Western Asset High Income Opportunity Fund is a fixed-income mutual fund managed by Legg Mason Partners Fund Advisor, investing in high-yielding corporate debt obligations in the US, with an average duration of four years and an average credit quality of B. The fund co-managed by Western Asset Management Company and Western Asset Management Company Limited benchmarks its portfolio performance against the Barclays Capital U.S. Corporate High Yield 2% Issuer Cap Index. Established in 1993, the fund was formerly known as High Income Opportunity Fund and is based in the United States.