Schedule of Investments (unaudited)
August 31, 2024
 Western Asset High Yield Defined Opportunity Fund Inc.
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Corporate Bonds & Notes — 84.6%
Communication Services — 13.4%
Diversified Telecommunication Services — 4.8%
Altice Financing SA, Senior Secured Notes
5.000%
1/15/28
1,280,000
 
 $1,029,670
 (a)
Altice Financing SA, Senior Secured Notes
5.750%
8/15/29
3,150,000
 
2,430,114
 (a)
Altice France Holding SA, Senior Secured Notes
10.500%
5/15/27
2,550,000
 
1,011,669
 (a)
Altice France Holding SA, Senior Secured Notes
6.000%
2/15/28
2,130,000
 
699,175
 (a)
Altice France SA, Senior Secured Notes
5.125%
7/15/29
1,380,000
 
964,513
 (a)
Altice France SA, Senior Secured Notes
5.500%
10/15/29
290,000
 
201,555
 (a)
Level 3 Financing Inc., Senior Secured Notes
11.000%
11/15/29
4,880,000
 
5,356,078
 (a)
Telecom Argentina SA, Senior Notes
9.500%
7/18/31
1,450,000
 
1,463,775
 (a)
Total Diversified Telecommunication Services
13,156,549
Entertainment — 0.9%
Allen Media LLC/Allen Media Co-Issuer Inc., Senior Notes
10.500%
2/15/28
990,000
 
390,763
 (a)
Banijay Entertainment SAS, Senior Secured Notes
8.125%
5/1/29
1,970,000
 
2,050,624
 (a)
Total Entertainment
2,441,387
Media — 3.3%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
4.250%
1/15/34
430,000
 
347,131
 (a)
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
3.850%
4/1/61
1,500,000
 
911,761
 
Clear Channel Outdoor Holdings Inc., Senior Notes
7.750%
4/15/28
720,000
 
628,242
 (a)
Clear Channel Outdoor Holdings Inc., Senior Notes
7.500%
6/1/29
1,440,000
 
1,215,314
 (a)
DISH DBS Corp., Senior Notes
5.875%
11/15/24
1,307,000
 
1,274,629
 
DISH DBS Corp., Senior Notes
7.375%
7/1/28
2,820,000
 
1,454,117
 
DISH DBS Corp., Senior Notes
5.125%
6/1/29
3,400,000
 
1,551,637
 
iHeartCommunications Inc., Senior Secured Notes
6.375%
5/1/26
550,000
 
462,470
 
Sirius XM Radio Inc., Senior Notes
3.875%
9/1/31
500,000
 
429,533
 (a)
Univision Communications Inc., Senior Secured Notes
6.625%
6/1/27
1,000,000
 
990,698
 (a)
Total Media
9,265,532
Wireless Telecommunication Services — 4.4%
CSC Holdings LLC, Senior Notes
11.250%
5/15/28
200,000
 
177,932
 (a)
CSC Holdings LLC, Senior Notes
11.750%
1/31/29
2,110,000
 
1,864,463
 (a)
CSC Holdings LLC, Senior Notes
4.125%
12/1/30
2,300,000
 
1,519,109
 (a)
CSC Holdings LLC, Senior Notes
4.625%
12/1/30
1,610,000
 
631,095
 (a)
CSC Holdings LLC, Senior Notes
3.375%
2/15/31
600,000
 
388,064
 (a)
CSC Holdings LLC, Senior Notes
4.500%
11/15/31
2,870,000
 
1,911,557
 (a)
Sprint Capital Corp., Senior Notes
6.875%
11/15/28
4,288,000
 
4,647,719
 
Sprint Capital Corp., Senior Notes
8.750%
3/15/32
130,000
 
160,520
 
Sprint LLC, Senior Notes
7.625%
3/1/26
530,000
 
546,839
 
Vmed O2 UK Financing I PLC, Senior Secured Notes
4.750%
7/15/31
540,000
 
474,404
 (a)
Total Wireless Telecommunication Services
12,321,702
 
Total Communication Services
37,185,170
Consumer Discretionary — 21.6%
Automobile Components — 4.0%
Adient Global Holdings Ltd., Senior Notes
4.875%
8/15/26
3,780,000
 
3,737,057
 (a)
American Axle & Manufacturing Inc., Senior Notes
6.500%
4/1/27
2,430,000
 
2,444,347
 
American Axle & Manufacturing Inc., Senior Notes
5.000%
10/1/29
500,000
 
465,647
 
See Notes to Schedule of Investments.
1
Western Asset High Yield Defined Opportunity Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
 Western Asset High Yield Defined Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Automobile Components — continued
Dornoch Debt Merger Sub Inc., Senior Notes
6.625%
10/15/29
1,560,000
 
 $1,319,749
 (a)
Garrett Motion Holdings Inc./Garrett LX I Sarl, Senior Notes
7.750%
5/31/32
390,000
 
403,941
 (a)
JB Poindexter & Co. Inc., Senior Notes
8.750%
12/15/31
1,490,000
 
1,573,602
 (a)
ZF North America Capital Inc., Senior Notes
6.875%
4/14/28
590,000
 
610,054
 (a)
ZF North America Capital Inc., Senior Notes
7.125%
4/14/30
580,000
 
608,365
 (a)
Total Automobile Components
11,162,762
Automobiles — 1.2%
Mclaren Finance PLC, Senior Secured Notes
7.500%
8/1/26
1,500,000
 
1,324,294
 (a)
PM General Purchaser LLC, Senior Secured Notes
9.500%
10/1/28
1,840,000
 
1,888,098
 (a)
Total Automobiles
3,212,392
Broadline Retail — 0.5%
Marks & Spencer PLC, Senior Notes
7.125%
12/1/37
1,320,000
 
1,424,163
 (a)
Distributors — 0.5%
Ritchie Bros Holdings Inc., Senior Notes
7.750%
3/15/31
1,230,000
 
1,308,976
 (a)
Diversified Consumer Services — 1.4%
APCOA Parking Holdings GmbH, Senior Secured Notes
4.625%
1/15/27
520,000
 EUR
562,510
 (b)
APCOA Parking Holdings GmbH, Senior Secured Notes
4.625%
1/15/27
1,400,000
 EUR
1,514,450
 (a)
Carriage Services Inc., Senior Notes
4.250%
5/15/29
550,000
 
508,389
 (a)
Service Corp. International, Senior Notes
7.500%
4/1/27
1,030,000
 
1,080,699
 
WW International Inc., Senior Secured Notes
4.500%
4/15/29
1,250,000
 
321,875
 (a)
Total Diversified Consumer Services
3,987,923
Hotels, Restaurants & Leisure — 12.7%
888 Acquisitions Ltd., Senior Secured Notes
7.558%
7/15/27
2,000,000
 EUR
2,178,746
 (a)
Caesars Entertainment Inc., Senior Notes
8.125%
7/1/27
1,500,000
 
1,532,858
 (a)
Carnival Corp., Senior Notes
7.625%
3/1/26
960,000
 
970,368
 (a)
Carnival Holdings Bermuda Ltd., Senior Notes
10.375%
5/1/28
1,650,000
 
1,786,115
 (a)
Carnival PLC, Senior Notes
1.000%
10/28/29
2,410,000
 EUR
2,255,272
 
Full House Resorts Inc., Senior Secured Notes
8.250%
2/15/28
2,170,000
 
2,154,628
 (a)
Hilton Domestic Operating Co. Inc., Senior Notes
3.625%
2/15/32
1,250,000
 
1,121,198
 (a)
IRB Holding Corp., Senior Secured Notes
7.000%
6/15/25
620,000
 
620,658
 (a)
Light & Wonder International Inc., Senior Notes
7.000%
5/15/28
1,000,000
 
1,011,918
 (a)
Melco Resorts Finance Ltd., Senior Notes
5.375%
12/4/29
670,000
 
613,694
 (a)
NCL Corp. Ltd., Senior Notes
3.625%
12/15/24
2,500,000
 
2,487,762
 (a)
NCL Corp. Ltd., Senior Notes
5.875%
3/15/26
811,000
 
811,065
 (a)
NCL Corp. Ltd., Senior Notes
7.750%
2/15/29
1,729,000
 
1,846,280
 (a)
NCL Corp. Ltd., Senior Secured Notes
8.125%
1/15/29
690,000
 
738,535
 (a)
NCL Finance Ltd., Senior Notes
6.125%
3/15/28
2,020,000
 
2,044,987
 (a)
Pinnacle Bidco PLC, Senior Secured Notes
10.000%
10/11/28
900,000
 GBP
1,272,010
 (a)
Royal Caribbean Cruises Ltd., Senior Notes
5.375%
7/15/27
1,220,000
 
1,223,171
 (a)
Royal Caribbean Cruises Ltd., Senior Notes
5.500%
4/1/28
993,000
 
1,001,290
 (a)
Saga PLC, Senior Notes
5.500%
7/15/26
350,000
 GBP
435,886
 (b)
Sizzling Platter LLC/Sizzling Platter Finance Corp., Senior Secured Notes
8.500%
11/28/25
800,000
 
807,434
 (a)
Viking Cruises Ltd., Senior Notes
7.000%
2/15/29
1,000,000
 
1,013,662
 (a)
Viking Cruises Ltd., Senior Notes
9.125%
7/15/31
1,720,000
 
1,888,262
 (a)
Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes
5.625%
2/15/29
450,000
 
446,547
 (a)
Wheel Bidco Ltd., Senior Secured Notes
6.750%
7/15/26
500,000
 GBP
563,077
 (a)
See Notes to Schedule of Investments.
2
Western Asset High Yield Defined Opportunity Fund Inc. 2024 Quarterly Report
 Western Asset High Yield Defined Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Hotels, Restaurants & Leisure — continued
Wynn Macau Ltd., Senior Notes
5.625%
8/26/28
880,000
 
 $841,313
 (a)
Wynn Macau Ltd., Senior Notes
5.125%
12/15/29
2,020,000
 
1,859,843
 (a)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes
7.125%
2/15/31
1,500,000
 
1,592,938
 (a)
Total Hotels, Restaurants & Leisure
35,119,517
Specialty Retail — 1.3%
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
8.750%
1/15/32
450,000
 
431,229
 (a)
Michaels Cos. Inc., Senior Secured Notes
5.250%
5/1/28
2,130,000
 
1,674,624
 (a)
NMG Holding Co. Inc./Neiman Marcus Group LLC, Senior Secured Notes
7.125%
4/1/26
490,000
 
496,472
 (a)
Sally Holdings LLC/Sally Capital Inc., Senior Notes
6.750%
3/1/32
1,110,000
 
1,133,340
 
Total Specialty Retail
3,735,665
 
Total Consumer Discretionary
59,951,398
Consumer Staples — 0.6%
Beverages — 0.5%
Triton Water Holdings Inc., Senior Notes
6.250%
4/1/29
1,500,000
 
1,489,148
 (a)
Food Products — 0.1%
FAGE International SA/FAGE USA Dairy Industry Inc., Senior Notes
5.625%
8/15/26
200,000
 
198,877
 (a)
 
Total Consumer Staples
1,688,025
Energy — 11.5%
Energy Equipment & Services — 0.2%
Noble Finance II LLC, Senior Notes
8.000%
4/15/30
570,000
 
591,490
 (a)
Oil, Gas & Consumable Fuels — 11.3%
Apache Corp., Senior Notes
5.100%
9/1/40
760,000
 
672,736
 
Berry Petroleum Co. LLC, Senior Notes
7.000%
2/15/26
900,000
 
891,898
 (a)
Continental Resources Inc., Senior Notes
4.375%
1/15/28
130,000
 
127,586
 
Continental Resources Inc., Senior Notes
4.900%
6/1/44
550,000
 
468,233
 
Crescent Energy Finance LLC, Senior Notes
9.250%
2/15/28
460,000
 
488,052
 (a)
Crescent Energy Finance LLC, Senior Notes
7.625%
4/1/32
530,000
 
546,970
 (a)
Ecopetrol SA, Senior Notes
5.875%
5/28/45
2,560,000
 
1,904,809
 
Ecopetrol SA, Senior Notes
5.875%
11/2/51
1,500,000
 
1,085,137
 
Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then 3
mo. USD LIBOR + 4.155%)
6.625%
2/15/28
950,000
 
927,492
 (c)(d)
EQM Midstream Partners LP, Senior Notes
4.500%
1/15/29
520,000
 
504,385
 (a)
EQM Midstream Partners LP, Senior Notes
7.500%
6/1/30
530,000
 
578,782
 (a)
EQM Midstream Partners LP, Senior Notes
4.750%
1/15/31
110,000
 
105,764
 (a)
EQT Corp., Senior Notes
3.900%
10/1/27
740,000
 
723,529
 
Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes
8.375%
11/1/33
800,000
 
876,808
 (a)
Kinder Morgan Inc., Senior Notes
7.750%
1/15/32
810,000
 
939,992
 
MEG Energy Corp., Senior Notes
7.125%
2/1/27
168,000
 
170,719
 (a)
NGPL PipeCo LLC, Senior Notes
7.768%
12/15/37
790,000
 
933,778
 (a)
Northern Oil & Gas Inc., Senior Notes
8.125%
3/1/28
760,000
 
777,673
 (a)
Occidental Petroleum Corp., Senior Notes
5.875%
9/1/25
530,000
 
533,373
 
Occidental Petroleum Corp., Senior Notes
5.550%
3/15/26
440,000
 
443,980
 
Occidental Petroleum Corp., Senior Notes
6.200%
3/15/40
540,000
 
564,688
 
Pan American Energy LLC, Senior Notes
8.500%
4/30/32
750,000
 
789,870
 (a)
Permian Resources Operating LLC, Senior Notes
6.250%
2/1/33
670,000
 
687,439
 (a)
See Notes to Schedule of Investments.
3
Western Asset High Yield Defined Opportunity Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
 Western Asset High Yield Defined Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Oil, Gas & Consumable Fuels — continued
Petrobras Global Finance BV, Senior Notes
6.750%
1/27/41
2,640,000
 
 $2,647,817
 
Petroleos del Peru SA, Senior Notes
4.750%
6/19/32
1,000,000
 
755,447
 (a)
Puma International Financing SA, Senior Notes
7.750%
4/25/29
460,000
 
471,553
 (a)
Range Resources Corp., Senior Notes
4.875%
5/15/25
420,000
 
418,020
 
Range Resources Corp., Senior Notes
8.250%
1/15/29
440,000
 
456,314
 
Rockies Express Pipeline LLC, Senior Notes
7.500%
7/15/38
570,000
 
594,807
 (a)
Rockies Express Pipeline LLC, Senior Notes
6.875%
4/15/40
590,000
 
572,275
 (a)
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.,
Secured Notes
9.500%
10/15/26
990,000
 
1,015,103
 (a)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior
Notes
6.500%
7/15/27
560,000
 
566,563
 
Venture Global LNG Inc., Senior Secured Notes
9.875%
2/1/32
700,000
 
778,137
 (a)
Western Midstream Operating LP, Senior Notes
4.050%
2/1/30
180,000
 
172,409
 
Western Midstream Operating LP, Senior Notes
5.300%
3/1/48
540,000
 
488,421
 
Western Midstream Operating LP, Senior Notes
5.250%
2/1/50
3,840,000
 
3,475,784
 
Williams Cos. Inc., Senior Notes
7.500%
1/15/31
330,000
 
373,807
 
Williams Cos. Inc., Senior Notes
5.750%
6/24/44
1,620,000
 
1,635,403
 
YPF SA, Senior Notes
8.500%
7/28/25
1,150,000
 
1,152,027
 (a)
Total Oil, Gas & Consumable Fuels
31,317,580
 
Total Energy
31,909,070
Financials — 6.4%
Banks — 3.9%
Banco Mercantil del Norte SA, Junior Subordinated Notes (6.625% to
1/24/32 then 10 year Treasury Constant Maturity Rate + 5.034%)
6.625%
1/24/32
2,140,000
 
1,976,718
 (a)(c)(d)
BBVA Bancomer SA, Subordinated Notes (5.125% to 1/17/28 then 5 year
Treasury Constant Maturity Rate + 2.650%)
5.125%
1/18/33
800,000
 
760,896
 (a)(d)
BNP Paribas SA, Junior Subordinated Notes (7.750% to 8/16/29 then 5 year
Treasury Constant Maturity Rate + 4.899%)
7.750%
8/16/29
810,000
 
843,567
 (a)(c)(d)
Credit Agricole SA, Junior Subordinated Notes (8.125% to 12/23/25 then
USD 5 year ICE Swap Rate + 6.185%)
8.125%
12/23/25
1,330,000
 
1,367,094
 (a)(c)(d)
HSBC Holdings PLC, Subordinated Notes (8.113% to 11/3/32 then SOFR +
4.250%)
8.113%
11/3/33
990,000
 
1,156,003
 (d)
Intesa Sanpaolo SpA, Subordinated Notes
5.710%
1/15/26
940,000
 
943,460
 (a)
Lloyds Banking Group PLC, Junior Subordinated Notes (7.500% to 9/27/25
then USD 5 year ICE Swap Rate + 4.496%)
7.500%
9/27/25
440,000
 
444,330
 (c)(d)
Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to 3/27/30
then 5 year Treasury Constant Maturity Rate + 3.913%)
8.000%
9/27/29
2,030,000
 
2,152,563
 (c)(d)
UniCredit SpA, Subordinated Notes (7.296% to 4/2/29 then USD 5 year ICE
Swap Rate + 4.914%)
7.296%
4/2/34
1,200,000
 
1,262,390
 (a)(d)
Total Banks
10,907,021
Capital Markets — 0.4%
Credit Suisse AG AT1 Claim
—
—
6,220,000
 
186,600
 *(e)(f)
StoneX Group Inc., Senior Secured Notes
7.875%
3/1/31
370,000
 
389,371
 (a)
UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/28 then 5 year
Treasury Constant Maturity Rate + 4.745%)
9.250%
11/13/28
540,000
 
596,741
 (a)(c)(d)
Total Capital Markets
1,172,712
See Notes to Schedule of Investments.
4
Western Asset High Yield Defined Opportunity Fund Inc. 2024 Quarterly Report
 Western Asset High Yield Defined Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Consumer Finance — 0.5%
Navient Corp., Senior Notes
5.875%
10/25/24
590,000
 
 $589,623
 
Navient Corp., Senior Notes
6.750%
6/15/26
700,000
 
713,112
 
Total Consumer Finance
1,302,735
Financial Services — 1.4%
Boost Newco Borrower LLC, Senior Secured Notes
7.500%
1/15/31
380,000
 
405,530
 (a)
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, Senior Secured
Notes
8.500%
1/15/31
110,000
 GBP
156,539
 (a)
Jane Street Group/JSG Finance Inc., Senior Secured Notes
7.125%
4/30/31
1,130,000
 
1,187,692
 (a)
VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes
7.500%
6/15/31
550,000
 
571,540
 (a)
VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Notes
7.875%
5/1/27
1,000,000
 
939,508
 (a)
VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Notes
6.375%
2/1/30
610,000
 
500,790
 (a)
Total Financial Services
3,761,599
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Starwood Property Trust Inc., Senior Notes
7.250%
4/1/29
540,000
 
562,773
 (a)
 
Total Financials
17,706,840
Health Care — 6.9%
Health Care Providers & Services — 4.6%
CHS/Community Health Systems Inc., Senior Secured Notes
6.000%
1/15/29
500,000
 
475,475
 (a)
CHS/Community Health Systems Inc., Senior Secured Notes
4.750%
2/15/31
3,120,000
 
2,664,466
 (a)
CHS/Community Health Systems Inc., Senior Secured Notes
10.875%
1/15/32
1,790,000
 
1,939,950
 (a)
HCA Inc., Senior Notes
7.500%
11/15/95
1,000,000
 
1,130,381
 
Legacy LifePoint Health LLC, Senior Secured Notes
4.375%
2/15/27
980,000
 
957,020
 (a)
LifePoint Health Inc., Senior Secured Notes
11.000%
10/15/30
1,000,000
 
1,128,246
 (a)
Sotera Health Holdings LLC, Senior Secured Notes
7.375%
6/1/31
690,000
 
722,490
 (a)
Tenet Healthcare Corp., Secured Notes
6.250%
2/1/27
500,000
 
501,407
 
Tenet Healthcare Corp., Senior Notes
6.125%
10/1/28
2,780,000
 
2,787,687
 
Tenet Healthcare Corp., Senior Notes
6.875%
11/15/31
250,000
 
272,261
 
U.S. Renal Care Inc., Senior Secured Notes
10.625%
6/28/28
161,000
 
139,668
 (a)
Total Health Care Providers & Services
12,719,051
Pharmaceuticals — 2.3%
Bausch Health Cos. Inc., Senior Secured Notes
4.875%
6/1/28
990,000
 
740,683
 (a)
Cidron Aida Finco Sarl, Senior Secured Notes
5.000%
4/1/28
1,540,000
 EUR
1,621,839
 (a)
Endo Finance Holdings Inc., Senior Secured Notes
8.500%
4/15/31
700,000
 
744,121
 (a)
Par Pharmaceutical Inc., Escrow
—
—
300,000
 
0
 *(a)(e)(f)(g)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
3.150%
10/1/26
530,000
 
507,942
 
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
5.125%
5/9/29
1,610,000
 
1,595,912
 
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
4.100%
10/1/46
1,570,000
 
1,161,107
 
Total Pharmaceuticals
6,371,604
 
Total Health Care
19,090,655
Industrials — 10.4%
Aerospace & Defense — 1.6%
Bombardier Inc., Senior Notes
7.500%
2/1/29
290,000
 
305,706
 (a)
Bombardier Inc., Senior Notes
7.250%
7/1/31
2,480,000
 
2,606,331
 (a)
TransDigm Inc., Senior Secured Notes
7.125%
12/1/31
1,340,000
 
1,416,740
 (a)
Total Aerospace & Defense
4,328,777
See Notes to Schedule of Investments.
5
Western Asset High Yield Defined Opportunity Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
 Western Asset High Yield Defined Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Building Products — 0.1%
Masterbrand Inc., Senior Notes
7.000%
7/15/32
350,000
 
 $360,782
 (a)
Commercial Services & Supplies — 2.3%
CoreCivic Inc., Senior Notes
4.750%
10/15/27
880,000
 
840,259
 
CoreCivic Inc., Senior Notes
8.250%
4/15/29
1,650,000
 
1,741,933
 
Garda World Security Corp., Senior Notes
9.500%
11/1/27
776,000
 
783,703
 (a)
GEO Group Inc., Senior Notes
10.250%
4/15/31
670,000
 
708,486
 
GEO Group Inc., Senior Secured Notes
8.625%
4/15/29
490,000
 
508,749
 
GFL Environmental Inc., Senior Secured Notes
6.750%
1/15/31
910,000
 
951,704
 (a)
Madison IAQ LLC, Senior Notes
5.875%
6/30/29
1,000,000
 
953,834
 (a)
Total Commercial Services & Supplies
6,488,668
Construction & Engineering — 0.9%
Arcosa Inc., Senior Notes
6.875%
8/15/32
430,000
 
448,516
 (a)
Brundage-Bone Concrete Pumping Holdings Inc., Secured Notes
6.000%
2/1/26
530,000
 
530,414
 (a)
Tutor Perini Corp., Senior Notes
11.875%
4/30/29
1,500,000
 
1,632,877
 (a)
Total Construction & Engineering
2,611,807
Electrical Equipment — 0.3%
Sensata Technologies BV, Senior Notes
4.000%
4/15/29
1,000,000
 
942,368
 (a)
Machinery — 0.8%
Titan International Inc., Senior Secured Notes
7.000%
4/30/28
1,040,000
 
1,017,859
 
TK Elevator Holdco GmbH, Senior Notes
6.625%
7/15/28
990,000
 EUR
1,076,642
 (a)
Total Machinery
2,094,501
Passenger Airlines — 3.8%
American Airlines Group Inc., Senior Notes
3.750%
3/1/25
3,290,000
 
3,253,321
 (a)
American Airlines Inc., Senior Secured Notes
8.500%
5/15/29
1,540,000
 
1,602,040
 (a)
Delta Air Lines Inc., Senior Notes
2.900%
10/28/24
460,000
 
457,921
 
Delta Air Lines Inc., Senior Notes
7.375%
1/15/26
370,000
 
379,015
 
Delta Air Lines Inc., Senior Secured Notes
7.000%
5/1/25
3,220,000
 
3,242,139
 (a)
JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes
9.875%
9/20/31
200,000
 
197,799
 (a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes
8.000%
9/20/25
1,666,000
 
1,041,562
 (a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes
8.000%
9/20/25
360,000
 
225,068
 (a)
Total Passenger Airlines
10,398,865
Trading Companies & Distributors — 0.6%
H&E Equipment Services Inc., Senior Notes
3.875%
12/15/28
650,000
 
602,739
 (a)
United Rentals North America Inc., Senior Notes
5.500%
5/15/27
327,000
 
328,277
 
United Rentals North America Inc., Senior Notes
4.875%
1/15/28
610,000
 
602,174
 
Total Trading Companies & Distributors
1,533,190
 
Total Industrials
28,758,958
Information Technology — 4.7%
Communications Equipment — 1.6%
CommScope LLC, Senior Secured Notes
4.750%
9/1/29
600,000
 
484,500
 (a)
CommScope Technologies LLC, Senior Notes
5.000%
3/15/27
2,370,000
 
1,816,876
 (a)
Viasat Inc., Senior Notes
7.500%
5/30/31
2,150,000
 
1,647,167
 (a)
Viasat Inc., Senior Secured Notes
5.625%
4/15/27
500,000
 
474,994
 (a)
Total Communications Equipment
4,423,537
See Notes to Schedule of Investments.
6
Western Asset High Yield Defined Opportunity Fund Inc. 2024 Quarterly Report
 Western Asset High Yield Defined Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Electronic Equipment, Instruments & Components — 0.1%
EquipmentShare.com Inc., Secured Notes
8.625%
5/15/32
320,000
 
 $335,024
 (a)
IT Services — 0.5%
Amentum Escrow Corp., Senior Notes
7.250%
8/1/32
660,000
 
690,643
 (a)
Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes
6.750%
8/15/32
630,000
 
650,367
 (a)
Total IT Services
1,341,010
Software — 1.6%
Cloud Software Group Inc., Senior Secured Notes
8.250%
6/30/32
3,430,000
 
3,593,467
 (a)
Open Text Corp., Senior Notes
3.875%
2/15/28
1,000,000
 
948,791
 (a)
Total Software
4,542,258
Technology Hardware, Storage & Peripherals — 0.9%
Seagate HDD Cayman, Senior Notes
4.750%
1/1/25
2,350,000
 
2,342,762
 
Seagate HDD Cayman, Senior Notes
4.875%
6/1/27
210,000
 
209,228
 
Total Technology Hardware, Storage & Peripherals
2,551,990
 
Total Information Technology
13,193,819
Materials — 6.6%
Chemicals — 0.4%
Anagram Holdings LLC/Anagram International Inc., Secured Notes
10.000%
8/15/26
606,353
 
9,079
 *(h)
Sasol Financing USA LLC, Senior Notes
8.750%
5/3/29
1,070,000
 
1,118,233
 (a)
Total Chemicals
1,127,312
Construction Materials — 0.5%
Smyrna Ready Mix Concrete LLC, Senior Secured Notes
8.875%
11/15/31
1,240,000
 
1,332,397
 (a)
Containers & Packaging — 2.8%
ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK)
6.500%
6/30/27
3,000,000
 
709,671
 (a)(i)
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance
PLC, Senior Notes
4.000%
9/1/29
1,100,000
 
950,807
 (a)
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes
5.250%
8/15/27
2,255,000
 
1,358,931
 (a)
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes
5.250%
8/15/27
1,380,000
 
831,630
 (a)
Canpack SA/Canpack US LLC, Senior Notes
3.875%
11/15/29
1,500,000
 
1,373,509
 (a)
Mauser Packaging Solutions Holding Co., Senior Secured Notes
7.875%
4/15/27
2,000,000
 
2,070,360
 (a)
Pactiv LLC, Senior Notes
8.375%
4/15/27
410,000
 
435,354
 
Total Containers & Packaging
7,730,262
Metals & Mining — 2.9%
ArcelorMittal SA, Senior Notes
7.000%
10/15/39
2,020,000
 
2,245,328
 
First Quantum Minerals Ltd., Secured Notes
9.375%
3/1/29
510,000
 
543,280
 (a)
First Quantum Minerals Ltd., Senior Notes
8.625%
6/1/31
500,000
 
500,429
 (a)
Freeport-McMoRan Inc., Senior Notes
5.400%
11/14/34
280,000
 
285,698
 
Freeport-McMoRan Inc., Senior Notes
5.450%
3/15/43
1,120,000
 
1,097,786
 
Teck Resources Ltd., Senior Notes
6.000%
8/15/40
260,000
 
264,712
 
Vale Overseas Ltd., Senior Notes
6.875%
11/21/36
2,220,000
 
2,445,128
 
Vale Overseas Ltd., Senior Notes
6.875%
11/10/39
750,000
 
819,640
 
Total Metals & Mining
8,202,001
 
Total Materials
18,391,972
Real Estate — 1.5%
Health Care REITs — 0.1%
Diversified Healthcare Trust, Senior Notes
4.375%
3/1/31
346,000
 
265,225
 
See Notes to Schedule of Investments.
7
Western Asset High Yield Defined Opportunity Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
 Western Asset High Yield Defined Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Hotel & Resort REITs — 0.9%
Service Properties Trust, Senior Notes
5.250%
2/15/26
500,000
 
 $488,015
 
Service Properties Trust, Senior Notes
8.875%
6/15/32
2,090,000
 
1,970,338
 
Total Hotel & Resort REITs
2,458,353
Real Estate Management & Development — 0.2%
Add Hero Holdings Ltd., Senior Secured Notes (7.500% Cash or 8.500% PIK)
8.500%
9/30/29
100,223
 
7,016
 (b)(i)
Add Hero Holdings Ltd., Senior Secured Notes (8.000% Cash or 9.000% PIK)
9.000%
9/30/30
77,280
 
1,835
 (b)(i)
Add Hero Holdings Ltd., Senior Secured Notes (8.800% Cash or 9.800% PIK)
9.800%
9/30/31
100,848
 
1,765
 (b)(i)
China Aoyuan Group Ltd., Senior Notes, Step bond (0.000% to 9/30/31 then
1.000%)
0.000%
3/30/2173
152,810
 
1,528
 (b)
China Aoyuan Group Ltd., Senior Secured Notes (5.500% PIK)
5.500%
9/30/31
39,251
 
442
 (b)(i)
Country Garden Holdings Co. Ltd., Senior Secured Notes
—
1/27/24
1,750,000
 
138,827
 *(b)(j)
Cushman & Wakefield US Borrower LLC, Senior Secured Notes
8.875%
9/1/31
290,000
 
314,304
 (a)
Total Real Estate Management & Development
465,717
Specialized REITs — 0.3%
Iron Mountain Inc., Senior Notes
7.000%
2/15/29
830,000
 
862,662
 (a)
 
Total Real Estate
4,051,957
Utilities — 1.0%
Electric Utilities — 0.3%
Vistra Operations Co. LLC, Senior Notes
7.750%
10/15/31
650,000
 
692,091
 (a)
Gas Utilities — 0.5%
Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior
Notes
5.875%
3/1/27
1,390,000
 
1,390,218
 
Independent Power and Renewable Electricity Producers — 0.2%
Lightning Power LLC, Senior Secured Notes
7.250%
8/15/32
650,000
 
672,147
 (a)
 
Total Utilities
2,754,456
Total Corporate Bonds & Notes (Cost — $227,456,996)
234,682,320
Senior Loans — 7.7%
Communication Services — 0.6%
Media — 0.6%
iHeartCommunications Inc., New Term Loan (1 mo. Term SOFR + 3.114%)
8.361%
5/1/26
2,020,000
 
1,690,669
 (d)(k)(l)
 
Consumer Discretionary — 1.5%
Automobile Components — 0.3%
First Brands Group LLC, 2022 Incremental Term Loan (3 mo. Term SOFR +
5.262%)
10.514%
3/30/27
826,118
 
817,857
 (d)(k)(l)
Diversified Consumer Services — 0.1%
WW International Inc., Initial Term Loan (1 mo. Term SOFR + 3.614%)
8.861%
4/13/28
1,350,000
 
385,317
 (d)(k)(l)
Hotels, Restaurants & Leisure — 1.1%
Caesars Entertainment Inc., Incremental Term Loan B1 (1 mo. Term SOFR +
2.750%)
7.997%
2/6/31
2,044,875
 
2,049,415
 (d)(k)(l)
Fertitta Entertainment LLC, Initial Term Loan B (1 mo. Term SOFR + 3.750%)
9.087%
1/27/29
994,911
 
994,652
 (d)(k)(l)
Total Hotels, Restaurants & Leisure
3,044,067
 
Total Consumer Discretionary
4,247,241
See Notes to Schedule of Investments.
8
Western Asset High Yield Defined Opportunity Fund Inc. 2024 Quarterly Report
 Western Asset High Yield Defined Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Consumer Staples — 0.3%
Beverages — 0.3%
Triton Water Holdings Inc., First Lien Initial Term Loan (3 mo. Term SOFR +
3.512%)
8.846%
3/31/28
795,898
 
 $796,801
 (d)(k)(l)
 
Financials — 0.5%
Banks — 0.2%
Mercury Borrower Inc., First Lien Initial Term Loan (1 mo. Term SOFR +
3.614%)
8.861%
8/2/28
497,383
 
499,455
 (d)(k)(l)
Consumer Finance — 0.1%
Blackhawk Network Holdings Inc., Term Loan B (1 mo. Term SOFR + 5.000%)
10.247%
3/12/29
350,000
 
353,008
 (d)(k)(l)
Financial Services — 0.2%
Boost Newco Borrower LLC, Term Loan B1 (2 mo. Term SOFR + 2.500%)
7.748%
1/31/31
600,000
 
602,409
 (d)(k)(l)
 
Total Financials
1,454,872
Health Care — 1.6%
Health Care Equipment & Supplies — 1.0%
Medline Borrower LP, Term Loan B (1 mo. Term SOFR + 2.750%)
7.997%
10/23/28
2,743,125
 
2,753,041
 (d)(k)(l)(m)
Health Care Providers & Services — 0.6%
LifePoint Health Inc., 2024 Repricing Term Loan B (3 mo. Term SOFR +
4.750%)
10.054%
11/16/28
1,500,000
 
1,507,410
 (d)(k)(l)
 
Total Health Care
4,260,451
Industrials — 1.7%
Aerospace & Defense — 0.4%
Transdigm Inc., Term Loan J (3 mo. Term SOFR + 2.500%)
7.843%
2/28/31
997,500
 
999,749
 (d)(k)(l)
Building Products — 0.1%
ACProducts Holdings Inc., Initial Term Loan (3 mo. Term SOFR + 4.512%)
9.846%
5/17/28
497,436
 
377,586
 (d)(k)(l)
Commercial Services & Supplies — 0.7%
Allied Universal Holdco LLC, USD Term Loan (1 mo. Term SOFR + 3.850%)
9.097%
5/12/28
1,994,872
 
1,985,396
 (d)(k)(l)
Machinery — 0.3%
TK Elevator Midco GmbH, USD Term Loan Facility B2 (6 mo. Term SOFR +
3.500%)
8.588%
4/30/30
796,005
 
799,695
 (d)(k)(l)
Passenger Airlines — 0.2%
United Airlines Inc., Term Loan B (3 mo. Term SOFR + 2.750%)
8.033%
2/22/31
578,550
 
581,261
 (d)(k)(l)
 
Total Industrials
4,743,687
Information Technology — 1.2%
IT Services — 0.2%
Redstone Holdco 2 LP, First Lien Initial Term Loan (3 mo. Term SOFR +
5.012%)
10.264%
4/27/28
820,000
 
651,900
 (d)(k)(l)
Software — 0.7%
DCert Buyer Inc., First Lien Initial Term Loan (1 mo. Term SOFR + 4.000%)
9.247%
10/16/26
997,396
 
980,021
 (d)(k)(l)
DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term SOFR + 7.000%)
12.247%
2/19/29
500,000
 
435,393
 (d)(k)(l)
Modena Buyer LLC, Initial Term Loan (3 mo. Term SOFR + 4.500%)
9.832%
7/1/31
560,000
 
538,882
 (d)(k)(l)
Total Software
1,954,296
Technology Hardware, Storage & Peripherals — 0.3%
Vericast Corp., 2024 Extended Term Loan (2 mo. Term SOFR + 7.750%)
13.029%
6/16/26
682,500
 
667,997
 (d)(k)(l)
 
Total Information Technology
3,274,193
See Notes to Schedule of Investments.
9
Western Asset High Yield Defined Opportunity Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
 Western Asset High Yield Defined Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Materials — 0.3%
Metals & Mining — 0.3%
Arctic Canadian Diamond Co. Ltd., Second Lien Term Loan
10.000%
12/31/27
895,944
 
 $883,776
 (e)(f)(k)(l)
 
Total Senior Loans (Cost — $22,311,537)
21,351,690
Sovereign Bonds — 4.3%
Angola — 0.4%
Angolan Government International Bond, Senior Notes
8.000%
11/26/29
1,200,000
 
1,103,878
 (a)
Argentina — 0.6%
Provincia de Buenos Aires, Senior Notes, Step bond (6.375% to 9/1/24 then
6.625%)
6.375%
9/1/37
49,085
 
22,211
 (a)
Provincia de Cordoba, Senior Notes
6.990%
6/1/27
1,405,000
 
1,229,375
 (a)
Provincia de Cordoba, Senior Notes
6.875%
2/1/29
410,000
 
324,925
 (a)
Total Argentina
1,576,511
Bahamas — 0.5%
Bahamas Government International Bond, Senior Notes
6.950%
11/20/29
1,500,000
 
1,398,490
 (a)
Dominican Republic — 0.8%
Dominican Republic International Bond, Senior Notes
9.750%
6/5/26
25,000,000
 DOP
421,052
 (b)
Dominican Republic International Bond, Senior Notes
4.500%
1/30/30
230,000
 
218,074
 (a)
Dominican Republic International Bond, Senior Notes
4.875%
9/23/32
1,170,000
 
1,102,944
 (a)
Dominican Republic International Bond, Senior Notes
13.625%
2/3/33
21,000,000
 DOP
421,825
 (b)
Total Dominican Republic
2,163,895
Jordan — 0.3%
Jordan Government International Bond, Senior Notes
7.750%
1/15/28
750,000
 
769,143
 (a)
Mexico — 1.7%
Mexican Bonos, Bonds
7.750%
5/29/31
104,770,000
 MXN
4,814,417
 
 
Total Sovereign Bonds (Cost — $11,197,423)
11,826,334
Convertible Bonds & Notes — 1.6%
Communication Services — 1.6%
Media — 1.6%
DISH Network Corp., Senior Notes
0.000%
12/15/25
4,740,000
 
3,560,925
 
DISH Network Corp., Senior Notes
3.375%
8/15/26
1,440,000
 
907,328
 
 
Total Communication Services
4,468,253
Real Estate — 0.0%††
Real Estate Management & Development — 0.0%††
China Aoyuan Group Ltd., Senior Notes
0.000%
9/30/28
13,656
 
335
 (b)
 
Total Convertible Bonds & Notes (Cost — $5,163,419)
4,468,588
See Notes to Schedule of Investments.
10
Western Asset High Yield Defined Opportunity Fund Inc. 2024 Quarterly Report
 Western Asset High Yield Defined Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
 
 
Shares
Value
Common Stocks — 0.1%
Health Care — 0.0%††
Pharmaceuticals — 0.0%††
Endo Inc.
1,797
 $48,519
 *
 
Materials — 0.1%
Metals & Mining — 0.1%
Arctic Canadian Diamond Co. Ltd.
906
106,984
 *(e)(f)
 
Real Estate — 0.0%††
Real Estate Management & Development — 0.0%††
China Aoyuan Group Ltd.
38,203
715
 *(e)
 
Total Common Stocks (Cost — $45,429)
156,218
 
 
 
 
Expiration
Date
Warrants
 
Warrants — 0.0%††
Industrials — 0.0%††
Passenger Airlines — 0.0%††
flyExclusive Inc. (Cost — $12,469)
5/28/28
13,023
 
2,844
 *
Total Investments before Short-Term Investments (Cost — $266,187,273)
272,487,994
 
 
Rate
Maturity
Date
Face
Amount†
 
Short-Term Investments — 0.8%
U.S. Treasury Bills — 0.7%
U.S. Treasury Bills
0.000%
9/3/24
1,500,000
1,500,000
 (n)
U.S. Treasury Bills
4.859%
10/1/24
410,000
408,351
 (n)
 
Total U.S. Treasury Bills (Cost — $1,907,811)
1,908,351
 
 
 
 
Shares
 
Money Market Funds — 0.1%
Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost — $428,529)  
5.235%
428,529
 
428,529
 (o)(p)
 
Total Short-Term Investments (Cost — $2,336,340)
2,336,880
Total Investments — 99.1% (Cost — $268,523,613)
274,824,874
Other Assets in Excess of Liabilities — 0.9%
2,421,113
Total Net Assets — 100.0%
$277,245,987
 
See Notes to Schedule of Investments.
11
Western Asset High Yield Defined Opportunity Fund Inc. 2024 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2024
 Western Asset High Yield Defined Opportunity Fund Inc.
†
Face amount denominated in U.S. dollars, unless otherwise noted.
††
Represents less than 0.1%.
*
Non-income producing security.
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors.
(b)
Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of
the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the
Board of Directors.
(c)
Security has no maturity date. The date shown represents the next call date.
(d)
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published
reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a
reference rate and spread in their description above.
(e)
Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).
(f)
Security is valued using significant unobservable inputs (Note 1).
(g)
Value is less than $1.
(h)
The coupon payment on this security is currently in default as of August 31, 2024.
(i)
Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.
(j)
The maturity principal is currently in default as of August 31, 2024.
(k)
Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.
(l)
Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower
prior to the disposition of a senior loan.
(m)
All or a portion of this loan has not settled as of August 31, 2024. Interest rates are not effective until settlement date. Interest rates shown, if any, are for
the settled portion of the loan.
(n)
Rate shown represents yield-to-maturity.
(o)
Rate shown is one-day yield as of the end of the reporting period.
(p)
In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding
voting securities of an issuer, or a company which is under common ownership or control with the Fund. At August 31, 2024, the total market value of
investments in Affiliated Companies was $428,529 and the cost was $428,529 (Note 2).
 
Abbreviation(s) used in this schedule:
DOP
—
Dominican Peso
EUR
—
Euro
GBP
—
British Pound
ICE
—
Intercontinental Exchange
LIBOR
—
London Interbank Offered Rate
MXN
—
Mexican Peso
PIK
—
Payment-In-Kind
SOFR
—
Secured Overnight Financing Rate
USD
—
United States Dollar
At August 31, 2024, the Fund had the following open forward foreign currency contracts: 
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
EUR
152,819
USD
167,051
Bank of America N.A.
10/18/24
 $2,258
USD
6,309,584
EUR
5,800,263
Bank of America N.A.
10/18/24
(116,552)
GBP
380,224
USD
485,481
Citibank N.A.
10/18/24
14,056
USD
978,382
GBP
762,065
Goldman Sachs Group Inc.
10/18/24
(22,815)
MXN
44,687,612
USD
2,363,949
JPMorgan Chase & Co.
10/18/24
(111,810)
USD
2,446,344
MXN
44,687,611
JPMorgan Chase & Co.
10/18/24
194,205
Net unrealized depreciation on open forward foreign currency contracts
$(40,658)
 
Abbreviation(s) used in this table:
EUR
—
Euro
See Notes to Schedule of Investments.
12
Western Asset High Yield Defined Opportunity Fund Inc. 2024 Quarterly Report
 Western Asset High Yield Defined Opportunity Fund Inc.
GBP
—
British Pound
MXN
—
Mexican Peso
USD
—
United States Dollar
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
13
Western Asset High Yield Defined Opportunity Fund Inc. 2024 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset High Yield Defined Opportunity Fund Inc. (the “Fund”) was incorporated in Maryland on July 20, 2010, and is registered as a non-diversified, limited-term, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s primary investment objective is to provide high income. As a secondary investment objective, the Fund will seek capital appreciation. The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its net assets in a portfolio of high-yield corporate fixed income securities with varying maturities. Corporate securities include those securities that are issued or originated by U.S. or foreign public or private corporations and other business entities. The Fund intends to liquidate on or about September 30, 2025, and distribute substantially all of its net assets to stockholders, after making appropriate provisions for any liabilities of the Fund.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors.  
Pursuant to policies adopted by the Board of Directors, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Directors. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.
14
Western Asset High Yield Defined Opportunity Fund Inc. 2024 Quarterly Report
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Long-Term Investments†:
Corporate Bonds & Notes:
Financials
—
 $17,520,240
 $186,600
 $17,706,840
Health Care
—
19,090,655
0
*
19,090,655
Other Corporate Bonds & Notes
—
197,884,825
—
197,884,825
Senior Loans:
Materials
—
—
883,776
883,776
Other Senior Loans
—
20,467,914
—
20,467,914
Sovereign Bonds
—
11,826,334
—
11,826,334
Convertible Bonds & Notes
—
4,468,588
—
4,468,588
Common Stocks:
Health Care
 $48,519
—
—
48,519
Materials
—
—
106,984
106,984
Real Estate
—
715
—
715
Warrants
—
2,844
—
2,844
Total Long-Term Investments
48,519
271,262,115
1,177,360
272,487,994
Short-Term Investments†:
U.S. Treasury Bills
—
1,908,351
—
1,908,351
Money Market Funds
428,529
—
—
428,529
Total Short-Term Investments
428,529
1,908,351
—
2,336,880
Total Investments
$477,048
$273,170,466
$1,177,360
$274,824,874
Other Financial Instruments:
Forward Foreign Currency Contracts††
—
 $210,519
—
 $210,519
Total
$477,048
$273,380,985
$1,177,360
$275,035,393
15
Western Asset High Yield Defined Opportunity Fund Inc. 2024 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Forward Foreign Currency Contracts††
—
 $251,177
—
 $251,177
 
†
See Schedule of Investments for additional detailed categorizations.
*
Amount represents less than $1.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
2. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended August 31, 2024. The following transactions were effected in such company for the period ended August 31, 2024.
 
 
Affiliate
Value at

May 31,
2024
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
 $2,543,966
 $22,457,147
22,457,147
 $24,572,584
24,572,584

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
August 31,
2024
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $16,883
—
 $428,529
16
Western Asset High Yield Defined Opportunity Fund Inc. 2024 Quarterly Report
Western Asset High Yield... (NYSE:HYI)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Western Asset High Yield... Charts.
Western Asset High Yield... (NYSE:HYI)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Western Asset High Yield... Charts.