Fund Description: Western Asset High Income Fund II, formerly the Salomon Brothers High Income Fund II, Inc., is a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Fund seeks high current income by investing at least 80% of net assets in high-yield debt securities. Its secondary objective is capital appreciation. FUND STRATEGY: The fund's investment objective is to seek to maximize current income by investing primarily in a diversified portfolio of high-yield debt securities rated at the time of investment in medium or lower rating categories (Baa or lower by Moody's, or BBB or lower by Standard & Poor's), or in unrated fixed income securities determined by the investment manager to be of comparable quality. As a secondary objective, the Fund seeks capital appreciation consistent with its objective of seeking to maximize current income. Under normal market conditions, the fund expects to have at least 80% of total assets invested in high-yield debt securities. It may invest up to 35% of total assets in foreign debt securities. FUND MANAGEMENT: Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc. (NYSE: LM), is the Fund's investment manager, and provides administrative and management services to the Fund. Western Asset Management Company, an affiliate of the adviser, is the Fund's subadviser and is responsible for the day-to-day portfolio management of the Fund.