First Trust High Yield Opportunities 2027 Term Fund : Annual Report for the year ended May 31, 2023

FIRST TRUST

HIGH YIELD OPPORTUNITIES 2027 TERM FUND (FTHY)

ANNUAL REPORT

FOR THE YEAR ENDED

MAY 31, 2023

Table of Contents
First Trust High Yield Opportunities 2027 Term Fund (FTHY)
Annual Report
May 31, 2023
Shareholder Letter	1
At a Glance	2
Portfolio Commentary	4
Portfolio of Investments	8
Statement of Assets and Liabilities	18
Statement of Operations	19
Statements of Changes in Net Assets	20
Statement of Cash Flows	21
Financial Highlights	22
Notes to Financial Statements	23
Report of Independent Registered Public Accounting Firm	30
Additional Information	31
Investment Objective, Policies, Risks and Effects of Leverage	33
Board of Trustees and Officers	42
Privacy Policy	44

Caution Regarding Forward-Looking Statements

This report contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of First Trust Advisors L.P. ("First Trust" or the "Advisor") and its representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as "anticipate," "estimate," "intend," "expect," "believe," "plan," "may," "should," "would" or other words that convey uncertainty of future events or outcomes.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of First Trust High Yield Opportunities 2027 Term Fund (the "Fund") to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and its representatives only as of the date hereof. We undertake no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

Performance and Risk Disclosure

There is no assurance that the Fund will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund's shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund. See "Principal Risks" in the Investment Objective, Policies, Risks and Effects of Leverage section of this report for a discussion of certain other risks of investing in the Fund.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit www.ftportfolios.comor speak with your financial advisor. Investment returns, net asset value and common share price will fluctuate and Fund shares, when sold, may be worth more or less than their original cost.

The Advisor may also periodically provide additional information on Fund performance on the Fund's web page at www.ftportfolios.com.

How to Read This Report

This report contains information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data and analysis that provide insight into the Fund's performance and investment approach.

By reading the portfolio commentary by the portfolio management team of the Fund, you may obtain an understanding of how the market environment affected the Fund's performance. The statistical information that follows may help you understand the Fund's performance compared to that of a relevant market benchmark.

It is important to keep in mind that the opinions expressed by personnel of the Advisor are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the period through the date on the cover of this report. The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, this report and other Fund regulatory filings.

Shareholder Letter

First Trust High Yield Opportunities 2027 Term Fund (FTHY)

Annual Letter from the Chairman and CEO

May 31, 2023

Dear Shareholders,

First Trust is pleased to provide you with the annual report for the First Trust High Yield Opportunities 2027 Term Fund (the "Fund"), which contains detailed information about the Fund for the twelve months ended May 31, 2023.

Between developments at the Federal Reserve (the "Fed"), stock market returns, and the myriad of economic data that we have processed here at First Trust over the past six months, I have no shortage of developments to share with you. Let's begin with the Fed. In a widely expected move, the Fed voted to keep the Federal Funds target rate unchanged at their meeting on June 14, 2023, ending a streak of ten straight interest rate increases over the past 15 months. That said, the Fed also hinted that at least two more interest rate hikes are likely if they are going to bring inflation down to their desired level of 2.0%. Inflation, as measured by the 12-month rate of change in the Consumer Price Index, stood at 4.0% as of June 20, 2023, well below its most recent high of 9.1% in June 2022. Despite tighter monetary policy, the U.S. added 1.57 million jobs this year, a 2.5% annualized growth rate, and real gross domestic product rose at a 1.3% annualized rate in the first quarter of 2023, according to Brian Wesbury, Chief Economist at First Trust.

Driven by developments in Artificial Intelligence, the S&P 500® Index has had an exceptional start to the year, posting a total return of 15.8% for the year-to-date period ended June 16, 2023. The tech-centricNasdaq-100 Index® has seen a staggering 38.5% total return over the same period. When the stock market increases by 20% or more from its most recent low, it is often referred to as a "bull market." On June 8, 2023, the S&P 500® Index closed at 4,293.93, 20.04% above its most recent low of 3,577.03 (which occurred on October 12, 2022). We'll leave it to the pundits to debate how long this bull market will last, but history shows that bull markets typically fare better when there are longer pauses between interest rate hikes, according to Bloomberg.

Meanwhile, the effects of higher inflation and the Fed's restrictive monetary policy appear to be taking a toll on the U.S. consumer. U.S. household debt reached a record $17.05 trillion in the first quarter of 2023. Furthermore, total balances for U.S. credit card holders did not decline in the first quarter of the year, marking the first time that has happened since 2001. ATTOM, a property data analytics company, reported that U.S. foreclosure activity (including default notices) for the month of May 2023 increased by 14%, to 35,195 properties, from the same period a year ago, according to its own release. That said, not all the news is negative. The Fed reported that the net worth of U.S. households stood at $148.8 trillion at the end of the first quarter of 2023, up $3 trillion from when it stood at $145.8 trillion at the end of the fourth quarter of 2022, according to MarketWatch. Most of the increase in household net worth can be attributed to the rebound in the stock market. The value of equities held by U.S. households jumped by $2.4 trillion in the first quarter of 2023. As the great economist Milton Friedman famously said, the effects of monetary policy are long and variable. In my opinion, time will reveal the full impact of the tighter economic policies of the past 15 months on the consumer and the U.S. economy.

Thank you for giving First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Fund again in six months.

Sincerely,

James A. Bowen

Chairman of the Board of Trustees

Chief Executive Officer of First Trust Advisors L.P.

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First Trust High Yield Opportunities 2027 Term Fund (FTHY)

"AT A GLANCE"

As of May 31, 2023 (Unaudited)

Fund Statistics

Symbol on New York Stock Exchange	FTHY
Common Share Price	$13.52
Common Share Net Asset Value ("NAV")	$15.40
Premium (Discount) to NAV	(12.21)%
Net Assets Applicable to Common Shares	$566,398,969
Current Distribution per Common Share(1)	$0.1300
Current Annualized Distribution per Common Share	$1.5600
Current Distribution Rate on Common Share Price(2)	11.54%
Current Distribution Rate on NAV(2)	10.13%

Common Share Price & NAV (weekly closing price)

					Common Share Price		NAV
$18.00
$17.00
$16.00
$15.00
$14.00
$13.00
22	22		2	22		2		/22	11/22	2	3	3	3	/23	3
2	2		/2	/2	/2	3/2	5/2
5/	6/	7/		8/	9/		0	12	1	2	4
							1

Performance

		Average Annual
		Total Returns
	1 Year Ended	Inception (6/25/20)
	5/31/23	to 5/31/23
Fund Performance(3)
NAV(4)	-1.86%	-0.42%
Market Value	-6.27%	-4.74%
Index Performance
ICE BofA US High Yield Constrained Index	-0.17%	2.48%

1. Most recent distribution paid through May 31, 2023. Subject to change in the future.
2. Distribution rates are calculated by annualizing the most recent distribution paid through the report date and then dividing by Common Share Price or NAV, as applicable, as of May 31, 2023. Subject to change in the future.
3. Total return is based on the combination of reinvested dividend, capital gain, and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan and changes in NAV per share for NAV returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year. Past performance is not indicative of future results.
4. On January 3, 2023, the fair value methodology used to value the senior loan investments held by the Fund was changed. Prior to that date, the senior loans were valued using the bid side price provided by a pricing service. After such date, the senior loans were valued using the midpoint between the bid and ask price provided by a pricing service. The change in the Fund's fair value methodology on January 3, 2023, resulted in a one-time increase in the Fund's NAV of approximately $0.018 per share on that date, which represented a positive impact on the Fund's performance of 0.11%. Without the change to the pricing methodology, the performance of the Fund on a NAV basis would have been -1.92% and -0.44%, in the one-year and since inception periods ended May 31, 2023, respectively.

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First Trust High Yield Opportunities 2027 Term Fund (FTHY) "AT A GLANCE" (Continued)

As of May 31, 2023 (Unaudited)

	% of Total
	Fixed-Income
Credit Quality (S&P Ratings)(5)	Investments(6)
BBB	0.7%
BBB-	4.4
BB+	7.3
BB	4.9
BB-	13.4
B+	15.7
B	13.8
B-	19.0
CCC+	17.1
CCC	3.0
CCC-	0.2
Not Rated	0.5
Total	100.0%
	% of Total
	Long-Term
Top 10 Issuers	Investments(6)
Charter Communications Operating, LLC	4.2%
Verscend Technologies, Inc. (Cotiviti)	3.7
Alliant Holdings I, LLC	3.5
Nexstar Broadcasting, Inc.	3.4
HUB International Ltd.	3.3
AssuredPartners, Inc.	3.2
SS&C Technologies Holdings, Inc.	3.2
Tenet Healthcare Corp.	3.2
AmWINS Group, Inc.	2.6
PG&E Corp.	2.2
Total	32.5%

	% of Total
	Long-Term
Industry Classification	Investments(6)
Media	16.4%
Software	15.2
Insurance	14.8
Health Care Providers & Services	9.7
Health Care Technology	7.4
Hotels, Restaurants & Leisure	6.0
Containers & Packaging	4.2
Electric Utilities	2.5
IT Services	2.1
Diversified Telecommunication Services	2.0
Health Care Equipment & Supplies	2.0
Building Products	1.6
Commercial Services & Supplies	1.5
Trading Companies & Distributors	1.4
Life Sciences Tools & Services	1.3
Diversified Consumer Services	1.2
Machinery	1.1
Interactive Media & Services	1.1
Entertainment	1.0
Specialty Retail	0.8
Construction & Engineering	0.7
Professional Services	0.7
Construction Materials	0.7
Diversified Financial Services	0.6
Automobiles	0.6
Wireless Telecommunication Services	0.5
Consumer Finance	0.5
Aerospace & Defense	0.5
Household Products	0.5
Electronic Equipment, Instruments & Components	0.4
Independent Power & Renewable Electricity Producers	0.4
Capital Markets	0.2
Personal Care Products	0.2
Food Products	0.1
Consumer Staples Distribution & Retail	0.1
Electrical Equipment	0.0*
Pharmaceuticals	0.0*
Total	100.0%

* Amount is less than 0.01%.

1. The ratings are by S&P Global Ratings except where otherwise indicated. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.
2. Percentages are based on long-term positions. Money market funds are excluded.

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