HIX - Western Asset High Income Fund II

What this means for you

Sit Investment owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. April 23, 2026

   The fund said it may sell new shares.

   Original document →

2. Sept 26, 2025

   The fund said it may sell new shares.

   Original document →

3. Sept 19, 2025

   The fund said it may sell new shares.

   Original document →

4. March 21, 2025

   The fund said it may sell new shares.

   Original document →

5. Jan 10, 2025

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Franklin Templeton Fund Adviser, LLC. Part of the FRANKLIN TEMPLETON fund family. As of April 30, 2026, from the fund's yearly report. Original document →
• Size: about $363 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 33% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.2% a year in management fees; 3.8% a year in total, including interest on borrowed money. Fiscal year ended April 30, 2026. As of April 30, 2026, from the fund's yearly report. Original document →
  Among the 19 funds we follow that invest in high-yield bonds, 14 charge a lower management fee and 17 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $50 in the first year and about $413 over 10 years, assuming the holdings return 5% a year. As of April 30, 2026, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended April 30, 2026) the fund paid $0.59 a share. $0.32 of that was income; $0.27 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of April 30, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (April 30, 2026): $4.18. The shares traded at $4.02, about 3.8% below that. As of April 30, 2026, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 10.3% below to 0% above. As of April 30, 2026, from the fund's annual report. Original document →
• How the holdings did: up 0.2% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1998.

How this has changed

• Payouts per share: $0.59 in the fiscal year ended April 30, 2026; $0.59 in the year ended April 30, 2025; $0.59 in the year ended April 30, 2024.As of April 30, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.27 in the year ended April 30, 2026; $0.19 in the year ended April 30, 2025; $0.12 in the year ended April 30, 2024.As of April 30, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.76% a year in the fiscal year ended April 30, 2026; 4% a year in the year ended April 30, 2025; 3.7% a year in the year ended April 30, 2024.As of April 30, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $377 million at April 30, 2026; $384 million at April 30, 2025; $405 million at April 30, 2024. From the fund's quarterly holdings reports. Original documents: April 30, 2026 →, April 30, 2025 →, April 30, 2024 →.
• Borrowing: about 33% on top of its own money at April 30, 2026; 34% at April 30, 2025; 31% at April 30, 2024. From the fund's quarterly holdings reports. Original documents: April 30, 2026 →, April 30, 2025 →, April 30, 2024 →.
• The fund had about 90.2 million shares at April 30, 2026, about the same as at April 30, 2024.As of April 30, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended April 30, 2026: the shares returned +13.2%, counting payouts; the holdings +12.4%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of April 30, 2026, from the fund's annual report. Original document →
• The year ended April 30, 2025: the shares returned +7.5%, counting payouts; the holdings +8.1%. As of April 30, 2025, from the fund's annual report. Original document →
• The year ended April 30, 2024: the shares returned +2.9%, counting payouts; the holdings +7.5%. As of April 30, 2024, from the fund's annual report. Original document →
• The year ended April 30, 2023: the shares returned 0%, counting payouts; the holdings -9.2%. As of April 30, 2023, from the fund's annual report. Original document →
• The year ended April 30, 2022: the shares returned -17.2%, counting payouts; the holdings -10.7%. As of April 30, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +3.8%. $10,000 of shares bought at the start (May 1, 2021) would have become about $10,400 by April 30, 2026, with every payout counted, before tax. As of April 30, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +5.4%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 17 funds that invest in high-yield bonds with a fiscal year ending within six months of this one, 0 reported a higher share return for that year and 16 a lower one. As of April 30, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (84%), the rest loans and asset-backed bonds. About 61% issued in the U.S.

1. Carnival PLC, Ccl 1 10/28/29 - 2%
2. Western Midstream Operating L.P., Wes 5.25 02/01/50 - 1.8%
3. First Quantum Minerals, Fmcn 8 03/01/33 144A - 1.7%
4. Sprint Capital, S 8.75 03/15/32 - 1.7%
5. Michaels Companies, Mik 11 03/15/34 144A - 1.6%
6. Petrobras Global Finance BV, Petbra 6.75 01/27/41 - 1.5%
7. Echostar, Echo 10.75 11/30/29 . - 1.5%
8. 1261229 B.C., Bhccn 10 04/15/32 144A - 1.5%
9. Connect Finco Sarl / Connect US Finco LLC, Isatln 9 09/15/29 144A - 1.4%
10. Venture Global Lng, VENLNG V9 PERP 144a - 1.3%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →