First Trust/abrdn Emerging Opportunity Fund Announces Termination and Liquidation

Rhea-AI Summary

The First Trust/abrdn Emerging Opportunity Fund (NYSE: FEO) completed its termination and liquidation on December 7, 2022, following a previously announced plan. Shareholders received a liquidating distribution in cash, amounting to the net asset value of $9.635572 per common share. The record date for this distribution was December 5, 2022. As a result of the liquidation, shareholders may experience tax implications, and it is advised to consult with a tax professional.

Positive

• Shareholders received cash distributions at liquidation of $9.635572 per common share.

Negative

• The termination and liquidation of the Fund may result in potential tax liabilities for shareholders.
• The Fund is no longer operational, leading to loss of investment opportunities for investors.

WHEATON, Ill.--(BUSINESS WIRE)-- First Trust/abrdn Emerging Opportunity Fund (NYSE: FEO) (the “Fund”) completed its termination and liquidation following the close of business on December 7, 2022. The termination and liquidation was performed consistent with the Fund’s plan of liquidation and termination announced on September 20, 2022. Accordingly, on December 7, 2022, the Fund returned to holders of its common shares of beneficial interest (“Common Shares”) as a liquidating distribution in cash the Fund’s net asset value per Common Share of $9.635572. As previously announced, the Fund had designated the close of business on December 5, 2022 as the record date for determining the shareholders entitled to receive such liquidating distribution.

Shareholders may recognize gain or loss for U.S. tax purposes as a result of the Fund’s liquidation. Investors should consult a professional tax advisor regarding their specific tax situation.

First Trust Advisors L.P. (“FTA”) is a federally registered investment advisor and served as the Fund’s investment advisor. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $199 billion as of November 30, 2022 through unit investment trusts, exchange-traded funds, closed‑end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois. For more information, visit https://www.ftportfolios.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221208005559/en/

Analyst Inquiries: Jeff Margolin 630-915-6784

Broker Inquiries: Sales Team 866-848-9727

Source: First Trust/abrdn Emerging Opportunity Fund

FAQ

What was the termination date of the First Trust/abrdn Emerging Opportunity Fund (FEO)?

The First Trust/abrdn Emerging Opportunity Fund (FEO) was terminated and liquidated on December 7, 2022.

What was the liquidating distribution amount for shareholders of FEO?

Shareholders of FEO received a cash liquidating distribution of $9.635572 per common share.

What was the record date for FEO's liquidation distribution?

The record date for determining shareholders entitled to the liquidation distribution was December 5, 2022.

Will shareholders of FEO face any tax implications due to the liquidation?

Yes, shareholders may recognize gain or loss for U.S. tax purposes as a result of the Fund's liquidation.

Who served as the investment advisor for the First Trust/abrdn Emerging Opportunity Fund?

First Trust Advisors L.P. served as the investment advisor for the Fund.