167,000		3,863,191		3,515,797		347,394
07/10/18		GS		USD	3,664,129		ZAR	46,184,000		3,664,129		3,361,937		302,192
07/10/18		BAR		USD	4,120,443		ZAR	55,714,000		4,120,443		4,055,668		64,775
Net Unrealized Appreciation (Depreciation)														$948,346

    

Counterparty Abbreviations
BAR	Barclays Bank
CIT	Citibank, NA
GS	Goldman Sachs
UBS	UBS

See Note 2D – Forward Foreign Currency Contracts in the Notes to Financial Statements.

See Note 2I – Offsetting on the Statement of Assets and Liabilities in the Notes to Financial Statements for a table that presents the forward foreign currency contracts’ assets and liabilities on a gross basis.

(a)	All of these securities are available to serve as collateral for the outstanding loans.
(b)	This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A under 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 Aberdeen Asset Management Inc. (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 June 30, 2018, securities noted as such amounted to $51,412,403 or 34.4% of net assets.
(c)	Floating rate security.
(d)	Zero coupon bond.
(e)	Portfolio securities are included in a country based upon their underlying credit exposure as determined by the Sub-Advisor.
(f)	This security, sold within the terms of a private placement memorandum, is exempt from registration upon resale under Rule 144A under the 1933 Act, and may be resold in transactions exempt from registration, normally to qualified institutional buyers (see Note 2C - Restricted Securities in the Notes to Financial Statements).
(g)	This issuer is in default and interest is not being accrued by the Fund, nor paid by the issuer.
(h)	This issuer has filed for bankruptcy protection in a São Paulo state court.

See Notes to Financial Statements

Page 13

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Portfolio of Investments (Continued)

June 30, 2018 (Unaudited)

(i)	Fixed-to-floating or fixed-to-variable rate security. The interest rate shown reflects the fixed rate in effect at June 30, 2018. At a predetermined date, the fixed rate will change to a floating rate or a variable rate.
(j)	Perpetual maturity.
(k)	Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of June 30, 2018, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $5,843,929 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $15,536,302. The net unrealized depreciation was $9,692,373. The amounts presented are inclusive of derivative contracts.

    

LIBOR

London Interbank Offered Rate

Valuation Inputs

A summary of the inputs used to value the Fund’s investments as of June 30, 2018 is as follows (see Note 2A - Portfolio Valuation in the Notes to Financial Statements):

ASSETS TABLE
	Total Value at 6/30/2018	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Foreign Sovereign Bonds and Notes*	$ 151,471,189	$ —	$ 151,471,189	$ —
Foreign Corporate Bonds and Notes*	40,078,860	—	40,078,860	—
U.S. Government Bonds and Notes	12,650,356	—	12,650,356	—
Total Investments	204,200,405	—	204,200,405	—
Forward Foreign Currency Contracts	1,329,356	—	1,329,356	—
Total	$ 205,529,761	$—	$ 205,529,761	$—
LIABILITIES TABLE
	Total Value at 6/30/2018	Level 1 Quoted Prices	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Forward Foreign Currency Contracts	$ (381,010)	$—	$ (381,010)	$—

    

*	See Portfolio of Investments for country breakout.

All transfers in and out of the Levels during the period are assumed to occur on the last day of the period at their current value. There were no transfers between Levels at June 30, 2018.

Page 14

See Notes to Financial Statements

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Portfolio of Investments (Continued)

June 30, 2018 (Unaudited)

Currency Exposure Diversification	% of Total Investments†
USD	50.9%
EUR	9.0
JPY	5.7
RUB	4.5
TRY	4.0
MXN	3.6
PLN	3.0
PEN	2.6
IDR	2.1
GBP	2.1
BRL	2.1
ZAR	2.0
MYR	1.5
NGN	1.4
ARS	1.0
INR	0.8
GHS	0.7
AUD	0.6
CZK	0.6
CAD	0.5
SEK	0.5
NOK	0.4
UAH	0.4
Total	100.0%

    

†	The weightings include the impact of currency forwards.

    

Currency Abbreviations
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CZK	Czech Republic Koruna
EUR	Euro
GBP	British Pound Sterling
GHS	Ghanaian Cedis
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
MXN	Mexican Peso
MYR	Malaysian Ringgit
NGN	Nigerian Naira
NOK	Norwegian Krone
PEN	Peruvian Nuevo Sol
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
TRY	Turkish Lira
UAH	Ukrainian Hryvnia
USD	United States Dollar
ZAR	South African Rand

See Notes to Financial Statements

Page 15

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Statement of Assets and Liabilities

June 30, 2018 (Unaudited)

ASSETS:
Investments, at value (Cost $214,841,124)	$ 204,200,405
Cash	3,395,155
Foreign currency (Cost $234,662)	225,816
Unrealized appreciation on forward foreign currency contracts	1,329,356
Receivables:
Interest	4,036,057
Investment securities sold	372,964
Prepaid expenses	18,958
Total Assets	213,578,711
LIABILITIES:
Outstanding loans	63,006,528
Unrealized depreciation on forward foreign currency contracts	381,010
Payables:
Investment securities purchased	344,446
Investment advisory fees	175,584
Due to broker	119,807
Interest and fees on loans	42,270
Audit and tax fees	33,655
Custodian fees	28,345
Administrative fees	18,322
Printing fees	18,214
Transfer agent fees	3,005
Financial reporting fees	771
Trustees’ fees and expenses	59
Other liabilities	764
Total Liabilities	64,172,780
NET ASSETS	$149,405,931
NET ASSETS consist of:
Paid-in capital	$ 173,522,291
Par value	129,503
Accumulated net investment income (loss)	(3,916,238)
Accumulated net realized gain (loss) on investments, forward foreign currency contracts and foreign currency transactions	(13,414,060)
Net unrealized appreciation (depreciation) on investments, forward foreign currency contracts and foreign currency translation	(6,915,565)
NET ASSETS	$149,405,931
NET ASSET VALUE, per Common Share (par value $0.01 per Common Share)	$11.54
Number of Common Shares outstanding (unlimited number of Common Shares has been authorized)	12,950,337

Page 16

See Notes to Financial Statements

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Statement of Operations

For the Six Months Ended June 30, 2018 (Unaudited)

INVESTMENT INCOME:
Interest (net of foreign withholding tax of $19,083)		$ 6,732,086
Other		1,569
Total investment income		6,733,655
EXPENSES:
Investment advisory fees		1,123,296
Interest and fees on loans		729,604
Custodian fees		109,664
Administrative fees		67,752
Printing fees		34,503
Audit and tax fees		28,914
Transfer agent fees		17,616
Legal fees		13,787
Trustees’ fees and expenses		8,128
Listing expense		7,103
Financial reporting fees		4,625
Other		9,679
Total expenses		2,154,671
NET INVESTMENT INCOME (LOSS)		4,578,984
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on:
Investments		(1,320,912)
Forward foreign currency contracts		(594,412)
Foreign currency transactions		(338,187)
Foreign capital gains tax		(56,167)
Net realized gain (loss)		(2,309,678)
Net change in unrealized appreciation (depreciation) on:
Investments		(16,361,014)
Forward foreign currency contracts		1,436,278
Foreign currency translation		211,978
Deferred foreign capital gains tax		57,223
Net change in unrealized appreciation (depreciation)		(14,655,535)
NET REALIZED AND UNREALIZED GAIN (LOSS)		(16,965,213)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$(12,386,229)

See Notes to Financial Statements

Page 17

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Statements of Changes in Net Assets

	Six Months Ended 6/30/2018 (Unaudited)		Year Ended 12/31/2017
OPERATIONS:
Net investment income (loss)	$ 4,578,984		$ 11,109,128
Net realized gain (loss)	(2,309,678)		(2,216,986)
Net change in unrealized appreciation (depreciation)	(14,655,535)		18,077,333
Net increase (decrease) in net assets resulting from operations	(12,386,229)		26,969,475
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income	(5,827,652)		(5,641,828)
Return of capital	—		(7,956,025)
Total distributions to shareholders	(5,827,652)		(13,597,853)
CAPITAL TRANSACTIONS:
Purchase of Common Shares pursuant to a tender offer	—		(54,234,272)
Net increase (decrease) in net assets resulting from capital transactions	—		(54,234,272)
Total increase (decrease) in net assets	(18,213,881)		(40,862,650)
NET ASSETS:
Beginning of period	167,619,812		208,482,462
End of period	$ 149,405,931		$ 167,619,812
Accumulated net investment income (loss) at end of period	$(3,916,238)		$(2,667,570)
CAPITAL TRANSACTIONS were as follows:
Common Shares at beginning of period	12,950,337		17,267,115
Common Shares purchased pursuant to a tender offer (a)	—		(4,316,778)
Common Shares repurchased (b)	—		—
Common Shares at end of period	12,950,337		12,950,337

    

(a)

On May 25, 2017, the Fund commenced a tender offer for up to 25% of its outstanding common shares for cash at a price per share equal to 98% of the net asset value per share determined on the expiration date. The Fund’s tender offer expired at 5:00 p.m. New York City time on Friday, June 23, 2017. Because the Fund’s tender offer was oversubscribed, the Fund repurchased 4,316,778 (25%) of its outstanding common shares on a pro-rata basis based on the number of shares properly tendered.

(b)

On September 15, 2015, the Fund commenced a Share repurchase program. The program originally expired on March 15, 2016, but the Board of Trustees of the Fund has subsequently authorized the continuation of the Fund’s share repurchase program until March 15, 2019. The Fund did not repurchase any shares during the six months ended June 30, 2018, and the year ended December 31, 2017. The Fund expects to continue the share repurchase program until the earlier of (i) the repurchase of an additional 727,422 common shares (for an aggregate of 870,510) or (ii) March 15, 2019.

Page 18

See Notes to Financial Statements

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Statement of Cash Flows

For the Six Months Ended June 30, 2018 (Unaudited)

Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$(12,386,229)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Purchases of investments	(70,022,917)
Sales, maturities and paydown of investments	72,589,776
Net amortization/accretion of premiums/discounts on investments	298,017
Net realized gain/loss on investments	1,320,912
Net change in unrealized appreciation/depreciation on investments	16,361,014
Net change in unrealized appreciation/depreciation on forward foreign currency contracts	(1,436,278)
Changes in assets and liabilities:
Increase in interest receivable	(147,079)
Increase in prepaid expenses	(17,341)
Increase in interest and fees payable on loans	2,339
Increase in due to broker	113,050
Decrease in investment advisory fees payable	(19,020)
Decrease in audit and tax fees payable	(24,869)
Decrease in legal fees payable	(1,733)
Decrease in printing fees payable	(7,018)
Decrease in administrative fees payable	(1,778)
Decrease in custodian fees payable	(24,574)
Decrease in transfer agent fees payable	(3,717)
Increase in Trustees’ fees and expenses payable	33
Decrease in deferred foreign capital gains tax	(57,223)
Increase in other liabilities payable	217
Cash provided by operating activities		$6,535,582
Cash flows from financing activities:
Distributions to Common Shareholders from net investment income	(5,827,652)
Effect of exchange rate changes on Euro Loans (a)	(302,025)
Cash used in financing activities		(6,129,677)
Increase in cash and foreign currency (b)		405,905
Cash and foreign currency at beginning of period		3,215,066
Cash and foreign currency at end of period		$3,620,971
Supplemental disclosure of cash flow information:
Cash paid during the period for interest and fees		$727,265

    

(a)	This amount is a component of net change in unrealized appreciation (depreciation) on foreign currency translation as shown on the Statement of Operations.
(b)	Includes net change in unrealized appreciation (depreciation) on foreign currency of $(90,047), which does not include the effect of exchange rate changes on Euro borrowings.

See Notes to Financial Statements

Page 19

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

Financial Highlights

For a Common Share outstanding throughout each period

	Six Months Ended 6/30/2018 (Unaudited)		Year Ended December 31,
			2017		2016		2015		2014		2013
Net asset value, beginning of period	$ 12.94		$ 12.07		$ 11.66		$ 13.77		$ 15.32		$ 18.37
Income from investment operations:
Net investment income (loss)	0.35		0.72		0.73		0.82		1.03		1.07
Net realized and unrealized gain (loss)	(1.30)		0.98		0.58		(1.80)		(1.22)		(2.56)
Total from investment operations	(0.95)		1.70		1.31		(0.98)		(0.19)		(1.49)
Distributions paid to shareholders from:
Net investment income	(0.45)		(0.37)		(0.43)		—		(0.71)		(1.08)
Net realized gain	—		—		—		—		(0.13)		(0.13)
Return of capital	—		(0.53)		(0.47)		(1.14)		(0.52)		(0.35)
Total distributions paid to Common Shareholders	(0.45)		(0.90)		(0.90)		(1.14)		(1.36)		(1.56)
Common Share repurchases	—		—		—		0.01		—		—
Tender offer purchases	—		0.07		—		—		—		—
Net asset value, end of period	$11.54		$12.94		$12.07		$11.66		$13.77		$15.32
Market value, end of period	$10.03		$11.66		$11.16		$10.13		$12.04		$14.05
Total return based on net asset value (a)	(7.20)%		15.91%		12.39%		(6.03)%		(0.84)%		(7.91)%
Total return based on market value (a)	(10.42)%		12.88%		19.61%		(6.63)%		(5.46)%		(13.13)%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$ 149,406		$ 167,620		$ 208,482		$ 201,262		$ 239,807		$ 266,682
Ratio of total expenses to average net assets	2.66% (b)		2.52%		2.19%		2.10%		2.16%		2.10%
Ratio of total expenses to average net assets excluding interest expense	1.76% (b)		1.84%		1.71%		1.71%		1.76%		1.72%
Ratio of net investment income (loss) to average net assets	5.66% (b)		5.81%		5.93%		6.42%		6.79%		6.41%
Portfolio turnover rate	30%		54%		64%		61%		61%		56%
Indebtedness:
Total loans outstanding (in 000’s)	$ 63,007		$ 63,309		$ 82,421		$ 86,243		$ 97,405		$ 98,966
Asset coverage per $1,000 of indebtedness (c)	$ 3,371		$ 3,648		$ 3,529		$ 3,334		$ 3,462		$ 3,695

    

(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 per share for net asset value returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year. Past performance is not indicative of future results.
(b)	Annualized.
(c)	Calculated by subtracting the Fund’s total liabilities (not including the loan outstanding) from the Fund’s total assets, and dividing by the outstanding loan balance in 000’s.

Page 20

See Notes to Financial Statements

Notes to Financial Statements

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

June 30, 2018 (Unaudited)

1. Organization

First Trust/Aberdeen Global Opportunity Income Fund (the “Fund”) is a diversified, closed-end management investment company organized as a Massachusetts business trust on September 2, 2004, and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund trades under the ticker symbol FAM on the New York Stock Exchange (“NYSE”).

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.

2. Significant Accounting Policies

The Fund is considered an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The preparation of the 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 Fund’s 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 at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent last sale or official closing prices from a national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by the Pricing Committee of the Fund’s investment advisor, First Trust Advisors L.P. (“First Trust” or the “Advisor”), in accordance with valuation procedures adopted by the Fund’s Board of Trustees, and in accordance with provisions of the 1940 Act. Investments valued by the Advisor’s Pricing Committee, if any, are footnoted as such in the footnotes to the Portfolio of Investments. The Fund’s investments are valued as follows:

Bonds, notes, and other debt securities are fair valued on the basis of valuations provided by dealers who make markets in such securities or by a third-party 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.

Fixed income and other debt securities having a remaining maturity of sixty days or less when purchased are fair valued at cost adjusted for amortization of premiums and accretion of discounts (amortized cost), provided the Advisor’s Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer-specific conditions existing at the time of the determination. Factors that may be considered in determining the appropriateness of the use of amortized cost include, but are not limited to, the following:

1)	the credit conditions in the relevant market and changes thereto;
2)	the liquidity conditions in the relevant market and changes thereto;
3)	the interest rate conditions in the relevant market and changes thereto (such as significant changes in interest rates);

Page 21

Notes to Financial Statements (Continued)

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

June 30, 2018 (Unaudited)

4)	issuer-specific conditions (such as significant credit deterioration); and
5)	any other market-based data the Advisor’s Pricing Committee considers relevant. In this regard, the Advisor’s Pricing Committee may use last-obtained market-based data to assist it when valuing portfolio securities using amortized cost.

Forward foreign currency contracts are fair 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 a third-party pricing service.

Certain securities may not be able to be priced by pre-established pricing methods. Such securities may be valued by the Fund’s Board of Trustees or its delegate, the Advisor’s Pricing Committee, at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended (the “1933 Act”)) for which a third-party pricing service is unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund’s NAV or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security’s fair value. As a general principle, the current fair value of a security would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, 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 Aberdeen Asset Management Inc.’s (“Aberdeen” or the “Sub-Advisor”) 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:

•	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.
•	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.

Page 22

Notes to Financial Statements (Continued)

First Trust/Aberdeen Global Opportunity Income Fund (FAM)

June 30, 2018 (Unaudited)

•	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 methodologies 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 June 30, 2018, is included with the Fund’s Portfolio of Investments.

B. Security Transactions and Investment Income

Security 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 on the accrual basis. Amortization of premiums and accretion of discounts are recorded by using the effective interest method.