Western Asset High Income Fund II Inc. is a closed-ended mutual fund focusing on high yield debt securities. Managed by Legg Mason Partners Fund Advisor, LLC and co-managed by Western Asset Management entities, it aims to generate income through investments in a diverse range of sectors globally, including U.S. and foreign corporations as well as governments. The fund uses a mix of quantitative and fundamental analysis to select securities, comparing its performance against major high yield and emerging market bond indexes. Established in 1998, it is based in the United States.

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