New Western Asset fund to focus at least 80% of assets in high yield

By Jennifer Chiou

New York, July 23 - Western Asset High Yield Defined Opportunity Fund Inc. registered its initial offering of 50,000 common shares at up to $20 each for proceeds of $1 million maximum, according to an N-2 filing with the Securities and Exchange Commission.

The New York-based non-diversified, closed-end management investment company is a new fund whose primary investment objective is to provide high income.

The fund will invest a minimum of 80% of its net assets in a portfolio of high-yield corporate fixed-income securities of varying maturities, including bank loans, the filing said.

Western Asset noted that up to 20% of its net assets may be invested in fixed-income securities issued by government and/or agencies.

The fund will also look to achieve capital appreciation and will terminate around Sept. 30, 2025.

Legg Mason Partners Fund Advisor, LLC is the investment manager, and Western Asset Management Co. is the subadviser.

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