First Trust High Yield 2027 Fund (FTHY) gets 7.6% Morgan Stanley stake

Rhea-AI Filing Summary

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND

(Name of Issuer)

Common Shares

(Title of Class of Securities)

33741Q107

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 220.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,785,145.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,785,145.00

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)

7.6 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 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 220.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,785,145.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,785,145.00

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)

7.6 %

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: 7.6 %
(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:	Chris O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	02/11/2026

Morgan Stanley Smith Barney LLC

Signature:	David Galasso
Name/Title:	Authorized Signatory, Morgan Stanley Smith Barney LLC
Date:	02/11/2026

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 percentage of FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 FUND (FTHY) does Morgan Stanley report owning?

Morgan Stanley reports beneficial ownership of 7.6% of the common shares of First Trust High Yield Opportunities 2027 Fund. This stake is based on 2,785,145 common shares beneficially owned as of December 31, 2025, according to the amended Schedule 13G filing.

How many FTHY common shares does Morgan Stanley beneficially own according to this Schedule 13G/A?

Morgan Stanley and Morgan Stanley Smith Barney LLC beneficially own 2,785,145 common shares of First Trust High Yield Opportunities 2027 Fund. This amount underpins the reported 7.6% ownership of the class, reflecting holdings as of the event date of December 31, 2025.

What voting and dispositive powers does Morgan Stanley report over FTHY shares?

The filing shows shared voting power over 220 shares and shared dispositive power over 2,785,145 shares, with no sole voting or dispositive power. This means decisions on most reported shares are controlled jointly rather than solely by the reporting entities.

Why does Morgan Stanley say it holds its FTHY position under this Schedule 13G/A?

Morgan Stanley certifies the securities were acquired and are held in the ordinary course of business. It also states they were not acquired and are not held to change or influence control of First Trust High Yield Opportunities 2027 Fund, consistent with Schedule 13G usage.

Who are the reporting persons in this FTHY Schedule 13G/A filing?

The reporting persons are Morgan Stanley and Morgan Stanley Smith Barney LLC, both organized in Delaware and based at 1585 Broadway, New York, NY 10036. The filing aggregates securities beneficially owned by certain Morgan Stanley operating units, termed the “MS Reporting Units.”

What type of Schedule 13G filing is this for FTHY and what does Amendment No. 4 mean?

This is a Schedule 13G/A Amendment No. 4, updating a previously filed passive ownership report. Amendment No. 4 indicates multiple prior amendments have been made, and this version reflects the current beneficial ownership and powers as of December 31, 2025.