First Trust closed-end funds rescind Control Share By-Law, removing voting restrictions on large share acquisitions

FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND

Board of 15 First Trust closed-end funds adopted amended by-laws rescinding Control Share By-Law.
Control Share By-Law had required non-interested shareholder approval for voting rights on large acquisitions.
All prior and future share purchases that would have triggered control shares no longer have voting limitations.
Funds include FTHY, MFD, FCT, FEN, FFA, FAM, FMY, FGB, FSD, FIF, FEI, FPF, FPL, FDEU.
Effective June 22, 2023; change is consistent with each fund's best interests per Board.

Key facts

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND: Amended and restated By-Laws to rescind Article XII control share provisions and make conforming amendments (effective 2023-06-22).

Change: bylaw amendment
Effective: 2023-06-22

Exact text from the filing

On June 22, 2023, the Board of Trustees of First Trust High Yield Opportunities 2027 Term Fund amended and restated its existing Amended and Restated By-Laws (and as so amended and restated, the “By-Laws”), effective immediately. The By-Laws were revised to rescind Article XII and its accompanying control share provisions, along with other conforming amendments.

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Source: SEC EDGAR

accession 0001445546-23-004081

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