---
schema_version: "secwatch.filing_event.v1"
accession: "0001445546-23-004081"
form_type: "8-K"
ticker: "FTHY"
cik: "0001810523"
company_name: "FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND"
filed_at: "2023-06-23T23:59:59+00:00"
generated_at: "2026-06-13T18:18:13.139746+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.35
calibrated_materiality_score: 0.35
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001445546-23-004081
- form_type: 8-K
- ticker: FTHY
- cik: 0001810523
- company_name: FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND
- filed_at: 2023-06-23T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.35
- calibrated_materiality_score: 0.35
- confidence: high
- sec_items: 5.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1810523/000144554623004081/0001445546-23-004081-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1810523/000144554623004081/fthy_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001445546-23-004081
- JSON: https://secwatch.observer/filing/0001445546-23-004081.json
- Plain text: https://secwatch.observer/filing/0001445546-23-004081.txt

## Key facts
- Governance Changes
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1810523/000144554623004081/0001445546-23-004081-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.