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


                                 SCHEDULE 13G


                   Under the Securities Exchange Act of 1934
                               (Amendment No. )*



                       Western Asset High Income Fund II
--------------------------------------------------------------------------------
                               (Name of Issuer)

                                 Common Stock
--------------------------------------------------------------------------------
                        (Title of Class of Securities)


                                   95766J102
                                 --------------
                                 (CUSIP Number)

                               December 31, 2007
--------------------------------------------------------------------------------
            (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[X] Rule 13d-1(b)

[_] Rule 13d-1(c)

[_] Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person's
  initial filing on this form with respect to the subject class of securities,
  and for any subsequent amendment containing information which would alter the
  disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of (S) 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).

                                      1



CUSIP No. 95766J102

   -------------------------------------------------------------------------
    1. Names of Reporting Persons.

             Claymore Exchange-Traded Fund Trust,
             Claymore/BBD High Income Index ETF

       I.R.S. Identification Nos. of above persons (entities only):

             Claymore Exchange-Traded Fund Trust,
             Claymore/BBD High Income Index ETF - Tax ID# US18383M8608
   -------------------------------------------------------------------------
    2. Check the Appropriate Box if a Member of a Group (See Instructions)
       (a) [_]
       (b) [X]
   -------------------------------------------------------------------------
    3. SEC Use Only

   -------------------------------------------------------------------------
    4. Citizenship or Place of Organization:

             Claymore Exchange-Traded Fund Trust,
             Claymore/BBD High Income Index ETF, Lisle, IL
   -------------------------------------------------------------------------
                   5.  Sole Voting Power

                          3,713
     Number of    ------------------------------------------------------------
      Shares       6.  Shared Voting Power
  Beneficially by
     Owned by     ------------------------------------------------------------
       Each        7.  Sole Dispositive Power
     Reporting
      Person              3,713
       With:      ------------------------------------------------------------
                   8.  Shared Dispositive Power

-------------------------------------------------------------------------------
 9. Aggregate Amount Beneficially Owned by Each Reporting Person

          3,713
-------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
    Instructions)

-------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)

          0.00%
-------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)

          IV
-------------------------------------------------------------------------------

                                      2



 ------------------------------------------------------------------------------
  1. Names of Reporting Persons.

           Claymore Securities Defined Portfolios,
           Series, 136, 269, 273, 277, 280, 292, 311, 320, 324, 334,
           335, 349, 357, 358, 367, 374, 376, 378, 384, 387, 394, 398,
           399, 406, 419, 423, 426, 427, 433, 434, 438, 441, 446, 452 &
           453

     I.R.S. Identification Nos. of above persons (entities only):

           Claymore Securities Defined Portfolios,
           Series 136 -- Tax ID# 137366224
           Claymore Securities Defined Portfolios,
           Series 269 -- Tax ID# 137488914
           Claymore Securities Defined Portfolios,
           Series 273 -- Tax ID# 137488925
           Claymore Securities Defined Portfolios,
           Series 277 -- Tax ID# 137491794
           Claymore Securities Defined Portfolios,
           Series 280 -- Tax ID# 204302045
           Claymore Securities Defined Portfolios,
           Series 292 -- Tax ID# 137057120
           Claymore Securities Defined Portfolios,
           Series 292 -- Tax ID# 137507119
           Claymore Securities Defined Portfolios,
           Series 311 -- Tax ID# 205202054
           Claymore Securities Defined Portfolios,
           Series 320 -- Tax ID# 205455676
           Claymore Securities Defined Portfolios,
           Series 324 -- Tax ID# 205510114
           Claymore Securities Defined Portfolios,
           Series 334 -- Tax ID# 205639678
           Claymore Securities Defined Portfolios,
           Series 335 -- Tax ID# 205639746
           Claymore Securities Defined Portfolios,
           Series 335 -- Tax ID# 205639781
           Claymore Securities Defined Portfolios,
           Series 349 -- Tax ID# 133792992
           Claymore Securities Defined Portfolios,
           Series 357 -- Tax ID# 137554657
           Claymore Securities Defined Portfolios,
           Series 357 -- Tax ID# 137554658
           Claymore Securities Defined Portfolios,
           Series 358 -- Tax ID# 113797655
           Claymore Securities Defined Portfolios,
           Series 358 -- Tax ID# 113797653
           Claymore Securities Defined Portfolios,
           Series 367 -- Tax ID# 137554672
           Claymore Securities Defined Portfolios,
           Series 374 -- Tax ID# 137554775
           Claymore Securities Defined Portfolios,
           Series 374 -- Tax ID# 137554776
           Claymore Securities Defined Portfolios,
           Series 376 -- Tax ID# 137554779
           Claymore Securities Defined Portfolios,
           Series 376 -- Tax ID# 137554778
           Claymore Securities Defined Portfolios,
           Series 378 -- Tax ID# 137554782
           Claymore Securities Defined Portfolios,
           Series 384 -- Tax ID# 137554706
           Claymore Securities Defined Portfolios,
           Series 387 -- Tax ID# 137562851
           Claymore Securities Defined Portfolios,
           Series 394 -- Tax ID# 137562868
           Claymore Securities Defined Portfolios,
           Series 398 -- Tax ID# 137562873
           Claymore Securities Defined Portfolios,
           Series 398 -- Tax ID# 137567981
           Claymore Securities Defined Portfolios,
           Series 399 -- Tax ID# 137562875
           Claymore Securities Defined Portfolios,
           Series 406 -- Tax ID# 137568027
           Claymore Securities Defined Portfolios,
           Series 406 -- Tax ID# 137568025
           Claymore Securities Defined Portfolios,
           Series 419 -- Tax ID# 137573659
           Claymore Securities Defined Portfolios,
           Series 423 -- Tax ID# 137573660
           Claymore Securities Defined Portfolios,
           Series 426 -- Tax ID# 137573673
           Claymore Securities Defined Portfolios,
           Series 427 -- Tax ID# 137573675
           Claymore Securities Defined Portfolios,
           Series 433 -- Tax ID# 137573680
           Claymore Securities Defined Portfolios,
           Series 434 -- Tax ID# 137573681
           Claymore Securities Defined Portfolios,
           Series 438 -- Tax ID# 137579496
           Claymore Securities Defined Portfolios,
           Series 441 -- Tax ID# 137579498
           Claymore Securities Defined Portfolios,
           Series 446 -- Tax ID# 137582450
           Claymore Securities Defined Portfolios,
           Series 452 -- Tax ID# 137582460
           Claymore Securities Defined Portfolios,
           Series 453 -- Tax ID# 137582461
 ------------------------------------------------------------------------------
  2. Check the Appropriate Box if a Member of a Group (See Instructions)
     (a) [_]
     (b) [X]
 ------------------------------------------------------------------------------
  3. SEC Use Only

 ------------------------------------------------------------------------------
  4. Citizenship or Place of Organization:

           Claymore Securities Defined Portfolios,
           Series 136, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 269, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 273, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 277, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 280, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 292, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 311, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 320, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 324, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 334, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 335, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 349, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 357, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 358, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 367, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 374, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 376, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 378, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 384, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 387, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 394, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 398, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 399, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 406, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 419, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 423, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 426, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 427, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 433, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 434, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 438, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 441, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 446, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 452, Lisle, IL
           Claymore Securities Defined Portfolios,
           Series 453, Lisle, IL
 ------------------------------------------------------------------------------
                   5.  Sole Voting Power

                          4,452,618
     Number of    ------------------------------------------------------------
      Shares       6.  Shared Voting Power
  Beneficially by
     Owned by     ------------------------------------------------------------
       Each        7.  Sole Dispositive Power
     Reporting
      Person              4,452,618
       With:      ------------------------------------------------------------
                   8.  Shared Dispositive Power

-------------------------------------------------------------------------------
 9. Aggregate Amount Beneficially Owned by Each Reporting Person

          4,452,618
-------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
    Instructions)

-------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)

          5.74%
-------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)

          IV
-------------------------------------------------------------------------------

                                      3



Item 1.     (a) Name of Issuer

                Legg Mason Partners Fund Advisor

            (b) Address of Issuer's Principal Executive Offices

                125 Broad Street, 10th Floor
                New York, NY 10004

Item 2.     (a) Name of Person Filing

                Claymore Securities, Inc. as Sponsor for the Claymore
                Securities Defined Portfolios Filing Entities

                Claymore Advisors, LLC for the Claymore Exchange-Traded Fund
                Trust Filing Entity

            (b) Address of Principal Business Office or, if none, Residence

                2455 Corporate West Drive
                Lisle, IL 60532

            (c) Citizenship

                USA

            (d) Title of Class of Securities

                Common Stock

            (e) CUSIP Number

                95766J102

Item 3.     If this statement is filed pursuant to (S) (S) 240.13d-1 (b) or
            240.13d-2(b) or (c), check whether the person filing is a:

                  (a) [X]Broker or dealer registered under section 15 of the
                  Act (15 U.S.C, 78o).

                  (b) [_]Bank as defined in section 3(a)(6) of the Act (15
                  U.S.C. 78c).

                  (c) [_]Insurance company as defined in section 3(a)(19) of
                  the Act (15 U.S.C. 78c).

                  (d) [_]Investment company registered under section 8 of the
                  Investment Company Act of 1940 (15 U.S.C 80a-8).

                  (e) [X]An investment adviser in accordance with
                  SECTION240.13d-l(b)(l}(ii)(E);

                  (f) [_]An employee benefit plan or endowment fund in
                  accordance with SECTION240.13d-l(b)(l}(ii)(F);

                  (g) [_]A parent holding company or control person in
                  accordance with SECTION240.13d-l(b)(l)(ii)(G);

                  (h) [_] A savings associations as defined in Section 3(b) of
                  the Federal Deposit Insurance Act (12 U.S.C. 1813);

                  (i) [_] A church plan that is excluded from the definition of
                  an investment company under section 3(c)(14) of the
                  Investment Company Act of 1940 (15 U.S.C. 80a-3);

                  (j) [_]A church plan that is excluded from the definition of
                  an investment company under section 3(c)(14) of the
                  Investment Company Act of 1940 (15 U.S.C. 80a-3);

                                      4



                  (j) [_] Group, in accordance with
                  SECTION240.13d-l(b)(l)(ii)(J).

Item 4. Ownership.

   Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.

                  (a)   Amount beneficially owned: 4,456,331

                  (b)   Percent of class: 5.74%

                  (c)   Number of shares as to which the person has:

                        (i)   Sole power to vote or to direct the vote 4,456,331

                        (ii)  Shared power to vote or to direct the vote
                              _________.

                        (iii) Sole power to dispose or to direct the
                              disposition of 4,456,331

                        (iv)  Shared power to dispose or to direct the
                              disposition of _________.

   Instruction. For computations regarding securities which represent a right
   to acquire an underlying security see Section N240.13d-3(d)(l).

Item 5. Ownership of Five Percent or Less of a Class

   If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [_].

Instruction: Dissolution of a group requires a response to this item.

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

   If any other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, such
securities, a statement to that effect should be included in response to this
item and, if such interest relates to more than five percent of the class, such
person should be identified. A listing of the shareholders of an investment
company registered under the Investment Company Act of 1940 or the
beneficiaries of employee benefit plan, pension fund or endowment fund is not
required.

Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company

   If a parent holding company has filed this schedule, pursuant to Rule
13d-l(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the
identity and the Item 3 classification of the relevant subsidiary. If a parent
holding company has filed this schedule pursuant to Rule 13d-l(c) or Rule
13d-l(d), attach an exhibit stating the identification of the relevant
subsidiary.

Item 8. Identification and Classification of Members of the Group

   If a group has filed this schedule pursuant to
SECTION240.13d-l(b)(l)(ii)(J), so indicate under Item 3(j) and attach an
exhibit stating the identity and Item 3 classification of each member of the
group. If a group has filed this schedule pursuant to SECTION240.13d-l(c) or
SECTION240.13d-I(d), attach an exhibit stating the identity of each member of
the group.

Item 9. Notice of Dissolution of Group

   Notice of dissolution of a group may be furnished as an exhibit stating the
date of the dissolution and that all further filings with respect to
transactions in the security reported on will be filed, if required, by members
of the group, in their individual capacity. See Item 5.

                                      5



Item 10. Certification

     (a) The following certification shall be included if the statement is
         filed pursuant to SECTION240.13d-1 (b):

                 By signing below I certify that, to the best of my knowledge
                 and belief, the securities referred to above were acquired and
                 are held in the ordinary course of business and were not
                 acquired and are not held for the purpose of or with the
                 effect of changing or influencing the control of the issuer of
                 the securities and were not acquired and are not held in
                 connection with or as a participant in any transaction having
                 that purpose or effect.

     (b) The following certification shall be included if the statement is
         filed pursuant to SECTIONS240.13d-l(c):

                 By signing below I certify that, to the best of my knowledge
                 and belief, the securities referred to above were not acquired
                 and are not held for the purpose of or with the effect of
                 changing or influencing the control of the issuer of the
                 securities and were not acquired and are not held in
                 connection with or as a participant in any transaction having
                 that purpose or effect.

                                   SIGNATURE

   After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete, and
correct.

                                                        February 13, 2008
                                                  -----------------------------
                                                              Date

                                                       /s/ Kevin Robinson
                                                  -----------------------------
                                                            Signature

                                                     Kevin Robinson, Senior
                                                       Managing Director,
                                                  General Counsel and Corporate
                                                            Secretary
                                                  Claymore Securities, Inc. and
                                                     Claymore Advisors, LLC
                                                  -----------------------------
                                                           Name/Title

   The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative. If the statement is signed
on behalf of a person by his authorized representative other than an executive
officer or general partner of the filing person, evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.

NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See SECTIONS240.13d-7 for other
parties for whom copies are to be sent.

 Attention: Intentional misstatements or omissions of fact constitute Federal
                   criminal violations (See 18 U.S.C. 1001)

                                      6