Welcome to our dedicated page for FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND SEC filings (Ticker: FTHY), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
First Trust High Yield Opportunities 2027 Term Fund filings document the regulatory and governance record of a diversified closed-end management investment company. The fund's proxy materials describe shareholder meeting procedures, trustee election proposals, registrant information and voting mechanics for fund shareholders.
FTHY's formal disclosures center on closed-end fund governance and shareholder rights within the First Trust fund family. These filings identify board matters and meeting proposals that apply to the fund's structure, separate from the operating disclosures used by product or service companies.
First Trust High Yield Opportunities 2027 Term Fund (FTHY) is a diversified closed-end fund focused on below-investment-grade bonds and senior loans, seeking to provide current income. As of May 31, 2026, net assets were $522.7 million, with a net asset value (NAV) of $14.21 and a market price of $13.83, a 2.67% discount.
For the 12 months ended May 31, 2026, total return was 5.10% on NAV and 6.77% on market price, trailing the ICE BofA US High Yield Constrained Index at 7.43%. The portfolio held primarily corporate high-yield bonds (about 93% of investments) and senior floating-rate loans (about 14%), with leverage via a bank loan of $139 million, or roughly 21% of total assets.
The fund pays a steady monthly distribution of $0.125 per share ($1.50 annualized), implying distribution rates of 10.56% on NAV and 10.85% on market price. For the year, 59.70% of distributions were ordinary income and 40.30% were return of capital. Credit exposure is concentrated in B-rated issuers, with modest exposure to CCC and below, and industry weights led by insurance, leisure, media, and trading companies.
First Trust High Yield Opportunities 2027 Term Fund is calling an annual shareholder meeting on September 15, 2026 in Wheaton, Illinois to vote on electing two Class I Trustees, Richard E. Erickson and Thomas R. Kadlec, to three‑year terms on its staggered board. The Board unanimously recommends voting FOR each nominee. Shareholders of record at the close of business on July 28, 2026, with 36,772,989 Shares outstanding, are entitled to one vote per share, with trustees elected by a plurality of votes cast.
The Fund is a term closed‑end fund scheduled to terminate on or about August 1, 2027, when it plans to liquidate and distribute substantially all net assets. Large holders include Morgan Stanley Smith Barney LLC with 10,150,331 Shares (27.60%)173,000 Shares, under 1% of outstanding shares. Governance is overseen by a unitary board covering 339 First Trust portfolios, supported by multiple committees, including Audit and Valuation, Risk and Regulatory Oversight. Independent Trustees receive a fixed annual retainer of $300,000 plus per‑fund fees, while Deloitte & Touche LLP serves as independent auditor, billing $49,000 in audit fees for 2026.
FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND ownership disclosure: Morgan Stanley and Morgan Stanley Smith Barney LLC report shared dispositive power over 3,290,012 shares of Common Shares (CUSIP 33741Q107), representing 8.9% of the class. The filing lists the reporting entities, addresses, and references exhibit-based Item 7 subsidiary details.
Morgan Stanley and Morgan Stanley Smith Barney LLC have filed an amended ownership report for First Trust High Yield Opportunities 2027 Fund. They report beneficial ownership of 2,785,145 common shares, representing 7.6% of the fund’s outstanding common shares as of 12/31/2025.
The firms report shared voting power over 220 shares and shared dispositive power over 2,785,145 shares, with no sole voting or dispositive power. They state the position is held in the ordinary course of business and not for the purpose of changing or influencing control of the fund.
Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC have filed a Schedule 13G reporting beneficial ownership of 2,419,971 shares of common stock of First Trust High Yield Opportunities 2027 Term Fund, representing 6.6% of the outstanding class.
They report shared voting and dispositive power over all of these shares, with no sole voting or dispositive power. The ownership is held across advisory client accounts, which have the economic rights to dividends and sale proceeds, and no single account holds more than 5% of the fund’s shares. The filing states the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the fund.
Thomas J. Driscoll, identified with an address at First Trust Advisors L.P. in Wheaton, IL, filed an SEC Form 3 reporting initial beneficial ownership for First Trust High Yield Opportunities 2027 Term Fund (FTHY) related to a 09/04/2025 event. The filing lists Driscoll as a Director and shows 0 common shares beneficially owned (directly). The form was signed by an attorney-in-fact on 09/05/2025. This is a basic director disclosure with no securities reported.
Kevin L. Ziets, a portfolio manager with First Trust Advisors L.P., reported a purchase of 3,000 common shares of First Trust High Yield Opportunities 2027 Term Fund (FTHY) on 08/20/2025 at a reported price of $14.5985 per share. Following the transaction he beneficially owns 3,000 shares in a direct capacity. The Form 4 shows no derivative transactions and the filing was signed by an attorney-in-fact on behalf of Mr. Ziets on 08/21/2025.
Kevin L. Ziets, a Portfolio Manager and officer at First Trust Advisors L.P., filed an Initial Statement of Beneficial Ownership (Form 3) relating to First Trust High Yield Opportunities 2027 Term Fund (FTHY). The event date reported is 04/14/2025. The filing shows 0 common shares beneficially owned (directly) by the reporting person. The form was signed by an attorney-in-fact on behalf of Mr. Ziets on 08/12/2025. The reporting address is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.
The DEF 14A covers two First Trust closed-end funds—First Trust Senior Floating Rate Income Fund II (FCT) and First Trust High Yield Opportunities 2027 Term Fund (FTHY). A joint annual meeting will be held on 4 Sep 2025 @ 12:00 p.m. CT (record date 11 Jul 2025). Shareholders are asked to elect three Class III trustees—James A. Bowen (Interested), Robert F. Keith, Bronwyn Wright—and one new Class II trustee, Thomas J. Driscoll, a recently retired Deloitte partner. Election is by plurality of votes cast, with a 33⅓ % quorum.
If elected, the board will expand from seven to eight members (1 interested / 7 independent) and maintain its staggered structure (three-year terms). Robert F. Keith continues as Lead Independent Trustee; committee chairs rotate 1 Jan 2026. All standing committees (Audit, Valuation, Nominating & Governance, Dividend, Executive) reported regular activity; F2024 board meetings totaled six per fund.
Ownership data show no control person in FCT; FTHY has a 31.1 % position held by Morgan Stanley Smith Barney, which could influence outcomes. Trustee/insider holdings remain de-minimis except CEO Bowen’s 139,500 FTHY shares. Deloitte & Touche stays auditor; FY 2024 audit fees were $59k (FCT) and $49k (FTHY); tax-related fees were modest. Independent trustee compensation rose to $285k retainer plus per-fund fees.
No changes to investment strategy, distribution policy, or fee structure are proposed; financial results are not discussed. Investors’ primary decision is whether the current governance slate remains suitable.