Form N-CSRS - Certified Shareholder Report, Semi-Annual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22444

Western Asset High Yield Defined Opportunity Fund Inc.

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 47^th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-888-777-0102

Date of fiscal year end: May 31

Date of reporting period: November 30, 2024

ITEM 1.

REPORT TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Semi-Annual Report

November 30, 2024

WESTERN ASSET
HIGH YIELD DEFINED OPPORTUNITY FUND INC. (HYI)

Fund objectives

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 has a limited term and as a fundamental policy intends to liquidate and distribute substantially all of its net assets to stockholders after making appropriate provisions for any liabilities of the Fund on or about September 30, 2025.

What’s inside

Letter from the president	III
Performance review	IV
Fund at a glance	1
Schedule of investments	2
Statement of assets and liabilities	19
Statement of operations	20
Statements of changes in net assets	21
Financial highlights	22
Notes to financial statements	23
Additional shareholder information	37
Dividend reinvestment plan	38

Western Asset High Yield Defined Opportunity Fund Inc.

Letter from the president

Dear Shareholder,

We are pleased to provide the semi-annual report of Western Asset High Yield Defined Opportunity Fund Inc. for the six-month reporting period ended November 30, 2024. Please read on for Fund performance information during the Fund’s reporting period.

As always, we remain committed to providing you with excellent service and a full spectrum of investment choices. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our website, www.franklintempleton.com. Here you can gain immediate access to market and investment information, including:

•

Fund prices and performance,

•

Market insights and commentaries from our portfolio managers, and

•

A host of educational resources.

We look forward to helping you meet your financial goals.

Sincerely,

Jane Trust, CFA

President and Chief Executive Officer

December 31, 2024

Western Asset High Yield Defined Opportunity Fund Inc.

III

Performance review

For the six months ended November 30, 2024, Western Asset High Yield Defined Opportunity Fund Inc. returned 6.85% based on its net asset value (NAV)i and 11.14% based on its New York Stock Exchange (NYSE) market price per share. The Fund’s unmanaged benchmarks, the Bloomberg U.S. High Yield — 2% Issuer Cap B Component Indexii and the Bloomberg U.S. High Yield — 2% Issuer Cap Caa Component Indexiii, returned 6.20% and 13.21%, respectively, for the same period.

The Fund has a practice of seeking to maintain a relatively stable level of distributions to shareholders. This practice has no impact on the Fund’s investment strategy and may reduce the Fund’s NAV. The Fund’s manager believes the practice helps maintain the Fund’s competitiveness and may benefit the Fund’s market price and premium/discount to the Fund’s NAV.

During this six-month period, the Fund made distributions to shareholders totaling $0.57 per share. As of November 30, 2024, the Fund estimates that 85% of the distributions were sourced from net investment income and 15% constituted a return of capital.* The performance table shows the Fund’s six-month total return based on its NAV and market price as of November 30, 2024. Past performance is no guarantee of future results.

Performance Snapshot as of November 30, 2024 (unaudited)
Price Per Share	6-Month Total Return**
$12.30 (NAV)	6.85 %†
$12.14 (Market Price)	11.14 %‡

All figures represent past performance and are not a guarantee of future results. Performance figures for periods shorter than one year represent cumulative figures and are not annualized.

** Total returns are based on changes in NAV or market price, respectively. Returns reflect the deduction of all Fund expenses, including management fees, operating expenses, and other Fund expenses. Returns do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares.

† Total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV.

‡ Total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.

These estimates are not for tax purposes. The Fund will issue a Form 1099 with final composition of the distributions for tax purposes after year-end. A return of capital is not taxable and results in a reduction in the tax basis of a shareholder’s investment. For more information about a distribution’s composition, please refer to the Fund’s distribution press release or, if applicable, the Section 19 notice located in the press release section of our website, www.franklintempleton.com.

Western Asset High Yield Defined Opportunity Fund Inc.

Looking for additional information?

The Fund is traded under the symbol “HYI” and its closing market price is available in most newspapers under the NYSE listings. The daily NAV is available online under the symbol “XHYIX” on most financial websites. Barron’s and The Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues a quarterly press release that can be found on most major financial websites as well as www.franklintempleton.com.

In a continuing effort to provide information concerning the Fund, shareholders may call 1-888-777-0102 (toll free), Monday through Friday from 8:00 a.m. to 5:30 p.m. Eastern Time, for the Fund’s current NAV, market price and other information.

Thank you for your investment in the Western Asset High Yield Defined Opportunity Fund Inc. As always, we appreciate that you have chosen us to manage your assets and we remain focused on achieving the Fund’s investment goals.

Sincerely,

Jane Trust, CFA
President and Chief Executive Officer

December 31, 2024

RISKS: The Fund is a non-diversified, limited term, closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objective. The Fund’s common stock is traded on the New York Stock Exchange. Similar to stocks, the Fund’s share price will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value. Because the Fund is non-diversified, it may be more susceptible to economic, political or regulatory events than a diversified fund. The Fund’s investments are subject to a number of risks, including credit risk, inflation risk and interest rate risk. As interest rates rise, bond prices fall, reducing the value of the Fund’s share price. The Fund may invest in lower-rated high yield bonds, commonly known as “junk bonds,” which are subject to greater liquidity and credit risk (risk of default) than higher-rated obligations. The Fund is also permitted purchases of equity securities. Equity securities generally have greater price volatility than fixed income securities. Investments in foreign securities involve risks, including the possibility of losses due to changes in currency exchange rates and negative developments in the political, economic, or regulatory structure of specific countries or regions. These risks are greater in emerging markets. Emerging market countries tend to have economic, political and legal systems that are less developed and are less stable than those of more developed countries. The Fund may make

Western Asset High Yield Defined Opportunity Fund Inc.

Performance review (cont’d)

significant investments in derivative instruments. Derivative instruments can be illiquid, may disproportionately increase losses, and may have a potentially large impact on Fund performance. The Fund may invest in securities or engage in transactions that have the economic effects of leverage which can increase the risk and volatility of the Fund. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to changes in general market conditions, overall economic trends or events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, investor sentiment, the global and domestic effects of a pandemic, and other factors that may or may not be related to the issuer of the security or other asset. The Fund may also invest in money market funds, including funds affiliated with the Fund’s manager and subadvisers.

All investments are subject to risk including the possible loss of principal. Past performance is no guarantee of future results. All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.

Net asset value (NAV) is calculated by subtracting total liabilities, including liabilities associated with financial leverage (if any), from the closing value of all securities held by the Fund (plus all other assets) and dividing the result (total net assets) by the total number of the common shares outstanding. The NAV fluctuates with changes in the market prices of securities in which the Fund has invested. However, the price at which an investor may buy or sell shares of the Fund is the Fund’s market price as determined by supply of and demand for the Fund’s shares.

The Bloomberg U.S. High Yield — 2% Issuer Cap B Component Index is an index of the 2% Issuer Cap component of the Bloomberg U.S. High Yield Index and is comprised of B-rated securities included in this index.

iii

The Bloomberg U.S. High Yield — 2% Issuer Cap Caa Component Index is an index of the 2% Issuer Cap component of the Bloomberg U.S. High Yield Index and is comprised of Caa-rated securities included in this index.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Western Asset High Yield Defined Opportunity Fund Inc.

Fund at a glance† (unaudited)

Investment breakdown (%) as a percent of total investments

†

The bar graph above represents the composition of the Fund’s investments as of November 30, 2024, and May 31, 2024, and does not include derivatives, such as forward foreign currency contracts and swap contracts. The Fund is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Schedule of investments (unaudited)

November 30, 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 — 85.5%
Communication Services — 16.3%
Diversified Telecommunication Services — 5.7%
Altice Financing SA, Senior Secured Notes	5.000%	1/15/28	1,280,000	$1,022,917 (a)
Altice Financing SA, Senior Secured Notes	5.750%	8/15/29	3,150,000	2,389,599 (a)
Altice France Holding SA, Senior Secured Notes	10.500%	5/15/27	2,550,000	732,427 (a)
Altice France Holding SA, Senior Secured Notes	6.000%	2/15/28	2,130,000	576,204 (a)
Altice France SA, Senior Secured Notes	5.125%	7/15/29	1,380,000	1,057,923 (a)
Altice France SA, Senior Secured Notes	5.500%	10/15/29	290,000	223,267 (a)
EchoStar Corp., Senior Secured Notes (6.750% PIK)	6.750%	11/30/30	3,156,078	2,852,672 (b)
Level 3 Financing Inc., Senior Secured Notes	11.000%	11/15/29	4,880,000	5,551,130 (a)
Telecom Argentina SA, Senior Notes	9.500%	7/18/31	1,450,000	1,517,425 (a)
Total Diversified Telecommunication Services				15,923,564
Entertainment — 0.9%
Allen Media LLC/Allen Media Co-Issuer Inc., Senior Notes	10.500%	2/15/28	990,000	440,768 (a)
Banijay Entertainment SAS, Senior Secured Notes	8.125%	5/1/29	1,970,000	2,053,139 (a)
Total Entertainment				2,493,907
Media — 4.9%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes	4.250%	1/15/34	430,000	358,882 (a)
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes	3.850%	4/1/61	1,500,000	959,657
Clear Channel Outdoor Holdings Inc., Senior Notes	7.750%	4/15/28	720,000	663,784 (a)
Clear Channel Outdoor Holdings Inc., Senior Notes	7.500%	6/1/29	1,440,000	1,276,030 (a)
DISH DBS Corp., Senior Notes	7.375%	7/1/28	1,360,000	1,032,724
DISH Network Corp. (3 mo. Term SOFR + 5.750%)	10.750%	11/9/29	5,985,100	6,479,474
Gray Television Inc., Senior Notes	5.875%	7/15/26	1,000,000	996,723 (a)
iHeartCommunications Inc., Senior Secured Notes	6.375%	5/1/26	550,000	478,500
Sirius XM Radio Inc., Senior Notes	3.875%	9/1/31	500,000	433,213 (a)
Univision Communications Inc., Senior Secured Notes	6.625%	6/1/27	1,000,000	997,248 (a)
Total Media				13,676,235

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Western Asset High Yield Defined Opportunity Fund Inc.

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value
Wireless Telecommunication Services — 4.8%
CSC Holdings LLC, Senior Notes	11.250%	5/15/28	200,000	$198,085 (a)
CSC Holdings LLC, Senior Notes	11.750%	1/31/29	2,110,000	2,094,154 (a)
CSC Holdings LLC, Senior Notes	4.125%	12/1/30	2,300,000	1,738,526 (a)
CSC Holdings LLC, Senior Notes	4.625%	12/1/30	1,610,000	900,662 (a)
CSC Holdings LLC, Senior Notes	3.375%	2/15/31	600,000	438,185 (a)
CSC Holdings LLC, Senior Notes	4.500%	11/15/31	2,870,000	2,166,747 (a)
Sprint Capital Corp., Senior Notes	6.875%	11/15/28	4,288,000	4,607,127
Sprint Capital Corp., Senior Notes	8.750%	3/15/32	130,000	158,166
Sprint LLC, Senior Notes	7.625%	3/1/26	530,000	543,963
Vmed O2 UK Financing I PLC, Senior Secured Notes	4.750%	7/15/31	540,000	476,270 (a)
Total Wireless Telecommunication Services				13,321,885

Total Communication Services				45,415,591
Consumer Discretionary — 20.4%
Automobile Components — 3.9%
Adient Global Holdings Ltd., Senior Notes	4.875%	8/15/26	3,780,000	3,742,282 (a)
American Axle & Manufacturing Inc., Senior Notes	6.500%	4/1/27	2,430,000	2,431,312
American Axle & Manufacturing Inc., Senior Notes	5.000%	10/1/29	500,000	465,089
Dornoch Debt Merger Sub Inc., Senior Notes	6.625%	10/15/29	1,560,000	1,236,998 (a)
Garrett Motion Holdings Inc./Garrett LX I Sarl, Senior Notes	7.750%	5/31/32	390,000	393,502 (a)
JB Poindexter & Co. Inc., Senior Notes	8.750%	12/15/31	1,470,000	1,562,068 (a)
ZF North America Capital Inc., Senior Notes	6.875%	4/14/28	590,000	593,103 (a)
ZF North America Capital Inc., Senior Notes	7.125%	4/14/30	580,000	576,525 (a)
Total Automobile Components				11,000,879
Automobiles — 1.1%
Mclaren Finance PLC, Senior Secured Notes	7.500%	8/1/26	950,000	925,116 (a)
PM General Purchaser LLC, Senior Secured Notes	9.500%	10/1/28	2,040,000	2,036,084 (a)
Total Automobiles				2,961,200
Broadline Retail — 0.5%
Marks & Spencer PLC, Senior Notes	7.125%	12/1/37	1,320,000	1,429,787 (a)
Distributors — 0.5%
Ritchie Bros Holdings Inc., Senior Notes	7.750%	3/15/31	1,230,000	1,302,444 (a)
Diversified Consumer Services — 0.7%
Carriage Services Inc., Senior Notes	4.250%	5/15/29	550,000	508,530 (a)
Service Corp. International, Senior Notes	7.500%	4/1/27	1,030,000	1,082,367

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

November 30, 2024

Western Asset High Yield Defined Opportunity Fund Inc.

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Diversified Consumer Services — continued
WW International Inc., Senior Secured Notes	4.500%	4/15/29	1,250,000	$293,693 (a)
Total Diversified Consumer Services				1,884,590
Hotels, Restaurants & Leisure — 11.9%
888 Acquisitions Ltd., Senior Secured Notes	7.558%	7/15/27	2,640,000 EUR	2,713,100 (a)
Caesars Entertainment Inc., Senior Notes	8.125%	7/1/27	508,000	518,514 (a)
Carnival Corp., Senior Notes	7.625%	3/1/26	960,000	966,922 (a)
Carnival Holdings Bermuda Ltd., Senior Notes	10.375%	5/1/28	1,650,000	1,772,221 (a)
Carnival PLC, Senior Notes	1.000%	10/28/29	2,410,000 EUR	2,219,284
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., Senior Secured Notes	4.625%	1/15/29	1,000,000	940,270 (a)
Full House Resorts Inc., Senior Secured Notes	8.250%	2/15/28	2,170,000	2,164,416 (a)
Hilton Domestic Operating Co. Inc., Senior Notes	3.625%	2/15/32	1,250,000	1,103,137 (a)
Life Time Inc., Senior Secured Notes	6.000%	11/15/31	390,000	390,456 (a)
Light & Wonder International Inc., Senior Notes	7.000%	5/15/28	1,000,000	1,005,060 (a)
Melco Resorts Finance Ltd., Senior Notes	5.375%	12/4/29	670,000	613,664 (a)
NCL Corp. Ltd., Senior Notes	3.625%	12/15/24	1,108,000	1,111,070 (a)
NCL Corp. Ltd., Senior Notes	5.875%	3/15/26	811,000	811,644 (a)
NCL Corp. Ltd., Senior Notes	7.750%	2/15/29	1,729,000	1,846,047 (a)
NCL Corp. Ltd., Senior Secured Notes	8.125%	1/15/29	690,000	732,778 (a)
NCL Finance Ltd., Senior Notes	6.125%	3/15/28	2,020,000	2,047,680 (a)
Pinnacle Bidco PLC, Senior Secured Notes	10.000%	10/11/28	900,000 GBP	1,216,780 (a)
Royal Caribbean Cruises Ltd., Senior Notes	5.375%	7/15/27	1,220,000	1,219,084 (a)
Royal Caribbean Cruises Ltd., Senior Notes	5.500%	4/1/28	993,000	993,907 (a)
Saga PLC, Senior Notes	5.500%	7/15/26	350,000 GBP	426,591 (c)
Sizzling Platter LLC/Sizzling Platter Finance Corp., Senior Secured Notes	8.500%	11/28/25	800,000	801,281 (a)
Viking Cruises Ltd., Senior Notes	7.000%	2/15/29	1,000,000	1,010,682 (a)
Viking Cruises Ltd., Senior Notes	9.125%	7/15/31	1,720,000	1,863,328 (a)
Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes	5.625%	2/15/29	450,000	445,753 (a)
Wynn Macau Ltd., Senior Notes	5.625%	8/26/28	880,000	842,195 (a)
Wynn Macau Ltd., Senior Notes	5.125%	12/15/29	2,020,000	1,876,583 (a)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes	7.125%	2/15/31	1,500,000	1,585,546 (a)
Total Hotels, Restaurants & Leisure				33,237,993

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Western Asset High Yield Defined Opportunity Fund Inc.

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Household Durables — 0.2%
Newell Brands Inc., Senior Notes	6.375%	5/15/30	610,000	$622,875
Specialty Retail — 1.6%
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes	11.500%	8/15/29	750,000	762,596 (a)
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes	8.750%	1/15/32	450,000	399,145 (a)
Michaels Cos. Inc., Senior Secured Notes	5.250%	5/1/28	2,130,000	1,548,097 (a)
NMG Holding Co. Inc./Neiman Marcus Group LLC, Senior Secured Notes	8.500%	10/1/28	490,000	498,602 (a)
Sally Holdings LLC/Sally Capital Inc., Senior Notes	6.750%	3/1/32	1,110,000	1,134,752
Total Specialty Retail				4,343,192

Total Consumer Discretionary				56,782,960
Consumer Staples — 0.6%
Beverages — 0.5%
Triton Water Holdings Inc., Senior Notes	6.250%	4/1/29	1,500,000	1,493,550 (a)
Food Products — 0.1%
FAGE International SA/FAGE USA Dairy Industry Inc., Senior Notes	5.625%	8/15/26	200,000	198,912 (a)

Total Consumer Staples				1,692,462
Energy — 10.8%
Energy Equipment & Services — 0.2%
Noble Finance II LLC, Senior Notes	8.000%	4/15/30	570,000	584,160 (a)
Oil, Gas & Consumable Fuels — 10.6%
Apache Corp., Senior Notes	5.100%	9/1/40	760,000	668,859
Berry Petroleum Co. LLC, Senior Notes	7.000%	2/15/26	900,000	898,031 (a)
Continental Resources Inc., Senior Notes	4.375%	1/15/28	130,000	127,270
Continental Resources Inc., Senior Notes	4.900%	6/1/44	550,000	459,726
Crescent Energy Finance LLC, Senior Notes	9.250%	2/15/28	460,000	483,875 (a)
Crescent Energy Finance LLC, Senior Notes	7.625%	4/1/32	490,000	494,609 (a)
Ecopetrol SA, Senior Notes	5.875%	5/28/45	2,560,000	1,828,705
Ecopetrol SA, Senior Notes	5.875%	11/2/51	1,500,000	1,036,337
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	940,196 (d)(e)
EQM Midstream Partners LP, Senior Notes	4.500%	1/15/29	520,000	504,877 (a)
EQM Midstream Partners LP, Senior Notes	7.500%	6/1/30	530,000	573,889 (a)
EQM Midstream Partners LP, Senior Notes	4.750%	1/15/31	110,000	105,693 (a)
EQT Corp., Senior Notes	3.900%	10/1/27	740,000	723,729

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

November 30, 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
Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes	8.375%	11/1/33	800,000	$845,754 (a)
Kinder Morgan Inc., Senior Notes	7.750%	1/15/32	810,000	940,189
NGPL PipeCo LLC, Senior Notes	7.768%	12/15/37	790,000	911,518 (a)
Northern Oil & Gas Inc., Senior Notes	8.125%	3/1/28	760,000	777,497 (a)
Occidental Petroleum Corp., Senior Notes	5.875%	9/1/25	530,000	532,371
Occidental Petroleum Corp., Senior Notes	5.550%	3/15/26	440,000	442,635
Occidental Petroleum Corp., Senior Notes	6.200%	3/15/40	540,000	553,415
Pan American Energy LLC, Senior Notes	8.500%	4/30/32	750,000	802,234 (a)
Permian Resources Operating LLC, Senior Notes	6.250%	2/1/33	670,000	675,483 (a)
Petrobras Global Finance BV, Senior Notes	6.750%	1/27/41	2,640,000	2,603,933
Petroleos del Peru SA, Senior Notes	4.750%	6/19/32	1,000,000	765,864 (a)
Puma International Financing SA, Senior Notes	7.750%	4/25/29	460,000	471,295 (a)
Range Resources Corp., Senior Notes	4.875%	5/15/25	420,000	419,357
Range Resources Corp., Senior Notes	8.250%	1/15/29	440,000	453,823
Rockies Express Pipeline LLC, Senior Notes	7.500%	7/15/38	570,000	582,136 (a)
Rockies Express Pipeline LLC, Senior Notes	6.875%	4/15/40	590,000	571,030 (a)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes	6.500%	7/15/27	560,000	566,252
Venture Global LNG Inc., Junior Subordinated Notes (9.000% to 9/30/29 then 5 year Treasury Constant Maturity Rate + 5.440%)	9.000%	9/30/29	780,000	808,820 (a)(d)(e)
Venture Global LNG Inc., Senior Secured Notes	9.875%	2/1/32	700,000	778,854 (a)
Western Midstream Operating LP, Senior Notes	4.050%	2/1/30	180,000	171,057
Western Midstream Operating LP, Senior Notes	5.300%	3/1/48	540,000	478,505
Western Midstream Operating LP, Senior Notes	5.250%	2/1/50	3,840,000	3,432,382
Williams Cos. Inc., Senior Notes	7.500%	1/15/31	330,000	370,688
Williams Cos. Inc., Senior Notes	5.750%	6/24/44	1,620,000	1,645,707
Total Oil, Gas & Consumable Fuels				29,446,595

Total Energy				30,030,755

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Western Asset High Yield Defined Opportunity Fund Inc.

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Financials — 5.7%
Banks — 3.4%
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	$1,924,365 (a)(d)(e)
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	750,484 (a)(e)
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	834,153 (a)(d)(e)
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	1,360,756 (a)(d)(e)
HSBC Holdings PLC, Subordinated Notes (8.113% to 11/3/32 then SOFR + 4.250%)	8.113%	11/3/33	990,000	1,142,801 (e)
Intesa Sanpaolo SpA, Subordinated Notes	5.710%	1/15/26	940,000	943,271 (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	441,799 (d)(e)
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	2,123,565 (d)(e)
Total Banks				9,521,194
Capital Markets — 0.3%
Credit Suisse AG AT1 Claim	—	—	6,220,000	0 *(f)(g)(h)
StoneX Group Inc., Senior Secured Notes	7.875%	3/1/31	370,000	391,632 (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	589,914 (a)(d)(e)
Total Capital Markets				981,546
Consumer Finance — 0.3%
Navient Corp., Senior Notes	6.750%	6/15/26	700,000	712,616
Financial Services — 1.4%
Boost Newco Borrower LLC, Senior Secured Notes	7.500%	1/15/31	380,000	401,695 (a)
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, Senior Secured Notes	8.500%	1/15/31	110,000 GBP	150,380 (a)
Jane Street Group/JSG Finance Inc., Senior Secured Notes	7.125%	4/30/31	1,130,000	1,176,846 (a)

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

November 30, 2024

Western Asset High Yield Defined Opportunity Fund Inc.

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Financial Services — continued
VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes	7.500%	6/15/31	550,000	$567,695 (a)
VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Notes	7.875%	5/1/27	1,000,000	984,105 (a)
VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Notes	6.375%	2/1/30	610,000	538,633 (a)
Total Financial Services				3,819,354
Insurance — 0.1%
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, Senior Notes	7.875%	11/1/29	420,000	425,088 (a)
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Starwood Property Trust Inc., Senior Notes	7.250%	4/1/29	540,000	556,717 (a)

Total Financials				16,016,515
Health Care — 7.6%
Health Care Providers & Services — 4.4%
CHS/Community Health Systems Inc., Senior Secured Notes	6.000%	1/15/29	500,000	467,039 (a)
CHS/Community Health Systems Inc., Senior Secured Notes	4.750%	2/15/31	3,120,000	2,535,805 (a)
CHS/Community Health Systems Inc., Senior Secured Notes	10.875%	1/15/32	1,790,000	1,864,929 (a)
HCA Inc., Senior Notes	7.500%	11/15/95	1,000,000	1,138,910
LifePoint Health Inc., Senior Secured Notes	4.375%	2/15/27	980,000	952,487 (a)
LifePoint Health Inc., Senior Secured Notes	11.000%	10/15/30	1,000,000	1,103,008 (a)
Sotera Health Holdings LLC, Senior Secured Notes	7.375%	6/1/31	690,000	702,107 (a)
Tenet Healthcare Corp., Secured Notes	6.250%	2/1/27	500,000	500,807
Tenet Healthcare Corp., Senior Notes	6.125%	10/1/28	2,780,000	2,789,192
Tenet Healthcare Corp., Senior Notes	6.875%	11/15/31	250,000	264,342
U.S. Renal Care Inc., Senior Secured Notes	10.625%	6/28/28	161,000	138,057 (a)
Total Health Care Providers & Services				12,456,683
Health Care Technology — 0.5%
AthenaHealth Group Inc., Senior Notes	6.500%	2/15/30	1,500,000	1,436,878 (a)
Pharmaceuticals — 2.7%
Bausch Health Cos. Inc., Senior Secured Notes	5.500%	11/1/25	1,100,000	1,076,851 (a)
Bausch Health Cos. Inc., Senior Secured Notes	4.875%	6/1/28	990,000	820,074 (a)
Cidron Aida Finco Sarl, Senior Secured Notes	5.000%	4/1/28	1,540,000 EUR	1,595,160 (a)

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Western Asset High Yield Defined Opportunity Fund Inc.

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Pharmaceuticals — continued
Endo Finance Holdings Inc., Senior Secured Notes	8.500%	4/15/31	700,000	$745,973 (a)
Par Pharmaceutical Inc., Escrow	—	—	300,000	0 *(a)(f)(g)(h)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes	3.150%	10/1/26	530,000	507,888
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes	5.125%	5/9/29	1,610,000	1,580,936
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes	4.100%	10/1/46	1,570,000	1,148,914
Total Pharmaceuticals				7,475,796

Total Health Care				21,369,357
Industrials — 10.1%
Aerospace & Defense — 1.5%
Bombardier Inc., Senior Notes	7.500%	2/1/29	290,000	303,146 (a)
Bombardier Inc., Senior Notes	7.250%	7/1/31	2,480,000	2,564,704 (a)
TransDigm Inc., Senior Secured Notes	7.125%	12/1/31	1,340,000	1,394,521 (a)
Total Aerospace & Defense				4,262,371
Building Products — 0.1%
Masterbrand Inc., Senior Notes	7.000%	7/15/32	350,000	359,872 (a)
Commercial Services & Supplies — 2.1%
CoreCivic Inc., Senior Notes	4.750%	10/15/27	880,000	857,098
CoreCivic Inc., Senior Notes	8.250%	4/15/29	1,650,000	1,758,009
GEO Group Inc., Senior Notes	10.250%	4/15/31	670,000	733,984
GEO Group Inc., Senior Secured Notes	8.625%	4/15/29	490,000	518,654
GFL Environmental Inc., Senior Secured Notes	6.750%	1/15/31	910,000	944,848 (a)
Madison IAQ LLC, Senior Notes	5.875%	6/30/29	1,000,000	955,832 (a)
Total Commercial Services & Supplies				5,768,425
Construction & Engineering — 1.0%
Arcosa Inc., Senior Notes	6.875%	8/15/32	430,000	444,310 (a)
Brundage-Bone Concrete Pumping Holdings Inc., Secured Notes	6.000%	2/1/26	530,000	529,177 (a)
Tutor Perini Corp., Senior Notes	11.875%	4/30/29	1,500,000	1,671,683 (a)
Total Construction & Engineering				2,645,170
Electrical Equipment — 0.3%
Sensata Technologies BV, Senior Notes	4.000%	4/15/29	1,000,000	933,271 (a)
Machinery — 0.7%
Titan International Inc., Senior Secured Notes	7.000%	4/30/28	1,040,000	1,023,069

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

November 30, 2024

Western Asset High Yield Defined Opportunity Fund Inc.

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Machinery — continued
TK Elevator Holdco GmbH, Senior Notes	6.625%	7/15/28	990,000 EUR	$1,049,440 (a)
Total Machinery				2,072,509
Passenger Airlines — 3.8%
American Airlines Group Inc., Senior Notes	3.750%	3/1/25	3,290,000	3,268,038 (a)
American Airlines Inc., Senior Secured Notes	8.500%	5/15/29	1,540,000	1,628,114 (a)
Delta Air Lines Inc., Senior Notes	7.375%	1/15/26	370,000	378,108
Delta Air Lines Inc., Senior Secured Notes	7.000%	5/1/25	3,220,000	3,241,094 (a)
Latam Airlines Group SA, Senior Secured Notes	7.875%	4/15/30	400,000	410,400 (a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes	8.000%	9/20/25	1,666,000	1,296,673 *(a)(i)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes	8.000%	9/20/25	360,000	280,194 *(a)(i)
Total Passenger Airlines				10,502,621
Trading Companies & Distributors — 0.6%
H&E Equipment Services Inc., Senior Notes	3.875%	12/15/28	650,000	602,839 (a)
United Rentals North America Inc., Senior Notes	5.500%	5/15/27	327,000	327,149
United Rentals North America Inc., Senior Notes	4.875%	1/15/28	610,000	601,138
Total Trading Companies & Distributors				1,531,126

Total Industrials				28,075,365
Information Technology — 4.6%
Communications Equipment — 1.5%
CommScope LLC, Senior Secured Notes	4.750%	9/1/29	600,000	497,250 (a)
CommScope Technologies LLC, Senior Notes	5.000%	3/15/27	2,370,000	2,039,876 (a)
Viasat Inc., Senior Notes	7.500%	5/30/31	2,150,000	1,460,100 (a)
Total Communications Equipment				3,997,226
Electronic Equipment, Instruments & Components — 0.1%
EquipmentShare.com Inc., Secured Notes	8.625%	5/15/32	320,000	335,682 (a)
IT Services — 0.5%
Amentum Holdings Inc., Senior Notes	7.250%	8/1/32	660,000	678,403 (a)
Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes	6.750%	8/15/32	630,000	652,050 (a)
Total IT Services				1,330,453
Software — 1.6%
Cloud Software Group Inc., Senior Secured Notes	8.250%	6/30/32	3,430,000	3,577,906 (a)
Open Text Corp., Senior Notes	3.875%	2/15/28	1,000,000	944,794 (a)
Total Software				4,522,700

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Western Asset High Yield Defined Opportunity Fund Inc.

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Technology Hardware, Storage & Peripherals — 0.9%
Seagate HDD Cayman, Senior Notes	4.750%	1/1/25	2,350,000	$2,345,830
Seagate HDD Cayman, Senior Notes	4.875%	6/1/27	210,000	208,402
Total Technology Hardware, Storage & Peripherals				2,554,232

Total Information Technology				12,740,293
Materials — 6.6%
Chemicals — 0.5%
Anagram Holdings LLC/Anagram International Inc., Secured Notes	10.000%	8/15/26	606,352	7,958 *(i)
Cerdia Finanz GmbH, Senior Secured Notes	9.375%	10/3/31	230,000	240,715 (a)
Sasol Financing USA LLC, Senior Notes	8.750%	5/3/29	1,070,000	1,102,614 (a)
Total Chemicals				1,351,287
Construction Materials — 0.5%
Smyrna Ready Mix Concrete LLC, Senior Secured Notes	8.875%	11/15/31	1,240,000	1,320,390 (a)
Containers & Packaging — 2.7%
ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK)	6.500%	6/30/27	3,000,000	637,800 (a)(b)
Ardagh Metal Packaging Finance USA LLC/ Ardagh Metal Packaging Finance PLC, Senior Notes	4.000%	9/1/29	1,100,000	956,282 (a)
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes	5.250%	8/15/27	2,255,000	1,348,129 (a)
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes	5.250%	8/15/27	1,380,000	825,019 (a)
Canpack SA/Canpack US LLC, Senior Notes	3.875%	11/15/29	1,500,000	1,367,709 (a)
Mauser Packaging Solutions Holding Co., Senior Secured Notes	7.875%	4/15/27	2,000,000	2,049,893 (a)
Pactiv LLC, Senior Notes	8.375%	4/15/27	410,000	433,581
Total Containers & Packaging				7,618,413
Metals & Mining — 2.9%
ArcelorMittal SA, Senior Notes	7.000%	10/15/39	2,020,000	2,233,770
First Quantum Minerals Ltd., Secured Notes	9.375%	3/1/29	510,000	546,828 (a)
First Quantum Minerals Ltd., Senior Notes	8.625%	6/1/31	500,000	514,983 (a)
Freeport-McMoRan Inc., Senior Notes	5.400%	11/14/34	280,000	284,470
Freeport-McMoRan Inc., Senior Notes	5.450%	3/15/43	1,120,000	1,085,815
Teck Resources Ltd., Senior Notes	6.000%	8/15/40	260,000	260,739
Vale Overseas Ltd., Senior Notes	6.875%	11/21/36	2,220,000	2,434,097
Vale Overseas Ltd., Senior Notes	6.875%	11/10/39	750,000	819,193
Total Metals & Mining				8,179,895

Total Materials				18,469,985

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

November 30, 2024

Western Asset High Yield Defined Opportunity Fund Inc.

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Real Estate — 1.5%
Health Care REITs — 0.1%
Diversified Healthcare Trust, Senior Notes	4.375%	3/1/31	346,000	$264,178
Hotel & Resort REITs — 0.9%
Service Properties Trust, Senior Notes	5.250%	2/15/26	500,000	490,049
Service Properties Trust, Senior Notes	8.875%	6/15/32	2,090,000	2,010,610
Total Hotel & Resort REITs				2,500,659
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	9,521 (b)(c)
Add Hero Holdings Ltd., Senior Secured Notes (8.000% Cash or 9.000% PIK)	9.000%	9/30/30	77,280	2,801 (b)(c)
Add Hero Holdings Ltd., Senior Secured Notes (8.800% Cash or 9.800% PIK)	9.800%	9/30/31	100,848	3,404 (b)(c)
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 (c)(d)
China Aoyuan Group Ltd., Senior Secured Notes (5.500% PIK)	5.500%	9/30/31	39,251	834 (b)(c)
Country Garden Holdings Co. Ltd., Senior Secured Notes	—	1/27/24	1,750,000	179,375 *(c)(j)
Cushman & Wakefield US Borrower LLC, Senior Secured Notes	8.875%	9/1/31	290,000	313,479 (a)
Total Real Estate Management & Development				510,942
Specialized REITs — 0.3%
Iron Mountain Inc., Senior Notes	7.000%	2/15/29	830,000	857,670 (a)

Total Real Estate				4,133,449
Utilities — 1.3%
Electric Utilities — 0.6%
Alpha Generation LLC, Senior Notes	6.750%	10/15/32	280,000	283,855 (a)
Pampa Energia SA, Senior Notes	7.950%	9/10/31	630,000	640,742 (a)
Vistra Operations Co. LLC, Senior Notes	7.750%	10/15/31	650,000	691,036 (a)
Total Electric Utilities				1,615,633
Gas Utilities — 0.5%
Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes	5.875%	3/1/27	1,390,000	1,383,158
Independent Power and Renewable Electricity Producers — 0.2%
Lightning Power LLC, Senior Secured Notes	7.250%	8/15/32	650,000	677,984 (a)

Total Utilities				3,676,775
Total Corporate Bonds & Notes (Cost — $231,239,242)				238,403,507

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Western Asset High Yield Defined Opportunity Fund Inc.

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Senior Loans — 7.0%
Communication Services — 0.6%
Media — 0.6%
iHeartCommunications Inc., New Term Loan (1 mo. Term SOFR + 3.114%)	7.687%	5/1/26	2,020,000	$1,766,813 (e)(k)(l)

Consumer Discretionary — 1.4%
Automobile Components — 0.3%
First Brands Group LLC, 2022 Incremental Term Loan (3 mo. Term SOFR + 5.262%)	9.847%	3/30/27	824,177	797,651 (e)(k)(l)
Diversified Consumer Services — 0.1%
WW International Inc., Initial Term Loan (1 mo. Term SOFR + 3.614%)	8.187%	4/13/28	1,350,000	333,369 (e)(k)(l)
Hotels, Restaurants & Leisure — 1.0%
Caesars Entertainment Inc., Incremental Term Loan B1 (1 mo. Term SOFR + 2.250%)	6.823%	2/6/31	1,640,753	1,651,262 (e)(k)(l)
Fertitta Entertainment LLC, Initial Term Loan B (1 mo. Term SOFR + 3.500%)	8.073%	1/27/29	992,366	999,397 (e)(k)(l)
Total Hotels, Restaurants & Leisure				2,650,659

Total Consumer Discretionary				3,781,679
Consumer Staples — 0.3%
Beverages — 0.3%
Triton Water Holdings Inc., First Lien Initial Term Loan (3 mo. Term SOFR + 3.512%)	8.115%	3/31/28	793,847	800,575 (e)(k)(l)

Financials — 0.5%
Banks — 0.2%
Mercury Borrower Inc., First Lien Initial Term Loan (1 mo. Term SOFR + 3.614%)	8.187%	8/2/28	496,075	500,622 (e)(k)(l)
Consumer Finance — 0.1%
Blackhawk Network Holdings Inc., Term Loan B (1 mo. Term SOFR + 5.000%)	9.573%	3/12/29	349,125	352,888 (e)(k)(l)
Financial Services — 0.2%
Boost Newco Borrower LLC, Term Loan B1 (3 mo. Term SOFR + 2.500%)	7.104%	1/31/31	600,000	606,534 (e)(k)(l)

Total Financials				1,460,044
Health Care — 1.3%
Health Care Equipment & Supplies — 0.8%
Medline Borrower LP, Dollar Incremental Term Loan (1 mo. Term SOFR + 2.250%)	6.861%	10/23/28	2,169,268	2,184,724 (e)(k)(l)

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

November 30, 2024

Western Asset High Yield Defined Opportunity Fund Inc.

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Health Care Providers & Services — 0.5%
LifePoint Health Inc., Term Loan B (3 mo. Term SOFR + 3.750%)	8.406%	5/16/31	1,496,250	$1,502,744 (e)(k)(l)

Total Health Care				3,687,468
Industrials — 1.7%
Aerospace & Defense — 0.4%
TransDigm Inc., Term Loan J (3 mo. Term SOFR + 2.500%)	7.104%	2/28/31	995,006	995,897 (e)(k)(l)
Building Products — 0.1%
ACProducts Holdings Inc., Initial Term Loan (3 mo. Term SOFR + 4.512%)	9.115%	5/17/28	496,154	398,164 (e)(k)(l)
Commercial Services & Supplies — 0.7%
Allied Universal Holdco LLC, USD Term Loan (1 mo. Term SOFR + 3.850%)	8.423%	5/12/28	1,989,744	2,005,114 (e)(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	794,015	801,046 (e)(k)(l)
Passenger Airlines — 0.2%
United Airlines Inc., Term Loan B (3 mo. Term SOFR + 2.000%)	6.635%	2/22/31	484,300	487,983 (e)(k)(l)

Total Industrials				4,688,204
Information Technology — 0.9%
Software — 0.7%
DCert Buyer Inc., First Lien Initial Term Loan (1 mo. Term SOFR + 4.000%)	8.573%	10/16/26	914,792	898,614 (e)(k)(l)
DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term SOFR + 7.000%)	11.573%	2/19/29	500,000	423,332 (e)(k)(l)
Modena Buyer LLC, Initial Term Loan (3 mo. Term SOFR + 4.500%)	9.104%	7/1/31	560,000	549,360 (e)(k)(l)
Total Software				1,871,306
Technology Hardware, Storage & Peripherals — 0.2%
Vericast Corp., 2024 Extended Term Loan (3 mo. Term SOFR + 7.750%)	12.354%	6/16/26	685,912	656,977 (e)(k)(l)

Total Information Technology				2,528,283
Materials — 0.3%
Metals & Mining — 0.3%
Arctic Canadian Diamond Co. Ltd., Second Lien Term Loan	10.000%	12/31/27	895,945	893,698 (f)(g)(k)(l)

Total Senior Loans (Cost — $20,484,738)				19,606,764

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Western Asset High Yield Defined Opportunity Fund Inc.

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount†	Value

Sovereign Bonds — 2.6%
Angola — 0.4%
Angolan Government International Bond, Senior Notes	8.000%	11/26/29	1,200,000	$1,091,553 (a)
Argentina — 0.6%
Provincia de Buenos Aires, Senior Notes	6.625%	9/1/37	48,170	31,371 (a)
Provincia de Cordoba, Senior Notes	6.990%	6/1/27	1,405,000	1,320,700 (a)
Provincia de Cordoba, Senior Notes	6.875%	2/1/29	410,000	371,050 (a)
Total Argentina				1,723,121
Bahamas — 0.5%
Bahamas Government International Bond, Senior Notes	6.950%	11/20/29	1,500,000	1,453,500 (a)
Dominican Republic — 0.8%
Dominican Republic International Bond, Senior Notes	9.750%	6/5/26	25,000,000 DOP	420,594 (c)
Dominican Republic International Bond, Senior Notes	4.500%	1/30/30	230,000	214,751 (a)
Dominican Republic International Bond, Senior Notes	4.875%	9/23/32	1,170,000	1,073,581 (a)
Dominican Republic International Bond, Senior Notes	13.625%	2/3/33	21,000,000 DOP	419,885 (c)
Total Dominican Republic				2,128,811
Jordan — 0.3%
Jordan Government International Bond, Senior Notes	7.750%	1/15/28	750,000	772,713 (a)

Total Sovereign Bonds (Cost — $6,339,681)				7,169,698
			Shares
Preferred Stocks — 0.4%
Financials — 0.4%
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
AGNC Investment Corp., Non Voting Shares (6.125% to 4/15/25 then 3 mo. USD LIBOR + 4.697%)	6.125%		23,824	584,641 (e)
Chimera Investment Corp., Non Voting Shares (7.750% to 9/30/25 then 3 mo. USD LIBOR + 4.743%)	7.750%		7,274	171,521 (e)
MFA Financial Inc., Non Voting Shares (6.500% to 3/31/25 then 3 mo. USD LIBOR + 5.345%)	6.500%		13,294	323,443 (e)

Total Preferred Stocks (Cost — $1,091,592)				1,079,605

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

November 30, 2024

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	$40,972 *

Materials — 0.1%
Metals & Mining — 0.1%
Arctic Canadian Diamond Co. Ltd.			906	84,004 *(f)(g)

Real Estate — 0.0%††
Real Estate Management & Development — 0.0%††
China Aoyuan Group Ltd.			38,203	1,277 *

Total Common Stocks (Cost — $45,429)				126,253
		Expiration Date	Warrants
Warrants — 0.0%††
Industrials — 0.0%††
Passenger Airlines — 0.0%††
flyExclusive Inc. (Cost — $12,469)		5/28/28	13,023	1,925 *
	Rate	Maturity Date	Face Amount†
Convertible Bonds & Notes — 0.0%††
Real Estate — 0.0%††
Real Estate Management & Development — 0.0%††
China Aoyuan Group Ltd., Senior Notes (Cost — $349)	0.000%	9/30/28	13,656	206 (c)
Total Investments before Short-Term Investments (Cost — $259,213,500)				266,387,958
			Shares
Short-Term Investments — 3.4%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost — $9,544,075)	4.603%		9,544,075	9,544,075 (m)(n)
Total Investments — 99.0% (Cost — $268,757,575)				275,932,033
Other Assets in Excess of Liabilities — 1.0%				2,820,579
Total Net Assets — 100.0%				$278,752,612

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

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)	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.
(c)	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.
(d)	Security has no maturity date. The date shown represents the next call date.
(e)	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.
(f)	Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1).
(g)	Security is valued using significant unobservable inputs (Note 1).
(h)	Value is less than $1.
(i)	The coupon payment on this security is currently in default as of November 30, 2024.
(j)	The maturity principal is currently in default as of November 30, 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)	Rate shown is one-day yield as of the end of the reporting period.
(n)	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 November 30, 2024, the total market value of investments in Affiliated Companies was $9,544,075 and the cost was $9,544,075 (Note 7).

Abbreviation(s) used in this schedule:
DOP	—	Dominican Peso
EUR	—	Euro
GBP	—	British Pound
ICE	—	Intercontinental Exchange
LIBOR	—	London Interbank Offered Rate
PIK	—	Payment-In-Kind
SOFR	—	Secured Overnight Financing Rate
USD	—	United States Dollar

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Schedule of investments (unaudited) (cont’d)

November 30, 2024

Western Asset High Yield Defined Opportunity Fund Inc.

At November 30, 2024, the Fund had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
MXN	68,109,282	USD	3,267,371	JPMorgan Chase & Co.	1/15/25	$61,918
USD	3,446,128	MXN	68,109,282	JPMorgan Chase & Co.	1/15/25	116,840
GBP	46,810	USD	61,313	Bank of America N.A.	1/16/25	(1,757 )
USD	632,419	EUR	580,435	Bank of America N.A.	1/16/25	17,711
USD	4,101,927	EUR	3,721,176	Bank of America N.A.	1/16/25	161,026
Net unrealized appreciation on open forward foreign currency contracts						$355,738

Abbreviation(s) used in this table:
EUR	—	Euro
GBP	—	British Pound
MXN	—	Mexican Peso
USD	—	United States Dollar

At November 30, 2024, the Fund had the following open swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION1
Reference Entity	Notional Amount2	Termination Date	Periodic Payments Received by the Fund†	Market Value3	Upfront Premiums Paid (Received)	Unrealized Appreciation
Markit CDX.NA.HY.43 Index	$2,920,000	12/20/29	5.000% quarterly	$250,977	$246,291	$4,686

1	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
2	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
3	The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
†	Percentage shown is an annual percentage rate.

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Statement of assets and liabilities (unaudited)

November 30, 2024

Assets:
Investments in unaffiliated securities, at value (Cost — $259,213,500)	$266,387,958
Investments in affiliated securities, at value (Cost — $9,544,075)	9,544,075
Foreign currency, at value (Cost — $291,386)	218,069
Cash	36,748
Interest receivable	4,410,949
Unrealized appreciation on forward foreign currency contracts	357,495
Deposits with brokers for centrally cleared swap contracts	211,730
Receivable from brokers — net variation margin on centrally cleared swap contracts	37,358
Dividends receivable from affiliated investments	17,525
Prepaid expenses	1,924
Total Assets	281,223,831
Liabilities:
Distributions payable	2,153,062
Investment management fee payable	182,509
Directors’ fees payable	3,115
Unrealized depreciation on forward foreign currency contracts	1,757
Accrued expenses	130,776
Total Liabilities	2,471,219
Total Net Assets	$278,752,612
Net Assets:
Par value ($0.001 par value; 22,663,806 shares issued and outstanding; 100,000,000 common shares authorized)	$22,664
Paid-in capital in excess of par value	415,358,400
Total distributable earnings (loss)	(136,628,452 )
Total Net Assets	$278,752,612
Shares Outstanding	22,663,806
Net Asset Value	$12.30

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Statement of operations (unaudited)

For the Six Months Ended November 30, 2024

Investment Income:
Interest	$12,186,674
Dividends from affiliated investments	70,269
Less: Foreign taxes withheld	(3,921 )
Total Investment Income	12,253,022
Expenses:
Investment management fee (Note 2)	1,112,212
Directors’ fees	45,334
Shareholder reports	39,017
Legal fees	34,820
Audit and tax fees	26,560
Fund accounting fees	20,287
Transfer agent fees	15,017
Stock exchange listing fees	6,275
Custody fees	1,081
Insurance	951
Miscellaneous expenses	4,924
Total Expenses	1,306,478
Less: Fee waivers and/or expense reimbursements (Note 2)	(1,750 )
Net Expenses	1,304,728
Net Investment Income	10,948,294
Realized and Unrealized Gain (Loss) on Investments, Swap Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):
Net Realized Gain (Loss) From:
Investment transactions in unaffiliated securities	2,263,763
Swap contracts	913
Forward foreign currency contracts	45,392
Foreign currency transactions	(14,165 )
Net Realized Gain	2,295,903
Change in Net Unrealized Appreciation (Depreciation) From:
Investments in unaffiliated securities	4,791,615
Swap contracts	4,686
Forward foreign currency contracts	424,031
Foreign currencies	(34,573 )
Change in Net Unrealized Appreciation (Depreciation)	5,185,759
Net Gain on Investments, Swap Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions	7,481,662
Increase in Net Assets From Operations	$18,429,956

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Statements of changes in net assets

For the Six Months Ended November 30, 2024 (unaudited) and the Year Ended May 31, 2024	November 30	May 31
Operations:
Net investment income	$10,948,294	$24,230,679
Net realized gain (loss)	2,295,903	(17,151,307 )
Change in net unrealized appreciation (depreciation)	5,185,759	16,498,972
Increase in Net Assets From Operations	18,429,956	23,578,344
Distributions to Shareholders From (Note 1):
Total distributable earnings	(12,916,838 )	(22,541,586 )
Return of capital	—	(3,257,486 )
Decrease in Net Assets From Distributions to Shareholders	(12,916,838 )	(25,799,072 )
Fund Share Transactions:
Reinvestment of distributions (3,225 and 0 shares issued, respectively)	39,506	—
Increase in Net Assets From Fund Share Transactions	39,506	—
Increase (Decrease) in Net Assets	5,552,624	(2,220,728 )
Net Assets:
Beginning of period	273,199,988	275,420,716
End of period	$278,752,612	$273,199,988

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Financial highlights

For a share of capital stock outstanding throughout each year ended May 31, unless otherwise noted:
	20241,2	20241	20231	20221	20211	20201
Net asset value, beginning of period	$12.06	$12.15	$13.61	$15.89	$14.75	$16.04
Income (loss) from operations:
Net investment income	0.48	1.07	1.07	0.96	0.99	1.13
Net realized and unrealized gain (loss)	0.33	(0.02 )	(1.40 )	(2.11 )	1.28	(1.32 )
Total income (loss) from operations	0.81	1.05	(0.33)	(1.15)	2.27	(0.19)
Less distributions from:
Net investment income	(0.57 )3	(1.00 )	(1.07 )	(0.98 )	(0.94 )	(1.02 )
Return of capital	—	(0.14 )	(0.06 )	(0.15 )	(0.19 )	(0.08 )
Total distributions	(0.57 )	(1.14 )	(1.13 )	(1.13 )	(1.13 )	(1.10 )
Anti-dilutive impact of repurchase plan	—	—	—	—	—	0.00 4,5
Net asset value, end of period	$12.30	$12.06	$12.15	$13.61	$15.89	$14.75
Market price, end of period	$12.14	$11.45	$11.44	$12.86	$15.48	$14.15
Total return, based on NAV6,7	6.85 %	8.91 %	(2.36 )%	(7.69 )%	15.83 %	(1.28 )%
Total return, based on Market Price8	11.14 %	10.24 %	(2.41 )%	(10.32 )%	17.99 %	5.48 %
Net assets, end of period (millions)	$279	$273	$275	$308	$360	$334
Ratios to average net assets:
Gross expenses	0.94 %9	0.95 %	0.95 %	0.92 %	0.93 %	0.91 %
Net expenses10,11	0.94 9	0.95	0.95	0.92	0.93	0.89
Net investment income	7.88 9	8.70	8.38	6.32	6.31	7.15
Portfolio turnover rate	21 %	46 %	62 %	55 %	48 %	64 %

1	Per share amounts have been calculated using the average shares method.
2	For the six months ended November 30, 2024 (unaudited).
3	The actual source of the Fund’s current fiscal year distributions may be from net investment income, return of capital or a combination of both. Shareholders will be informed of the tax characteristics of the distributions after the close of the fiscal year.
4	Amount represents less than $0.005 or greater than $(0.005) per share.
5	The repurchase plan was completed at an average repurchase price of $11.07 for 98,024 shares and $1,040,253 for the year ended May 31, 2020.
6	Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
7	The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
8	The total return calculation assumes that distributions are reinvested in accordance with the Fund’s dividend reinvestment plan. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.
9	Annualized.
10	The manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
11	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Notes to financial statements (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. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

(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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. 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

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

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.

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.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

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	—	$16,016,515	$0 *	$16,016,515
Health Care	—	21,369,357	0 *	21,369,357
Other Corporate Bonds & Notes	—	201,017,635	—	201,017,635
Senior Loans:
Materials	—	—	893,698	893,698
Other Senior Loans	—	18,713,066	—	18,713,066
Sovereign Bonds	—	7,169,698	—	7,169,698
Preferred Stocks	$1,079,605	—	—	1,079,605
Common Stocks:
Materials	—	—	84,004	84,004
Other Common Stocks	42,249	—	—	42,249
Warrants	—	1,925	—	1,925
Convertible Bonds & Notes	—	206	—	206
Total Long-Term Investments	1,121,854	264,288,402	977,702	266,387,958
Short-Term Investments†	9,544,075	—	—	9,544,075
Total Investments	$10,665,929	$264,288,402	$977,702	$275,932,033

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

ASSETS (cont’d)
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Other Financial Instruments:
Forward Foreign Currency Contracts††	—	$357,495	—	$357,495
Centrally Cleared Credit Default Swaps on Credit Indices — Sell Protection††	—	4,686	—	4,686
Total Other Financial Instruments	—	$362,181	—	$362,181
Total	$10,665,929	$264,650,583	$977,702	$276,294,214
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††	—	$1,757	—	$1,757

†	See Schedule of Investments for additional detailed categorizations.
*	Amount represents less than $1.
††	Reflects the unrealized appreciation (depreciation) of the instruments.

(b) Forward foreign currency contracts. The Fund enters into a forward foreign currency contract to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of a foreign currency denominated portfolio transaction. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

(c) Swap agreements. The Fund invests in swaps for the purpose of managing its exposure to interest rate, credit or market risk, or for other purposes. The use of swaps involves risks that are different from those associated with other portfolio transactions. Swap agreements are privately negotiated in the over-the-counter market and may be

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

entered into as a bilateral contract (“OTC Swaps”) or centrally cleared (“Centrally Cleared Swaps”). Unlike Centrally Cleared Swaps, the Fund has credit exposure to the counterparties of OTC Swaps.

In a Centrally Cleared Swap, immediately following execution of the swap, the swap agreement is submitted to a clearinghouse or central counterparty (the “CCP”) and the CCP becomes the ultimate counterparty of the swap agreement. The Fund is required to interface with the CCP through a broker, acting in an agency capacity. All payments are settled with the CCP through the broker. Upon entering into a Centrally Cleared Swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities.

Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of Centrally Cleared Swaps, if any, is recorded as a net receivable or payable for variation margin on the Statement of Assets and Liabilities. Gains or losses are realized upon termination of the swap agreement. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Fund’s custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is identified on the Statement of Assets and Liabilities. Risks may exceed amounts recorded in the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms, and the possible lack of liquidity with respect to the swap agreements.

OTC Swap payments received or made at the beginning of the measurement period are reflected as a premium or deposit, respectively, on the Statement of Assets and Liabilities. These upfront payments are amortized over the life of the swap and are recognized as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Fund are recognized as a realized gain or loss in the Statement of Operations.

The Fund’s maximum exposure in the event of a defined credit event on a credit default swap to sell protection is the notional amount. As of November 30, 2024, the total notional value of all credit default swaps to sell protection was $2,920,000. This amount would be offset by the value of the swap’s reference entity, upfront premiums received on the swap and any amounts received from the settlement of a credit default swap where the Fund bought protection for the same referenced security/entity.

For average notional amounts of swaps held during the six months ended November 30, 2024, see Note 4.

Credit default swaps

The Fund enters into credit default swap (“CDS”) contracts for investment purposes, to manage its credit risk or to add leverage. CDS agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate or sovereign issuers, on a specified obligation, or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. The Fund may use

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

a CDS to provide protection against defaults of the issuers (i.e., to reduce risk where the Fund has exposure to an issuer) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, the Fund generally receives an upfront payment or a stream of payments throughout the term of the swap provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the maximum potential amount of future payments (undiscounted) that the Fund could be required to make under a CDS agreement would be an amount equal to the notional amount of the agreement. These amounts of potential payments will be partially offset by any recovery of values from the respective referenced obligations. As a seller of protection, the Fund effectively adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied spreads are the theoretical prices a lender receives for credit default protection. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Credit spreads utilized in determining the period end market value of CDS agreements on corporate or sovereign issues are disclosed in the Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for credit derivatives. For CDS agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, particularly in relation to the notional amount of the contract as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk.

The Fund’s maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract (this risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty). As the protection seller, the Fund’s maximum risk is the notional amount of the contract. CDS are considered to have credit risk-related contingent features since they require payment by the protection seller to the protection buyer upon the occurrence of a defined credit event.

Entering into a CDS agreement involves, to varying degrees, elements of credit, market and documentation risk in excess of the related amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreement, and that there will be unfavorable changes in net interest rates.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

(d) Foreign currency translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(e) Loan participations. The Fund may invest in loans arranged through private negotiation between one or more financial institutions. The Fund’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement related to the loan, or any rights of offset against the borrower and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

The Fund assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Fund and the borrower. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower.

(f) Credit and market risk. The Fund invests in high-yield and emerging market instruments that are subject to certain credit and market risks. The yields of high-yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Fund’s investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Fund’s investments in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

(g) Foreign investment risks. The Fund’s investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(h) Counterparty risk and credit-risk-related contingent features of derivative instruments. The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund’s subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement, with certain of its derivative counterparties that govern over-the-counter (“OTC”) derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund’s net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

As of November 30, 2024, the Fund held forward foreign currency contracts with credit related contingent features which had a liability position of $1,757. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivatives counterparties.

(i) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

(j) Distributions to shareholders. Distributions from net investment income of the Fund, if any, are declared quarterly and paid on a monthly basis. The actual source of the Fund’s current fiscal year’s distributions may be from net investment income, return of capital or a combination of both. Shareholders will be informed of the tax characteristics of the distributions after the close of the fiscal year. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

(k) Compensating balance arrangements. The Fund has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Fund’s cash on deposit with the bank.

(l) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund’s financial statements.

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of May 31, 2024, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

(m) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

2. Investment management agreement and other transactions with affiliates

Franklin Templeton Fund Adviser, LLC (“FTFA”) is the Fund’s investment manager. Western Asset Management Company, LLC (“Western Asset”) is the Fund’s subadviser. Western Asset Management Company Pte. Ltd. (“Western Asset Singapore”), Western Asset Management Company Ltd (“Western Asset Japan”) and Western Asset Management Company Limited (“Western Asset London”) serve as additional subadvisers to the Fund, under additional subadvisory agreements with Western Asset. FTFA, Western Asset, Western Asset Singapore, Western Asset Japan and Western Asset London are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

FTFA provides administrative and certain oversight services to the Fund. The Fund pays FTFA an investment management fee, calculated daily and paid monthly, at an annual rate of 0.80% of the Fund’s average daily net assets.

FTFA delegates to Western Asset the day-to-day portfolio management of the Fund. Western Asset Singapore, Western Asset Japan and Western Asset London provide certain subadvisory services to the Fund relating to currency transactions and investments in non-U.S. dollar denominated debt securities. For its services, FTFA pays Western Asset a fee monthly, at an annual rate equal to 70% of the net management fee it receives from the Fund. In turn, Western Asset pays Western Asset Singapore, Western Asset Japan and Western Asset London a monthly subadvisory fee in an amount equal to 100% of the management fee paid to Western Asset on the assets that Western Asset allocates to each such non-U.S. subadviser to manage.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

The manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the “affiliated money market fund waiver”).

During the six months ended November 30, 2024, fees waived and/or expenses reimbursed amounted to $1,750, all of which was an affiliated money market fund waiver.

All officers and one Director of the Fund are employees of Franklin Resources or its affiliates and do not receive compensation from the Fund.

3. Investments

During the six months ended November 30, 2024, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows:

	Investments	U.S. Government & Agency Obligations
Purchases	$56,578,543	$1,250,075
Sales	69,327,626	1,223,781

At November 30, 2024, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Cost/Premiums Paid (Received)	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
Securities	$271,944,346	$18,343,674	$(14,355,987)	$3,987,687
Forward foreign currency contracts	—	357,495	(1,757)	355,738
Swap contracts	246,291	4,686	—	4,686

4. Derivative instruments and hedging activities

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at November 30, 2024.

ASSET DERIVATIVES1
	Foreign Exchange Risk	Credit Risk	Total
Forward foreign currency contracts	$357,495	—	$357,495
Centrally cleared swap contracts2	—	$4,686	4,686
Total	$357,495	$4,686	$362,181

LIABILITY DERIVATIVES1
	Foreign Exchange Risk
Forward foreign currency contracts	$1,757

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

1	Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation.
2	Includes cumulative unrealized appreciation (depreciation) of centrally cleared swap contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities.

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the six months ended November 30, 2024. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund’s derivatives and hedging activities during the period.

AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
	Foreign Exchange Risk	Credit Risk	Total
Swap contracts	—	$913	$913
Forward foreign currency contracts	$45,392	—	45,392
Total	$45,392	$913	$46,305

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
	Foreign Exchange Risk	Credit Risk	Total
Swap contracts	—	$4,686	$4,686
Forward foreign currency contracts	$424,031	—	424,031
Total	$424,031	$4,686	$428,717

During the six months ended November 30, 2024, the volume of derivative activity for the Fund was as follows:

	Average Market Value
Forward foreign currency contracts (to buy)	$2,891,447
Forward foreign currency contracts (to sell)	10,027,992
	Average Notional Balance
Credit default swap contracts (buy protection)	$417,143

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

The following table presents the Fund’s OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of November 30, 2024.

Counterparty	Gross Assets Subject to Master Agreements1	Gross Liabilities Subject to Master Agreements1	Net Assets (Liabilities) Subject to Master Agreements	Collateral Pledged (Received)	Net Amount2
Bank of America N.A.	$178,737	$(1,757)	$176,980	—	$176,980
JPMorgan Chase & Co.	178,758	—	178,758	—	178,758
Total	$357,495	$(1,757)	$355,738	—	$355,738

1	Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.
2	Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

5. Distributions subsequent to November 30, 2024

The following distributions have been declared by the Fund’s Board of Directors and are payable subsequent to the period end of this report:

Record Date	Payable Date	Amount
11/21/2024	12/2/2024	$0.0950
12/23/2024	12/31/2024	$0.0950
1/24/2025	2/3/2025	$0.0950
2/21/2025	3/3/2025	$0.0950

6. Stock repurchase program

On November 16, 2015, the Fund announced that the Fund’s Board of Directors (the “Board”) had authorized the Fund to repurchase in the open market up to approximately 10% of the Fund’s outstanding common stock when the Fund’s shares are trading at a discount to net asset value. The Board has directed management of the Fund to repurchase shares of common stock at such times and in such amounts as management reasonably believes may enhance stockholder value. The Fund is under no obligation to purchase shares at any specific discount levels or in any specific amounts. During the six months ended November 30, 2024, and the year ended May 31, 2024, the Fund did not repurchase any shares.

Since the commencement of the stock repurchase program through November 30, 2024, the Fund repurchased 131,926 shares or 0.58% of its common shares outstanding for a total amount of $1,485,604.

7. 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

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Notes to financial statements (unaudited) (cont’d)

all or some portion of the six months ended November 30, 2024. The following transactions were effected in such company for the six months ended November 30, 2024.

	Affiliate Value at May 31, 2024	Purchased		Sold
	Affiliate Value at May 31, 2024	Cost	Shares	Proceeds	Shares
Western Asset Premier Institutional Government Reserves, Premium Shares	$2,543,966	$53,885,342	53,885,342	$46,885,233	46,885,233

(cont’d)	Realized Gain (Loss)	Dividend Income	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at November 30, 2024
Western Asset Premier Institutional Government Reserves, Premium Shares	—	$70,269	—	$9,544,075

8. Deferred capital losses

As of May 31, 2024, the Fund had deferred capital losses of $139,024,086, which have no expiration date, that will be available to offset future taxable capital gains.

Western Asset High Yield Defined Opportunity Fund Inc. 2024 Semi-Annual Report

Additional shareholder information (unaudited)

Results of annual meeting of shareholders

The Annual Meeting of Shareholders of Western Asset High Yield Defined Opportunity Fund Inc. was held on October 18, 2024 for the purpose of considering and voting upon the proposals presented at the Meeting. The following table provides information concerning the matters voted upon at the Meeting:

Election of Directors

Nominees	FOR	WITHHELD	ABSTAIN
Carol L. Colman	17,348,557	539,701	171,068
Daniel P. Cronin	16,980,844	916,992	161,490
Paolo M. Cucchi	16,972,788	923,744	162,794

At the Meeting, Ms. Colman and Messrs. Cronin and Cucchi were each duly elected by the shareholders to serve as Class I Directors of the Fund until the 2027 Annual Meeting of Shareholders, or until their successors have been duly elected and qualified or until their resignation or are otherwise removed.

At November 30, 2024, in addition to Ms. Colman and Messrs. Cronin and Cucchi, the other Directors of the Fund were as follows:

Robert D. Agdern
Anthony Grillo (Effective November 15, 2024)
Eileen A. Kamerick
Nisha Kumar
Peter Mason (Effective November 15, 2024)
Hillary A. Sale (Effective November 15, 2024)
Jane Trust

Ratification of Selection of Independent Registered Public Accountants

To ratify the selection of PricewaterhouseCoopers LLP (“PwC”) as independent registered public accountants of the Fund for the fiscal year ended May 31, 2025.

FOR	AGAINST	ABSTAIN	BROKER NON-VOTES
17,692,99	257,810	108,517	N/A

Western Asset High Yield Defined Opportunity Fund Inc.

Dividend reinvestment plan (unaudited)

Unless you elect to receive distributions in cash (i.e., opt-out), all dividends, including any capital gain dividends and return of capital distributions, on your Common Stock will be automatically reinvested by Computershare Trust Company, N.A., as agent for the stock- holders (the “Plan Agent”), in additional shares of Common Stock under the Fund’s Dividend Reinvestment Plan (the “Plan”). You may elect not to participate in the Plan by contacting the Plan Agent. If you do not participate, you will receive all cash distributions paid by check mailed directly to you by Computershare Trust Company, N.A., as dividend paying agent.

If you participate in the Plan, the number of shares of Common Stock you will receive will be determined as follows:

(1) If the market price of the Common Stock (plus $0.03 per share commission) on the payment date (or, if the payment date is not a NYSE trading day, the immediately preceding trading day) is equal to or exceeds the net asset value per share of the Common Stock at the close of trading on the NYSE on the payment date, the Fund will issue new Common Stock at a price equal to the greater of (a) the net asset value per share at the close of trading on the NYSE on the payment date or (b) 95% of the market price per share of the Common Stock on the payment date.

(2) If the net asset value per share of the Common Stock exceeds the market price of the Common Stock (plus $0.03 per share commission) at the close of trading on the NYSE on the payment date, the Plan Agent will receive the dividend or distribution in cash and will buy Common Stock in the open market, on the NYSE or elsewhere, for your account as soon as practicable commencing on the trading day following the payment date and terminating no later than the earlier of (a) 30 days after the dividend or distribution payment date, or (b) the payment date for the next succeeding dividend or distribution to be made to the stockholders; except when necessary to comply with applicable provisions of the federal securities laws. If during this period: (i) the market price (plus $0.03 per share commission) rises so that it equals or exceeds the net asset value per share of the Common Stock at the close of trading on the NYSE on the payment date before the Plan Agent has completed the open market purchases or (ii) if the Plan Agent is unable to invest the full amount eligible to be reinvested in open market purchases, the Plan Agent will cease purchasing Common Stock in the open market and the Fund shall issue the remaining Common Stock at a price per share equal to the greater of (a) the net asset value per share at the close of trading on the NYSE on the day prior to the issuance of shares for reinvestment or (b) 95% of the then current market price per share.

Common Stock in your account will be held by the Plan Agent in non-certificated form. Any proxy you receive will include all shares of Common Stock you have received under the Plan. You may withdraw from the Plan (i.e., opt-out) by notifying the Plan Agent in writing at P.O. Box 43006, Providence, RI 02940-3078 or by calling the Plan Agent at 1-888-888-0151. Such withdrawal will be effective immediately if notice is received by the Plan Agent not less than ten business days prior to any dividend or distribution record date; otherwise such

Western Asset High Yield Defined Opportunity Fund Inc.

withdrawal will be effective as soon as practicable after the Plan Agent’s investment of the most recently declared dividend or distribution on the Common Stock.

Plan participants who sell their shares will be charged a service charge (currently $5.00 per transaction) and the Plan Agent is authorized to deduct brokerage charges actually incurred from the proceeds (currently $0.05 per share commission). There is no service charge for reinvestment of your dividends or distributions in Common Stock. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes open market purchases. Because all dividends and distributions will be automatically reinvested in additional shares of Common Stock, this allows you to add to your investment through dollar cost averaging, which may lower the average cost of your Common Stock over time. Dollar cost averaging is a technique for lowering the average cost per share over time if the Fund’s net asset value declines. While dollar cost averaging has definite advantages, it cannot assure profit or protect against loss in declining markets.

Automatically reinvesting dividends and distributions does not mean that you do not have to pay income taxes due upon receiving dividends and distributions. Investors will be subject to income tax on amounts reinvested under the Plan.

The Fund reserves the right to amend or terminate the Plan if, in the judgment of the Board of Directors, the change is warranted. The Plan may be terminated, amended or supplemented by the Fund upon notice in writing mailed to stockholders at least 30 days prior to the record date for the payment of any dividend or distribution by the Fund for which the termination or amendment is to be effective. Upon any termination, you will be sent cash for any fractional share of Common Stock in your account. You may elect to notify the Plan Agent in advance of such termination to have the Plan Agent sell part or all of your Common Stock on your behalf. Additional information about the Plan and your account may be obtained from the Plan Agent at P.O. Box 43006, Providence, RI 02940-3078 or by calling the Plan Agent at 1-888-888-0151.

Western Asset High Yield Defined Opportunity Fund Inc.

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Western Asset

High Yield Defined Opportunity Fund Inc.

Directors

Robert D. Agdern

Carol L. Colman

Anthony Grillo*

Eileen A. Kamerick**

Chair

Nisha Kumar

Peter Mason*

Hillary A. Sale*

Jane Trust

Officers

Jane Trust
President and Chief Executive
Officer

Christopher Berarducci
Treasurer and Principal Financial
Officer

Fred Jensen
Chief Compliance Officer

Marc A. De Oliveira
Secretary and Chief Legal Officer

Thomas C. Mandia
Senior Vice President

Jeanne M. Kelly
Senior Vice President

Western Asset High Yield Defined Opportunity Fund Inc.

620 Eighth Avenue
47th Floor
New York, NY 10018

Investment manager

Franklin Templeton Fund Adviser, LLC

Subadvisers

Western Asset Management Company, LLC

Western Asset Management Company Limited

Western Asset Management Company Ltd

Western Asset Management Company Pte. Ltd.

Custodian

The Bank of New York Mellon

Transfer agent

Computershare Inc.
P.O. Box 43006
Providence, RI 02940-3078

Independent registered
public accounting firm

PricewaterhouseCoopers LLP
Baltimore, MD

Legal counsel

Simpson Thacher & Bartlett LLP
900 G Street NW
Washington, DC 20001

New York Stock
Exchange Symbol

HYI

Effective November 15, 2024, Ms. Sale and Messrs. Grillo and Mason became Directors of the Fund.

Effective November 15, 2024, Ms. Kamerick became Chair of the Board.

Franklin Templeton Funds Privacy and Security Notice

Your Privacy and the Security of Your Personal Information is Very Important to Us

This Privacy and Security Notice (the “Privacy Notice”) addresses the Funds’ privacy and data protection practices with respect to nonpublic personal information the Fund receives. The Legg Mason Funds include the Western Asset Money Market Funds (Funds) sold by the Funds’ distributor, Franklin Distributors, LLC, as well as Legg Mason-sponsored closed-end funds. The provisions of this Privacy Notice apply to your information both while you are a shareholder and after you are no longer invested with the Funds.

The Type of Nonpublic Personal Information the Funds Collect About You

The Funds collect and maintain nonpublic personal information about you in connection with your shareholder account. Such information may include, but is not limited to:

•

Personal information included on applications or other forms;

•

Account balances, transactions, and mutual fund holdings and positions;

•

Bank account information, legal documents, and identity verification documentation; and

•

Online account access user IDs, passwords, security challenge question responses.

How the Funds Use Nonpublic Personal Information About You

The Funds do not sell or share your nonpublic personal information with third parties or with affiliates for their marketing purposes, unless you have authorized the Funds to do so. The Funds do not disclose any nonpublic personal information about you except as may be required to perform transactions or services you have authorized or as permitted or required by law. The Funds may disclose information about you to:

•

Employees, agents, and affiliates on a “need to know” basis to enable the Funds to conduct

ordinary business or to comply with obligations to government regulators;

•

Service providers, including the Funds’ affiliates, who assist the Funds as part of the

ordinary course of business (such as printing, mailing services, or processing or servicing

your account with us) or otherwise perform services on the Funds’ behalf, including

companies that may perform statistical analysis, market research and marketing services

solely for the Funds;

•

Permit access to transfer, whether in the United States or countries outside of the United States to such Funds’ employees, agents and affiliates and service providers as required to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

•

The Funds’ representatives such as legal counsel, accountants and auditors to enable the

Funds to conduct ordinary business, or to comply with obligations to government regulators;

•

Fiduciaries or representatives acting on your behalf, such as an IRA custodian or trustee of a

grantor trust.

NOT PART OF THE SEMI-ANNUAL REPORT

Franklin Templeton Funds Privacy and Security Notice

(cont’d)

Except as otherwise permitted by applicable law, companies acting on the Funds’ behalf, including those outside the United States, are contractually obligated to keep nonpublic personal information the Funds provide to them confidential and to use the information the Funds share only to provide the services the Funds ask them to perform.

The Funds may disclose nonpublic personal information about you when necessary to enforce their rights or protect against fraud, or as permitted or required by applicable law, such as in connection with a law enforcement or regulatory request, subpoena, or similar legal process. In the event of a corporate action or in the event a Fund service provider changes, the Funds may be required to disclose your nonpublic personal information to third parties. While it is the Funds’ practice to obtain protections for disclosed information in these types of transactions, the Funds cannot guarantee their privacy policy will remain unchanged.

Keeping You Informed of the Funds’ Privacy and Security Practices

The Funds will notify you annually of their privacy policy as required by federal law. While the Funds reserve the right to modify this policy at any time, they will notify you promptly if this privacy policy changes.

The Funds’ Security Practices

The Funds maintain appropriate physical, electronic and procedural safeguards designed to guard your nonpublic personal information. The Funds’ internal data security policies restrict access to your nonpublic personal information to authorized employees, who may use your nonpublic personal information for Fund business purposes only.

Although the Funds strive to protect your nonpublic personal information, they cannot ensure or warrant the security of any information you provide or transmit to them, and you do so at your own risk. In the event of a breach of the confidentiality or security of your nonpublic personal information, the Funds will attempt to notify you as necessary so you can take appropriate protective steps. If you have consented to the Funds using electronic communications or electronic delivery of statements, they may notify you under such circumstances using the most current email address you have on record with them.

In order for the Funds to provide effective service to you, keeping your account information accurate is very important. If you believe that your account information is incomplete, not accurate or not current, if you have questions about the Funds’ privacy practices, or our use of your nonpublic personal information, write the Funds using the contact information on your account statements, email the Funds by clicking on the Contact Us section of the Funds’ website at www.franklintempleton.com, or contact the Funds at 1-877-721-1926 for the Western Asset Money Market Funds or 1-888-777-0102 for the Legg Mason-sponsored closed-end funds. For additional information related to certain state privacy rights, please visit https://www.franklintempleton.com/help/privacy-policy.

Revised December 2023.

NOT PART OF THE SEMI-ANNUAL REPORT

Western Asset High Yield Defined Opportunity Fund Inc.

Western Asset High Yield Defined Opportunity Fund Inc.
620 Eighth Avenue
47th Floor
New York, NY 10018

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that from time to time the Fund may purchase, at market prices, shares of its stock.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 1-888-777-0102.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling 1-888-777-0102, (2) at www.franklintempleton.com and (3) on the SEC’s website at www.sec.gov.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Fund may be found on Franklin Templeton’s website, which can be accessed at www.franklintempleton.com. Any reference to Franklin Templeton’s website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate Franklin Templeton’s website in this report.

This report is transmitted to the shareholders of Western Asset High Yield Defined Opportunity Fund Inc. for their information. This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report.

Computershare Inc.
P.O. Box 43006
Providence, RI 02940-3078

WASX013399 1/25

ITEM 2.

CODE OF ETHICS.

Not applicable.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Included herein under Item 1.

ITEM 7.

FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10.

REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11.

STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 1 of this Form N-CSR, as applicable.

ITEM 12.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

INVESTMENT PROFESSIONALS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 16.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

ITEM 17.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18.

RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a)

Not applicable.

(b)

Not applicable.

ITEM 19.

EXHIBITS.

(a) (1) Not applicable.

Exhibit 99.CODE ETH

(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Western Asset High Yield Defined Opportunity Fund Inc.

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

Date:

January 24, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

Date:

January 24, 2025

By:	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer

Date:

January 24, 2025

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

CERTIFICATIONS

I, Jane Trust certify that:

I have reviewed this report on Form N-CSR of Western Asset High Yield Defined Opportunity Fund Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 24, 2025	/s/ Jane Trust
	Jane Trust
	Chief Executive Officer

CERTIFICATIONS

I, Christopher Berarducci, certify that:

I have reviewed this report on Form N-CSR of Western Asset High Yield Defined Opportunity Fund Inc.;

Based on my knowledge, the financial information included in this report, and the financial statements on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 24, 2025	/s/ Christopher Berarducci
	Christopher Berarducci
	Principal Financial Officer

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

CERTIFICATION

Jane Trust, Chief Executive Officer, and Christopher Berarducci, Principal Financial Officer of Western Asset High Yield Defined Opportunity Fund Inc. (the “Registrant”), each certify to the best of their knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended November 30, 2024 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Chief Executive Officer		Principal Financial Officer
Western Asset High Yield Defined Opportunity Fund Inc.		Western Asset High Yield Defined Opportunity Fund Inc.

/s/ Jane Trust		/s/ Christopher Berarducci
Jane Trust		Christopher Berarducci
Date: January 24, 2025		Date: January 24, 2025

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

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