HIO - Western Asset High Income Opportunity Fund

A closed-end fund run by Western Asset. Invests in high-yield bonds. Listed on the New York Stock Exchange.

Is anyone targeting this fund?

Yes - one large investor holds a stake, but it has not asked for changes.

RiverNorth owns 5.3% as a passive investor. On file since Feb 14, 2024.

Is the fund doing anything you need to act on?

Nothing right now.

What this means for you

One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

April 23, 2026

The fund said it may sell new shares.
Original document →
March 9, 2026

The fund said it may sell new shares.
Original document →
Oct 28, 2025

The fund said it may sell new shares.
Original document →
Nov 20, 2024

The fund said how much it plans to pay out.
Original document →
Feb 14, 2024

RiverNorth now owns 5.3%, as a passive investor.
Original document →

About this fund

Run by Western Asset. At its last yearly report (Sept 30, 2025) the fund was run by Franklin Templeton Fund Adviser, LLC. As of Sept 30, 2025, from the fund's yearly report. Original document →
Size: about $371 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
Costs: 0.8% a year in management fees; 0.9% a year in total, including interest on borrowed money. Fiscal year ended Sept 30, 2025. As of Sept 30, 2025, from the fund's yearly report. Original document →
Payouts: last fiscal year (ended Sept 30, 2025) the fund paid $0.43 a share. $0.33 of that was income; $0.10 was your own money back, not income. As of Sept 30, 2025, from the fund's annual report. Original document →
Value of holdings per share at the last fiscal year end (Sept 30, 2025): $4.08. The shares traded at $3.84, about 5.9% below that. As of Sept 30, 2025, from the fund's yearly report. Original document →
How the holdings did: up 3.2% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: +2.4%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
How the holdings did over the fiscal year (ended Sept 30, 2025): the value of the holdings returned +7.1%. How the share price did: the shares returned +5.5% over the same year, counting payouts and the change in the market price. As of Sept 30, 2025, from the fund's annual report. Original document →
First reported to the regulator in 1994.

+20%-1%

July 2024June 2026

Value of the holdings, month by month, from July 2024 to June 2026: up 19% in all, before the share price is taken into account. The grey line is where it started.

What the fund holds

Mostly bonds (85%), the rest asset-backed bonds, loans and cash and short-term holdings. About 71% issued in the U.S.

Sprint Capital, S 8.75 03/15/32 - 1.9%
Kinder Morgan, Kmi 7.75 01/15/32 Gmtn - 1.8%
Hca 7.5 11/15/95 - 1.8%
Carnival PLC, Ccl 1 10/28/29 - 1.7%
Cash and short-term - 1.3%
Petrobras Global Finance Bv, Petbra 6.75 01/27/41 - 1.2%
Echostar, Echo 10.75 11/30/29 . - 1.1%
Michaels Companies, Mik 11 03/15/34 144A - 1.1%
1261229 B.C., Bhccn 10 04/15/32 144A - 1%
Connect Finco Sarl / Connect US Finco LLC, Isatln 9 09/15/29 144A - 1%

Show all 25

First Quantum Minerals, Fmcn 8 03/01/33 144A - 1%
Venture Global Lng, Venlng 9.875 02/01/32 144A - 0.9%
Corecivic, Cxw 8.25 04/15/29 - 0.9%
American Airlines, Aal 7.25 02/15/28 144A - 0.9%
Geo Group, Geo 10.25 04/15/31 - 0.9%
Csc Holdings LLC, Cschld 4.125 12/01/30 144A - 0.9%
Pm General Purchaser LLC, Amgene 9.5 10/01/28 144A - 0.9%
Cco Holdings LLC / Cco Holdings Capital, Chtr 4.25 01/15/34 144A - 0.9%
Venture Global Lng, VENLNG V9 PERP 144a - 0.9%
Full House Resorts, Fll 8.25 02/15/28 144A - 0.9%
Western Midstream Operating LP, Wes 5.25 02/01/50 - 0.8%
American Axle & Manufacturing, Axl 7.75 10/15/33 144A - 0.8%
Jane Street Group LLC / Jsg Finance, Janest 7.125 04/30/31 144A - 0.7%
Williams Companies, Wmb 5.75 06/24/44 - 0.7%
Crescent Energy Finance LLC, Crgyfn 7.375 01/15/33 144A - 0.7%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →

Details: all notices, events and fund facts

Notices from large investors about HIO
Date	Investor	Stake	Type of notice
Feb 14, 2024	RiverNorth	5.3%	Updated notice

What the fund announced
Date	What	Deadline	Document
April 23, 2026	May sell new shares	none	Original document →
March 9, 2026	May sell new shares	none	Original document →
Oct 28, 2025	May sell new shares	none	Original document →
Nov 20, 2024	Payout set	none	Original document →

Run by: Franklin Templeton Fund Adviser, LLC
Fund family: FRANKLIN TEMPLETON
Exchange: New York Stock Exchange
Regulator's file number: 811-07920
Auditor: PricewaterhouseCoopers LLP
Fiscal year end: Sept 30, 2025
Number of holdings: 325
Preferred share classes: none

See this fund's page at the SEC →

Download this fund's history (CSV)

Email me when something new is filed for HIO

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