Western Asset High Yield Opportunity Fund (NYSE: HYI) manager updates

Rhea-AI Filing Summary

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.

Key Figures

Prospectus supplement effective: January 27, 2026 Supplement deletion effective: September 30, 2026 Assets managed by Buchanan (registered companies): $79.50 billion +3 more

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Prospectus supplement effective January 27, 2026 Effective date for initial portfolio manager updates

Supplement deletion effective September 30, 2026 Effective date for deletion of Christopher Kilpatrick information

Assets managed by Buchanan (registered companies) $79.50 billion Michael C. Buchanan: 61 registered investment company accounts as of May 31, 2025

Buchanan other pooled vehicles assets $47.79 billion Michael C. Buchanan: 217 other pooled vehicles as of May 31, 2025

John Hwang pooled vehicles with performance fees $1.87 billion Assets in other pooled vehicles with performance-based fees as of May 31, 2025

Portfolio manager ownership range A (none) All five portfolio managers reported 'A' range ownership as of May 31, 2025

Key Terms

Statement of Additional Information (SAI), Collateralized loan obligation (CLO), performance-based fee, Investment Management Team

4 terms

Statement of Additional Information (SAI) regulatory

"the "Portfolio Managers" section of the SAI is removed entirely and replaced"

Collateralized loan obligation (CLO) financial

"Mr. Hwang co-manages all collateralized loan obligation (CLO) portfolios"

A collateralized loan obligation (CLO) is a financial product that bundles many business loans and sells pieces of that bundle to investors, so each investor owns a slice with a different balance of risk and return. Think of it like a mixed fruit basket where some slices get the bigger, juicier fruits (higher returns and higher risk) while others get safer, smaller pieces; CLOs matter to investors because they offer a way to earn higher income than simple bonds but carry credit and market risks that affect returns and price volatility.

performance-based fee financial

"Number of Accounts Managed for which Advisory Fee is Performance Based"

Investment Management Team regulatory

"The information contained in "Investment Management Team" in the "Management of the Fund" section"

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Accepted by SEC EDGAR 04/23/2026 - 05:20 PM Learn about SEC filing dates

FAQ

What portfolio manager changes did Western Asset High Yield Opportunity Fund (HYI) disclose?

The fund updated its Prospectus and SAI replacing the Investment Management Team description with a team-based approach and naming five portfolio managers as of January 27, 2026. It later deleted Christopher Kilpatrick's information effective September 30, 2026.

How much assets did Michael C. Buchanan oversee according to the HYI SAI?

The SAI shows Michael C. Buchanan managed $79.50 billion in other registered investment companies across 61 accounts as of May 31, 2025, plus additional pooled vehicles and other accounts listed in the table.

Which portfolio managers are listed for HYI after the January 27, 2026 update?

The Prospectus names five portfolio managers: Michael C. Buchanan, Christopher F. Kilpatrick, Walter Kilcullen, John Hwang, and Ryan Kohan, each described as responsible for day-to-day management under a team approach.

Does the HYI filing disclose portfolio managers’ fund ownership levels?

Yes. The SAI reports dollar-range beneficial ownership for each portfolio manager as of May 31, 2025, with all five managers shown in range A (none).

Filed Pursuant to Rule 424(b)(3)
Registration Statement No. 333-291193

WESTERN ASSET HIGH YIELD OPPORTUNITY FUND INC.

SUPPLEMENT DATED APRIL 23, 2026 TO THE

PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 1, 2026

Portfolio Manager Updates Effective January 27, 2026

Effective as of January 27, 2026, the following supplements and, to the extent inconsistent with, supersedes the section entitled “Management of the Fund” in the Fund’s Prospectus (“Prospectus”) and the section entitled “Portfolio Managers” in the Fund’s Statement of Additional Information (“SAI”):

Prospectus

The information contained in “Investment Management Team” in the “Management of the Fund” section of the Prospectus is removed entirely and replaced as follows:

Investment Management Team

Set forth below is information regarding the team of professionals at Western Asset responsible for overseeing the day-to-day operations of the Fund. Western Asset utilizes a team approach, with decisions derived from interaction among various investment management sector specialists. The sector teams are comprised of Western Asset’s senior portfolio managers, research analysts and an in-house economist. Under this team approach, management of client fixed income portfolios will reflect a consensus of interdisciplinary views.

Name, Address and Title		Principal Occupation(s) During Past 5 Years
Michael C. Buchanan Western Asset 385 East Colorado Blvd. Pasadena, CA 91101		Responsible for the day-to-day management with other members of the Fund’s portfolio management team; employed by Western Asset Management as an investment professional for at least the past five years; Managing Director and head of U.S. Credit Products from 2003-2005 at Credit Suisse Asset Management.
Christopher F. Kilpatrick Western Asset 385 East Colorado Blvd. Pasadena, CA 91101		Responsible for the day-to-day management with other members of the Fund’s portfolio management team; employed by Western Asset Management as an investment professional for at least the past five years.
Walter Kilcullen Western Asset 385 East Colorado Blvd. Pasadena, CA 91101		Responsible for the day-to-day management with other members of the Fund’s portfolio management team; employed by Western Asset Management as an investment professional since 2002.
John Hwang Western Asset 385 East Colorado Blvd. Pasadena, CA 91101		Co-portfolio manager of the fund; Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Mr. Hwang is a member of the high-yield desk and specializes in bank loans and corporate structured credit. Mr. Hwang co-manages all collateralized loan obligation (CLO) portfolios and is responsible for all corporate-structured credit investments within Western Asset. Mr. Hwang has over 24 years of investment industry experience.
Ryan Kohan Western Asset 385 East Colorado Blvd. Pasadena, CA 91101		Co-portfolio manager of the fund; Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Mr. Kohan is Head of Bank Loans and has been employed by Western Asset as an investment professional for at least the past five years. Mr. Kohan has over 17 years of investment industry experience.

Additional information about the portfolio managers’ compensation, other accounts managed by them and other information is provided in the SAI.

SAI

The information contained in the table in the “Portfolio Managers” section of the SAI is removed entirely and replaced as follows:

Unless otherwise indicated, the information below is provided as of the date of this SAI.

The table below identifies the number of accounts (other than the Fund) for which the Fund’s portfolio managers have day-to-day management responsibilities and the total assets in such accounts, within each of the following categories, as of May 31, 2025: registered investment companies, other pooled investment vehicles and other accounts.

Name of PM		Type of Account		Number of Accounts Managed		Total Assets Managed		Number of Accounts Managed for which Advisory Fee is Performance Based		Assets Managed for which Advisory Fee is Performance- Based
Michael C. Buchanan‡		Other Registered Investment Companies		61		$79.50 billion		None		None
		Other Pooled Vehicles		217		$47.79 billion		17		$2.19 billion
		Other Accounts		330		$99.60 billion		13		$6.26 billion
Christopher F. Kilpatrick‡		Other Registered Investment Companies		11		$4.58 billion		None		None
		Other Pooled Vehicles		8		$569 million		3		$361 million
		Other Accounts		13		$873 million		None		None
Walter Kilcullen‡		Other Registered Investment Companies		7		$2.88 billion		None		None
		Other Pooled Vehicles		16		$7.35 billion		3		$361 million
		Other Accounts		12		$1.63 billion		None		None
John Hwang‡*		Other Registered Investment Companies		5		$2.42 billion		None		None
		Other Pooled Vehicles		9		$2.04 billion		6		$1.87 billion
		Other Accounts		2		$430 million		None		None
Ryan Kohan‡*		Other Registered Investment Companies		8		$3.35 billion		None		None
		Other Pooled Vehicles		22		$8.02 billion		9		$2.25 billion
		Other Accounts		13		$1.99 billion		None		None

‡ The numbers above reflect the overall number of portfolios managed by employees of Western Asset Management Company, LLC (“Western Asset”). They are involved in the management of all the Firm’s portfolios, but they are not solely responsible for particular portfolios. Western Asset’s investment discipline emphasizes a team approach that combines the efforts of groups of specialists working in different market sectors. They are responsible for overseeing implementation of Western Asset’s overall investment ideas and coordinating the work of the various sector teams. This structure ensures that client portfolios benefit from a consensus that draws on the expertise of all team members.

* Information for John Hwang and Ryan Kohan is as of March 31, 2026.

2

The information contained in “Portfolio Manager Securities Ownership” in the “Portfolio Managers” section of the SAI is removed entirely and replaced as follows:

Portfolio Manager Securities Ownership

The portfolio managers held the following amounts of securities of the Fund as of May 31, 2025.

Portfolio Manager		Dollar Range of Securities Beneficially Owned ($)
Michael C. Buchanan		A
Christopher F. Kilpatrick		A
Walter Kilcullen		A
John Hwang*		A
Ryan Kohan*		A

* Information for John Hwang and Ryan Kohan is as of March 31, 2026.

Dollar Range ownership is as follows:

A: none

B: $1 - $10,000

C: 10,001 - $50,000

D: $50,001 - $100,000

E: $100,001 - $500,000

F: $500,001 - $1 million

G: over $1 million

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Portfolio Manager Updates Effective September 30, 2026

Effective as of September 30, 2026, the following supplements and, to the extent inconsistent with, supersedes the section entitled “Management of the Fund” in the Prospectus and the section entitled “Portfolio Managers” in the SAI:

Prospectus

The information relating to Christopher Kilpatrick is deleted in its entirety from the “Management of the Fund” section of the Prospectus

SAI

The information relating to Christopher Kilpatrick is deleted in its entirety from the “Portfolio Managers” section of the SAI.

Capitalized terms not defined herein have the meanings assigned to them in the Prospectus.

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