Western Asset High Yield Opportunity Fund Inc. (HYI) SEC Filings

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.

Western Asset High Yield Opportunity Fund Inc. files a preliminary base prospectus to register up to $100,000,000 of Common Stock and subscription rights for resale or issuance under a shelf registration.

The Fund is a closed-end investment company focused on high-yield (below investment grade) corporate fixed income and intends to invest at least 80% of net assets in high-yield securities. The prospectus describes offering mechanics, distribution methods including at-the-market offerings, leverage policy, risks (including high-yield and leverage risks), management by Franklin Templeton/Western Asset, recent NAV and market price data, and certain fund expense examples.

First Trust Portfolios L.P., First Trust Advisors L.P. and The Charger Corporation filed an amended Schedule 13G reporting beneficial ownership of 1,428,890 common shares of Western Asset High Yield Opportunity Fund Inc. (HYI), representing 11.15% of the fund’s outstanding common stock as of the event date of 12/31/2025.

The filing shows no sole voting or dispositive power over these shares, with shared dispositive power over 1,428,890 shares and no voting power. The positions are primarily held in unit investment trusts and other investment vehicles sponsored or advised by the First Trust entities, and each reporting person disclaims beneficial ownership. The securities are stated to be held in the ordinary course of business and not for the purpose of changing or influencing control of the fund.