As filed with the Securities and Exchange Commission on October 19, 2010.
===============================================================================
                                                   1933 Act File No. 333-134540
                                                    1940 Act File No. 811-21905


                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 14A

           PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
                      EXCHANGE ACT OF 1934 (AMENDMENT NO.  )

Filed by the registrant [X]
Filed by a party other than the registrant [ ]

Check the appropriate box:

[ ] Preliminary proxy statement.
[ ] Confidential, for use of the Commission only (as permitted by
    Rule 14a-6(e)(2)).
[X] Definitive proxy statement.
[ ] Definitive additional materials.
[ ] Soliciting material pursuant to Section 240.14a-12


                 FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND
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                (Name of Registrant as Specified in Its Charter)


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    (Name of Person(s) Filing Proxy Statement if Other Than the Registrant)


Payment of filing fee (check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

     (1) Title of each class of securities to which transaction applies:

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     (2) Aggregate number of securities to which transaction applies:

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     (3) Per unit price or other underlying value of transaction computed
         pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
         filing fee is calculated and state how it was determined):

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     (4) Proposed maximum aggregate value of transaction:

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     (5) Total fee paid:

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     [ ] Fee paid previously with preliminary materials.

     [ ] Check box if any part of the fee is offset as provided by Exchange
         Act Rule 0-11(a)(2) and identify the filing for which the offsetting
         fee was paid previously. Identify the previous filing by registration
         statement number, or the form or schedule and the date of its filing.

     (1) Amount Previously Paid:

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     (2) Form, Schedule or Registration Statement No.:

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     (3) Filing Party:

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     (4) Date Filed:







              FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
                 FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND

                       120 East Liberty Drive, Suite 400
                            Wheaton, Illinois 60187

                                October 19, 2010

Dear Shareholder:

      The accompanying materials relate to the Joint Special Meetings of
Shareholders (referred to as the "Meeting") of First Trust/Aberdeen Global
Opportunity Income Fund and First Trust/Aberdeen Emerging Opportunity Fund
(each, a "Fund" and collectively, the "Funds"). The Meeting will be held at the
offices of First Trust Advisors L.P., 120 East Liberty Drive, Suite 400,
Wheaton, Illinois 60187, on Monday, December 6, 2010, at 4:00 p.m. Central time.

      At the Meeting, you will be asked (i) to consider and vote on a proposal
to approve a new investment management agreement (the "New Advisory Agreement")
between your Fund and its current investment advisor, First Trust Advisors L.P.
("First Trust Advisors" or the "Advisor"), (ii) to consider and vote on a
proposal to approve a new investment sub-advisory agreement (the "New
Sub-Advisory Agreement") among your Fund, the Advisor and its current investment
sub-advisor, Aberdeen Asset Management Inc. ("Aberdeen" or the "Sub-Advisor")
and (iii) to transact any other business as may properly come before the Meeting
and any adjournments or postponements thereof.

      Upon the closing on October 12, 2010 of a transaction (the "Transaction"),
which, as described in the accompanying Joint Proxy Statement, resulted in a
"change in control" of First Trust Advisors, the investment management agreement
between your Fund and the Advisor automatically terminated in accordance with
its terms. Moreover, the closing of the Transaction may have also resulted in
the automatic termination of the investment sub-advisory agreement among your
Fund, Aberdeen and the Advisor. The Advisor and the Sub-Advisor continue to
provide investment advisory and sub-advisory services, respectively, to each
Fund on an interim basis, as permitted by the Investment Company Act of 1940.
However, in order for them to continue to provide services to each Fund beyond
the interim period, as indicated above, shareholders of each Fund will be asked
at the Meeting to vote to approve the respective New Advisory Agreement and New
Sub-Advisory Agreement. The Board of Trustees of each Fund is recommending that
shareholders approve both of these agreements.

      Some important facts to note about the Transaction are:

      o     The Transaction had no effect on the number of Fund shares you own
            or the value of those Fund shares.






      o     Subject to shareholder approval, First Trust Advisors and Aberdeen
            will continue to provide investment advisory and sub-advisory
            services, respectively, to each Fund.

      o     The contractual advisory and sub-advisory fee rates will not
            increase.

      o     The Transaction is not expected to result in a change in the persons
            responsible for the management of the Funds or in the operations of
            the Funds, or in any changes in the investment approach of the
            Funds.

      YOUR VOTE IS IMPORTANT. Please take a moment now to vote, either by
completing and returning your proxy card(s) in the enclosed postage-paid return
envelope, by telephone or through the Internet. Your prompt response will be
much appreciated.

      We appreciate your participation in this important Meeting.

         Thank you.

                                        Sincerely,

                                        /s/ James A. Bowen

                                        James A. Bowen
                                        Chairman of each Board of Trustees

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

      IF YOU NEED ANY ASSISTANCE, OR HAVE ANY QUESTIONS REGARDING THE PROPOSALS
OR HOW TO VOTE YOUR SHARES, CALL YOUR FUND'S PROXY SOLICITOR, THE ALTMAN GROUP,
INC., AT (866) 530-8634 WEEKDAYS FROM 9:00 A.M. TO 10:00 P.M. EASTERN TIME.

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                                     - 2 -





              FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND
                 FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND

                       120 EAST LIBERTY DRIVE, SUITE 400
                            WHEATON, ILLINOIS 60187

                NOTICE OF JOINT SPECIAL MEETINGS OF SHAREHOLDERS

                         TO BE HELD ON DECEMBER 6, 2010

October 19, 2010

To the Shareholders of First Trust/Aberdeen Global Opportunity Income Fund and
First Trust/Aberdeen Emerging Opportunity Fund:

      Notice is hereby given that the Joint Special Meetings of Shareholders
(referred to as the "Meeting") of First Trust/Aberdeen Global Opportunity Income
Fund and First Trust/Aberdeen Emerging Opportunity Fund (each, a "Fund" and
collectively, the "Funds"), each a Massachusetts business trust, will be held on
Monday, December 6, 2010, at the offices of First Trust Advisors L.P., 120 East
Liberty Drive, Suite 400, Wheaton, Illinois 60187, at 4:00 p.m. Central time,
for the following purposes:

              1. For each Fund, to approve a new investment management agreement
      between such Fund and First Trust Advisors L.P., as investment advisor.

              2. For each Fund, to approve a new investment sub-advisory
      agreement among such Fund, First Trust Advisors L.P., as investment
      advisor, and Aberdeen Asset Management Inc., as investment sub-advisor.

              3. For each Fund, to transact any other business as may properly
      come before the Meeting (including any adjournments or postponements
      thereof).

      The close of business on September 30, 2010 has been fixed as the record
date for the determination of Shareholders entitled to notice of, and to vote
at, the Meeting and any adjournments or postponements thereof.

                                        By Order of the Boards of Trustees,

                                        /s/ W. Scott Jardine

                                        W. Scott Jardine
                                        Secretary








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      IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE MEETING. IN ORDER
TO AVOID DELAY AND TO ENSURE THAT YOUR SHARES ARE REPRESENTED, PLEASE VOTE AS
PROMPTLY AS POSSIBLE. YOU MAY VOTE EASILY AND QUICKLY BY MAIL, TELEPHONE OR
THROUGH THE INTERNET. TO VOTE BY MAIL, PLEASE COMPLETE AND MAIL YOUR PROXY
CARD(S) IN THE ENCLOSED POSTAGE-PAID RETURN ENVELOPE. ALTERNATIVELY,
SHAREHOLDERS MAY VOTE BY TELEPHONE OR THROUGH THE INTERNET BY FOLLOWING THE
INSTRUCTIONS ON THE PROXY CARD. IF YOU NEED ANY ASSISTANCE, OR HAVE ANY
QUESTIONS REGARDING THE PROPOSALS OR HOW TO VOTE YOUR SHARES, CALL YOUR FUND'S
PROXY SOLICITOR, THE ALTMAN GROUP, INC., AT (866) 530-8634 WEEKDAYS FROM 9:00
A.M. TO 10:00 P.M. EASTERN TIME.

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                                     - 2 -





                 FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME
              FUND FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND

                     JOINT SPECIAL MEETINGS OF SHAREHOLDERS
                         TO BE HELD ON DECEMBER 6, 2010

                       120 East Liberty Drive, Suite 400
                            Wheaton, Illinois 60187

                             JOINT PROXY STATEMENT

                                October 19, 2010

      THIS JOINT PROXY STATEMENT AND THE ENCLOSED PROXY CARD WILL FIRST BE
MAILED TO SHAREHOLDERS ON OR ABOUT OCTOBER 19, 2010.

      This Joint Proxy Statement is furnished by the Boards of Trustees (each, a
"Board" and collectively, the "Boards") of First Trust/Aberdeen Global
Opportunity Income Fund and First Trust/Aberdeen Emerging Opportunity Fund
(each, a "Fund" and collectively, the "Funds"), each a Massachusetts business
trust, in connection with the solicitation by the Boards of proxies to be voted
at the Joint Special Meetings of Shareholders of the Funds to be held on Monday,
December 6, 2010, at the offices of First Trust Advisors L.P., located at 120
East Liberty Drive, Suite 400, Wheaton, Illinois 60187, at 4:00 p.m. Central
time and at any and all adjournments or postponements thereof (referred to
collectively as the "Meeting"). A Notice of Joint Special Meetings of
Shareholders and a proxy card accompany this Joint Proxy Statement. The Boards
of the Funds have determined that the use of this Joint Proxy Statement is in
the best interests of each Fund in light of the same matters being considered
and voted on by shareholders.

      The Boards have fixed the close of business on September 30, 2010 as the
record date (the "Record Date") for the determination of shareholders of each
Fund entitled to notice of, and to vote at, the Meeting.

      As discussed more fully below, shareholders of each Fund are being asked:

              1. To approve a new investment management agreement (the "New
      Advisory Agreement"), between the Fund and First Trust Advisors L.P.
      ("First Trust Advisors" or the "Advisor"), the investment advisor to the
      Fund.

              2. To approve a new investment sub-advisory agreement (the "New
      Sub-Advisory Agreement"), among the Fund, First Trust Advisors, as
      investment advisor, and Aberdeen Asset Management Inc. ("Aberdeen" or the
      "Sub-Advisor"), the investment sub-advisor to the Fund.

              3. To transact any other business as may properly come before the
      Meeting (including any adjournments or postponements).

      Each Fund has one class of shares of beneficial interest, par value $0.01
per share, known as common shares ("Shares"). Shareholders of record on the
Record Date are entitled to one vote for each Share the shareholder owns and a
proportionate fractional vote for any fraction of a Share the shareholder owns.






      On the Record Date, each Fund had the following number of Shares
outstanding:


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

FUND AND TICKER SYMBOL                                      SHARES OUTSTANDING
----------------------------------------------------------- --------------------

First Trust/Aberdeen Global Opportunity Income (FAM)        17,365,236
----------------------------------------------------------- --------------------

Fund First Trust/Aberdeen Emerging Opportunity Fund (FEO)   5,327,785
----------------------------------------------------------- --------------------

      Shares of each Fund are listed on the New York Stock Exchange under the
ticker symbol shown above.

      For shareholders voting by mail, if the enclosed proxy card is properly
executed and returned in time to be voted at the Meeting, the Shares represented
thereby will be voted in accordance with the instructions marked thereon or, if
no instructions are marked thereon, will be voted in the discretion of the
persons named on the proxy card. Accordingly, unless instructions to the
contrary are marked thereon, a properly executed and returned proxy will be
voted FOR the proposal to approve the New Advisory Agreement, FOR the proposal
to approve the New Sub-Advisory Agreement and at the discretion of the named
proxies on any other matters that may properly come before the Meeting, as
deemed appropriate. Any shareholder who has given a proxy has the right to
revoke it at any time prior to its exercise either by attending the Meeting and
voting his or her Shares in person, or by timely submitting a letter of
revocation or a later-dated proxy to the applicable Fund at the above address. A
list of shareholders entitled to notice of and to be present and to vote at the
Meeting will be available at the offices of the Funds, 120 East Liberty Drive,
Suite 400, Wheaton, Illinois 60187, for inspection by any shareholder during
regular business hours prior to the Meeting. Shareholders will need to show
valid identification and proof of Share ownership to be admitted to the Meeting
or to inspect the list of shareholders.

      Under the By-Laws of each Fund, a quorum is constituted by the presence in
person or by proxy of the holders of thirty-three and one-third percent
(33-1/3%) of the voting power of the outstanding Shares entitled to vote on a
matter. For the purposes of establishing whether a quorum is present, all Shares
present and entitled to vote, including abstentions and broker non-votes (i.e.,
shares held by brokers or nominees as to which (i) instructions have not been
received from the beneficial owners or the persons entitled to vote and (ii) the
broker or nominee does not have discretionary voting power on a particular
matter), shall be counted. Any meeting of shareholders may be postponed prior to
the meeting with notice to the shareholders entitled to vote at that meeting.
Any meeting of shareholders may, by action of the chairman of the meeting, be
adjourned to permit further solicitation of proxies without further notice with
respect to one or more matters to be considered at such meeting to a designated
time and place, whether or not a quorum is present with respect to such matter.
In addition, upon motion of the chairman of the meeting, the question of
adjournment may be submitted to a vote of the shareholders, and in that case,
any adjournment with respect to one or more matters must be approved by the vote
of holders of a majority of the Shares present and entitled to vote with respect
to the matter or matters adjourned, and without further notice. Unless a proxy
is otherwise limited in this regard, any Shares present and entitled to vote at
a meeting, including broker non-votes, may, at the discretion of the proxies
named therein, be voted in favor of such an adjournment or adjournments.


                                     - 2 -





      Broker-dealer firms holding Shares in "street name" for the benefit of
their customers and clients may request voting instructions from such customers
and clients. Because broker-dealers may be subject to rules which will not
permit them to vote your Shares without instructions, you are encouraged to
contact your broker-dealer and record your voting instructions.

      The expense of preparing, printing and mailing the enclosed proxy,
accompanying notice and this Proxy Statement, and all other costs in connection
with the solicitation of proxies to be voted at the Meeting, will be borne by
the Advisor. The Advisor will also reimburse brokerage firms and others for
their expenses in forwarding proxy solicitation materials to, the person(s) for
whom they hold Shares of each Fund. The solicitation of proxies will begin on or
about October 19, 2010 and will be largely by mail, but may include telephonic,
electronic or oral communication by officers and service providers of the Funds,
as well as affiliates of such service providers. A proxy solicitation firm, The
Altman Group, Inc., has also been engaged to solicit proxies at a cost which is
expected to be approximately $32,524 for First Trust/Aberdeen Global Opportunity
Income Fund and $8,524 for First Trust/Aberdeen Emerging Opportunity Fund. As
indicated above, this cost will be borne by the Advisor.

      IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE
SHAREHOLDER MEETING TO BE HELD ON DECEMBER 6, 2010. THIS JOINT PROXY STATEMENT
IS AVAILABLE ON THE INTERNET AT
HTTP://WWW.FTPORTFOLIOS.COM/LOADCONTENT/GHHUGQJU. THE FUNDS' MOST RECENT ANNUAL
AND SEMI-ANNUAL REPORTS ARE ALSO AVAILABLE ON THE INTERNET AT:

   (i) HTTP://WWW.FTPORTFOLIOS.COM/RETAIL/CEF/CEFFUNDNEWS.ASPX?TICKER=FAM
       (FOR FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND); AND

  (ii) HTTP://WWW.FTPORTFOLIOS.COM/RETAIL/CEF/CEFFUNDNEWS.ASPX?TICKER=FEO
       (FOR FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND).

      THE FUNDS WILL FURNISH, WITHOUT CHARGE, COPIES OF THEIR MOST RECENT ANNUAL
AND SEMI-ANNUAL REPORTS TO ANY SHAREHOLDER UPON REQUEST. TO REQUEST A COPY,
PLEASE WRITE TO THE ADVISOR AT 120 EAST LIBERTY DRIVE, SUITE 400, WHEATON,
ILLINOIS 60187, OR CALL (800) 988-5891.

      YOU MAY CALL (800) 988-5891 FOR INFORMATION ON HOW TO OBTAIN DIRECTIONS TO
BE ABLE TO ATTEND THE MEETING AND VOTE IN PERSON.

      In order that your Shares may be represented at the Meeting, please vote
your proxy as soon as possible either by mail or by telephone or through the
Internet, as indicated on the enclosed proxy card. If voting by mail, you are
requested to:

      o     indicate your instructions on the proxy card;

      o     date and sign the proxy card;

      o     mail the proxy card promptly in the enclosed envelope which requires
            no postage if mailed in the continental United States; and

      o     allow sufficient time for the proxy card to be received BY 4:00 P.M.
            CENTRAL TIME, on MONDAY, DECEMBER 6, 2010. (However, proxies
            received after this date may still be voted in the event of an
            adjournment or postponement of the Meeting to a later date.)


                                     - 3 -





                         BACKGROUND AND REASON FOR VOTE

      The Advisor has served as investment advisor to each Fund since its
inception, initially pursuant to separate investment management agreements
(each, an "Original Advisory Agreement"), between the Advisor and the respective
Fund, and currently, as described below, pursuant to separate interim investment
management agreements (each, an "Interim Advisory Agreement"), also between the
Advisor and the respective Fund. Aberdeen has served as each Fund's sub-advisor
since its inception, and, in this capacity, is responsible for the selection and
on-going monitoring of the securities in each Fund's investment portfolio.
Aberdeen had served as sub-advisor to the Funds pursuant to separate investment
sub-advisory agreements among the respective Fund, the Advisor and Aberdeen
(each, an "Original Sub-Advisory Agreement"), and since October 12, 2010,
Aberdeen has been providing services to the Funds pursuant to separate interim
sub-advisory agreements (each, an "Interim Sub-Advisory Agreement"), also among
the respective Fund, the Advisor and Aberdeen.

      The Advisor is an Illinois limited partnership formed in 1991 and an
investment advisor registered with the Securities and Exchange Commission
("SEC") under the Investment Advisers Act of 1940. The Advisor has one limited
partner, Grace Partners of DuPage L.P. ("Grace Partners"), and one general
partner, The Charger Corporation, and is controlled by Grace Partners and The
Charger Corporation. Grace Partners is a limited partnership that is controlled
by its general partner, The Charger Corporation, and has a number of limited
partners. The Charger Corporation is an Illinois corporation that was previously
controlled by the Robert Donald Van Kampen family. Grace Partners and The
Charger Corporation are each located at 120 East Liberty Drive, Suite 400,
Wheaton, Illinois 60187, and have a primary business that consists of investment
advisory and broker/dealer services through their ownership interests in various
entities. In this regard, in addition to their interests in the Advisor, Grace
Partners is the sole limited partner, and The Charger Corporation is the sole
general partner, of First Trust Portfolios L.P. ("First Trust Portfolios"), a
broker-dealer registered under the Securities Exchange Act of 1934, as amended
(the "1934 Act").

      On August 24, 2010, members of the Robert Donald Van Kampen family entered
into a stock purchase agreement with James A. Bowen, the President of the
Advisor, to sell 100% of the common stock of The Charger Corporation to Mr.
Bowen (who will hold the interest through a limited liability company of which
he is the sole member) (the "Transaction") for $3,000,000 payable at the
Transaction closing. The Transaction was completed in accordance with its terms
on October 12, 2010 (the "Transaction Closing Date"). The Transaction is not
anticipated to result in any changes in the personnel or operations of the
Advisor. Mr. Bowen is a Trustee who is an "interested person" (as defined in the
Investment Company Act of 1940, as amended (the "1940 Act")) of the Fund, the
Chairman of the Board and the President of the Fund, the President of the
Advisor and of First Trust Portfolios and a limited partner of Grace Partners.
In light of the Transaction and his interest in and role with the Advisor, Mr.
Bowen has an interest in Proposal 1.

      As required by the 1940 Act, each Original Advisory Agreement and Original
Sub-Advisory Agreement provided for its automatic termination in the event of
its assignment. The consummation of the Transaction resulted in a change in
control of the Advisor and constituted an "assignment," as that term is defined


                                     - 4 -





in the 1940 Act, of each Original Advisory Agreement, thus having the effect of
automatically terminating each Original Advisory Agreement on the Transaction
Closing Date. In addition, the consummation of the Transaction may have
constituted an "assignment," as that term is defined in the 1940 Act, of each
Original Sub-Advisory Agreement, thus having the effect of also automatically
terminating each Original Sub-Advisory Agreement on the Transaction Closing
Date. Since that date, the Advisor and the Sub-Advisor have served as investment
advisor and investment sub-advisor to each Fund pursuant to the applicable
Interim Advisory Agreement and Interim Sub-Advisory Agreement, respectively.
Shareholders of each Fund are being asked to approve the New Advisory Agreement
and the New Sub-Advisory Agreement for their Fund.

      Shareholders should be aware of the following:

      o     The Transaction had no effect on the number of Fund shares you own
            or the value of those Fund shares.

      o     Subject to shareholder approval, the Advisor and the Sub-Advisor
            will continue to provide investment advisory and sub-advisory
            services, respectively, to each Fund.

      o     The contractual advisory and sub-advisory fee rates will not
            increase.

      o     The Transaction is not expected to result in a change in the persons
            responsible for the management of the Funds or in the operations of
            the Funds, or in any changes in the investment approach of the
            Funds.

      In anticipation of the completion of the Transaction and the termination
of each Original Advisory Agreement and Original Sub-Advisory Agreement, the
Board of each Fund held a meeting on September 20, 2010 (the "Board Meeting"),
at which, after careful consideration (see "BOARD CONSIDERATIONS" below), the
Trustees determined that, following the Transaction, it would be in the best
interests of each Fund for the Advisor to continue to act as investment advisor
to the respective Fund and for Aberdeen to continue to act as investment
sub-advisor to the respective Fund. Accordingly, as permitted under the 1940 Act
and Rule 15a-4 thereunder ("Rule 15a-4"), the Board of Trustees of each Fund,
including all of the Trustees who are not "interested persons" (as defined in
the 1940 Act) of each Fund (the "Independent Trustees"), approved each Interim
Advisory Agreement and Interim Sub-Advisory Agreement to ensure the continuation
of investment advisory and investment sub-advisory services to the respective
Fund. As indicated above, the Interim Advisory Agreements and Interim
Sub-Advisory Agreements have been in effect since the Transaction Closing Date
and, pursuant to Rule 15a-4, will be in effect no longer than through March 11,
2011 (the "Interim Termination Date"), which will occur 150 days after the
termination of each Original Advisory Agreement and Original Sub-Advisory
Agreement (see "PROPOSAL 1 - THE INTERIM ADVISORY AGREEMENTS" and "PROPOSAL 2 -
THE INTERIM SUB-ADVISORY AGREEMENTS" below). In addition, at the Board Meeting,
the Boards approved, subject to shareholder approval, the New Advisory Agreement
and the New Sub-Advisory Agreement of each Fund. If shareholders of a Fund do
not approve the applicable New Advisory Agreement and/or New Sub-Advisory


                                     - 5 -





Agreement, the respective Board will take such action as it deems to be in the
best interests of the Fund.

BOARD CONSIDERATIONS

      The Board of each Fund, including the Independent Trustees, approved the
Interim Advisory Agreement and the New Advisory Agreement for each Fund
(collectively, the "Advisory Agreements") and the Interim Sub-Advisory Agreement
and New Sub-Advisory Agreement for each Fund (collectively, the "Sub-Advisory
Agreements" and together with the Advisory Agreements, the "Agreements") at the
Board Meeting. The Board determined that the terms of the Agreements are fair
and reasonable and that the Agreements are in the best interests of each Fund.
The Board also determined that it believes that the scope and quality of
services to be provided to each Fund under the Agreements will be at least
equivalent to the scope and quality of services provided under each Original
Advisory Agreement and each Original Sub-Advisory Agreement (collectively, the
"Original Agreements").

      On August 25, 2010, the Independent Trustees were informed about the
Transaction, including that the consummation of the Transaction would constitute
a change of control of the Advisor and would result in the "assignment" and
termination of each Original Advisory Agreement and may also result in the
"assignment" and termination of each Original Sub-Advisory Agreement pursuant to
their terms and in accordance with Section 15 of the 1940 Act. On August 31,
2010, counsel to the Independent Trustees forwarded to Mr. Bowen and the Advisor
a request for information regarding the Transaction. At the Board Meeting, the
Board considered the information provided by Mr. Bowen and the Advisor in
response to the Independent Trustees' request for information and considered the
approval of the Agreements.

      To reach its determination for each Fund, the Board considered its duties
under the 1940 Act, as well as under the general principles of state law in
reviewing and approving advisory contracts; the requirements of the 1940 Act in
such matters; the fiduciary duty of investment advisors with respect to advisory
agreements and compensation; the standards used by courts in determining whether
investment company boards have fulfilled their duties; and the factors to be
considered by the Board in voting on such agreements. In connection with its
deliberations regarding the Agreements, the Board noted the Advisor's
representation that apart from their effective and termination dates and any
provisions of the Interim Advisory Agreements and Interim Sub-Advisory
Agreements required by Rule 15a-4, the Advisory Agreements and Sub-Advisory
Agreements were the same in all material respects as the Original Agreements.
The Board noted that it had recently considered the Advisor's and Sub-Advisor's
capabilities and the terms of the Original Agreements at a meeting held on March
21-22, 2010 and had determined to renew the Original Agreements for an
additional one-year term (the "2010 Renewal"). The Board considered that in
connection with the 2010 Renewal, it had received a report from each of the
Advisor and the Sub-Advisor that, among other things, outlined the services
provided by the Advisor and the Sub-Advisor to each Fund (including the relevant
personnel responsible for these services and their experience); the advisory and
sub-advisory fees for each Fund as compared to fees charged to other clients of
the Advisor and the Sub-Advisor and as compared to fees charged by investment
advisors and sub-advisors to comparable funds; expenses of each Fund as compared
to expense ratios of comparable funds; the nature of expenses incurred in


                                     - 6 -





providing services to each Fund and the potential for economies of scale, if
any; financial data on the Advisor and the Sub-Advisor; any fall-out benefits to
the Advisor and the Sub-Advisor; and information on the Advisor's and the
Sub-Advisor's compliance programs. Prior to the Board Meeting, the Advisor
represented to the Board that there had been no material changes to the
information provided in March 2010 and that the Board could continue to rely on
such information. In addition, the Sub-Advisor represented to the Board that,
except for updates to its Form ADV and a new chief compliance officer, there had
been no material changes to the information provided in March 2010 and that the
Board could continue to rely on such information.

      Because the Board determined that any differences between the Original
Agreements and the Agreements were immaterial, the Board determined that much of
its previous analysis in connection with the 2010 Renewal applied to its review
and consideration of the Agreements. Accordingly, the Board took note of such
prior analysis and supplemented it with the additional considerations noted
below. The Independent Trustees also met separately with their independent legal
counsel to discuss the Transaction and their consideration of the Agreements.

      In reviewing the Agreements, the Board considered the nature, quality and
extent of services to be provided by the Advisor and the Sub-Advisor to each
Fund under the Agreements. The Board noted that the Transaction was not expected
to result in any changes to the personnel of the Advisor and Sub-Advisor
responsible for providing services to the Funds. The Board also considered the
representations of both the Advisor and the Sub-Advisor that there will be no
diminution in services provided under the Agreements. In light of the
information presented and the considerations made at the Board Meeting,
including the considerations made in connection with the 2010 Renewal, the Board
concluded that the nature, quality and extent of services to be provided to each
Fund by the Advisor and the Sub-Advisor under the Agreements are expected to be
satisfactory.

      The Board considered the advisory and sub-advisory fees payable by each
Fund under the Agreements, noting that they would be the same as the fees
payable by each Fund under the Original Agreements. The Board considered that in
connection with the 2010 Renewal it had reviewed the advisory fees charged by
the Advisor to similar funds and other non-fund clients, and had noted that the
Advisor does not provide advisory services to clients with investment objectives
and policies similar to the Funds'. The Board also considered that it had
reviewed information provided by the Sub-Advisor as to the fees it charges to
other clients, noting that the Sub-Advisor does not manage any other closed-end
funds directly comparable to either Fund, but that the sub-advisory fee for each
Fund is generally lower than the fees the Sub-Advisor charges to the other North
American closed-end fixed income and equity funds that it manages. The Board
also considered performance information for each Fund, including each Fund's
quarterly performance report, which is part of the process that the Board has
established for monitoring each Fund's performance and portfolio risk on an
ongoing basis. In light of the information presented on the fees and performance
of each Fund and the considerations made at the Board Meeting, including the
considerations made in connection with the 2010 Renewal, the Board concluded
that the advisory and sub-advisory fees for each Fund were reasonable and
appropriate in light of the nature, quality and extent of services expected to
be provided by the Advisor and Sub-Advisor to each Fund under the Agreements.


                                     - 7 -





      The Board noted that the Advisor has continued to invest in personnel and
infrastructure and considered whether fee levels for each Fund reflect any
economies of scale for the benefit of shareholders. The Board concluded that the
advisory fee for each Fund continues to reflect an appropriate level of sharing
of any economies of scale at each Fund's current asset levels. The Board noted
that in connection with the 2010 Renewal it had reviewed the costs of the
services provided and profits realized by the Advisor from serving as investment
manager to each Fund for the twelve months ended December 31, 2009. The Board
considered its prior conclusion that the Advisor's profitability for each Fund
appeared to be not excessive in light of the services provided to each Fund. The
Board considered whether the Advisor derives any ancillary benefits from its
relationship with each Fund and noted that the typical fall-out benefits to the
Advisor such as soft dollars are not present. The Board noted that the Advisor
will receive compensation from each Fund for providing fund reporting services.
The Board concluded that any other fall-out benefits received by the Advisor or
its affiliates would appear to be limited.

      The Board considered the Sub-Advisor's representation in connection with
the 2010 Renewal that because it manages each Fund in a similar fashion to other
accounts it is able to achieve economies of scale through relationships with
brokers, administrative systems and other efficiencies and that while it expects
operating costs in general to continue to rise, it continues to expect to
experience the benefits of economies of scale. The Board considered that the
sub-advisory fee rate for each Fund was negotiated at arm's length between the
Advisor and the Sub-Advisor, an unaffiliated third party. The Board noted that
the Sub-Advisor does not maintain any soft-dollar arrangements and that the
Sub-Advisor indicated that it does not receive any material fall-out benefits
from its relationship to each Fund.

      Based on all of the information considered and the conclusions reached,
the Board, including the Independent Trustees, determined that the terms of the
Agreements are fair and reasonable and that the approval of the Agreements is in
the best interests of each Fund. No single factor was determinative in the
Board's analysis.

      Accordingly, the Board recommends that shareholders of each Fund vote to
approve the New Advisory Agreement and the New Sub-Advisory Agreement on behalf
of their respective Fund.


                                     - 8 -





         PROPOSAL 1: APPROVAL OF NEW ADVISORY AGREEMENTS FOR THE FUNDS

THE ORIGINAL ADVISORY AGREEMENTS

      The Original Advisory Agreement for First Trust/Aberdeen Global
Opportunity Income Fund was dated November 23, 2004 and was approved by the
Fund's initial shareholder on November 16, 2004. The Original Advisory Agreement
for First Trust/Aberdeen Emerging Opportunity Fund was dated August 22, 2006 and
was approved by the Fund's initial shareholder on July 14, 2006. Since the
beginning of each Fund's respective last fiscal year, the continuation of its
Original Advisory Agreement was approved by its Board at meetings held on March
1-2, 2009 and March 21-22, 2010.

THE INTERIM ADVISORY AGREEMENTS

      Many of the terms of each Interim Advisory Agreement are the same as those
of the respective Original Advisory Agreement; however, in addition to various
updates, there are differences in provisions relating to the effective date and,
consistent with the requirements of Rule 15a-4, termination and compensation.
Unless terminated sooner in accordance with its terms, each Interim Advisory
Agreement will continue to be in effect through the Interim Termination Date or
until shareholders of the respective Fund approve the New Advisory Agreement for
such Fund, whichever occurs first. In addition, each Interim Advisory Agreement
may be terminated by the respective Fund (by action of the respective Board or
by a vote of a majority of the outstanding voting securities (as defined in the
1940 Act and the rules and regulations thereunder) of such Fund) upon 10
calendar days' written notice to the Advisor without the payment of any penalty.

      The rates of compensation paid to the Advisor are the same under each
applicable Interim Advisory Agreement, Original Advisory Agreement and New
Advisory Agreement. The compensation accrued under each Interim Advisory
Agreement, however, is to be held in an interest-bearing escrow account with the
respective Fund's custodian or another bank designated by such Fund. If each New
Advisory Agreement is approved by shareholders of the respective Fund by the
Interim Termination Date, the amount in the escrow accounts (including the
interest earned) will be paid to the Advisor. However, if shareholders of a Fund
do not approve its New Advisory Agreement by such date, the Advisor will be
paid, out of such Fund's escrow account, the lesser of: (i) any costs incurred
by the Advisor in performing services under the Interim Advisory Agreement (plus
interest earned on that amount while in escrow); or (ii) the total amount in the
escrow account (plus interest earned).

COMPARISON OF CERTAIN TERMS OF THE NEW ADVISORY AGREEMENTS AND ORIGINAL ADVISORY
AGREEMENTS

      Below is a brief comparison of certain terms of the Original Advisory
Agreements to the corresponding terms of the New Advisory Agreements. Many of
the terms of the New Advisory Agreements, including fees payable to the Advisor
by each Fund thereunder, are substantially the same in all material respects to


                                     - 9 -





the terms of the corresponding Original Advisory Agreements; however the New
Advisory Agreements include new effective dates and have been updated in certain
other respects (including, among other things, the elimination of certain
provisions that are no longer relevant). The forms of New Advisory Agreement for
each Fund are attached to this Joint Proxy Statement as Exhibit A-1 (for First
Trust/Aberdeen Global Opportunity Income Fund) and Exhibit A-2 (for First
Trust/Aberdeen Emerging Opportunity Fund) and the description of the New
Advisory Agreements is qualified in its entirety by reference to such Exhibits.

      Advisory Services. As was the case under the Original Advisory Agreements,
under the New Advisory Agreements, the Advisor will agree to act as the
investment advisor for, and to manage the investment and reinvestment of the
assets of, each Fund in accordance with such Fund's investment objective and
policies and limitations, and will administer the Fund's affairs to the extent
requested by and subject to the supervision of the Fund's Board. Moreover, the
New Advisory Agreements provide that the investment of each Fund's assets will
be subject to the Fund's policies, restrictions and limitations with respect to
securities investments, and all applicable laws and the regulations of the SEC
relating to the management of registered closed-end management investment
companies; the Original Advisory Agreements included a similar provision. In
addition, the Advisor agreed under the Original Advisory Agreements, and will
agree under the New Advisory Agreements, to furnish office facilities and
equipment as well as certain clerical, bookkeeping and administrative services.
Finally, as was the case under the Original Advisory Agreements, under the New
Advisory Agreements, subject to the applicable requirements of the 1940 Act, the
Advisor may, at its own cost and expense, retain one or more sub-advisors to
serve the Funds.

      Fees. As was the case under the Original Advisory Agreements, as
compensation for its services and facilities furnished to each Fund under the
New Advisory Agreements, the Advisor will be entitled to receive, on a monthly
basis, an investment management fee equal to the annual rate of 1.00% of such
Fund's "Managed Assets" (as defined in such Agreements). For each Fund's last
fiscal year, the aggregate amount of the advisory fees paid to the Advisor under
the respective Original Advisory Agreement by First Trust/Aberdeen Global
Opportunity Income Fund was $3,458,691 and by First Trust/Aberdeen Emerging
Opportunity Fund was $1,024,411.

      As of September 10, 2010, the approximate amount of managed assets of
First Trust/Aberdeen Global Opportunity Income Fund was $393,310,170 and of
First Trust/Aberdeen Emerging Opportunity Fund was $122,053,347.

      Limitation of Liability. As was the case under the Original Advisory
Agreements, each New Advisory Agreement provides that the Advisor will not be
liable for any loss sustained by reason of the purchase, sale or retention of
any security, whether or not such purchase, sale or retention has been based
upon the investigation and research made by any other individual, firm or
corporation, if such recommendation has been selected with due care and in good
faith, except loss resulting from willful misfeasance, bad faith, or gross
negligence on the part of the Advisor in the performance of its obligations and
duties, or by reason of its reckless disregard of its material obligations and
duties under such Agreement.


                                     - 10 -





      Continuance. Each Original Advisory Agreement was originally in effect for
an initial two-year term and could be continued thereafter for successive
one-year periods if such continuance was specifically approved, at least
annually, in the manner required by the 1940 Act. Similarly, if the New Advisory
Agreements are approved by shareholders, if not terminated earlier, each will
expire on the two-year anniversary of the date of its effectiveness unless
continued and, thereafter, may be continued for successive one-year periods if
such continuance is specifically approved, at least annually, in the manner
required by the 1940 Act.

      Termination. As was the case under each Original Advisory Agreement, each
New Advisory Agreement provides that it (a) will automatically terminate in the
event of its assignment (as defined in the 1940 Act and the rules and
regulations thereunder) and (b) may be terminated at any time without the
payment of any penalty by the respective Fund or by the Advisor upon 60 days'
written notice to the other party. A Fund may effect termination by action of
the Board or by a vote of a majority of the outstanding voting securities (as
defined in the 1940 Act and the rules and regulations thereunder) of the
respective Fund, accompanied by appropriate notice. In addition, each Original
Advisory Agreement was, and each New Advisory Agreement is, terminable at any
time without the payment of any penalty, by the Board or by a vote of a majority
of the outstanding voting securities (as defined in the 1940 Act and the rules
and regulations thereunder) of the respective Fund, in the event that it is
established by a court of competent jurisdiction that the Advisor or any of its
officers or directors has taken any action that results in a breach of the
material covenants of the Advisor set forth in such Agreement.

SECTION 15(f) OF THE 1940 ACT

      Section 15(f) of the 1940 Act is a safe harbor that provides in substance
that, when a sale of a controlling interest in an investment advisor occurs, the
investment advisor or any of its affiliated persons may receive any amount or
benefit in connection with the sale as long as two conditions are met. The first
condition specifies that, during the three-year period immediately following
consummation of the transaction, at least 75% of the investment company's board
of directors/trustees must not be "interested persons" (as defined in the 1940
Act) of the investment advisor or predecessor advisor. The second condition
specifies that no "unfair burden" may be imposed on the investment company as a
result of the transaction relating to the sale of such interest, or any express
or implied terms, conditions or understandings applicable thereto. The term
"unfair burden," as defined in the 1940 Act, includes any arrangement during the
two-year period after the transaction whereby the investment advisor (or
predecessor or successor advisor), or any interested person of any such
investment advisor, receives or is entitled to receive any compensation,
directly or indirectly, from the investment company or its security holders
(other than fees for bona fide investment advisory or other services) or from
any person in connection with the purchase or sale of securities or other
property, to, from or on behalf of the investment company (other than bona fide
ordinary compensation as principal underwriter for the investment company). If
either condition of Section 15(f) is not met, the safe harbor is not available.

      The Boards have not been advised of any circumstances arising under the
Transaction that might result in the imposition of an "unfair burden" being


                                     - 11 -





imposed on the Funds. In addition, the Funds have adopted procedures which
include steps intended to cause the conditions of Section 15(f) to be met.

ADDITIONAL INFORMATION ABOUT THE FUNDS AND THE
   ADVISOR

      A list of the officers of each Fund and the managing directors and
principal officers of the Advisor, their positions with each Fund and/or the
Advisor, and their principal occupations are set forth below. Certain officers
of each Fund have a minority equity interest in the limited partner of the
Advisor.




                             POSITION WITH THE      POSITION WITH THE
           NAME                    TRUSTS                ADVISOR                   PRINCIPAL OCCUPATION
                                                                
James A. Bowen              President, Chairman   Managing Director;     President, First Trust Advisors L.P. and
                            of the Board, Chief   President              First Trust Portfolios L.P.; Chairman of
                            Executive Officer                            the Board of Directors, BondWave LLC and
                            and Trustee                                  Stonebridge Advisors LLC

Mark R. Bradley             Treasurer, Chief      Managing Director;     Chief Financial Officer, First Trust
                            Financial Officer     Chief Financial        Advisors L.P. and First Trust Portfolios
                            and Chief Accounting  Officer                L.P.; Chief Financial Officer, BondWave
                            Officer                                      LLC and Stonebridge Advisors LLC

Kathleen W. Brown           None                  Chief Compliance       Chief Compliance Officer, First Trust
                                                  Officer                Advisors L.P. and First Trust Portfolios, L.P.

Robert F. Carey             None                  Chief Investment       Chief Investment Officer, First Trust
                                                  Officer                Advisors L.P. and First Trust Portfolios L.P.

Erin E. Chapman             Assistant Secretary   Assistant General      Assistant General Counsel, First Trust
                                                  Counsel                Advisors L.P. and First Trust Portfolios L.P.

James M. Dykas              Assistant Treasurer   Senior Vice President  Senior Vice President, First Trust
                                                                         Advisors L.P. and First Trust Portfolios L.P.

Christopher R. Fallow       Assistant Vice         Assistant Vice        Assistant Vice President, First
                            President              President             Trust Advisors L.P. and First Trust
                                                                         Portfolios L.P.


                                     - 12 -





                             POSITION WITH THE      POSITION WITH THE
           NAME                    TRUSTS                ADVISOR                   PRINCIPAL OCCUPATION

R. Scott Hall               None                  Managing Director      Managing Director, First Trust Advisors
                                                                         L.P. and First Trust Portfolios L.P.

W. Scott Jardine            Secretary and Chief   General Counsel        General Counsel, First Trust Advisors
                            Compliance Officer                           L.P., First Trust Portfolios L.P. and BondWave  LLC;
                                                                         Secretary, Stonebridge Advisors LLC

Daniel J. Lindquist         Vice President        Senior Vice President  Senior Vice President, First Trust
                                                                         Advisors L.P. and First Trust Portfolios L.P.

Coleen D. Lynch             Assistant Vice        Assistant Vice         Assistant Vice President, First Trust
                            President             President              Advisors L.P. and First Trust Portfolios L.P.

Kristi A. Maher             Assistant Secretary   Deputy General         Deputy General Counsel, First Trust
                            and Deputy Chief      Counsel                Advisors L.P. and First Trust Portfolios L.P.
                            Compliance Officer

Ronald D. McAlister         None                  Managing Director      Managing Director, First Trust Advisors L.P.
                                                                         and First Trust Portfolios L.P.

Andrew S. Roggensack        None                  Managing Director      Managing Director, First Trust Advisors L.P.
                                                                         and First Trust Portfolios L.P.


      The business address of the Advisor and each officer and managing director
of the Advisor is 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187.

SHAREHOLDER APPROVAL AND REQUIRED VOTE

      To become effective for a Fund, the applicable New Advisory Agreement must
be approved by a vote of a majority of the outstanding voting securities of such
Fund. The "vote of a majority of the outstanding voting securities" of a Fund
for this purpose, as defined in the 1940 Act, means the vote of the lesser of
(i) 67% or more of the Shares of the Fund present at the Meeting if the holders
of more than 50% of the outstanding Shares of the Fund are present in person or
represented by proxy; or (ii) more than 50% of the outstanding Shares of the
Fund. For purposes of determining the approval of each New Advisory Agreement,
abstentions and broker non-votes will have the effect of a vote against this
Proposal.

   IF YOU NEED ANY ASSISTANCE, OR HAVE ANY QUESTIONS REGARDING PROPOSAL 1 OR
  HOW TO VOTE YOUR SHARES, CALL THE FUNDS' PROXY SOLICITOR, THE ALTMAN GROUP,
  INC., AT (866) 530-8634 WEEKDAYS FROM 9:00 A.M. TO 10:00 P.M. EASTERN TIME.

    THE BOARD OF TRUSTEES OF EACH FUND RECOMMENDS THAT SHAREHOLDERS VOTE TO
                      APPROVE THE NEW ADVISORY AGREEMENTS.


                                     - 13 -





       PROPOSAL 2: APPROVAL OF NEW SUB-ADVISORY AGREEMENTS FOR THE FUNDS

ABERDEEN ASSET MANAGEMENT INC.

General and Organizational Information

      Aberdeen, located at 1735 Market Street, 32nd Floor, Philadelphia,
Pennsylvania 19103, is an investment advisor registered with the SEC. As of July
31, 2010, Aberdeen had approximately $19.258 billion in assets under management.

      Aberdeen is a direct wholly owned subsidiary of Aberdeen Asset Management
PLC, the parent company of an asset management group formed in 1983 which
manages assets for a range of pension funds, financial institutions, investment
trusts, unit trusts, offshore funds, charities and private clients, in addition
to U.S. registered investment companies. The address of Aberdeen Asset
Management PLC is 10 Queens Terrace, Aberdeen, Scotland AB10 1YG.

      The names and principal occupations of the persons who are principal
executive officers of and directors of Aberdeen are listed below:



---------------------------- ------------------------------------------- -----------------------------------------
           NAME                      POSITION(S) WITH ABERDEEN                     PRINCIPAL OCCUPATION
---------------------------- ------------------------------------------- -----------------------------------------
                                                                   
Martin J. Gilbert            Director, President and Chairman            Founder, shareholder and Chief Executive
                                                                         of   Aberdeen   Asset  Management   PLC;
                                                                         Chairman of FirstGroup PLC  and  Chaucer
                                                                         Holdings  PLC;   Adjunct  Professor   of
                                                                         Finance  at Imperial College; Member  of
                                                                         the Chancellor  of  the Exchequer's High
                                                                         Level  Group  on  City  Competitiveness;
                                                                         Member of HM Treasury's Asset Management
                                                                         Industry Working Group;  Member  of  the
                                                                         Scottish Government's Financial Services
                                                                         Advisory  Board  and  the  Institute  of
                                                                         Chartered Accountants of Scotland.
---------------------------- ------------------------------------------- -----------------------------------------
Susan Mullin                 Vice President, Head of Consultant          Head of Consultant Relations for the
                             Relations - US                              United States.
---------------------------- ------------------------------------------- -----------------------------------------
Andrew A. Smith              Director, Treasurer, Chief Operating        Chief Operating Officer - U.S.
                             Officer, Chief Financial Officer
---------------------------- ------------------------------------------- -----------------------------------------


                                     - 14 -





---------------------------- ------------------------------------------- -----------------------------------------
           NAME                      POSITION(S) WITH ABERDEEN                     PRINCIPAL OCCUPATION
---------------------------- ------------------------------------------- -----------------------------------------
Jennifer A. Nichols          Director, Vice President, Head of Legal -   Vice President, Director and Head of
                             U.S.                                        Legal - U.S., for Aberdeen Asset
                                                                         Management Inc.
---------------------------- ------------------------------------------- -----------------------------------------
Bruce A. Rodio               Vice President, Head of Institutional       Head of institutional business
                             Business Development - Americas             development - Americas; Client portfolio
                                                                         manager on the US fixed income team.
---------------------------- ------------------------------------------- -----------------------------------------
J. Christopher Gagnier       Director, Vice President, Head of U.S.      Head of US fixed income.
                             Fixed Income
---------------------------- ------------------------------------------- -----------------------------------------
Paul J. Atkinson             Director, Vice President, Head of U.S.      Head of US Equities, responsible for all
                             Equities                                    U.S. Equity portfolios and team members.
---------------------------- ------------------------------------------- -----------------------------------------
Nicola J. Espie              Secretary                                   Legal Counsel.
---------------------------- ------------------------------------------- -----------------------------------------
Nigel S. Storer              Vice President, Head of Financial           Head  of Financial Institutions Group  -
                             Institutions Group                          North America.
---------------------------- ------------------------------------------- -----------------------------------------
Alan R. Goodson              Vice President, Head of US Collective       Head of US Collective Funds for Aberdeen
                             Funds                                       Asset Management Inc.
---------------------------- ------------------------------------------- -----------------------------------------
Gary R. Marshall             Chief Executive Officer, Director, Head of  Chief Executive Officer; Director; and
                             Americas                                    Head of Americas.
---------------------------- ------------------------------------------- -----------------------------------------
Aileen G. Strachan           Vice President, Chief Compliance Officer    Chief Compliance Officer (Adviser), Vice
                                                                         President  of  Aberdeen Asset Management
                                                                         Inc.
---------------------------- ------------------------------------------- -----------------------------------------
Andrea L. Melia              Vice President, Head of Fund Accounting     Vice  President   and   Head   of   Fund
                                                                         Accounting for Aberdeen Asset Management
                                                                         Inc.
---------------------------- ------------------------------------------- -----------------------------------------
Richard F. Fonash            Vice President, Senior Investment Manager   Senior investment manager on the alternative
                                                                         investment strategies team.
---------------------------- ------------------------------------------- -----------------------------------------


The address of each of the individuals listed above is 1735 Market Street, 32nd
Floor, Philadelphia, Pennsylvania 19103.

OTHER FUNDS ADVISED AND SUB-ADVISED BY ABERDEEN

In addition to the Funds, Aberdeen or its affiliates currently act as investment
advisor/sub-advisor to the North American closed-end funds listed below.


                                     - 15 -







-------------------------------------- ------------------------------------- -------------------------------------
              FUND NAME                ASSETS UNDER MANAGEMENT AS OF AUGUST      ANNUAL RATE OF COMPENSATION
                                              31, 2010 (IN MILLIONS)
-------------------------------------- ------------------------------------- -------------------------------------

                                                                       
Aberdeen Asia-Pacific Income Fund,     $2,380.2                              - 0.65% of average weekly total
Inc.                                                                         Managed Assets up to $200 million
                                                                             - 0.60% of such assets between $200
                                                                             million and $500 million
                                                                             - 0.55% of such assets between $500
                                                                             million and $900 million
                                                                             - 0.50% of such assets between $900
                                                                             million and $1.75 billion
                                                                             - 0.45% of such assets in excess of
                                                                             $1.75 billion.
-------------------------------------- ------------------------------------- -------------------------------------

Aberdeen Global Income Fund, Inc.      $150.5                                - 0.65% of average weekly Managed
                                                                             Assets up to $200 million
                                                                             - 0.60% of Managed Assets between
                                                                             $200 million and $500 million
                                                                             - 0.55% of Managed Assets in excess
                                                                             of $500 million.
-------------------------------------- ------------------------------------- -------------------------------------

Aberdeen Asia-Pacific Income           C$498.2                               - 0.65% of the average weekly
Investment Company Limited                                                   Managed Assets up to and including
                                                                             C$250 million
                                                                             - 0.55% of such assets in excess of
                                                                             C$250 million and up to and
                                                                             including C$450 million
                                                                             - 0.50% of such assets in excess of
                                                                             C$450 million.
-------------------------------------- ------------------------------------- -------------------------------------

Aberdeen Australia Equity Fund, Inc.   $193.9                                - 1.10% of average weekly total net
                                                                             assets up to $50 million
                                                                             - 0.90% of such assets between $50
                                                                             million and $100 million
                                                                             - 0.70% of such assets in excess of
                                                                             $100 million.
-------------------------------------- ------------------------------------- -------------------------------------



Aberdeen has not waived, reduced or otherwise agreed to reduce its compensation
under any contract with any of the funds listed above.


                                     - 16 -





THE ORIGINAL SUB-ADVISORY AGREEMENTS

      For First Trust/Aberdeen Global Opportunity Income Fund, the Original
Sub-Advisory Agreement was dated November 23, 2004 and was approved by the
initial shareholder of such Fund on November 16, 2004. For First Trust/Aberdeen
Emerging Opportunity Fund, the Original Sub-Advisory Agreement was dated August
22, 2006 and was approved by the initial shareholder of such Fund on July 14,
2006. Since the beginning of each Fund's last fiscal year, the continuation of
the respective Original Sub-Advisory Agreement was approved by its Board at
meetings held on March 1-2, 2009 and March 21-22, 2010.

THE INTERIM SUB-ADVISORY AGREEMENTS

      Many of the terms of each Interim Sub-Advisory Agreement are substantially
the same as those of each Original Sub-Advisory Agreement; however, in addition
to various updates, there are differences in provisions relating to the
effective date and, consistent with the requirements of Rule 15a-4, termination
and compensation. Unless terminated sooner in accordance with its terms, each
Interim Sub-Advisory Agreement will continue to be in effect through the Interim
Termination Date or until shareholders of each respective Fund approve the New
Sub-Advisory Agreement for such Fund, whichever occurs first. In addition, each
Interim Sub-Advisory Agreement may be terminated by action of the respective
Board or by a vote of a majority of the outstanding voting securities (as
defined in the 1940 Act and the rules and regulations thereunder) of the
respective Fund upon 10 calendar days' written notice to the Sub-Advisor,
without payment of any penalty.

      The rates of compensation paid to the Sub-Advisor are the same under each
applicable Interim Sub-Advisory Agreement, Original Sub-Advisory Agreement and
New Sub-Advisory Agreement. The compensation accrued under each Interim
Sub-Advisory Agreement, however, is to be held in an interest-bearing escrow
account with the respective Fund's custodian or another bank designated by such
Fund. If each New Sub-Advisory Agreement is approved by shareholders of the
respective Fund by the Interim Termination Date, the amounts in the escrow
accounts (including the interest earned) will be paid to the Sub-Advisor.
However, if shareholders of a Fund do not approve its New Sub-Advisory Agreement
by such date, the Sub-Advisor will be paid, out of such Fund's escrow account,
the lesser of: (i) any costs incurred by the Sub-Advisor in performing services
under the Interim Sub-Advisory Agreement (plus interest earned on that amount
while in escrow); or (ii) the total amount in the escrow account (plus interest
earned).

COMPARISON OF THE NEW SUB-ADVISORY AGREEMENTS AND ORIGINAL SUB-ADVISORY
AGREEMENTS

      Below is a brief comparison of certain terms of the Original Sub-Advisory
Agreements to the corresponding terms of the New Sub-Advisory Agreements. Many
of the terms of the New Sub-Advisory Agreements, including fees payable to the
Sub-Advisor by the Advisor thereunder, are substantially the same in all
material respects to the terms of the corresponding Original Sub-Advisory
Agreements; however the New Sub-Advisory Agreements include a new effective date
and have been updated in certain other respects (including, among other things,
the elimination of certain provisions that are no longer relevant). The forms of


                                     - 17 -





New Sub-Advisory Agreement for each Fund are attached to this Joint Proxy
Statement as Exhibit B-1 (for First Trust/Aberdeen Global Opportunity Income
Fund) and Exhibit B-2 (for First Trust/Aberdeen Emerging Opportunity Fund) and
the description of the New Sub-Advisory Agreements is qualified in its entirety
by reference to such Exhibits.

      Sub-Advisory Services. As was the case under the Original Sub-Advisory
Agreements, under the New Sub-Advisory Agreements, the Sub-Advisor will furnish
an investment program in respect of, make investment decisions for, and place
all orders for the purchase and sale of securities for each Fund's investment
portfolio, all on behalf of such Fund and subject to the supervision of the
Fund's Board and the Advisor. In addition, as was the case under the Original
Sub-Advisory Agreements, under the New Sub-Advisory Agreements, the Sub-Advisor
is required to monitor each Fund's investments and to comply with the provisions
of the Fund's Declaration of Trust and By-Laws and the stated investment
objectives, policies and restrictions of the Fund. Finally, as was the case
under the Original Sub-Advisory Agreements, under the New Sub-Advisory
Agreements, subject to the applicable requirements of the 1940 Act and the
approval of the Advisor, the Sub-Advisor may, at its own cost and expense,
retain one or more additional sub-advisors; retention of any additional
sub-advisor, however, will not reduce the responsibilities or obligations of the
Sub-Advisor.

      Brokerage. As was the case under the Original Sub-Advisory Agreements,
under the New Sub-Advisory Agreements, the Sub-Advisor has authority and
discretion to select brokers and dealers to execute portfolio transactions for
the respective Fund and to select the markets on or in which the transactions
will be executed. In placing orders for the sale and purchase of securities for
each Fund, the Sub-Advisor's primary responsibility will be to seek the best
execution of orders at the most favorable prices.

      Fees. As was the case under the Original Sub-Advisory Agreements, under
the New Sub-Advisory Agreements, the Advisor will pay the Sub-Advisor a
portfolio management fee on a monthly basis. Both the Original Sub-Advisory
Agreements and the New Sub-Advisory Agreements provide that for services
provided and expenses assumed, the Advisor will pay the Sub-Advisor a fee equal
to the annual rate of 0.50% of the respective Fund's "Managed Assets." The term
"Managed Assets" means the average daily gross asset value of a Fund (which
include assets attributable to such Fund's preferred shares, if any, and the
principal amount of borrowings), minus the sum of the Fund's accrued and unpaid
dividends on any outstanding preferred shares and accrued liabilities (other
than the principal amount of any borrowings incurred, commercial paper or notes
issued by the Fund and the liquidation preference of any outstanding preferred
shares of the Fund). For each Fund's last fiscal year, the aggregate amount of
the sub-advisory fees paid by the Advisor to the Sub-Advisor under the
respective Original Sub-Advisory Agreement for First Trust/Aberdeen Global
Opportunity Income Fund was $1,729,347 and for First Trust/Aberdeen Emerging
Opportunity Fund was $512,205.

      Payment of Expenses. As was the case under the Original Sub-Advisory
Agreement for First Trust/Aberdeen Global Opportunity Income Fund, under its New
Sub-Advisory Agreement, the Sub-Advisor will agree to pay all expenses it incurs
in connection with its activities under such Agreement other than the cost of
securities and other assets (including brokerage commissions, if any) purchased
for the Fund.


                                     - 18 -





      As was the case under the Original Sub-Advisory Agreement for First
Trust/Aberdeen Emerging Opportunity Fund, under its New Sub-Advisory Agreement,
the Sub-Advisor will agree to pay all expenses it incurs in connection with its
activities under such Agreement other than (i) the cost of securities and other
assets purchased for the Fund and (ii) the costs directly associated with
purchasing and selling securities and other assets for the Fund, if any,
including, but not limited to, brokerage commissions, stamps, duties, taxes and
custody fees related to transfers.

      Limitation on Liability. As was the case under the Original Sub-Advisory
Agreements, each New Sub-Advisory Agreement provides that the Sub-Advisor will
not be liable for, and the applicable Fund and the Advisor will not take any
action against the Sub-Advisor to hold the Sub-Advisor liable for, any error of
judgment or mistake of law or for any loss suffered by the respective Fund or
the Advisor in connection with the performance of the Sub-Advisor's duties under
such Agreement, except for a loss resulting from willful misfeasance, bad faith
or gross negligence on the part of the Sub-Advisor in the performance of its
duties under the Agreement, or by reason of its reckless disregard of its
material obligations and duties under the Agreement.

      Continuance. Each Fund's Original Sub-Advisory Agreement initially became
effective on the same date as its Original Advisory Agreement for an initial
two-year term and could be continued thereafter for successive one-year periods
if such continuance was specifically approved at least annually in the manner
required by the 1940 Act and the rules and regulations thereunder. Similarly, if
approved by shareholders, each New Sub-Advisory Agreement will become effective
on the same date as the New Advisory Agreement and, if not terminated earlier,
will expire on the two-year anniversary of the date of its effectiveness unless
continued and, thereafter, may be continued for successive one-year periods if
such continuance is specifically approved, at least annually, in the manner
required by the 1940 Act and the rules and regulations thereunder.

      Termination. As was the case under each Original Sub-Advisory Agreement,
each New Sub-Advisory Agreement provides that it (a) will automatically
terminate in the event of its assignment (as defined in the 1940 Act and the
rules and regulations thereunder), (b) may be terminated at any time without the
payment of any penalty by the Advisor or the Sub-Advisor upon 60 days' written
notice to the other parties, and (c) may be terminated by the respective Fund by
action of the Board or by a vote of a majority of the outstanding voting
securities (as defined in the 1940 Act and the rules and regulations thereunder)
of such Fund upon 60 days' written notice to the Sub-Advisor by the Fund without
payment of any penalty. In addition, each Original Sub-Advisory Agreement was,
and each New Sub-Advisory Agreement is, terminable at any time without the
payment of any penalty by the Advisor, the Board or by vote of a majority of the
outstanding voting securities (as defined in the 1940 Act and the rules and
regulations thereunder) of the respective Fund in the event that it is
established by a court of competent jurisdiction that the Sub-Advisor or any of
its officers or directors has taken any action that results in a breach of the
material covenants of the Sub-Advisor set forth in the Agreement.


                                     - 19 -





SHAREHOLDER APPROVAL AND REQUIRED VOTE

      To become effective for a Fund, the applicable New Sub-Advisory Agreement
must be approved by a vote of a majority of the outstanding voting securities of
such Fund. The "vote of a majority of the outstanding voting securities" of a
Fund for this purpose, as defined in the 1940 Act, means the vote of the lesser
of (i) 67% or more of the Shares of the Fund present at the Meeting if the
holders of more than 50% of the outstanding Shares of the Fund are present in
person or represented by proxy; or (ii) more than 50% of the outstanding Shares
of the Fund. For purposes of determining the approval of each New Sub-Advisory
Agreement, abstentions and broker non-votes will have the effect of a vote
against this Proposal.

      IF YOU NEED ANY ASSISTANCE, OR HAVE ANY QUESTIONS REGARDING PROPOSAL 2 OR
HOW TO VOTE YOUR SHARES, CALL THE FUNDS' PROXY SOLICITOR, THE ALTMAN GROUP,
INC., AT (866) 530-8634 WEEKDAYS FROM 9:00 A.M. TO 10:00 P.M. EASTERN TIME.

    THE BOARD OF TRUSTEES OF EACH FUND RECOMMENDS THAT SHAREHOLDERS VOTE TO
                    APPROVE THE NEW SUB-ADVISORY AGREEMENTS.


                                     - 20 -





                             ADDITIONAL INFORMATION

THE ADMINISTRATOR, ACCOUNTING AGENT AND TRANSFER
   AGENT

      BNY Mellon Investment Servicing (US) Inc. acts as the administrator,
accounting agent and transfer agent to each Fund and its principal U.S. office
is located at 4400 Computer Drive, Westborough, Massachusetts 01581.

BENEFICIAL OWNERSHIP OF SHARES

Control Persons and Principal Holders

      To the knowledge of the respective Board of Trustees, as of the Record
Date, no single shareholder or "group" (as that term is used in Section 13(d) of
the 1934 Act) beneficially owned more than 5% of a Fund's outstanding Shares,
except as described in the following tables. Information as to beneficial
ownership of Shares, including percentage of Shares beneficially owned, is based
on reports filed with the SEC by such holders and a securities position listing
report from The Depository Trust & Clearing Corporation as of the Record Date.
The Funds do not have any knowledge of the identity of the ultimate
beneficiaries of the Shares listed below. A control person is one who owns,
either directly or indirectly, more than 25% of the voting securities of a Fund
or acknowledges the existence of control.


First Trust/Aberdeen Global Opportunity Income Fund
---------------------------------------------------
                                                                NUMBER OF SHARES
SHAREHOLDER AND ADDRESS                 PERCENT OWNERSHIP              HELD
-----------------------                 -----------------       ----------------
Charles Schwab & Co., Inc.                        5.93%             1,029,178
2423 E. Lincoln Drive
Phoenix, AZ  85016

First Clearing, LLC                              13.11%             2,277,116
One North Jefferson Street
St. Louis, MO  63103

Merrill Lynch, Pierce Fenner & Smith Safekeeping  12.20%             2,117,811
101 Hudson Street
8th Floor
Jersey City, NJ  07302

National Financial Services LLC                    9.98%             1,733,339
200 Liberty Street
New York, NY  10281

Pershing LLC                                       8.71%             1,512,782
Securities Corporation
1 Pershing Plaza
Jersey City, NJ  07399


                                     - 21 -





RBC Capital Markets Corporation                    6.81%             1,181,884
510 Marquette Avenue South
Minneapolis, MN  55402


First Trust/Aberdeen Emerging Opportunity Fund*
----------------------------------------------
                                                                NUMBER OF SHARES
SHAREHOLDER AND ADDRESS                 PERCENT OWNERSHIP              HELD
-----------------------                 -----------------       ----------------
Citigroup Global Markets Inc.                     6.68%              356,106
700 Red Brook Blvd.
Suite 300
Owings Mills, MD  21117

First Clearing, LLC                              18.38%              979,362
One North Jefferson Street
St. Louis, MO  63103

Merrill Lynch, Pierce Fenner & Smith Safekeeping  9.10%              485,032
101 Hudson Street
8th Floor
Jersey City, NJ  07302

Raymond James & Associates, Inc.                  6.74%              358,845
880 Carilion Parkway
P.O. Box 12749
St. Petersburg, FL  33716

Wells Fargo Investments, LLC                      8.88%              473,026
625 Marquette Avenue
13th Floor
Minneapolis, MN  55402

* In Schedule 13G dated January 30, 2010 and filed on February 5, 2010, Lazard
Asset Management LLC, 30 Rockefeller Plaza, New York, NY 10112, reported that
it beneficially owned 684,722 Shares of the Fund.

         Trustees and Officers

      As of July 31, 2010, the Trustees of the Funds beneficially owned the
following number of Shares of

each Fund as set forth below:

                       FIRST TRUST/ABERDEEN GLOBAL     FIRST TRUST/ABERDEEN
TRUSTEE                OPPORTUNITY INCOME FUND         EMERGING OPPORTUNITY FUND
INTERESTED TRUSTEE
James A. Bowen                      0                           0
INDEPENDENT TRUSTEES
Richard E. Erickson               1,043                         0
Thomas R. Kadlec                   850                        1,000
Robert F. Keith                   2,495                         0
Niel B. Nielson                    454                         605


                                     - 22 -





      As of July 31, 2010, (1) each Trustee beneficially owned less than 1% of
the outstanding Shares of each Fund and (2) the Trustees and officers as a group
beneficially owned 4,842 Shares of First Trust/Aberdeen Global Opportunity
Income Fund and 1,605 Shares of First Trust/Aberdeen Emerging Opportunity Fund,
which, in each case is less than 1% of the respective Fund's outstanding Shares.

SHAREHOLDER PROPOSALS

      To be considered for presentation at the Annual Meeting of Shareholders of
the Funds to be held in 2011, a shareholder proposal submitted pursuant to Rule
14a-8 of the 1934 Act must be received at the offices of the Fund at 120 East
Liberty Drive, Suite 400, Wheaton, Illinois 60187, not later than November 22,
2010.

      Any proposals by shareholders may only be brought before an annual meeting
of a Fund if timely written notice (the "Shareholder Notice") is provided to the
Secretary of the Fund. In accordance with the advance notice provisions included
in each Fund's By-Laws, unless a greater or lesser period is required under
applicable law, to be timely, the Shareholder Notice must be delivered to or
mailed and received at the Fund's address, 120 East Liberty Drive, Suite 400,
Wheaton, Illinois 60187, Attn: W. Scott Jardine, not less than forty-five (45)
days nor more than sixty (60) days prior to the first anniversary date of the
date of the proxy statement released to shareholders for the preceding year's
annual meeting. However, if and only if the annual meeting is not scheduled to
be held within a period that commences thirty (30) days before the first
anniversary date of the annual meeting for the preceding year and ends thirty
(30) days after such anniversary date (an annual meeting date outside such
period being referred to herein as an "Other Annual Meeting Date"), such
Shareholder Notice must be given as described above by the later of the close of
business on (i) the date forty-five (45) days prior to such Other Annual Meeting
Date or (ii) the tenth (10th) business day following the date such Other Annual
Meeting Date is first publicly announced or disclosed.

      Timely submission of a proposal does not mean that such proposal will be
included in a proxy statement.

SHAREHOLDER COMMUNICATIONS

      Shareholders of each Fund who want to communicate with the Board of
Trustees or any individual Trustee should write the respective Fund to the
attention of the Fund Secretary, W. Scott Jardine. The letter should indicate
that you are a Fund shareholder. If the communication is intended for a specific
Trustee and so indicates, it will be sent only to that Trustee. If a
communication does not indicate a specific Trustee, it will be sent to the
chairman of the Nominating and Governance Committee of the Board and the
independent legal counsel to the Independent Trustees for further distribution
as deemed appropriate by such persons.

FISCAL YEAR

      The fiscal year end for each Fund is December 31.


                                     - 23 -





DELIVERY OF CERTAIN DOCUMENTS

      Annual reports will be sent to shareholders of record of each Fund
following each Fund's respective fiscal year end. Each Fund will furnish,
without charge, a copy of its annual report and/or semi-annual report as
available upon request. Such written or oral requests should be directed to the
applicable Fund at 120 East Liberty Drive, Suite 400, Wheaton, Illinois 60187 or
by calling (800) 988-5891.

      Please note that only one annual or semi-annual report, proxy statement or
Notice of Internet Availability of Proxy Materials, as applicable, may be
delivered to two or more shareholders of a Fund who share an address, unless
such Fund has received instructions to the contrary. To request a separate copy
of an annual or semi-annual report, proxy statement or Notice of Internet
Availability of Proxy Materials, as applicable, or for instructions as to how to
request a separate copy of such documents or as to how to request a single copy
if multiple copies of such documents are received, shareholders should contact
the Fund at the address and phone number set forth above. Pursuant to a request,
a separate copy will be delivered promptly.

                    OTHER MATTERS TO COME BEFORE THE MEETING

      No business other than the matters described above is expected to come
before the Meeting, but should any other matter requiring a vote of shareholders
arise, including any question as to an adjournment or postponement of the
Meeting, the persons named on the enclosed proxy card will vote thereon
according to their best judgment in the interests of the Fund.


Dated: October 19, 2010

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

IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY. SHAREHOLDERS ARE THEREFORE
URGED TO COMPLETE, SIGN, DATE AND RETURN THE PROXY CARD AS SOON AS POSSIBLE IN
THE ENCLOSED POSTAGE-PAID ENVELOPE OR ALTERNATIVELY, TO VOTE BY TELEPHONE OR
THROUGH THE INTERNET BY FOLLOWING THE INSTRUCTIONS ON THE PROXY CARD.

IF YOU NEED ANY ASSISTANCE, OR HAVE ANY QUESTIONS REGARDING THE PROPOSALS OR HOW
TO VOTE YOUR SHARES, CALL THE FUNDS' PROXY SOLICITOR, THE ALTMAN GROUP, INC., AT
(866) 530-8634 WEEKDAYS FROM 9:00 A.M. TO 10:00 P.M. EASTERN TIME.

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


                                     - 24 -





                                                                     EXHIBIT A-1


                                    FORM OF
                             NEW ADVISORY AGREEMENT
                                      FOR
              FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND


                        INVESTMENT MANAGEMENT AGREEMENT

      INVESTMENT MANAGEMENT AGREEMENT made this [ ] day of [ ], by and between
FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND, a Massachusetts business
trust (the "Fund"), and FIRST TRUST ADVISORS L.P., an Illinois limited
partnership (the "Adviser").

                                  WITNESSETH:

      In consideration of the mutual covenants hereinafter contained, it is
hereby agreed by and between the parties hereto as follows:

       1. The Fund hereby engages the Adviser to act as the investment adviser
for, and to manage the investment and reinvestment of the assets of the Fund in
accordance with the Fund's investment objective and policies and limitations,
and to administer the Fund's affairs to the extent requested by and subject to
the supervision of the Board of Trustees of the Fund for the period and upon the
terms herein set forth. The investment of the Fund's assets shall be subject to
the Fund's policies, restrictions and limitations with respect to securities
investments as set forth in the Fund's most recent effective registration
statement under the Investment Company Act of l940 (the "1940 Act") and as such
policies, restrictions and limitations may be amended by the Board of Trustees
of the Fund from time to time, and all applicable laws and the regulations of
the Securities and Exchange Commission relating to the management of registered
closed-end management investment companies.

      The Adviser accepts such employment and agrees during such period to
render such services, to furnish office facilities and equipment and clerical,
bookkeeping and administrative services (other than such services, if any,
provided by the Fund's transfer agent, administrator or other service providers)
for the Fund, to permit any of its officers or employees to serve without
compensation as trustees or officers of the Fund if elected to such positions,
and to assume the obligations herein set forth for the compensation herein
provided. The Adviser shall at its own expense furnish all executive and other
personnel, office space, and office facilities required to render the investment
management and administrative services set forth in this Agreement. In the event
that the Adviser pays or assumes any expenses of the Fund not required to be
paid or assumed by the Adviser under this Agreement, the Adviser shall not be
obligated hereby to pay or assume the same or similar expense in the future;
provided that nothing contained herein shall be deemed to relieve the Adviser of
any obligation to the Fund under any separate agreement or arrangement between
the parties.


                                     A-1-1





       2. The Adviser shall, for all purposes herein provided, be deemed to be
an independent contractor and, unless otherwise expressly provided or
authorized, shall have no authority to act for nor represent the Fund in any
way, nor otherwise be deemed an agent of the Fund.

       3. For the services and facilities described in Section 1, the Fund will
pay to the Adviser, at the end of each calendar month, and the Adviser agrees to
accept as full compensation therefore, an investment management fee equal to the
annual rate of 1.00% of the Fund's Managed Assets, as such term is defined
herein. "Managed Assets" means the average daily gross value of the Fund which
includes assets attributable to the Fund's Preferred Shares (as such term is
defined in the Fund's prospectus), if any, and the principal amount of
borrowings), minus the sum of the Fund's accrued and unpaid dividends on any
outstanding Preferred Shares and accrued liabilities (other than the principal
amount of any borrowings incurred, commercial paper or notes issued by the Fund
and the liquidation preference of outstanding Preferred Shares).

      For the month and year in which this Agreement becomes effective, or
terminates, there shall be an appropriate proration on the basis of the number
of days that the Agreement shall have been in effect during the month and year,
respectively. The services of the Adviser to the Fund under this Agreement are
not to be deemed exclusive, and the Adviser shall be free to render similar
services or other services to others so long as its services hereunder are not
impaired thereby.

       4. The Adviser shall arrange for suitably qualified officers or employees
of the Adviser to serve, without compensation from the Fund, as trustees,
officers or agents of the Fund, if duly elected or appointed to such positions,
and subject to their individual consent and to any limitations imposed by law.

       5. For purposes of this Agreement, brokerage commissions paid by the Fund
upon the purchase or sale of the Fund's portfolio securities shall be considered
a cost of securities of the Fund and shall be paid by the Fund.

       6. Adviser is authorized to select the brokers or dealers that will
execute the purchases and sales of the Fund's securities on behalf of the Fund,
and is directed to use its commercially reasonable efforts to obtain best
execution, which includes most favorable net results and execution of the Fund's
orders, taking into account all appropriate factors, including price, dealer
spread or commission, size and difficulty of the transaction and research or
other services provided. Subject to approval by the Fund's Board of Trustees and
to the extent permitted by and in conformance with applicable law (including
Rule 17e-1 of the 1940 Act), Adviser may select brokers or dealers affiliated
with Adviser. It is understood that Adviser will not be deemed to have acted
unlawfully, or to have breached a fiduciary duty to the Fund, or be in breach of
any obligation owing to the Fund under this Agreement, or otherwise, solely by
reason of its having caused the Fund to pay a member of a securities exchange, a
broker or a dealer a commission for effecting a securities transaction for the
Fund in excess of the amount of commission another member of an exchange, broker
or dealer would have charged if Adviser determined in good faith that the
commission paid was reasonable in relation to the brokerage or research services
provided by such member, broker or dealer, viewed in terms of that particular


                                     A-1-2





transaction or Adviser's overall responsibilities with respect to its accounts,
including the Fund, as to which it exercises investment discretion.

      In addition, Adviser may, to the extent permitted by applicable law,
aggregate purchase and sale orders of securities with similar orders being made
simultaneously for other accounts managed by Adviser or its affiliates, if in
Adviser's reasonable judgment such aggregation shall result in an overall
economic benefit to the Fund, taking into consideration the selling or purchase
price, brokerage commissions and other expenses. In the event that a purchase or
sale of an asset of the Fund occurs as part of any aggregate sale or purchase
orders, the objective of Adviser and any of its affiliates involved in such
transaction shall be to allocate the securities so purchased or sold, as well as
expenses incurred in the transaction, among the Fund and other accounts in an
equitable manner. Nevertheless, the Fund acknowledges that under some
circumstances, such allocation may adversely affect the Fund with respect to the
price or size of the securities positions obtainable or salable. Whenever the
Fund and one or more other investment advisory clients of Adviser have available
funds for investment, investments suitable and appropriate for each will be
allocated in a manner believed by Adviser to be equitable to each, although such
allocation may result in a delay in one or more client accounts being fully
invested that would not occur if such an allocation were not made. Moreover, it
is possible that due to differing investment objectives or for other reasons,
Adviser and its affiliates may purchase securities of an issuer for one client
and at approximately the same time recommend selling or sell the same or similar
types of securities for another client.

      Adviser will not arrange purchases or sales of securities between the Fund
and other accounts advised by Adviser or its affiliates unless (a) such
purchases or sales are in accordance with applicable law (including Rule 17a-7
of the 1940 Act) and the Fund's policies and procedures, (b) Adviser determines
the purchase or sale is in the best interests of the Fund, and (c) the Fund's
Board of Trustees have approved these types of transactions.

      To the extent the Fund seeks to adopt, amend or eliminate any objectives,
policies, restrictions or procedures in a manner that modifies or restricts
Adviser's authority regarding the execution of the Fund's portfolio
transactions, the Fund agrees to use reasonable commercial efforts to consult
with the Adviser regarding the modifications or restrictions prior to such
adoption, amendment or elimination.

      Adviser will communicate to the officers and trustees of the Fund such
information relating to transactions for the Fund as they may reasonably
request. In no instance will portfolio securities be purchased by or sold to
Adviser or any affiliated person of either the Fund or Adviser, except as may be
permitted under the 1940 Act.

         Adviser further agrees that it:

             (a) will use the same degree of skill and care in providing such
      services as it uses in providing services to fiduciary accounts for which
      it has investment responsibilities;


                                     A-1-3





             (b) will conform in all material respects to all applicable Rules
      and Regulations of the Securities and Exchange Commission and comply in
      all material respects with all policies and procedures adopted by the
      Board of Trustees for the Fund and communicated to Adviser and, in
      addition, will conduct its activities under this Agreement in all material
      respects in accordance with any applicable regulations of any governmental
      authority pertaining to its investment advisory activities;

             (c) will report regularly to the Board of Trustees of the Fund
      (generally on a quarterly basis) and will make appropriate persons
      available for the purpose of reviewing with representatives of the Board
      of Trustees on a regular basis at reasonable times the management of the
      Fund, including, without limitation, review of the general investment
      strategies of the Fund, the performance of the Fund's investment portfolio
      in relation to relevant standard industry indices and general conditions
      affecting the marketplace and will provide various other reports from time
      to time as reasonably requested by the Board of Trustees of the Fund; and

             (d) will prepare and maintain such books and records with respect
      to the Fund's securities and other transactions as required under
      applicable law and will prepare and furnish the Fund's Board of Trustees
      such periodic and special reports as the Board of Trustees may reasonably
      request. Adviser further agrees that all records which it maintains for
      the Fund are the property of the Fund and Adviser will surrender promptly
      to the Fund any such records upon the request of the Fund (provided,
      however, that Adviser shall be permitted to retain copies thereof); and
      shall be permitted to retain originals (with copies to the Fund) to the
      extent required under Rule 204-2 of the Investment Advisers Act of 1940 or
      other applicable law.

       7. Subject to applicable statutes and regulations, it is understood that
officers, trustees, or agents of the Fund are, or may be, interested persons (as
such term is defined in the 1940 Act and rules and regulations thereunder) of
the Adviser as officers, directors, agents, shareholders or otherwise, and that
the officers, directors, shareholders and agents of the Adviser may be
interested persons of the Fund otherwise than as trustees, officers or agents.

       8. The Adviser shall not be liable for any loss sustained by reason of
the purchase, sale or retention of any security, whether or not such purchase,
sale or retention shall have been based upon the investigation and research made
by any other individual, firm or corporation, if such recommendation shall have
been selected with due care and in good faith, except loss resulting from
willful misfeasance, bad faith, or gross negligence on the part of the Adviser
in the performance of its obligations and duties, or by reason of its reckless
disregard of its material obligations and duties under this Agreement.

       9. Subject to obtaining the initial and periodic approvals required under
Section 15 of the 1940 Act, the Adviser may retain one or more sub-advisers at
the Adviser's own cost and expense for the purpose of furnishing one or more of
the services described in Section 1 hereof with respect to the Fund. Retention
of a sub-adviser shall in no way reduce the responsibilities or obligations of
the Adviser under this Agreement and the Adviser shall be responsible to the


                                     A-1-4





Fund for all acts or omissions of any sub-adviser in connection with the
performance of the Adviser's duties hereunder.

      10. The Fund acknowledges that Adviser now acts, and intends in the future
to act, as an investment adviser to other managed accounts and as investment
adviser or investment sub-adviser to one or more other investment companies. In
addition, the Fund acknowledges that the persons employed by Adviser to assist
in Adviser's duties under this Agreement will not devote their full time to such
efforts. It is also agreed that Adviser may use any supplemental research
obtained for the benefit of the Fund in providing investment advice to its other
investment advisory accounts and for managing its own accounts.

      11. This Agreement shall be effective on the date provided above, provided
it has been approved by a vote of a majority of the outstanding voting
securities of the Fund in accordance with the requirements of the 1940 Act. This
Agreement shall continue in effect until the two-year anniversary of the date of
its effectiveness, unless and until terminated by either party as hereinafter
provided, and shall continue in force from year to year thereafter, but only as
long as such continuance is specifically approved, at least annually, in the
manner required by the 1940 Act.

      This Agreement shall automatically terminate in the event of its
assignment, and may be terminated at any time without the payment of any penalty
by the Fund or by the Adviser upon sixty (60) days' written notice to the other
party. The Fund may effect termination by action of the Board of Trustees or by
vote of a majority of the outstanding voting securities of the Fund, accompanied
by appropriate notice. This Agreement may be terminated, at any time, without
the payment of any penalty, by the Board of Trustees of the Fund, or by vote of
a majority of the outstanding voting securities of the Fund, in the event that
it shall have been established by a court of competent jurisdiction that the
Adviser, or any officer or director of the Adviser, has taken any action which
results in a breach of the material covenants of the Adviser set forth herein.
Termination of this Agreement shall not affect the right of the Adviser to
receive payments on any unpaid balance of the compensation, described in Section
3, earned prior to such termination and for any additional period during which
Adviser serves as such for the Fund, subject to applicable law. The terms
"assignment" and "vote of the majority of outstanding voting securities" shall
have the same meanings set forth in the 1940 Act and the rules and regulations
thereunder.

      12. If any provision of this Agreement shall be held or made invalid by a
court decision, statute, rule, or otherwise, the remainder shall not be thereby
affected.

      13. Any notice under this Agreement shall be in writing, addressed and
delivered or mailed, postage prepaid, to the other party at such address as such
other party may designate for receipt of such notice.

      14. All parties hereto are expressly put on notice of the Fund's
Declaration of Trust and all amendments thereto, a copy of which is on file with
the Secretary of the Commonwealth of Massachusetts and the limitation of
shareholder and trustee liability contained therein. This Agreement is executed
on behalf of the Fund by the Fund's officers as officers and not individually


                                     A-1-5





and the obligations imposed upon the Fund by this Agreement are not binding upon
any of the Fund's Trustees, officers or shareholders individually but are
binding only upon the assets and property of the Fund, and persons dealing with
the Fund must look solely to the assets of the Fund for the enforcement of any
claims.

      15. This Agreement shall be construed in accordance with applicable
federal law and (except as to Section 14 hereof which shall be construed in
accordance with the laws of Massachusetts) the laws of the State of Illinois.


                                     A-1-6






      IN WITNESS WHEREOF, the Fund and the Adviser have caused this Agreement to
be executed on the day and year above written.

                                        FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY
                                           INCOME FUND



                                        By:____________________________________
                                        Name:
                                        Title:

ATTEST:  _________________________
Name:
Title:

                                        FIRST TRUST ADVISORS L.P.



                                        By:____________________________________
                                        Name:
                                        Title:

ATTEST:  _________________________
Name:
Title:


                                     A-1-7





                                                                     EXHIBIT A-2


                                    FORM OF
                             NEW ADVISORY AGREEMENT
                                      FOR
                 FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND


                        INVESTMENT MANAGEMENT AGREEMENT

      INVESTMENT MANAGEMENT AGREEMENT made this [ ] day of [ ], by and between
FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND, a Massachusetts business trust
(the "Fund"), and FIRST TRUST ADVISORS L.P., an Illinois limited partnership
(the "Adviser").

                                  WITNESSETH:

      In consideration of the mutual covenants hereinafter contained, it is
hereby agreed by and between the parties hereto as follows:

       1. The Fund hereby engages the Adviser to act as the investment adviser
for, and to manage the investment and reinvestment of the assets of the Fund in
accordance with the Fund's investment objective and policies and limitations,
and to administer the Fund's affairs to the extent requested by and subject to
the supervision of the Board of Trustees of the Fund for the period and upon the
terms herein set forth. The investment of the Fund's assets shall be subject to
the Fund's policies, restrictions and limitations with respect to securities
investments as set forth in the Fund's most recent effective registration
statement under the Investment Company Act of l940 (the "1940 Act") and as such
policies, restrictions and limitations may be amended by the Board of Trustees
of the Fund from time to time, and all applicable laws and the regulations of
the Securities and Exchange Commission relating to the management of registered
closed-end management investment companies.

      The Adviser accepts such employment and agrees during such period to
render such services, to furnish office facilities and equipment and clerical,
bookkeeping and administrative services (other than such services, if any,
provided by the Fund's transfer agent, administrator or other service providers)
for the Fund, to permit any of its officers or employees to serve without
compensation as trustees or officers of the Fund if elected to such positions,
and to assume the obligations herein set forth for the compensation herein
provided. The Adviser shall at its own expense furnish all executive and other
personnel, office space, and office facilities required to render the investment
management and administrative services set forth in this Agreement. In the event
that the Adviser pays or assumes any expenses of the Fund not required to be
paid or assumed by the Adviser under this Agreement, the Adviser shall not be
obligated hereby to pay or assume the same or similar expense in the future;
provided that nothing contained herein shall be deemed to relieve the Adviser of
any obligation to the Fund under any separate agreement or arrangement between
the parties.


                                     A-2-1





       2. The Adviser shall, for all purposes herein provided, be deemed to be
an independent contractor and, unless otherwise expressly provided or
authorized, shall have no authority to act for nor represent the Fund in any
way, nor otherwise be deemed an agent of the Fund.

       3. For the services and facilities described in Section 1, the Fund will
pay to the Adviser, at the end of each calendar month, and the Adviser agrees to
accept as full compensation therefore, an investment management fee equal to the
annual rate of 1.00% of the Fund's Managed Assets, as such term is defined
herein. "Managed Assets" means the gross asset value of the Fund (including
assets attributable to the Fund's Preferred Shares, as such term is defined in
the Fund's prospectus, if any, and the principal amount of borrowings), minus
the sum of the Fund's accrued and unpaid dividends on any outstanding Preferred
Shares and accrued liabilities (other than the principal amount of any
borrowings incurred, or of commercial paper or notes issued by the Fund. For
purposes of determining Managed Assets, the liquidation preference of
outstanding Preferred Shares is not treated as a liability.

      For the month and year in which this Agreement becomes effective, or
terminates, there shall be an appropriate proration on the basis of the number
of days that the Agreement shall have been in effect during the month and year,
respectively. The services of the Adviser to the Fund under this Agreement are
not to be deemed exclusive, and the Adviser shall be free to render similar
services or other services to others so long as its services hereunder are not
impaired thereby.

       4. The Adviser shall arrange for suitably qualified officers or employees
of the Adviser to serve, without compensation from the Fund, as trustees,
officers or agents of the Fund, if duly elected or appointed to such positions,
and subject to their individual consent and to any limitations imposed by law.

       5. For purposes of this Agreement, brokerage commissions paid by the Fund
upon the purchase or sale of the Fund's portfolio securities shall be considered
a cost of securities of the Fund and shall be paid by the Fund.

       6. Adviser is authorized to select the brokers or dealers that will
execute the purchases and sales of the Fund's securities on behalf of the Fund,
and is directed to use its commercially reasonable efforts to obtain best
execution, which includes most favorable net results and execution of the Fund's
orders, taking into account all appropriate factors, including price, dealer
spread or commission, size and difficulty of the transaction and research or
other services provided. Subject to approval by the Fund's Board of Trustees and
to the extent permitted by and in conformance with applicable law (including
Rule 17e-1 of the 1940 Act), Adviser may select brokers or dealers affiliated
with Adviser. It is understood that Adviser will not be deemed to have acted
unlawfully, or to have breached a fiduciary duty to the Fund, or be in breach of
any obligation owing to the Fund under this Agreement, or otherwise, solely by
reason of its having caused the Fund to pay a member of a securities exchange, a
broker or a dealer a commission for effecting a securities transaction for the
Fund in excess of the amount of commission another member of an exchange, broker
or dealer would have charged if Adviser determined in good faith that the
commission paid was reasonable in relation to the brokerage or research services
provided by such member, broker or dealer, viewed in terms of that particular


                                     A-2-2





transaction or Adviser's overall responsibilities with respect to its accounts,
including the Fund, as to which it exercises investment discretion.

      In addition, Adviser may, to the extent permitted by applicable law,
aggregate purchase and sale orders of securities with similar orders being made
simultaneously for other accounts managed by Adviser or its affiliates, if in
Adviser's reasonable judgment such aggregation shall result in an overall
economic benefit to the Fund, taking into consideration the selling or purchase
price, brokerage commissions and other expenses. In the event that a purchase or
sale of an asset of the Fund occurs as part of any aggregate sale or purchase
orders, the objective of Adviser and any of its affiliates involved in such
transaction shall be to allocate the securities so purchased or sold, as well as
expenses incurred in the transaction, among the Fund and other accounts in an
equitable manner. Nevertheless, the Fund acknowledges that under some
circumstances, such allocation may adversely affect the Fund with respect to the
price or size of the securities positions obtainable or salable. Whenever the
Fund and one or more other investment advisory clients of Adviser have available
funds for investment, investments suitable and appropriate for each will be
allocated in a manner believed by Adviser to be equitable to each, although such
allocation may result in a delay in one or more client accounts being fully
invested that would not occur if such an allocation were not made. Moreover, it
is possible that due to differing investment objectives or for other reasons,
Adviser and its affiliates may purchase securities of an issuer for one client
and at approximately the same time recommend selling or sell the same or similar
types of securities for another client.

      Adviser will not arrange purchases or sales of securities between the Fund
and other accounts advised by Adviser or its affiliates unless (a) such
purchases or sales are in accordance with applicable law (including Rule 17a-7
of the 1940 Act) and the Fund's policies and procedures, (b) Adviser determines
the purchase or sale is in the best interests of the Fund, and (c) the Fund's
Board of Trustees have approved these types of transactions.

      To the extent the Fund seeks to adopt, amend or eliminate any objectives,
policies, restrictions or procedures in a manner that modifies or restricts
Adviser's authority regarding the execution of the Fund's portfolio
transactions, the Fund agrees to use reasonable commercial efforts to consult
with the Adviser regarding the modifications or restrictions prior to such
adoption, amendment or elimination.

      Adviser will communicate to the officers and trustees of the Fund such
information relating to transactions for the Fund as they may reasonably
request. In no instance will portfolio securities be purchased by or sold to
Adviser or any affiliated person of either the Fund or Adviser, except as may be
permitted under the 1940 Act.

         Adviser further agrees that it:

             (a) will use the same degree of skill and care in providing such
      services as it uses in providing services to fiduciary accounts for which
      it has investment responsibilities;


                                     A-2-3





             (b) will conform in all material respects to all applicable Rules
      and Regulations of the Securities and Exchange Commission and comply in
      all material respects with all policies and procedures adopted by the
      Board of Trustees for the Fund and communicated to Adviser and, in
      addition, will conduct its activities under this Agreement in all material
      respects in accordance with any applicable regulations of any governmental
      authority pertaining to its investment advisory activities;

             (c) will report regularly to the Board of Trustees of the Fund
      (generally on a quarterly basis) and will make appropriate persons
      available for the purpose of reviewing with representatives of the Board
      of Trustees on a regular basis at reasonable times the management of the
      Fund, including, without limitation, review of the general investment
      strategies of the Fund, the performance of the Fund's investment portfolio
      in relation to relevant standard industry indices and general conditions
      affecting the marketplace and will provide various other reports from time
      to time as reasonably requested by the Board of Trustees of the Fund; and

             (d) will prepare and maintain such books and records with respect
      to the Fund's securities and other transactions as required under
      applicable law and will prepare and furnish the Fund's Board of Trustees
      such periodic and special reports as the Board of Trustees may reasonably
      request. Adviser further agrees that all records which it maintains for
      the Fund are the property of the Fund and Adviser will surrender promptly
      to the Fund any such records upon the request of the Fund (provided,
      however, that Adviser shall be permitted to retain copies thereof); and
      shall be permitted to retain originals (with copies to the Fund) to the
      extent required under Rule 204-2 of the Investment Advisers Act of 1940 or
      other applicable law.

       7. Subject to applicable statutes and regulations, it is understood that
officers, trustees, or agents of the Fund are, or may be, interested persons (as
such term is defined in the 1940 Act and rules and regulations thereunder) of
the Adviser as officers, directors, agents, shareholders or otherwise, and that
the officers, directors, shareholders and agents of the Adviser may be
interested persons of the Fund otherwise than as trustees, officers or agents.

       8. The Adviser shall not be liable for any loss sustained by reason of
the purchase, sale or retention of any security, whether or not such purchase,
sale or retention shall have been based upon the investigation and research made
by any other individual, firm or corporation, if such recommendation shall have
been selected with due care and in good faith, except loss resulting from
willful misfeasance, bad faith, or gross negligence on the part of the Adviser
in the performance of its obligations and duties, or by reason of its reckless
disregard of its material obligations and duties under this Agreement.

       9. Subject to obtaining the initial and periodic approvals required under
Section 15 of the 1940 Act, the Adviser may retain one or more sub-advisers at
the Adviser's own cost and expense for the purpose of furnishing one or more of
the services described in Section 1 hereof with respect to the Fund. Retention
of a sub-adviser shall in no way reduce the responsibilities or obligations of
the Adviser under this Agreement and the Adviser shall be responsible to the


                                     A-2-4




Fund for all acts or omissions of any sub-adviser in connection with the
performance of the Adviser's duties hereunder.

      10. The Fund acknowledges that Adviser now acts, and intends in the future
to act, as an investment adviser to other managed accounts and as investment
adviser or investment sub-adviser to one or more other investment companies. In
addition, the Fund acknowledges that the persons employed by Adviser to assist
in Adviser's duties under this Agreement will not devote their full time to such
efforts. It is also agreed that Adviser may use any supplemental research
obtained for the benefit of the Fund in providing investment advice to its other
investment advisory accounts and for managing its own accounts.

      11. This Agreement shall be effective on the date provided above, provided
it has been approved by a vote of a majority of the outstanding voting
securities of the Fund in accordance with the requirements of the 1940 Act. This
Agreement shall continue in effect until the two-year anniversary of the date of
its effectiveness, unless and until terminated by either party as hereinafter
provided, and shall continue in force from year to year thereafter, but only as
long as such continuance is specifically approved, at least annually, in the
manner required by the 1940 Act.

      This Agreement shall automatically terminate in the event of its
assignment, and may be terminated at any time without the payment of any penalty
by the Fund or by the Adviser upon sixty (60) days' written notice to the other
party. The Fund may effect termination by action of the Board of Trustees or by
vote of a majority of the outstanding voting securities of the Fund, accompanied
by appropriate notice. This Agreement may be terminated, at any time, without
the payment of any penalty, by the Board of Trustees of the Fund, or by vote of
a majority of the outstanding voting securities of the Fund, in the event that
it shall have been established by a court of competent jurisdiction that the
Adviser, or any officer or director of the Adviser, has taken any action which
results in a breach of the material covenants of the Adviser set forth herein.
Termination of this Agreement shall not affect the right of the Adviser to
receive payments on any unpaid balance of the compensation, described in Section
3, earned prior to such termination and for any additional period during which
Adviser serves as such for the Fund, subject to applicable law. The terms
"assignment" and "vote of the majority of outstanding voting securities" shall
have the same meanings set forth in the 1940 Act and the rules and regulations
thereunder.

      12. If any provision of this Agreement shall be held or made invalid by a
court decision, statute, rule, or otherwise, the remainder shall not be thereby
affected.

      13. Any notice under this Agreement shall be in writing, addressed and
delivered or mailed, postage prepaid, to the other party at such address as such
other party may designate for receipt of such notice.

      14. All parties hereto are expressly put on notice of the Fund's
Declaration of Trust and all amendments thereto, a copy of which is on file with
the Secretary of the Commonwealth of Massachusetts and the limitation of
shareholder and trustee liability contained therein. This Agreement is executed
on behalf of the Fund by the Fund's officers as officers and not individually


                                     A-2-5





and the obligations imposed upon the Fund by this Agreement are not binding upon
any of the Fund's Trustees, officers or shareholders individually but are
binding only upon the assets and property of the Fund, and persons dealing with
the Fund must look solely to the assets of the Fund for the enforcement of any
claims.

      15. This Agreement shall be construed in accordance with applicable
federal law and (except as to Section 14 hereof which shall be construed in
accordance with the laws of Massachusetts) the laws of the State of Illinois.


                                     A-2-6






      IN WITNESS WHEREOF, the Fund and the Adviser have caused this Agreement to
be executed on the day and year above written.

                                        FIRST TRUST/ABERDEEN EMERGING
                                          OPPORTUNITY FUND



                                        By:____________________________________
                                        Name:
                                        Title:

ATTEST:  _________________________
Name:
Title:

                                        FIRST TRUST ADVISORS L.P.



                                        By:____________________________________
                                        Name:
                                        Title:

ATTEST:  _________________________
Name:
Title:


                                     A-2-7





                                                                     EXHIBIT B-1


                                    FORM OF
                           NEW SUB-ADVISORY AGREEMENT
                                      FOR
              FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY INCOME FUND


                       INVESTMENT SUB-ADVISORY AGREEMENT

      AGREEMENT made as of this [ ] day of [ ] by and among First Trust/Aberdeen
Global Opportunity Income Fund, a Massachusetts business trust (the "Fund"),
First Trust Advisors L.P., an Illinois limited partnership (the "Manager") and a
registered investment adviser with the Securities and Exchange Commission
("SEC"), and Aberdeen Asset Management Inc., a Delaware company and a registered
investment adviser with the SEC (the "Sub-Adviser").

      WHEREAS, the Fund is a closed-end management investment company registered
under the Investment Company Act of 1940, as amended (the "1940 Act");

      WHEREAS, the Fund has retained the Manager to serve as the investment
manager for the Fund pursuant to an Investment Management Agreement between the
Manager and the Fund (as such agreement may be modified from time to time, the
"Management Agreement");

      WHEREAS, the Management Agreement provides that the Manager may, subject
to the initial and periodic approvals required under Section 15 of the 1940 Act,
appoint a sub-adviser at its own cost and expense for the purpose of furnishing
certain services required under the Management Agreement;

      WHEREAS, the Fund and the Manager desire to retain the Sub-Adviser to
furnish investment advisory services for the Fund's investment portfolio, upon
the terms and conditions hereafter set forth;

      NOW, THEREFORE, in consideration of the mutual covenants herein contained,
the parties hereto agree as follows:

       1. Appointment. The Fund and the Manager hereby appoint the Sub-Adviser
to provide certain sub-investment advisory services to the Fund for the period
and on the terms set forth in this Agreement. The Sub-Adviser accepts such
appointment and agrees to furnish the services herein set forth for the
compensation herein provided. The Sub-Adviser shall, for all purposes herein
provided, be deemed an independent contractor and, unless otherwise expressly
provided or authorized, shall have no authority to act for nor represent the
Fund or the Manager in any way, nor otherwise be deemed an agent of the Fund or
the Manager.

       2. Services to Be Performed. Subject always to the supervision of the
Fund's Board of Trustees and the Manager, the Sub-Adviser will act as
sub-adviser for, and manage on a discretionary basis the investment and


                                     B-1-1





reinvestment of the assets of the Fund, furnish an investment program in respect
of, make investment decisions for, and place all orders for the purchase and
sale of securities for the Fund's investment portfolio, all on behalf of the
Fund and as described in the Fund's most recent registration statement on Form
N-2 as declared effective by the SEC, and as the same may thereafter be amended
from time to time. In the performance of its duties, the Sub-Adviser will in all
material respects (a) satisfy any applicable fiduciary duties it may have to the
Fund, (b) monitor the Fund's investments, and (c) comply with the provisions of
the Fund's Declaration of Trust and By-laws, as amended from time to time and
communicated by the Fund or the Manager to the Sub-Adviser in writing, and the
stated investment objectives, policies and restrictions of the Fund as such
objectives, policies and restrictions may subsequently be changed by the Fund's
Board of Trustees and communicated by the Fund or the Manager to the Sub-Adviser
in writing. The Fund or the Manager has provided the Sub-Adviser with current
copies of the Fund's Declaration of Trust, By-laws, prospectus, statement of
additional information and any amendments thereto, and any objectives, policies
or limitations not appearing therein as they may be relevant to the
Sub-Adviser's performance under this Agreement.

      The Sub-Adviser shall have authority and discretion to select brokers and
dealers to execute portfolio transactions for the Fund initiated by the
Sub-Adviser and to select the markets on or in which the transactions will be
executed. In placing orders for the sale and purchase of securities for the
Fund, the Sub-Adviser's primary responsibility shall be to seek the best
execution of orders at the most favorable prices. However, this responsibility
shall not obligate the Sub-Adviser to solicit competitive bids for each
transaction or to seek the lowest available commission cost to the Fund, so long
as the Sub-Adviser reasonably believes that the broker or dealer selected by it
can be expected to obtain a "best execution" market price on the particular
transaction and determines in good faith that the commission cost is reasonable
in relation to the value of the brokerage and research services (as defined in
Section 28(e)(3) of the Securities Exchange Act of 1934) provided by such broker
or dealer to the Sub-Adviser, viewed in terms of either that particular
transaction or of the Sub-Adviser's overall responsibilities with respect to its
clients, including the Fund, as to which the Sub-Adviser exercises investment
discretion, notwithstanding that the Fund may not be the direct or exclusive
beneficiary of any such services or that another broker may be willing to charge
the Fund a lower commission on the particular transaction.

      Subject to compliance with the policies and procedures adopted by the
Board of Trustees for the Fund and to the extent permitted by and in conformance
with applicable law (including Rule 17e-1 of the 1940 Act), the Sub-Adviser may
select brokers or dealers affiliated with the Sub-Adviser. It is understood that
the Sub-Adviser will not be deemed to have acted unlawfully, or to have breached
a fiduciary duty to the Fund, or be in breach of any obligation owing to the
Fund under this Agreement, or otherwise, solely by reason of its having caused
the Fund to pay a member of a securities exchange, a broker or a dealer a
commission for effecting a securities transaction for the Fund in excess of the
amount of commission another member of an exchange, broker or dealer would have
charged if the Sub-Adviser determined in good faith that the commission paid was
reasonable in relation to the brokerage or research services provided by such
member, broker or dealer, viewed in terms of that particular transaction or the


                                     B-1-2





Sub-Adviser's overall responsibilities with respect to its accounts, including
the Fund, as to which it exercises investment discretion.

      The Sub-Adviser has adopted Best Execution policies and procedures which
detail the factors considered in brokerage selection. The Sub-Adviser's
objective in selecting brokers and dealers and in effecting portfolio
transactions is to seek to obtain the best combination of price and execution
with respect to its clients' portfolio transactions. The best net price, giving
effect to brokerage commissions, spreads and other costs, is normally an
important factor in this decision, but a number of other judgmental factors are
considered as they are deemed relevant. Steps associated with seeking best
execution are: (1) determine each client's trading requirements; (2) select
appropriate trading methods, venues, and agents to execute the trades under the
circumstances; (3) evaluate market liquidity of each security and take
appropriate steps to avoid excessive market impact; (4) maintain client
confidentiality and proprietary information inherent in the decision to trade;
and (5) review the results on a periodic basis.

      Portfolio transactions for the Fund will generally be completed
independently of transactions of other Sub-Adviser's clients, except when the
Sub-Adviser is in the position of buying or selling the same security for a
number of its clients (including the Fund) at approximately the same time.
Because of market fluctuations, the prices obtained on such transactions within
a single day may vary substantially. In order to avoid having clients receive
different prices for the same security on the same day, the Sub-Adviser
endeavors, when possible, to use an "averaging" procedure.

      Under this procedure, purchases or sales of a particular security for the
Fund will at times be combined or "batched" with purchases or sales for other
advisory clients by the Sub-Adviser unless the Fund has expressly directed
otherwise. Such batched trades may be used to facilitate best execution,
including negotiating more favorable prices, obtaining more timely or equitable
execution or reducing overall commission charges. In such cases, the price shown
on confirmations of the Fund's purchases or sales will be the average execution
price on all of the purchases and sales that are aggregated for this purpose.

      In accordance with its written policies and procedures, the Sub-Adviser
may also consider the following when deciding on allocations: (1) cash flow
changes (including available cash, redemptions, exchanges, capital additions and
capital withdrawals) may provide a basis to deviate from a pre-established
allocation as long as it does not result in an unfair advantage to specific
accounts or types of accounts over time; (2) accounts with specialized
investment objectives or restrictions emphasizing investment in a specific
category of securities may be given priority over other accounts in allocating
such securities; and (3) for bond trades, street convention and good delivery
often dictate the minimum size and par amounts and may result in small
deviations from pro rata distribution.

      The Sub-Adviser will vote all proxies solicited by or with respect to the
issuers of securities which assets of the Fund's investment portfolio allocated
by the Manager to the Sub-Adviser are invested, consistent with the
Sub-Adviser's written Proxy Policies and Procedures. The Sub-Adviser will
maintain appropriate records in accordance with applicable law detailing its
voting of proxies on behalf of the Fund and upon request will provide a report


                                     B-1-3





setting forth the proposals voted on and how the Fund's shares were voted,
including the name of the corresponding issuers.

      The Sub-Adviser will not arrange purchases or sales of securities between
the Fund and other accounts advised by the Sub-Adviser or its affiliates unless
(a) such purchases or sales are in accordance with applicable law (including
Rule 17a-7 of the 1940 Act) and the Fund's policies and procedures, (b) the
Sub-Adviser determines the purchase or sale is in the best interests of the
Fund, and (c) the Fund's Board of Trustees have approved these types of
transactions.

      The Fund may adopt policies and procedures that modify or restrict the
Sub-Adviser's authority regarding the execution of the Fund's portfolio
transactions provided herein.

      The Sub-Adviser will communicate to the officers and trustees of the Fund
such information relating to transactions for the Fund as they may reasonably
request. In no instance will portfolio securities be purchased from or sold to
the Manager, the Sub-Adviser or any affiliated person of either the Fund, the
Manager, or the Sub-Adviser, except as may be permitted under the 1940 Act.

         The Sub-Adviser further agrees that it:

             (a) will use the same degree of skill and care in providing such
      services as it uses in providing services to fiduciary accounts for which
      it has investment responsibilities;

             (b) will conform in all material respects to all applicable Rules
      and Regulations of the Securities and Exchange Commission and comply in
      all material respects with all policies and procedures adopted by the
      Board of Trustees for the Fund and communicated to the Sub-Adviser in
      writing and, in addition, will conduct its activities under this Agreement
      in all material respects in accordance with any applicable regulations of
      any governmental authority pertaining to its investment advisory
      activities;

             (c) will report to the Manager and to the Board of Trustees of the
      Fund on a quarterly basis and will make appropriate persons available for
      the purpose of reviewing with representatives of the Manager and the Board
      of Trustees on a regular basis at such times as the Manager and the Board
      of Trustees may reasonably request in writing regarding the management of
      the Fund, including, without limitation, review of the general investment
      strategies of the Fund, the performance of the Fund's investment portfolio
      in relation to relevant standard industry indices and general conditions
      affecting the marketplace and will provide various other reports from time
      to time as reasonably requested by the Manager or the Board of Trustees of
      the Fund; and

             (d) will prepare and maintain such books and records with respect
      to the Fund's securities and other transactions for the Fund's investment
      portfolio as required for registered investment advisers under applicable
      law or as otherwise reasonably requested by the Manager and will prepare
      and furnish the Manager and Fund's Board of Trustees such periodic and


                                     B-1-4





      special reports as the Board or the Manager may reasonably request. The
      Sub-Adviser further agrees that all records that it maintains for the Fund
      are the property of the Fund and the Sub-Adviser will surrender promptly
      to the Fund any such records upon the request of the Manager or the Fund
      (provided, however, that the Sub-Adviser shall be permitted to retain
      copies thereof); and shall be permitted to retain originals (with copies
      to the Fund) to the extent required under Rule 204-2 of the Investment
      Advisers Act of 1940 or other applicable law.

       3. Expenses. During the term of this Agreement, the Sub-Adviser will pay
all expenses incurred by it in connection with its activities under this
Agreement other than the cost of securities and other assets (including
brokerage commission, if any) purchased for the Fund.

       4. Additional Sub-Advisers. Subject to obtaining the initial and periodic
approvals required under Section 15 of the 1940 Act and the approval of the
Manager, the Sub-Adviser may retain one or more additional sub-advisers at the
Sub-Adviser's own cost and expense for the purpose of furnishing one or more of
the services described in Section 2 hereof with respect to the Fund. Retention
of a sub-adviser hereunder shall in no way reduce the responsibilities or
obligations of the Sub-Adviser under this Agreement and the Sub-Adviser shall be
responsible to the Fund for all acts or omissions of any sub-adviser in
connection with the performance of the Sub-Adviser's duties hereunder.

       5. Compensation. For the services provided and the expenses assumed
pursuant to this Agreement, the Manager will pay the Sub-Adviser, and the
Sub-Adviser agrees to accept as full compensation therefor, a portfolio
management fee (the "Management Fee") equal to the annual rate of .50% of the
Fund's Managed Assets (as defined below). For purposes of calculating the
Management Fee, Managed Assets means the average daily gross asset value of the
Fund (which includes assets attributable to the Fund's Preferred Shares (as such
term is defined in the Fund's prospectus), if any, and the principal amount of
borrowings), minus the sum of the Fund's accrued and unpaid dividends on any
outstanding Preferred Shares and accrued liabilities (other than the principal
amount of any borrowings incurred, commercial paper or notes issued by the Fund
and the liquidation preference of any outstanding Preferred Shares of the Fund).
The Management Fee shall be payable in arrears on or about the first day of each
month during the term of this Agreement.

      For the month and year in which this Agreement becomes effective or
terminates, there shall be an appropriate proration on the basis of the number
of days that the Agreement is in effect during the month and year, respectively.

       6. Services to Others. The Fund and the Manager acknowledge that the
Sub-Adviser now acts, or may in the future act, as an investment adviser to
other managed accounts and as investment adviser or investment sub-adviser to
one or more other investment companies. In addition, the Fund and the Manager
acknowledge that the persons employed by the Sub-Adviser to assist in the
Sub-Adviser's duties under this Agreement will not devote their full time to
such efforts. It is also agreed that the Sub-Adviser may use any supplemental
research obtained for the benefit of the Fund in providing investment advice to
its other investment advisory accounts and for managing its own accounts.


                                     B-1-5





       7. Limitation of Liability. The Sub-Adviser shall not be liable for, and
the Fund and the Manager will not take any action against the Sub-Adviser to
hold the Sub-Adviser liable for, any error of judgment or mistake of law or for
any loss suffered by the Fund or the Manager (including, without limitation, by
reason of the purchase, sale or retention of any security) in connection with
the performance of the Sub-Adviser's duties under this Agreement, except for a
loss resulting from willful misfeasance, bad faith or gross negligence on the
part of the Sub-Adviser in the performance of its duties under this Agreement,
or by reason of its reckless disregard of its material obligations and duties
under this Agreement.

       8. Term; Termination. This Agreement shall become effective with respect
to the Fund on the same date as the Management Agreement between the Fund and
the Manager becomes effective (it being understood that the Manager shall notify
the Sub-Adviser of the date of effectiveness of the Management Agreement as soon
as reasonably practical after effectiveness), provided that it has been approved
by a vote of a majority of the outstanding voting securities of the Fund in
accordance with the requirements of the 1940 Act, and shall remain in full force
until the two-year anniversary of the date of its effectiveness unless sooner
terminated as hereinafter provided. This Agreement shall continue in force from
year to year thereafter, but only as long as such continuance is specifically
approved for the Fund at least annually in the manner required by the 1940 Act
and the rules and regulations thereunder; provided, however, that if the
continuation of this Agreement is not approved for the Fund, the Sub-Adviser may
continue to serve in such capacity for the Fund in the manner and to the extent
permitted by the 1940 Act and the rules and regulations thereunder.

      This Agreement shall automatically terminate in the event of its
assignment and may be terminated at any time without the payment of any penalty
by the Manager or the Sub-Adviser upon sixty (60) days' written notice to the
other parties. This Agreement may also be terminated by the Fund by action of
the Board of Trustees or by a vote of a majority of the outstanding voting
securities of such Fund upon sixty (60) days' written notice to the Sub-Adviser
by the Fund without payment of any penalty.

      This Agreement may be terminated at any time without the payment of any
penalty by the Manager, the Board of Trustees or by vote of a majority of the
outstanding voting securities of the Fund in the event that it shall have been
established by a court of competent jurisdiction that the Sub-Adviser or any
officer or director of the Sub-Adviser has taken any action that results in a
breach of the material covenants of the Sub-Adviser set forth herein.

      The terms "assignment" and "vote of a majority of the outstanding voting
securities" shall have the meanings set forth in the 1940 Act and the rules and
regulations thereunder.

      Termination of this Agreement shall not affect the right of the
Sub-Adviser to receive payments on any unpaid balance of the compensation
described in Section 5 earned prior to such termination and for any additional
period during which the Sub-Adviser serves as such for the Fund, subject to
applicable law.

       9. Notice. Any notice under this Agreement shall be sufficient in all
respects if given in writing and delivered by commercial courier providing proof


                                     B-1-6





of delivery and addressed as follows or addressed to such other person or
address as such party may designate for receipt of such notice.

If to the Manager or the Fund:             If to the Sub-Adviser:
First Trust/Aberdeen Global Opportunity    Aberdeen Asset Management Inc.
Income Fund
First Trust Advisors L.P.                  1735 Market Street, 32nd Floor
120 E. Liberty Drive, Suite 400            Philadelphia, Pennsylvania  19103
Wheaton, Illinois  60187                   Attention:  Legal Department
Attention:  Secretary
                                           If by Facsimile:  (866) 291-5760
If by Facsimile:  (630) 517-7437

      10. Limitations on Liability. All parties hereto are expressly put on
notice of the Fund's Declaration of Trust and all amendments thereto, a copy of
which is on file with the Secretary of the Commonwealth of Massachusetts, and
the limitation of shareholder and trustee liability contained therein and a
certified copy of which has been provided to the Sub-Adviser prior to the date
hereof. This Agreement is executed on behalf of the Fund by the Fund's officers
in their capacity as officers and not individually and are not binding upon any
of the Trustees, officers, or shareholders of the Fund individually but the
obligations imposed upon the Fund by this Agreement are binding only upon the
assets and property of the Fund, and persons dealing with the Fund must look
solely to the assets of the Fund for the enforcement of any claims.

      11. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. This
Agreement will be binding upon and shall inure to the benefit of the parties
hereto and their respective successors.

      12. Applicable Law. This Agreement shall be construed in accordance with
applicable federal law and (except as to Section 10 hereof which shall be
construed in accordance with the laws of Massachusetts) the laws of the State of
Illinois.

      13. Amendment, Etc. This Agreement may only be amended, or its provisions
modified or waived, in a writing signed by the party against which such
amendment, modification or waiver is sought to be enforced.

      14. Authority. Each party represents to the others that it is duly
authorized and fully empowered to execute, deliver and perform this Agreement.
The Fund represents that engagement of the Sub-Adviser has been duly authorized
by the Fund and is in accordance with the Fund's Declaration of Trust and other
governing documents of the Fund.

      15. Severability. Each provision of this Agreement is intended to be
severable from the others so that if any provision or term hereof is illegal or
invalid for any reason whatsoever, such illegality or invalidity shall not
affect the validity of the remaining provisions and terms hereof; provided,


                                     B-1-7





however, that the provisions governing payment of the Management Fee described
in Section 5 are not severable.

      16. Entire Agreement. This Agreement constitutes the sole and entire
agreement of the parties hereto with respect to the subject matter expressly set
forth herein.


                                     B-1-8





      IN WITNESS WHEREOF, the Fund, the Manager and the Sub-Adviser have caused
this Agreement to be executed as of the day and year first above written.

FIRST TRUST ADVISORS L.P.                ABERDEEN ASSET MANAGEMENT INC.

By_____________________________________  By____________________________________
     Title:____________________________      Title:____________________________



FIRST TRUST/ABERDEEN GLOBAL OPPORTUNITY
    INCOME FUND



By_____________________________________
     Title:____________________________


                                     B-1-9




                                                                     EXHIBIT B-2


                                    FORM OF
                           NEW SUB-ADVISORY AGREEMENT
                                      FOR
                 FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND


                       INVESTMENT SUB-ADVISORY AGREEMENT

      AGREEMENT made as of this [ ] day of [ ] by and among First Trust/Aberdeen
Emerging Opportunity Fund, a Massachusetts business trust (the "Fund"), First
Trust Advisors L.P., an Illinois limited partnership (the "Manager") registered
as an investment adviser with the Securities and Exchange Commission ("SEC"),
and Aberdeen Asset Management Inc., a Delaware company registered as an
investment adviser with the SEC (the "Sub-Adviser").

      WHEREAS, the Fund is a closed-end management investment company registered
under the Investment Company Act of 1940, as amended (the "1940 Act");

      WHEREAS, the Fund has retained the Manager to serve as the investment
manager for the Fund pursuant to an Investment Management Agreement between the
Manager and the Fund (as such agreement may be modified from time to time, the
"Management Agreement");

      WHEREAS, the Management Agreement provides that the Manager may, subject
to the initial and periodic approvals required under Section 15 of the 1940 Act,
appoint a sub-adviser at its own cost and expense for the purpose of furnishing
certain services required under the Management Agreement;

      WHEREAS, the Fund and the Manager desire to retain the Sub-Adviser to
furnish investment advisory services for the Fund's investment portfolio, upon
the terms and conditions hereafter set forth;

      NOW, THEREFORE, in consideration of the mutual covenants herein contained,
the parties hereto agree as follows:

       1. Appointment. The Fund and the Manager hereby appoint the Sub-Adviser
to provide certain sub-investment advisory services to the Fund for the period
and on the terms set forth in this Agreement. The Sub-Adviser accepts such
appointment and agrees to furnish the services herein set forth for the
compensation herein provided. The Sub-Adviser shall, for all purposes herein
provided, be deemed an independent contractor and, unless otherwise expressly
provided or authorized, shall have no authority to act for nor represent the
Fund or the Manager in any way, nor otherwise be deemed an agent of the Fund or
the Manager.

       2. Services to Be Performed. Subject always to the supervision of the
Fund's Board of Trustees and the Manager, the Sub-Adviser will act as
sub-adviser for, and manage on a discretionary basis the investment and


                                     B-2-1





reinvestment of the assets of the Fund, furnish an investment program in respect
of, make investment decisions for, and place all orders for the purchase and
sale of securities for the Fund's investment portfolio, all on behalf of the
Fund and as described in the Fund's most recent effective registration statement
on Form N-2, as the same may thereafter be amended from time to time. In the
performance of its duties, the Sub-Adviser will in all material respects (a)
satisfy any applicable fiduciary duties it may have to the Fund, (b) monitor the
Fund's investments, and (c) comply with the provisions of the Fund's Declaration
of Trust and By-laws, as amended from time to time and communicated by the Fund
or the Manager to the Sub-Adviser in writing, and the stated investment
objectives, policies and restrictions of the Fund as such objectives, policies
and restrictions may subsequently be changed by the Fund's Board of Trustees and
communicated by the Fund or the Manager to the Sub-Adviser in writing. The Fund
or the Manager has provided the Sub-Adviser with current copies of the Fund's
Declaration of Trust, By-laws, prospectus, statement of additional information
and any amendments thereto, and any objectives, policies or limitations not
appearing therein as they may be relevant to the Sub-Adviser's performance under
this Agreement.

      The Sub-Adviser shall have authority and discretion to select brokers and
dealers to execute portfolio transactions for the Fund initiated by the
Sub-Adviser and to select the markets on or in which the transactions will be
executed. In placing orders for the sale and purchase of securities for the
Fund, the Sub-Adviser's primary responsibility shall be to seek the best
execution of orders at the most favorable prices. However, this responsibility
shall not obligate the Sub-Adviser to solicit competitive bids for each
transaction or to seek the lowest available commission cost to the Fund, so long
as the Sub-Adviser reasonably believes that the broker or dealer selected by it
can be expected to obtain a "best execution" market price on the particular
transaction and determines in good faith that the commission cost is reasonable
in relation to the value of the brokerage and research services (as defined in
Section 28(e)(3) of the Securities Exchange Act of 1934) provided by such broker
or dealer to the Sub-Adviser, viewed in terms of either that particular
transaction or of the Sub-Adviser's overall responsibilities with respect to its
clients, including the Fund, as to which the Sub-Adviser exercises investment
discretion, notwithstanding that the Fund may not be the direct or exclusive
beneficiary of any such services or that another broker may be willing to charge
the Fund a lower commission on the particular transaction.

      Subject to compliance with the policies and procedures adopted by the
Board of Trustees for the Fund and to the extent permitted by and in conformance
with applicable law (including Rule 17e-1 of the 1940 Act), the Sub-Adviser may
select brokers or dealers affiliated with the Sub-Adviser. It is understood that
the Sub-Adviser will not be deemed to have acted unlawfully, or to have breached
a fiduciary duty to the Fund, or be in breach of any obligation owing to the
Fund under this Agreement, or otherwise, solely by reason of its having caused
the Fund to pay a member of a securities exchange, a broker or a dealer a
commission for effecting a securities transaction for the Fund in excess of the
amount of commission another member of an exchange, broker or dealer would have
charged if the Sub-Adviser determined in good faith that the commission paid was
reasonable in relation to the brokerage or research services provided by such
member, broker or dealer, viewed in terms of that particular transaction or the
Sub-Adviser's overall responsibilities with respect to its accounts, including
the Fund, as to which it exercises investment discretion. The Sub-Adviser has
adopted Best Execution policies and procedures which detail the factors


                                     B-2-2





considered in brokerage selection. Notwithstanding the foregoing, the selection
of brokers or dealers to execute portfolio transactions for the Fund will be
made by the Sub-Adviser in a manner consistent with its fiduciary duties and
applicable law.

      Portfolio transactions for the Fund will generally be completed
independently of transactions of other Sub-Adviser's clients, except when the
Sub-Adviser is in the position of buying or selling the same security for a
number of its clients (including the Fund) at approximately the same time.
Because of market fluctuations, the prices obtained on such transactions within
a single day may vary substantially. In order to avoid having clients receive
different prices for the same security on the same day, the Sub-Adviser
endeavors, when possible, to use an "averaging" procedure.

      Under this procedure, purchases or sales of a particular security for the
Fund will at times be combined or "batched" with purchases or sales for other
advisory clients by the Sub-Adviser unless the Fund has expressly directed
otherwise. Such batched trades may be used to facilitate best execution,
including negotiating more favorable prices, obtaining more timely or equitable
execution or reducing overall commission charges. In such cases, the price shown
on confirmations of the Fund's purchases or sales will be the average execution
price on all of the purchases and sales that are aggregated for this purpose.
Allocation of securities so sold or purchased, as well as the expenses incurred
in the transaction, will be made by the Sub-Adviser in the manner the
Sub-Adviser considers to be the most equitable and consistent with its fiduciary
obligations to the Fund and to such other clients.

      The Sub-Adviser will vote all proxies solicited by or with respect to the
issuers of securities which assets of the Fund's investment portfolio allocated
by the Manager to the Sub-Adviser are invested, consistent with the
Sub-Adviser's written Proxy Policies and Procedures. The Sub-Adviser will
maintain appropriate records in accordance with applicable law detailing its
voting of proxies on behalf of the Fund and upon request will provide a report
setting forth the proposals voted on and how the Fund's shares were voted,
including the name of the corresponding issuers.

      The Sub-Adviser will not arrange purchases or sales of securities between
the Fund and other accounts advised by the Sub-Adviser or its affiliates unless
(a) such purchases or sales are in accordance with applicable law (including
Rule 17a-7 of the 1940 Act) and the Fund's policies and procedures, (b) the
Sub-Adviser determines the purchase or sale is in the best interests of the
Fund, and (c) the Fund's Board of Trustees have approved these types of
transactions.

      The Fund may adopt policies and procedures that modify or restrict the
Sub-Adviser's authority regarding the execution of the Fund's portfolio
transactions provided herein.

      The Sub-Adviser will communicate to the officers and trustees of the Fund
such information relating to transactions for the Fund as they may reasonably
request. In no instance will portfolio securities be purchased from or sold to
the Manager, the Sub-Adviser or any affiliated person of either the Fund, the
Manager, or the Sub-Adviser, except as may be permitted under applicable law.


                                     B-2-3





      The Sub-Adviser further agrees that it:

             (a) will use the same degree of skill and care in providing such
      services as it uses in providing services to fiduciary accounts for which
      it has investment responsibilities;

             (b) will conform in all material respects to all applicable rules
      and regulations of the SEC and comply in all material respects with all
      policies and procedures adopted by the Board of Trustees for the Fund and
      communicated to the Sub-Adviser in writing and, in addition, will conduct
      its activities under this Agreement in all material respects in accordance
      with any applicable regulations of any governmental authority pertaining
      to its investment advisory activities;

             (c) will report to the Manager and to the Board of Trustees of the
      Fund on a quarterly basis and will make appropriate persons available for
      the purpose of reviewing with representatives of the Manager and the Board
      of Trustees on a regular basis at such times as the Manager and the Board
      of Trustees may reasonably request in writing regarding the management of
      the Fund, including, without limitation, review of the general investment
      strategies of the Fund, the performance of the Fund's investment portfolio
      in relation to relevant standard industry indices and general conditions
      affecting the marketplace and will provide various other reports from time
      to time as reasonably requested by the Manager or the Board of Trustees of
      the Fund; and

             (d) will prepare and maintain such books and records with respect
      to the Fund's securities and other transactions for the Fund's investment
      portfolio as required for registered investment advisers under applicable
      law or as otherwise reasonably requested by the Manager and will prepare
      and furnish the Manager and Fund's Board of Trustees such periodic and
      special reports as the Board or the Manager may reasonably request. The
      Sub-Adviser further agrees that all records that it maintains for the Fund
      are the property of the Fund and the Sub-Adviser will surrender promptly
      to the Fund any such records upon the request of the Manager or the Fund
      (provided, however, that the Sub-Adviser shall be permitted to retain
      copies thereof); and shall be permitted to retain originals (with copies
      to the Fund) to the extent required under Rule 204-2 of the Investment
      Advisers Act of 1940 or other applicable law.

       3. Expenses. During the term of this Agreement, the Sub-Adviser will pay
all expenses incurred by it in connection with its activities under this
Agreement other than (i) the cost of securities and other assets purchased for
the Fund, and (ii) the costs directly associated with purchasing and selling
securities and other assets for the Fund, if any, including, but not limited to,
brokerage commissions, stamps, duties, taxes and custody fees related to
transfers.

       4. Additional Sub-Advisers. Subject to obtaining the initial and periodic
approvals required under Section 15 of the 1940 Act and the approval of the
Manager, the Sub-Adviser may retain one or more additional sub-advisers at the
Sub-Adviser's own cost and expense for the purpose of furnishing one or more of
the services described in Section 2 hereof with respect to the Fund. Retention
of a sub-adviser hereunder shall in no way reduce the responsibilities or


                                     B-2-4





obligations of the Sub-Adviser under this Agreement and the Sub-Adviser shall be
responsible to the Fund for all acts or omissions of any sub-adviser in
connection with the performance of the Sub-Adviser's duties hereunder.

       5. Compensation. For the services provided and the expenses assumed
pursuant to this Agreement, the Manager will pay the Sub-Adviser, and the
Sub-Adviser agrees to accept as full compensation therefor, a portfolio
management fee (the "Management Fee") equal to the annual rate of 0.50% of the
Fund's Managed Assets (as defined below). For purposes of calculating the
Management Fee, Managed Assets means the average daily gross asset value of the
Fund (which includes assets attributable to the Fund's Preferred Shares (as such
term is defined in the Fund's prospectus), if any, and the principal amount of
borrowings), minus the sum of the Fund's accrued and unpaid dividends on any
outstanding Preferred Shares and accrued liabilities (other than the principal
amount of any borrowings incurred, commercial paper or notes issued by the Fund
and the liquidation preference of any outstanding Preferred Shares of the Fund).
The Management Fee shall be payable in arrears on or about the first day of each
month during the term of this Agreement.

      For the month and year in which this Agreement becomes effective or
terminates, there shall be an appropriate proration on the basis of the number
of days that the Agreement is in effect during the month and year, respectively.

       6. Services to Others. The Fund and the Manager acknowledge that the
Sub-Adviser now acts, or may in the future act, as an investment adviser to
other managed accounts and as investment adviser or investment sub-adviser to
one or more other investment companies. In addition, the Fund and the Manager
acknowledge that the persons employed by the Sub-Adviser to assist in the
Sub-Adviser's duties under this Agreement will not devote their full time to
such efforts. It is also agreed that the Sub-Adviser may use any supplemental
research obtained for the benefit of the Fund in providing investment advice to
its other investment advisory accounts and for managing its own accounts.

       7. Limitation of Liability. The Sub-Adviser shall not be liable for, and
the Fund and the Manager will not take any action against the Sub-Adviser to
hold the Sub-Adviser liable for, any error of judgment or mistake of law or for
any loss suffered by the Fund or the Manager (including, without limitation, by
reason of the purchase, sale or retention of any security) in connection with
the performance of the Sub-Adviser's duties under this Agreement, except for a
loss resulting from willful misfeasance, bad faith or gross negligence on the
part of the Sub-Adviser in the performance of its duties under this Agreement,
or by reason of its reckless disregard of its material obligations and duties
under this Agreement.

       8. Term; Termination. This Agreement shall become effective with respect
to the Fund on the same date as the Management Agreement between the Fund and
the Manager becomes effective (it being understood that the Manager shall notify
the Sub-Adviser of the date of effectiveness of the Management Agreement as soon
as reasonably practical after effectiveness), provided that it has been approved
by a vote of a majority of the outstanding voting securities of the Fund in
accordance with the requirements of the 1940 Act, and shall remain in full force
until the two-year anniversary of the date of its effectiveness unless sooner
terminated as hereinafter provided. This Agreement shall continue in force from


                                     B-2-5





year to year thereafter, but only as long as such continuance is specifically
approved for the Fund at least annually in the manner required by the 1940 Act
and the rules and regulations thereunder; provided, however, that if the
continuation of this Agreement or the Management Agreement is not approved for
the Fund, the Sub-Adviser may continue to serve in the manner and to the extent
permitted by the 1940 Act and the rules and regulations thereunder.

      This Agreement shall automatically terminate in the event of its
assignment and may be terminated at any time without the payment of any penalty
by the Manager or the Sub-Adviser upon sixty (60) days' written notice to the
other parties. This Agreement may also be terminated by the Fund by action of
the Board of Trustees or by a vote of a majority of the outstanding voting
securities of such Fund upon sixty (60) days' written notice to the Sub-Adviser
by the Fund without payment of any penalty.

      This Agreement may be terminated at any time without the payment of any
penalty by the Manager, the Board of Trustees or by vote of a majority of the
outstanding voting securities of the Fund in the event that it shall have been
established by a court of competent jurisdiction that the Sub-Adviser or any
officer or director of the Sub-Adviser has taken any action that results in a
breach of the material covenants of the Sub-Adviser set forth herein.

      The terms "assignment" and "vote of a majority of the outstanding voting
securities" shall have the meanings set forth in the 1940 Act and the rules and
regulations thereunder.

      Termination of this Agreement shall not affect the right of the
Sub-Adviser to receive payments on any unpaid balance of the compensation
described in Section 5 earned prior to such termination and for any additional
period during which the Sub-Adviser serves as such for the Fund, subject to
applicable law.

       9. Notice. Any notice under this Agreement shall be sufficient in all
respects if given in writing and delivered by commercial courier providing proof
of delivery and addressed as follows or addressed to such other person or
address as such party may designate for receipt of such notice.

          If to the Manager or the Fund: If to the Sub-Adviser:

First Trust/Aberdeen Emerging           Aberdeen Asset Management Inc.
Opportunity Fund
First Trust Advisors L.P.               1735 Market Street, 32nd Floor
120 E. Liberty Drive, Suite 400         Philadelphia, Pennsylvania  19103
Wheaton, Illinois  60187                Attention:  Legal Department
Attention:  Secretary
                                        If by Facsimile:  (866) 291-5760
If by Facsimile:  (630) 517-7437

      10. Limitations on Liability. All parties hereto are expressly put on
notice of the Fund's Declaration of Trust and all amendments thereto, a copy of
which is on file with the Secretary of the Commonwealth of Massachusetts, and


                                     B-2-6





the limitation of shareholder and trustee liability contained therein and a
certified copy of which has been provided to the Sub-Adviser prior to the date
hereof. This Agreement is executed on behalf of the Fund by the Fund's officers
in their capacity as officers and not individually and are not binding upon any
of the Trustees, officers, or shareholders of the Fund individually but the
obligations imposed upon the Fund by this Agreement are binding only upon the
assets and property of the Fund, and persons dealing with the Fund must look
solely to the assets of the Fund for the enforcement of any claims.

      11. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. This
Agreement will be binding upon and shall inure to the benefit of the parties
hereto and their respective successors.

      12. Applicable Law. This Agreement shall be construed in accordance with
applicable federal law and (except as to Section 10 hereof which shall be
construed in accordance with the laws of Massachusetts) the laws of the State of
Illinois.

      13. Amendment, Etc. This Agreement may only be amended, or its provisions
modified or waived, in a writing signed by the party against which such
amendment, modification or waiver is sought to be enforced.

      14. Authority. Each party represents to the others that it is duly
authorized and fully empowered to execute, deliver and perform this Agreement.
The Fund represents that engagement of the Sub-Adviser has been duly authorized
by the Fund and is in accordance with the Fund's Declaration of Trust and other
governing documents of the Fund.

      15. Severability. Each provision of this Agreement is intended to be
severable from the others so that if any provision or term hereof is illegal or
invalid for any reason whatsoever, such illegality or invalidity shall not
affect the validity of the remaining provisions and terms hereof; provided,
however, that the provisions governing payment of the Management Fee described
in Section 5 are not severable.

      16. Entire Agreement. This Agreement constitutes the sole and entire
agreement of the parties hereto with respect to the subject matters expressly
set forth herein.


                                     B-2-7





      IN WITNESS WHEREOF, the Fund, the Manager and the Sub-Adviser have caused
this Agreement to be executed as of the day and year first above written.

FIRST TRUST ADVISORS L.P.               ABERDEEN ASSET MANAGEMENT INC.

By_____________________________________ By_____________________________________
     Title:____________________________     Title:_____________________________



FIRST TRUST/ABERDEEN EMERGING
  OPPORTUNITY FUND



By_____________________________________
     Title:____________________________


                                     B-2-8





FORM OF PROXY CARD
------------------


[LOGO OMITTED]  FIRST TRUST       FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND

                                  Proxy Card for Joint Special Meetings of
                                  Shareholders - December 6, 2010

           THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

The undersigned holder of Common Shares of the First Trust/Aberdeen Emerging
Opportunity Fund (the "Fund"), a Massachusetts business trust, hereby appoints
W. Scott Jardine, Mark R. Bradley, Kristi A. Maher, James M. Dykas and Erin E.
Chapman as attorneys and proxies for the undersigned, with full powers of
substitution and revocation, to represent the undersigned and to vote on behalf
of the undersigned all shares of the Fund that the undersigned is entitled to
vote at the Joint Special Meetings of Shareholders (the "Meeting") to be held at
the offices of First Trust Advisors L.P., 120 East Liberty Drive, Suite 400,
Wheaton, Illinois 60187, at 4:00 p.m. Central time on the date indicated above,
and any adjournments or postponements thereof.  The undersigned hereby
acknowledges receipt of the Notice of Joint Special Meetings of Shareholders and
Joint Proxy Statement dated October 19, 2010, and hereby instructs said
attorneys and proxies to vote said shares as indicated hereon.  In their
discretion, the proxies are authorized to vote upon such other business as may
properly come before the Meeting and any adjournments or postponements thereof
(including, but not limited to, any questions as to adjournment or postponement
of the Meeting).  A majority of the proxies present and acting at the Meeting in
person or by substitute (or, if only one shall be so present, then that one)
shall have and may exercise all of the power and authority of said proxies
hereunder.  The undersigned hereby revokes any proxy previously given.



                                     THIS  PROXY, WHEN PROPERLY EXECUTED, WILL
                                     BE VOTED IN THE MANNER DIRECTED BY THE
Registration dynamically             UNDERSIGNED SHAREHOLDER. IF NO DIRECTION
     printed here                    IS MADE, THIS PROXY WILL BE VOTED FOR
                                     THE PROPOSALS SET FORTH.

                                     PLEASE  VOTE,  DATE AND SIGN ON REVERSE
                                     SIDE AND RETURN PROMPTLY IN THE ENCLOSED
                                     ENVELOPE.


         PLEASE FOLD HERE AND RETURN ENTIRE PROXY CARD - DO NOT DETACH

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

[GRAPHIC       BY INTERNET
OMITTED]       -----------

               To vote on the Internet, go to www.proxyonline.com and enter the
               12-digit control number found on the reverse side of this Proxy
               Card. Follow the instructions provided.


[GRAPHIC       BY TELEPHONE
OMITTED]       ------------

               To cast your vote by phone with a proxy voting representative,
               call toll-free 1-866-530-8634 and provide the representative the
               control number found on the reverse side of this Proxy Card.
               Representatives are available to take your voting instructions
               Monday through Friday 9:00 a.m. to 10:00 p.m. Eastern Time.


[GRAPHIC       BY MAIL
OMITTED]       -------

               To vote by mail, mark the appropriate voting boxes on the reverse
               side of this Proxy Card, sign and date the Proxy Card and return
               it in the enclosed postage-paid envelope or mail to: FIRST TRUST
               FUNDS, P.O. BOX 6500, CARLSTADT, NJ 07072.


       PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY
                           IN THE ENCLOSED ENVELOPE.








FIRST TRUST/ABERDEEN EMERGING OPPORTUNITY FUND


                                                         CONTROL NUMBER
                                                  -----------------------------

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

     PLEASE CAST YOUR VOTE PROMPTLY. EVERY SHAREHOLDER'S VOTE IS IMPORTANT.

THE PROXY CARD MUST BE SIGNED AND DATED FOR YOUR INSTRUCTIONS TO BE COUNTED AND
WILL BE VOTED IN THE MANNER INDICATED. IF NO INSTRUCTIONS HAVE BEEN INDICATED
BELOW, A VOTE WILL BE CAST "FOR" EACH PROPOSAL. PLEASE COMPLETE AND RETURN THIS
PROXY CARD PROMPTLY.

TO VOTE, MARK BOXES BELOW IN BLUE OR BLACK INK AS FOLLOWS. EXAMPLE: [ ]

    PROPOSAL 1 - The Board of Trustees recommends a vote FOR the Proposal to
  approve a new Investment Management Agreement with First Trust Advisors L.P.
                                  for the Fund

                                                       FOR    AGAINST   ABSTAIN

Approval of New Investment Management Agreement        [ ]      [ ]       [ ]


    PROPOSAL 2 - The Board of Trustees recommends a vote FOR the Proposal to
              approve a new Investment Sub-Advisory Agreement with
                  Aberdeen Asset Management Inc. for the Fund.

                                                       FOR    AGAINST   ABSTAIN

Approval of New Investment Sub-Advisory Agreement      [ ]      [ ]       [ ]



Please be sure to sign and date this Proxy Card. Please sign exactly as your
name(s) appear(s) on this Proxy Card. When shares are held by joint tenants,
both should sign. When signing as attorney, executor, administrator, trustee, or
guardian, please give full title as such. If a corporation, please sign in full
corporate name by an authorized officer. If a partnership, please sign in
partnership name by an authorized person.


__________________________________________________________
Shareholder sign here

__________________________________________________________
Joint owner sign here

__________________________________________________________
Date:



NON-VOTING ITEMS

MEETING ATTENDANCE - Mark the box to the right if you plan to attend the
Joint Special Meetings  [ ]

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