HYI - Western Asset High Yield Opportunity Fund

What this means for you

Sit Investment owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. July 30, 2026

   First Trust Portfolios L.P. sold down below 5% and stopped reporting.

   Original document →

2. April 23, 2026

   The fund said it may sell new shares.

   Original document →

3. April 14, 2026

   First Trust Portfolios L.P. cut its stake to 9.6% (from 11.2%), as a passive investor.

   Original document →

4. March 31, 2026

   The fund said it may sell new shares.

   Original document →

5. March 9, 2026

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Franklin Templeton Fund Adviser, LLC. Part of the FRANKLIN TEMPLETON fund family. As of May 31, 2026, from the fund's yearly report. Original document →
• Size: about $146 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.8% a year in management fees; 1.1% a year in total, including interest on borrowed money. Fiscal year ended May 31, 2026. As of May 31, 2026, from the fund's yearly report. Original document →
  Among the 19 funds we follow that invest in high-yield bonds, 4 charge a lower management fee and 3 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $24 in the first year and about $163 over 10 years, assuming the holdings return 5% a year. As of May 31, 2026, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended May 31, 2026) the fund paid $1.14 a share. $0.91 of that was income; $0.23 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of May 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (May 31, 2026): $11.62. The shares traded at $10.63, about 8.5% below that. As of May 31, 2026, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 9.4% below to 0.1% below. As of May 31, 2026, from the fund's annual report. Original document →
• How the holdings did: up 0.3% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2010.

How this has changed

• Payouts per share: $1.14 in the fiscal year ended May 31, 2026; $1.14 in the year ended May 31, 2025; $1.14 in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.23 in the year ended May 31, 2026; $0.16 in the year ended May 31, 2025; $0.14 in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.07% a year in the fiscal year ended May 31, 2026; 0.99% a year in the year ended May 31, 2025; 0.95% a year in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $149 million at May 29, 2026; $269 million at May 30, 2025; $273 million at May 31, 2024. From the fund's quarterly holdings reports. Original documents: May 29, 2026 →, May 30, 2025 →, May 31, 2024 →.
• Borrowing: about 2% on top of its own money at May 29, 2026; none at May 30, 2025; 4% at May 31, 2024. From the fund's quarterly holdings reports. Original documents: May 29, 2026 →, May 30, 2025 →, May 31, 2024 →.
• The fund had about 12.8 million shares at May 31, 2026, down 43.4% from May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
  In between, the fund bought back shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended May 31, 2026: the shares returned -0.8%, counting payouts; the holdings +7.7%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of May 31, 2026, from the fund's annual report. Original document →
• The year ended May 31, 2025: the shares returned +13.8%, counting payouts; the holdings +8.2%. As of May 31, 2025, from the fund's annual report. Original document →
• The year ended May 31, 2024: the shares returned +10.2%, counting payouts; the holdings +8.9%. As of May 31, 2024, from the fund's annual report. Original document →
• The year ended May 31, 2023: the shares returned -2.4%, counting payouts; the holdings -2.4%. As of May 31, 2023, from the fund's annual report. Original document →
• The year ended May 31, 2022: the shares returned -10.3%, counting payouts; the holdings -7.7%. As of May 31, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +8.9%. $10,000 of shares bought at the start (June 1, 2021) would have become about $10,900 by May 31, 2026, with every payout counted, before tax. As of May 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: -3.7%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 15 funds that invest in high-yield bonds with a fiscal year ending within six months of this one, 11 reported a higher share return for that year and 3 a lower one. As of May 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (92%), the rest loans and cash and short-term holdings. About 74% issued in the U.S.

1.5% of holdings are in default.

1. Echostar, Echo 10.75 11/30/29 . - 3.3%
2. Community Health Systems - 1.9%
3. Pm General Purchaser LLC, Amgene 9.5 10/01/28 144A - 1.6%
4. Cloud Software Group, Tibx 8.25 06/30/32 144A - 1.6%
5. Sprint Capital, S 6.875 11/15/28 - 1.5%
6. Lloyds Banking Group PLC, Lloyds V8 Perp - 1.5%
7. Viking Cruises, Vikcru 9.125 07/15/31 144A - 1.2%
8. Zf North America Capital, Zffngr 6.875 04/23/32 144A - 1.1%
9. Teva Pharmaceutical Finance Netherlands III BV, Teva 5.125 05/09/29 - 1.1%
10. Cco Holdings LLC / Cco Holdings Capital, Chtr 7.375 02/01/36 144A - 1.1%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →