Schedule of Investments (unaudited)
June 30, 2026
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 Western Asset High Income Opportunity Fund Inc.

(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Corporate Bonds & Notes — 82.2%
Communication Services — 13.0%
Diversified Telecommunication Services — 3.0%
Altice Financing SA, Senior Secured Notes
5.000%
1/15/28
2,540,000
 
 $1,793,037
 (a)
Altice Financing SA, Senior Secured Notes
5.750%
8/15/29
3,200,000
 
2,240,527
 (a)
Altice France Lux 3/Altice Holdings 1, Senior Notes
10.000%
1/15/33
968,077
 
953,260
 (a)
Altice France SA, Senior Secured Notes
9.500%
11/1/29
39,590
 
40,219
 (a)
Altice France SA, Senior Secured Notes
6.500%
4/15/32
571,646
 
552,932
 (a)
Altice France SA, Senior Secured Notes
6.875%
7/15/32
1,440,550
 
1,398,551
 (a)
Level 3 Financing Inc., Senior Notes
8.500%
1/15/36
1,650,000
 
1,773,138
 (a)
WULF Compute LLC, Senior Secured Notes
7.750%
10/15/30
1,370,000
 
1,439,819
 (a)
Yondr JK 1 LLC, Senior Secured Notes
6.875%
6/30/31
960,000
 
963,125
 (a)
Total Diversified Telecommunication Services
11,154,608
Entertainment — 1.0%
Discovery Global Holdings Inc., Senior Notes
5.050%
3/15/42
3,060,000
 
2,245,489
 
Discovery Global Holdings Inc., Senior Notes
5.141%
3/15/52
550,000
 
369,875
 
OAK-Eagle Acquireco Inc., Senior Notes
8.750%
7/1/34
250,000
 
265,480
 (a)
OAK-Eagle Acquireco Inc., Senior Secured Notes
7.250%
7/1/33
460,000
 
481,460
 (a)
Pioneer Opco LLC, Senior Secured Notes
7.000%
5/15/33
400,000
 
407,542
 (a)
Total Entertainment
3,769,846
Media — 5.4%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
4.250%
1/15/34
2,650,000
 
2,245,900
 (a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes
7.375%
2/1/36
1,420,000
 
1,394,284
 (a)
Charter Communications Operating LLC/Charter Communications
Operating Capital Corp., Senior Secured Notes
3.850%
4/1/61
3,320,000
 
1,951,386
 
Clear Channel Outdoor Holdings Inc., Senior Secured Notes
7.125%
2/15/31
840,000
 
870,269
 (a)
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior
Secured Notes
10.000%
2/15/31
1,450,000
 
1,505,615
 (a)
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior
Secured Notes
9.250%
6/1/32
720,000
 
732,079
 (a)
DISH DBS Corp., Senior Notes
5.125%
6/1/29
2,768,000
 
2,493,317
 *(b)
DISH Network Corp., Senior Secured Notes
11.750%
11/15/27
1,200,000
 
1,233,896
 (a)
EchoStar Corp., Senior Secured Notes
10.750%
11/30/29
3,795,850
 
4,104,071
 
Getty Images Inc., Senior Secured Notes
11.250%
2/21/30
120,000
 
99,330
 (a)
Getty Images Inc., Senior Secured Notes
10.500%
11/15/30
610,000
 
509,108
 (a)
Nexstar Media Inc., Senior Secured Notes
6.500%
9/15/33
1,060,000
 
1,060,639
 (a)
Versant Media Group Inc., Senior Secured Notes
7.250%
1/30/31
720,000
 
745,340
 (a)
VZ Secured Financing BV, Senior Secured Notes
5.000%
1/15/32
680,000
 
595,806
 (a)
VZ Secured Financing BV, Senior Secured Notes
7.500%
1/15/33
530,000
 
507,749
 (a)
Total Media
20,048,789
Wireless Telecommunication Services — 3.6%
CSC Holdings LLC, Senior Notes
11.250%
5/15/28
790,000
 
511,484
 (a)
CSC Holdings LLC, Senior Notes
11.750%
1/31/29
760,000
 
467,968
 (a)
CSC Holdings LLC, Senior Notes
6.500%
2/1/29
2,080,000
 
1,246,000
 (a)
CSC Holdings LLC, Senior Notes
5.750%
1/15/30
1,410,000
 
333,994
 (a)
CSC Holdings LLC, Senior Notes
4.125%
12/1/30
5,670,000
 
3,374,016
 (a)
Sprint Capital Corp., Senior Notes
8.750%
3/15/32
5,910,000
 
6,963,955
 
See Notes to Schedule of Investments.
1
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Western Asset High Income Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Wireless Telecommunication Services — continued
Vmed O2 UK Financing I PLC, Senior Secured Notes
4.750%
7/15/31
500,000
 
 $411,297
 (a)
Total Wireless Telecommunication Services
13,308,714
 
Total Communication Services
48,281,957
Consumer Discretionary — 15.3%
Automobile Components — 2.6%
American Axle & Manufacturing Inc., Senior Notes
7.750%
10/15/33
3,110,000
 
3,074,365
 (a)
Clarios Global LP/Clarios US Finance Co., Senior Secured Notes
6.750%
2/15/30
980,000
 
1,010,375
 (a)
JB Poindexter & Co. Inc., Senior Notes
8.750%
12/15/31
1,570,000
 
1,616,119
 (a)
ZF North America Capital Inc., Senior Notes
6.750%
4/23/30
1,220,000
 
1,210,802
 (a)
ZF North America Capital Inc., Senior Notes
7.500%
3/24/31
970,000
 
977,216
 (a)
ZF North America Capital Inc., Senior Notes
6.875%
4/23/32
1,710,000
 
1,683,375
 (a)
Total Automobile Components
9,572,252
Automobiles — 1.0%
Nissan Motor Co. Ltd., Senior Notes
4.810%
9/17/30
630,000
 
587,049
 (a)
PM General Purchaser LLC, Senior Secured Notes
9.500%
10/1/28
3,820,000
 
3,310,393
 (a)
Total Automobiles
3,897,442
Diversified Consumer Services — 0.3%
Service Corp. International, Senior Notes
7.500%
4/1/27
1,095,000
 
1,112,967
 
Hotels, Restaurants & Leisure — 7.7%
Carnival Corp. Ltd., Senior Notes
6.125%
2/15/33
980,000
 
992,343
 (a)
Carnival Ltd., Senior Notes
1.000%
10/28/29
5,780,000
 EUR
6,176,315
 
Full House Resorts Inc., Senior Secured Notes
8.250%
2/15/28
3,300,000
 
3,234,000
 (a)
Gaia Purchaser Inc., Senior Secured Notes
7.625%
7/15/33
490,000
 
495,923
 (a)(c)
Melco Resorts Finance Ltd., Senior Notes
5.375%
12/4/29
1,367,000
 
1,332,617
 (a)
Melco Resorts Finance Ltd., Senior Notes
6.500%
9/24/33
420,000
 
411,583
 (a)
NCL Corp. Ltd., Senior Notes
7.750%
2/15/29
1,871,000
 
1,953,423
 (a)
NCL Finance Ltd., Senior Notes
6.125%
3/15/28
1,510,000
 
1,522,347
 (a)
Pinnacle Bidco PLC, Senior Secured Notes
10.000%
10/11/28
900,000
 GBP
1,240,628
 (a)
Rivers Enterprise Borrower LLC, Senior Secured Notes
6.250%
10/15/30
1,450,000
 
1,468,946
 (a)
Six Flags Entertainment Corp./Canada’s Wonderland Co./
Millennium Operations LLC, Senior Notes
8.625%
1/15/32
1,090,000
 
1,123,072
 (a)
Viking Cruises Ltd., Senior Notes
7.000%
2/15/29
2,080,000
 
2,088,073
 (a)
Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes
5.625%
2/15/29
1,440,000
 
1,440,628
 (a)
VOC Escrow Ltd., Senior Secured Notes
5.000%
2/15/28
140,000
 
139,905
 (a)
Wynn Macau Ltd., Senior Notes
5.625%
8/26/28
1,970,000
 
1,957,798
 (a)
Wynn Macau Ltd., Senior Notes
5.125%
12/15/29
1,054,000
 
1,032,393
 (a)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior
Notes
7.125%
2/15/31
1,730,000
 
1,829,225
 (a)
Total Hotels, Restaurants & Leisure
28,439,219
Household Durables — 0.3%
Dream Finders Homes Inc., Senior Notes
6.875%
9/15/30
530,000
 
526,596
 (a)
Newell Brands Inc., Senior Notes
8.500%
6/1/28
530,000
 
554,008
 (a)
Total Household Durables
1,080,604
Specialty Retail — 3.4%
Gee Automotive Holdings LLC, Senior Notes
7.250%
3/1/31
900,000
 
912,574
 (a)
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
11.500%
8/15/29
2,000,000
 
2,071,773
 (a)
See Notes to Schedule of Investments.
2
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
 Western Asset High Income Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Specialty Retail — continued
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
8.750%
1/15/32
780,000
 
 $740,224
 (a)
Michaels Cos. Inc., Secured Notes
11.000%
3/15/34
4,060,000
 
3,979,510
 (a)
Petco Health & Wellness Co. Inc., Senior Secured Notes
8.250%
2/1/31
1,820,000
 
1,835,413
 (a)
Sally Holdings LLC/Sally Capital Inc., Senior Notes
6.750%
4/1/32
1,700,000
 
1,737,854
 
Upbound Group Inc., Senior Notes
6.375%
2/15/29
1,380,000
 
1,368,813
 (a)
Total Specialty Retail
12,646,161
 
Total Consumer Discretionary
56,748,645
Consumer Staples — 0.3%
Food Products — 0.3%
TKC Holdings Inc., Senior Secured Notes
8.500%
8/15/30
980,000
 
1,009,270
 (a)
 
Energy — 15.2%
Energy Equipment & Services — 1.0%
Nabors Industries Inc., Senior Notes
8.875%
8/15/31
1,900,000
 
1,952,039
 (a)
Oceaneering International Inc., Senior Notes
6.875%
7/15/34
670,000
 
680,935
 (a)(c)
WBI Operating LLC, Senior Notes
6.500%
10/15/33
1,010,000
 
1,016,873
 (a)
Total Energy Equipment & Services
3,649,847
Oil, Gas & Consumable Fuels — 14.2%
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior
Notes
7.250%
7/15/32
500,000
 
517,584
 (a)
Chord Energy Corp., Senior Notes
6.750%
3/15/33
1,840,000
 
1,868,209
 (a)
Crescent Energy Finance LLC, Senior Notes
7.375%
1/15/33
2,530,000
 
2,516,194
 (a)
Crescent Energy Finance LLC, Senior Notes
8.375%
1/15/34
430,000
 
443,165
 (a)
Ecopetrol SA, Senior Notes
5.875%
5/28/45
2,470,000
 
2,042,057
 
Energy Transfer LP, Junior Subordinated Notes (6.625% to
2/15/28 then 3 mo. Term SOFR + 4.417%)
6.625%
2/15/28
1,910,000
 
1,926,405
 (d)(e)
Granite Ridge Resources Inc., Senior Notes
8.875%
11/5/29
2,280,000
 
2,233,906
 (a)
Howard Midstream Energy Partners LLC, Senior Notes
6.625%
1/15/34
880,000
 
887,994
 (a)
Kinder Morgan Inc., Senior Notes
7.750%
1/15/32
5,920,000
 
6,726,116
 
New Generation Gas Gathering LLC, Senior Secured Notes (3
mo. Term SOFR + 5.750%)
9.414%
9/30/29
889,189
 
895,316
 (a)(e)(f)(g)
NGPL PipeCo LLC, Senior Notes
7.768%
12/15/37
1,020,000
 
1,184,978
 (a)
Northern Oil & Gas Inc., Senior Notes
7.875%
10/15/33
890,000
 
884,962
 (a)
Occidental Petroleum Corp., Senior Notes
6.200%
3/15/40
1,070,000
 
1,110,838
 
Petrobras Global Finance BV, Senior Notes
6.750%
1/27/41
4,370,000
 
4,369,066
 
Petroleos del Peru SA, Senior Notes
4.750%
6/19/32
1,500,000
 
1,277,280
 (a)
Petroleos Mexicanos, Senior Notes
6.500%
6/2/41
1,000,000
 
898,706
 
Rockies Express Pipeline LLC, Senior Notes
6.750%
3/15/33
320,000
 
329,085
 (a)
Rockies Express Pipeline LLC, Senior Notes
6.875%
4/15/40
1,140,000
 
1,168,385
 (a)
Summit Midstream Holdings LLC, Senior Secured Notes
8.625%
10/31/29
410,000
 
427,469
 (a)
Sunoco LP, Junior Subordinated Notes (7.875% to 9/18/30 then
5 year Treasury Constant Maturity Rate + 4.230%)
7.875%
9/18/30
1,971,000
 
2,050,987
 (a)(d)(e)
Sunoco LP, Senior Notes
5.625%
3/15/31
750,000
 
744,833
 (a)
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
3,340,000
 
3,262,630
 (a)(d)(e)
Venture Global LNG Inc., Senior Secured Notes
7.000%
1/15/30
390,000
 
397,950
 (a)
Venture Global LNG Inc., Senior Secured Notes
9.875%
2/1/32
3,260,000
 
3,481,556
 (a)
Venture Global Plaquemines LNG LLC, Senior Secured Notes
6.500%
6/15/34
690,000
 
719,170
 (a)
See Notes to Schedule of Investments.
3
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Western Asset High Income Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Oil, Gas & Consumable Fuels — continued
Venture Global Plaquemines LNG LLC, Senior Secured Notes
7.750%
5/1/35
640,000
 
 $718,046
 (a)
Venture Global Plaquemines LNG LLC, Senior Secured Notes
6.750%
1/15/36
530,000
 
562,214
 (a)
Vermilion Energy Inc., Senior Notes
6.875%
5/1/30
730,000
 
729,013
 (a)
Vermilion Energy Inc., Senior Notes
7.250%
2/15/33
680,000
 
668,877
 (a)
Western Midstream Operating LP, Senior Notes
4.050%
2/1/30
340,000
 
329,475
 
Western Midstream Operating LP, Senior Notes
5.300%
3/1/48
570,000
 
496,625
 
Western Midstream Operating LP, Senior Notes
5.250%
2/1/50
3,560,000
 
3,090,500
 
Williams Cos. Inc., Senior Notes
7.500%
1/15/31
620,000
 
689,855
 
Williams Cos. Inc., Senior Notes
5.750%
6/24/44
2,690,000
 
2,661,199
 
YPF SA, Senior Notes
6.950%
7/21/27
530,000
 
534,997
 (a)
Total Oil, Gas & Consumable Fuels
52,845,642
 
Total Energy
56,495,489
Financials — 7.5%
Banks — 2.0%
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
1,470,000
 
1,540,542
 (a)(d)(e)
Citigroup Inc., Junior Subordinated Notes (6.625% to 2/15/31
then 5 year Treasury Constant Maturity Rate + 3.001%)
6.625%
2/15/31
2,170,000
 
2,211,831
 (d)(e)
HSBC Holdings PLC, Subordinated Notes (8.113% to 11/3/32
then SOFR + 4.250%)
8.113%
11/3/33
1,440,000
 
1,654,556
 (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
1,840,000
 
1,964,550
 (d)(e)
Total Banks
7,371,479
Capital Markets — 1.2%
B3 SA - Brasil Bolsa Balcao, Senior Notes
4.125%
9/20/31
1,000,000
 
930,625
 (h)
Credit Suisse AG AT1 Claim
—
—
10,560,000
 
0
 *(f)(g)(i)
StoneX Escrow Issuer LLC, Secured Notes
6.875%
7/15/32
660,000
 
679,214
 (a)
StoneX Group Inc., Secured Notes
7.875%
3/1/31
640,000
 
672,369
 (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
2,010,000
 
2,164,362
 (a)(d)(e)
Total Capital Markets
4,446,570
Consumer Finance — 0.5%
Midcap Financial Issuer Trust, Junior Subordinated Notes (3 mo.
Term SOFR + 3.750%)
7.423%
1/15/56
1,910,000
 
1,898,676
 (a)(e)
Financial Services — 2.0%
Capstone Borrower Inc., Senior Secured Notes
8.000%
6/15/30
410,000
 
389,876
 (a)
Jane Street Group/JSG Finance Inc., Senior Secured Notes
7.125%
4/30/31
2,640,000
 
2,730,977
 (a)
Jane Street Group/JSG Finance Inc., Senior Secured Notes
6.750%
5/1/33
360,000
 
370,408
 (a)
Rocket Cos. Inc., Senior Notes
6.125%
8/1/30
550,000
 
559,706
 (a)
Rocket Cos. Inc., Senior Notes
6.500%
6/15/34
590,000
 
605,888
 (a)
VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes
7.500%
6/15/31
780,000
 
816,251
 (a)
VistaJet Malta Finance PLC/Vista Management Holding Inc.,
Senior Notes
9.500%
6/1/28
380,000
 
385,044
 (a)
VistaJet Malta Finance PLC/Vista Management Holding Inc.,
Senior Notes
6.375%
2/1/30
880,000
 
838,212
 (a)
See Notes to Schedule of Investments.
4
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
 Western Asset High Income Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Financial Services — continued
VistaJet Malta Finance PLC/Vista Management Holding Inc.,
Senior Notes
8.750%
1/15/32
620,000
 
 $614,693
 (a)
Total Financial Services
7,311,055
Insurance — 1.1%
Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes
6.750%
7/1/32
370,000
 
332,890
 (a)
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/
APH3 Somerset Investor 2 LLC, Senior Notes
7.875%
11/1/29
910,000
 
922,230
 (a)
Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes
8.000%
12/31/32
1,960,000
 
1,976,408
 (a)
MetLife Capital Trust IV, Junior Subordinated Notes
7.875%
12/15/37
1,010,000
 
1,108,808
 (a)
Total Insurance
4,340,336
Mortgage Real Estate Investment Trusts (REITs) — 0.7%
Arbor Realty SR Inc., Senior Notes
8.500%
12/15/28
1,840,000
 
1,815,490
 (a)
Starwood Property Trust Inc., Senior Notes
7.250%
4/1/29
750,000
 
775,292
 (a)
Starwood Property Trust Inc., Senior Notes
6.000%
4/15/30
10,000
 
10,043
 (a)
Total Mortgage Real Estate Investment Trusts (REITs)
2,600,825
 
Total Financials
27,968,941
Health Care — 7.2%
Health Care Providers & Services — 4.8%
CHS/Community Health Systems Inc., Secured Notes
6.875%
4/15/29
1,790,000
 
1,762,051
 (a)
CHS/Community Health Systems Inc., Secured Notes
6.125%
4/1/30
410,000
 
368,489
 (a)
CHS/Community Health Systems Inc., Senior Secured Notes
4.750%
2/15/31
1,910,000
 
1,758,456
 (a)
CHS/Community Health Systems Inc., Senior Secured Notes
10.875%
1/15/32
2,032,000
 
2,190,884
 (a)
CHS/Community Health Systems Inc., Senior Secured Notes
9.750%
1/15/34
1,050,000
 
1,097,598
 (a)
HCA Inc., Senior Notes
7.500%
11/15/95
6,033,000
 
6,525,596
 
LifePoint Health Inc., Senior Secured Notes
9.875%
8/15/30
1,720,000
 
1,814,445
 (a)
Sotera Health Holdings LLC, Senior Secured Notes
7.375%
6/1/31
990,000
 
1,027,730
 (a)
TEAM Services Holding Inc., Senior Secured Notes
9.000%
2/15/33
1,310,000
 
1,326,919
 (a)
Total Health Care Providers & Services
17,872,168
Pharmaceuticals — 2.4%
1261229 BC Ltd., Senior Secured Notes
10.000%
4/15/32
3,693,000
 
3,742,878
 (a)
Bausch Health Americas Inc., Senior Notes
8.500%
1/31/27
10,000
 
9,989
 (a)
Bausch Health Cos. Inc., Senior Notes
6.250%
2/15/29
210,000
 
158,156
 (a)
Bausch Health Cos. Inc., Senior Secured Notes
4.875%
6/1/28
820,000
 
758,865
 (a)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
5.125%
5/9/29
880,000
 
880,170
 
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
6.000%
12/1/32
1,070,000
 
1,110,890
 
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
4.100%
10/1/46
2,550,000
 
1,969,745
 
Total Pharmaceuticals
8,630,693
 
Total Health Care
26,502,861
Industrials — 11.1%
Aerospace & Defense — 0.7%
Axon Enterprise Inc., Senior Notes
6.125%
3/15/30
380,000
 
388,535
 (a)
Axon Enterprise Inc., Senior Notes
6.250%
3/15/33
190,000
 
194,864
 (a)
TransDigm Inc., Senior Secured Notes
7.125%
12/1/31
875,000
 
907,122
 (a)
TransDigm Inc., Senior Secured Notes
6.625%
3/1/32
910,000
 
934,453
 (a)
Total Aerospace & Defense
2,424,974
See Notes to Schedule of Investments.
5
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Western Asset High Income Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Air Freight & Logistics — 0.4%
GB AIT Buyer Inc., Senior Notes
8.750%
4/30/34
1,290,000
 
 $1,295,043
 (a)
Building Products — 0.6%
Masterbrand Inc., Senior Notes
7.000%
7/15/32
500,000
 
507,169
 (a)
Quikrete Holdings Inc., Senior Secured Notes
6.375%
3/1/32
1,700,000
 
1,736,817
 (a)
Total Building Products
2,243,986
Commercial Services & Supplies — 4.1%
CoreCivic Inc., Senior Notes
4.750%
10/15/27
280,000
 
279,481
 
CoreCivic Inc., Senior Notes
8.250%
4/15/29
3,330,000
 
3,470,203
 
GEO Group Inc., Senior Notes
10.250%
4/15/31
3,160,000
 
3,416,087
 
GEO Group Inc., Senior Secured Notes
8.625%
4/15/29
1,210,000
 
1,261,273
 
Neptune Bidco US Inc., Senior Secured Notes
10.375%
5/15/31
1,890,000
 
1,960,355
 (a)
Neptune Bidco US Inc., Senior Secured Notes
9.500%
2/15/33
770,000
 
779,476
 (a)
RB Global Holdings Inc., Senior Notes
7.750%
3/15/31
1,250,000
 
1,297,531
 (a)
RR Donnelley & Sons Co., Secured Notes
10.875%
8/1/29
630,000
 
648,150
 (a)
RR Donnelley & Sons Co., Senior Secured Notes
9.500%
8/1/29
2,180,000
 
2,262,395
 (a)
Total Commercial Services & Supplies
15,374,951
Construction & Engineering — 0.7%
Arcosa Inc., Senior Notes
6.875%
8/15/32
620,000
 
647,251
 (a)
Tutor Perini Corp., Senior Notes
6.625%
7/15/33
1,840,000
 
1,852,751
 (a)(c)
Total Construction & Engineering
2,500,002
Ground Transportation — 0.7%
Carriage Purchaser Inc., Senior Notes
7.875%
10/15/29
2,020,000
 
2,012,492
 (a)
XPO Inc., Senior Notes
7.125%
2/1/32
500,000
 
518,916
 (a)
Total Ground Transportation
2,531,408
Machinery — 0.7%
Columbus McKinnon Corp., Senior Secured Notes
7.125%
2/1/33
410,000
 
411,201
 (a)
Park-Ohio Industries Inc., Senior Secured Notes
8.500%
8/1/30
1,290,000
 
1,346,953
 (a)
Titan International Inc., Senior Secured Notes
7.000%
4/30/28
960,000
 
961,634
 
Total Machinery
2,719,788
Passenger Airlines — 1.4%
American Airlines Inc., Senior Secured Notes
7.250%
2/15/28
3,420,000
 
3,464,546
 (a)
JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes
9.875%
9/20/31
1,890,000
 
1,714,358
 (a)
Total Passenger Airlines
5,178,904
Trading Companies & Distributors — 1.8%
ADI Escrow Issuer LLC, Senior Notes
7.125%
7/15/34
410,000
 
418,525
 (a)
EquipmentShare.com Inc., Secured Notes
8.625%
5/15/32
600,000
 
624,891
 (a)
EquipmentShare.com Inc., Secured Notes
8.000%
3/15/33
2,200,000
 
2,254,052
 (a)
EquipmentShare.com Inc., Secured Notes
7.125%
7/1/34
770,000
 
757,517
 (a)(c)
Herc Holdings Inc., Senior Notes
7.000%
6/15/30
170,000
 
176,163
 (a)
Herc Holdings Inc., Senior Notes
7.250%
6/15/33
710,000
 
740,713
 (a)
QXO Building Products Inc., Senior Notes
6.875%
7/15/34
720,000
 
739,566
 (a)
United Rentals North America Inc., Senior Notes
6.125%
3/15/34
1,000,000
 
1,026,433
 (a)
Total Trading Companies & Distributors
6,737,860
 
Total Industrials
41,006,916
See Notes to Schedule of Investments.
6
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
 Western Asset High Income Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Information Technology — 5.2%
Communications Equipment — 1.0%
Connect Finco SARL/Connect US Finco LLC, Senior Secured
Notes
9.000%
9/15/29
3,490,000
 
 $3,676,694
 (a)
IT Services — 2.1%
APLD ComputeCo 3 LLC, Senior Secured Notes
7.000%
6/15/31
1,290,000
 
1,288,968
 (a)
APLD ComputeCo LLC, Senior Secured Notes
9.250%
12/15/30
1,810,000
 
1,953,631
 (a)
Core Scientific Finance I LLC, Senior Secured Notes
7.750%
5/15/31
2,300,000
 
2,334,042
 (a)
CoreWeave Inc., Senior Notes
9.250%
6/1/30
2,350,000
 
2,366,992
 (a)
Total IT Services
7,943,633
Semiconductors & Semiconductor Equipment — 0.2%
Qnity Electronics Inc., Senior Notes
6.250%
8/15/33
550,000
 
560,278
 (a)
Software — 1.6%
Cloud Software Group Inc., Secured Notes
9.000%
9/30/29
550,000
 
534,266
 (a)
Cloud Software Group Inc., Senior Secured Notes
8.250%
6/30/32
2,240,000
 
2,101,042
 (a)
Cloud Software Group Inc., Senior Secured Notes
6.625%
8/15/33
680,000
 
590,095
 (a)
Fair Isaac Corp., Senior Notes
6.250%
9/15/34
850,000
 
837,755
 (a)
Gen Digital Inc., Senior Notes
6.250%
4/1/33
560,000
 
552,327
 (a)
Oracle Corp., Senior Notes
6.000%
8/3/55
1,060,000
 
903,213
 
Sabre Financial Borrower LLC, Senior Secured Notes
11.125%
6/15/29
500,000
 
528,145
 (a)
Total Software
6,046,843
Technology Hardware, Storage & Peripherals — 0.3%
Black Pearl Compute LLC, Senior Secured Notes
6.125%
2/15/31
360,000
 
365,063
 (a)
Diebold Nixdorf Inc., Senior Secured Notes
7.750%
3/31/30
610,000
 
636,792
 (a)
Total Technology Hardware, Storage & Peripherals
1,001,855
 
Total Information Technology
19,229,303
Materials — 3.3%
Chemicals — 1.0%
ARC Falcon I Inc./Arclin USA LLC/New Arclin US Holding Corp.,
Senior Secured Notes
9.750%
3/1/33
1,930,000
 
1,858,657
 (a)
Celanese US Holdings LLC, Senior Notes
7.000%
2/15/31
410,000
 
422,285
 
Cerdia Finanz GmbH, Senior Secured Notes
9.375%
10/3/31
1,820,000
 
1,634,961
 (a)
Total Chemicals
3,915,903
Metals & Mining — 2.3%
Capstone Copper Corp., Senior Notes
6.750%
3/31/33
650,000
 
659,238
 (a)
First Quantum Minerals Ltd., Senior Notes
8.625%
6/1/31
2,120,000
 
2,209,906
 (a)
First Quantum Minerals Ltd., Senior Notes
8.000%
3/1/33
3,410,000
 
3,569,430
 (a)
First Quantum Minerals Ltd., Senior Notes
7.250%
2/15/34
790,000
 
810,482
 (a)
First Quantum Minerals Ltd., Senior Notes
6.375%
2/15/36
670,000
 
658,037
 (a)
WS Escrow LLC, Senior Secured Notes
7.750%
6/1/33
550,000
 
565,173
 (a)
Total Metals & Mining
8,472,266
 
Total Materials
12,388,169
Real Estate — 3.1%
Diversified REITs — 1.1%
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
5.000%
10/15/27
470,000
 
456,177
 
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
3.692%
6/5/28
140,000
 GBP
162,225
 
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes
4.625%
8/1/29
2,000,000
 
1,609,143
 
See Notes to Schedule of Investments.
7
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Western Asset High Income Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Diversified REITs — continued
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, Senior
Notes
8.625%
6/15/32
1,740,000
 
 $1,816,665
 (a)
Total Diversified REITs
4,044,210
Health Care REITs — 0.3%
Diversified Healthcare Trust, Senior Notes
4.375%
3/1/31
240,000
 
219,848
 
Diversified Healthcare Trust, Senior Secured Notes
7.250%
10/15/30
800,000
 
824,414
 (a)
Total Health Care REITs
1,044,262
Real Estate Management & Development — 0.8%
Add Hero Holdings Ltd., Senior Secured Notes (7.500% Cash or
8.500% PIK)
8.500%
9/30/29
319,090
 
3,989
 *(b)(h)(j)
Add Hero Holdings Ltd., Senior Secured Notes (8.000% Cash or
9.000% PIK)
9.000%
9/30/30
259,874
 
1,429
 *(b)(h)(j)
Add Hero Holdings Ltd., Senior Secured Notes (8.800% Cash or
9.800% PIK)
9.800%
9/30/31
343,038
 
1,887
 *(b)(h)(j)
China Aoyuan Group Ltd., Senior Notes, Step bond (0.000% to
9/30/31 then 1.000%)
0.000%
3/30/2173
450,290
 
3,377
 (d)(h)
China Aoyuan Group Ltd., Senior Secured Notes (5.500% PIK)
5.500%
9/30/31
128,924
 
967
 (h)(j)
Country Garden Holdings Co. Ltd., Senior Secured Notes (2.500%
Cash or 5.000% PIK)
5.000%
12/31/32
730,790
 
84,041
 (h)(j)
Cushman & Wakefield US Borrower LLC, Senior Secured Notes
8.875%
9/1/31
420,000
 
441,061
 (a)
ELK Grove Village Property LLC, Senior Secured Notes
7.500%
6/15/31
540,000
 
544,056
 (a)
Five Point Operating Co. LP, Senior Notes
8.000%
10/1/30
1,830,000
 
1,874,729
 (a)
Total Real Estate Management & Development
2,955,536
Specialized REITs — 0.9%
Iron Mountain Inc., Senior Notes
7.000%
2/15/29
540,000
 
550,514
 (a)
Meridian Arc Holdco LLC, Senior Secured Notes
6.250%
4/30/31
810,000
 
812,345
 (a)
Millrose Properties Inc., Senior Notes
6.375%
8/1/30
1,520,000
 
1,541,584
 (a)
Millrose Properties Inc., Senior Notes
6.250%
9/15/32
440,000
 
444,227
 (a)
Total Specialized REITs
3,348,670
 
Total Real Estate
11,392,678
Utilities — 1.0%
Electric Utilities — 1.0%
Alpha Generation LLC, Senior Notes
6.750%
10/15/32
940,000
 
957,723
 (a)
NRG Energy Inc., Senior Notes
6.000%
1/15/36
1,830,000
 
1,825,204
 (a)
Talen Energy Supply LLC, Senior Notes
6.375%
5/1/33
300,000
 
299,747
 (a)
Talen Energy Supply LLC, Senior Notes
6.500%
2/1/36
610,000
 
615,223
 (a)
 
Total Utilities
3,697,897
Total Corporate Bonds & Notes (Cost — $286,316,380)
304,722,126
Asset-Backed Securities — 6.5%
720 East CLO Ltd., 2025-7A E (3 mo. Term SOFR + 4.750%)
8.425%
4/20/37
880,000
 
871,318
 (a)(e)
AGL CLO Ltd., 2022-17A ER (3 mo. Term SOFR + 4.650%)
8.322%
1/21/35
1,240,000
 
1,117,084
 (a)(e)
AGL CLO Ltd., 2025-44A E (3 mo. Term SOFR + 4.750%)
8.414%
10/22/37
745,000
 
740,905
 (a)(e)
AMMC CLO Ltd., 2021-24A DR (3 mo. Term SOFR + 2.950%)
6.625%
1/20/35
480,000
 
475,884
 (a)(e)
Apex Credit CLO LLC, 2021-2A CR (3 mo. Term SOFR + 3.750%)
7.425%
10/20/34
330,000
 
322,226
 (a)(e)
Apex Credit CLO Ltd., 2019-2A ERR (3 mo. Term SOFR + 7.670%)
11.337%
1/25/38
820,000
 
648,287
 (a)(e)
Apidos Loan Fund Ltd., 2024-1A D1R (3 mo. Term SOFR +
2.700%)
6.367%
10/25/38
610,000
 
612,618
 (a)(e)
See Notes to Schedule of Investments.
8
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
 Western Asset High Income Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Asset-Backed Securities — continued
Balboa Bay Loan Funding Ltd., 2023-1A ERR (3 mo. Term SOFR +
5.400%)
9.075%
4/20/36
980,000
 
 $975,959
 (a)(e)
Bear Mountain Park CLO Ltd., 2022-1A ER (3 mo. Term SOFR +
5.950%)
9.623%
7/15/37
770,000
 
708,889
 (a)(e)
Black Diamond CLO Ltd., 2021-1A CR (3 mo. Term SOFR +
3.900%)
7.564%
11/22/34
770,000
 
773,523
 (a)(e)
Capital Four US CLO Ltd., 2021-1A DR (3 mo. Term SOFR +
3.250%)
6.925%
1/18/35
750,000
 
742,639
 (a)(e)
CarVal CLO Ltd., 2024-3A E (3 mo. Term SOFR + 6.350%)
10.025%
10/20/37
1,020,000
 
1,017,509
 (a)(e)
CIFC Funding Ltd., 2022-2A ER (3 mo. Term SOFR + 4.750%)
8.425%
4/19/35
300,000
 
289,513
 (a)(e)
Clover CLO LLC, 2021-3A DR (3 mo. Term SOFR + 2.550%)
6.217%
1/25/35
480,000
 
472,399
 (a)(e)
Dryden CLO Ltd., 2022-113A D1R3 (3 mo. Term SOFR + 3.000%)
6.673%
10/15/37
670,000
 
671,627
 (a)(e)
Galaxy CLO Ltd., 2018-25A D1RR (3 mo. Term SOFR + 2.700%)
6.367%
4/25/36
510,000
 
504,270
 (a)(e)
GoldenTree Loan Management US CLO Ltd., 2022-16A DRR (3
mo. Term SOFR + 2.400%)
6.075%
1/20/38
1,260,000
 
1,257,095
 (a)(e)
Greywolf CLO Ltd., 2019-1A CR2 (3 mo. Term SOFR + 3.500%)
7.180%
4/17/34
390,000
 
386,367
 (a)(e)
Invesco CLO Ltd., 2021-3A DR (3 mo. Term SOFR + 3.100%)
6.764%
10/22/34
530,000
 
522,122
 (a)(e)
Jamestown CLO Ltd., 2016-9A CR3 (3 mo. Term SOFR + 3.250%)
6.917%
7/25/34
550,000
 
546,630
 (a)(e)
Magnetite Ltd., 2019-24A ER (3 mo. Term SOFR + 6.400%)
10.073%
4/15/35
200,000
 
200,693
 (a)(e)
Magnetite Ltd., 2020-26A ER2 (3 mo. Term SOFR + 4.700%)
8.367%
1/25/38
1,050,000
 
1,039,073
 (a)(e)
Magnetite Ltd., 2022-32A ER (3 mo. Term SOFR + 4.600%)
8.273%
10/15/37
820,000
 
811,137
 (a)(e)
MidOcean Credit CLO LLC, 2025-18A E (3 mo. Term SOFR +
5.400%)
9.075%
10/18/35
910,000
 
912,703
 (a)(e)
Mountain View CLO Ltd., 2025-1A D1 (3 mo. Term SOFR +
3.400%)
7.080%
10/17/38
540,000
 
523,025
 (a)(e)
Ocean Trails CLO Ltd., 2020-10A ER (3 mo. Term SOFR + 7.832%)
11.505%
10/15/34
1,000,000
 
969,818
 (a)(e)
OCP CLO Ltd., 2023-26A ER (3 mo. Term SOFR + 4.450%)
8.130%
4/17/37
600,000
 
591,006
 (a)(e)
OFSI BSL CLO Ltd., 2024-13A ER (3 mo. Term SOFR + 6.780%)
10.406%
7/20/39
360,000
 
362,351
 (a)(e)
OHA Credit Funding Ltd., 2022-11A D1R (3 mo. Term SOFR +
2.850%)
6.525%
7/19/37
220,000
 
220,976
 (a)(e)
Palmer Square CLO Ltd., 2022-3A D1R (3 mo. Term SOFR +
2.950%)
6.625%
7/20/37
310,000
 
309,564
 (a)(e)
Pixley Park CLO Ltd., 2024-1A E (3 mo. Term SOFR + 5.000%)
8.673%
1/15/37
520,000
 
498,910
 (a)(e)
Rockford Tower CLO Ltd., 2022-2A ER2 (3 mo. Term SOFR +
6.840%)
10.515%
3/20/38
890,000
 
826,157
 (a)(e)
RR Ltd., 2021-18A DR (3 mo. Term SOFR + 4.900%)
8.573%
7/15/40
800,000
 
801,146
 (a)(e)
Silver Point CLO Ltd., 2026-16A E (3 mo. Term SOFR + 4.750%)
8.405%
4/18/39
1,140,000
 
1,129,766
 (a)(e)
Voya CLO Ltd., 2020-3A D1RR (3 mo. Term SOFR + 2.700%)
6.372%
1/20/38
430,000
 
427,985
 (a)(e)
Wellesley Park CLO Ltd., 2025-1A E (3 mo. Term SOFR + 4.600%)
8.267%
1/24/39
390,000
 
387,973
 (a)(e)
Whitebox CLO Ltd., 2023-4AR ER2 (3 mo. Term SOFR + 5.150%)
8.906%
7/20/39
570,000
 
571,425
 (a)(c)(e)
 
Total Asset-Backed Securities (Cost — $24,695,151)
24,240,572
Senior Loans — 6.5%
Communication Services — 0.4%
Entertainment — 0.3%
OAK-Eagle Acquireco Inc., Term Loan B
—
3/24/33
1,180,000
 
1,184,236
 (k)
See Notes to Schedule of Investments.
9
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Western Asset High Income Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Media — 0.1%
Diamond Sports Net LLC, First Lien Exit Term Loan
12.000%
1/3/28
1,367,744
 
 $286,542
 (l)(m)
 
Total Communication Services
1,470,778
Consumer Discretionary — 1.4%
Automobile Components — 0.6%
ABC Technologies Inc., Term Loan B
11.894-11.982%
1/2/40
1,374,329
 
1,367,504
 (e)(f)(g)(l)(m)
Clarios Global LP, 2024 Term Loan B (1 mo. Term SOFR + 2.500%)
6.144%
5/6/30
805,226
 
806,990
 (e)(l)(m)
Total Automobile Components
2,174,494
Diversified Consumer Services — 0.4%
Prime Security Services Borrower LLC, Term Loan B1 (1 mo. Term
SOFR + 2.000%)
5.619%
10/13/30
881,988
 
877,468
 (e)(l)(m)
WW International Inc., Take-Back Term Loan (3 mo. Term SOFR +
6.800%)
10.528%
6/24/30
904,741
 
686,753
 (e)(l)(m)
Total Diversified Consumer Services
1,564,221
Hotels, Restaurants & Leisure — 0.2%
Catawba Nation Gaming Authority, Initial Term Loan B
—
3/29/32
640,000
 
641,085
 (k)
Specialty Retail — 0.2%
Petco Health & Wellness Co. Inc., 2026 Term Loan (3 mo. Term
SOFR + 4.250%)
7.982%
2/3/31
867,825
 
858,695
 (e)(l)(m)
 
Total Consumer Discretionary
5,238,495
Consumer Staples — 1.4%
Consumer Staples Distribution & Retail — 1.4%
VCI Asset Holdings 1 LLC, Term Loan
10.000%
11/20/30
1,942,105
 
2,072,392
 (l)(m)
VCI Asset Holdings 2 LLC, Initial Term Loan
7.375%
2/6/31
2,032,550
 
2,099,878
 (l)(m)
VCI Asset Holdings 3 LLC, Term Loan
6.875%
4/24/30
850,000
 
862,750
 (e)(f)(g)(l)(m)
 
Total Consumer Staples
5,035,020
Financials — 0.9%
Banks — 0.2%
Ascensus Group Holdings Inc., 2024 Term Loan B (1 mo. Term
SOFR + 3.000%)
6.644%
11/24/32
587,538
 
574,809
 (e)(l)(m)
Capital Markets — 0.1%
Edelman Financial Engines Center LLC, Term Loan B (1 mo. Term
SOFR + 4.000%)
7.644%
12/1/31
300,000
 
301,195
 (e)(l)(m)
Consumer Finance — 0.1%
Blackhawk Network Holdings Inc., Term Loan B2 (1 mo. Term
SOFR + 3.500%)
7.144%
3/12/29
460,658
 
459,293
 (e)(l)(m)
Financial Services — 0.2%
Nexus Buyer LLC, Amendment No. 10 Term Loan (1 mo. Term
SOFR + 4.000%)
7.644%
7/31/31
248,125
 
240,726
 (e)(l)(m)
Nexus Buyer LLC, Amendment No. 9 Refinancing Term Loan (1
mo. Term SOFR + 3.500%)
7.144%
7/31/31
687,798
 
664,585
 (e)(l)(m)
Total Financial Services
905,311
Insurance — 0.3%
Asurion LLC, New Term Loan B14 (1 mo. Term SOFR + 3.750%)
7.413%
2/23/33
698,250
 
662,091
 (e)(l)(m)
Broadstreet Partners Inc., 2024 Term Loan B (1 mo. Term SOFR +
2.500%)
6.144%
6/13/31
577,395
 
558,852
 (e)(l)(m)
Total Insurance
1,220,943
 
Total Financials
3,461,551
See Notes to Schedule of Investments.
10
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
 Western Asset High Income Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Health Care — 1.1%
Health Care Providers & Services — 0.9%
LifePoint Health Inc., Term Loan B (3 mo. Term SOFR + 3.750%)
7.423%
5/16/31
2,456,344
 
 $2,422,974
 (e)(l)(m)
TEAM Services Holding Inc., Initial Term Loan (3 mo. Term SOFR
+ 5.250%)
8.982%
3/31/33
910,000
 
892,938
 (e)(l)(m)
Total Health Care Providers & Services
3,315,912
Health Care Technology — 0.2%
AthenaHealth Group Inc., Fourth Amendment Term Loan (1 mo.
Term SOFR + 3.250%)
6.894%
2/17/32
578,539
 
573,260
 (e)(l)(m)
 
Total Health Care
3,889,172
Industrials — 0.7%
Aerospace & Defense — 0.2%
TransDigm Inc., Term Loan J (1 mo. Term SOFR + 2.500%)
6.144%
2/28/31
977,550
 
978,831
 (e)(l)(m)
Machinery — 0.3%
TK Elevator Midco GmbH, USD Term Loan B (6 mo. Term SOFR +
2.750%)
6.377%
4/30/30
975,279
 
980,663
 (e)(l)(m)
Passenger Airlines — 0.2%
Spirit Airlines LLC, Contingent DIP Facility
—
7/14/26
1,128,940
 
316,103
 *(b)(g)
Spirit Airlines LLC, Contingent DIP Facility Initial Term Loan
—
7/14/26
430,111
 
8,602
 *(b)(g)
Spirit Airlines LLC, New Money Term Loan (1 mo. Term SOFR +
8.000%)
11.637%
7/14/26
187,286
 
177,921
 (e)(g)(j)(l)(m)
Spirit Airlines LLC, Second New Money Term Loan (1 mo. Term
SOFR + 8.000%)
11.637%
7/14/26
46,448
 
44,126
 (e)(g)(j)(l)(m)
Spirit Airlines LLC, Third DIP New Money Term Loan (1 mo. Term
SOFR + 8.000%)
11.637%
7/14/26
91,737
 
87,150
 (e)(g)(j)(l)(m)
Total Passenger Airlines
633,902
 
Total Industrials
2,593,396
Information Technology — 0.4%
Software — 0.4%
Cloudera Inc., Term Loan (1 mo. Term SOFR + 3.850%)
7.494%
10/8/28
478,750
 
373,681
 (e)(l)(m)
Coreweave Compute Acquisition Co. IV LLC, Additional Delayed
Draw Term Loan (1 mo. Term SOFR + 4.500%)
8.120%
11/6/31
360,000
 
367,734
 (e)(l)(m)(n)
Modena Buyer LLC, Initial Term Loan (3 mo. Term SOFR +
4.250%)
7.913%
7/1/31
788,000
 
730,082
 (e)(l)(m)
Total Software
1,471,497
Technology Hardware, Storage & Peripherals — 0.0%††
Vericast Corp., 2024 Extended Term Loan (3 mo. Term SOFR +
7.750%)
11.500%
6/14/30
31,572
 
31,444
 (e)(l)(m)
 
Total Information Technology
1,502,941
Materials — 0.2%
Chemicals — 0.2%
Hexion Holdings Corp., 2024 Refinancing Term Loan (1 mo. Term
SOFR + 4.000%)
7.652%
3/15/29
909,830
 
881,398
 (e)(l)(m)
 
Total Senior Loans (Cost — $26,144,091)
24,072,751
Sovereign Bonds — 1.2%
Angola — 0.4%
 
Angolan Government International Bond, Senior Notes
8.000%
11/26/29
1,600,000
 
1,629,304
 (a)
See Notes to Schedule of Investments.
11
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Western Asset High Income Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Argentina — 0.4%
Provincia de Buenos Aires, Senior Notes
6.625%
9/1/37
334,611
 
 $277,470
 (a)
Provincia de Cordoba, Senior Notes
6.990%
6/1/27
680,000
 
682,339
 (a)
Provincia de Cordoba, Senior Notes
6.875%
2/1/29
340,000
 
334,135
 (a)
Total Argentina
1,293,944
Bahamas — 0.4%
Bahamas Government International Bond, Senior Notes
6.950%
11/20/29
1,630,000
 
1,664,230
 (a)
 
Total Sovereign Bonds (Cost — $3,718,790)
4,587,478
 
 
 
 
Shares
 
Preferred Stocks — 0.4%
Financials — 0.4%
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
AGNC Investment Corp., Non Voting Shares (3 mo. Term SOFR +
4.959%)
8.632%
32,708
816,065
 (e)
Chimera Investment Corp., Non Voting Shares (3 mo. Term SOFR
+ 5.005%)
8.737%
10,320
233,645
 (e)
MFA Financial Inc., Non Voting Shares (3 mo. Term SOFR +
5.607%)
9.340%
18,881
425,200
 (e)
 
Total Preferred Stocks (Cost — $1,521,861)
1,474,910
 
 
 
 
 
 
Common Stocks — 0.3%
Consumer Staples — 0.3%
Beverages — 0.2%
Altice France Luxco
28,448
568,198
 *
Consumer Staples Distribution & Retail — 0.1%
VCI Asset Holdings 2 LLC
394,218
415,900
 *(f)(g)
 
Total Consumer Staples
984,098
Industrials — 0.0%††
Passenger Airlines — 0.0%††
Spirit Airlines LLC
346
7
 *(o)
Spirit Aviation Holdings Inc.
59,529
1,190
 *
 
Total Industrials
1,197
Real Estate — 0.0%††
Real Estate Management & Development — 0.0%††
China Aoyuan Group Ltd.
112,573
562
 *(f)
Country Garden Holdings Co. Ltd.
6,048
130
 *(f)
 
Total Real Estate
692
Total Common Stocks (Cost — $1,232,906)
985,987
 
 
 
Rate
Maturity
Date
Face
Amount†
 
Convertible Bonds & Notes — 0.2%
Communication Services — 0.1%
Media — 0.1%
EchoStar Corp., Senior Secured Notes (3.875% Cash or 3.875%
PIK)
3.875%
11/30/30
160,068
 
500,211
 (j)
See Notes to Schedule of Investments.
12
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
 Western Asset High Income Opportunity Fund Inc.
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Industrials — 0.1%
Aerospace & Defense — 0.1%
AeroVironment Inc., Senior Notes
0.000%
7/15/30
52,000
 
 $49,706
 
Voyager Technologies Inc., Senior Notes
0.750%
11/15/30
120,000
 
157,464
 (a)
 
Total Industrials
207,170
Real Estate — 0.0%††
Real Estate Management & Development — 0.0%††
China Aoyuan Group Ltd., Senior Notes
0.000%
9/30/28
40,243
 
302
 (h)
Country Garden Holdings Co. Ltd., Senior Notes
0.000%
12/31/31
1,514,007
 
105,980
 (h)
 
Total Real Estate
106,282
Total Convertible Bonds & Notes (Cost — $592,607)
813,663
Collateralized Mortgage Obligations(p) — 0.2%
LHOME Mortgage Trust, 2025-RTL1 M1 (Cost — $529,997)
7.023%
1/25/40
530,000
534,250
 (a)(e)
 
 
 
Expiration
Date 
Rights
 
Rights — 0.0%††
Consumer Staples — 0.0%††
Beverages — 0.0%††
Altice France Luxco (Cost — $0)
—
4,046
64,721
 *
 
 
 
 
Warrants
 
Warrants — 0.0%††
Industrials — 0.0%††
Passenger Airlines — 0.0%††
Spirit Airlines LLC (Cost — $514,884)
3/12/30
42,296
 
846
 *(a)(f)(o)
Total Investments before Short-Term Investments (Cost — $345,266,667)
361,497,304
 
 
Rate
 
Shares
 
Short-Term Investments — 1.4%
Western Asset Premier Institutional Government Reserves,
Premium Shares (Cost — $5,177,931)  
3.577%
5,177,931
 
5,177,931
 (q)(r)
Total Investments — 98.9% (Cost — $350,444,598)
366,675,235
Other Assets in Excess of Liabilities — 1.1%
3,950,705
Total Net Assets — 100.0%
$370,625,940
 
See Notes to Schedule of Investments.
13
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
June 30, 2026
 Western Asset High Income 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)
The coupon payment on this security is currently in default as of June 30, 2026.
(c)
Securities traded on a when-issued or delayed delivery basis.
(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)
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.
(i)
Value is less than $1.
(j)
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.
(k)
All or a portion of this loan has not settled as of June 30, 2026. Interest rates are not effective until settlement date. Interest rates shown, if any, are for
the settled portion of the loan.
(l)
Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.
(m)
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.
(n)
All or a portion of this loan is unfunded as of June 30, 2026. The interest rate for fully unfunded term loans is to be determined. At June 30, 2026, the total
principal amount and market value of unfunded commitments totaled $232,142 and $237,130, respectively.
(o)
Restricted security (Note 3).
(p)
Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct
payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or
more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.
(q)
Rate shown is one-day yield as of the end of the reporting period.
(r)
In this instance, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), 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 June 30, 2026, the
total market value of investments in Affiliated Companies was $5,177,931 and the cost was $5,177,931 (Note 2).
 
Abbreviation(s) used in this schedule:
CLO
—
Collateralized Loan Obligation
DIP
—
Debtor-in-possession
EUR
—
Euro
GBP
—
British Pound
PIK
—
Payment-In-Kind
SOFR
—
Secured Overnight Financing Rate
USD
—
United States Dollar
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
14
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Western Asset High Income Opportunity Fund Inc. (the “Fund”) was incorporated in Maryland and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund seeks high current income. Capital appreciation is a secondary objective. In seeking to fulfill its investment objectives, the Fund invests, under normal market conditions, at least 80% of its net assets in high-yield securities and up to 20% in common stock equivalents, including options, warrants and rights.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Directors (the “Board”).  
Pursuant to policies adopted by the Board, 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. 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, 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 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.
15
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
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 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:
Energy
—
 $55,600,173
 $895,316
 $56,495,489
Financials
—
27,968,941
0
*
27,968,941
Other Corporate Bonds & Notes
—
220,257,696
—
220,257,696
Asset-Backed Securities
—
24,240,572
—
24,240,572
Senior Loans:
Consumer Discretionary
—
3,870,991
1,367,504
5,238,495
Consumer Staples
—
4,172,270
862,750
5,035,020
Industrials
—
1,959,494
633,902
2,593,396
Other Senior Loans
—
11,205,840
—
11,205,840
Sovereign Bonds
—
4,587,478
—
4,587,478
Preferred Stocks
 $1,474,910
—
—
1,474,910
Common Stocks:
Consumer Staples
—
568,198
415,900
984,098
Industrials
1,190
7
—
1,197
Real Estate
—
692
—
692
Convertible Bonds & Notes
—
813,663
—
813,663
Collateralized Mortgage Obligations
—
534,250
—
534,250
Rights
—
64,721
—
64,721
Warrants
—
846
—
846
Total Long-Term Investments
1,476,100
355,845,832
4,175,372
361,497,304
Short-Term Investments†
5,177,931
—
—
5,177,931
Total Investments
$6,654,031
$355,845,832
$4,175,372
$366,675,235
 
†
See Schedule of Investments for additional detailed categorizations.
*
Amount represents less than $1.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value: 
 
Investments in
Securities
Balance
as of
September 30, 2025
Accrued
premiums/
discounts
Realized
gain
(loss)
Change in
unrealized
appreciation
(depreciation)1
Purchases
Corporate Bonds &
Notes:
Energy
 $875,851
 $1,892
—
 $17,573
—
Financials
0
*
—
—
—
—
Healthcare
0
*
—
 $142
—
—
Senior Loans:
Consumer
Discretionary
—
2,452
—
35,351
 $1,329,701
16
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
Investments in
Securities
Balance
as of
September 30, 2025
Accrued
premiums/
discounts
Realized
gain
(loss)
Change in
unrealized
appreciation
(depreciation)1
Purchases
Consumer Staples
—
 $270
—
 $20,980
 $841,500
Industrials
—
762,218
 $(177,638
)
(890,647
)
1,619,703
Common Stocks:
Consumer Staples
—
—
—
21,682
394,218
Total
$875,851
$766,832
$(177,496
)
$(795,061
)
$4,185,122

 
Investments in
Securities (cont’d)
Sales
Transfers
into
Level 3
Transfers
out of
Level 3
Balance
as of
June 30, 2026
Net change
in unrealized
appreciation
(depreciation) for
investments
in securities
still held at
June 30, 20261
Corporate Bonds &
Notes:
Energy
—
—
—
 $895,316
 $17,573
Financials
—
—
—
0
*
—
Healthcare
 $(142
)
—
—
—
—
Senior Loans:
Consumer
Discretionary
—
—
—
1,367,504
35,351
Consumer Staples
—
—
—
862,750
20,980
Industrials
(679,734
)
—
—
633,902
(890,647
)
Common Stocks:
Consumer Staples
—
—
—
415,900
21,682
Total
$(679,876
)
—
—
$4,175,372
$(795,061
)
 
*
Amount represents less than $1.
1
Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the
reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized.
2. Transactions with affiliated company
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended June 30, 2026. The following transactions were effected in such company for the period ended June 30, 2026.
 
 
Affiliate
Value at

September 30,
2025
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
 $6,960,217
 $76,822,841
76,822,841
 $78,605,127
78,605,127

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
June 30,
2026
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $113,481
—
 $5,177,931
17
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
3. Restricted securities
The following Fund investments are restricted as to resale and, in the absence of readily ascertainable market values, are fair valued in accordance with procedures approved by the Board.
 
Security
Number of
Shares/
Warrants
Acquisition
Date
Cost
Fair Value
at 6/30/2026
Value Per
Share/Warrant
Percent of
Net Assets
Spirit Airlines LLC, Common Shares
346
3/25
 $4,212
 $7
 $0.02
0.00
 %(a)
Spirit Airlines LLC, Warrants
42,296
3/25
514,884
846
(b)
0.02
0.00
(a)
Total
$519,096
$853
0.00
%(a)
 
(a)
Amount represents less than 0.005%.
(b)
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.
18
Western Asset High Income Opportunity Fund Inc. 2026 Quarterly Report