Western Asset High Income Fund II Inc.

04/23/2026 | Press release | Distributed by Public on 04/23/2026 15:16

Supplemental Prospectus (Form 424B3)

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
385 East Colorado Blvd.
Pasadena, CA 91101

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
385 East Colorado Blvd.
Pasadena, CA 91101

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

2

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

3

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.

4

Western Asset High Income Fund II Inc. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 23, 2026 at 21:16 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]