Morgan Stanley units disclose 8.9% stake in FTHY (NYSE: FTHY)

Rhea-AI Filing Summary

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.

Insights

Institutional Ownership Analyst

Large passive stake disclosed by Morgan Stanley units.

The filing shows shared dispositive power of 3,290,012 shares and a 8.9% ownership stake in the issuer as reported on the cover. The schedule is a statement of holdings, not an acquisition transaction.

The disclosure attributes holdings to MS reporting units and attaches a Joint Filing Agreement and Item 7 exhibit for subsidiary classification; timing and cash‑flow treatment are not specified in the excerpt.

Securities Compliance Specialist

Schedule 13G/A clarifies beneficial ownership and control lines.

The filing follows Release No. 34-39538 formatting, attributing holdings to MS Reporting Units and showing shared voting/dispositive metrics. Signatures for authorized signatories are dated 05/12/2026.

Careful readers should consult Exhibit 99.2 for subsidiary identification referenced under Item 7; the excerpt includes the required Joint Filing Agreement (Exhibit 99.1).

Key Figures

Percent of class: 8.9% Shared dispositive power: 3,290,012 shares Shared voting power: 208 +3 more

6 metrics

Percent of class 8.9% reported ownership percentage

Shared dispositive power 3,290,012 shares shared dispositive power reported on cover

Shared voting power 208 shared voting power reported on cover

CUSIP 33741Q107 Common Shares identifier

Reporting date (cover) 03/31/2026 date shown near cover information

Signature dates 05/12/2026 authorized signatory execution dates

Key Terms

Schedule 13G/A, beneficially owned, shared dispositive power, MS Reporting Units, +1 more

5 terms

Schedule 13G/A regulatory

"Item 1. (a) Name of issuer: FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficially owned financial

"In Accordance with the Release No. 34-39538 this filing reflects the securities beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared dispositive power regulatory

"Shared Dispositive Power 3,290,012.00"

MS Reporting Units other

"this filing reflects the securities beneficially owned by certain operating units (collectively, the "MS Reporting Units")"

Joint Filing Agreement regulatory

"Exhibit 99.1 Joint Filing Agreement"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND

(Name of Issuer)

Common Shares

(Title of Class of Securities)

33741Q107

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 33741Q107

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 208.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,290,012.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,290,012.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.9 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP Number(s): 33741Q107

1

Names of Reporting Persons

Morgan Stanley Smith Barney LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 208.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,290,012.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,290,012.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.9 %

12

Type of Reporting Person (See Instructions)

BD, IA, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND
(b)	Address of issuer's principal executive offices: 120 EAST LIBERTY DRIVE, SUITE 400, WHEATON, IL, 60187
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Morgan Stanley Smith Barney LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1585 Broadway, New York, NY 10036
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 33741Q107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 8.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Claire Gordon
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	05/12/2026

Morgan Stanley Smith Barney LLC

Signature:	David Galasso
Name/Title:	Authorized Signatory, Morgan Stanley Smith Barney LLC
Date:	05/12/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).

FAQ

What stake does Morgan Stanley report in FTHY?

Morgan Stanley reports shared dispositive power over 3,290,012 shares, representing 8.9% of the class. The filing attributes these holdings to Morgan Stanley reporting units and lists the CUSIP 33741Q107.

Which Morgan Stanley entities filed the Schedule 13G/A for FTHY?

The Schedule 13G/A is filed jointly by Morgan Stanley and Morgan Stanley Smith Barney LLC, both citing Delaware organization and the business address 1585 Broadway, New York, NY 10036.

Does the filing show voting power for the reported shares?

The cover responses show shared voting power of 208 and shared dispositive power of 3,290,012. Sole voting and dispositive powers are reported as 0.00 in the excerpt.

Are there exhibits attached to this Schedule 13G/A?

Yes. The filing lists Exhibit 99.1 (Joint Filing Agreement) and Exhibit 99.2 (Item 7 subsidiary information) which provides subsidiary identification and classification details.

What date(s) appear in the filing for the ownership disclosure?

The top of the excerpt shows 03/31/2026 (likely reporting date) and the signatures are dated 05/12/2026, reflecting the filing's execution by authorized signatories.