Filed Pursuant to Rule 424(b)(3)
Registration Statement No. 333-285996
WESTERN ASSET HIGH INCOME FUND II INC.
SUPPLEMENT DATED APRIL 23, 2026 TO THE
PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED SEPTEMBER 23, 2025
Portfolio Manager Updates Effective January 27, 2026
Effective as of January 27, 2026, the following supplements and, to the extent inconsistent with, supersedes the section entitled “Management of the Fund” in the Fund’s Prospectus (“Prospectus”) and the section entitled “Portfolio Managers” in the Fund’s Statement of Additional Information (“SAI”):
Prospectus
The information contained in “Investment Management Team” in the “Management of the Fund” section of the Prospectus is removed entirely and replaced as follows:
Investment Management Team
Set forth below is information regarding the team of professionals at Western Asset responsible for overseeing the day-to-day operations of the Fund. Western Asset utilizes a team approach, with decisions derived from interaction among various investment management sector specialists. The sector teams are comprised of Western Asset’s senior portfolio managers, research analysts and an in-house economist. Under this team approach, management of client fixed income portfolios will reflect a consensus of interdisciplinary views.
| Name, Address and Title |
Principal Occupation(s) During Past 5 Years | |
| Michael C. Buchanan Western Asset 385 East Colorado Blvd. Pasadena, CA 91101 |
Responsible for the day-to-day management with other members of the Fund’s portfolio management team; employed by Western Asset Management as an investment professional for at least the past five years; Managing Director and head of U.S. Credit Products from 2003-2005 at Credit Suisse Asset Management. | |
| Christopher F. Kilpatrick Western Asset 385 East Colorado Blvd. Pasadena, CA 91101 |
Responsible for the day-to-day management with other members of the Fund’s portfolio management team; employed by Western Asset Management as an investment professional for at least the past five years. | |
| Walter Kilcullen Western Asset 385 East Colorado Blvd. Pasadena, CA 91101 |
Responsible for the day-to-day management with other members of the Fund’s portfolio management team; employed by Western Asset Management as an investment professional since 2002. | |
| John Hwang Western
Asset |
Co-portfolio manager of the fund; Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Mr. Hwang is a member of the high-yield desk and specializes in bank loans and corporate structured credit. Mr. Hwang co-manages all collateralized loan obligation (CLO) portfolios and is responsible for all corporate-structured credit investments within Western Asset. Mr. Hwang has over 24 years of investment industry experience. | |
| Ryan Kohan Western
Asset |
Co-portfolio manager of the fund; Responsible for the day-to-day management with other members of the Fund’s portfolio management team; Mr. Kohan is Head of Bank Loans and has been employed by Western Asset as an investment professional for at least the past five years. Mr. Kohan has over 17 years of investment industry experience. |
Additional information about the portfolio managers’ compensation, other accounts managed by them and other information is provided in the SAI.
SAI
The information contained in the table in the “Portfolio Managers” section of the SAI is removed entirely and replaced as follows:
Unless otherwise indicated, the information below is provided as of the date of this SAI.
The table below identifies the number of accounts (other than the Fund) for which the Fund’s portfolio managers have day-to-day management responsibilities and the total assets in such accounts, within each of the following categories, as of April 30, 2025: registered investment companies, other pooled investment vehicles and other accounts. None of these accounts have fees based on performance.
| Name of PM |
Type of Account |
Number of Accounts Managed |
Total Assets Managed |
Number of Accounts Managed for which Advisory Fee is Performance Based |
Assets Managed for which Advisory Fee is Performance- Based | |||||
| Michael C. Buchanan‡ |
Other Registered Investment Companies | 61 | $80.01 billion | None | None | |||||
| Other Pooled Vehicles | 220 | $47.38 billion | 17 | $2.16 billion | ||||||
| Other Accounts | 340 | $101.44 billion | 13 | $6.45 billion | ||||||
| Christopher F. Kilpatrick‡ |
Other Registered Investment Companies | 11 | $4.29 billion | None | None | |||||
| Other Pooled Vehicles | 8 | $574 million | 3 | $357 million | ||||||
| Other Accounts | 13 | $869 million | None | None | ||||||
| Walter Kilcullen‡ |
Other Registered Investment Companies | 7 | $2.58 billion | None | None | |||||
| Other Pooled Vehicles | 16 | $7.41 billion | 3 | $357 million | ||||||
| Other Accounts | 12 | $1.60 billion | None | None | ||||||
| John Hwang‡* |
Other Registered Investment Companies | 5 | $2.02 billion | None | None | |||||
| Other Pooled Vehicles | 9 | $2.04 billion | 6 | $1.87 billion | ||||||
| Other Accounts | 2 | $430 million | None | None | ||||||
| Ryan Kohan‡* |
Other Registered Investment Companies | 8 | $2.95 billion | None | None | |||||
| Other Pooled Vehicles | 22 | $8.02 billion | 9 | $2.25 billion | ||||||
| Other Accounts | 13 | $1.99 billion | None | None |
| ‡ | The numbers above reflect the overall number of portfolios managed by employees of Western Asset Management Company, LLC (“Western Asset”). They are involved in the management of all the Firm’s |
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| portfolios, but they are not solely responsible for particular portfolios. Western Asset’s investment discipline emphasizes a team approach that combines the efforts of groups of specialists working in different market sectors. They are responsible for overseeing implementation of Western Asset’s overall investment ideas and coordinating the work of the various sector teams. This structure ensures that client portfolios benefit from a consensus that draws on the expertise of all team members. |
| * | Information for John Hwang and Ryan Kohan is as of March 31, 2026. |
The information contained in “Portfolio Manager Securities Ownership” in the “Portfolio Managers” section of the SAI is removed entirely and replaced as follows:
Portfolio Manager Securities Ownership
The portfolio managers held the following amounts of securities of the Fund as of April 30, 2025.
| Portfolio Manager |
Dollar Range of Securities Beneficially Owned ($) |
|||
| Michael C. Buchanan |
A | |||
| Christopher F. Kilpatrick |
A | |||
| Walter Kilcullen |
A | |||
| John Hwang* |
A | |||
| Ryan Kohan* |
A | |||
| * | Information for John Hwang and Ryan Kohan is as of March 31, 2026. |
Dollar Range ownership is as follows:
A: none
B: $1 - $10,000
C: 10,001 - $50,000
D: $50,001 - $100,000
E: $100,001 - $500,000
F: $500,001 - $1 million
G: over $1 million
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Portfolio Manager Updates Effective September 30, 2026
Effective as of September 30, 2026, the following supplements and, to the extent inconsistent with, supersedes the section entitled “Management of the Fund” in the Prospectus and the section entitled “Portfolio Managers” in the SAI:
Prospectus
The information relating to Christopher Kilpatrick is deleted in its entirety from the “Management of the Fund” section of the Prospectus
SAI
The information relating to Christopher Kilpatrick is deleted in its entirety from the “Portfolio Managers” section of the SAI.
Capitalized terms not defined herein have the meanings assigned to them in the Prospectus.
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