SIGNATURES

FORM N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number		811-8709

Salomon Brothers High Income Fund II Inc.
(Exact name of registrant as specified in charter)

125 Broad Street, New York, NY			10004
(Address of principal executive offices)			(Zip code)

Robert I. Frenkel, Esq. Legg Mason & Co., LLC 300 First Stamford Place Stamford, CT 06902
(Name and address of agent for service)

Registrant's telephone number, including area code:		1-800-725-6666

Date of fiscal year end:	April 30

Date of reporting period:	July 31, 2006

ITEM 1. SCHEDULE OF INVESTMENTS

Salomon Brothers High Income Fund II Inc.

JULY 31, 2006

Salomon Brothers High Income Fund II Inc.

Schedule of Investments (unaudited)

July 31, 2006

Face
Amount†		Security	Value
CORPORATE BONDS & NOTES — 84.4%
Aerospace & Defense — 1.5%
	1,555,000	Alliant Techsystems Inc., Senior Subordinated Notes, 6.750% due 4/1/16	$	1,512,237
4,200,000		Argo-Tech Corp., Senior Notes, 9.250% due 6/1/11	4,357,500
		DRS Technologies Inc., Senior Subordinated Notes:
945,000		6.625% due 2/1/16	914,288
3,100,000		7.625% due 2/1/18	3,107,750
5,500,000		L-3 Communications Corp., Senior Subordinated Notes, 7.625% due 6/15/12	5,596,250
		Total Aerospace & Defense	15,488,025
Airlines — 0.5%
1,540,000		American Airlines Inc., Pass-Through Certificates, Series 2001-02, Class C, 7.800% due 10/1/06	1,542,888
		Continental Airlines Inc., Pass-Through Certificates:
493,588		Series 1998-1, Class C, 6.541% due 9/15/08	470,335
1,354,279		Series 2000-2, Class C, 8.312% due 10/2/12	1,308,550
1,355,000		Series 2001-2, Class D, 7.568% due 12/1/06	1,352,986
		Total Airlines	4,674,759
Auto Components — 0.8%
2,700,000		Keystone Automotive Operations Inc., Senior Subordinated Notes, 9.750% due 11/1/13	2,585,250
1,439,000		TRW Automotive Inc., Senior Notes, 9.375% due 2/15/13	1,536,132
4,690,000		Visteon Corp., Senior Notes, 8.250% due 8/1/10	4,338,250
		Total Auto Components	8,459,632
Automobiles — 2.7%
		Ford Motor Co.:
1,150,000		Debentures, 8.900% due 1/15/32	971,750
26,660,000		Notes, 7.450% due 7/16/31	19,728,400
		General Motors Corp., Senior Debentures:
2,375,000		8.250% due 7/15/23	1,971,250
5,790,000		8.375% due 7/15/33	4,776,750
		Total Automobiles	27,448,150
Biotechnology — 0.0%
325,000		Angiotech Pharmaceuticals Inc., Senior Subordinated Notes, 7.750% due 4/1/14 (a)	316,063
Building Products — 1.9%
8,525,000		Associated Materials Inc., Senior Discount Notes, step bond to yield 11.301% due 3/1/14	4,901,875
2,130,000		Jacuzzi Brands Inc., Secured Notes, 9.625% due 7/1/10	2,263,125
5,190,000		Nortek Inc., Senior Subordinated Notes, 8.500% due 9/1/14	4,878,600
3,380,000		NTK Holdings Inc., Senior Discount Notes, step bond to yield 10.923% due 3/1/14	2,382,900
5,075,000		Ply Gem Industries Inc., Senior Subordinated Notes, 9.000% due 2/15/12	4,466,000
		Total Building Products	18,892,500
Capital Markets — 0.6%
3,104,000		BCP Crystal U.S. Holdings Corp., Senior Subordinated Notes, 9.625% due 6/15/14	3,348,440
3,000,000		E*TRADE Financial Corp., Senior Notes, 7.375% due 9/15/13	3,022,500
		Total Capital Markets	6,370,940
Chemicals — 3.4%
2,500,000		Airgas Inc., Senior Subordinated Notes, 9.125% due 10/1/11	2,618,750
2,800,000		Borden Chemicals & Plastics LP, Notes, 9.500% due 5/1/49 (b)(c)(d)*	49,000
280,000		Chemtura Corp., 6.875% due 6/1/16	271,600

See Notes to Schedule of Investments.

Salomon Brothers High Income Fund II Inc.

Schedule of Investments (unaudited) (continued)

July 31, 2006

Face
Amount†		Security	Value
Chemicals — 3.4% (continued)
	3,500,000	Equistar Chemicals LP, Senior Notes, 10.625% due 5/1/11	$	3,780,000
		Huntsman International LLC, Senior Subordinated Notes:
3,873,000		10.125% due 7/1/09	3,950,460
675,000		8.125% due 1/1/15 (a)	630,281
3,675,000		Innophos Inc., Senior Subordinated Notes, 8.875% due 8/15/14	3,693,375
		Lyondell Chemical Co., Senior Secured Notes:
1,517,000		9.500% due 12/15/08	1,566,303
1,400,000		11.125% due 7/15/12	1,531,250
3,075,000		Methanex Corp., Senior Notes, 8.750% due 8/15/12	3,305,625
3,550,000		Millennium America Inc., Senior Notes, 9.250% due 6/15/08	3,647,625
4,475,000		Montell Finance Co. BV, 8.100% due 3/15/27 (a)	4,117,000
		Rhodia SA:
2,251,000		Senior Notes, 10.250% due 6/1/10	2,447,963
2,709,000		Senior Subordinated Notes, 8.875% due 6/1/11	2,769,952
		Total Chemicals	34,379,184
Commercial Banks — 0.3%
2,650,000		Russian Agricultural Bank, Notes, 7.175% due 5/16/13 (a)	2,692,400
Commercial Services & Supplies — 2.3%
2,100,000		Allied Security Escrow Corp., Senior Subordinated Notes, 11.375% due 7/15/11	2,068,500
		Allied Waste North America Inc.:
		Senior Notes, Series B:
250,000		8.500% due 12/1/08	260,625
1,617,000		9.250% due 9/1/12	1,726,148
1,050,000		7.250% due 3/15/15	1,018,500
5,885,000		Senior Secured Notes, Series B, 7.375% due 4/15/14	5,634,887
3,200,000		Brand Services Inc., Senior Notes, 12.000% due 10/15/12	3,620,096
1,640,000		DynCorp International LLC/DIV Capital Corporation, Senior Subordinated Notes, 9.500% due 2/15/13	1,705,600
		NationsRent Inc.:
20,000		Secured Notes, 9.500% due 10/15/10	21,829
1,280,000		Senior Subordinated Notes, 9.500% due 5/1/15	1,499,302
5,110,000		Windstream Corp., Senior Notes, 8.625% due 8/1/16 (a)	5,339,950
		Total Commercial Services & Supplies	22,895,437
Communications Equipment — 0.9%
10,825,000		Lucent Technologies Inc., Debentures, 6.450% due 3/15/29	9,282,437
Computers & Peripherals — 0.3%
3,000,000		Seagate Technology HDD Holdings, Senior Notes, 8.000% due 5/15/09	3,075,000
Consumer Finance — 3.7%
		Ford Motor Credit Co.:
		Notes:
3,075,000		7.875% due 6/15/10	2,895,432
3,880,000		7.000% due 10/1/13	3,412,499
4,248,000		Senior Notes, 10.486% due 6/15/11 (a)(e)	4,312,102
		General Motors Acceptance Corp.:
20,270,000		Bonds, 8.000% due 11/1/31	19,931,897
6,890,000		Notes, 6.875% due 8/28/12	6,657,366
		Total Consumer Finance	37,209,296
Containers & Packaging — 2.5%
3,075,000		Berry Plastics Corp., Senior Subordinated Notes, 10.750% due 7/15/12	3,374,813
4,255,000		Graham Packaging Co. Inc., Senior Subordinated Notes, 9.875% due 10/15/14	4,159,262
		Graphic Packaging International Corp.:

See Notes to Schedule of Investments.

Salomon Brothers High Income Fund II Inc.

Schedule of Investments (unaudited) (continued)

July 31, 2006

Face
Amount†		Security	Value
Containers & Packaging — 2.5% (continued)
	670,000	Senior Notes, 8.500% due 8/15/11	$	676,700
3,905,000		Senior Subordinated Notes, 9.500% due 8/15/13	3,924,525
3,750,000		JSG Funding PLC, Senior Notes, 9.625% due 10/1/12	3,900,000
2,195,000		Owens-Brockway Glass Container Inc., Senior Secured Notes, 8.750% due 11/15/12	2,326,700
1,490,000		Plastipak Holdings Inc., Senior Notes, 8.500% due 12/15/15 (a)	1,482,550
795,000		Pliant Corp., Senior Secured Second Lien Notes, 11.125% due 9/1/09	747,300
1,975,000		Radnor Holdings Corp., Senior Notes, 11.000% due 3/15/10	602,375
2,355,000		Smurfit-Stone Container Enterprises Inc., Senior Notes, 8.375% due 7/1/12	2,251,969
2,150,000		Tekni-Plex Inc., Senior Subordinated Notes, Series B, 12.750% due 6/15/10	1,515,750
		Total Containers & Packaging	24,961,944
Diversified Consumer Services — 1.2%
1,965,000		Education Management LLC/Education Management Corp., Senior Notes, 8.750% due 6/1/14 (a)	1,979,738
		Hertz Corp.:
2,650,000		Senior Notes, 8.875% due 1/1/14 (a)	2,775,875
6,675,000		Senior Subordinated Notes, 10.500% due 1/1/16 (a)	7,292,437
		Total Diversified Consumer Services	12,048,050
Diversified Financial Services — 3.8%
1,950,000		Alamosa Delaware Inc., Senior Notes, 11.000% due 7/31/10	2,140,125
2,110,000		CCM Merger Inc., Notes, 8.000% due 8/1/13 (a)	2,030,875
		Citisteel USA Inc., Senior Secured Notes:
1,255,000		12.490% due 9/1/10 (e)	1,308,338
870,000		15.000% due 10/1/10 (a)(f)	906,975
10,580,000		Dow Jones CDX HY, Pass-Through Trust, Series 6-T3, 8.125% due 6/29/11 (a)	10,408,075
3,380,000		H&E Equipment Services LLC/H&E Finance Corp., Senior Notes, 11.125% due 6/15/12	3,710,395
2,850,000		Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC, Second Priority, Senior Secured Notes, 9.000% due 7/15/14	2,928,375
1,800,000		Hughes Network Systems LLC/HNS Finance Corp., Senior Notes, 9.500% due 4/15/14 (a)	1,800,000
1,950,000		Nell AF SARL, Senior Subordinated Notes, 8.375% due 8/15/15 (a)	1,903,688
1,360,000		TNK-BP Finance SA, 7.500% due 7/18/16 (a)	1,377,602
260,000		UCAR Finance Inc., Senior Notes, 10.250% due 2/15/12	273,325
2,055,000		UGS Corp., Senior Subordinated Notes, 10.000% due 6/1/12	2,221,969
5,580,000		Vanguard Health Holdings Co. I LLC, Senior Discount Notes, step bond to yield 9.815% due 10/1/15	3,975,750
3,105,000		Vanguard Health Holdings Co. II LLC, Senior Subordinated Notes, 9.000% due 10/1/14	3,019,612
		Total Diversified Financial Services	38,005,104
Diversified Telecommunication Services — 5.5%
		Cincinnati Bell Inc.:
2,590,000		Senior Notes, 7.000% due 2/15/15	2,466,975
1,040,000		Senior Subordinated Notes, 8.375% due 1/15/14	1,024,400
190,000		Cincinnati Bell Telephone Co., Debentures, 6.300% due 12/1/28	162,450
2,515,000		Citizens Communications Co., Senior Notes, 9.000% due 8/15/31	2,590,450
2,975,000		Hawaiian Telcom Communications Inc., Senior Subordinated Notes, Series B, 12.500% due 5/1/15	3,153,500
4,350,000		Insight Midwest LP/Insight Capital Inc., Senior Notes, 10.500% due 11/1/10	4,545,750
		Intelsat Bermuda Ltd., Senior Notes:
3,190,000		9.250% due 6/15/16 (a)	3,277,725
6,280,000		11.250% due 6/15/16 (a)	6,374,200
670,000		Intelsat Ltd., Notes, 7.625% due 4/15/12	561,963

See Notes to Schedule of Investments.

Salomon Brothers High Income Fund II Inc.

Schedule of Investments (unaudited) (continued)

July 31, 2006

Face
Amount†			Security	Value
Diversified Telecommunication Services — 5.5% (continued)
	1,880,000		Nordic Telephone Co. Holdings, Senior Notes, 8.875% due 5/1/16 (a)	$	1,945,800
2,440,000			NTL Cable PLC, Senior Notes, 9.125% due 8/15/16	2,482,700
1,355,000			PanAmSat Corp., Senior Notes, 9.000% due 8/15/14	1,383,794
			Qwest Communications International Inc., Senior Notes:
365,000			7.500% due 2/15/14	359,525
900,000			Series B, 7.500% due 2/15/14	886,500
			Qwest Corp.:
8,728,000			Debentures, 6.875% due 9/15/33	7,789,740
7,325,000			Notes, 8.875% due 3/15/12	7,929,312
3,640,000			Southwestern Bell Telephone Co., Debentures, 7.000% due 11/15/27	3,643,909
4,770,000			Telcordia Technologies Inc., Senior Subordinated Notes, 10.000% due 3/15/13 (a)	3,839,850
6,000,000		MXN	Telefonos de Mexico SA de CV, Senior Notes, 8.750% due 1/31/16	527,522
270,000			Wind Acquisition Finance SA, 10.750% due 12/1/15 (a)	292,275
			Total Diversified Telecommunication Services	55,238,340
Electric Utilities — 0.4%
			Enersis SA:
851,000			Bonds, 7.375% due 1/15/14	878,236
487,000			Notes, 7.400% due 12/1/16	504,016
1,106,375			Midwest Generation LLC, Pass-Through Certificates, Series B, 8.560% due 1/2/16	1,163,768
1,465,000			Reliant Energy Inc., Senior Secured Notes, 9.250% due 7/15/10	1,508,950
			Total Electric Utilities	4,054,970
Energy Equipment & Services — 0.4%
3,175,000			Hanover Compressor Co., Senior Notes, 9.000% due 6/1/14	3,397,250
515,000			Pride International Inc., Senior Notes, 7.375% due 7/15/14	522,725
			Total Energy Equipment & Services	3,919,975
Food Products — 0.8%
			Dole Food Co. Inc.:
1,600,000			Debentures, 8.750% due 7/15/13	1,440,000
			Senior Notes:
1,975,000			7.250% due 6/15/10	1,787,375
1,050,000			8.875% due 3/15/11	987,000
4,375,000			Pinnacle Foods Holding Corp., Senior Subordinated Notes, 8.250% due 12/1/13	4,309,375
			Total Food Products	8,523,750
Health Care Providers & Services — 3.8%
4,425,000			AmeriPath Inc., Senior Subordinated Notes, 10.500% due 4/1/13	4,679,437
4,885,000			DaVita Inc., Senior Subordinated Notes, 7.250% due 3/15/15	4,695,706
1,655,000			Extendicare Health Services Inc., Senior Notes, 9.500% due 7/1/10	1,735,681
			HCA Inc., Notes:
2,100,000			6.375% due 1/15/15	1,690,500
7,200,000			6.500% due 2/15/16	5,769,000
4,800,000			IASIS Healthcare LLC/IASIS Capital Corp., Senior Subordinated Notes, 8.750% due 6/15/14	4,632,000
			Tenet Healthcare Corp., Senior Notes:
6,000,000			7.375% due 2/1/13	5,235,000
4,560,000			9.875% due 7/1/14	4,377,600
1,935,000			6.875% due 11/15/31	1,465,763
4,550,000			Triad Hospitals Inc., Senior Subordinated Notes, 7.000% due 11/15/13	4,368,000
			Total Health Care Providers & Services	38,648,687

See Notes to Schedule of Investments.

Salomon Brothers High Income Fund II Inc.

Schedule of Investments (unaudited) (continued)

July 31, 2006

Face
Amount†		Security	Value
Hotels, Restaurants & Leisure — 6.0%
		Caesars Entertainment Inc., Senior Subordinated Notes:
	700,000	9.375% due 2/15/07	$	711,375
4,500,000		8.875% due 9/15/08	4,719,375
3,000,000		8.125% due 5/15/11	3,165,000
2,725,000		Carrols Corp., Senior Subordinated Notes, 9.000% due 1/15/13	2,711,375
4,725,000		Denny’s Holdings Inc., Senior Notes, 10.000% due 10/1/12	4,772,250
4,150,000		Herbst Gaming Inc., Senior Subordinated Notes, 7.000% due 11/15/14	3,994,375
2,980,000		Inn of the Mountain Gods Resort & Casino, Senior Notes, 12.000% due 11/15/10	3,132,725
4,800,000		Isle of Capri Casinos Inc., Senior Subordinated Notes, 7.000% due 3/1/14	4,608,000
1,835,000		Kerzner International Ltd., Senior Subordinated Notes, 6.750% due 10/1/15	1,940,512
3,850,000		Las Vegas Sands Corp., Senior Notes, 6.375% due 2/15/15	3,580,500
		MGM MIRAGE Inc.:
1,775,000		Senior Notes, 6.750% due 9/1/12	1,726,188
485,000		Senior Subordinated Notes, 9.750% due 6/1/07	500,156
		Mohegan Tribal Gaming Authority, Senior Subordinated Notes:
1,050,000		7.125% due 8/15/14	1,023,750
2,475,000		6.875% due 2/15/15	2,363,625
620,000		Penn National Gaming Inc., Senior Subordinated Notes, 6.750% due 3/1/15	585,900
4,700,000		Pinnacle Entertainment Inc., Senior Subordinated Notes, 8.250% due 3/15/12	4,711,750
3,930,000		Pokagon Gaming Authority, Senior Notes, 10.375% due 6/15/14 (a)	4,126,500
315,000		River Rock Entertainment Authority, Senior Notes, 9.750% due 11/1/11	332,325
2,825,000		Sbarro Inc., Senior Notes, 11.000% due 9/15/09	2,867,375
4,300,000		Starwood Hotels & Resorts Worldwide Inc., Senior Notes, 7.875% due 5/1/12	4,558,000
		Station Casinos Inc., Senior Subordinated Notes:
475,000		6.875% due 3/1/16	439,375
4,175,000		6.625% due 3/15/18	3,720,969
		Total Hotels, Restaurants & Leisure	60,291,400
Household Durables — 2.2%
310,000		American Greetings Corp., Senior Notes, 7.375% due 6/1/16	311,550
		Beazer Homes USA Inc., Senior Notes:
295,000		6.875% due 7/15/15	264,025
1,920,000		8.125% due 6/15/16 (a)	1,833,600
4,000,000		Holt Group Inc., Senior Notes, 9.750% due 1/15/49 (b)(c)(d)*	0
		Interface Inc.:
2,875,000		Senior Notes, 10.375% due 2/1/10	3,155,312
1,500,000		Senior Subordinated Notes, 9.500% due 2/1/14	1,545,000
		K Hovnanian Enterprises Inc., Senior Notes:
2,605,000		7.500% due 5/15/16	2,396,600
3,535,000		8.625% due 1/15/17	3,464,300
1,230,000		Norcraft Cos. LP/Norcraft Finance Corp., Senior Subordinated Notes, 9.000% due 11/1/11	1,260,750
1,660,000		Norcraft Holdings LP/Norcraft Capital Corp., Senior Discount Notes, step bond to yield 9.536% due 9/1/12	1,344,600
4,150,000		Sealy Mattress Co., Senior Subordinated Notes, 8.250% due 6/15/14	4,170,750
2,145,000		Tempur-Pedic Inc./Tempur Production USA Inc., Senior Subordinated Notes, 10.250% due 8/15/10	2,257,613
		Total Household Durables	22,004,100
Household Products — 0.6%
		Nutro Products Inc.:
435,000		Senior Notes, 9.230% due 10/15/13 (a)(e)	448,050
1,370,000		Senior Subordinated Notes, 10.750% due 4/15/14 (a)	1,435,075
		Spectrum Brands Inc., Senior Subordinated Notes:

See Notes to Schedule of Investments.

Salomon Brothers High Income Fund II Inc.

Schedule of Investments (unaudited) (continued)

July 31, 2006

Face
Amount†		Security	Value
Household Products — 0.6% (continued)
	2,175,000	8.500% due 10/1/13	$	1,745,438
570,000		7.375% due 2/1/15	431,775
1,890,000		Visant Holding Corp., Senior Notes, 8.750% due 12/1/13 (a)	1,819,125
		Total Household Products	5,879,463
Independent Power Producers & Energy Traders — 4.6%
2,710,000		AES China Generating Co., Ltd., Class A, 8.250% due 6/26/10	2,671,380
		AES Corp.:
		Senior Notes:
1,325,000		9.500% due 6/1/09	1,404,500
1,900,000		9.375% due 9/15/10	2,035,375
40,000		8.875% due 2/15/11	42,400
4,175,000		7.750% due 3/1/14	4,237,625
730,000		Senior Secured Notes, 9.000% due 5/15/15 (a)	788,400
2,500,000		Calpine Generating Co. LLC, Senior Secured Notes, 14.120% due 4/1/11 (b)	2,637,500
		Dynegy Holdings Inc., Senior Debentures:
4,550,000		7.125% due 5/15/18	4,004,000
8,350,000		7.625% due 10/15/26	7,348,000
		Edison Mission Energy, Senior Notes:
4,575,000		7.730% due 6/15/09	4,666,500
445,000		7.500% due 6/15/13 (a)	441,662
2,600,000		7.750% due 6/15/16 (a)	2,580,500
950,000		Mirant Americas Generation LLC, Senior Notes, 9.125% due 5/1/31	916,750
2,585,000		Mirant North America LLC, Senior Notes, 7.375% due 12/31/13	2,497,756
		NRG Energy Inc., Senior Notes:
1,675,000		7.250% due 2/1/14	1,643,594
8,770,000		7.375% due 2/1/16	8,594,600
		Total Independent Power Producers & Energy Traders	46,510,542
Industrial Conglomerates — 0.4%
2,750,000		Moll Industries Inc., Senior Subordinated Notes, 10.500% due 7/1/08 (b)(c)(d)*	0
4,000,000		Sequa Corp., Senior Notes, 9.000% due 8/1/09	4,230,000
		Total Industrial Conglomerates	4,230,000
Insurance — 0.5%
4,820,000		Crum & Forster Holdings Corp., Senior Notes, 10.375% due 6/15/13	4,940,500
Internet & Catalog Retail — 0.2%
660,000		Brookstone Co. Inc., Secured Notes, 12.000% due 10/15/12	600,600
1,433,000		FTD Inc., Senior Subordinated Notes, 7.750% due 2/15/14	1,386,428
		Total Internet & Catalog Retail	1,987,028
IT Services — 0.6%
		Sungard Data Systems Inc.:
2,900,000		Senior Notes, 9.125% due 8/15/13	2,976,125
3,230,000		Senior Subordinated Notes, 10.250% due 8/15/15	3,290,562
		Total IT Services	6,266,687
Leisure Equipment & Products — 0.2%
1,965,000		Warner Music Group, Senior Subordinated Notes, 7.375% due 4/15/14	1,906,050
Machinery — 1.1%
		Case New Holland Inc., Senior Notes:
450,000		9.250% due 8/1/11	476,438
1,850,000		7.125% due 3/1/14	1,808,375
635,000		Commercial Vehicle Group Inc., Senior Notes, 8.000% due 7/1/13	605,631
1,365,000		Invensys PLC, Senior Notes, 9.875% due 3/15/11 (a)	1,474,200
991,000		Mueller Group Inc., Senior Subordinated Notes, 10.000% due 5/1/12	1,075,235

See Notes to Schedule of Investments.

Salomon Brothers High Income Fund II Inc.

Schedule of Investments (unaudited) (continued)

July 31, 2006

Face
Amount†		Security	Value
Machinery — 1.1% (continued)
	2,844,000	Mueller Holdings Inc., Discount Notes, step bond to yield 14.731% due 4/15/14	$	2,431,620
2,667,000		Terex Corp., Senior Subordinated Notes, Series B, 10.375% due 4/1/11	2,805,364
		Total Machinery	10,676,863
Media — 10.2%
2,910,000		Affinion Group Inc., Senior Notes, 10.125% due 10/15/13 (a)	2,997,300
		AMC Entertainment Inc.:
20,000		Senior Note, Series B, 8.625% due 8/15/12	20,525
5,655,000		Senior Subordinated Notes, 11.000% due 2/1/16	6,135,675
6,435,325		CanWest Media Inc., Senior Subordinated Notes, 8.000% due 9/15/12	6,306,618
3,000,000		CCH I Holdings LLC/CCH I Holdings Capital Corp., Senior Accreting Notes, step bond to yield 17.441% due 1/15/15	1,830,000
5,040,000		CCH I LLC/CCH Capital Corp., Senior Secured Notes, 11.000% due 10/1/15	4,548,600
4,390,000		CCH II LLC/CCH II Capital Corp., Senior Notes, 10.250% due 9/15/10	4,455,850
		Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp., Senior Notes:
1,310,000		8.625% due 4/1/09	1,100,400
800,000		10.750% due 10/1/09	692,000
1,320,000		Charter Communications Holdings LLC/Charter Communications Holdings II Capital Corp., Senior Notes, 9.625% due 11/15/09	1,115,400
925,000		Charter Communications Operating LLC, Second Lien Senior Notes, 8.375% due 4/30/14 (a)	936,563
1,375,000		Chukchansi Economic Development Authority, Senior Notes, 8.000% due 11/15/13 (a)	1,383,594
640,000		CMP Susquehanna Corp., Senior Subordinated Notes, 9.875% due 5/15/14 (a)	598,400
		CSC Holdings Inc.:
3,850,000		Debentures, Series B, 8.125% due 8/15/09	3,960,687
345,000		Senior Debentures, 7.875% due 2/15/18	347,588
3,400,000		Senior Notes, Series B, 7.625% due 4/1/11	3,438,250
813,000		Dex Media East LLC/Dex Media East Finance Co., Senior Notes, Series B, 12.125% due 11/15/12	912,593
3,350,000		Dex Media Inc., Discount Notes, step bond to yield 8.367% due 11/15/13	2,780,500
2,344,000		Dex Media West LLC/Dex Media Finance Co., Senior Subordinated Notes, Series B, 9.875% due 8/15/13	2,537,380
3,022,000		DIRECTV Holdings LLC/DIRECTV Financing Co. Inc., Senior Notes, 8.375% due 3/15/13	3,180,655
9,325,000		EchoStar DBS Corp., Senior Notes, 7.125% due 2/1/16 (a)	9,208,437
2,500,000		Houghton Mifflin Co., Senior Discount Notes, step bond to yield 11.492% due 10/15/13	2,081,250
1,950,000		Interep National Radio Sales Inc., Senior Subordinated Notes, Series B, 10.000% due 7/1/08	1,677,000
1,505,000		Kabel Deutschland GMBH, Senior Notes, 10.625% due 7/1/14 (a)	1,602,825
1,730,000		Lamar Media Corp., Senior Subordinated Notes, 6.625% due 8/15/15	1,615,388
3,295,000		LodgeNet Entertainment Corp., Senior Subordinated Notes, 9.500% due 6/15/13	3,525,650
2,401,000		Nexstar Finance Inc., Senior Subordinated Notes, 7.000% due 1/15/14	2,178,907
2,565,000		Primedia Inc., Senior Notes, 8.875% due 5/15/11	2,455,987
		R.H. Donnelley Corp.:
		Senior Discount Notes:
1,000,000		Series A-1, 6.875% due 1/15/13	912,500
2,200,000		Series A-2, 6.875% due 1/15/13	2,007,500
5,200,000		Senior Notes, Series A-3, 8.875% due 1/15/16	5,206,500
900,000		R.H. Donnelley Finance Corp. I, Senior Subordinated Notes, 10.875% due 12/15/12 (a)	993,375
		Radio One Inc., Senior Subordinated Notes:
100,000		6.375% due 2/15/13	91,750

See Notes to Schedule of Investments.

Salomon Brothers High Income Fund II Inc.

Schedule of Investments (unaudited) (continued)

July 31, 2006

Face
Amount†		Security	Value
Media — 10.2% (continued)
	3,475,000	Series B, 8.875% due 7/1/11	$	3,579,250
4,885,000		Rainbow National Services LLC, Senior Notes, 8.750% due 9/1/12 (a)	5,190,312
		Rogers Cable Inc.:
905,000		Secured Notes, 5.500% due 3/15/14	817,894
1,340,000		Senior Secured Notes, 6.250% due 6/15/13	1,279,700
760,000		Senior Secured Second Priority Notes, 6.750% due 3/15/15	736,250
4,650,000		Sinclair Broadcast Group Inc., Senior Subordinated Notes, 8.000% due 3/15/12	4,719,750
750,000		Videotron Ltd., Senior Notes, 6.375% due 12/15/15	686,250
		XM Satellite Radio Inc., Senior Notes:
860,000		9.649% due 5/1/13 (a)(e)	797,650
2,510,000		9.750% due 5/1/14 (a)	2,328,025
		Total Media	102,970,728
Metals & Mining — 1.2%
2,225,000		Aleris International Inc., Senior Secured Notes, 10.375% due 10/15/10	2,441,937
275,000		Chaparral Steel Co., Senior Notes, 10.000% due 7/15/13	304,563
2,030,000		International Steel Group Inc., Senior Notes, 6.500% due 4/15/14	1,928,500
4,025,000		Metals USA Inc., Senior Secured Notes, 11.125% due 12/1/15 (a)	4,447,625
2,255,000		RathGibson Inc., Senior Notes, 11.250% due 2/15/14 (a)	2,345,200
5,000,000		Republic Technologies International LLC/RTI Capital Corp., Senior Secured Notes, 13.750% due 7/15/09 (b)(c)(d)*	0
375,000		Vale Overseas Ltd., Notes, 6.250% due 1/11/16	371,625
		Total Metals & Mining	11,839,450
Multiline Retail — 0.9%
2,500,000		Harry & David Operations, Senior Notes, 9.000% due 3/1/13	2,268,750
4,525,000		Neiman Marcus Group Inc., Senior Subordinated Notes, 10.375% due 10/15/15	4,824,781
1,543,000		Saks Inc., Notes, 9.875% due 10/1/11	1,662,583
		Total Multiline Retail	8,756,114
Office Electronics — 0.4%
4,375,000		Xerox Capital Trust I Exchange Capital Securities, 8.000% due 2/1/27	4,440,625
Oil, Gas & Consumable Fuels — 8.1%
4,080,000		Belden & Blake Corp., Secured Notes, 8.750% due 7/15/12	4,171,800
		Chesapeake Energy Corp., Senior Notes:
6,290,000		6.625% due 1/15/16	6,022,675
3,725,000		6.500% due 8/15/17	3,482,875
5,127,000		Cimarex Energy Co., Senior Notes, 9.600% due 3/15/12	5,441,029
835,000		Compagnie Generale de Geophysique SA, 7.500% due 5/15/15	820,387
		El Paso Corp.:
		Medium-Term Notes:
5,425,000		7.800% due 8/1/31	5,397,875
7,525,000		7.750% due 1/15/32	7,525,000
5,200,000		Notes, 7.875% due 6/15/12	5,343,000
2,510,000		EXCO Resources Inc., Senior Notes, 7.250% due 1/15/11	2,459,800
2,325,000		Inergy LP/Inergy Finance Corp., Senior Notes, 8.250% due 3/1/16	2,383,125
5,200,000		International Coal Group Inc., Senior Notes, 10.250% due 7/15/14 (a)	5,265,000
1,465,000		Mariner Energy Inc., Senior Notes, 7.500% due 4/15/13 (a)	1,421,050
995,000		Northwest Pipelines Corp., Senior Notes, 7.000% due 6/15/16 (a)	999,975
490,000		OMI Corp., Senior Notes, 7.625% due 12/1/13	494,900
		Pemex Project Funding Master Trust:
3,100,000		6.125% due 8/15/08	3,113,950
250,000		7.375% due 12/15/14	267,507
2,160,000		Petrohawk Energy Corp., Senior Notes, 9.125% due 7/15/13 (a)	2,219,400

See Notes to Schedule of Investments.

Salomon Brothers High Income Fund II Inc.

Schedule of Investments (unaudited) (continued)

July 31, 2006

Face
Amount†		Security	Value
Oil, Gas & Consumable Fuels — 8.1% (continued)
	4,575,000	Plains Exploration & Production Co., Senior Notes, 7.125% due 6/15/14	$	4,552,125
		Pogo Producing Co., Senior Subordinated Notes:
1,130,000		7.875% due 5/1/13 (a)	1,155,425
2,000,000		Series B, 8.250% due 4/15/11	2,062,500
500,000		SemGroup LP, Senior Notes, 8.750% due 11/15/15 (a)	505,000
160,000		SESI LLC, Senior Notes, 6.875% due 6/1/14 (a)	156,000
1,000,000		Swift Energy Co., Senior Subordinated Notes, 9.375% due 5/1/12	1,060,000
		Whiting Petroleum Corp., Senior Subordinated Notes:
2,550,000		7.250% due 5/1/12	2,543,625
1,975,000		7.000% due 2/1/14	1,945,375
		Williams Cos. Inc.:
		Notes:
3,650,000		7.875% due 9/1/21	3,723,000
3,225,000		8.750% due 3/15/32	3,499,125
3,700,000		Senior Notes, 7.625% due 7/15/19	3,755,500
		Total Oil, Gas & Consumable Fuels	81,787,023
Paper & Forest Products — 1.0%
4,425,000		Appleton Papers Inc., Senior Subordinated Notes, Series B, 9.750% due 6/15/14	4,425,000
650,000		Domtar Inc., Notes, 5.375% due 12/1/13	537,875
		NewPage Corp.:
785,000		Senior Secured Notes, 11.399% due 5/1/12 (e)	851,725
1,040,000		Senior Subordinated Notes, 12.000% due 5/1/13	1,089,400
800,000		P.H. Glatfelter, Senior Notes, 7.125% due 5/1/16 (a)	784,000
1,000,000		Smurfit Capital Funding PLC, Debentures, 7.500% due 11/20/25	920,000
		Verso Paper Holdings LLC:
1,100,000		Senior Secured Notes, 9.125% due 8/1/14 (a)	1,105,500
870,000		Senior Subordinated Notes, 11.375% due 8/1/16 (a)	870,000
		Total Paper & Forest Products	10,583,500
Personal Products — 0.2%
2,150,000		Playtex Products Inc., Senior Secured Notes, 8.000% due 3/1/11	2,238,688
Pharmaceuticals — 0.5%
3,930,000		Leiner Health Products Inc., Senior Subordinated Notes, 11.000% due 6/1/12	3,723,675
1,915,000		Valeant Pharmaceuticals International, Senior Notes, 7.000% due 12/15/11	1,828,825
		Total Pharmaceuticals	5,552,500
Real Estate Investment Trusts (REITs) — 0.9%
130,000		Forest City Enterprises Inc., Senior Notes, 7.625% due 6/1/15	131,300
		Host Marriott LP, Senior Notes:
2,500,000		7.125% due 11/1/13	2,515,625
1,625,000		Series I, 9.500% due 1/15/07	1,655,469
3,400,000		Series O, 6.375% due 3/15/15	3,234,250
1,565,000		Kimball Hill Inc., Senior Subordinated Notes, 10.500% due 12/15/12	1,428,062
665,000		Ventas Realty LP/Ventas Capital Corp., Senior Notes, 6.500% due 6/1/16	640,063
		Total Real Estate Investment Trusts (REITs)	9,604,769
Road & Rail — 0.6%
1,910,000		Avis Budget Car Rental LLC/Avis Budget Finance Inc., Senior Notes, 7.576% due 5/15/14 (a)(e)	1,933,875
		Grupo Transportacion Ferroviaria Mexicana SA de CV, Senior Notes:
550,000		10.250% due 6/15/07	565,812
3,360,000		9.375% due 5/1/12	3,586,800

See Notes to Schedule of Investments.

Salomon Brothers High Income Fund II Inc.

Schedule of Investments (unaudited) (continued)

July 31, 2006

Face
Amount†		Security	Value
Road & Rail — 0.6% (continued)
	160,000	12.500% due 6/15/12	$	176,800
		Total Road & Rail	6,263,287
Semiconductors & Semiconductor Equipment — 0.3%
4,000,000		MagnaChip Semiconductor, Senior Subordinated Notes, 8.000% due 12/15/14	2,670,000
Software — 0.4%
1,890,000		Activant Solutions Inc., Senior Subordinated Notes, 9.500% due 5/1/16 (a)	1,795,500
2,810,000		UGS Capital Corp. II, Senior Notes, 10.380% due 6/1/11 (a)(e)(f)	2,795,950
		Total Software	4,591,450
Specialty Retail — 1.7%
		AutoNation Inc., Senior Notes:
700,000		7.507% due 4/15/13 (a)(e)	710,500
875,000		7.000% due 4/15/14 (a)	870,625
2,105,000		Blockbuster Inc., Senior Subordinated Notes, 9.000% due 9/1/12	1,989,225
4,050,000		Buffets Inc., Senior Subordinated Notes, 11.250% due 7/15/10	4,293,000
615,000		EPL Finance Corp., Senior Notes, 11.750% due 11/15/13 (a)	704,175
1,300,000		Eye Care Centers of America, Senior Subordinated Notes, 10.750% due 2/15/15	1,400,750
3,325,000		Hines Nurseries Inc., Senior Notes, 10.250% due 10/1/11	3,009,125
2,281,000		Jafra Cosmetics International Inc., Senior Subordinated Notes, 10.750% due 5/15/11	2,474,885
2,180,000		Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Notes, 6.875% due 12/15/13	2,076,450
		Total Specialty Retail	17,528,735
Textiles, Apparel & Luxury Goods — 1.0%
6,785,000		Levi Strauss & Co., Senior Notes, 9.750% due 1/15/15	6,988,550
665,000		Russell Corp., Senior Notes, 9.250% due 5/1/10	698,250
2,950,000		Simmons Co., Senior Discount Notes, step bond to yield 9.995% due 12/15/14	2,006,000
		Total Textiles, Apparel & Luxury Goods	9,692,800
Trading Companies & Distributors — 1.1%
4,380,000		H&E Equipment Services Inc., Senior Notes, 5.375% due 7/15/16 (a)	4,445,700
3,790,000		Penhall International Corp., Senior Secured Notes, 12.000% due 8/1/14 (a)	3,932,125
2,550,000		Transdigm Inc., Senior Subordinated Notes, 7.750% due 7/15/14 (a)	2,556,375
		Total Trading Companies & Distributors	10,934,200
Wireless Telecommunication Services — 2.2%
1,825,000		American Tower Corp., Senior Notes, 7.500% due 5/1/12	1,870,625
2,125,000		Centennial Communications Corp., Senior Notes, 11.258% due 1/1/13 (e)	2,199,375
325,000		Dobson Cellular Systems Inc., First Priority Senior Secured Notes, 8.375% due 11/1/11	338,000
8,150,000		Nextel Communications Inc., Senior Notes, Series D, 7.375% due 8/1/15	8,358,053
440,000		Rogers Wireless Communications Inc., Secured Notes, 7.250% due 12/15/12	447,700
1,040,000		Rogers Wireless Inc., Senior Subordinated Notes, 8.000% due 12/15/12	1,076,400
3,380,000		Rural Cellular Corp., Senior Notes, 9.875% due 2/1/10	3,515,200
3,900,000		UbiquiTel Operating Co., Senior Notes, 9.875% due 3/1/11	4,260,750
		Total Wireless Telecommunication Services	22,066,103
		TOTAL CORPORATE BONDS & NOTES (Cost — $866,325,262)	852,797,248
ASSET-BACKED SECURITY — 0.0%
Diversified Financial Services — 0.0%
1,975,400		Airplanes Pass-Through Trust, Subordinated Notes, Series D, 10.875% due 3/15/19 (b)(c)(d)* (Cost — $2,026,308)	0

See Notes to Schedule of Investments.

Salomon Brothers High Income Fund II Inc.

Schedule of Investments (unaudited) (continued)

July 31, 2006

Face
Amount		Security	Value
CONVERTIBLE BONDS & NOTES — 0.4%

Semiconductors & Semiconductor Equipment — 0.1%
	1,120,000	Amkor Technology Inc., Senior Subordinated Bond, 2.500% due 5/15/11	$	901,600
Wireless Telecommunication Services — 0.3%
2,675,000		American Tower Corp., Notes, 5.000% due 2/15/10	2,675,000
		TOTAL CONVERTIBLE BONDS & NOTES (Cost — $2,542,145)	3,576,600

Shares
ESCROWED SHARES(b)(d) — 0.0%
8,800,000	Breed Technologies Inc. (c)*	0
2,025,000	Pillowtex Corp.	0
2,648,056	Vlasic Foods International Inc. (c)*	52,961
	TOTAL ESCROWED SHARES (Cost — $0)	52,961

Face
Amount†
SOVEREIGN BONDS — 8.2%
Argentina — 0.3%
		Republic of Argentina:
1,400,000	EUR	9.250% due 10/21/02 (b)	518,198
300,000	EUR	9.000% due 6/20/03 (b)	112,000
250,000	EUR	10.250% due 1/26/07 (b)	99,715
275,000	EUR	8.000% due 2/26/08 (b)	104,860
775,250		4.889% due 8/3/12 (e)	719,845
1,656,754	ARS	Bonds, 2.000% due 1/3/10 (e)	1,046,710
97,000	EUR	GDP Linked Securities, 0.000% due 12/15/35 (e)	11,452
		Medium-Term Notes:
600,000	EUR	8.125% due 10/4/03 (b)	224,957
1,175,000	EUR	7.000% due 3/18/04 (b)	455,537
525,000	EUR	9.000% due 5/24/05 (a)(b)	203,538
		Total Argentina	3,496,812
Brazil — 1.8%
		Federative Republic of Brazil:
9,413,000		11.000% due 8/17/40	12,081,586
		Collective Action Securities:
2,005,000		8.750% due 2/4/25	2,318,281
3,449,000		Notes, 8.000% due 1/15/15	3,739,578
		Total Brazil	18,139,445
Chile — 0.0%
432,000		Republic of Chile, 5.500% due 1/15/13	427,090
Colombia — 0.5%
		Republic of Colombia:
3,325,000		11.750% due 2/25/20	4,588,500
105,000		10.375% due 1/28/33	138,600
		Total Colombia	4,727,100
Ecuador — 0.2%
2,100,000		Republic of Ecuador, 9.000% due 8/15/30 (a)	2,131,500
El Salvador — 0.2%
		Republic of El Salvador:
1,300,000		7.750% due 1/24/23 (a)	1,404,000

See Notes to Schedule of Investments.

Salomon Brothers High Income Fund II Inc.

Schedule of Investments (unaudited) (continued)

July 31, 2006

Face
Amount†		Security	Value
El Salvador — 0.2% (continued)
	270,000	8.250% due 4/10/32 (a)	$	290,925
		Total El Salvador	1,694,925
Indonesia — 0.0%
400,000		Republic of Indonesia, 8.500% due 10/12/35 (a)	452,860
Mexico — 1.7%
		United Mexican States:
1,020,000		11.375% due 9/15/16	1,430,550
1,410,000		8.125% due 12/30/19	1,646,880
		Medium-Term Notes:
870,000		5.625% due 1/15/17	835,853
		Series A:
516,000		6.375% due 1/16/13	531,222
2,894,000		5.875% due 1/15/14	2,893,276
8,795,000		8.000% due 9/24/22	10,189,007
		Total Mexico	17,526,788
Panama — 0.2%
		Republic of Panama:
1,285,000		9.625% due 2/8/11	1,452,050
550,000		7.250% due 3/15/15	569,112
		Total Panama	2,021,162
Peru — 0.6%
		Republic of Peru:
40,000		9.875% due 2/6/15	48,100
1,168,000		8.750% due 11/21/33	1,354,880
169,750		FLIRB, 5.000% due 3/7/17 (a)(e)	165,931
		Global Bonds:
220,000		8.375% due 5/3/16	245,025
198,000		7.350% due 7/21/25	202,455
		PDI:
3,207,400		5.000% due 3/7/17 (e)	3,151,270
550,630		5.000% due 3/7/17 (a)(e)	542,371
		Total Peru	5,710,032
Philippines — 0.3%
		Republic of the Philippines:
350,000		9.375% due 1/18/17	402,920
1,975,000		9.500% due 2/2/30	2,340,375
		Total Philippines	2,743,295
Russia — 1.1%
		Russian Federation:
377,780		8.250% due 3/31/10 (a)	394,072
1,225,000		11.000% due 7/24/18 (a)	1,724,188
275,000		12.750% due 6/24/28 (a)	478,500
8,025,000		5.000% due 3/31/30 (a)	8,739,626
		Total Russia	11,336,386
South Africa — 0.1%
		Republic of South Africa:
575,000		9.125% due 5/19/09	623,875
725,000		6.500% due 6/2/14	746,750
		Total South Africa	1,370,625

See Notes to Schedule of Investments.

Salomon Brothers High Income Fund II Inc.

Schedule of Investments (unaudited) (continued)

July 31, 2006

Face
Amount†		Security	Value
Turkey — 0.7%
		Republic of Turkey:
	500,000	11.750% due 6/15/10	$	580,000
2,106,000		11.500% due 1/23/12	2,516,670
315,000		11.000% due 1/14/13	374,063
490,000		7.000% due 6/5/20	471,012
335,000		11.875% due 1/15/30	487,634
512,000		8.000% due 2/14/34	520,960
1,464,000		Collective Action Securities, Notes, 9.500% due 1/15/14	1,645,170
		Total Turkey	6,595,509
Uruguay — 0.1%
955,000		Republic of Uruguay, Benchmark Bonds, 7.500% due 3/15/15	975,533
Venezuela — 0.4%
		Bolivarian Republic of Venezuela:
965,000		5.375% due 8/7/10 (a)	932,431
569,000		5.750% due 2/26/16	521,489
241,000		7.650% due 4/21/25	253,894
1,550,000		Collective Action Securities, Notes, 10.750% due 9/19/13	1,884,412
		Total Venezuela	3,592,226
		TOTAL SOVEREIGN BONDS (Cost — $79,875,222)	82,941,288
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 3.0%
U.S. Government Obligations — 3.0%
14,000,000		U.S. Treasury Bonds, 4.500% due 2/15/36	12,782,658
		U.S. Treasury Notes:
8,670,000		4.875% due 5/31/11	8,655,781
9,570,000		4.500% due 2/15/16	9,220,848
		TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost — $30,886,356)	30,659,287

Shares
COMMON STOCKS — 1.2%
CONSUMER DISCRETIONARY — 0.0%
Household Durables — 0.0%
10,685,938	Home Interiors of Gifts Inc. (b)(c)(d)(g)*	106,859
52,472	Mattress Discounters Corp. (c)(d)*	0
	TOTAL CONSUMER DISCRETIONARY	106,859
CONSUMER STAPLES — 0.0%
Food Products — 0.0%
3,784	Imperial Sugar Co.	90,589
MATERIALS — 0.1%
Chemicals — 0.1%
93,506	Applied Extrusion Technologies Inc., Class A Shares (g)*	607,789
TELECOMMUNICATION SERVICES — 1.1%
Wireless Telecommunication Services — 1.1%
334,706	American Tower Corp., Class A Shares *	11,313,063
	TOTAL COMMON STOCKS (Cost — $13,300,599)	12,118,300
PREFERRED STOCKS — 0.2%
CONSUMER DISCRETIONARY — 0.0%
Automobiles — 0.0%
1,800	Ford Motor Co., 8.000%	31,986

See Notes to Schedule of Investments.

Salomon Brothers High Income Fund II Inc.

Schedule of Investments (unaudited) (continued)

July 31, 2006

Shares	Security	Value
Automobiles — 0.0% (continued)
800	Ford Motor Co., Series F, 7.550%	$	12,336
	TOTAL CONSUMER DISCRETIONARY	44,322
ENERGY — 0.2%
Oil, Gas & Consumable Fuels — 0.2%
5,355	Chesapeake Energy Corp., 6.250%	1,499,507
FINANCIALS — 0.0%
Diversified Financial Services — 0.0%
9,400	Preferred Plus, Series FRD-1, 7.400% *	151,810
7,000	Preferred Plus Series FMC1 Trust, Senior Debentures, Series LMG-3, 8.250%	128,380
9,100	Saturns, Series F 2003-5, 8.125%	157,430
17,552	TCR Holdings Corp., Class B Shares, (c)(d)*	18
9,654	TCR Holdings Corp., Class C Shares, (c)(d)*	10
25,451	TCR Holdings Corp., Class D Shares, (c)(d)*	25
52,657	TCR Holdings Corp., Class E Shares, (c)(d)*	53
	TOTAL FINANCIALS	437,726
	TOTAL PREFERRED STOCKS (Cost — $1,813,419)	1,981,555

Warrants
WARRANTS — 0.1%
18,500	Bolivarian Republic of Venezuela, Oil-linked payment obligations, Expires 4/15/20*	656,750
3,500	Brown Jordan International Inc., Expires 8/15/07(a)(c)*	32
30,928,049	ContiFinancial Corp., Liquidating Trust, Units of Interest (Represents interest in a trust in the liquidation of ContiFinancial Corp. and its affiliates)(b)(c)*	93
2,750	Leap Wireless International Inc., Expires 4/15/10(a)(c)(d)*	0
3,500	Mattress Discounters Co., Expires 7/15/07(a)(c)(d)*	0
13,614	Pillowtex Corp., Expires 11/24/09(c)(d)*	0
5,000	UbiquiTel Inc., Expires 4/15/10(a)(c)(d)*	50
20,000	United Mexican States, Series XW05, Expires 11/9/06*	70,000
16,250	United Mexican States, Series XW10, Expires 10/10/06*	60,937
15,000	United Mexican States, Series XW20, Expires 9/1/06*	105,000
	TOTAL WARRANTS (Cost — $689,986)	892,862
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost — $997,459,297)	985,020,101

*	Non-income producing security.
†	Face amount denominated in U.S. dollars, unless otherwise noted.

See Notes to Schedule of Investments.

Salomon Brothers High Income Fund II Inc.

Schedule of Investments (unaudited) (continued)

July 31, 2006

(a)	Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Directors, unless otherwise noted.
(b)	Security is currently in default.
(c)	Illiquid security.
(d)	Security is valued in good faith at fair value by or under the direction of the Board of Directors (See Note 1).
(e)	Variable rate security. Interest rate disclosed is that which is in effect at July 31, 2006.
(f)	Payment-in-kind security for which part of the income earned may be paid as additional principal.
(g)	All or a portion of this security is on loan (See Notes 1 and 2).
#	Aggregate cost for federal income tax purposes is substantially the same.

	Abbreviations used in this schedule:
	ARS - Argentine Peso
	EUR - Euro
	FLIRB - Front-Loaded Interest Reduction Bonds
	GDP - Gross Domestic Product
	MXN - Mexican Peso
	PDI - Past Due Interest

See Notes to Schedule of Investments.

Notes to Schedule of Investments (unaudited)

1. Organization and Significant Accounting Policies

The Salomon Brothers High Income Fund II Inc. (the “Fund”) was incorporated in Maryland and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended, (the “1940 Act”). The Fund seeks to maximize current income by investing at least 80% of its net assets plus any borrowings for investment purposes in high yield debt securities (as defined in the Fund’s prospectus). As a secondary objective, the Fund seeks capital appreciation to the extent consistent with its objective of seeking to maximize current income.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(a) Investment Valuation. Debt securities are valued at the mean between the bid and asked prices provided by an independent pricing service that are based on transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and various other relationships between securities. Equity securities for which market quotations are available are valued at the last sale price or official closing price on the primary market or exchange on which they trade. Publicly traded foreign government debt securities are typically traded internationally in the over-the-counter market, and are valued at the mean between the bid and asked prices as of the close business of the market. When prices are not readily available, or are determined not to reflect fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund may value these investments at fair value as determined in accordance with the procedures approved by the Fund’s Board of Directors. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates market value.

(b) Repurchase Agreements. When entering into repurchase agreements, it is the Fund’s policy that its custodian or a third party custodian take possession of the underlying collateral securities, the market value of which at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults, and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

(c) Lending of Portfolio Securities. The Fund has an agreement with its custodian whereby the custodian may lend securities owned by the Fund to brokers, dealers and other financial organizations. In exchange for lending securities under the terms of the agreement with its custodian, the Fund receives a lender’s fee. Fees earned by the Fund on securities lending are recorded as securities lending income. Loans of securities by the Fund are collateralized by cash, U.S. government securities or high quality money market instruments that are maintained at all times in an amount at least equal to the current market value of the loaned securities, plus a margin which varies depending on the type of securities loaned. The custodian establishes and maintains the collateral in a segregated account. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund maintains the risk of any loss on the securities on loan as well as the potential loss on investments purchased with cash collateral received from securities lending.

(d) Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(e) Credit and Market Risk. The Fund invests in high yield and emerging market instruments that are subject to certain credit and market risks. The yields of high yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and

Notes to Schedule of Investments (continued)

ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Fund’s investment in non-dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

(f) Security Transactions. Security transactions are accounted for on a trade date basis.

2. Investments

At July 31, 2006, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

Gross unrealized appreciation	$	35,063,862
Gross unrealized depreciation	(47,503,058		)
Net unrealized depreciation	$	(12,439,196	)

At July 31, 2006, the Fund loaned securities having a market value of $2,877,955. The Fund received cash collateral amounting to $2,960,331 which was invested into the State Street Navigator Securities Lending Trust Prime Portfolio, a Rule 2a-7 money market fund, registered under the 1940 Act.

3. Loan

At July 31, 2006, the Fund had a $125,000,000 loan pursuant to a revolving credit and security agreement with Crown Point Capital Company LLC and Citicorp North America, Inc. (“CNA”). In addition, CNA acts as administrative agent of the credit facility. The loan generally bear interest at a variable rate based on the weighted average interest rates of the underlying commercial paper or LIBOR plus any applicable margin. Securities held by the Fund are subject to a lien, granted to the lenders, to the extent of the borrowings outstanding and any additional expenses.

ITEM 2. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in
Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are likely to materially affect the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached hereto.

Amount

SHORT-TERM INVESTMENTS — 2.5%

Repurchase Agreement — 2.2%

Merrill Lynch, Pierce, Fenner & Smith Inc. repurchase agreement dated 7/31/06, 5.250% due 8/1/06; Proceeds at maturity - $22,295,251; (Fully collateralized by U.S. Treasury Note, 4.500% due 11/15/15; Market value - $22,738,131)
(Cost — $22,292,000)

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Salomon Brothers High Income Fund II Inc.

By	/s/ R. Jay Gerken
R. Jay Gerken
Chief Executive Officer


Date:		September 28, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ R. Jay Gerken
R. Jay Gerken
Chief Executive Officer


Date:		September 28, 2006

By	/s/ Frances M. Guggino
Frances M. Guggino
Chief Financial Officer


Date:		September 28, 2006