HYI CEF — Western Asset High Yield Defined Opportunity Fund

Western Asset High Yield Defined Opportunity Fund (HYI)

Updated November 12, 2026.

HYI is a CEF. Its distribution rate is 11.94%, its trailing-12-month yield is 11.94%, its expense ratio is 0.8761%. Dividend Vision Distribution Safety Score™ is 84/100 (Safe). Total return is 91.4% over the past 16 years, 655.6 points behind SPY at 747.0%.

At the current 11.94% distribution rate, a $10,000 investment would generate approximately $1,194 per year, or $99.50 per month.

Western Asset High Yield Defined Opportunity Fund is a closed-end fund that invests globally in below-investment-grade corporate bonds with varying maturities, seeking to generate high current income. The fund currently offers a high distribution rate and pays distributions monthly. This fund appeals primarily to income-focused investors seeking higher yields, though they should be aware that high-yield bonds carry elevated credit risk.

HYI performance versus SPY

As of Nov 12, 2026

Total return is 91.4% over the past 16 years, 655.6 points behind SPY at 747.0%. Over the past year its total return — price change plus distributions reinvested — is -6.4%. Its deepest 1-year drawdown was 8.7%.

HYI key facts

Distribution Safety Score™

84 · Safe

Safety-Adjusted Yield

10.03%

Issuer

Western Asset

Asset type

CEF

Asset class

Fixed Income

Inception date

10/27/2010

Expense ratio

0.8761%

Distribution rate

11.94%

Distribution frequency

Monthly

Trailing yield

11.94%

5-year average yield

9.56

Last close

$9.55 (as of 2026-11-12)

NAV

$10.88; NAV date unknown

Premium / discount

Premium not shown · NAV date unknown

Market cap

$122,373,728

Average volume

90,679

Dividend

$0.095

Ex-dividend date

11/20/2026

Payment date

11/30/2026

Beta

0.3217

AUM unavailable in this published snapshot. Missing values do not mean zero or complete coverage. ?

How Dividend Vision calculates yield and returns

Distribution rate (11.94%) uses latest regular dividend ($0.095) × 12 ÷ market price dated 2026-11-12; one-off specials excluded; identified recurring supplementals included. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (11.94%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Western Asset; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

HYI risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 8.7%.

Who may consider HYI — and who may not

HYI may suit someone looking for a high Distribution Safety Score. It is a weaker fit for investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on HYI

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Tagged: CEF, Fixed Income, Credit.

Frequently asked questions

More securities from Western Asset.