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<SEC-DOCUMENT>0000930413-05-002163.txt : 20050329
<SEC-HEADER>0000930413-05-002163.hdr.sgml : 20050329
<ACCEPTANCE-DATETIME>20050329145509
ACCESSION NUMBER:		0000930413-05-002163
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050131
FILED AS OF DATE:		20050329
DATE AS OF CHANGE:		20050329
EFFECTIVENESS DATE:		20050329

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SALOMON BROTHERS HIGH INCOME FUND II INC
		CENTRAL INDEX KEY:			0001058239
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08709
		FILM NUMBER:		05709366

	BUSINESS ADDRESS:	
		STREET 1:		CITIGROUP ASSET MANAGEMENT
		STREET 2:		125 BROAD STREET, 10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004
		BUSINESS PHONE:		212-291-2556

	MAIL ADDRESS:	
		STREET 1:		CITIGROUP ASSET MANAGEMENT
		STREET 2:		125 BROAD STREET, 10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS HIGH YIELD BOND FUND IN
		DATE OF NAME CHANGE:	19980319
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c36239_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<center>
  <B><FONT size=5 face="serif">UNITED STATES </FONT></B><BR>
  <B><FONT size=5 face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR>
  <B><FONT face="serif">Washington, D.C. 20549 </FONT></B><BR>
</center>
<P align="center">
<B><FONT size=5 face="serif">FORM N-Q </FONT></B></P>
<center>
  <B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B><BR>
  <B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B><BR>
</center>
<P align="center">
<FONT size=2 face="serif">Investment Company Act file number </FONT><B><FONT size=2 face="monospace">811-8709</FONT></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="center">
<B><FONT size=5 face="serif">Salomon Brothers High Income Fund II Inc. </FONT></B></P>
<P align="center">
<FONT size=2 face="serif">(Exact name of registrant as specified in charter) </FONT></P>
<P align="center">
<FONT size=2 face="serif">125 Broad Street, New York, NY 10004 </FONT><BR>
<FONT size=2 face="serif">(Address of principal executive offices) (Zip code) </FONT><BR>
</P>
<center>
  <FONT size=2 face="serif">Robert I. Frenkel, Esq. </FONT><BR>
  <FONT size=2 face="serif">Salomon Brothers Asset Management Inc. </FONT><BR>
  <FONT size=2 face="serif">300 First Stamford Place </FONT><BR>
  <FONT size=2 face="serif">Stamford, CT 06902 </FONT><BR>
  <FONT size=2 face="serif">(Name and address of agent for service) </FONT><BR>
</center>
<P align="center">
<FONT size=2 face="serif">Registrant's telephone number, including area code: 1-800-725-6666 </FONT></P>
<center>
  <p><FONT size=2 face="serif">Date of fiscal year end: </FONT><B><FONT size=2 face="serif">October 31 </FONT></B><BR>
      <FONT size=2 face="serif">Date of reporting period: </FONT><B><FONT size=2 face="serif">January 31, 2005</FONT></B><FONT size=2 face="serif"> </FONT></p>
  <p><BR>

</p>
</center>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
  <font size="2"><B><FONT face="serif">SALOMON BROTHERS </FONT></B></font></P>
<P align="center"><font size="2"><B><FONT face="serif">HIGH INCOME FUND II INC.</FONT></B> </font></P>
<p align="center"><FONT size=2 face="serif">FORM N-Q </FONT><font size="2"><BR>
  <FONT face="serif">JANUARY 31, 2005</FONT><BR>
</font></p>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>

<P></P>

<p><FONT size=2 face="serif">ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCHEDULE OF INVESTMENTS </FONT></p>
<p>&nbsp; </p>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<P>
<B><FONT size=2 face="serif">SALOMON BROTHERS HIGH INCOME FUND II INC.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Schedule of Investments (unaudited)</FONT></B>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="right"><B><FONT size=2 face="serif">January 31, 2005</FONT></B>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=9% align=center>
<B><FONT size=2 face="serif">FACE</FONT></B>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>&nbsp;

	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
      <center>
        <B><FONT size=2 face="serif">AMOUNT</FONT></B>&nbsp;
      </center></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap> <center>
	  <B><FONT size=2 face="serif">SECURITY *</FONT></B>&nbsp;
    </center></TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=center>
      <div align="right"><B><FONT size=2 face="serif">VALUE</FONT></B>&nbsp;
      </div></TD>
    <TD width=1% align=center>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
      <hr noshade size=3>  	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="serif">CORPORATE BONDS &amp; NOTES - 54.8%</FONT></B>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="serif">Basic Industries - 9.8%</FONT></B>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;3,850,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Abitibi-Consolidated Inc., Debentures, 8.850% due 8/1/30 (a)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">3,888,500</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">7,230,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Acetex Corp., Sr. Notes, 10.875% due 8/1/09</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">7,862,625</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Airgas, Inc., Sr. Sub. Notes, 9.125% due 10/1/11</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">2,781,250</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">2,575,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Ak Steel Corp., Sr. Notes, 7.875% due 2/15/09 (a)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">2,652,250</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">4,475,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Anchor Glass Container Corp., Sr. Secured Notes, 11.000% due 2/15/13</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">4,833,000</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">4,375,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Appleton Papers Inc., Sr. Sub. Notes, Series B, 9.750% due 6/15/14 (a)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">4,725,000</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">5,400,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Applied Extrusion Technologies, Inc., Sr. Notes, Series B,</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">10.750% due 7/1/11 (a)(b)(c)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">3,132,000</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">4,775,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">BCP Caylux Holdings Luxembourg SCA, Sr. Sub. Notes,</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.625% due 6/15/14 (d)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">5,324,125</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">3,250,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Berry Plastics Corp., Sr. Sub. Notes, 10.750% due 7/15/12 (a)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">3,721,250</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">2,800,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Borden Chemicals &amp; Plastics L.P., Notes, 9.500% due 5/1/05 (b)(c)(e)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">280</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Buckeye Technologies Inc., Sr. Sub. Notes:</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">1,750,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.250% due 9/15/08 (a)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">1,758,750</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">1,750,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">8.000% due 10/15/10 (a)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">1,763,125</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">3,500,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Equistar Chemicals L.P., Sr. Notes, 10.625% due 5/1/11</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">4,042,500</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">8,500,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">FMC Corp., Debentures, 7.750% due 7/1/11</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">9,010,000</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">3,873,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Huntsman International LLC, Sr. Sub. Notes, 10.125% due 7/1/09 (a)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">4,086,015</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">1,525,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">IMCO Recycling Escrow Inc., Sr. Notes, 9.000% due 11/15/14 (d)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">1,589,812</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">2,850,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">IMCO Recycling Inc., Sr. Secured Notes, 10.375% due 10/15/10</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">3,220,500</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">3,675,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Innophos Inc., Sr. Sub. Notes, 8.875% due 8/15/14 (d)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">3,978,187</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">6,950,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">ISP Chemco Inc., Sr. Sub. Notes, Series B, 10.250% due 7/1/11</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">7,784,000</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">276,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Ispat Inland ULC, Sr. Secured Notes, 9.750% due 4/1/14</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">341,550</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">3,800,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Jefferson Smurfit Corp., Sr. Notes, 8.250% due 10/1/12</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">4,047,000</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">3,750,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">JSG Funding PLC, Sr. Notes, 9.625% due 10/1/12</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">4,162,500</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">7,000,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">KI Holdings Inc., Sr. Discount Notes, zero coupon until 11/15/09,</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.875% thereafter, due 11/15/14 (d)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">4,410,000</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Lyondell Chemical Co., Sr. Secured Notes:</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">2,575,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.500% due 12/15/08</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">2,793,875</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">1,400,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">11.125% due 7/15/12 (a)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">1,652,000</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">294,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Series B, 9.875% due 5/1/07 (a)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">308,700</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">3,075,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Methanex Corp., Sr. Notes, 8.750% due 8/15/12 (a)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">3,647,719</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">3,550,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Millennium America Inc., Sr. Notes, 9.250% due 6/15/08 (a)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">3,958,250</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">1,525,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Mueller Group Inc., Sr. Sub. Notes, 10.000% due 5/1/12</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">1,654,625</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">4,375,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Mueller Holdings Inc., Discount Notes, zero coupon until 4/15/09,</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">14.750% thereafter, due 4/15/14</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">2,996,875</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Nalco Co., Sr. Sub. Notes, 8.875% due 11/15/13</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">1,095,000</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Newark Group, Inc., Sr. Sub. Notes, 9.750% due 3/15/14</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">1,052,500</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">1,325,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">OM Group, Inc., Sr. Sub. Notes, 9.250% due 12/15/11</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">1,417,750</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">7,000,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Plastipak Holdings, Inc., Sr. Notes, 10.750% due 9/1/11</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">7,910,000</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Pliant Corp., Sr. Secured Notes, 11.125% due 9/1/09</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">2,192,500</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">2,700,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Radnor Holdings Corp., Sr. Notes, 11.000% due 3/15/10</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">2,463,750</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=right>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Republic Technologies International, LLC, Sr. Notes,</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">13.750% due 7/15/09 (b)(c)(e)</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">See Notes to Schedule of Investments.</FONT></B></P>
<P align="center"><font size="2" face="serif">1</font></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">SALOMON BROTHERS HIGH INCOME FUND II INC.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Schedule of Investments (unaudited) (continued)</FONT></B>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="right"><B><FONT size=2 face="serif">January 31, 2005</FONT></B>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=9% align=center> <B><FONT size=2 face="serif">FACE</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>&nbsp; </TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=9% align=right>
      <center>
        <B><FONT size=2 face="serif">AMOUNT</FONT></B>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">SECURITY *</FONT></B>&nbsp;
    </center></TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=center> <div align="right"><B><FONT size=2 face="serif">VALUE</FONT></B>&nbsp; </div></TD>
    <TD width=1% align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7>
      <hr noshade size=3>
    </TD>
  </TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="serif">Basic Industries - 9.8% (continued)</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;4,075,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Resolution Performance Products, Inc., Sr. Sub. Notes,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">13.500%, due 11/15/10 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,513,063</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Rhodia S.A.:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">575,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Notes, 10.250% due 6/1/10 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">656,938</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">5,850,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Sub. Notes, 8.875% due 6/1/11 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,025,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Smurfit Capital Funding PLC, Debentures, 7.500% due 11/20/25</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,950,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Stone Container Corp., Sr. Notes, 8.375% due 7/1/12 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,271,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Tekni-Plex, Inc.:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,525,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Secured Notes, 8.750% due 11/15/13 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,532,625</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,850,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Sub. Notes, Series B, 12.750% due 6/15/10 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,643,375</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,657,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Westlake Chemical Corp., Sr. Notes, 8.750% due 7/15/11</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,851,698</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">145,752,712</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="serif">Consumer Cyclicals - 3.8%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">AMF Bowling Worldwide, Inc., Sr. Sub. Notes, 10.000% due 3/1/10</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,225,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,050,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Buffets Inc., Sr. Sub. Notes, 11.250% due 7/15/10</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,343,625</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">6,325,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Cinemark Inc., Sr. Discount Notes, zero coupon until 3/15/09,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.750% thereafter, due 3/15/14</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,807,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Eye Care Centers of America, Inc., Sr. Sub. Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.125% due 5/1/08</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,037,920</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">10.750% due 2/15/15 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,980,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Host Marriott, L.P., Sr. Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.125% due 11/1/13 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,643,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">350,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Series E, 8.375% due 2/15/06</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">365,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,625,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Series I, 9.500% due 1/15/07</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,767,187</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Interface, Inc.:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,875,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Notes, 10.375% due 2/1/10</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,320,625</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Sub. Notes, 9.500% due 2/1/14 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,635,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">John Q. Hammons Hotels L.P., 1st Mortgage Notes, Series B, 8.875% due 5/15/12</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,390,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Levi Strauss &amp; Co., Sr. Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,535,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">11.625% due 1/15/08 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,668,087</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">25,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.750% due 1/15/15 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">24,437</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,525,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">MeriStar Hospitality Corp., Sr. Notes, 9.125% due 1/15/11</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,824,625</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">825,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">MeriStar Hospitality Operating Partnership, L.P., Sr. Notes,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">10.500% due 6/15/09</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">897,187</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Saks Inc., Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,543,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.875% due 10/1/11</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,832,313</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,574,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.000% due 12/1/13</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,621,220</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,825,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Sbarro, Inc., Sr. Notes, 11.000% due 9/15/09 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,853,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Six Flags Inc., Sr. Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">84,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">8.875% due 2/1/10 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">80,430</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.750% due 4/15/13 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,436,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,150,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.625% due 6/1/14 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,089,625</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,075,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.625% due 6/1/14 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,018,563</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">See Notes to Schedule of Investments.</FONT></B></P>
<P align="center"><font size="2" face="serif">2</font></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">SALOMON BROTHERS HIGH INCOME FUND II INC.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Schedule of Investments (unaudited) (continued)</FONT></B>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="right"><B><FONT size=2 face="serif">January 31, 2005</FONT></B>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=9% align=center> <B><FONT size=2 face="serif">FACE</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>&nbsp; </TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=9% align=right>
      <center>
        <B><FONT size=2 face="serif">AMOUNT</FONT></B>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">SECURITY *</FONT></B>&nbsp;
    </center></TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=center>
      <div align="right"><B><FONT size=2 face="serif">VALUE</FONT></B>&nbsp; </div></TD>
    <TD width=1% align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7>
      <hr noshade size=3>
    </TD>
  </TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="serif">Consumer Cyclicals - 3.8% (continued)</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;4,300,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Starwood Hotels &amp; Resorts Worldwide, Inc., Sr. Notes, 7.875% due 5/1/12</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,923,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,275,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Tommy Hilfiger U.S.A., Inc., Notes, 6.850% due 6/1/08 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,315,937</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">56,101,281</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="serif">Consumer Non-Cyclicals - 11.5%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,975,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">aaiPharma Inc., Sr. Sub. Notes, 12.000% due 4/1/10 (a)(f)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,001,125</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,425,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">AmeriPath, Inc., Sr. Notes, 10.500% due 4/1/13 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,646,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,055,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Ameristar Casinos, Inc., Sr. Sub. Notes, 10.750% due 2/15/09</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,436,875</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,961,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Applica Inc., Sr. Sub. Notes, 10.000% due 7/31/08 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,965,903</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,550,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Argosy Gaming Co., Sr. Sub. Notes, 7.000% due 1/15/14</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,922,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,675,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Athena Neurosciences Finance LLC, Sr. Notes, 7.250% due 2/21/08</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,838,625</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Caesars Entertainment Inc., Sr. Sub. Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">700,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.375% due 2/15/07</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">767,375</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">8.875% due 9/15/08</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,079,375</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">8.125% due 5/15/11 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,450,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,015,163</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Dade Behring Holdings Inc., Sr. Sub. Notes, 11.910% due 10/3/10</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,346,831</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,725,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Denny's Corp., Sr. Notes, 10.000% due 10/1/12 (a)(d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,103,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">5,250,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Doane Pet Care Co., Sr. Sub. Notes, 9.750% due 5/15/07 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,118,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,600,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Dole Food Co. Inc., Debentures, 8.750% due 7/15/13</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,784,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">279,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Elan Pharmaceutical Investments III, Notes, 7.720% due 3/15/05</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">280,395</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">5,120,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Extendicare Health Services, Inc., Sr. Notes, 9.500% due 7/1/10</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,708,800</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,475,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Hanger Orthopedic Group, Inc., Sr. Notes, 10.375% due 2/15/09 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,482,375</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,100,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">HCA Inc., Notes, 6.375% due 1/15/15 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,122,846</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,150,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Herbst Gaming Inc., Sr. Sub. Notes, 7.000% due 11/15/14 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,191,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,325,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Hines Nurseries, Inc., Sr. Notes, 10.250% due 10/1/11</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,649,187</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">6,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Home Interiors &amp; Gifts, Inc., Sr. Sub. Notes, 10.125% due 6/1/08 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,362,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,800,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">IASIS Healthcare LLC, Sr. Sub. Notes, 8.750% due 6/15/14</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,196,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,925,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Icon Health &amp; Fitness, Inc., Sr. Sub. Notes, 11.250% due 4/1/12 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,297,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,780,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Inn of the Mountain Gods Resort &amp; Casino, Sr. Notes, 12.000% due 11/15/10</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,422,600</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,350,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">InSight Health Services, Corp., Sr. Sub. Notes, Series B, 9.875% due 11/1/11 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,350,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">6,032,666</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Iowa Select Farms, L.P., Sr. Secured Notes, Payment-in-Kind,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">6.500% due 12/1/06 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,016,333</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,800,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Isle of Capri Casinos Inc., Sr. Sub. Notes, 7.000% due 3/1/14 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,884,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Jafra Cosmetics International Inc., Sr. Sub. Notes, 10.750% due 5/15/11</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,033,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,100,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Jean Coutu Group, Inc., Sr. Sub. Notes, 8.500% due 8/1/14 (a)(d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,105,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,750,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Kerzner International Ltd., Sr. Sub. Notes, 8.875% due 8/15/11</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,106,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,025,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Leiner Health Products Inc., Sr. Sub. Notes, 11.000% due 6/1/12</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,217,375</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,045,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Medical Device Manufacturing Inc., Sr. Sub. Notes, 10.000% due 7/15/12 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,303,825</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">MGM MIRAGE:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,775,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Notes, 6.750% due 9/1/12</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,868,187</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">6,375,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Sub. Notes, 9.750% due 6/1/07 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,108,125</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,117,365</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Nutritional Sourcing Corp., Notes, 10.125% due 8/1/09</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">821,263</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,700,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pinnacle Entertainment Inc., Sr. Sub. Notes, 8.250% due 3/15/12</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,029,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,675,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pinnacle Foods Holding Corp., Sr. Sub. Notes, 8.250% due 12/1/13</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,301,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,400,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Playtex Products, Inc., Sr. Sub. Notes, 9.375% due 6/1/11 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,655,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">See Notes to Schedule of Investments.</FONT></B></P>
<P align="center"><font size="2" face="serif">3</font></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">SALOMON BROTHERS HIGH INCOME FUND II INC.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Schedule of Investments (unaudited) (continued)</FONT></B>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="right"><B><FONT size=2 face="serif">January 31, 2005</FONT></B>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=9% align=center> <B><FONT size=2 face="serif">FACE</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>&nbsp; </TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=9% align=right>
      <center>
        <B><FONT size=2 face="serif">AMOUNT</FONT></B>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">SECURITY *</FONT></B>&nbsp;
    </center></TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=center>
      <div align="right"><B><FONT size=2 face="serif">VALUE</FONT></B>&nbsp; </div></TD>
    <TD width=1% align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7>
      <hr noshade size=3>
    </TD>
  </TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="serif">Consumer Non-Cyclicals - 11.5% (continued)</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Rite Aid Corp.:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;1,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">6.000% due 12/15/05 (a)(d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;</FONT></TD>
	<TD align=right>
<FONT size=2 face="serif">1,018,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">310,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.125% due 1/15/07 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">310,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">5,265,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Notes, 7.625% due 4/15/05 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,311,069</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,425,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Sealy Mattress Co., Sr. Sub. Notes, 8.250% due 6/15/14 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,535,625</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,950,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Simmons Bedding Co., Sr. Discount Notes, zero coupon until 12/15/09,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">10.000% thereafter, due 12/15/14 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,829,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">475,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Station Casinos, Inc., Sr. Sub. Notes, 6.875% due 3/1/16</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">495,188</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Sybron Dental Specialties, Inc., Sr. Sub. Notes, 8.125% due 6/15/12</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,725,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,145,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Tempur-Pedic Inc. and Tempur Production U.S.A. Inc., Sr. Sub. Notes,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">10.250% due 8/15/10</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,445,300</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Tenet Healthcare Corp.:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">6,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Notes, 7.375% due 2/1/13 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,550,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,800,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">6.500% due 6/1/12</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,611,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">150,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.875% due 7/1/14 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">156,375</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,525,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">6.875% due 11/15/31</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,235,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">7,775,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">United Industries Corp., Sr. Notes, Series D, 9.875% due 4/1/09</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8,173,469</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,525,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Venetian Casino Resort, LLC, Mortgage Notes, 11.000% due 6/15/10</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,000,875</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">170,370,321</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=center>
      <div align="left"><B><FONT size=2 face="serif">Energy - 4.2%</FONT></B>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">BRL Universal Equipment 2001 A, L.P., Sr. Secured Notes, 8.875% due 2/15/08</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,142,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Dynegy Holdings Inc.:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Debentures:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,550,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.125% due 5/15/18 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,878,875</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">8,350,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.625% due 10/15/26</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,993,125</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Secured Notes, 9.875% due 7/15/10 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,200,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">El Paso Corp.:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">5,200,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Notes, 7.875% due 6/15/12 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,434,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">5,425,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.800% due 8/1/31 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,289,375</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">6,325,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.750% due 1/15/32 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,182,687</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,175,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Hanover Compressor Co., Sr. Notes, 9.000% due 6/1/14</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,508,375</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">5,127,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Magnum Hunter Resources, Inc., Sr. Notes, 9.600% due 3/15/12 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,883,232</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,575,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Plains Exploration &amp; Production Co., Sr. Notes, 7.125% due 6/15/14</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,043,938</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pogo Producing Co., Sr. Sub. Notes, Series B, 8.250% due 4/15/11</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,150,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Swift Energy Co., Sr. Sub. Notes, 9.375% due 5/1/12</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,115,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">The Williams Cos., Inc., Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,700,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.625% due 7/15/19 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,125,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,650,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.875% due 9/1/21 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,161,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,225,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">8.750% due 3/15/32</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,886,125</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">62,993,732</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=center>
      <div align="left"><B><FONT size=2 face="serif">Financial - 0.0%</FONT></B>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,975,400</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Airplanes Pass-Through Trust, Series D, 10.875% due 3/15/19 (b)(c)(e)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">See Notes to Schedule of Investments.</FONT></B></P>
<P align="center"><font size="2" face="serif">4</font></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">SALOMON BROTHERS HIGH INCOME FUND II INC.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Schedule of Investments (unaudited) (continued)</FONT></B>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="right"><B><FONT size=2 face="serif">January 31, 2005</FONT></B>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=9% align=center> <B><FONT size=2 face="serif">FACE</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>&nbsp; </TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=9% align=right>
      <center>
        <B><FONT size=2 face="serif">AMOUNT</FONT></B>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">SECURITY *</FONT></B>&nbsp;
    </center></TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=center>
      <div align="right"><B><FONT size=2 face="serif">VALUE</FONT></B>&nbsp; </div></TD>
    <TD width=1% align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7>
      <hr noshade size=3>
    </TD>
  </TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="serif">Housing Related - 1.2%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;8,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Associated Materials Inc., Sr. Discount Notes, zero coupon until 3/1/09,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">11.250% thereafter, due 3/1/14</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,120,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,275,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Collins &amp; Aikman Floor Coverings Inc., Sr. Sub. Notes, Series B,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.750% due 2/15/10 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,487,875</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">5,075,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Ply Gem Industries, Inc., Sr. Sub. Notes, 9.000% due 2/15/12 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,075,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,550,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">THL Buildco Inc, Sr. Sub. Notes, 8.500% due 9/1/14 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,632,875</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">17,315,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="serif">Manufacturing - 3.4%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,325,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Alliant Techsystems Inc., Sr. Sub. Notes, 8.500% due 5/15/11</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,599,312</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,200,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Argo-Tech Corp., Sr. Notes, 9.250% due 6/1/11</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,620,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">450,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Case New Holland Inc., Sr. Notes, 9.250% due 8/1/11 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">493,875</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,825,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Flowserve Corp., Sr. Sub. Notes, 12.250% due 8/15/10 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,197,937</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,150,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Ford Motor Co., Notes, 7.450% due 7.450% due 7/16/31(a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,151,112</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,750,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">General Binding Corp., Sr. Sub. Notes, 9.375% due 6/1/08 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,741,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">5,750,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">General Motors Corp., Debentures, 8.375% due 7/15/33 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,805,821</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,100,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Invensys PLC, Sr. Notes, 9.875% due 3/15/11 (a)(d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,262,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">8,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Key Plastics Inc., Sr. Sub. Notes, Series B, 10.250% due 3/15/07 (b)(c)(e)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">10,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,100,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Keystone Automotive Operations Inc., Sr. Sub. Notes, 9.750% due 11/1/13</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,252,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,750,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Kinetek, Inc., Sr. Notes, Series D, 10.750% due 11/15/06</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,706,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">5,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">L-3 Communications Corp., Sr. Sub. Notes, 7.625% due 6/15/12 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,022,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,750,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Moll Industries, Inc., Sr. Sub. Notes, 10.500% due 7/1/08 (b)(c)(e)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,850,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">NMHG Holding Co., Sr. Notes, 10.000% due 5/15/09</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,053,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Sequa Corp., Sr. Notes, 9.000% due 8/1/09 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,420,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,700,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Tenneco Automotive Inc., Sr. Secured Notes, Series B, 10.250% due 7/15/13 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,006,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Terex Corp., Sr. Sub. Notes, Series B, 10.375% due 4/1/11 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,460,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,409,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">TRW Automotive Inc., Sr. Notes, 9.375% due 2/15/13</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,722,170</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">50,524,727</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="serif">Media &amp; Cable - 6.7%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,726,575</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Avalon Cable LLC, Sr. Discount Notes, 11.875% due 12/1/08</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,939,271</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">6,435,325</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Canwest Media Inc., Sr. Sub. Notes, 8.000% due 9/1512 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,917,974</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Charter Communications Holdings, LLC:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Discount Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,530,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">11.750% due 1/15/10 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,031,700</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">13,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Zero coupon until 5/15/06, 11.750% thereafter, due 5/15/11 (a)</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">9,100,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Zero coupon until 1/15/07, 12.125% thereafter, due 1/15/12 (a)</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,450,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">350,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">8.625% due 4/1/09 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">281,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">50,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">10.750% due 10/1/09</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">42,875</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">10,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">CSC Holdings, Inc., Sr. Sub. Debentures, 10.500% due 5/15/16 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11,838,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Dex Media East LLC/Dex Media East Finance Co., Sr. Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,750,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.875% due 11/15/09 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,968,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">813,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">12.125% due 11/15/12</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">977,632</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Dex Media Inc., Discount Notes, zero coupon until 11/15/08,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.000% thereafter, due 11/15/13</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,408,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">See Notes to Schedule of Investments.</FONT></B></P>
<P align="center"><font size="2" face="serif">5</font></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">SALOMON BROTHERS HIGH INCOME FUND II INC.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Schedule of Investments (unaudited) (continued)</FONT></B>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="right"><B><FONT size=2 face="serif">January 31, 2005</FONT></B>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=9% align=center> <B><FONT size=2 face="serif">FACE</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>&nbsp; </TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=9% align=right>
      <center>
        <B><FONT size=2 face="serif">AMOUNT</FONT></B>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">SECURITY *</FONT></B>&nbsp;
    </center></TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=center>
      <div align="right"><B><FONT size=2 face="serif">VALUE</FONT></B>&nbsp; </div></TD>
    <TD width=1% align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7>
      <hr noshade size=3>
    </TD>
  </TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="serif">Media &amp; Cable - 6.7% (continued)</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;2,344,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Dex Media West LLC/Dex Media West Finance Co., Sr. Sub. Notes,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Series B, 9.875% due 8/15/13 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,669,230</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,650,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">DirecTV Holdings LLC, Sr. Notes, 8.375% due 3/15/13</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,260,312</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">7,183,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">EchoStar DBS Corp., Sr. Notes, 9.125% due 1/15/09</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,847,427</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Houghton Mifflin Co., Sr. Discount Notes, zero coupon until 10/15/08,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">11.500% thereafter, due 10/15/13 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,712,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,350,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Insight Midwest, L.P., Sr. Notes, 10.500% due 11/1/10</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,763,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,100,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Interep National Radio Sales, Inc., Sr. Sub. Notes, Series B,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">10.000% due 7/1/08 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,611,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,875,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Mediacom LLC, Sr. Notes, 9.500% due 1/15/13 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,887,187</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">6,275,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">NextMedia Operating, Inc., Sr. Sub. Notes, 10.750% due 7/1/11(a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,090,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,200,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">PanAmSat Corp., Sr. Notes, 9.000% due 8/15/14 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,403,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">900,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">R.H. Donnelley Finance Corp. I, Sr. Sub. Notes, 10.875% due 12/15/12 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,057,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,475,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Radio One, Inc., Sr. Sub. Notes, Series B, 8.875% due 7/1/11 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,796,438</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Yell Finance B.V.:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">6,776,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Discount Notes, zero coupon until 8/1/06, 13.500% thereafter,</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">due 8/1/11 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,674,360</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">606,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Notes, 10.750% due 8/1/11 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">687,810</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">100,419,466</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="serif">Services &amp; Other - 1.9%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,100,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Allied Security Escrow Corp., Sr. Sub. Notes, 11.375% due 7/15/11 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,210,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Allied Waste North America, Inc., Sr. Notes, Series B:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">250,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">8.875% due 4/1/08</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">262,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,425,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.250% due 9/1/12</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,582,625</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">6,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.375% due 4/15/14 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,490,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,200,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Brand Services, Inc., Sr. Sub. Notes, 12.000% due 10/15/12</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,624,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Cenveo Corp.:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Notes, 9.625 due 3/15/12 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,080,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,675,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Sub. Notes, 7.875% due 12/1/13 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,234,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">The Holt Group, Inc., Sr. Notes, 9.750% due 1/15/06 (b)(c)(e)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,035,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Iron Mountain Inc., Sr. Sub. Notes, 8.625% due 4/1/13</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,287,187</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,325,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Muzak LLC, Sr. Notes, 10.000% due 2/15/09</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,191,313</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,600,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">SITEL Corp., Sr. Sub. Notes, 9.250% due 3/15/06</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,654,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">28,615,875</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="serif">Technology - 1.9%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Amkor Technology, Inc.:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,575,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Notes, 9.250% due 2/15/08 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,562,125</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,300,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Sub. Notes, 10.500% due 5/1/09 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,231,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">12,600,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Lucent Technologies Inc., Debentures, 6.450% due 3/15/29 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11,308,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,775,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Nortel Networks Ltd., Notes, 6.125% due 2/15/06 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,845,781</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Seagate Technology HDD Holdings, Sr. Notes, 8.000% due 5/15/09 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,240,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">5,175,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Unisys Corp., Sr. Notes, 8.125% due 6/1/06 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,433,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">28,621,156</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">See Notes to Schedule of Investments.</FONT></B></P>
<P align="center"><font size="2" face="serif">6</font></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">SALOMON BROTHERS HIGH INCOME FUND II INC.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Schedule of Investments (unaudited) (continued)</FONT></B>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="right"><B><FONT size=2 face="serif">January 31, 2005</FONT></B>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=9% align=center> <B><FONT size=2 face="serif">FACE</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>&nbsp; </TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=9% align=right>
      <center>
        <B><FONT size=2 face="serif">AMOUNT</FONT></B>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">SECURITY *</FONT></B>&nbsp;
    </center></TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=center>
      <div align="right"><B><FONT size=2 face="serif">VALUE</FONT></B>&nbsp; </div></TD>
    <TD width=1% align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7>
      <hr noshade size=3>
    </TD>
  </TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="serif">Telecommunications - 6.1%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Alamosa (Delaware) Inc.:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;4,430,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Discount Notes, zero coupon until 7/31/05, 12.000% thereafter,</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">due 7/31/09</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,795,475</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,950,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Sr. Notes, 11.000% due 7/31/10</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,281,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Tower Corp., Sr. Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">6,995,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.375% due 2/1/09 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,388,469</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,825,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.500% due 5/1/12 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,884,312</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,800,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Tower Escrow Corp., Discount Notes, zero coupon due 8/1/08</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,361,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,600,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">AT&amp;T Corp., Sr. Notes, 9.750% due 11/15/31</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,882,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Crown Castle International Corp., Sr. Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,300,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.375% due 8/1/11</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,564,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">5,140,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">10.750% due 8/1/11 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,576,900</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">600,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.500% due 12/1/13 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">639,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">950,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Series B, 7.500% due 12/1/13 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,012,937</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,375,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Intelsat Bermuda Ltd., Sr. Notes, 7.794% due 1/15/12 (d)(f)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,423,125</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">400,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">MCI Inc., Sr. Notes, 8.735% due 5/1/14</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">438,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">14,050,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Nextel Communications, Inc., Sr. Notes, 7.375% due 8/1/15 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">15,560,375</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">7,325,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Qwest Corp., Notes, 9.125% due 3/15/12 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8,368,813</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Qwest Services Corp., Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">8,325,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">14.000% due 12/15/10 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">9,927,563</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,071,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">14.500% due 12/15/14 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,604,283</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,175,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">SBA Communications Corp., Sr. Notes, 8.500% due 12/1/12 (a)(d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,368,094</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">850,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">SpectraSite, Inc., Sr. Notes, 8.250% due 5/15/10</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">911,625</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">UbiquiTel Operating Co., Sr. Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,575,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.875% due 3/1/11 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,744,313</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,325,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.875% due 3/1/11 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,574,938</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,800,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">U.S. Unwired Inc., Sr. Secured Notes, Series B, 10.000% due 6/15/12</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,256,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,175,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Western Wireless Corp., Sr. Notes, 9.250% due 7/15/13 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,884,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">90,449,722</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>
<B><FONT size=2 face="serif">Transportation - 0.4%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Continental Airlines, Inc., Pass-Through Certificates:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,764,635</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Series 00-2, 8.312% due 4/2/11</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,403,145</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">675,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Series 98-3, 7.250% due 11/1/05</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">623,507</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,336,559</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Series 981C, 6.541% due 9/15/08</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,073,854</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,675,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">General Maritime Corp., Sr. Notes, 10.000% due 3/15/13</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,922,062</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,022,568</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=center>
      <div align="left"><B><FONT size=2 face="serif">Utilities - 3.9%</FONT></B>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">The AES Corp., Sr. Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,325,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.500% due 6/1/09 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,490,625</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,400,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.375% due 9/15/10</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,590,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">4,425,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.750% due 3/1/14 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,707,094</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,450,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Allegheny Energy Supply Statutory Trust 2001, Sr. Secured Notes,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">10.250% due 11/15/07 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,881,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">See Notes to Schedule of Investments.</FONT></B></P>
<P align="center"><font size="2" face="serif">7</font></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">SALOMON BROTHERS HIGH INCOME FUND II INC.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Schedule of Investments (unaudited) (continued)</FONT></B>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="right"><B><FONT size=2 face="serif">January 31, 2005</FONT></B>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=9% align=center nowrap> <B><FONT size=2 face="serif">FACE</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>&nbsp; </TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=9% align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">AMOUNT</FONT></B>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">SECURITY *</FONT></B>&nbsp;
    </center></TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=center>
      <div align="right"><B><FONT size=2 face="serif">VALUE</FONT></B>&nbsp; </div></TD>
    <TD width=1% align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7 nowrap>
      <hr noshade size=3>    </TD>
  </TR>

<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">Utilities - 3.9% (continued)</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Calpine Corp., Sr. Secured Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">7.875% due 4/1/08 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">370,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">6,180,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">8.500% due 7/15/10 (a)(d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,882,200</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">1,575,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">8.750% due 7/15/13 (a)(d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,204,875</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">Calpine Generating Co. LLC, Sr. Secured Notes, 11.169% due 4/1/11 (f)</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,412,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Edison Mission Energy, Sr. Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">4,575,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
  &nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">7.730% due 6/15/09</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,872,375</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">5,175,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
 &nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">9.875% due 4/15/11 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,074,156</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Mirant Americas Generation, LLC, Sr. Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">2,075,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
 &nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">7.625% due 5/1/06 (b)(c)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,344,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">2,925,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
 &nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">9.125% due 5/1/31 (b)(c)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,166,313</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">9,350,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">NRG Energy, Inc., Sr. Secured Notes, 8.000% due 12/15/13 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">10,121,375</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Reliant Resources, Inc., Sr. Secured Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">5,325,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">9.250% due 7/15/10</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,950,688</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">3,975,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">9.500% due 7/15/13</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,471,875</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">57,540,826</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL CORPORATE BONDS &amp; NOTES</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(Cost - &#36;782,124,062)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=2 face="serif">814,728,136</FONT></B>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
    <hr noshade size=3>  	</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">CONVERTIBLE BONDS &amp; NOTES - 0.3%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">Technology - 0.1%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">4,450,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Sanmina-SCI Corp., Sub. Debentures, zero coupon due 9/12/20</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,347,375</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">Telecommunications - 0.2%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">2,675,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Tower Corp., Notes, 5.000% due 2/15/10 (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,685,031</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL CONVERTIBLE BONDS &amp; NOTES</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(Cost - &#36;3,601,713)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=2 face="serif">5,032,406</FONT></B>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
    <hr noshade size=3>  	</TD>
</TR>
<TR valign="bottom">
	<TD align=center nowrap>
      <center>
        <B><FONT size=2 face="serif">FACE</FONT></B>&nbsp;
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMOUNT +</FONT></B>&nbsp;
    </center></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">SOVEREIGN BONDS - 23.7%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=right nowrap>
      <div align="left"><B><FONT size=2 face="serif">Argentina - 0.6%</FONT></B>&nbsp;
    </div>	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Republic of Argentina:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Argentina Coupon:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">5,675,000</FONT>&nbsp;
	</TD>
	<TD align=right>
      <div align="left"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARS</FONT>&nbsp;
      </div></TD>
	<TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Series 2701, zero coupon due 1/2/49 (e)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">5,675,000</FONT>&nbsp;
	</TD>
	<TD align=right>
      <div align="left"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARS</FONT>&nbsp;
      </div></TD>
	<TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Series 2780, zero coupon due 1/29/49 (e)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">4</FONT>&nbsp;
	</TD>
	<TD align=right>
      <div align="left"><FONT size=1 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARS</FONT>&nbsp;
      </div></TD>
	<TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">10.000% due 9/19/08 (b)(c)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">5,810,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Discount Bond, Series L-GL, 3.500% due 3/31/23 (b)(c)(f)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,253,600</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">11,075,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Par Bond, Series L-GP, 6.000% due 3/31/23 (b)(c)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,202,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">9,455,600</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=right nowrap>
      <div align="left"><B><FONT size=2 face="serif">Brazil - 4.8%</FONT></B>&nbsp;
    </div>	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Federative Republic of Brazil:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">12,365,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">12.250% due 3/6/30</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">16,028,131</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">35,306,780</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">C Bond, 8.000% due 4/15/14</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">36,156,349</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Collective Action Securities, 10.500% due 7/14/14</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,502,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">12,203,039</FONT>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">DCB, Series L, 3.125% due 4/15/12 (f)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11,676,783</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">See Notes to Schedule of Investments.</FONT></B></P>
<P align="center"><font size="2" face="serif">8</font></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">SALOMON BROTHERS HIGH INCOME FUND II INC.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Schedule of Investments (unaudited) (continued)</FONT></B>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="right"><B><FONT size=2 face="serif">January 31, 2005</FONT></B>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=9% align=center nowrap> <B><FONT size=2 face="serif">FACE</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>&nbsp; </TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=9% align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMOUNT</FONT></B> + &nbsp;
    </center></TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">SECURITY *</FONT></B>&nbsp;
    </center></TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=center>
      <div align="right"><B><FONT size=2 face="serif">VALUE</FONT></B>&nbsp; </div></TD>
    <TD width=1% align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7 nowrap>
      <hr noshade size=3>    </TD>
  </TR>

<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">Brazil - 4.8% (continued)</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">FLIRB, Series L:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657,692</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Bearer, 3.063% due 4/15/09 (f)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">644,538</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">1,869,231</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Registered, 3.063% due 4/15/09 (f)</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,831,846</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">1,429,488</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">NMB, Series L, 3.125% due 4/15/09 (f)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,420,554</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">71,260,701</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=center nowrap>
      <div align="left"><B><FONT size=2 face="serif">Bulgaria - 0.2%</FONT></B>&nbsp;
    </div>	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">2,625,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Republic of Bulgaria, 8.250% due 1/15/15 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,333,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=right nowrap>
      <div align="left"><B><FONT size=2 face="serif">Chile - 0.4%</FONT></B>&nbsp;
    </div>	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">5,900,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Republic of Chile, 5.500% due 1/15/13</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,233,648</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=center nowrap>
      <div align="left"><B><FONT size=2 face="serif">Colombia - 1.5%</FONT></B>&nbsp;
    </div>	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Republic of Colombia:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">325,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.750% due 4/23/09</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">367,900</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">4,425,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">10.000% due 1/23/12</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,000,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">10.750% due 1/15/13</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,931,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">6,025,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">11.750% due 2/25/20</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,674,344</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">4,805,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">10.375% due 1/28/33</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,465,687</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">21,439,431</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=center nowrap>
      <div align="left"><B><FONT size=2 face="serif">Ecuador - 0.8%</FONT></B>&nbsp;
    </div>	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">10,740,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">Republic of Ecuador, 12.000% due 11/15/12 (d)</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11,169,600</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">El Salvador - 0.2%</FONT></B>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">3,165,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">Republic of El Salvador, 7.750% due 1/24/23 (d)</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,481,500</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=center nowrap>
      <div align="left"><B><FONT size=2 face="serif">Mexico - 4.0%</FONT></B>&nbsp;
    </div>	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">PEMEX Project Funding Master Trust:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">3,100,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">6.125% due 8/15/08</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,264,300</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">250,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.375% due 12/15/14</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">280,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">United Mexican States:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">950,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">11.375% due 9/15/16</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,420,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">1,650,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">8.125% due 12/30/19</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,991,137</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Medium-Term Notes:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">8.300% due 8/15/31</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">607,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Series A:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">1,075,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">6.375% due 1/16/13</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,153,475</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">12,819,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">5.875% due 1/15/14</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">13,296,508</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">32,795,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">6.625% due 3/3/15</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">35,590,774</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">2,090,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.500% due 4/8/33</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,342,890</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">59,946,584</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=center nowrap>
      <div align="left"><B><FONT size=2 face="serif">Panama - 0.9%</FONT></B>&nbsp;
    </div>	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Republic of Panama:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">2,685,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.625% due 2/8/11</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,168,300</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">1,675,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.250% due 3/15/15</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,725,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">5,545,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.375% due 1/16/23</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,515,375</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">400,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">8.875% due 9/30/27</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">446,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">1,689,509</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">PDI, 3.750% due 7/17/16 (f)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,596,586</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">13,451,511</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">See Notes to Schedule of Investments.</FONT></B></P>
<P align="center"><font size="2" face="serif">9</font></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">SALOMON BROTHERS HIGH INCOME FUND II INC.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Schedule of Investments (unaudited) (continued)</FONT></B>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="right"><B><FONT size=2 face="serif">January 31, 2005</FONT></B>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=9% align=center nowrap> <B><FONT size=2 face="serif">FACE</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>&nbsp; </TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=9% align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMOUNT</FONT></B> + &nbsp;
    </center></TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">SECURITY *</FONT></B>&nbsp;
    </center></TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=center>
      <div align="right"><B><FONT size=2 face="serif">VALUE</FONT></B>&nbsp; </div></TD>
    <TD width=1% align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7 nowrap>
      <hr noshade size=3>    </TD>
  </TR>

<TR valign="bottom">
	<TD colspan="3" align=right nowrap>
      <div align="left"><B><FONT size=2 face="serif">Peru - 1.2%</FONT></B>&nbsp;
    </div>	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Republic of Peru:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;2,150,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.875% due 2/6/15</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,582,688</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">4,025,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">8.750% due 11/21/33</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,312,788</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">FLIRB:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">10,565,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">4.500% due 3/7/17 (f)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">9,865,069</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">175,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">4.500% due 3/7/17 (d)(f)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">163,406</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">16,923,951</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">The Philippines - 1.0%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Republic of the Philippines:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">1,900,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.375% due 1/18/17</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,028,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">4,975,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.875% due 1/15/19</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,288,923</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">6,975,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">10.625% due 3/16/25</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,707,026</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">15,024,199</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=right nowrap>
      <div align="left"><B><FONT size=2 face="serif">Russia - 4.5%</FONT></B>&nbsp;
    </div>	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">2,975,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">Aries Vermogensverwaltungs GmbH, Russian Federation Credit-Linked</FONT>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Notes, Series C, 9.600% due 10/25/14 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,692,719</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Russian Federation:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">2,520,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">11.000% due 7/24/18 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,578,400</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">1,925,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">12.750% due 6/24/28 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,238,812</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">53,085,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">5.000% due 3/31/30 (d)(f)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">55,802,952</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">66,312,883</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">South Africa - 0.5%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Republic of South Africa:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">575,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.125% due 5/19/09</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">677,063</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">6,550,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">6.500% due 6/2/14</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,213,188</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,890,251</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=center nowrap>
      <div align="left"><B><FONT size=2 face="serif">Turkey - 1.4%</FONT></B>&nbsp;
    </div>	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Republic of Turkey:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">11.750% due 6/15/10</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">623,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">11,175,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">11.500% due 1/23/12</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">14,304,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">625,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">11.000% due 1/14/13</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">793,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">3,225,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">11.875% due 1/15/30</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,611,750</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">20,333,250</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=center nowrap>
      <div align="left"><B><FONT size=2 face="serif">Ukraine - 0.4%</FONT></B>&nbsp;
    </div>	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Republic of Ukraine:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">3,745,107</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">11.000% due 3/15/07 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,016,627</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">2,150,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">7.650% due 6/11/13 (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,365,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,381,627</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="3" align=center nowrap>
      <div align="left"><B><FONT size=2 face="serif">Venezuela - 1.3%</FONT></B>&nbsp;
    </div>	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Bolivarian Republic of Venezuela:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">7,875,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">5.375% due 8/7/10</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,262,719</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">2,550,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">8.500% due 10/8/14</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,602,913</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">See Notes to Schedule of Investments.</FONT></B></P>
<P align="center"><font size="2" face="serif">10</font></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">SALOMON BROTHERS HIGH INCOME FUND II INC.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Schedule of Investments (unaudited) (continued)</FONT></B>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="right"><B><FONT size=2 face="serif">January 31, 2005</FONT></B>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=9% align=center nowrap> <B><FONT size=2 face="serif">FACE</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>&nbsp; </TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=1% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=9% align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMOUNT</FONT></B> + &nbsp;
    </center></TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">SECURITY *</FONT></B>&nbsp;
    </center></TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=center>
      <div align="right"><B><FONT size=2 face="serif">VALUE</FONT></B>&nbsp; </div></TD>
    <TD width=1% align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7 nowrap>
      <hr noshade size=3>    </TD>
  </TR>
<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">Venezuela - 1.3% (continued)</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Collective Action Securities:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;7,600,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">10.750% due 9/19/13</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">8,797,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">9.375% due 1/13/34</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">518,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">425,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Par Bond, Series A, 6.750% due 3/31/20</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">420,484</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">19,601,116</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL SOVEREIGN BONDS</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(Cost - &#36;329,264,940)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=2 face="serif">352,239,602</FONT></B>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
    <hr noshade size=3>  	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">LOAN PARTICIPATION (f)(g) - 0.1%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">1,117,556</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Kingdom of Morocco, Tranche A, 2.781% due 1/2/09</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">(UBS Warburg Securities LLC)(Cost - &#36;1,104,294)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=2 face="serif">1,100,792</FONT></B>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
    <hr noshade size=3>  	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">SHARES</FONT></B>&nbsp;
    </center></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">COMMON STOCK (c) - 3.0%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">52,472</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Mattress Discounters Corp. (e)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">229,356</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">NTL Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">15,603,089</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">283,656</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">SpectraSite, Inc. (a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">16,622,242</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">375,814</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Telewest Global Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,332,466</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">658,202</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">UnitedGlobalCom Inc., Class A Shares</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,430,634</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL COMMON STOCK </FONT></B><FONT size=2 face="serif">(Cost - &#36;45,524,670)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=2 face="serif">44,988,431</FONT></B>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=3>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">ESCROW SHARES (c)(e) - 0.0%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">8,800,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">BREED Technologies, Inc. (b)(d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">5,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Imperial Holly Co.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">2,025,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pillowtex Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">2,648,056</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Vlasic Foods International Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">238,325</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL ESCROW SHARES </FONT></B><FONT size=2 face="serif">(Cost - &#36;0)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=2 face="serif">238,325</FONT></B>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=3>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">PREFERRED STOCK - 0.5%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">6,845</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Alamosa Holdings, Inc., 7.500% Cumulative Convertible, Series B</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,579,756</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">TCR Holding Corp.:</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">17,552</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Class B (c)(e)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">18</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">9,654</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Class C (c)(e)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">10</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">25,451</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Class D (c)(e)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">25</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">52,657</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Class E (c)(e)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">53</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL PREFERRED STOCK </FONT></B><FONT size=2 face="serif">(Cost - &#36;2,110,899)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=2 face="serif">6,579,862</FONT></B>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=3>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">WARRANTS</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">WARRANTS (c) - 0.2%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">1,800</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">American Tower Escrow Corp. (Exercise price of &#36;0.01 per share expiring 8/1/08.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Each warrant exercisable for 14.10 shares of common stock.) (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">414,900</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Asia Pulp &amp; Paper (Exercise price of &#36;7.8375 per share expiring on 3/15/05.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Each warrant exercisable for 12.914 shares of common stock.) (d)(e)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">3,500</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Brown Jordan International Inc., (Exercise price of &#36;0.01 per share expiring 8/15/07.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Each warrant exercisable for 0.2298 shares of common stock.) (d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">31</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">30,928,049</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">ContiFinancial Corp. Liquidating Trust, Units of Interest. (Represents interests in</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">a trust in the liquidation of ContiFinancial Corp. and its affiliates.)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">773,201</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">2,750</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Leap Wireless International Inc. (Exercise price of &#36;96.80 per share expiring 4/15/10.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Each warrant exercisable for 5.146 shares of common stock.) (d)(e)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">0</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">See Notes to Schedule of Investments.</FONT></B></P>
<P align="center"><font size="2" face="serif">11</font></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">SALOMON BROTHERS HIGH INCOME FUND II INC.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Schedule of Investments (unaudited) (continued)</FONT></B>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="right"><B><FONT size=2 face="serif">January 31, 2005</FONT></B>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=9% align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">WARRANTS</FONT></B>&nbsp;
    </center></TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=50% align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">SECURITY *</FONT></B>&nbsp;
    </center></TD>
    <TD width=24%>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD width=10% align=center>
      <div align="right"><B><FONT size=2 face="serif">VALUE</FONT></B>&nbsp; </div></TD>
    <TD width=1% align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=7 nowrap>
      <hr noshade size=3>    </TD>
  </TR>

<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">WARRANTS (c) - 0.2% (continued)</FONT></B>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">3,500</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">Mattress Discounters Corp.
(Exercise price of &#36;0.01 per share expiring on 7/15/07.</FONT>
      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center nowrap>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center nowrap> <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Each warrant exercisable for 4.85 shares of Class A common stock and 0.539</FONT> </div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">shares of Class L common stock.) (d)(e)</FONT>
      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD align=right><font size="2">0</font>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">Mueller Holdings, Inc., (Exercise price of &#36;0.01 per share expiring on 4/15/14.</FONT>
      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Each warrant exercisable for 109.820 shares of common stock.) (d)</FONT>
      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">140,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">13,614</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pillowtex Corp. (Exercise price of &#36;28.99 per share expiring on 11/24/09.</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Each warrant exercisable for 1 share of common stock.) (e)</FONT>
      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">14</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center nowrap>
      <div align="left"><FONT size=2 face="serif">Ubiquitel Operating Co. (Exercise price of &#36;22.74 per share expiring on 4/15/10.</FONT>
      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Each warrant exercisable for 5.965 shares of common stock.) (d)</FONT>
      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">50</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">57,120</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="left"><FONT size=2 face="serif">Bolivarian Republic of Venezuela (Oil-Linked Payment Obligation, expires 4/15/20)</FONT>
      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left><div align="right"><FONT size=2 face="serif">856,800</FONT>&nbsp;	</div></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL WARRANTS &amp; RIGHTS</FONT></B>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(Cost - &#36;1,141,384)</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=2 face="serif">2,184,996</FONT></B>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
    <hr noshade size=3>  	</TD>
</TR>
<TR valign="bottom">
	<TD align=center nowrap>
<B><FONT size=2 face="serif">FACE</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">AMOUNT</FONT></B>&nbsp;
    </center></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
  <TD colspan=3 align=left nowrap><b><font size="2">SHORT-TERM INVESTMENTS - 17.4%</font> </b></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">REPURCHASE AGREEMENTS - 1.8%</FONT></B>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;10,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="left"><FONT size=2 face="serif">Deutsche Bank Securities Inc. dated 1/31/05, 2.500% due 2/1/05; Proceeds at</FONT>
      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center nowrap>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center nowrap> <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">maturity - &#36;10,000,694; (Fully collateralized by various U.S. government</FONT> </div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">agency obligations, 0.000% to 7.625% due 2/3/05 to 7/15/32;</FONT>
      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Market value - &#36;10,200,018)</FONT>
      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">6,101,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="left"><FONT size=2 face="serif">Morgan Stanley dated 1/31/05, 2.500% due 2/1/05; Proceeds at maturity -</FONT>      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<font size=2 face="serif">&#36;6,101,424; (Fully collateralized by various U.S. government agency</font>
      </div></TD>
	<TD align=left>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">obligations, 0.000% to 6.000% due 5/4/05 to 4/26/24;</FONT>
      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Market value - &#36;6,283,073)</FONT>
      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,101,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
      <div align="left"><FONT size=2 face="serif">UBS Securities LLC dated 1/31/05, 2.500% due 2/1/05; Proceeds at</FONT>
      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center nowrap>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center nowrap> <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">maturity - &#36;10,000,694; (Fully collateralized by various U.S. government</FONT> </div></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">agency obligations, 0.000% to 8.050% due 2/4/05 to 8/6/38;</FONT>
      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right nowrap>
      <div align="left"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Market value - &#36;10,200,032)</FONT>
      </div></TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL REPURCHASE AGREEMENTS</FONT></B>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(Cost - &#36;26,101,000)</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=2 face="serif">26,101,000</FONT></B>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
    <hr noshade size=1>  	</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
      <center>
        <B><FONT size=2 face="serif">SHARES</FONT></B>&nbsp;
    </center></TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
<HR noshade size=1>	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left nowrap>
<B><FONT size=2 face="serif">SECURITIES PURCHASED FROM SECURITIES LENDING COLLATERAL - 15.6%</FONT></B>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right nowrap>
<FONT size=2 face="serif">232,399,476</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">State Street Navigator Securities Lending Trust Prime Portfolio</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(Cost - &#36;232,399,476)</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=2 face="serif">232,399,476</FONT></B>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="7" align=left nowrap><HR noshade size=1></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><B><FONT size=2 face="serif">TOTAL SHORT-TERM INVESTMENTS </FONT></B></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><FONT size=2 face="serif">(Cost - &#36;258,500,476)</FONT> </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp; </TD>
  <TD align=right><B><FONT size=2 face="serif">258,500,476</FONT></B>&nbsp; </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
    <hr noshade size=3>  	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">TOTAL INVESTMENTS - 100.0%</FONT></B>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(Cost - &#36;1,423,372,438**)</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<B><FONT size=2 face="serif">&#36;</FONT></B>
	</TD>
	<TD align=right>
<B><FONT size=2 face="serif">1,485,593,026</FONT></B>&nbsp;
	</TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7 nowrap>
    <hr noshade size=3>  	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<B><FONT size=2 face="serif">See Notes to Schedule of Investments.</FONT></B></P>
<P align="center"><font size="2" face="serif">12</font></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">SALOMON BROTHERS HIGH INCOME FUND II INC.</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Schedule of Investments (unaudited) (continued)</FONT></B>&nbsp;
      </div></TD>
	<TD>&nbsp;
	</TD>
	<TD align=center>
      <div align="right"><B><FONT size=2 face="serif">January 31, 2005</FONT></B>&nbsp;
      </div></TD>
</TR>
</TABLE><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=3>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">*</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">All securities except for those that are on loan are segregated as collateral pursuant to a loan</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">agreement and/or reverse repurchase agreements.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">+</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Face amount denominated in U.S. dollars unless otherwise indicated.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">(a)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">All or portion of this security is on loan.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">(b)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Security is currently in default.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">(c)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Non-income producing security.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">(d)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">be resold in transactions that are exempt from registration, normally to qualified institutional buyers.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">(e)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Security is valued in accordance with fair valuation procedures.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">(f)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Rate shown reflects current rate on instrument with variable rate or step coupon rates.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">(g)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Participation interest was acquired through the financial institution indicated parenthetically.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">**</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Aggregate cost for federal income tax purposes is substantially the same.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><U><FONT size=2 face="serif">Abbreviations used in this schedule:</FONT></U><BR>
    <FONT size=2 face="serif">ARS - Argentina Peso.</FONT><BR>
    <FONT size=2 face="serif">DCB - Debt Conversion Bond.</FONT><BR>
    <FONT size=2 face="serif">FLIRB - Front-Loaded Interest Reduction Bond.</FONT><BR>
    <FONT size=2 face="serif">NMB - New Money Bond.</FONT><BR>
    <FONT size=2 face="serif">PDI - Past Due Interest.</FONT></TD>
</TR>
</TABLE>
<BR>
<BR>
<P align="center">
<B><FONT size=2 face="serif">See Notes to Schedule of Investments.</FONT></B></P>
<P align="center"><font size="2" face="serif">13</font></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">Notes to Schedule of Investments (unaudited)</FONT></B></P>
<P>
<B><FONT size=2 face="serif">1. Organization and Significant Accounting Policies </FONT></B></P>
<P>
<FONT size=2 face="serif">Salomon Brothers High Income Fund II Inc. (&#147;Fund&#148;) 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 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&#146;s prospectus). As a secondary objective, the Fund seeks
capital appreciation to the extent consistent with its objective of seeking to maximize current income. </FONT></P>
<P>
<FONT size=2 face="serif">The following are significant accounting policies consistently followed by the Fund. These policies are in conformity with U.S. generally accepted accounting principles (&#147;GAAP&#146;&#146;). </FONT></P>
<P>
<B><FONT size=2 face="serif">(a) Investment Valuation</FONT></B><FONT size=2 face="serif"> In valuing the Fund&#146;s assets, all securities for which market quotations are readily available are valued (i) at the last sale price prior to the time of
determination if there were a sale on the date of determination, (ii) at the mean between the last current bid and asked prices if there were no sales on such date and bid and asked quotations are available, and (iii) at the bid price if there were
no sales price on such date and only bid quotations are available. Publicly traded foreign government debt securities are typically traded internationally in the over-the-counter market, and are valued at the mean between the last current bid and
asked price as of the close of business of that market. However, when the spread between bid and asked price exceeds five percent of the par value of the security, the security is valued at the bid price. Securities may also be valued by independent
pricing services which use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. When market quotations are not readily available, or are
determined not to reflect accurately 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&#146;s Board of Directors. Short-term investments having a maturity of 60 days or less are valued at amortized
cost, which approximates market value.</FONT><FONT size=2 face="serif"> </FONT></P>
<P>
<B><FONT size=2 face="serif"> (b) Repurchase Agreements. </FONT></B><FONT size=2 face="serif">When entering into repurchase agreements, it is the Fund&#146;s policy that a custodian take possession of the underlying collateral securities, the 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 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.
</FONT></P>
<P>
<B><FONT size=2 face="serif">(c) Reverse Repurchase Agreements. </FONT></B><FONT size=2 face="serif">The Fund may enter into reverse repurchase agreements in which the Fund sells portfolio securities and agrees to repurchase them from the buyer at a
specified date and price. Whenever the Fund enters into a reverse repurchase agreement, the Fund&#146;s custodian delivers liquid assets to the counterparty in an amount at least equal to the repurchase price marked-to-market daily (including
accrued interest), and the counterparty subsequently monitors the account to ensure that such equivalent value is maintained. The Fund pays interest on amounts obtained pursuant to reverse repurchase agreements. Reverse repurchase agreements are considered to be
borrowings by the Fund. Reverse repurchase agreements involve leverage risk and the risk that the market value of securities purchased</FONT></P>
<P align="center"><font size="2" face="serif">14</font></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">Notes to Schedule of Investments (unaudited)(continued) </FONT></B></P>
<P>
<FONT size=2 face="serif">with the proceeds from the reverse repurchase agreement may decline below the repurchase price of the securities sold by the Fund which, it is obligated to repurchase.</FONT></P>
<P>
<B><FONT size=2 face="serif">(d) Lending of Portfolio Securities. </FONT></B><FONT size=2 face="serif">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, and receives a lender&#146;s fee. Fees earned by the Fund on securities lending are recorded as investment 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 may vary depending on the type of securities loaned. The custodian establishes and maintains the
collateral in a segregated account. The Fund maintains exposure for the risk of any losses in the investment of amounts received as collateral. The Fund
has the right under the lending agreement to recover the securities from the borrower on demand. </FONT></P>
<P>
<B><FONT size=2 face="serif">(e) Loan Participations. </FONT></B><FONT size=2 face="serif">The Fund invests in fixed and floating rate loans arranged through private negotiations between a foreign sovereign entity and one or more financial
institutions (&#147;lenders&#148;).  The Fund&#146;s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by
the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a
result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender
and may not benefit from any set-off between the lender and the borrower. When the Fund purchases assignments from lenders, the Fund will acquire direct rights against the borrower on the loan, except that under certain circumstances such rights may
be more limited than those held by the assigning lender. The Fund may have difficulty disposing of participation/assignments because the market for certain instruments may not be highly liquid. </FONT></P>
<P>
<B><FONT size=2 face="serif">(f) Credit and Market Risk. </FONT></B><FONT size=2 face="serif">The yields of emerging markets debt obligations and high-yield corporate debt obligations reflect, among other things, perceived credit and market risk. The
Fund&#146;s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, overall greater risk of timely and 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. </FONT></P>
<P>
<B><FONT size=2 face="serif">(g) Investment Transactions.</FONT></B><FONT size=2 face="serif"> Investment transactions are recorded on a trade date basis.</FONT></P>
<P>
<B><FONT size=2 face="serif">2. Investments </FONT></B></P>
<P>
<FONT size=2 face="serif">At January 31, 2005, the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="5" align=left><hr noshade size=3>    </TD>
  </TR>
<TR valign="bottom">
	<TD width=60% align=left>
<FONT size=2 face="serif">Gross unrealized appreciation</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=28% align=right>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD width=6% align=right>
<FONT size=2 face="serif">108,769,877</FONT>
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Gross unrealized depreciation</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>

	</TD>
	<TD align=right>
<FONT size=2 face="serif">(46,549,289</FONT>
	</TD>
	<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Net unrealized appreciation</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">&#36;</FONT>
	</TD>
	<TD align=right>
<FONT size=2 face="serif">62,220,588</FONT>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>
      <hr noshade size=3>  	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p align="center"><font size="2">15</font></p>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">Notes to Schedule of Investments (unaudited)(continued) </FONT></B></P>
<P>
<FONT size=2 face="serif">Transactions in reverse repurchase agreements for the Fund during the period ended January 31, 2005 were as follows: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=33% align=center>
<B><FONT size=2 face="serif">Average</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Weighted</FONT></B>
	</TD>
	<TD width=33% align=center>
<B><FONT size=2 face="serif">Maximum</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=33% align=center>
<B><FONT size=2 face="serif">Daily</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Average</FONT></B>
	</TD>
	<TD width=33% align=center>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=33% align=center>
<B><FONT size=2 face="serif">Balance</FONT></B>&nbsp;
	</TD>
	<TD colspan="2" align=center>
<B><FONT size=2 face="serif">Interest Rate</FONT></B>
	</TD>
	<TD width=33% align=center>
<B><FONT size=2 face="serif">Outstanding</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=33% align=center>
<FONT size=2 face="serif"> <FONT size=2 face="serif">&#36;</FONT>70,725,239</FONT>&nbsp;
	</TD>
	<TD width=18% align=right>
<FONT size=2 face="serif">1.71</FONT>
	</TD>
	<TD width=16% align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
	</TD>
	<TD width=33% align=center>
<FONT size=2 face="serif">&#36;223,611,250</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P>
<FONT size=2 face="serif">Interest rates on reverse repurchase agreements ranged from 1.00% to 2.40% during the period ended January 31, 2005. </FONT></P>
<P>
<FONT size=2 face="serif">At January 31, 2005, the Fund had the following open reverse repurchase agreements outstanding: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD colspan=7>
      <HR noshade size=1>
    </TD>
  </TR>
<TR valign="bottom">
	<TD width=9% align=center>
<B><FONT size=2 face="serif">Face</FONT></B>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>&nbsp;

	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
<B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap> <center>
	  <B><FONT size=2 face="serif">Security</FONT></B>&nbsp;
    </center></TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>
      <div align="right"><B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </div></TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
      <div align="right"><FONT size=2 face="serif">&#36;&nbsp;&nbsp;10,739,750</FONT>&nbsp;
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Reverse Repurchase Agreement with UBS Financial Services Inc.,</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">dated 8/20/04 bearing 1.550% to be repurchased at</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">&#36;10,908,528 on 8/20/05, collateralized by: &#36;10,000,000 Federative</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Republic of Brazil, 12.250% due 3/6/30; Market value (including</FONT>
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left">
      </div></TD>
	<TD width=10% align=right>&nbsp;</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><FONT size=2 face="serif">receive interest) - &#36;13,463,329</FONT>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD align=right><div align="left"><FONT size=2 face="serif">&#36;</FONT> </div></TD>
  <TD align=right><FONT size=2 face="serif">10,739,750</FONT>&nbsp; </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
      <div align="right"><FONT size=2 face="serif">12,576,000</FONT>&nbsp;
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Reverse Repurchase Agreement with JPMorgan Chase &amp; Co.,</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">dated 12/16/04 bearing 1.900% to be repurchased at &#36;12,818,263</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">on 12/16/05, collateralized by: &#36;12,000,000 United Mexican</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
 &nbsp;<FONT size=2 face="serif">States, Medium-Term Notes, Series A, 5.875% due 1/15/14;</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Market value (including receive interest) - &#36;12,480,108</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">12,576,000</FONT>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
      <div align="right"><FONT size=2 face="serif">29,770,000</FONT>&nbsp;
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Reverse Repurchase Agreement with JPMorgan Chase &amp; Co.,</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">dated 12/16/04 bearing 1.950% to be repurchased at &#36;30,358,578</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">on 12/16/05, collateralized by: &#36;26,000,000 Federative Republic of</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Brazil, C Bond, 8.000% due 4/15/14; Market value (including </FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=9% align=center>&nbsp;</TD>
  <TD width=5%>&nbsp;</TD>
  <TD width=50% align=left nowrap><FONT size=2 face="serif">receive interest) - &#36;27,245,795</FONT></TD>
  <TD width=24%>&nbsp;</TD>
  <TD width=1% align=left>&nbsp;</TD>
  <TD width=10% align=left><div align="right"><FONT size=2 face="serif">29,770,000</FONT>&nbsp;</div></TD>
  <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
      <div align="right"><FONT size=2 face="serif">15,281,000</FONT>&nbsp;
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Reverse Repurchase Agreement with JPMorgan Chase &amp; Co.,</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">dated 12/16/04 bearing 2.150% to be repurchased at &#36;15,614,105</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">on 12/16/05, collateralized by: &#36;14,000,000 United Mexican States,</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
 &nbsp;<FONT size=2 face="serif">Medium-Term Notes, 6.625% due 3/3/15; Market value</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=9% align=center>&nbsp;</TD>
  <TD width=5%>&nbsp;</TD>
  <TD width=50% align=left nowrap><FONT size=2 face="serif"> (including receive interest) - &#36;15,580,286</FONT></TD>
  <TD width=24%>&nbsp;</TD>
  <TD width=1% align=left>&nbsp;</TD>
  <TD width=10% align=left><div align="right"><FONT size=2 face="serif">15,281,000</FONT>&nbsp;</div></TD>
  <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
      <div align="right"><FONT size=2 face="serif">6,678,000</FONT>&nbsp;
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Reverse Repurchase Agreement with JPMorgan Chase &amp; Co.,</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
 &nbsp;<FONT size=2 face="serif">dated 12/16/04 bearing 2.250% to be repurchased at &#36;6,830,342</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">on 12/16/05, collateralized by: &#36;7,000,000 Bolivarian Republic of</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
 &nbsp;<FONT size=2 face="serif">Venezuela, 5.375% due 8/7/10; Market value (including </FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=9% align=center>&nbsp;</TD>
  <TD width=5%>&nbsp;</TD>
  <TD width=50% align=left nowrap><FONT size=2 face="serif">receive interest) - &#36;6,637,741</FONT></TD>
  <TD width=24%>&nbsp;</TD>
  <TD width=1% align=left>&nbsp;</TD>
  <TD width=10% align=left><div align="right"><FONT size=2 face="serif">6,678,000</FONT>&nbsp;</div></TD>
  <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=center>
      <div align="right"><FONT size=2 face="serif">32,532,500</FONT>&nbsp;
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">Reverse Repurchase Agreement with CS First Boston Corp.,</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">dated 1/11/05 bearing 2.400% to be repurchased at &#36;33,324,124</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>

	  <div align="right"></div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">on 1/11/06, collateralized by: &#36;35,000,000 Russian Federation,</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">5.000% due 3/31/30; Market value (including receive</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=right>&nbsp;</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap><FONT size=2 face="serif"> interest) - &#36;37,391,424</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><FONT size=2 face="serif">32,532,500</FONT>&nbsp; </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
      <HR noshade size=1>
	</TD>
  </TR>
<TR valign="bottom">
	<TD width=9% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<B><FONT size=2 face="serif">Total Reverse Repurchase Agreements</FONT></B>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

	</TD>
	<TD width=10% align=left>&nbsp;

	</TD>
    <TD width=1% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=9% align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=50% align=left nowrap>
<FONT size=2 face="serif">(Cost - &#36;107,577,250 )</FONT>&nbsp;
	</TD>
	<TD width=24%>&nbsp;
	</TD>
	<TD width=1% align=right>
      <div align="left"><B><FONT size=2 face="serif">&#36;</FONT></B>
      </div></TD>
	<TD width=10% align=right>
<B><FONT size=2 face="serif">107,577,250</FONT></B>&nbsp;
	</TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR>
	<TD colspan=7>
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p align="center"><font size="2">16</font></p>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT size=2 face="serif">Notes to Schedule of Investments (unaudited)(continued) </FONT></B></P>
<P>
<FONT size=2 face="serif">At January 31, 2005, the Fund loaned securities having a market value of &#36;227,297,561. The Fund received cash collateral amounting to &#36;232,399,476 which was invested in the State Street Navigator Securities Lending
Trust Prime Portfolio, a Rule 2a-7 money market fund, registered under the 1940 Act. </FONT></P>
<P>
<FONT size=2 face="serif">At January 31, 2005, the Fund held one loan participation with a total cost of &#36;1,104,294 and a total market value of &#36;1,100,792. </FONT></P>
<P>
<B><FONT size=2 face="serif">3. Loan </FONT></B></P>
<P>
<FONT size=2 face="serif">At January 31, 2005, the Fund had outstanding a &#36;300,000,000 loan pursuant to a revolving credit and security agreement with Crown Capital Company LLC, and Citicorp North America Inc. (&#147;CNA&#148;), an affiliate of
SBAM. In addition, CNA acts as administrative agent. The loans 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 borrowing outstanding and any additional expenses. </FONT></P>
<P align="center"><font size="2">17</font></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="2" align=center>
      <div align="left"><FONT size=2 face="serif">ITEM 2.</FONT>&nbsp;
      </div>
      <div align="left"></div></TD>
	<td width="92%"><FONT size=2 face="serif">CONTROLS AND PROCEDURES.</FONT>&nbsp; </td>
</TR>

<TR>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
	<TD width="5%" valign=top nowrap>
<FONT size=2 face="serif">(a)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=2 face="serif">The registrant&#146;s principal executive officer and principal financial officer have concluded that the registrant&#146;s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act
of 1940, as amended (the &#147;1940 Act&#148;)) 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</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>&nbsp;</TD>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=2 face="serif">There were no changes in the registrant&#146;s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant&#146;s last fiscal quarter that have materially
affected, or are likely to materially affect the registrant&#146;s internal control over financial reporting.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR>

<TR valign="bottom">
	<TD colspan="2" align=right>
      <div align="left"><FONT size=2 face="serif">ITEM 3.</FONT>&nbsp;
      </div>	</TD>
	<TD align=left>
<FONT size=2 face="serif">EXHIBITS.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">attached hereto.</FONT></TD>
</TR>
</TABLE>
<p><BR>
</p>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<P align="center">
<B><FONT size=2 face="serif">SIGNATURES </FONT></B></P>
<P>
<FONT size=2 face="serif">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. </FONT></P>
<P>
<B><FONT size=2 face="serif">Salomon Brothers High Income Fund II Inc.</FONT></B></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="4%"><font size=2 face="serif">By</font></TD>
    <TD width="23%"><center>
        <font size=2 face="serif"> /s/ R. Jay Gerken</font><font size="1">&nbsp; </font>
    </center></TD>
    <TD width="73%"><FONT size=2 face="serif">&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><center>
        <font size=2 face="serif">R. Jay Gerken</font><font size="1">&nbsp; </font>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><center>
        <FONT size=2 face="serif">Chief Executive Officer</FONT><font size="1">&nbsp; </font>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Date: </FONT></TD>
    <TD><center>
      <FONT size=2 face="serif">March 29, 2005 </FONT>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT size=2 face="serif">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. </FONT></P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="4%"><font size=2 face="serif">By</font></TD>
    <TD width="23%"><center>
        <font size=2 face="serif"> /s/ R. Jay Gerken</font><font size="1">&nbsp; </font>
    </center></TD>
    <TD width="73%"><FONT size=2 face="serif">&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><center>
        <font size=2 face="serif">R. Jay Gerken</font><font size="1">&nbsp; </font>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><center>
        <FONT size=2 face="serif">Chief Executive Officer</FONT><font size="1">&nbsp; </font>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Date: </FONT></TD>
    <TD><center>
      <FONT size=2 face="serif">March 29, 2005</FONT>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="4%"><font size=2 face="serif">By</font></TD>
    <TD width="23%"><center>
        <font size=2 face="serif"> /s/ Frances M. Guggino</font><font size="1">&nbsp; </font>
    </center></TD>
    <TD width="73%"><FONT size=2 face="serif">&nbsp; </FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><hr noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><center>
        <FONT size=2 face="serif">Frances M. Guggino</FONT><font size="1">&nbsp; </font>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><center>
        <FONT size=2 face="serif">Chief Financial Officer</FONT><font size="1">&nbsp; </font>
    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=2 face="serif">Date: </FONT></TD>
    <TD> <center>
    <FONT size=2 face="serif">March 29, 2005</FONT>    </center></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P>&nbsp;</P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c36239_ex99-cert.htm
<TEXT>

<HTML>
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   <TITLE></TITLE>
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<BODY bgcolor="#ffffff">


<p align="right"><font size="2">EX-99.CERT</font></p>
<P align="center">
<B><U><FONT size=2 face="serif">CERTIFICATIONS</FONT></U></B><B><FONT size=2 face="serif"> </FONT></B></P>
<P>
<FONT size=2 face="serif">I, R. Jay Gerken, certify that: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">I have reviewed this report on Form N-Q of Salomon Brothers High Income Fund II Inc.;</FONT>	</TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is
filed;</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=2 face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=2 face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">c)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">d)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">5.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent
functions):</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=2 face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process,
summarize, and report financial information; and</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="left"><FONT size=2 face="serif">Date: </FONT></div></TD>
    <TD align=right><div align="left">&nbsp;&nbsp;&nbsp;<font size="2">March 29, 2005</font> </div></TD>
    <TD width=25%><center>
        <FONT size=2 face="serif">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT size=2 face="serif"> R. Jay Gerken</FONT>&nbsp;
    </center></TD>
    <TD width=32% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" nowrap>&nbsp;</TD>
    <TD width="40%"><hr align="left" width="200" size=1 noshade></TD>
    <TD><hr align="center" size=1 noshade>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap>&nbsp;</TD>
    <TD align=left><center>
        <FONT size=2 face="serif">R. Jay Gerken</FONT>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap>&nbsp;</TD>
    <TD align=left><center>
        <FONT size=2 face="serif">Chief Executive Officer</FONT><font size="1">&nbsp; </font>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P>
<PAGE>


<P>
<FONT size=2 face="serif">I, Frances M. Guggino, certify that: </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">1.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">I have reviewed this report on Form N-Q of Salomon Brothers High Income Fund II Inc.;</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">2.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">3.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is
filed;</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">4.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=2 face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=2 face="serif">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">c)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=2 face="serif">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">d)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=2 face="serif">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">5.</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD colspan=2>
<FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent
functions):</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">a)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=2 face="serif">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process,
summarize, and report financial information; and</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD>&nbsp;</TD>	<TD nowrap valign=top>
<FONT size=2 face="serif">b)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<FONT size=2 face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR></TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right nowrap><div align="left"><FONT size=2 face="serif">Date: </FONT></div></TD>
    <TD align=right><div align="left">&nbsp;&nbsp;&nbsp;<font size="2">March 29, 2005</font> </div></TD>
    <TD width=25%><center>
        <FONT size=2 face="serif">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frances M. Guggino</FONT>
    </center></TD>
    <TD width=32% align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="3%" nowrap>&nbsp;</TD>
    <TD width="40%"><hr align="left" width="200" size=1 noshade></TD>
    <TD><hr align="center" size=1 noshade>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap>&nbsp;</TD>
    <TD align=left><center>
        <FONT size=2 face="serif">Frances M. Guggino</FONT><font size="1">&nbsp; </font>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left nowrap>&nbsp;</TD>
    <TD align=left><center>
        <FONT size=2 face="serif">Chief Financial Officer</FONT><font size="1">&nbsp; </font>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
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