Western Asset High Yield Opportunity Fund Inc. filings document proxy governance for a NYSE-listed closed-end management investment company. The fund’s definitive proxy materials cover annual meeting matters, common stockholder voting, classified board elections, and ratification of the independent registered public accounting firm.
The filings provide formal records tied to HYI’s fund structure and shareholder-control processes, including meeting notices, voting proposals, board oversight matters, and capital-structure disclosures relevant to the fund’s common shares.
Western Asset High Yield Opportunity Fund Inc. (HYI) is asking stockholders to vote at its October 16, 2026 annual meeting on two items: electing three Class III directors (Robert D. Agdern, Eileen A. Kamerick and Peter Mason) to serve until the 2029 annual meeting, and ratifying PricewaterhouseCoopers LLP (PwC) as independent registered public accountants for the fiscal year ending May 31, 2027.
The Board is classified into three staggered classes, which the company notes has the effect of delaying replacement of a Board majority. As of the August 28, 2026 record date, there were 12,814,003 common shares outstanding, and the Board (eight directors, seven independent) recommends voting “FOR” all nominees and “FOR” PwC’s ratification. HYI has opted into the Maryland Control Share Acquisition Act, so “control shares” above certain ownership thresholds do not carry voting rights unless reinstated by a two‑thirds stockholder vote excluding the acquiring holder and other interested shares.
Western Asset High Yield Opportunity Fund Inc. (HYI) had a Form 3 filed by Brett Michael Mossman, identified as a Senior Vice President/Investment Manager. This initial beneficial ownership report lists no transactions, no derivative positions, and no specific share holdings for the reporting person.
Western Asset High Yield Opportunity Fund Inc. (HYI) received an initial ownership report on Form 3 from reporting person Doyle Ann Elizabeth, identified as a Senior Vice President. The filing does not list any reportable transactions or derivative positions and includes no transaction history in this submission.
Western Asset High Yield Opportunity Fund Inc. reports for the year ended May 31, 2026, as a diversified closed‑end fund investing primarily in below‑investment‑grade corporate bonds and senior loans. The fund was converted from a term structure to a perpetual vehicle after stockholder approval and a large issuer tender offer.
Net asset value (NAV) total return was 7.65%, while the New York Stock Exchange market price total return was -0.80%, reflecting a wider discount. The fund paid $1.14 per share in distributions, including $0.23 per share classified as return of capital. NAV ended at $11.62 with net assets of $148.9 million over 12,814,003 shares.
High‑yield corporate bonds comprised about 87% of net assets, with largest sector weights in communication services (18.1% of net assets), consumer discretionary (17.8%), energy (11.1%), industrials (10.5%) and financials (9.4%). Net investment income was $13.8 million, supporting an NII yield above 8% on average net assets. The manager implemented a 20 bps management‑fee waiver through June 6, 2026, and executed a tender offer repurchasing 9.85 million shares at $12.09, significantly shrinking the fund’s asset base.
First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation jointly report their beneficial ownership in Western Asset High Yield Opportunity Fund Inc. common stock in this Amendment No. 5 to a Schedule 13G.
The reporting group states beneficial ownership of 615,191 shares, representing 4.80% of the outstanding common stock. They report no sole or shared voting power over these shares, but report shared dispositive power over 615,191 shares, largely held through unit investment trusts sponsored by First Trust Portfolios L.P.
The filing notes that no individual unit investment trust sponsored by First Trust Portfolios L.P. holds more than 3% of any registered investment company issuer's shares. The reporting persons disclaim beneficial ownership of the issuer's shares referenced and explain that voting is generally carried out by the trustee of the unit investment trusts, subject to applicable regulations and trust agreements.
Western Asset High Yield Opportunity Fund updated its Prospectus and Statement of Additional Information with portfolio manager changes effective January 27, 2026 and a further update effective September 30, 2026. The Prospectus replaces the "Investment Management Team" description with a team-based approach and lists five named portfolio managers. The SAI lists accounts and assets managed by each portfolio manager as of May 31, 2025, including Michael C. Buchanan managing $79.50 billion across 61 registered investment company accounts and related pooled/other accounts. The September 30, 2026 supplement deletes information relating to Christopher Kilpatrick from both the Prospectus and the SAI.
Western Asset High Yield Opportunity Fund Inc. ownership disclosure: First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation report beneficial ownership of 1,229,731 shares of Common stock, representing 9.60% of the class as reported on 03/31/2026. The filing states the positions reflect shared dispositive power via unit investment trusts and that the reporting parties disclaim beneficial ownership of certain shares held in other vehicles. The filing is a joint Schedule 13G/A (Amendment No. 4) submitted pursuant to Rule 13d-1(k)(1).
Western Asset High Yield Opportunity Fund Inc. filed an initial Form 3 for reporting person Kim Stout, identified as CCO/Subadviser. The filing shows no reported transactions or derivative positions, and no share holdings are listed for this reporting person in the provided data.
Western Asset High Yield Opportunity Fund Inc. proposes a $100,000,000 shelf offering of Common Stock and subscription rights to purchase Common Stock, to be sold from time to time in one or more offerings pursuant to this base prospectus and future prospectus supplements.
The Fund is a diversified closed-end management investment company with a primary objective of high income and a secondary objective of capital appreciation. The Fund’s Common Stock trades on the NYSE under the symbol HYI; net asset value was $11.69 and the last NYSE sale was $10.71 (both as of March 20, 2026). As of that date the Fund reported approximately 12,814,003 shares outstanding and net assets of approximately $149,810,310.