# EDGAR Filing Document

**Accession Number:** 0001497186
**File Stem:** 0000940400-25-005167
**Filing Date:** 2025-10
**Character Count:** 222201
**Document Hash:** df6b259ee9d93812bb2aacf132d98267
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005167.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0000940400-25-005167

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Western Asset High Yield Opportunity Fund Inc.
- **CENTRAL INDEX KEY:** 0001497186

**ORGANIZATION NAME:**
- **EIN:** 273075810
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22444
- **FILM NUMBER:** 251412377

**BUSINESS ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE
- **STREET 2:** 17TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** 888-777-0102

**MAIL ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE
- **STREET 2:** 17TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Western Asset High Yield Defined Opportunity Fund Inc.
- **DATE OF NAME CHANGE:** 20100721

## Nport-Ex

Schedule of Investments (unaudited)

August 31, 2025

 **Western Asset High Yield Opportunity Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **Corporate Bonds & Notes — 85.8%** | **Corporate Bonds & Notes — 85.8%** | **Corporate Bonds & Notes — 85.8%** | **Corporate Bonds & Notes — 85.8%** | **Corporate Bonds & Notes — 85.8%** |
| **Communication Services — 16.4%** | **Communication Services — 16.4%** | **Communication Services — 16.4%** | **Communication Services — 16.4%** | **Communication Services — 16.4%** |
| *Diversified Telecommunication Services — 3.6%* | *Diversified Telecommunication Services — 3.6%* | *Diversified Telecommunication Services — 3.6%* | *Diversified Telecommunication Services — 3.6%* | *Diversified Telecommunication Services — 3.6%* |
| &nbsp;&nbsp;&nbsp; Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; $604994<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 2220000<br>| &nbsp;&nbsp;&nbsp; 1761903<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France Holding SA, Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 2550000<br>| &nbsp;&nbsp;&nbsp; 919,798<br> \*<sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France Holding SA, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 2130000<br>| &nbsp;&nbsp;&nbsp; 769,397<br> \*<sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1181052<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 248904<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Level 3 Financing Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 6/30/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10100<br> <sup>(a)</sup><br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *5496148* |
| *Entertainment — 1.5%* | *Entertainment — 1.5%* | *Entertainment — 1.5%* | *Entertainment — 1.5%* | *Entertainment — 1.5%* |
| &nbsp;&nbsp;&nbsp; Allen Media LLC/Allen Media Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 433125<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS, Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1155566<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.279% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 9000<br>| &nbsp;&nbsp;&nbsp; 7773<br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp; 755513<br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *2351977* |
| *Media — 7.2%* | *Media — 7.2%* | *Media — 7.2%* | *Media — 7.2%* | *Media — 7.2%* |
| &nbsp;&nbsp;&nbsp; AMC Networks Inc., Senior Secured Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 385392<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 225950<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 533859<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 396504<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 228791<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 1360000<br>| &nbsp;&nbsp;&nbsp; 1232031<br>|
| &nbsp;&nbsp;&nbsp; DISH DBS Corp., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 762954<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DISH Network Corp., Senior Secured Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 116368<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes | &nbsp;&nbsp; 10.750% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 4405100<br>| &nbsp;&nbsp;&nbsp; 4745020<br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (6.750% Cash or 6.750% PIK) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 13247<br>| &nbsp;&nbsp;&nbsp; 13083<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; EW Scripps Co., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 329353<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 2/21/30 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 73264<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc., Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 462711<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 997370<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; iHeartCommunications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 262500<br>| &nbsp;&nbsp;&nbsp; 225891<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 233988<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 242355<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *11204884* |
| *Wireless Telecommunication Services — 4.1%* | *Wireless Telecommunication Services — 4.1%* | *Wireless Telecommunication Services — 4.1%* | *Wireless Telecommunication Services — 4.1%* | *Wireless Telecommunication Services — 4.1%* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200064<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 2110000<br>| &nbsp;&nbsp;&nbsp; 1936692<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 157435<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 1610000<br>| &nbsp;&nbsp;&nbsp; 706569<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 552046<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 2148000<br>| &nbsp;&nbsp;&nbsp; 2311205<br>|
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 157700<br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Opportunity Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset High Yield Opportunity Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* |
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; $318150<br> <sup>(a)</sup><br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *6339861* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **25392870** |
| **Consumer Discretionary — 17.5%** | **Consumer Discretionary — 17.5%** | **Consumer Discretionary — 17.5%** | **Consumer Discretionary — 17.5%** | **Consumer Discretionary — 17.5%** |
| *Automobile Components — 3.6%* | *Automobile Components — 3.6%* | *Automobile Components — 3.6%* | *Automobile Components — 3.6%* | *Automobile Components — 3.6%* |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 229233<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 1510000<br>| &nbsp;&nbsp;&nbsp; 1521076<br>|
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18896<br>|
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 539159<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 825670<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings Inc./Garrett LX I Sarl, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/31/32 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 240646<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JB Poindexter & Co. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 1003020<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/23/32 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1199539<br> <sup>(a)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *5577239* |
| *Automobiles — 1.4%* | *Automobiles — 1.4%* | *Automobiles — 1.4%* | *Automobiles — 1.4%* | *Automobiles — 1.4%* |
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2183373*<br> <sup>(a)</sup><br>|
| *Diversified Consumer Services — 0.7%* | *Diversified Consumer Services — 0.7%* | *Diversified Consumer Services — 0.7%* | *Diversified Consumer Services — 0.7%* | *Diversified Consumer Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; Carriage Services Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 321068<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Service Corp. International, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 768282<br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *1089350* |
| *Hotels, Restaurants & Leisure — 8.1%* | *Hotels, Restaurants & Leisure — 8.1%* | *Hotels, Restaurants & Leisure — 8.1%* | *Hotels, Restaurants & Leisure — 8.1%* | *Hotels, Restaurants & Leisure — 8.1%* |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 143613<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival PLC, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 10/28/29 | &nbsp;&nbsp; 1310000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 1392337<br>|
| &nbsp;&nbsp;&nbsp; Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1310000<br>| &nbsp;&nbsp;&nbsp; 1255165<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Light & Wonder International Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 542159<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/4/29 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 648020<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1239000<br>| &nbsp;&nbsp;&nbsp; 1324334<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Finance Ltd., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20297<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pinnacle Bidco PLC, Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 10/11/28 | &nbsp;&nbsp; 500000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 715376<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp;&nbsp; 1230721<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 763857<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30223<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 1720000<br>| &nbsp;&nbsp;&nbsp; 1854215<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60092<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 8/26/28 | &nbsp;&nbsp; 880000<br>| &nbsp;&nbsp;&nbsp; 875640<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 675463<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 990879<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *12522391* |
| *Household Durables — 0.6%* | *Household Durables — 0.6%* | *Household Durables — 0.6%* | *Household Durables — 0.6%* | *Household Durables — 0.6%* |
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 615902<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 232809<br> <sup>(a)</sup><br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *848711* |
| *Specialty Retail — 2.8%* | *Specialty Retail — 2.8%* | *Specialty Retail — 2.8%* | *Specialty Retail — 2.8%* | *Specialty Retail — 2.8%* |
| &nbsp;&nbsp;&nbsp; Foot Locker Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 757033<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp;&nbsp; 1081474<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 1470000<br>| &nbsp;&nbsp;&nbsp; 1167503<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sally Holdings LLC/Sally Capital Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 768511<br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Opportunity Fund Inc. 2025 Quarterly Report

------

 **Western Asset High Yield Opportunity Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Specialty Retail — continued* | *Specialty Retail — continued* | *Specialty Retail — continued* | *Specialty Retail — continued* | *Specialty Retail — continued* |
| &nbsp;&nbsp;&nbsp; Upbound Group Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; $520212<br> <sup>(a)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *4294733* |
| *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, Second Out Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp;&nbsp; 469800<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, Third Out Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 43500<br>| &nbsp;&nbsp;&nbsp; 10549<br> <sup>(a)</sup><br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *480349* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **26996146** |
| **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** |
| *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings Inc./Triton Water Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **765970**<br> <sup>(a)</sup><br>|
| **Energy — 10.7%** | **Energy — 10.7%** | **Energy — 10.7%** | **Energy — 10.7%** | **Energy — 10.7%** |
| *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 393765<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shelf Drilling Holdings Ltd., Senior Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 668653<br> <sup>(a)</sup><br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *1062418* |
| *Oil, Gas & Consumable Fuels — 10.0%* | *Oil, Gas & Consumable Fuels — 10.0%* | *Oil, Gas & Consumable Fuels — 10.0%* | *Oil, Gas & Consumable Fuels — 10.0%* | *Oil, Gas & Consumable Fuels — 10.0%* |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 769692<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 332000<br>| &nbsp;&nbsp;&nbsp; 345690<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1349231<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/28/45 | &nbsp;&nbsp; 2560000<br>| &nbsp;&nbsp;&nbsp; 1890704<br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/2/51 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1061941<br>|
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 355937<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas Inc., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 524265<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 533668<br>|
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/19/32 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 455627<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Range Resources Corp., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 390215<br>|
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10458<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 591458<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 181350<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 149717<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Junior Subordinated Notes (9.000% to 9/30/29 then <br> 5 year Treasury Constant Maturity Rate + 5.440%) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; 1738926<br> <sup>(a)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 278401<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 261481<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 512474<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 304522<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vermilion Energy Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 377436<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 175065<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 455379<br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 769302<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 374495<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/24/44 | &nbsp;&nbsp; 1620000<br>| &nbsp;&nbsp;&nbsp; 1582029<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *15439463* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **16501881** |

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Opportunity Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset High Yield Opportunity Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Financials — 7.8%** | **Financials — 7.8%** | **Financials — 7.8%** | **Financials — 7.8%** | **Financials — 7.8%** |
| *Banks — 3.3%* | *Banks — 3.3%* | *Banks — 3.3%* | *Banks — 3.3%* | *Banks — 3.3%* |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Junior Subordinated Notes (7.750% to 8/16/29 then 5 year <br> Treasury Constant Maturity Rate + 4.899%) | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 8/16/29 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; $852710<br> <sup>(a)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.950% to 2/15/30 then 5 year <br> Treasury Constant Maturity Rate + 2.726%) | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 234115<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Junior Subordinated Notes (8.125% to 12/23/25 then <br> USD 5 year ICE Swap Rate + 6.185%) | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 12/23/25 | &nbsp;&nbsp; 1330000<br>| &nbsp;&nbsp;&nbsp; 1340879<br> <sup>(a)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Junior Subordinated Notes (7.500% to 9/27/25 <br> then USD 5 year ICE Swap Rate + 4.496%) | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 9/29/25 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 441247<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Junior Subordinated Notes (8.000% to 3/27/30 <br> then 5 year Treasury Constant Maturity Rate + 3.913%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 2030000<br>| &nbsp;&nbsp;&nbsp; 2185559<br> <sup>(e)(f)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *5054510* |
| *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* |
| &nbsp;&nbsp;&nbsp; Credit Suisse AG AT1 Claim | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6220000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(g)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; StoneX Escrow Issuer LLC, Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 144001<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; StoneX Group Inc., Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 391381<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes (9.250% to 11/13/28 then 5 year <br> Treasury Constant Maturity Rate + 4.745%) | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 11/13/28 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 593157<br> <sup>(a)(e)(f)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *1128539* |
| *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* |
| &nbsp;&nbsp;&nbsp; EZCORP Inc., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *380477*<br> <sup>(a)</sup><br>|
| *Financial Services — 2.2%* | *Financial Services — 2.2%* | *Financial Services — 2.2%* | *Financial Services — 2.2%* | *Financial Services — 2.2%* |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, Senior Secured <br> Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 110000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 160569<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp; 787903<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capstone Borrower Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 146708<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 763162<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SGUS LLC, Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 496955<br>| &nbsp;&nbsp;&nbsp; 441785<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 389656<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 515859<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 260157<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *3465799* |
| *Insurance — 0.6%* | *Insurance — 0.6%* | *Insurance — 0.6%* | *Insurance — 0.6%* | *Insurance — 0.6%* |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 154017<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset <br> Investor 2 LLC, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 768421<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *922438* |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.8%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.8%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.8%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.8%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.8%* |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 394500<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arbor Realty SR Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 395789<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 388205<br> <sup>(a)</sup><br>|
| *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | *Total Mortgage Real Estate Investment Trusts (REITs)* | &nbsp;&nbsp; *1178494* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **12130257** |
| **Health Care — 8.5%** | **Health Care — 8.5%** | **Health Care — 8.5%** | **Health Care — 8.5%** | **Health Care — 8.5%** |
| *Health Care Providers & Services — 5.1%* | *Health Care Providers & Services — 5.1%* | *Health Care Providers & Services — 5.1%* | *Health Care Providers & Services — 5.1%* | *Health Care Providers & Services — 5.1%* |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 549222<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1510000<br>| &nbsp;&nbsp;&nbsp; 1288519<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1710000<br>| &nbsp;&nbsp;&nbsp; 1811713<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Opportunity Fund Inc. 2025 Quarterly Report

------

 **Western Asset High Yield Opportunity Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; $598282<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 11/15/95 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1071261<br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10840<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Senior Secured Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 518704<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 389386<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp;&nbsp; 1261697<br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 268614<br>|
| &nbsp;&nbsp;&nbsp; U.S. Renal Care Inc., Senior Secured Notes | &nbsp;&nbsp; 10.625% | &nbsp;&nbsp; 6/28/28 | &nbsp;&nbsp; 161000<br>| &nbsp;&nbsp;&nbsp; 142485<br> <sup>(a)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *7910723* |
| *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *756030*<br> <sup>(a)</sup><br>|
| *Pharmaceuticals — 2.9%* | *Pharmaceuticals — 2.9%* | *Pharmaceuticals — 2.9%* | *Pharmaceuticals — 2.9%* | *Pharmaceuticals — 2.9%* |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 592314<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 556289<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 110250<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 894450<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Par Pharmaceutical Inc., Escrow | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(a)(g)(h)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 1610000<br>| &nbsp;&nbsp;&nbsp; 1615585<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 672252<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *4441140* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **13107893** |
| **Industrials — 10.8%** | **Industrials — 10.8%** | **Industrials — 10.8%** | **Industrials — 10.8%** | **Industrials — 10.8%** |
| *Aerospace & Defense — 1.5%* | *Aerospace & Defense — 1.5%* | *Aerospace & Defense — 1.5%* | *Aerospace & Defense — 1.5%* | *Aerospace & Defense — 1.5%* |
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 302828<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1540000<br>| &nbsp;&nbsp;&nbsp; 1625527<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 386136<br> <sup>(a)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *2314491* |
| *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Masterbrand Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *238502*<br> <sup>(a)</sup><br>|
| *Commercial Services & Supplies — 3.6%* | *Commercial Services & Supplies — 3.6%* | *Commercial Services & Supplies — 3.6%* | *Commercial Services & Supplies — 3.6%* | *Commercial Services & Supplies — 3.6%* |
| &nbsp;&nbsp;&nbsp; CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19670<br>|
| &nbsp;&nbsp;&nbsp; CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1420000<br>| &nbsp;&nbsp;&nbsp; 1503848<br>|
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 761107<br>|
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 380963<br>|
| &nbsp;&nbsp;&nbsp; GFL Environmental Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 543495<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/30/29 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 554859<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RB Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 766970<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 954538<br> <sup>(a)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *5485450* |
| *Construction & Engineering — 1.1%* | *Construction & Engineering — 1.1%* | *Construction & Engineering — 1.1%* | *Construction & Engineering — 1.1%* | *Construction & Engineering — 1.1%* |
| &nbsp;&nbsp;&nbsp; Arcosa Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 219232<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tutor Perini Corp., Senior Notes | &nbsp;&nbsp; 11.875% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1516670<br> <sup>(a)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *1735902* |
| *Ground Transportation — 0.9%* | *Ground Transportation — 0.9%* | *Ground Transportation — 0.9%* | *Ground Transportation — 0.9%* | *Ground Transportation — 0.9%* |
| &nbsp;&nbsp;&nbsp; Carriage Purchaser Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 1460000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1353800*<br> <sup>(a)</sup><br>|
| *Machinery — 0.9%* | *Machinery — 0.9%* | *Machinery — 0.9%* | *Machinery — 0.9%* | *Machinery — 0.9%* |
| &nbsp;&nbsp;&nbsp; Park-Ohio Industries Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 885516<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Opportunity Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset High Yield Opportunity Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Machinery — continued* | *Machinery — continued* | *Machinery — continued* | *Machinery — continued* | *Machinery — continued* |
| &nbsp;&nbsp;&nbsp; Titan International Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; $571680<br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *1457196* |
| *Passenger Airlines — 1.9%* | *Passenger Airlines — 1.9%* | *Passenger Airlines — 1.9%* | *Passenger Airlines — 1.9%* | *Passenger Airlines — 1.9%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 687796<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1310714<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 417675<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes <br> (11.000% Cash or 4.000% PIK and 8.000% Cash) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 1129657<br>| &nbsp;&nbsp;&nbsp; 533763<br> <sup>(a)(d)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *2949948* |
| *Trading Companies & Distributors — 0.7%* | *Trading Companies & Distributors — 0.7%* | *Trading Companies & Distributors — 0.7%* | *Trading Companies & Distributors — 0.7%* | *Trading Companies & Distributors — 0.7%* |
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 260355<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 524873<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 327000<br>| &nbsp;&nbsp;&nbsp; 326964<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *1112192* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **16647481** |
| **Information Technology — 4.6%** | **Information Technology — 4.6%** | **Information Technology — 4.6%** | **Information Technology — 4.6%** | **Information Technology — 4.6%** |
| *Communications Equipment — 1.6%* | *Communications Equipment — 1.6%* | *Communications Equipment — 1.6%* | *Communications Equipment — 1.6%* | *Communications Equipment — 1.6%* |
| &nbsp;&nbsp;&nbsp; CommScope LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 465668<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 782309<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viasat Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 1310000<br>| &nbsp;&nbsp;&nbsp; 1231378<br> <sup>(a)</sup><br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *2479355* |
| *Electronic Equipment, Instruments & Components — 0.3%* | *Electronic Equipment, Instruments & Components — 0.3%* | *Electronic Equipment, Instruments & Components — 0.3%* | *Electronic Equipment, Instruments & Components — 0.3%* | *Electronic Equipment, Instruments & Components — 0.3%* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 345075<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 191383<br> <sup>(a)</sup><br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *536458* |
| *IT Services — 0.5%* | *IT Services — 0.5%* | *IT Services — 0.5%* | *IT Services — 0.5%* | *IT Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 341578<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39650<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 383871<br> <sup>(a)</sup><br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *765099* |
| *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* |
| &nbsp;&nbsp;&nbsp; Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *465738*<br> <sup>(a)</sup><br>|
| *Software — 1.7%* | *Software — 1.7%* | *Software — 1.7%* | *Software — 1.7%* | *Software — 1.7%* |
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 2180000<br>| &nbsp;&nbsp;&nbsp; 2332356<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 273963<br> <sup>(a)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *2606319* |
| *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf Inc., Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 3/31/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *233306*<br> <sup>(a)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **7086275** |
| **Materials — 5.2%** | **Materials — 5.2%** | **Materials — 5.2%** | **Materials — 5.2%** | **Materials — 5.2%** |
| *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 10/3/31 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *392489*<br> <sup>(a)</sup><br>|
| *Containers & Packaging — 2.0%* | *Containers & Packaging — 2.0%* | *Containers & Packaging — 2.0%* | *Containers & Packaging — 2.0%* | *Containers & Packaging — 2.0%* |
| &nbsp;&nbsp;&nbsp; ARD Finance SA, Senior Secured Notes (6.500% Cash or 7.250% PIK) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 3221442<br>| &nbsp;&nbsp;&nbsp; 128858<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance <br> PLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 541879<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 2255000<br>| &nbsp;&nbsp;&nbsp; 995695<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Opportunity Fund Inc. 2025 Quarterly Report

------

 **Western Asset High Yield Opportunity Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Containers & Packaging — continued* | *Containers & Packaging — continued* | *Containers & Packaging — continued* | *Containers & Packaging — continued* | *Containers & Packaging — continued* |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; $609339<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canpack SA/Canpack US LLC, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 763627<br> <sup>(a)</sup><br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *3039398* |
| *Metals & Mining — 3.0%* | *Metals & Mining — 3.0%* | *Metals & Mining — 3.0%* | *Metals & Mining — 3.0%* | *Metals & Mining — 3.0%* |
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/33 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 380267<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 542813<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1045855<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp;&nbsp; 1226942<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 323362<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp; 1060920<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *4580159* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **8012046** |
| **Real Estate — 2.6%** | **Real Estate — 2.6%** | **Real Estate — 2.6%** | **Real Estate — 2.6%** | **Real Estate — 2.6%** |
| *Diversified REITs — 0.6%* | *Diversified REITs — 0.6%* | *Diversified REITs — 0.6%* | *Diversified REITs — 0.6%* | *Diversified REITs — 0.6%* |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 388665<br>|
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 535096<br> <sup>(a)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *923761* |
| *Health Care REITs — 0.2%* | *Health Care REITs — 0.2%* | *Health Care REITs — 0.2%* | *Health Care REITs — 0.2%* | *Health Care REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 346000<br>| &nbsp;&nbsp;&nbsp; *294092*<br>|
| *Hotel & Resort REITs — 1.0%* | *Hotel & Resort REITs — 1.0%* | *Hotel & Resort REITs — 1.0%* | *Hotel & Resort REITs — 1.0%* | *Hotel & Resort REITs — 1.0%* |
| &nbsp;&nbsp;&nbsp; Service Properties Trust, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 501295<br>|
| &nbsp;&nbsp;&nbsp; Service Properties Trust, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1032652<br>|
| *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | &nbsp;&nbsp; *1533947* |
| *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* | *Real Estate Management & Development — 0.5%* |
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (7.500% Cash or 8.500% PIK) | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 103870<br>| &nbsp;&nbsp;&nbsp; 6232<br> <sup>(d)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (8.000% Cash or 9.000% PIK) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/30 | &nbsp;&nbsp; 84393<br>| &nbsp;&nbsp;&nbsp; 1899<br> <sup>(d)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Add Hero Holdings Ltd., Senior Secured Notes (8.800% Cash or 9.800% PIK) | &nbsp;&nbsp; 9.800% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 110974<br>| &nbsp;&nbsp;&nbsp; 2381<br> <sup>(d)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Notes, Step bond (0.000% to 9/30/31 then <br> 1.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 3/30/2173 | &nbsp;&nbsp; 152810<br>| &nbsp;&nbsp;&nbsp; 1146<br> <sup>(e)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Secured Notes (5.500% PIK) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 41440<br>| &nbsp;&nbsp;&nbsp; 725<br> <sup>(d)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd., Senior Secured Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1/27/24 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; 148,750<br> \*<sup>(j)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 225331<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Five Point Operating Co. LP/Five Point Capital Corp., Senior Notes, Step bond <br> (10.500% to 11/15/25 then 11.000%) | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 383481<br> <sup>(a)</sup><br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *769945* |
| *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *525659*<br> <sup>(a)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **4047404** |
| **Utilities — 1.2%** | **Utilities — 1.2%** | **Utilities — 1.2%** | **Utilities — 1.2%** | **Utilities — 1.2%** |
| *Electric Utilities — 0.4%* | *Electric Utilities — 0.4%* | *Electric Utilities — 0.4%* | *Electric Utilities — 0.4%* | *Electric Utilities — 0.4%* |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 226979<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 382718<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *609697* |
| *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* | *Gas Utilities — 0.5%* |
| &nbsp;&nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp; *766577*<br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Opportunity Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset High Yield Opportunity Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Independent Power and Renewable Electricity Producers — 0.3%* | *Independent Power and Renewable Electricity Producers — 0.3%* | *Independent Power and Renewable Electricity Producers — 0.3%* | *Independent Power and Renewable Electricity Producers — 0.3%* | *Independent Power and Renewable Electricity Producers — 0.3%* |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; $*541353*<br> <sup>(a)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1917627** |
| **Total Corporate Bonds & Notes (Cost — $133,296,624)** | **Total Corporate Bonds & Notes (Cost — $133,296,624)** | **Total Corporate Bonds & Notes (Cost — $133,296,624)** | **Total Corporate Bonds & Notes (Cost — $133,296,624)** | &nbsp;&nbsp; **132605850** |
| **Senior Loans — 6.4%** | **Senior Loans — 6.4%** | **Senior Loans — 6.4%** | **Senior Loans — 6.4%** | **Senior Loans — 6.4%** |
| **Communication Services — 1.0%** | **Communication Services — 1.0%** | **Communication Services — 1.0%** | **Communication Services — 1.0%** | **Communication Services — 1.0%** |
| *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B3  | 9.500% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *541552*<br> <sup>(l)(m)</sup><br>|
| *Media — 0.6%* | *Media — 0.6%* | *Media — 0.6%* | *Media — 0.6%* | *Media — 0.6%* |
| &nbsp;&nbsp;&nbsp; iHeartCommunications Inc., Refinanced Term Loan B (1 mo. Term SOFR + <br> 5.889%)  | 10.205% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1149405<br>| &nbsp;&nbsp;&nbsp;&nbsp; *970925*<br> <sup>(f)(l)(m)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1512477** |
| **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** |
| *Automobile Components — 0.5%* | *Automobile Components — 0.5%* | *Automobile Components — 0.5%* | *Automobile Components — 0.5%* | *Automobile Components — 0.5%* |
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, 2022 Incremental Term Loan (3 mo. Term SOFR + <br> 5.262%)  | 9.570% | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 817473<br>| &nbsp;&nbsp;&nbsp;&nbsp; *780687*<br> <sup>(f)(l)(m)</sup><br>|
| *Diversified Consumer Services — 0.5%* | *Diversified Consumer Services — 0.5%* | *Diversified Consumer Services — 0.5%* | *Diversified Consumer Services — 0.5%* | *Diversified Consumer Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; WW International Inc., Take-Back Term Loan (3 mo. Term SOFR + 6.800%)  | 11.121% | &nbsp;&nbsp; 6/25/30 | &nbsp;&nbsp; 746835<br>| &nbsp;&nbsp;&nbsp;&nbsp; *688489*<br> <sup>(f)(l)(m)</sup><br>|
| *Hotels, Restaurants & Leisure — 0.6%* | *Hotels, Restaurants & Leisure — 0.6%* | *Hotels, Restaurants & Leisure — 0.6%* | *Hotels, Restaurants & Leisure — 0.6%* | *Hotels, Restaurants & Leisure — 0.6%* |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC, Initial Term Loan B (1 mo. Term SOFR + 3.250%)  | 7.566% | &nbsp;&nbsp; 1/27/29 | &nbsp;&nbsp; 984733<br>| &nbsp;&nbsp;&nbsp;&nbsp; *985413*<br> <sup>(f)(l)(m)</sup><br>|
| *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Petco Health and Wellness Co. Inc., First Lien Initial Term Loan  |  | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *174338*<br> <sup>(n)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2628927** |
| **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** |
| *Beverages — 0.3%* | *Beverages — 0.3%* | *Beverages — 0.3%* | *Beverages — 0.3%* | *Beverages — 0.3%* |
| &nbsp;&nbsp;&nbsp; Triton Water Holdings Inc., 2025 Refinancing Term Loan (3 mo. Term SOFR + <br> 2.250%)  | 6.546% | &nbsp;&nbsp; 3/31/28 | &nbsp;&nbsp; 467837<br>| &nbsp;&nbsp;&nbsp;&nbsp; **468957**<br> <sup>(f)(l)(m)</sup><br>|
| **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** | **Financials — 0.5%** |
| *Banks — 0.3%* | *Banks — 0.3%* | *Banks — 0.3%* | *Banks — 0.3%* | *Banks — 0.3%* |
| &nbsp;&nbsp;&nbsp; Ascensus Group Holdings Inc., 2024 Term Loan B (1 mo. Term SOFR + <br> 3.000%)  | 7.316% | &nbsp;&nbsp; 8/2/28 | &nbsp;&nbsp; 492150<br>| &nbsp;&nbsp;&nbsp;&nbsp; *493188*<br> <sup>(f)(l)(m)</sup><br>|
| *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* |
| &nbsp;&nbsp;&nbsp; Blackhawk Network Holdings Inc., Term Loan B (1 mo. Term SOFR + 4.000%)  | 8.316% | &nbsp;&nbsp; 3/12/29 | &nbsp;&nbsp; 206509<br>| &nbsp;&nbsp;&nbsp;&nbsp; *207685*<br> <sup>(f)(l)(m)</sup><br>|
| *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* | *Financial Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, Amendment No. 10 Term Loan (1 mo. Term SOFR + 4.000%)  | 8.316% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *100125*<br> <sup>(f)(l)(m)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **800998** |
| **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** |
| *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Term Loan B (3 mo. Term SOFR + 3.750%)  | 8.068% | &nbsp;&nbsp; 5/16/31 | &nbsp;&nbsp; 888769<br>| &nbsp;&nbsp;&nbsp;&nbsp; **883854**<br> <sup>(f)(l)(m)</sup><br>|
| **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** | **Industrials — 0.2%** |
| *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; ACProducts Holdings Inc., Initial Term Loan (3 mo. Term SOFR + 4.512%)  | 8.807% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 492308<br>| &nbsp;&nbsp;&nbsp;&nbsp; **402110**<br> <sup>(f)(l)(m)</sup><br>|
| **Information Technology — 1.5%** | **Information Technology — 1.5%** | **Information Technology — 1.5%** | **Information Technology — 1.5%** | **Information Technology — 1.5%** |
| *Software — 1.5%* | *Software — 1.5%* | *Software — 1.5%* | *Software — 1.5%* | *Software — 1.5%* |
| &nbsp;&nbsp;&nbsp; DCert Buyer Inc., Second Lien Initial Term Loan (1 mo. Term SOFR + 7.000%) | 11.316% | &nbsp;&nbsp; 2/19/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 454168<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Modena Buyer LLC, Initial Term Loan (3 mo. Term SOFR + 4.500%) | 8.808% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 555800<br>| &nbsp;&nbsp;&nbsp; 548060<br> <sup>(f)(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Red Planet Borrower LLC, Term Loan B |  | &nbsp;&nbsp; 8/7/32 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 355988<br> <sup>(n)</sup><br>|

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Opportunity Fund Inc. 2025 Quarterly Report

------

 **Western Asset High Yield Opportunity Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Software — continued* | *Software — continued* | *Software — continued* | *Software — continued* | *Software — continued* |
| &nbsp;&nbsp;&nbsp; X.Ai Corp., Initial Term Loan | 12.500% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; $951933<br> <sup>(l)(m)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *2310149* |
| *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Vericast Corp., 2024 Extended Term Loan (3 mo. Term SOFR + 7.750%)  | 12.046% | &nbsp;&nbsp; 6/16/26 | &nbsp;&nbsp; 32554<br>| &nbsp;&nbsp;&nbsp;&nbsp; *32096*<br> <sup>(f)(l)(m)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2342245** |
| **Materials — 0.6%** | **Materials — 0.6%** | **Materials — 0.6%** | **Materials — 0.6%** | **Materials — 0.6%** |
| *Metals & Mining — 0.6%* | *Metals & Mining — 0.6%* | *Metals & Mining — 0.6%* | *Metals & Mining — 0.6%* | *Metals & Mining — 0.6%* |
| &nbsp;&nbsp;&nbsp; Arctic Canadian Diamond Co. Ltd., Second Lien Term Loan  | 10.000% | &nbsp;&nbsp; 12/31/27 | &nbsp;&nbsp; 895944<br>| &nbsp;&nbsp;&nbsp;&nbsp; **892833**<br> <sup>(g)(h)(l)(m)</sup><br>|
| **Total Senior Loans (Cost — $10,346,464)** | **Total Senior Loans (Cost — $10,346,464)** | **Total Senior Loans (Cost — $10,346,464)** | **Total Senior Loans (Cost — $10,346,464)** | &nbsp;&nbsp; **9932401** |
| **Sovereign Bonds — 1.8%** | **Sovereign Bonds — 1.8%** | **Sovereign Bonds — 1.8%** | **Sovereign Bonds — 1.8%** | **Sovereign Bonds — 1.8%** |
| *Angola — 0.2%* | *Angola — 0.2%* | *Angola — 0.2%* | *Angola — 0.2%* | *Angola — 0.2%* |
| &nbsp;&nbsp;&nbsp; Angolan Government International Bond, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/26/29 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *400235*<br> <sup>(a)</sup><br>|
| *Argentina — 0.3%* | *Argentina — 0.3%* | *Argentina — 0.3%* | *Argentina — 0.3%* | *Argentina — 0.3%* |
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 47045<br>| &nbsp;&nbsp;&nbsp; 32567<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Provincia de Cordoba, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 388475<br> <sup>(a)</sup><br>|
| *Total Argentina* | *Total Argentina* | *Total Argentina* | *Total Argentina* | &nbsp;&nbsp; *421042* |
| *Bahamas — 1.0%* | *Bahamas — 1.0%* | *Bahamas — 1.0%* | *Bahamas — 1.0%* | *Bahamas — 1.0%* |
| &nbsp;&nbsp;&nbsp; Bahamas Government International Bond, Senior Notes | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 11/20/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1501500*<br> <sup>(a)</sup><br>|
| *Dominican Republic — 0.3%* | *Dominican Republic — 0.3%* | *Dominican Republic — 0.3%* | *Dominican Republic — 0.3%* | *Dominican Republic — 0.3%* |
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond, Senior Notes | &nbsp;&nbsp; 13.625% | &nbsp;&nbsp; 2/3/33 | &nbsp;&nbsp; 21000000 <br><sup>DOP</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *401694*<br> <sup>(j)</sup><br>|
| **Total Sovereign Bonds (Cost — $2,259,448)** | **Total Sovereign Bonds (Cost — $2,259,448)** | **Total Sovereign Bonds (Cost — $2,259,448)** | **Total Sovereign Bonds (Cost — $2,259,448)** | &nbsp;&nbsp; **2724471** |
|  |  |  | Shares |  |
| **Investments in Underlying Funds — 1.0%** | **Investments in Underlying Funds — 1.0%** | **Investments in Underlying Funds — 1.0%** | **Investments in Underlying Funds — 1.0%** | **Investments in Underlying Funds — 1.0%** |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg Short Term High Yield Bond ETF (Cost — $1,498,452) |  |  | &nbsp;&nbsp; 58680<br>| &nbsp;&nbsp;&nbsp; **1498687**<br>|
|  | Rate |  |  |  |
| **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** |
| **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.7%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.7%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.7%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.7%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.7%* |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Non Voting Shares (3 mo. Term SOFR + 4.959%) | &nbsp;&nbsp; 9.276% |  | &nbsp;&nbsp; 23049 | &nbsp;&nbsp;&nbsp; 579913<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp., Non Voting Shares (7.750% to 9/30/25 then 3 mo. <br> USD LIBOR + 4.743%) | &nbsp;&nbsp; 7.750% |  | &nbsp;&nbsp; 7274 | &nbsp;&nbsp;&nbsp; 169120<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; MFA Financial Inc., Non Voting Shares (3 mo. Term SOFR + 5.607%) | &nbsp;&nbsp; 9.902% |  | &nbsp;&nbsp; 13294 | &nbsp;&nbsp;&nbsp; 324507<br> <sup>(f)</sup><br>|
| **Total Preferred Stocks (Cost — $1,072,218)** | **Total Preferred Stocks (Cost — $1,072,218)** | **Total Preferred Stocks (Cost — $1,072,218)** | **Total Preferred Stocks (Cost — $1,072,218)** | &nbsp;&nbsp; **1073540** |
| **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** | **Common Stocks — 0.3%** |
| **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* | *Diversified Consumer Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; WW International Inc. | &nbsp;&nbsp;&nbsp; WW International Inc. |  | &nbsp;&nbsp; 14615 | &nbsp;&nbsp;&nbsp; **466,072**<br> \*<br>|
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC | &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 14655 | &nbsp;&nbsp;&nbsp; 17,879<br> \*<sup>(g)(o)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 21251 | &nbsp;&nbsp;&nbsp; 25,926<br> \*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **43805** |

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Opportunity Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset High Yield Opportunity Fund Inc.**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares | Value |
| **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** | **Materials — 0.0%††** |
| *Metals & Mining — 0.0%††* | *Metals & Mining — 0.0%††* | *Metals & Mining — 0.0%††* | *Metals & Mining — 0.0%††* | *Metals & Mining — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Arctic Canadian Diamond Co. Ltd. | &nbsp;&nbsp;&nbsp; Arctic Canadian Diamond Co. Ltd. |  | &nbsp;&nbsp; 906 | &nbsp;&nbsp;&nbsp; **$20,689**<br> \*<sup>(g)(h)</sup><br>|
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* |
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd. | &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd. |  | &nbsp;&nbsp; 38203 | &nbsp;&nbsp;&nbsp; **573**<br> \*<sup>(g)</sup><br>|
| **Total Common Stocks (Cost — $1,020,965)** | **Total Common Stocks (Cost — $1,020,965)** | **Total Common Stocks (Cost — $1,020,965)** | **Total Common Stocks (Cost — $1,020,965)** | &nbsp;&nbsp;&nbsp; **531139**<br>|
|  | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>|  |
| **Collateralized Mortgage Obligations**<sup>(p)</sup> **— 0.3%** | **Collateralized Mortgage Obligations**<sup>(p)</sup> **— 0.3%** | **Collateralized Mortgage Obligations**<sup>(p)</sup> **— 0.3%** | **Collateralized Mortgage Obligations**<sup>(p)</sup> **— 0.3%** | **Collateralized Mortgage Obligations**<sup>(p)</sup> **— 0.3%** |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust, 2025-RTL1 M1 (Cost — $379,998) | &nbsp;&nbsp; 7.023% | &nbsp;&nbsp; 1/25/40 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; **383924**<br> <sup>(a)(f)</sup><br>|
| **Convertible Bonds & Notes — 0.1%** | **Convertible Bonds & Notes — 0.1%** | **Convertible Bonds & Notes — 0.1%** | **Convertible Bonds & Notes — 0.1%** | **Convertible Bonds & Notes — 0.1%** |
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* | *Hotels, Restaurants & Leisure — 0.1%* |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; **176804**<br>|
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Aerospace & Defense — 0.0%††* | *Aerospace & Defense — 0.0%††* | *Aerospace & Defense — 0.0%††* | *Aerospace & Defense — 0.0%††* | *Aerospace & Defense — 0.0%††* |
| &nbsp;&nbsp;&nbsp; AeroVironment Inc., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 47000<br>| &nbsp;&nbsp;&nbsp; **50172**<br>|
| **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** | **Real Estate — 0.0%††** |
| *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* | *Real Estate Management & Development — 0.0%††* |
| &nbsp;&nbsp;&nbsp; China Aoyuan Group Ltd., Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/30/28 | &nbsp;&nbsp; 13656<br>| &nbsp;&nbsp;&nbsp;&nbsp; **615**<br> <sup>(j)</sup><br>|
| **Total Convertible Bonds & Notes (Cost — $223,952)** | **Total Convertible Bonds & Notes (Cost — $223,952)** | **Total Convertible Bonds & Notes (Cost — $223,952)** | **Total Convertible Bonds & Notes (Cost — $223,952)** | &nbsp;&nbsp; **227591** |
|  |  | Expiration <br>Date<br>| Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 797<br>| &nbsp;&nbsp;&nbsp; 972<br> \*<sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 21647<br>| &nbsp;&nbsp;&nbsp; 26,409<br> \*<sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Airlines LLC |  | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 16644<br>| &nbsp;&nbsp;&nbsp; 20,306<br> \*<sup>(a)(g)(o)</sup><br>|
| **Total Warrants (Cost — $475,832)** | **Total Warrants (Cost — $475,832)** | **Total Warrants (Cost — $475,832)** | **Total Warrants (Cost — $475,832)** | &nbsp;&nbsp; **47687** |
| **Total Investments before Short-Term Investments (Cost — $150,573,953)** | **Total Investments before Short-Term Investments (Cost — $150,573,953)** | **Total Investments before Short-Term Investments (Cost — $150,573,953)** | **Total Investments before Short-Term Investments (Cost — $150,573,953)** | &nbsp;&nbsp; **149025290** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional Government Reserves, Premium Shares <br> (Cost — $2,740,038)  | &nbsp;&nbsp; 4.246% |  | &nbsp;&nbsp; 2740038<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2740038**<br> <sup>(q)(r)</sup><br>|
| **Total Investments — 98.2% (Cost — $153,313,991)** | **Total Investments — 98.2% (Cost — $153,313,991)** | **Total Investments — 98.2% (Cost — $153,313,991)** | **Total Investments — 98.2% (Cost — $153,313,991)** | &nbsp;&nbsp; **151765328** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; 2811143 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$154576471** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedule of Investments.

------

Western Asset High Yield Opportunity Fund Inc. 2025 Quarterly Report

------

 **Western Asset High Yield Opportunity Fund Inc.**

---

| | |
|:---|:---|
| † | Face amount denominated in U.S. dollars, unless otherwise noted. |
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | 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 <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors. <br>|
| <sup>(b)</sup> | The coupon payment on this security is currently in default as of August 31, 2025. |
| <sup>(c)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(d)</sup> | 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.  |
| <sup>(e)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(f)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> 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 <br> reference rate and spread in their description above.<br>|
| <sup>(g)</sup> | Security is fair valued in accordance with procedures approved by the Board of Directors (Note 1). |
| <sup>(h)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(i)</sup> | Value is less than $1. |
| <sup>(j)</sup> | 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 <br> 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 <br> Board of Directors.<br>|
| <sup>(k)</sup> | The maturity principal is currently in default as of August 31, 2025. |
| <sup>(l)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(m)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(n)</sup> | All or a portion of this loan has not settled as of August 31, 2025. Interest rates are not effective until settlement date. Interest rates shown, if any, are for <br> the settled portion of the loan.<br>|
| <sup>(o)</sup> | Restricted security (Note 3). |
| <sup>(p)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> 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 <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(q)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(r)</sup> | 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 <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At August 31, 2025, the total market value of <br> investments in Affiliated Companies was $2,740,038 and the cost was $2,740,038 (Note 2).<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| DOP |  | Dominican Peso |
| ETF |  | Exchange-Traded Fund |
| EUR |  | Euro |
| GBP |  | British Pound |
| ICE |  | Intercontinental Exchange |
| LIBOR |  | London Interbank Offered Rate |
| PIK |  | Payment-In-Kind |
| SOFR |  | Secured Overnight Financing Rate |
| SPDR |  | Standard & Poor's Depositary Receipts |
| USD |  | United States Dollar |

---

At August 31, 2025, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| USD | &nbsp;&nbsp; 585493 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 496633 | Bank of America N.A. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; $2715 |
| USD | &nbsp;&nbsp; 295153 | &nbsp;&nbsp; GBP | &nbsp;&nbsp; 219784 | Bank of America N.A. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp; (2018) |
| EUR | &nbsp;&nbsp; 1022794 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1202131 | Citibank N.A. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp; (1925) |
| GBP | &nbsp;&nbsp; 436492 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 585377 | Citibank N.A. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4807 |
| EUR | &nbsp;&nbsp; 2750266 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3241040 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; (13716) |

---

See Notes to Schedule of Investments.

------

Western Asset High Yield Opportunity Fund Inc. 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

August 31, 2025

 **Western Asset High Yield Opportunity Fund Inc.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date<br>| Unrealized<br> Appreciation<br> (Depreciation)<br>|
| GBP | &nbsp;&nbsp; 503712 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 687854 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; $(6781) |
| USD | &nbsp;&nbsp; 3116819 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 2637284 | JPMorgan Chase & Co. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 22074 |
| EUR | &nbsp;&nbsp; 1015662 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1199019 | Morgan Stanley & Co. Inc. | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp;&nbsp; (7180) |
| **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$(2024)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| EUR |  | Euro |
| GBP |  | British Pound |
| USD |  | United States Dollar |

---

At August 31, 2025, the Fund had the following open swap contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| Markit CDX.NA.HY.44 Index | $2168000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/30 | 5.000% quarterly | &nbsp;&nbsp;&nbsp; **$156171** | &nbsp;&nbsp;&nbsp; **$122321** | &nbsp;&nbsp;&nbsp; **$33850** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>1</sup> | 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 <br> the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities <br> 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 <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | 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 <br> occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | 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 <br> 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 <br> of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when <br> 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 <br> default or other credit event occurring as defined under the terms of the agreement.<br>|
| † | Percentage shown is an annual percentage rate. |

---

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.

------

Western Asset High Yield Opportunity Fund Inc. 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Western Asset High Yield Opportunity Fund Inc. (formerly Western Asset High Yield Defined Opportunity Fund Inc.) (the "Fund") was incorporated in Maryland on July 20, 2010, and is registered as a non-diversified, limited-term, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund's primary investment objective is to provide high income. As a secondary investment objective, the Fund will seek capital appreciation. The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its net assets in a portfolio of high-yield corporate fixed income securities with varying maturities. Corporate securities include those securities that are issued or originated by U.S. or foreign public or private corporations and other business entities. The Fund intends to liquidate on or about September 30, 2025, and distribute substantially all of its net assets to stockholders, after making appropriate provisions for any liabilities of the Fund.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946.

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Equity securities, including exchange-traded funds, 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.

------

Western Asset High Yield Opportunity Fund Inc. 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited) (cont'd)

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities carried at fair value: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; $12130257 | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $12130257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 13107893 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 13107893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 107367700 | &nbsp;&nbsp; — | &nbsp;&nbsp; 107367700 |
| &nbsp;&nbsp;&nbsp; Senior Loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 892833 | &nbsp;&nbsp; 892833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 9039568 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9039568 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 2724471 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2724471 |
| &nbsp;&nbsp;&nbsp; Investments in Underlying Funds | &nbsp;&nbsp; $1498687 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1498687 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 1073540 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1073540 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; 466072 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 466072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp; 25926 | &nbsp;&nbsp; 17879 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20689 | &nbsp;&nbsp; 20689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp; — | &nbsp;&nbsp; 573 | &nbsp;&nbsp; — | &nbsp;&nbsp; 573 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 383924 | &nbsp;&nbsp; — | &nbsp;&nbsp; 383924 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 227591 | &nbsp;&nbsp; — | &nbsp;&nbsp; 227591 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; 47687 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47687 |
| Total Long-Term Investments | &nbsp;&nbsp; 3064225 | &nbsp;&nbsp; 145047543 | &nbsp;&nbsp; 913522 | &nbsp;&nbsp; 149025290 |
| Short-Term Investments† | &nbsp;&nbsp; 2740038 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2740038 |
| **Total Investments** | &nbsp;&nbsp; **$5804263** | &nbsp;&nbsp; **$145047543** | &nbsp;&nbsp; **$913522** | &nbsp;&nbsp; **$151765328** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $29596 | &nbsp;&nbsp; — | &nbsp;&nbsp; $29596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 33850 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33850 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$63446** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$63446** |
| **Total** | &nbsp;&nbsp; **$5804263** | &nbsp;&nbsp; **$145110989** | &nbsp;&nbsp; **$913522** | &nbsp;&nbsp; **$151828774** |

---

------

Western Asset High Yield Opportunity Fund Inc. 2025 Quarterly Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $31620 | &nbsp;&nbsp; — | &nbsp;&nbsp; $31620 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended August 31, 2025. The following transactions were effected in such company for the period ended August 31, 2025. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium <br> Shares<br>| $4739340 | $23459279 | 23459279 | $25458581 | 25458581 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>August 31, <br>2025<br>|
| Western Asset Premier <br> Institutional Government <br> Reserves, Premium Shares<br>|  | $24442 |  | $2740038 |

---

**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. <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares/ <br>Warrants<br>| Acquisition <br>Date<br>| Cost | Fair Value <br>at 8/31/2025<br>| Value Per <br>Share/Warrant<br>| &nbsp;&nbsp; Percent of <br>Net Assets<br>|
| Spirit Airlines LLC, <br> Common Shares<br>| &nbsp;&nbsp; 14655 | 3/25 | $178401 | $17879 | &nbsp;&nbsp; $1.22 | 0.01<br> %<br>|
| Spirit Airlines LLC, <br> Warrants<br>| &nbsp;&nbsp; 16644 | 3/25 | 202613 | 20306 <br><sup>(a)</sup><br>| 1.22 | 0.01 |
|  |  |  | **$381014** | **$38185** |  | **0.02%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

------

Western Asset High Yield Opportunity Fund Inc. 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Western Asset High Yield Opportunity Fund Inc.

- **b. Investment Company Act file number:** 811-22444

- **c. CIK number of Registrant:** 0001497186

- **d. LEI of Registrant:** 549300MT3R4UXA0DZF65

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 620 Eighth Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10018

  - **Telephone number:** 1-888-777-0102

**Item A.2. Information about the Series.**

- **a. Name of Series:** Western Asset High Yield Opportunity Fund Inc.

- **c. LEI of Series:** 549300MT3R4UXA0DZF65

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-29

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $157638701.32

**Total Liabilities:** $3062932.06

**Net Assets:** $154575769.26

**Delayed Delivery Securities:** $541317.60

**Cash Not Reported:** $209489.05

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 54.39000000 | **1-Year:** 700.05000000 | **5-Year:** 628.94000000 | **10-Year:** 5333.44000000 | **30-Year:** 482.35000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 438.09000000 | **1-Year:** 14929.55000000 | **5-Year:** 19129.27000000 | **10-Year:** 6966.23000000 | **30-Year:** 181.55000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 1.90%                | -0.30%               | 1.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-589203.52              | $4171756.63                                |
| Month 2  | $6213189.65              | $-5793876.51                               |
| Month 3  | $-190481.10              | $885113.97                                 |

### Schedule of Portfolio Investments

| Name                                                     | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Goldman Sachs Bank USA                                   | GBP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-6780.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                                         | StoneX Group Inc                                                                 | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    370000 | PA      | $391381.19    | 0.25%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                            | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   4405100 | PA      | $4745019.54   | 3.07%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                            | ZF North America Capital Inc                                                     | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1199539.50   | 0.78%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                                 | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 03969AAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1380000 | PA      | $609339.00    | 0.39%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                       | Dominican Republic International Bond                                            | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |  21000000 | PA      | $401693.48    | 0.26%             | 2033-02-03      | Fixed         | 13.62%                | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT                                    | Banijay Entertainment SAS                                                        | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |   1110000 | PA      | $1155566.61   | 0.75%             | 2029-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| VIKING OCEAN CRUISES SHI                                 | Viking Ocean Cruises Ship VII Ltd                                                | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     60000 | PA      | $60091.88     | 0.04%             | 2029-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                 | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    390000 | PA      | $396504.49    | 0.26%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                              | BNP Paribas SA                                                                   | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    810000 | PA      | $852709.68    | 0.55%             | N/A             | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                   | Cloud Software Group Inc                                                         | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   2180000 | PA      | $2332355.84   | 1.51%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                    | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    460000 | PA      | $512474.04    | 0.33%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                         | CSC Holdings LLC                                                                 | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    850000 | PA      | $552045.74    | 0.36%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| X.Ai Corp.                                               | XAI CORP                                                                         | CUSIP: 98402XAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    950000 | PA      | $951933.25    | 0.62%             | 2028-06-30      | Floating      | 12.50%                | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                                      | Sprint Capital Corp                                                              | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    130000 | PA      | $157700.51    | 0.10%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                 | Altice France Holding SA                                                         | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |   2550000 | PA      | $919797.75    | 0.60%             | 2027-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                           | Bombardier Inc                                                                   | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1540000 | PA      | $1625526.98   | 1.05%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                                      | Sprint Capital Corp                                                              | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |   2148000 | PA      | $2311205.10   | 1.50%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                                        | Upbound Group Inc                                                                | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    530000 | PA      | $520212.01    | 0.34%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC                                 | Saks Global Enterprises LLC                                                      | CUSIP: 79380MAD7<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $469800.00    | 0.30%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                           | Gray Media Inc                                                                   | CUSIP: 389375AJ5<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $997370.00    | 0.65%             | 2026-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment LLC                               | FERTITTA ENTERTAINMENT L                                                         | CUSIP: 31556PAB3<br>LEI: 984500A0805D8V551D35 | Long             | LON              | CORP              | US        |    984733 | PA      | $985412.30    | 0.64%             | 2029-01-27      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                            | DISH DBS Corp                                                                    | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1232030.80   | 0.80%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                                 | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                           | CUSIP: 03969AAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   2255000 | PA      | $995695.25    | 0.64%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                                   | PAR PHARMACEUTICAL INC                                                           | CUSIP: 698ESCAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $0.00         | 0.00%             | 2027-04-01      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                 | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      9000 | PA      | $7772.63      | 0.01%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                        | GEO Group Inc/The                                                                | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    690000 | PA      | $761106.61    | 0.49%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| PINNACLE BIDCO PLC                                       | Pinnacle Bidco PLC                                                               | CUSIP: 000000000<br>LEI: 2138006Z5V8OBL2A2Q06 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $715376.12    | 0.46%             | 2028-10-11      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                                   | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    220000 | PA      | $229232.52    | 0.15%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TUTOR PERINI CORP                                        | Tutor Perini Corp                                                                | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1516669.65   | 0.98%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                 | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAM9<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    180000 | PA      | $181349.82    | 0.12%             | 2040-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                   | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |     41440 | PA      | $725.20       | 0.00%             | 2031-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                           | Wynn Macau Ltd                                                                   | CUSIP: 98313RAE6<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    700000 | PA      | $675462.53    | 0.44%             | 2029-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                 | Altice France Holding SA                                                         | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |   2130000 | PA      | $769396.96    | 0.50%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                  | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    410000 | PA      | $388664.63    | 0.25%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                 | Charter Communications Operating LLC / Charter Communications Operating Capital  | CUSIP: 161175CT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    540000 | PA      | $533858.76    | 0.35%             | 2055-12-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                 | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10458.27     | 0.01%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                   | EquipmentShare.com Inc                                                           | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    180000 | PA      | $191383.38    | 0.12%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                 | First Quantum Minerals Ltd                                                       | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    320000 | PA      | $323361.92    | 0.21%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                  | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18895.85     | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                 | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAG4<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    770000 | PA      | $787902.50    | 0.51%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                 | Rockies Express Pipeline LLC                                                     | CUSIP: 77340RAD9<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    570000 | PA      | $591458.22    | 0.38%             | 2038-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                             | Ecopetrol SA                                                                     | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   2560000 | PA      | $1890703.87   | 1.22%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC                                      | Diebold Nixdorf Inc                                                              | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |    220000 | PA      | $233306.26    | 0.15%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                             | UBS Group AG                                                                     | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    540000 | PA      | $593157.06    | 0.38%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                    | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    290000 | PA      | $304521.75    | 0.20%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                            | TransDigm Inc                                                                    | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    370000 | PA      | $386135.70    | 0.25%             | 2031-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                   | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |     13656 | PA      | $614.52       | 0.00%             | 2028-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                    | GFL Environmental Inc                                                            | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    520000 | PA      | $543494.64    | 0.35%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OP CO LP/FIVE                                 | Five Point Operating Co LP / Five Point Capital Corp                             | CUSIP: 33834YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $383480.80    | 0.25%             | 2028-01-15      | Variable      | 10.50%                | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC                                    | Carriage Services Inc                                                            | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $321067.75    | 0.21%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HLDGS LLC                                  | Sotera Health Holdings LLC                                                       | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |    370000 | PA      | $389385.41    | 0.25%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DORNOCH DEBT MERGER SUB                                  | Dornoch Debt Merger Sub Inc                                                      | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    950000 | PA      | $825670.08    | 0.53%             | 2029-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                                   | JB Poindexter & Co Inc                                                           | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |    970000 | PA      | $1003020.09   | 0.65%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                  | MPT Operating Partnership LP / MPT Finance Corp                                  | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    510000 | PA      | $535096.59    | 0.35%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                    | Tenet Healthcare Corp                                                            | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1261697.22   | 0.82%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                  | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    750000 | PA      | $763857.00    | 0.49%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                                        | DISH Network Corp                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    110000 | PA      | $116368.29    | 0.08%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                 | Lloyds Banking Group PLC                                                         | CUSIP: 539439AU3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    440000 | PA      | $441247.40    | 0.29%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS                                     | Country Garden Holdings Co Ltd                                                   | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |   1750000 | PA      | $148750.00    | 0.10%             | 2024-01-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP                                     | AGNC Investment Corp                                                             | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |     23049 | NS      | $579912.84    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| China Aoyuan Group Ltd                                   | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | EC               | CORP              | CN        |     38203 | NS      | $573.45       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                                   | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |    210000 | PA      | $225331.26    | 0.15%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Ascensus Group Holdings Inc (f/k/a Mercury Borrower Inc) | ASCENSUS HOLDINGS INC                                                            | CUSIP: 03836BAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    492150 | PA      | $493188.58    | 0.32%             | 2028-08-02      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                    | American Airlines Inc                                                            | CUSIP: 023771T40<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1310713.75   | 0.85%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications Inc                                 | IHEARTCOMMUNICATIONS INC                                                         | CUSIP: 45174UAJ7<br>LEI: 54930076J6KDZL504O62 | Long             | LON              | CORP              | US        |   1149405 | PA      | $970925.39    | 0.63%             | 2029-05-01      | Floating      | 10.21%                | No            |                  2 | On Loan: No      |
| Arctic Canadian Diamond Company Ltd                      | ARCTIC CANADIAN DIAMONDS                                                         | CUSIP: 039669AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    895944 | PA      | $892832.43    | 0.58%             | 2027-12-31      | Floating      | 10.00%                | No            |                  3 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    920000 | PA      | $672252.10    | 0.43%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Blackhawk Network Holdings Inc.                          | BHN MERGER SUB INC                                                               | CUSIP: 09238FAM3<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |    206509 | PA      | $207684.81    | 0.13%             | 2029-03-12      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| FOOT LOCKER INC                                          | Foot Locker Inc                                                                  | CUSIP: 344849AA2<br>LEI: 549300X383CBNP6MTV94 | Long             | DBT              | CORP              | US        |    790000 | PA      | $757033.22    | 0.49%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                   | Williams Cos Inc/The                                                             | CUSIP: 969457BV1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   1620000 | PA      | $1582028.67   | 1.02%             | 2044-06-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                                  | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAQ4<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   1610000 | PA      | $1615585.09   | 1.05%             | 2029-05-09      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                       | Angolan Government International Bond                                            | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    420000 | PA      | $400235.40    | 0.26%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                     | LHOME Mortgage Trust 2025-RTL1                                                   | CUSIP: 50205UAC5<br>LEI: 5299002NGIWITLMXOH85 | Long             | ABS-MBS          | CORP              | US        |    380000 | PA      | $383924.03    | 0.25%             | 2040-01-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                   | Cloud Software Group Inc                                                         | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    270000 | PA      | $273963.12    | 0.18%             | 2033-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                 | First Quantum Minerals Ltd                                                       | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    510000 | PA      | $542812.73    | 0.35%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                         | CSC Holdings LLC                                                                 | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2110000 | PA      | $1936691.56   | 1.25%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                                   | AthenaHealth Group Inc                                                           | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    770000 | PA      | $756029.97    | 0.49%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                 | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1288519.39   | 0.83%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                 | First Quantum Minerals Ltd                                                       | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1045855.00   | 0.68%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ACProducts Holdings Inc                                  | ACProducts Holdings Inc                                                          | CUSIP: 00488YAB2<br>LEI: 254900KTNXVUUHWHBF39 | Long             | LON              | CORP              | US        |    492308 | PA      | $402109.54    | 0.26%             | 2028-05-17      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| TITAN INTERNATIONAL INC                                  | Titan International Inc                                                          | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |    570000 | PA      | $571679.79    | 0.37%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                               | Viasat Inc                                                                       | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1231378.12   | 0.80%             | 2031-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                 | Western Midstream Operating LP                                                   | CUSIP: 958254AJ3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    540000 | PA      | $455379.47    | 0.29%             | 2048-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                 | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    590000 | PA      | $598282.29    | 0.39%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                         | CSC Holdings LLC                                                                 | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200064.22    | 0.13%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                           | Gray Media Inc                                                                   | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    460000 | PA      | $462710.65    | 0.30%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| X Corp (f/k/a Twitter Inc)                               | X CORP                                                                           | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    550000 | PA      | $541552.00    | 0.35%             | 2029-10-26      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                 | Western Midstream Operating LP                                                   | CUSIP: 958667AC1<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    180000 | PA      | $175064.98    | 0.11%             | 2030-02-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                                 | Connect Finco SARL / Connect US Finco LLC                                        | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    750000 | PA      | $782309.25    | 0.51%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                 | First Quantum Minerals Ltd                                                       | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1180000 | PA      | $1226942.62   | 0.79%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                                 | Suburban Propane Partners LP/Suburban Energy Finance Corp                        | CUSIP: 864486AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    770000 | PA      | $766577.20    | 0.50%             | 2027-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                                     | Michaels Cos Inc/The                                                             | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   1470000 | PA      | $1167502.83   | 0.76%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Western Asset Premier Institutional Government Reserves  | Western Asset Premier Institutional Government Reserves                          | CUSIP: 52470G494<br>LEI: 549300WB3XRN9YTWFB76 | Long             | STIV             | RF                | US        |   2701978 | NS      | $2701978.11   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| QNITY ELECTRONICS INC                                    | Qnity Electronics Inc                                                            | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |    450000 | PA      | $465737.80    | 0.30%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SPIRIT AVIA HOL RESTRICT                                 | SPIRIT AVIA HOL RESTRICT                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14655 | NS      | $17879.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| APOLLO CMMRL REAL EST FI                                 | Apollo Commercial Real Estate Finance Inc                                        | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |    410000 | PA      | $394500.11    | 0.26%             | 2029-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC                                 | Park-Ohio Industries Inc                                                         | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |    870000 | PA      | $885516.45    | 0.57%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                            | CoreCivic Inc                                                                    | CUSIP: 21871NAA9<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19670.42     | 0.01%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHIMERA INVESTMENT CORP                                  | Chimera Investment Corp                                                          | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |      7274 | NS      | $169120.50    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| EW SCRIPPS CO                                            | EW Scripps Co/The                                                                | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |    350000 | PA      | $329352.79    | 0.21%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| APH/APH2/APH3/AQUARIAN                                   | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    740000 | PA      | $768421.01    | 0.50%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                       | Credit Agricole SA                                                               | CUSIP: 225313AJ4<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   1330000 | PA      | $1340878.80   | 0.87%             | N/A             | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                        | Herc Holdings Inc                                                                | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    500000 | PA      | $524873.00    | 0.34%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                         | Vmed O2 UK Financing I PLC                                                       | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    340000 | PA      | $318150.34    | 0.21%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SGUS LLC                                                 | SGUS LLC                                                                         | CUSIP: 81880AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    496955 | PA      | $441784.79    | 0.29%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| ARCOSA INC                                               | Arcosa Inc                                                                       | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |    210000 | PA      | $219232.23    | 0.14%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                        | Newell Brands Inc                                                                | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    220000 | PA      | $232809.50    | 0.15%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF BAHAMAS                                  | Bahamas Government International Bond                                            | CUSIP: 056732AG5<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |   1500000 | PA      | $1501500.00   | 0.97%             | 2029-11-20      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                  | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1220000 | PA      | $1230721.36   | 0.80%             | 2027-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                           | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    570000 | PA      | $592313.22    | 0.38%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Bank of America, National Association                    | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2714.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                   | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    240000 | PA      | $261480.96    | 0.17%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                                    | Capstone Borrower Inc                                                            | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |    140000 | PA      | $146708.38    | 0.09%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC                                         | Getty Images Inc                                                                 | CUSIP: 374276AM5<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |     80000 | PA      | $73263.60     | 0.05%             | 2030-02-21      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                      | NCL Corp Ltd                                                                     | CUSIP: 62886HBD2<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    170000 | PA      | $176803.97    | 0.11%             | 2027-02-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                 | Service Properties Trust                                                         | CUSIP: 44106MAV4<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501295.05    | 0.32%             | 2026-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                       | Viking Cruises Ltd                                                               | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |   1720000 | PA      | $1854215.04   | 1.20%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP                                 | Sally Holdings LLC / Sally Capital Inc                                           | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    740000 | PA      | $768510.72    | 0.50%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                                 | Primo Water Holdings Inc / Triton Water Holdings Inc                             | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    760000 | PA      | $765969.70    | 0.50%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CANPACK SA/CANPACK US                                    | Canpack SA / Canpack US LLC                                                      | CUSIP: 13806CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    810000 | PA      | $763627.50    | 0.49%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                         | CSC Holdings LLC                                                                 | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $706568.74    | 0.46%             | 2030-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                      | Altice Financing SA                                                              | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    740000 | PA      | $604994.41    | 0.39%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                                      | SPIRIT AIRLINES LLC                                                              | CUSIP: 84863V135<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16644 | NS      | $20305.68     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA INC                                                  | HCA Inc                                                                          | CUSIP: 197677AH0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1071261.38   | 0.69%             | 2095-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL AUTO HO/AAG FH UK                                 | Global Auto Holdings Ltd/AAG FH UK Ltd                                           | CUSIP: 00033YAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1090000 | PA      | $1081474.17   | 0.70%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                         | AMC Networks Inc                                                                 | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    370000 | PA      | $385392.00    | 0.25%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| AEROVIRONMENT INC                                        | AeroVironment Inc                                                                | CUSIP: 008073AA6<br>LEI: 529900PGHVI29YLZ6221 | Long             | DBT              | CORP              | US        |     47000 | PA      | $50172.50     | 0.03%             | 2030-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                            | CoreWeave Inc                                                                    | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39649.86     | 0.03%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                                   | RR Donnelley & Sons Co                                                           | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |    940000 | PA      | $954537.81    | 0.62%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                 | iHeartCommunications Inc                                                         | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    262500 | PA      | $225890.92    | 0.15%             | 2029-05-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                                  | JetBlue Airways Corp / JetBlue Loyalty LP                                        | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    420000 | PA      | $417674.92    | 0.27%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                  | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $355937.38    | 0.23%             | 2034-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                                    | Petroleos del Peru SA                                                            | CUSIP: 716564AA7<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    560000 | PA      | $455627.20    | 0.29%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR INC                                      | Arbor Realty SR Inc                                                              | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |    380000 | PA      | $395788.91    | 0.26%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                        | Service Corp International/US                                                    | CUSIP: 817565BT0<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    740000 | PA      | $768282.32    | 0.50%             | 2027-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH                                       | Cerdia Finanz GmbH                                                               | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |    370000 | PA      | $392488.60    | 0.25%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                         | CSC Holdings LLC                                                                 | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    240000 | PA      | $157434.60    | 0.10%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CARNIVAL PLC                                             | Carnival PLC                                                                     | CUSIP: 14365CAA1<br>LEI: 4DR1VPDQMHD3N3QW8W95 | Long             | DBT              | CORP              | GB        |   1310000 | PA      | $1392336.82   | 0.90%             | 2029-10-28      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                            | CommScope LLC                                                                    | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    450000 | PA      | $465667.65    | 0.30%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings Inc                                | PRIMO BRANDS CORP                                                                | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |    467837 | PA      | $468957.25    | 0.30%             | 2028-03-31      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                     | LIFEPOINT HEALTH INC                                                             | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    888769 | PA      | $883853.85    | 0.57%             | 2031-05-16      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                    | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $228791.12    | 0.15%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                 | Occidental Petroleum Corp                                                        | CUSIP: 674599DJ1<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    540000 | PA      | $533668.34    | 0.35%             | 2040-03-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                  | Starwood Property Trust Inc                                                      | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    370000 | PA      | $388205.48    | 0.25%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Red Planet Borrower LLC                                  | RED PLANET BORROWER LLC                                                          | CUSIP: 57165KAE6<br>LEI: 254900LGTHBRY5NA0C90 | Long             | LON              | CORP              | US        |    360000 | PA      | $355987.80    | 0.23%             | 2032-08-07      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                                     | Alpha Generation LLC                                                             | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |    220000 | PA      | $226978.62    | 0.15%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                                      | SPIRIT AIRLINES LLC                                                              | CUSIP: 84863V119<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       797 | NS      | $972.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                  | United Rentals North America Inc                                                 | CUSIP: 911365BF0<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    327000 | PA      | $326964.32    | 0.21%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALLEN MEDIA LLC/CO-ISSR                                  | Allen Media LLC / Allen Media Co-Issuer Inc                                      | CUSIP: 01771YAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    990000 | PA      | $433125.00    | 0.28%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                    | American Airlines Inc                                                            | CUSIP: 023771T32<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    670000 | PA      | $687796.54    | 0.44%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                                  | Light & Wonder International Inc                                                 | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    540000 | PA      | $542158.92    | 0.35%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE CORDOBA                                     | Provincia de Cordoba                                                             | CUSIP: 74408DAE4<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |    410000 | PA      | $388475.00    | 0.25%             | 2029-02-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                        | Chord Energy Corp                                                                | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    750000 | PA      | $769692.00    | 0.50%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                    | Tenet Healthcare Corp                                                            | CUSIP: 88033GAV2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    250000 | PA      | $268614.25    | 0.17%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                   | Williams Cos Inc/The                                                             | CUSIP: 969457BB5<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    330000 | PA      | $374494.62    | 0.24%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                         | Altice France SA                                                                 | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    290000 | PA      | $248904.10    | 0.16%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Nexus Buyer LLC                                          | NEXUS BUYER LLC                                                                  | CUSIP: 65343UAJ1<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |    100000 | PA      | $100125.00    | 0.06%             | 2031-07-31      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                        | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260354.75    | 0.17%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                   | EquipmentShare.com Inc                                                           | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    320000 | PA      | $345074.88    | 0.22%             | 2032-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                    | Melco Resorts Finance Ltd                                                        | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    670000 | PA      | $648020.18    | 0.42%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ADD HERO HOLDINGS                                        | Add Hero Holdings Ltd                                                            | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    110974 | PA      | $2380.39      | 0.00%             | 2031-09-30      | Fixed         | 9.80%                 | No            |                  2 | On Loan: No      |
| VERICAST CORPORATION                                     | VERICAST CORP                                                                    | CUSIP: 92342KAD1<br>LEI: 549300J73P7FL8TVF308 | Long             | LON              | CORP              | US        |     32554 | PA      | $32096.29     | 0.02%             | 2026-06-16      | Floating      | 12.05%                | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                   | First Brands Group LLC                                                           | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    817473 | PA      | $780686.98    | 0.51%             | 2027-03-30      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                    | Bausch Health Cos Inc                                                            | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    140000 | PA      | $110250.00    | 0.07%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP                                 | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd                                 | CUSIP: 84859BAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1129657 | PA      | $533762.93    | 0.35%             | 2030-03-12      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                 | Clarios Global LP / Clarios US Finance Co                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    520000 | PA      | $539159.40    | 0.35%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                             | Ecopetrol SA                                                                     | CUSIP: 279158AQ2<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |   1500000 | PA      | $1061940.90   | 0.69%             | 2051-11-02      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                   | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC      | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    590000 | PA      | $541878.95    | 0.35%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                       | Viking Cruises Ltd                                                               | CUSIP: 92676XAF4<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     30000 | PA      | $30223.32     | 0.02%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                                   | Full House Resorts Inc                                                           | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1255164.45   | 0.81%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc                             | Spirit Aviation Holdings Inc                                                     | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21250 | NS      | $25925.56     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                  | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                            | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $383871.30    | 0.25%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VERMILION ENERGY INC                                     | Vermilion Energy Inc                                                             | CUSIP: 923725AD7<br>LEI: 8945009D1HGCJC8M8A68 | Long             | DBT              | CORP              | CA        |    390000 | PA      | $377436.23    | 0.24%             | 2030-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                           | Bombardier Inc                                                                   | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    290000 | PA      | $302828.15    | 0.20%             | 2029-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MASTERBRAND INC                                          | Masterbrand Inc                                                                  | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |    230000 | PA      | $238501.49    | 0.15%             | 2032-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                 | Warnermedia Holdings Inc                                                         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $755512.80    | 0.49%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                   | Venture Global LNG Inc                                                           | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    270000 | PA      | $278401.32    | 0.18%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                  | Millrose Properties Inc                                                          | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    610000 | PA      | $615901.75    | 0.40%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                          | CDS CDX.NA.HY.44.V1                                                              | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $178152.18    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| ARD FINANCE SA                                           | ARD Finance SA                                                                   | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |   3221442 | PA      | $128857.69    | 0.08%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                                 | Stonex Escrow Issuer LLC                                                         | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $144000.92    | 0.09%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                                     | Range Resources Corp                                                             | CUSIP: 75281ABJ7<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    380000 | PA      | $390215.54    | 0.25%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                  | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    270000 | PA      | $260157.23    | 0.17%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                      | NCL Corp Ltd                                                                     | CUSIP: 62886HBG5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |   1239000 | PA      | $1324333.65   | 0.86%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                   | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $154017.00    | 0.10%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                                 | Amneal Pharmaceuticals LLC                                                       | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |    540000 | PA      | $556289.21    | 0.36%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                 | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    690000 | PA      | $549221.74    | 0.36%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES LLC                                      | SPIRIT AIRLINES LLC                                                              | CUSIP: 84863V127<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21647 | NS      | $26409.34     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                                     | Freeport-McMoRan Inc                                                             | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1060919.89   | 0.69%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                    | GBP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-2018.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ADD HERO HOLDINGS                                        | Add Hero Holdings Ltd                                                            | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |     84393 | PA      | $1898.83      | 0.00%             | 2030-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                  | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    332000 | PA      | $345689.69    | 0.22%             | 2028-02-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NCL FINANCE LTD                                          | NCL Finance Ltd                                                                  | CUSIP: 62888HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     20000 | PA      | $20297.20     | 0.01%             | 2028-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ARCTIC CANADIAN DIAMONDS                                 | ARCTIC CANADIAN DIAMONDS                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |       906 | NS      | $20688.76     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| SIRIUS XM RADIO LLC                                      | Sirius XM Radio LLC                                                              | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    260000 | PA      | $233988.33    | 0.15%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                  | VistaJet Malta Finance PLC / Vista Management Holding Inc                        | CUSIP: 92840JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    510000 | PA      | $515858.88    | 0.33%             | 2027-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                        | Iron Mountain Inc                                                                | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    510000 | PA      | $525659.04    | 0.34%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                 | Lloyds Banking Group PLC                                                         | CUSIP: 53944YAV5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   2030000 | PA      | $2185558.90   | 1.41%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WW International Inc                                     | WW International Inc                                                             | CUSIP: 98262P200<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | EC               | CORP              | US        |     14615 | NS      | $466072.35    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CAESARS ENTERTAIN INC                                    | Caesars Entertainment Inc                                                        | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143613.26    | 0.09%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                   | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-13716.15    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                            | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    340000 | PA      | $341577.60    | 0.22%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                                 | Vistra Operations Co LLC                                                         | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    360000 | PA      | $382718.16    | 0.25%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                    | Bausch Health Cos Inc                                                            | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    990000 | PA      | $894450.15    | 0.58%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                   | Venture Global LNG Inc                                                           | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1738925.65   | 1.12%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                                      | Altice Financing SA                                                              | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   2220000 | PA      | $1761903.00   | 1.14%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                 | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV                             | CUSIP: 36268NAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    110000 | PA      | $160568.85    | 0.10%             | 2031-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                         | Altice France SA                                                                 | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   1380000 | PA      | $1181052.30   | 0.76%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                          | Madison IAQ LLC                                                                  | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    560000 | PA      | $554858.75    | 0.36%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                 | Service Properties Trust                                                         | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1032651.38   | 0.67%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| US RENAL CARE INC                                        | US Renal Care Inc                                                                | CUSIP: 90355YAA5<br>LEI: 54930058SS5MF69JGN89 | Long             | DBT              | CORP              | US        |    161000 | PA      | $142485.00    | 0.09%             | 2028-06-28      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                                 | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-7180.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                                     | Capstone Copper Corp                                                             | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    370000 | PA      | $380267.13    | 0.25%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PM GENERAL PURCHASER LLC                                 | PM General Purchaser LLC                                                         | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2183373.23   | 1.41%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VALOR CO                                    | VFH Parent LLC / Valor Co-Issuer Inc                                             | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $389655.51    | 0.25%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                                               | EZCORP Inc                                                                       | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    360000 | PA      | $380476.80    | 0.25%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WW International Inc                                     | WW INTERNATIONAL INC                                                             | CUSIP: 92941PAE3<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | LON              | CORP              | US        |    746836 | PA      | $688489.04    | 0.45%             | 2030-06-25      | Floating      | 11.12%                | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                    | Level 3 Financing Inc                                                            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10099.55     | 0.01%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                 | Diversified Healthcare Trust                                                     | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    346000 | PA      | $294092.32    | 0.19%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                                 | Summit Midstream Holdings LLC                                                    | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $149716.74    | 0.10%             | 2029-10-31      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Modena Buyer LLC                                         | MODENA BUYER LLC                                                                 | CUSIP: 60753DAC8<br>LEI: 254900B0G2IU0VBDOY26 | Long             | LON              | CORP              | US        |    555800 | PA      | $548060.49    | 0.35%             | 2031-07-01      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE ESCROW CL                                  | CREDIT SUISSE ESCROW CL                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6220000 | PA      | $0.00         | 0.00%             | 2050-01-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Citibank, National Association                           | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1924.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ADD HERO HOLDINGS                                        | Add Hero Holdings Ltd                                                            | CUSIP: 000000000<br>LEI: 254900WMSDP48LFA7478 | Long             | DBT              | CORP              | VG        |    103870 | PA      | $6232.23      | 0.00%             | 2029-09-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CHINA AOYUAN GROUP LTD                                   | China Aoyuan Group Ltd                                                           | CUSIP: 000000000<br>LEI: 549300YSOKQO5QD6MP25 | Long             | DBT              | CORP              | KY        |    152810 | PA      | $1146.07      | 0.00%             | N/A             | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| SPDR Bloomberg Short Term High Yield Bond ETF            | SPDR Bloomberg Short Term High Yield Bond ETF                                    | CUSIP: 78468R408<br>LEI: 549300YI2V5ELVW58659 | Long             | EC               | RF                | US        |     58680 | NS      | $1498687.20   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ECHOSTAR CORP                                            | EchoStar Corp                                                                    | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     13247 | PA      | $13083.53     | 0.01%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SHELF DRILL HOLD LTD                                     | Shelf Drilling Holdings Ltd                                                      | CUSIP: 822538AH7<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |    640000 | PA      | $668652.80    | 0.43%             | 2029-04-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                  | Crescent Energy Finance LLC                                                      | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1349230.83   | 0.87%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                 | Univision Communications Inc                                                     | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    230000 | PA      | $242354.91    | 0.16%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| DCert Buyer Inc                                          | Dcert Buyer Inc                                                                  | CUSIP: 24022KAJ8<br>LEI: 549300EF826JEEUCHZ67 | Long             | LON              | CORP              | US        |    500000 | PA      | $454167.50    | 0.29%             | 2029-02-19      | Floating      | 11.32%                | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                     | Noble Finance II LLC                                                             | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $393765.12    | 0.25%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                                      | Lightning Power LLC                                                              | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |    510000 | PA      | $541353.27    | 0.35%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association                | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $22074.62     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                        | GEO Group Inc/The                                                                | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    360000 | PA      | $380963.16    | 0.25%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                     | LifePoint Health Inc                                                             | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    470000 | PA      | $518703.75    | 0.34%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                                        | MFA Financial Inc                                                                | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |     13294 | NS      | $324506.54    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| WYNN MACAU LTD                                           | Wynn Macau Ltd                                                                   | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    880000 | PA      | $875640.25    | 0.57%             | 2028-08-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                            | DISH DBS Corp                                                                    | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    810000 | PA      | $762954.39    | 0.49%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RB GLOBAL HOLDINGS INC                                   | RB Global Holdings Inc                                                           | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |    730000 | PA      | $766970.12    | 0.50%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                            | Citigroup Inc                                                                    | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    230000 | PA      | $234115.16    | 0.15%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC                                   | Carriage Purchaser Inc                                                           | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1353800.48   | 0.88%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                 | Western Midstream Operating LP                                                   | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |    920000 | PA      | $769301.80    | 0.50%             | 2050-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                     | LifePoint Health Inc                                                             | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10840.21     | 0.01%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Citibank, National Association                           | GBP/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $4806.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GARRETT MOTION HLD/SARL                                  | Garrett Motion Holdings Inc / Garrett LX I Sarl                                  | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $240645.78    | 0.16%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                                  | American Axle & Manufacturing Inc                                                | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1521075.85   | 0.98%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                             | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    920000 | PA      | $990878.64    | 0.64%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                 | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1811712.51   | 1.17%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                  | Jane Street Group / JSG Finance Inc                                              | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    730000 | PA      | $763162.44    | 0.49%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                            | CoreCivic Inc                                                                    | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1503848.16   | 0.97%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE                                 | Provincia de Buenos Aires/Government Bonds                                       | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |     47045 | PA      | $32566.90     | 0.02%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC                                 | Saks Global Enterprises LLC                                                      | CUSIP: 79380MAC9<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |     43500 | PA      | $10548.75     | 0.01%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                   | Northern Oil & Gas Inc                                                           | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    520000 | PA      | $524265.04    | 0.34%             | 2028-03-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                   | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $225949.72    | 0.15%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-23

**Name of Applicant:** Western Asset High Yield Defined Opportunity Fund Inc.

**Signature:** Christopher Berarducci

**Name of Signer:** Christopher Berarducci

**Title:** Principal Financial Officer