Filing Details

 

1	NAME OF REPORTING PERSON   Karpus Investment Management
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) x   (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS   AF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)		¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION   NEW YORK
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER   3,386,613
	8	SHARED VOTING POWER   -
	9	SOLE DISPOSITIVE POWER   3,386,613
	10	SHARED DISPOSITIVE POWER   -
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   3,386,613
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES		o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)   19.6%
14	TYPE OF REPORTING PERSON   IA

 

1	NAME OF REPORTING PERSON   George W. Karpus
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) x   (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS                   AF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)		¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION   NEW YORK
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER   11,910*
	8	SHARED VOTING POWER   17,300*
	9	SOLE DISPOSITIVE POWER   11,910*
	10	SHARED DISPOSITIVE POWER   17,300*
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   29,210*
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES		o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)   Less than 1%
14	TYPE OF REPORTING PERSON   OO

 

Item 1.

Security and Issuer.

 

Item 2.

Identity and Background.

 

 

 

 

 

Item 3.

Source and Amount of Funds or Other Consideration.

 

Item 4.

Purpose of Transaction..

 

 

 

 

 

Item 5.

Interest in Securities of the Issuer.

 

 

 

 

 

Name	Position & Present Principal Occupation	Business Address	Shares Owned
George W. Karpus	President, CEO, and Chairman of the Board	183 Sully’s Trail, Pittsford, New York 14534	See Above
Kathleen Finnerty Crane	Chief Financial Officer and Chief Compliance Officer	183 Sully’s Trail, Pittsford, New York 14534	50 Shares
Dana R. Consler	Executive Vice President	183 Sully’s Trail, Pittsford, New York 14534	None
Thomas M. Duffy	Vice President	183 Sully’s Trail, Pittsford, New York 14534	None
Sharon L. Thornton	Senior Director of Investments	183 Sully’s Trail, Pittsford, New York 14534	None
Daniel L. Lippincott	Sr. Tax-Sensitive Manager and Director of Investment Personnel	183 Sully’s Trail, Pittsford, New York 14534	None

 

 

 

 

Nature of the Transaction

Securities Purchased/(Sold)

Price Per Share($)

Date of Purchase / Sale

Purchase of Common Stock	12,383	$11.67	9/12/2016
Purchase of Common Stock	33,925	$11.66	9/13/2016
Purchase of Common Stock	6,000	$11.55	9/14/2016
Purchase of Common Stock	900	$11.48	9/15/2016
Purchase of Common Stock	1,146	$11.46	9/16/2016
Purchase of Common Stock	354	$11.49	9/19/2016
Sale of Common Stock	(1,000)	$11.52	9/20/2016
Purchase of Common Stock	7,344	$11.72	9/26/2016
Purchase of Common Stock	14,159	$11.78	9/28/2016
Purchase of Common Stock	2,600	$11.80	9/29/2016
Purchase of Common Stock	1,825	$11.76	9/30/2016
Purchase of Common Stock	11,531	$11.67	10/3/2016
Purchase of Common Stock	15,296	$11.59	10/4/2016
Purchase of Common Stock	900	$11.61	10/5/2016
Purchase of Common Stock	4,005	$11.56	10/6/2016
Purchase of Common Stock	3,000	$11.54	10/7/2016
Purchase of Common Stock	6,000	$11.52	10/10/2016
Purchase of Common Stock	5,264	$11.48	10/11/2016
Purchase of Common Stock	400	$11.50	10/12/2016
Purchase of Common Stock	6,470	$11.43	10/13/2016
Purchase of Common Stock	6,678	$11.41	10/14/2016
Purchase of Common Stock	8,173	$11.22	10/17/2016
Sale of Common Stock	(1,800)	$11.23	10/18/2016
Purchase of Common Stock	494	$11.38	10/19/2016
Purchase of Common Stock	6,400	$11.42	10/20/2016
Purchase of Common Stock	5,121	$11.44	10/21/2016
Purchase of Common Stock	7,480	$11.41	10/24/2016
Purchase of Common Stock	100	$11.38	10/25/2016
Purchase of Common Stock	37	$11.45	10/26/2016
Purchase of Common Stock	25,000	$11.49	10/27/2016
Purchase of Common Stock	500	$11.48	10/28/2016
Purchase of Common Stock	5,442	$11.47	10/31/2016
Purchase of Common Stock	4,071	$11.38	11/1/2016
Purchase of Common Stock	41,277	$11.31	11/2/2016
Purchase of Common Stock	2,897	$11.30	11/3/2016
Purchase of Common Stock	13,374	$11.29	11/4/2016
Purchase of Common Stock	6,498	$11.30	11/7/2016
Purchase of Common Stock	616	$11.30	11/8/2016
Purchase of Common Stock	6,400	$11.28	11/9/2016
Purchase of Common Stock	31,498	$11.10	11/10/2016

This letter shall serve as notice to the First Trust/Aberdeen Global Opportunity Income Fund ("FAM" or the "Fund"), as to Karpus Management, Inc.'s ("Karpus") timely submittal of a shareholder proposal pursuant to Rule 14a-8 of the Securities Exchange Act of 1934 for presentation to FAM shareholders at the Fund's next annual shareholders' meeting anticipated to be held in April 2017, or any postponement or adjournment thereof (the "Meeting"). Karpus' non-binding 14a-8 shareholder proposal (the "Proposal") is as follows: BE IT RESOLVED, the shareholders of the First Trust/Aberdeen Global Opportunity Income Fund ("FAM" or the "Fund") request that the Trustees promptly consider authorizing a self-tender offer for all outstanding common shares of the Fund at or close to net asset value ("NAV"). If more than 50% of the Fund's outstanding common shares are tendered, the tender offer should be cancelled and the Board should take the steps necessary to liquidate, merge, or convert the Fund to an open-end mutual fund or exchange traded fund. Supporting Statement In closed-end funds, the Trustees' job is to manage the discount and the manager. The manager's job is to manage the assets of the fund. First, with respect to managing FAM's discount, the Trustees have failed. The Fund announced a token repurchase of 5% before last year's prospectus measurement period (September 2015) and only repurchased 0.8% of the Fund's shares at a weighted average discount of over 15%. This year, again just ahead of the Fund's prospectus measurement period, the Fund announced another buyback, again for up to a measly 5%. What better investment could the Fund make than to invest in its own securities and buy them for $0.85 on the dollar in 2015 or now for $0.88-$0.90? Does the Fund not have conviction in its own strategy? Next, with respect to the Advisor, First Trust Advisors L.P., the Trustees acknowledged in the Fund's annual statement that based on third party information provided to it by Management Practice, Inc. ("MPI"), FAM's net asset value performance has lagged its MPI peer group for multiple periods ended 12/31/2015. The Trustees also acknowledged that the Fund underperformed its blended benchmark for multiple periods ended 12/31/2015. Adding fuel to the fire, MPI's data indicated above median advisory fee rates. The Advisor also indicated it didn't anticipate further benefits to the Fund from economies of scale "over the next twelve months as the Advisor continues to make investments in personnel and infrastructure." As an investor, we cannot understand why the Trustees would not take more aggressive or committed measures to address the Fund's persistent discount. The Fund's own prospectus anticipates that it may need to take action from time to time to reduce a persistent discount. Now is clearly that time. Our proposal, if approved and implemented, would take steps toward the type of action that it doesn't appear the Trustees are willing to consider on behalf of shareholders. It is no wonder that a Fund that has underperformed its peer group and expects to keep paying higher than median advisory fee rates would trade at a persistent discount. Simply put, the Fund's excessive discount level indicates that the market has lost faith in the Adviser's and Board's ability to significantly add to shareholder value. Now is the time for more effective action. Please vote FOR Karpus' Proposal and tell our Fund's Trustees that you want them to take more effective action to narrow FAM's discount. END OF PROPOSAL As is required by Rule 14a-8, attached as Exhibits 1 and 2 are letters from U. S. Bank N.A. and the "record" holder of the referenced shares, verifying that the referenced shares were continuously and beneficially owned, and had a market value of $2,000 or more, for at least a one year period prior to the date of the submittal of the above Proposal. Karpus intends to hold the shares referenced through the date of the Meeting. In reviewing the Fund's filings, we also came across one additional item which requires clarification. With respect to the Exhibit to the Fund's Semi-Annual Statement, Form NSAR-A, filed with the U.S. Securities and Exchange Commission on August 26, 2016, we noticed that 100% of FAM's outstanding securities were indicated to be cast in the election of Messrs. Bowen and Nielson. As the Fund's Advisor, legal counsel, and proxy solicitor know well, voter turnout for closed-end fund meetings is typically quite low. Here, the Fund is saying that not one shareholder forgot to cast their vote at FAM's 2016 shareholder meeting. This simply doesn't make sense. Please advise us immediately if this notice is deficient in any way or if any additional information is required so that Karpus may promptly provide it in order to cure any deficiency. Also, thank you in advance for your prompt attention to our question with respect to 2016's Annual Meeting voter turnout.

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Exhibit 1
U.S. Bank N.A. Letter

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Exhibit 2
Cede & Co. Letter

 

In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including additional amendments thereto), dated the date hereof, with respect to the shares of Common Stock of the First Trust/Aberdeen Global Opportunity Income Fund. This Joint Filing Agreement shall be filed as an Exhibit to such statement. November 14, 2016