United States*
Securities and Exchange Commission
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Western Asset High Income Opportunity Fund, Inc.
------------------------------------------------
(Name of Issuer)
Common Stock
------------------------------
(Title of Class of Securities)
95766K109
--------------
(CUSIP Number)
December 31, 2007
-----------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
X Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 95766K109
1. Names of Reporting Persons. First Trust Portfolios L.P.
I.R.S. Identification Nos. of above persons (entities only).
36-3768815
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)
3. SEC Use Only
4. Citizenship or Place of Organization Illinois, U.S.A.
Number of 5. Sole Voting Power 0
Shares Bene-
ficially 6. Shared Voting Power 6,103,189
Owned by
Each
Reporting 7. Sole Dispositive Power 0
Person
With:
8. Shared Dispositive Power 6,103,189
9. Aggregate Amount Beneficially Owned by Each Reporting Person
6,103,189
10. Check if the Aggregate Amount in Row (9) Excludes
Certain Shares (See Instructions)
11. Percent of Class Represented by Amount in Row (9) 7.9%
12. Type of Reporting Person (See Instructions) BD
CUSIP No. 95766K109
1. Names of Reporting Persons. First Trust Advisors L.P.
I.R.S. Identification Nos. of above persons (entities only).
36-3788904
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)
3. SEC Use Only
4. Citizenship or Place of Organization Illinois, U.S.A.
Number of 5. Sole Voting Power 0
Shares Bene-
ficially 6. Shared Voting Power 6,103,189
Owned by
Each
Reporting 7. Sole Dispositive Power 0
Person
With:
8. Shared Dispositive Power 6,103,189
9. Aggregate Amount Beneficially Owned by Each Reporting Person
6,103,189
10. Check if the Aggregate Amount in Row (9) Excludes
Certain Shares (See Instructions)
11. Percent of Class Represented by Amount in Row (9) 7.9%
12. Type of Reporting Person (See Instructions) IA
CUSIP No. 95766K109
1. Names of Reporting Persons. The Charger Corporation
I.R.S. Identification Nos. of above persons (entities only).
36-3772451
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)
3. SEC Use Only
4. Citizenship or Place of Organization Illinois, U.S.A.
Number of 5. Sole Voting Power 0
Shares Bene-
ficially 6. Shared Voting Power 6,103,189
Owned by
Each
Reporting 7. Sole Dispositive Power 0
Person
With:
8. Shared Dispositive Power 6,103,189
9. Aggregate Amount Beneficially Owned by Each Reporting Person
6,103,189
10. Check if the Aggregate Amount in Row (9) Excludes
Certain Shares (See Instructions)
11. Percent of Class Represented by Amount in Row (9) 7.9%
12. Type of Reporting Person (See Instructions) HC
Item 1.
(a) Name of Issuer - Western Asset High Income Opportunity Fund, Inc.
(b) Address of issuer's Principal Executive Offices
Legg Mason Partners Fund Advisors
125 Broad Street
New York, NY 10004
Item 2.
(a) Name of Person Filing
First Trust Portfolios L.P.
First Trust Advisors L.P.
The Charger Corporation
(b) Address of Principal Business Office or, if none, Residence
1001 Warrenville Road
Lisle, Illinois 60532
(c) Citizenship
Illinois, U.S.A.
(d) Title of Class of Securities
Common Stock
(e) CUSIP Number
95766K109
Item 3. If this statement is filed pursuant to Sec. 240.13d-1(b)
or 240.13d-2(b) or (c), check whether the person filing is a:
(a) X Broker or dealer registered under section 15 of the
Act (15 U.S.C. 78o).
(b) Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) Insurance company as defined in section 3(a)(19) of the
Act (15 U.S.C. 78c).
(d) Investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e) X An investment adviser in accordance with
Sec. 240.13d-1(b)(1)(ii)(E).
(f) An employee benefit plant or endowment fund in accordance
with Sec. 140.13d-1(b)(1)(ii)(F).
(g) X A parent holding company or control person in accordance
with Sec. 240.13d-1(b)(1)(ii)(G).
(h) A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813).
(i) A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3).
(j) Group, in accordance with Sec. 240.13d- 1(b)1(ii)(J).
Item 4. Ownership
Provide the following information regarding the aggregate
number and percentage of the class of securities of the issuer
identified in Item 1.
(a) Amount beneficially owned: 6,103,189
(b) Percent of class: 7.9%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote
0.
(ii) Shared power to vote or to direct the vote
6,103,189.
(iii) Sole power to dispose or to direct the disposition of
0.
(iv) Shared power to dispose or to direct the disposition of
6,103,189.
Instruction. For computations regarding securities which represent a
right to acquire an underlying security see Sec. 204.13d-3(d)(1).
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following. [ ]
Instruction: Dissolution of a group requires a response to this item.
Item 6. Ownership of More than Five Percent on Behalf of Another Person
First Trust Portfolios L.P. is sponsor of several unit investment
trusts which hold shares of common stock of the issuer. No unit
investment trust sponsored by First Trust Portfolios L.P. holds 5% or
more of the issuer's common stock. First Trust Advisors L.P. is an
affiliate of First Trust Portfolios L.P. and acts as portfolio
supervisor of the unit investment trusts which hold shares of common
stock of the issuer. The Charger Corporation is the general partner of
both First Trust Portfolios L.P. and First Trust Advisors L.P.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company
See Item 6.
Item 8. Identification and Classification of Members of the Group
Not Applicable.
Item 9. Notice of Dissolution of Group
Not Applicable.
Item 10. Certification
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held in
the ordinary course of business and were not acquired and are not held
for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are
not held in connection with or as a participant in any transaction
having that purpose or effect.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
FIRST TRUST PORTFOLIOS L.P.
Date: February 12, 2008
By: /s/ James A. Bowen
-------------------------
James A. Bowen, President
FIRST TRUST ADVISORS, L.P.
Date: February 12, 2008
By: /s/ James A. Bowen
-------------------------
James A. Bowen, President
THE CHARGER CORPORATION
Date: February 12, 2008
By: /s/ James A. Bowen
-----------------------------------------
James A. Bowen, Senior Vice President