Fund Description: Western Asset High Yield Defined Opportunity Fund is an exchange-traded closed-end fund or a closed-end ETF that is officially described as a non-diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Western Asset High Yield Defined Opportunity Fund seeks to provide high income. As a secondary investment objective, the Fund will seek capital appreciation. FUND STRATEGY: 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. High-yield refers to below investment grade quality (also commonly referred to as junk bonds). High-yield fixed income securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. The Fund intends to terminate 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. FUND MANAGEMENT: Legg Mason Partners Fund Advisor, LLC will serve as the Fund’s investment manager and will provide administrative and management services to the Fund. Western Asset Management Company serves as the Fund’s sub-adviser and will be responsible for the day-to-day portfolio management of the Fund.