Form N-CSRS - Certified Shareholder Report, Semi-Annual

WEA Western Asset Premier Bond Fund

WEA Western Asset Premier Bond Fund

Hot Features

News Western Asset Premier Bond Fund

Hot Features

News Western Asset Premier Bond Fund

Follow Feed

Optionen-Flow

Watchlist

Kürzlich von Ihnen besucht

Trends

Toplisten

Follow Feed

Optionen-Flow

Watchlist

Kürzlich von Ihnen besucht

Marktdaten

News

Werkzeuge

Märkte

Entdecken

Unternehmen

Geschäft

Popular

App herunterladen

Marktdaten

News

Werkzeuge

Märkte

Entdecken

Unternehmen

Geschäft

Popular

App herunterladen

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10603

Western Asset Premier Bond Fund

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 47^th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira.

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-888-777-0102

Date of fiscal year end: December 31

Date of reporting period: June 30, 2023

ITEM 1.

REPORT TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

LOGO

Semi-Annual Report

June 30, 2023

WESTERN ASSET

PREMIER BOND FUND

(WEA)

LOGO

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE


What’s inside
Letter from the president			III
Performance review			IV
Fund at a glance			1
Schedule of investments			2
Statement of assets and liabilities			19
Statement of operations			20
Statements of changes in net assets			21
Statement of cash flows			22
Financial highlights			23
Notes to financial statements			25
Board approval of management and subadvisory agreements			41
Additional shareholder information			45
Dividend reinvestment plan			46

Fund objective

The Fund’s investment objective is to provide current income and capital appreciation by investing primarily in a diversified portfolio of investment grade bonds.

Under normal market conditions, the Fund expects to invest substantially all (but at least 80%) of its total managed assets in bonds, including corporate bonds, U.S. government and agency securities and mortgage-related securities, and at least 65% of its total managed assets in bonds that, at the time of purchase, are of investment grade quality. The Fund may invest up to 35% of its total managed assets in bonds of below investment grade quality (commonly referred to as “junk bonds”) at the time of purchase. The Fund may invest in securities or instruments other than bonds (including preferred stock) and may invest up to 10% of its total managed assets in instruments denominated in currencies other than the U.S. dollar. The Fund may invest in a variety of derivative instruments for investment or risk management purposes. The Fund expects that the average effective duration of its portfolio will range between 3.5 and seven years, although this target duration may change from time to time. Trust preferred interests and capital securities are considered bonds and not preferred stock for purposes of the foregoing guidelines.


II		Western Asset Premier Bond Fund

Letter from the president

LOGO

Dear Shareholder,

We are pleased to provide the semi-annual report of Western Asset Premier Bond Fund for the six-month reporting period ended June 30, 2023. Please read on for Fund performance information during the Fund’s reporting period.

As always, we remain committed to providing you with excellent service and a full spectrum of investment choices. We also remain committed to supplementing the support you receive from your financial advisor. One way we accomplish this is through our website, www.franklintempleton.com. Here you can gain immediate access to market and investment information, including:

•

Fund prices and performance,

•

Market insights and commentaries from our portfolio managers, and

•

A host of educational resources.

We look forward to helping you meet your financial goals.

Sincerely,

LOGO

Jane Trust, CFA

President and Chief Executive Officer

July 31, 2023


Western Asset Premier Bond Fund					III

Performance review

For the six months ended June 30, 2023, Western Asset Premier Bond Fund returned 3.20% based on its net asset value (“NAV”)i and -0.55% based on its New York Stock Exchange (“NYSE”) market price per share. The Fund’s unmanaged benchmarks, the Bloomberg U.S. Corporate High Yield Indexii and the Bloomberg U.S. Credit Indexiii, returned 5.38% and 3.13%, respectively, for the same period.

The Fund has a practice of seeking to maintain a relatively stable level of distributions to shareholders. This practice has no impact on the Fund’s investment strategy and may reduce the Fund’s NAV. The Fund’s manager believes the practice helps maintain the Fund’s competitiveness and may benefit the Fund’s market price and premium/discount to the Fund’s NAV.

During the six-month period, the Fund made distributions to shareholders totaling $0.40 per share. As of June 30, 2023, the Fund estimates that all of the distributions were sourced from net investment income.* The performance table shows the Fund’s six-month total return based on its NAV and market price as of June 30, 2023. Past performance is no guarantee of future results.


Performance Snapshot as of June 30, 2023 (unaudited)
Price Per Share	6-Month Total Return**
$11.19 (NAV)		3.20	%†
$10.19 (Market Price)		-0.55	%‡

All figures represent past performance and are not a guarantee of future results. Performance figures for periods shorter than one year represent cumulative figures and are not annualized.

** Total returns are based on changes in NAV or market price, respectively. Returns reflect the deduction of all Fund expenses, including management fees, operating expenses, and other Fund expenses. Returns do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares.

† Total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV.

‡ Total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.

Looking for additional information?

The Fund is traded under the symbol “WEA” and its closing market price is available in most newspapers under the NYSE listings. The daily NAV is available online under the symbol “XWEAX” on most financial websites. Barron’s and The Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues a quarterly press release that can be found on most major financial websites as well as www.franklintempleton.com.

This estimate is not for tax purposes. The Fund will issue a Form 1099 with final composition of the distributions for tax purposes after year-end. A return of capital is not taxable and results in a reduction in the tax basis of a shareholder’s investment. For more information about a distribution’s composition, please refer to the Fund’s distribution press release or, if applicable, the Section 19 notice located in the press release section of our website, www.franklintempleton.com.


IV		Western Asset Premier Bond Fund

In a continuing effort to provide information concerning the Fund, shareholders may call 1-888-777-0102 (toll free), Monday through Friday from 8:00 a.m. to 5:30 p.m. Eastern Time, for the Fund’s current NAV, market price and other information.

Thank you for your investment in Western Asset Premier Bond Fund. As always, we appreciate that you have chosen us to manage your assets and we remain focused on achieving the Fund’s investment goals.

Sincerely,

LOGO

Jane Trust, CFA

President and Chief Executive Officer

July 31, 2023

RISKS: The Fund is a diversified closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objective. The Fund’s common shares are traded on the NYSE. Similar to stocks, the Fund’s share price will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value. Diversification does not assure against market loss. The Fund’s investments are subject to a number of risks, including credit, inflation and interest rate risks. As interest rates rise, bond prices fall, reducing the value of a fixed income investment’s price. The Fund may invest in high-yield bonds (commonly referred to as “junk” bonds), which are rated below investment grade and carry more risk than higher-rated securities. To the extent that the Fund invests in asset-backed, mortgage-backed or mortgage-related securities, its exposure to prepayment and extension risks may be greater than if it invested in other fixed income securities. Leverage may result in greater volatility of NAV and the market price of common shares and increases a shareholder’s risk of loss. Investing in foreign securities is subject to certain risks not associated with domestic investing, such as currency fluctuations and social, political, and economic uncertainties which could result in significant volatility. These risks are magnified in emerging or developing markets. Emerging or developing market countries tend to have economic, political, and legal systems that are less developed and are less stable than those of more developed countries. The Fund may make significant investments in derivative instruments. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The market values of securities or other assets will fluctuate, sometimes sharply and unpredictably, due to changes in general market conditions, overall economic trends or


Western Asset Premier Bond Fund					V

Performance review (cont’d)

events, governmental actions or intervention, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by trade disputes or other factors, political developments, armed conflicts, economic sanctions and countermeasures in response to sanctions, major cybersecurity events, investor sentiment, the global and domestic effects of a pandemic, and other factors that may or may not be related to the issuer of the security or other asset. The Fund may also invest in money market funds, including funds affiliated with the Fund’s investment advisers.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

All investments are subject to risk including the possible loss of principal. Past performance is no guarantee of future results. All index performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in an index.

ⁱ

Net asset value (“NAV”) is calculated by subtracting total liabilities and outstanding preferred stock (if any) from the closing value of all securities held by the Fund (plus all other assets) and dividing the result (total net assets) by the total number of the common shares outstanding. The NAV fluctuates with changes in the market prices of securities in which the Fund has invested. However, the price at which an investor may buy or sell shares of the Fund is the Fund’s market price as determined by supply of and demand for the Fund’s shares.

ⁱⁱ

The Bloomberg U.S. Corporate High Yield Index covers the universe of fixed-rate, non-investment grade debt, including corporate and non-corporate sectors. Pay-in-kind (“PIK”) bonds, Eurobonds and debt issues from countries designated as emerging markets are excluded, but Canadian and global bonds (SEC registered) of issuers in non-emerging market countries are included. Original issue zero coupon bonds, step-up coupon structures and 144A securities are also included.

ⁱⁱⁱ	The Bloomberg U.S. Credit Index is an index composed of corporate and non-corporate debt issues that are investment grade (rated Baa3/BBB or higher).


VI				Western Asset Premier Bond Fund

Fund at a glance^† (unaudited)

Investment breakdown (%) as a percent of total investments

LOGO

†

The bar graph above represents the Fund’s portfolio as of June 30, 2023 and December 31, 2022 and does not include derivatives, such as forward foreign currency contracts. The Fund’s portfolio is actively managed. As a result, the composition of the Fund’s investments is subject to change at any time.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					1

Schedule of investments (unaudited)

June 30, 2023

Western Asset Premier Bond Fund

(Percentages shown based on Fund net assets)


Security	Rate			Maturity Date		Face Amount†		Value
Corporate Bonds & Notes — 110.9%
Communication Services — 12.5%
Diversified Telecommunication Services — 3.9%
Altice Financing SA, Senior Secured Notes		5.000	%		1/15/28		620,000	$	496,123	^(a)
Altice Financing SA, Senior Secured Notes		5.750	%		8/15/29		590,000		457,664	^(a)
Altice France Holding SA, Senior Notes		6.000	%		2/15/28		620,000		303,010	^(a)
Altice France Holding SA, Senior Secured Notes		10.500	%		5/15/27		710,000		430,746	^(a)
Altice France SA, Senior Secured Notes		5.125	%		7/15/29		200,000		142,179	^(a)
Lumen Technologies Inc., Senior Notes		7.600	%		9/15/39		1,050,000		437,752	^(b)
Orange SA, Senior Notes		9.000	%		3/1/31		600,000		737,177
Telecom Italia SpA, Senior Notes		5.303	%		5/30/24		250,000		243,252	^(a)
Verizon Communications Inc., Senior Notes		3.875	%		2/8/29		1,670,000		1,567,142
Verizon Communications Inc., Senior Notes		2.355	%		3/15/32		500,000		402,313
Total Diversified Telecommunication Services									5,217,358
Entertainment — 0.3%
Netflix Inc., Senior Notes		6.375	%		5/15/29		310,000		328,259
Interactive Media & Services — 0.1%
Match Group Holdings II LLC, Senior Notes		3.625	%		10/1/31		200,000		164,580	^(a)
Media — 4.3%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		4.250	%		1/15/34		1,100,000		832,477	^(a)(b)
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		6.384	%		10/23/35		420,000		409,611	^(b)
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		6.484	%		10/23/45		1,130,000		1,063,089	^(b)
Comcast Corp., Senior Notes		7.050	%		3/15/33		1,000,000		1,153,729	^(b)
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured Notes		5.875	%		8/15/27		850,000		770,789	^(a)(b)
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		70,000		61,312
DISH DBS Corp., Senior Notes		7.375	%		7/1/28		620,000		332,593
DISH DBS Corp., Senior Notes		5.125	%		6/1/29		990,000		460,688
Time Warner Cable LLC, Senior Secured Notes		5.875	%		11/15/40		720,000		635,734
Total Media									5,720,022
Wireless Telecommunication Services — 3.9%
CSC Holdings LLC, Senior Notes		11.250	%		5/15/28		900,000		873,823	^(a)
CSC Holdings LLC, Senior Notes		5.750	%		1/15/30		230,000		108,925	^(a)
CSC Holdings LLC, Senior Notes		4.625	%		12/1/30		880,000		392,460	^(a)
CSC Holdings LLC, Senior Notes		5.000	%		11/15/31		560,000		261,354	^(a)(b)

See Notes to Financial Statements.


2				Western Asset Premier Bond Fund 2023 Semi-Annual Report

Western Asset Premier Bond Fund

(Percentages shown based on Fund net assets)


Security	Rate			Maturity Date		Face Amount†			Value
Wireless Telecommunication Services — continued
Millicom International Cellular SA, Senior Notes		4.500	%		4/27/31		500,000		$	384,775	^(a)
Sprint Capital Corp., Senior Notes		6.875	%		11/15/28		420,000			445,575	^(b)
Sprint Capital Corp., Senior Notes		8.750	%		3/15/32		30,000			36,292	^(b)
Sprint LLC, Senior Notes		7.875	%		9/15/23		760,000			762,519	^(b)
T-Mobile USA Inc., Senior Notes		3.500	%		4/15/31		1,140,000			1,007,057	^(b)
Vmed O2 UK Financing I PLC, Senior Secured Notes		4.500	%		7/15/31		500,000	^GBP		483,439	^(a)
Vmed O2 UK Financing I PLC, Senior Secured Notes		4.750	%		7/15/31		540,000			449,584	^(a)
Total Wireless Telecommunication Services										5,205,803
Total Communication Services										16,636,022
Consumer Discretionary — 17.8%
Automobile Components — 2.5%
Adient Global Holdings Ltd., Senior Notes		4.875	%		8/15/26		580,000			551,644	^(a)
American Axle & Manufacturing Inc., Senior Notes		6.500	%		4/1/27		900,000			854,761	^(b)
American Axle & Manufacturing Inc., Senior Notes		5.000	%		10/1/29		350,000			292,144
JB Poindexter & Co. Inc., Senior Notes		7.125	%		4/15/26		1,320,000			1,292,102	^(a)(b)
ZF North America Capital Inc., Senior Notes		7.125	%		4/14/30		280,000			285,079	^(a)
Total Automobile Components										3,275,730
Automobiles — 3.6%
Ford Motor Co., Senior Notes		3.250	%		2/12/32		1,700,000			1,338,928	^(b)
General Motors Co., Senior Notes		6.125	%		10/1/25		130,000			130,936	^(b)
General Motors Co., Senior Notes		4.200	%		10/1/27		750,000			711,018	^(b)
General Motors Co., Senior Notes		6.600	%		4/1/36		140,000			143,874	^(b)
Mercedes-Benz Finance North America LLC, Senior Notes		8.500	%		1/18/31		1,000,000			1,242,410
Nissan Motor Acceptance Co. LLC, Senior Notes		2.750	%		3/9/28		1,570,000			1,291,490	^(a)(b)
Total Automobiles										4,858,656
Broadline Retail — 0.5%
Marks & Spencer PLC, Senior Notes		7.125	%		12/1/37		650,000			618,830	^(a)
Distributors — 0.5%
Ritchie Bros Holdings Inc., Senior Notes		7.750	%		3/15/31		610,000			633,592	^(a)
Diversified Consumer Services — 1.6%
APCOA Parking Holdings GmbH, Senior Secured Notes		4.625	%		1/15/27		130,000	^EUR		124,181	^(c)

See Notes to Financial Statements.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					3

Schedule of investments (unaudited) (cont’d)

June 30, 2023

Western Asset Premier Bond Fund

(Percentages shown based on Fund net assets)


Security	Rate			Maturity Date		Face Amount†			Value
Diversified Consumer Services — continued
APCOA Parking Holdings GmbH, Senior Secured Notes		4.625	%		1/15/27		910,000	^EUR	$	869,265	^(a)
Carriage Services Inc., Senior Notes		4.250	%		5/15/29		800,000			689,296	^(a)
StoneMor Inc., Senior Secured Notes		8.500	%		5/15/29		340,000			287,181	^(a)
WW International Inc., Senior Secured Notes		4.500	%		4/15/29		320,000			189,450	^(a)
Total Diversified Consumer Services										2,159,373
Hotels, Restaurants & Leisure — 8.5%
888 Acquisitions Ltd., Senior Secured Notes		7.558	%		7/15/27		600,000	^EUR		618,318	^(a)
Carnival PLC, Senior Notes		1.000	%		10/28/29		1,210,000	^EUR		830,464
Carrols Restaurant Group Inc., Senior Notes		5.875	%		7/1/29		150,000			123,615	^(a)
IRB Holding Corp., Senior Secured Notes		7.000	%		6/15/25		430,000			432,715	^(a)
Las Vegas Sands Corp., Senior Notes		3.900	%		8/8/29		2,610,000			2,332,064	^(b)
Marston’s Issuer PLC, Secured Notes (3 mo. GBP LIBOR + 2.669%)		7.135	%		7/16/35		540,000	^GBP		510,923	^(c)(d)
NCL Corp. Ltd., Senior Notes		3.625	%		12/15/24		860,000			828,413	^(a)(b)
NCL Corp. Ltd., Senior Notes		7.750	%		2/15/29		130,000			123,592	^(a)
NCL Finance Ltd., Senior Notes		6.125	%		3/15/28		700,000			630,643	^(a)
Royal Caribbean Cruises Ltd., Senior Notes		5.375	%		7/15/27		1,150,000			1,076,514	^(a)(b)
Royal Caribbean Cruises Ltd., Senior Notes		5.500	%		4/1/28		720,000			672,145	^(a)
Saga PLC, Senior Notes		5.500	%		7/15/26		140,000	^GBP		134,195	^(c)
Sands China Ltd., Senior Notes		3.350	%		3/8/29		410,000			342,059
Sands China Ltd., Senior Notes		4.875	%		6/18/30		240,000			213,876
Sands China Ltd., Senior Notes		3.750	%		8/8/31		1,340,000			1,091,813
Wheel Bidco Ltd., Senior Secured Notes		6.750	%		7/15/26		250,000	^GBP		255,054	^(a)
Wynn Macau Ltd., Senior Notes		5.500	%		1/15/26		400,000			371,980	^(a)
Wynn Macau Ltd., Senior Notes		5.625	%		8/26/28		200,000			174,734	^(a)
Wynn Macau Ltd., Senior Notes		5.125	%		12/15/29		620,000			521,594	^(a)
Total Hotels, Restaurants & Leisure										11,284,711
Household Durables — 0.5%
Lennar Corp., Senior Notes		5.000	%		6/15/27		430,000			421,795
Lennar Corp., Senior Notes		4.750	%		11/29/27		250,000			242,775
Total Household Durables										664,570
Specialty Retail — 0.1%
Michaels Cos. Inc., Senior Notes		7.875	%		5/1/29		190,000			128,250	^(a)
Total Consumer Discretionary										23,623,712
Consumer Staples — 3.3%
Beverages — 1.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.700	%		2/1/36		1,540,000			1,498,941	^(b)

See Notes to Financial Statements.


4				Western Asset Premier Bond Fund 2023 Semi-Annual Report

Western Asset Premier Bond Fund

(Percentages shown based on Fund net assets)


Security	Rate			Maturity Date		Face Amount†			Value
Consumer Staples Distribution & Retail — 0.1%
Bellis Acquisition Co. PLC, Senior Secured Notes		3.250	%		2/16/26		140,000	^GBP	$	149,241	^(c)
Food Products — 1.3%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., Senior Notes		3.750	%		12/1/31		500,000			410,850	^(a)
Kraft Heinz Foods Co., Senior Notes		5.500	%		6/1/50		340,000			337,522	^(b)
Pilgrim’s Pride Corp., Senior Notes		5.875	%		9/30/27		920,000			909,992	^(a)(b)
Total Food Products										1,658,364
Tobacco — 0.8%
Altria Group Inc., Senior Notes		2.450	%		2/4/32		1,000,000			780,405
Reynolds American Inc., Senior Notes		5.850	%		8/15/45		260,000			231,535
Total Tobacco										1,011,940
Total Consumer Staples										4,318,486
Energy — 20.2%
Energy Equipment & Services — 0.3%
Noble Finance II LLC, Senior Notes		8.000	%		4/15/30		280,000			284,960	^(a)
Sunnova Energy Corp., Senior Notes		5.875	%		9/1/26		100,000			91,490	^(a)
Total Energy Equipment & Services										376,450
Oil, Gas & Consumable Fuels — 19.9%
Anadarko Finance Co., Senior Notes		7.500	%		5/1/31		570,000			584,791
Burlington Resources LLC, Senior Notes		7.400	%		12/1/31		450,000			520,489
Cheniere Energy Partners LP, Senior Notes		4.000	%		3/1/31		500,000			440,795
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		560,000			549,079
Continental Resources Inc., Senior Notes		4.375	%		1/15/28		210,000			197,347
Continental Resources Inc., Senior Notes		4.900	%		6/1/44		250,000			194,496
Diamondback Energy Inc., Senior Notes		3.500	%		12/1/29		400,000			360,416
Ecopetrol SA, Senior Notes		5.875	%		9/18/23		45,000			44,911
Ecopetrol SA, Senior Notes		4.625	%		11/2/31		750,000			579,649
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		390,000			267,573
Ecopetrol SA, Senior Notes		5.875	%		11/2/51		2,400,000			1,590,534
Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then 3 mo. USD LIBOR + 4.155%)		6.625	%		2/15/28		490,000			376,721	^(d)(e)
EOG Resources Inc., Senior Notes		3.150	%		4/1/25		2,250,000			2,169,384	^(b)
EQM Midstream Partners LP, Senior Notes		4.500	%		1/15/29		230,000			205,381	^(a)
EQM Midstream Partners LP, Senior Notes		7.500	%		6/1/30		280,000			283,605	^(a)
EQT Corp., Senior Notes		3.900	%		10/1/27		1,050,000			971,691	^(b)
EQT Corp., Senior Notes		5.000	%		1/15/29		1,260,000			1,187,437	^(b)
KazMunayGas National Co. JSC, Senior Notes		3.500	%		4/14/33		1,120,000			870,083	^(a)

See Notes to Financial Statements.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					5

Schedule of investments (unaudited) (cont’d)

June 30, 2023

Western Asset Premier Bond Fund

(Percentages shown based on Fund net assets)


Security	Rate			Maturity Date		Face Amount†		Value
Oil, Gas & Consumable Fuels — continued
Kinder Morgan Inc., Senior Notes		7.750	%		1/15/32		190,000	$	214,622
Kinder Morgan Inc., Senior Notes		5.550	%		6/1/45		1,500,000		1,383,690	^(b)
NGPL PipeCo LLC, Senior Notes		7.768	%		12/15/37		490,000		523,896	^(a)
Occidental Petroleum Corp., Senior Notes		6.200	%		3/15/40		250,000		246,719
Petrobras Global Finance BV, Senior Notes		5.999	%		1/27/28		710,000		709,358
Petrobras Global Finance BV, Senior Notes		6.750	%		1/27/41		920,000		878,298
Petroleos del Peru SA, Senior Notes		4.750	%		6/19/32		1,270,000		972,301	^(a)
Petroleos Mexicanos, Senior Notes		5.500	%		6/27/44		360,000		207,700
Range Resources Corp., Senior Notes		4.875	%		5/15/25		190,000		186,382
Range Resources Corp., Senior Notes		8.250	%		1/15/29		300,000		312,630
Rockies Express Pipeline LLC, Senior Notes		7.500	%		7/15/38		350,000		319,889	^(a)
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.000	%		3/15/27		1,850,000		1,822,077	^(b)
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., Secured Notes		9.000	%		10/15/26		280,000		272,251	^(a)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.500	%		7/15/27		250,000		248,414
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.875	%		1/15/29		20,000		20,418
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		1,000,000		1,047,444	^(b)
Transportadora de Gas del Peru SA, Senior Notes		4.250	%		4/30/28		750,000		723,401	^(a)
Transportadora de Gas del Sur SA, Senior Notes		6.750	%		5/2/25		150,000		142,369	^(a)
Venture Global LNG Inc., Senior Secured Notes		8.375	%		6/1/31		250,000		252,377	^(a)
Western Midstream Operating LP, Senior Notes		4.300	%		2/1/30		2,200,000		1,977,246	^(b)
Western Midstream Operating LP, Senior Notes		5.300	%		3/1/48		100,000		83,629
Western Midstream Operating LP, Senior Notes		5.500	%		2/1/50		1,680,000		1,378,625	^(b)
Williams Cos. Inc., Senior Notes		4.550	%		6/24/24		60,000		59,207
Williams Cos. Inc., Senior Notes		7.500	%		1/15/31		443,000		487,436
Williams Cos. Inc., Senior Notes		8.750	%		3/15/32		39,000		46,324
YPF SA, Senior Notes		8.500	%		7/28/25		630,000		580,067	^(a)
Total Oil, Gas & Consumable Fuels									26,491,152
Total Energy									26,867,602

See Notes to Financial Statements.


6				Western Asset Premier Bond Fund 2023 Semi-Annual Report

Western Asset Premier Bond Fund

(Percentages shown based on Fund net assets)


Security	Rate			Maturity Date		Face Amount†		Value
Financials — 27.2%
Banks — 19.0%
Banco Mercantil del Norte SA, Junior Subordinated Notes (6.625% to 1/24/32 then 10 year Treasury Constant Maturity Rate + 5.034%)		6.625	%		1/24/32		490,000	$	379,260	^(a)(d)(e)
Bank of America Corp., Subordinated Notes		4.250	%		10/22/26		1,000,000		965,899	^(b)
Barclays PLC, Junior Subordinated Notes (8.000% to 6/15/24 then 5 year Treasury Constant Maturity Rate + 5.672%)		8.000	%		6/15/24		550,000		521,070	^(b)(d)(e)
Barclays PLC, Subordinated Notes		5.200	%		5/12/26		1,000,000		965,347	^(b)
BBVA Bancomer SA, Subordinated Notes (5.125% to 1/17/28 then 5 year Treasury Constant Maturity Rate + 2.650%)		5.125	%		1/18/33		300,000		260,590	^(a)(d)
BNP Paribas SA, Junior Subordinated Notes (7.375% to 8/19/25 then USD 5 year ICE Swap Rate + 5.150%)		7.375	%		8/19/25		1,010,000		981,794	^(a)(d)(e)
BPCE SA, Subordinated Notes		5.150	%		7/21/24		1,000,000		982,215	^(a)
Citigroup Inc., Junior Subordinated Notes (5.950% to 5/15/25 then 3 mo. Term SOFR + 4.167%)		5.950	%		5/15/25		900,000		864,250	^(b)(d)(e)
Citigroup Inc., Subordinated Notes		4.125	%		7/25/28		800,000		754,694	^(b)
Citigroup Inc., Subordinated Notes		6.625	%		6/15/32		1,000,000		1,058,705	^(b)
Comerica Bank, Senior Notes		2.500	%		7/23/24		410,000		385,749
Credit Agricole SA, Junior Subordinated Notes (8.125% to 12/23/25 then USD 5 year ICE Swap Rate + 6.185%)		8.125	%		12/23/25		1,080,000		1,086,075	^(a)(d)(e)
HSBC Holdings PLC, Junior Subordinated Notes (6.000% to 5/22/27 then USD 5 year ICE Swap Rate + 3.746%)		6.000	%		5/22/27		400,000		358,500	^(d)(e)
HSBC Holdings PLC, Senior Notes (3.973% to 5/22/29 then 3 mo. Term SOFR + 1.872%)		3.973	%		5/22/30		1,130,000		1,015,764	^(d)
HSBC Holdings PLC, Subordinated Notes (8.113% to 11/3/32 then SOFR + 4.250%)		8.113	%		11/3/33		700,000		777,528	^(d)
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		1,120,000		1,085,271	^(a)
Intesa Sanpaolo SpA, Subordinated Notes		5.710	%		1/15/26		1,260,000		1,200,345	^(a)
Intesa Sanpaolo SpA, Subordinated Notes (4.198% to 6/1/31 then 1 year Treasury Constant Maturity Rate + 2.600%)		4.198	%		6/1/32		810,000		604,267	^(a)(d)
JPMorgan Chase & Co., Junior Subordinated Notes (6.000% to 8/1/23 then 3 mo. Term SOFR + 3.562%)		6.000	%		8/1/23		2,600,000		2,608,372	^(b)(d)(e)

See Notes to Financial Statements.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					7

Schedule of investments (unaudited) (cont’d)

June 30, 2023

Western Asset Premier Bond Fund

(Percentages shown based on Fund net assets)


Security	Rate			Maturity Date		Face Amount†		Value
Banks — continued
JPMorgan Chase & Co., Junior Subordinated Notes (6.100% to 10/1/24 then 3 mo. Term SOFR + 3.592%)		6.100	%		10/1/24		400,000	$	399,330	^(b)(d)(e)
JPMorgan Chase & Co., Subordinated Notes		4.950	%		6/1/45		500,000		467,351	^(b)
Lloyds Banking Group PLC, Junior Subordinated Notes (7.500% to 9/27/25 then USD 5 year ICE Swap Rate + 4.496%)		7.500	%		9/27/25		500,000		468,825	^(d)(e)
Lloyds Banking Group PLC, Subordinated Notes		4.650	%		3/24/26		1,500,000		1,433,556
NatWest Group PLC, Subordinated Notes		6.000	%		12/19/23		150,000		149,957
PNC Financial Services Group Inc., Senior Notes		2.550	%		1/22/30		750,000		630,767
PNC Financial Services Group Inc., Senior Notes (5.812% to 6/12/25 then SOFR + 1.322%)		5.812	%		6/12/26		750,000		745,885	^(d)
Santander UK Group Holdings PLC, Subordinated Notes		5.625	%		9/15/45		1,000,000		822,254	^(a)
UniCredit SpA, Subordinated Notes (7.296%to 4/2/29 then USD 5 year ICE Swap Rate + 4.914%)		7.296	%		4/2/34		880,000		829,754	^(a)(b)(d)
Wells Fargo & Co., Junior Subordinated Notes		5.900	%		6/15/24		2,500,000		2,471,875	^(b)(d)(e)
Total Banks									25,275,249
Capital Markets — 4.5%
Charles Schwab Corp., Junior Subordinated Notes (4.000% to 12/1/30 then 10 year Treasury Constant Maturity Rate + 3.079%)		4.000	%		12/1/30		2,000,000		1,462,000	^(b)(d)(e)
Credit Suisse AG, Senior Notes		7.500	%		2/15/28		400,000		425,293
Credit Suisse Group AG, Junior Subordinated Notes (5.250% to 8/11/27 then 5 year Treasury Constant Maturity Rate + 4.889%)		5.250	%		2/11/27		1,440,000		60,955	*^(a)(e)(f)
Credit Suisse Group AG, Junior Subordinated Notes (6.375% to 8/21/26 then 5 year Treasury Constant Maturity Rate + 4.822%)		6.375	%		8/21/26		500,000		21,165	*^(a)(e)(f)
Credit Suisse Group AG, Junior Subordinated Notes (9.750% to 12/23/27 then 5 year Treasury Constant Maturity Rate + 6.383%)		9.750	%		6/23/27		620,000		26,244	*^(a)(e)(f)
Goldman Sachs Group Inc., Senior Notes (2.640% to 2/24/27 then SOFR + 1.114%)		2.640	%		2/24/28		2,000,000		1,816,222	^(d)
UBS Group AG, Junior Subordinated Notes (6.875% to 8/7/25 then USD 5 year ICE Swap Rate + 4.590%)		6.875	%		8/7/25		680,000		624,261	^(c)(d)(e)

See Notes to Financial Statements.


8				Western Asset Premier Bond Fund 2023 Semi-Annual Report

Western Asset Premier Bond Fund

(Percentages shown based on Fund net assets)


Security	Rate			Maturity Date		Face Amount†		Value
Capital Markets — continued
UBS Group AG, Junior Subordinated Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%)		7.000	%		1/31/24		820,000	$	793,882	^(a)(d)(e)
UBS Group AG, Senior Notes (6.537% to 8/12/32 then SOFR + 3.920%)		6.537	%		8/12/33		770,000		789,260	^(a)(d)
Total Capital Markets									6,019,282
Financial Services — 3.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		3.400	%		10/29/33		2,500,000		2,010,603
Ahold Lease USA Inc. Pass-Through-Trust, Senior Secured Notes		8.620	%		1/2/25		47,144		48,152
Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK)		6.500	%		9/15/24		2,149,728		1,970,312	^(a)(g)
Huarong Finance 2019 Co. Ltd., Senior Notes		2.125	%		9/30/23		200,000		197,683	^(c)
Total Financial Services									4,226,750
Insurance — 0.5%
MetLife Inc., Junior Subordinated Notes		10.750	%		8/1/39		500,000		646,632
Total Financials									36,167,913
Health Care — 7.5%
Biotechnology — 0.3%
AbbVie Inc., Senior Notes		2.950	%		11/21/26		500,000		467,347
Health Care Providers & Services — 5.2%
Centene Corp., Senior Notes		3.375	%		2/15/30		2,940,000		2,529,400	^(b)
CVS Health Corp., Senior Notes		3.750	%		4/1/30		1,000,000		917,865	^(b)
CVS Pass-Through Trust		5.789	%		1/10/26		125,976		124,021	^(a)
CVS Pass-Through Trust		7.507	%		1/10/32		273,750		285,673	^(a)(b)
CVS Pass-Through Trust, Secured Trust		5.880	%		1/10/28		201,397		197,435
CVS Pass-Through Trust, Secured Trust		6.943	%		1/10/30		247,924		252,735	^(b)
CVS Pass-Through Trust, Senior Secured Trust		6.036	%		12/10/28		222,979		221,209	^(b)
HCA Inc., Senior Notes		3.500	%		9/1/30		500,000		438,526
HCA Inc., Senior Secured Notes		4.500	%		2/15/27		1,000,000		965,170	^(b)
Legacy LifePoint Health LLC, Senior Secured Notes		4.375	%		2/15/27		360,000		279,000	^(a)
Tenet Healthcare Corp., Secured Notes		6.250	%		2/1/27		670,000		663,885
Total Health Care Providers & Services									6,874,919
Pharmaceuticals — 2.0%
Par Pharmaceutical Inc., Senior Secured Notes		7.500	%		4/1/27		330,000		244,336	*^(a)(f)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		6.000	%		4/15/24		760,000		755,735	^(b)

See Notes to Financial Statements.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					9

Schedule of investments (unaudited) (cont’d)

June 30, 2023

Western Asset Premier Bond Fund

(Percentages shown based on Fund net assets)


Security	Rate			Maturity Date		Face Amount†			Value
Pharmaceuticals — continued
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		780,000		$	699,899
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		5.125	%		5/9/29		1,046,000			949,936
Total Pharmaceuticals										2,649,906
Total Health Care										9,992,172
Industrials — 12.6%
Aerospace & Defense — 4.1%
Avolon Holdings Funding Ltd., Senior Notes		3.250	%		2/15/27		750,000			668,873	^(a)
Avolon Holdings Funding Ltd., Senior Notes		2.750	%		2/21/28		1,000,000			843,518	^(a)
Boeing Co., Senior Notes		3.200	%		3/1/29		750,000			671,074	^(b)
Boeing Co., Senior Notes		3.625	%		2/1/31		2,550,000			2,297,424	^(b)
Boeing Co., Senior Notes		6.125	%		2/15/33		600,000			625,964	^(b)
Boeing Co., Senior Notes		3.750	%		2/1/50		500,000			375,815	^(b)
Total Aerospace & Defense										5,482,668
Building Products — 0.8%
Standard Industries Inc., Senior Notes		4.375	%		7/15/30		1,278,000			1,108,022	^(a)
Commercial Services & Supplies — 0.7%
CoreCivic Inc., Senior Notes		8.250	%		4/15/26		930,000			939,300	^(b)
Industrial Conglomerates — 0.1%
General Electric Co., Junior Subordinated Notes (3 mo. USD LIBOR + 3.330%)		8.882	%		9/15/23		120,000			120,450	^(b)(d)(e)
Machinery — 0.4%
Cellnex Finance Co. SA, Senior Notes		2.000	%		2/15/33		500,000	^EUR		425,719	^(c)
Titan International Inc., Senior Secured Notes		7.000	%		4/30/28		110,000			102,957
Total Machinery										528,676
Passenger Airlines — 4.7%
American Airlines Group Inc., Senior Notes		3.750	%		3/1/25		570,000			541,434	^(a)(b)
American Airlines Inc., Senior Secured Notes		7.250	%		2/15/28		370,000			368,179	^(a)
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes		5.500	%		4/20/26		430,000			426,384	^(a)(b)
American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes		5.750	%		4/20/29		170,000			165,219	^(a)(b)
Delta Air Lines Inc., Senior Notes		2.900	%		10/28/24		310,000			297,870	^(b)
Delta Air Lines Inc., Senior Notes		7.375	%		1/15/26		260,000			271,279	^(b)
Delta Air Lines Inc., Senior Secured Notes		7.000	%		5/1/25		1,490,000			1,522,847	^(a)(b)(h)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes		6.500	%		6/20/27		736,000			738,500	^(a)(b)

See Notes to Financial Statements.


10				Western Asset Premier Bond Fund 2023 Semi-Annual Report

Western Asset Premier Bond Fund

(Percentages shown based on Fund net assets)


Security	Rate			Maturity Date		Face Amount†		Value
Passenger Airlines — continued
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		1,169,999	$	1,179,897	^(a)(b)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		220,000		221,840	^(a)
United Airlines Pass-Through Trust		4.875	%		1/15/26		458,950		438,471	^(b)
Total Passenger Airlines									6,171,920
Trading Companies & Distributors — 1.8%
Ashtead Capital Inc., Senior Notes		2.450	%		8/12/31		930,000		730,489	^(a)
H&E Equipment Services Inc., Senior Notes		3.875	%		12/15/28		750,000		650,160	^(a)(b)
United Rentals North America Inc., Secured Notes		3.875	%		11/15/27		1,000,000		934,757	^(b)
United Rentals North America Inc., Senior Notes		5.500	%		5/15/27		80,000		78,807
Total Trading Companies & Distributors									2,394,213
Total Industrials									16,745,249
Information Technology — 1.9%
Communications Equipment — 0.1%
CommScope Inc., Senior Notes		8.250	%		3/1/27		40,000		32,055	^(a)
CommScope Inc., Senior Notes		7.125	%		7/1/28		20,000		14,226	^(a)
CommScope Inc., Senior Secured Notes		4.750	%		9/1/29		10,000		7,893	^(a)
CommScope Technologies LLC, Senior Notes		5.000	%		3/15/27		100,000		69,749	^(a)
Total Communications Equipment									123,923
Semiconductors & Semiconductor Equipment — 0.4%
Broadcom Corp./Broadcom Cayman Finance Ltd., Senior Notes		3.125	%		1/15/25		500,000		480,447
Technology Hardware, Storage & Peripherals — 1.4%
Seagate HDD Cayman, Senior Notes		4.750	%		1/1/25		1,220,000		1,203,538	^(b)
Seagate HDD Cayman, Senior Notes		4.875	%		6/1/27		260,000		249,156
Western Digital Corp., Senior Notes		4.750	%		2/15/26		430,000		409,970
Total Technology Hardware, Storage & Peripherals									1,862,664
Total Information Technology									2,467,034
Materials — 6.2%
Chemicals — 2.7%
Braskem America Finance Co., Senior Notes		7.125	%		7/22/41		920,000		889,205	^(c)
Celanese US Holdings LLC, Senior Notes		5.900	%		7/5/24		2,090,000		2,086,231	^(b)
Sasol Financing USA LLC, Senior Notes		8.750	%		5/3/29		700,000		682,645	^(a)
Total Chemicals									3,658,081
Containers & Packaging — 0.0%††
Pactiv LLC, Senior Notes		7.950	%		12/15/25		50,000		50,484

See Notes to Financial Statements.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					11

Schedule of investments (unaudited) (cont’d)

June 30, 2023

Western Asset Premier Bond Fund

(Percentages shown based on Fund net assets)


Security	Rate			Maturity Date		Face Amount†			Value
Metals & Mining — 2.1%
ArcelorMittal SA, Senior Notes		7.000	%		10/15/39		430,000		$	449,457
First Quantum Minerals Ltd., Senior Notes		8.625	%		6/1/31		350,000			359,145	^(a)
Freeport-McMoRan Inc., Senior Notes		5.400	%		11/14/34		220,000			212,759
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		580,000			541,600
Teck Resources Ltd., Senior Notes		6.000	%		8/15/40		210,000			205,417
Vale Overseas Ltd., Senior Notes		6.875	%		11/10/39		940,000			984,771	^(b)
Total Metals & Mining										2,753,149
Paper & Forest Products — 1.4%
Suzano Austria GmbH, Senior Notes		5.750	%		7/14/26		950,000			950,712	^(a)(b)
Suzano Austria GmbH, Senior Notes		3.750	%		1/15/31		1,000,000			854,175
Total Paper & Forest Products										1,804,887
Total Materials										8,266,601
Real Estate — 0.5%
Hotel & Resort REITs — 0.2%
Service Properties Trust, Senior Notes		4.375	%		2/15/30		290,000			217,336
Real Estate Management & Development — 0.3%
Samhallsbyggnadsbolaget i Norden AB, Senior Notes		1.125	%		9/4/26		600,000	^EUR		460,596	^(c)
Total Real Estate										677,932
Utilities — 1.2%
Electric Utilities — 0.6%
FirstEnergy Corp., Senior Notes		7.375	%		11/15/31		700,000			799,250	^(b)
Independent Power and Renewable Electricity Producers — 0.6%
Minejesa Capital BV, Senior Secured Notes		4.625	%		8/10/30		810,000			729,168	^(a)
Total Utilities										1,528,418
Total Corporate Bonds & Notes (Cost — $147,684,622)										147,291,141
Sovereign Bonds — 9.8%
Angola — 0.3%
Angolan Government International Bond, Senior Notes		8.000	%		11/26/29		400,000			339,990	^(a)
Argentina — 0.5%
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29		43,394			14,155
Provincia de Buenos Aires, Senior Notes, Stepbond (5.250% to 9/1/23, 6.375% to 9/1/24 then 6.625%)		5.250	%		9/1/37		468,827			179,912	^(a)
Provincia de Cordoba, Senior Notes		6.875	%		12/10/25		166,668			125,835	^(a)
Provincia de Cordoba, Senior Notes		6.990	%		6/1/27		560,000			386,400	^(a)
Total Argentina										706,302

See Notes to Financial Statements.


12				Western Asset Premier Bond Fund 2023 Semi-Annual Report

Western Asset Premier Bond Fund

(Percentages shown based on Fund net assets)


Security	Rate			Maturity Date		Face Amount†			Value
Colombia — 1.0%
Colombia Government International Bond, Senior Notes		3.250	%		4/22/32		1,750,000		$	1,299,042
Dominican Republic — 0.2%
Dominican Republic International Bond, Senior Notes		4.875	%		9/23/32		380,000			324,385	^(a)
Indonesia — 1.4%
Indonesia Government International Bond, Senior Notes		3.850	%		7/18/27		300,000			288,339	^(a)
Indonesia Government International Bond, Senior Notes		3.500	%		1/11/28		1,670,000			1,577,466	^(b)
Total Indonesia										1,865,805
Mexico — 2.8%
Mexican Bonos, Bonds		7.750	%		5/29/31		34,280,000	^MXN		1,895,323
Mexico Government International Bond, Senior Notes		3.750	%		1/11/28		500,000			476,528
Mexico Government International Bond, Senior Notes		2.659	%		5/24/31		1,560,000			1,300,735
Total Mexico										3,672,586
Panama — 2.0%
Panama Government International Bond, Senior Notes		4.500	%		5/15/47		3,400,000			2,712,636
Peru — 1.0%
Peruvian Government International Bond, Senior Notes		2.783	%		1/23/31		1,540,000			1,320,334
Russia — 0.6%
Russian Federal Bond — OFZ		7.750	%		9/16/26		61,630,000	^RUB		343,269	*^(f)(i)(j)
Russian Federal Bond — OFZ		7.050	%		1/19/28		79,160,000	^RUB		440,908	*^(f)(i)(j)
Russian Federal Bond — OFZ		6.900	%		5/23/29		15,790,000	^RUB		8,821	*^(f)(i)(j)
Total Russia										792,998
Total Sovereign Bonds (Cost — $14,022,303)										13,034,078
Senior Loans — 7.7%
Communication Services — 0.4%
Media — 0.4%
Charter Communications Operating LLC, Term Loan B2 (3 mo. Term SOFR + 1.750%)		6.795	%		2/1/27		482,456			480,143	^(d)(k)(l)
Consumer Discretionary — 3.3%
Diversified Consumer Services — 0.1%
WW International Inc., Initial Term Loan (1 mo. Term SOFR + 3.614%)		8.717	%		4/13/28		200,000			130,666	^(d)(k)(l)

See Notes to Financial Statements.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					13

Schedule of investments (unaudited) (cont’d)

June 30, 2023

Western Asset Premier Bond Fund

(Percentages shown based on Fund net assets)


Security	Rate			Maturity Date		Face Amount†		Value
Hotels, Restaurants & Leisure — 3.2%
Hilton Worldwide Finance LLC, Refinance Term Loan B2 (1 mo. Term SOFR + 1.750%)		6.939	%		6/22/26		3,273,291	$	3,274,453	^(d)(k)(l)
Scientific Games International Inc., Initial Term Loan B (1 mo. Term SOFR + 3.100%)		8.248	%		4/13/29		994,975		995,209	^(d)(k)(l)
Total Hotels, Restaurants & Leisure									4,269,662
Total Consumer Discretionary									4,400,328
Financials — 1.7%
Financial Services — 1.7%
Citadel Securities LP, 2021 Term Loan (1 mo. Term SOFR + 2.614%)		7.717	%		2/2/28		2,238,550		2,238,202	^(d)(k)(l)
Industrials — 1.6%
Passenger Airlines — 1.6%
Delta Air Lines Inc., Initial Term Loan (3 mo. Term SOFR + 3.750%)		8.798	%		10/20/27		585,000		608,400	^(d)(k)(l)
Mileage Plus Holdings LLC, Initial Term Loan (3 mo. USD LIBOR + 5.250%)		10.764	%		6/21/27		1,416,000		1,473,525	^(d)(k)(l)
Total Industrials									2,081,925
Materials — 0.7%
Paper & Forest Products — 0.7%
Asplundh Tree Expert LLC, 2021 Refinancing Term Loan (1 mo. Term SOFR + 1.750%)		6.952	%		9/7/27		994,885		993,487	^(d)(k)(l)
Total Senior Loans (Cost — $10,059,678)									10,194,085
U.S. Government & Agency Obligations — 2.9%
U.S. Government Obligations — 2.9%
U.S. Treasury Notes		3.250	%		8/31/24		1,645,000		1,605,771
U.S. Treasury Notes		4.125	%		1/31/25		1,450,000		1,427,457
U.S. Treasury Notes		0.750	%		4/30/26		850,000		765,564
Total U.S. Government & Agency Obligations (Cost — $3,840,868)									3,798,792
Asset-Backed Securities — 1.8%
American Home Mortgage Investment Trust, 2007-A 4A (1 mo. USD LIBOR + 0.900%)		6.050	%		7/25/46		437,070		117,660	^(a)(d)
Bayview Financial Asset Trust, 2007-SR1A M1 (1 mo. USD LIBOR + 0.800%)		5.950	%		3/25/37		314,857		303,711	^(a)(d)
Bayview Financial Asset Trust, 2007-SR1A M4 (1 mo. USD LIBOR + 1.500%)		6.650	%		3/25/37		32,571		32,568	^(a)(d)
CWABS Asset Backed Notes Trust, 2007-SEA2 1A1 (1 mo. USD LIBOR + 2.000%)		7.150	%		8/25/47		625		622	^(a)(d)
Financial Asset Securities Corp. Trust, 2005-1A 1A3B (1 mo. USD LIBOR + 0.410%)		5.588	%		2/27/35		157,214		143,580	^(a)(d)

See Notes to Financial Statements.


14				Western Asset Premier Bond Fund 2023 Semi-Annual Report

Western Asset Premier Bond Fund

(Percentages shown based on Fund net assets)


Security	Rate			Maturity Date		Face Amount†		Value
Asset-Backed Securities — continued
GSAMP Trust, 2003-SEA2 A1		5.421	%		7/25/33		388,626	$	362,699
Indymac Manufactured Housing Contract Pass-Through Certificates, 1997-1 A5		6.970	%		2/25/28		7,066		7,003
Morgan Stanley ABS Capital Inc. Trust, 2003-SD1 A1 (1 mo. USD LIBOR + 1.000%)		6.150	%		3/25/33		5,433		5,272	^(d)
Morgan Stanley ABS Capital Inc. Trust, 2004-HE7 M1 (1 mo. USD LIBOR + 0.900%)		6.050	%		8/25/34		805,896		767,672	^(d)
Oakwood Mortgage Investors Inc., 2002-B A3		6.060	%		6/15/32		4,170		4,152	^(d)
Origen Manufactured Housing Contract Trust, 2006-A A2		6.769	%		10/15/37		302,493		264,320	^(d)
Origen Manufactured Housing Contract Trust, 2007-A A2		7.644	%		4/15/37		387,774		357,289	^(d)
Total Asset-Backed Securities (Cost — $2,246,440)									2,366,548
Convertible Bonds & Notes — 1.2%
Communication Services — 0.9%
Media — 0.9%
DISH Network Corp., Senior Notes		2.375	%		3/15/24		370,000		329,300
DISH Network Corp., Senior Notes		0.000	%		12/15/25		1,130,000		603,194
DISH Network Corp., Senior Notes		3.375	%		8/15/26		415,000		212,688
Total Communication Services									1,145,182
Industrials — 0.3%
Passenger Airlines — 0.3%
Spirit Airlines Inc., Senior Notes		1.000	%		5/15/26		550,000		447,150
Total Convertible Bonds & Notes (Cost — $1,921,470)									1,592,332
Collateralized Mortgage Obligations ^(m)— 0.7%
Bear Stearns ALT-A Trust, 2004-3 A1 (1 mo. USD LIBOR + 0.640%)		5.790	%		4/25/34		37,306		35,534	^(d)
CHL Mortgage Pass-Through Trust, 2005-7 1A1 (1 mo. USD LIBOR + 0.540%)		5.690	%		3/25/35		193,926		173,528	^(d)
Federal National Mortgage Association (FNMA), 2004-W15 1A2		6.500	%		8/25/44		48,949		49,501
Impac CMB Trust, 2004-10 2A (1 mo. USD LIBOR + 0.640%)		5.790	%		3/25/35		48,499		43,360	^(d)
Impac CMB Trust, 2005-2 2A2 (1 mo. USD LIBOR + 0.800%)		5.950	%		4/25/35		15,375		14,240	^(d)
MAFI II Remic Trust, 1998-BI B1		5.239	%		11/20/24		115,655		94,316	^(d)
MERIT Securities Corp., 2011PA B3 (1 mo. USD LIBOR + 2.250%)		7.428	%		9/28/32		441,841		393,274	^(a)(d)
Prime Mortgage Trust, 2005-2 2XB, IO		1.743	%		10/25/32		920,689		54,975	^(d)
Prime Mortgage Trust, 2005-5 1X, IO		1.093	%		7/25/34		1,255,064		35,615	^(d)

See Notes to Financial Statements.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					15

Schedule of investments (unaudited) (cont’d)

June 30, 2023

Western Asset Premier Bond Fund

(Percentages shown based on Fund net assets)

Security

Rate

Maturity
Date

Face
Amount†

Value

Collateralized Mortgage Obligations ^(m)— continued

RAMP Trust, 2005-SL2 APO, STRIPS, PO

0.000

2/25/32

1,926

1,541

Sequoia Mortgage Trust, 2003-2 A2 (6 mo. USD LIBOR + 0.680%)

6.105

6/20/33

4,237

4,030

^(d)

Sequoia Mortgage Trust, 2004-10 A1A (1 mo. USD LIBOR + 0.620%)

5.467

11/20/34

3,582

3,298

^(d)

Structured Asset Securities Corp., 1998-RF2 A

4.739

7/15/27

61,295

61,205

^(a)(d)

Structured Asset Securities Corp. Mortgage Pass-Through Certificates, 2003-9A 2A2

5.520

3/25/33

22,080

21,257

^(d)

WaMu Mortgage Pass-Through Certificates Trust, 2004-AR6 A (1 mo. USD LIBOR + 0.840%)

5.990

5/25/44

6,375

6,363

^(d)

Total Collateralized Mortgage Obligations (Cost — $862,373)

992,037

Expiration
Date

Warrants

Warrants — 0.0%††

Financials — 0.0%††

Capital Markets — 0.0%††

EG Acquisition Corp., Class A Shares (Cost — $9,613)

5/28/28

10,040

3,053

Rate

Preferred Stocks — 0.0%††

Financials — 0.0%††

Financial Services — 0.0%††

Corporate Backed Trust Certificates (Cost — $0)

7.375

33,900

*^(f)(i)(j)

Total Investments before Short-Term Investments (Cost — $180,647,367)

179,272,137

Maturity
Date

Face
Amount†

Short-Term Investments — 0.4%

U.S. Treasury Bills (Cost — $499,729)

2.006

7/5/23

500,000

499,864

⁽ⁿ⁾

Total Investments — 135.4% (Cost — $181,147,096)

179,772,001

Liabilities in Excess of Other Assets — (35.4)%

(47,016,208

)

Total Net Assets — 100.0%

132,755,793

See Notes to Financial Statements.


16				Western Asset Premier Bond Fund 2023 Semi-Annual Report

Western Asset Premier Bond Fund

†	Face amount denominated in U.S. dollars, unless otherwise noted.

††	Represents less than 0.1%.

*	Non-income producing security.

^(a)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.

^(b)	All or a portion of this security is pledged as collateral pursuant to the loan agreement (Note 5).

^(c)

Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.

^(d)

Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

^(e)	Security has no maturity date. The date shown represents the next call date.

^(f)	The coupon payment on this security is currently in default as of June 30, 2023.

^(g)	Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.

^(h)	All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements.

⁽ⁱ⁾	Security is valued in good faith in accordance with procedures approved by the Board of Trustees (Note 1).

^(j)	Security is valued using significant unobservable inputs (Note 1).

^(k)	Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.

^(l)	Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.

^(m)

Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.

⁽ⁿ⁾	Rate shown represents yield-to-maturity.


Abbreviation(s) used in this schedule:

EUR		— Euro

GBP		— British Pound

ICE		— Intercontinental Exchange

IO		— Interest Only

JSC		— Joint Stock Company

LIBOR		— London Interbank Offered Rate

MXN		— Mexican Peso

OFZ		— Obligatsyi Federal’novo Zaima (Russian Federal Loan Obligation)

PIK		— Payment-In-Kind

PO		— Principal Only

RUB		— Russian Ruble

SOFR		— Secured Overnight Financing Rate

STRIPS		— Separate Trading of Registered Interest and Principal Securities

USD		— United States Dollar

See Notes to Financial Statements.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					17

Schedule of investments (unaudited) (cont’d)

June 30, 2023

Western Asset Premier Bond Fund

At June 30, 2023, the Fund had the following open reverse repurchase agreements:

Counterparty

Rate

Effective
Date

Maturity
Date

Face Amount
of Reverse
Repurchase
Agreements

Asset Class
of Collateral*

Collateral
Value**

Goldman Sachs & Co.

5.500

6/29/2023

7/28/2023

1,485,800

Corporate Bonds & Notes

1,540,230

*	Refer to the Schedule of Investments for positions held at the counterparty as collateral for reverse repurchase agreements.

**	Including accrued interest.

At June 30, 2023, the Fund had the following open forward foreign currency contracts:

Currency

Purchased

Currency

Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

USD

3,192,058

EUR

2,910,037

Bank of America N.A.

7/18/23

13,703

USD

1,143,405

GBP

918,767

Goldman Sachs Group Inc.

7/18/23

(23,581)

Net unrealized depreciation on open forward foreign currency contracts

(9,878)


Abbreviation(s) used in this table:

EUR		—Euro

GBP		—British Pound

USD		—United States Dollar

See Notes to Financial Statements.


18				Western Asset Premier Bond Fund 2023 Semi-Annual Report

Statement of assets and liabilities (unaudited)

June 30, 2023



Assets:
Investments, at value (Cost — $181,147,096)	$	179,772,001
Foreign currency, at value (Cost — $166,439)		154,031
Cash		516,227
Interest receivable		2,534,970
Unrealized appreciation on forward foreign currency contracts		13,703
Dividends receivable from affiliated investments		1,433
Prepaid expenses		229
*Total Assets*		*182,992,594*

Liabilities:
Loan payable (Note 5)		47,500,000
Payable for open reverse repurchase agreements (Note 3)		1,485,800
Distributions payable		783,130
Interest expense payable		239,973
Payable for securities purchased		66,812
Investment management fee payable		63,123
Unrealized depreciation on forward foreign currency contracts		23,581
Administration fee payable		18,571
Trustees’ fees payable		1,572
Accrued expenses		54,239
*Total Liabilities*		*50,236,801*
Total Net Assets	$	132,755,793

Net Assets:
Common shares, no par value, unlimited number of shares authorized, 11,865,600 shares issued and outstanding	$	156,216,039
Total distributable earnings (loss)		(23,460,246)
Total Net Assets	$	132,755,793

Shares Outstanding		11,865,600

Net Asset Value		$11.19

See Notes to Financial Statements.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					19

Statement of operations (unaudited)

For the Six Months Ended June 30, 2023



Investment Income:
Interest	$	6,777,403
Dividends from affiliated investments		42,201
Less: Foreign taxes withheld		(2,285)
*Total Investment Income*		*6,817,319*

Expenses:
Interest expense (Notes 3 and 5)		1,490,123
Investment management fee (Note 2)		399,063
Administration fees (Note 2)		117,371
Audit and tax fees		34,808
Legal fees		25,636
Fund accounting fees		17,790
Commitment fees (Note 5)		17,352
Transfer agent fees		15,716
Trustees’ fees		15,049
Shareholder reports		6,909
Stock exchange listing fees		6,199
Custody fees		1,403
Insurance		662
Excise tax (Note 1)		(10,345)
Miscellaneous expenses		4,449
*Total Expenses*		*2,142,185*
Less: Fee waivers and/or expense reimbursements (Note 2)		(883)
*Net Expenses*		*2,141,302*
Net Investment Income		4,676,017

Realized and Unrealized Gain (Loss) on Investments, Forward Foreign Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):
Net Realized Gain (Loss) From:
Investment transactions in unaffiliated securities		(2,462,066)
Forward foreign currency contracts		(278,164)
Foreign currency transactions		27,618
*Net Realized Loss*		*(2,712,612)*
Change in Net Unrealized Appreciation (Depreciation) From:
Investments in unaffiliated securities		2,125,095
Forward foreign currency contracts		168,242
Foreign currencies		(21,855)
*Change in Net Unrealized Appreciation (Depreciation)*		*2,271,482*
Net Loss on Investments, Forward Foreign Currency Contracts and Foreign Currency Transactions		(441,130)
Increase in Net Assets From Operations	$	4,234,887

See Notes to Financial Statements.


20				Western Asset Premier Bond Fund 2023 Semi-Annual Report

Statements of changes in net assets


For the Six Months Ended June 30, 2023 (unaudited) and the Year Ended December 31, 2022	2023		2022

Operations:
Net investment income	$	4,676,017	$	9,784,279
Net realized loss		(2,712,612)		(11,889,638)
Change in net unrealized appreciation (depreciation)		2,271,482		(25,160,308)
*Increase (Decrease) in Net Assets From Operations*		*4,234,887*		*(27,265,667)*

Distributions to Shareholders From (Note 1):
Total distributable earnings		(4,698,778)		(9,397,555)
*Decrease in Net Assets From Distributions to Shareholders*		*(4,698,778)*		*(9,397,555)*

Capital Contributions:
Capital contributions		92		—
*Decrease in Net Assets*		*(463,799)*		*(36,663,222)*

Net Assets:
Beginning of period		133,219,592		169,882,814
End of period	$	132,755,793	$	133,219,592

See Notes to Financial Statements.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					21

Statement of cash flows (unaudited)

For the Six Months Ended June 30, 2023



Increase (Decrease) in Cash:
Cash Flows from Operating Activities:
Net increase in net assets resulting from operations	$	4,234,887
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided (used) by operating activities:
Purchases of portfolio securities		(43,005,614)
Sales of portfolio securities		62,122,759
Net purchases, sales and maturities of short-term investments		2,075,130
Net amortization of premium (accretion of discount)		(1,382,419)
Decrease in interest receivable		214,178
Decrease in prepaid expenses		662
Decrease in dividends receivable from affiliated investments		4,149
Decrease in payable for securities purchased		(20,960)
Decrease in investment management fee payable		(10,808)
Decrease in Trustees’ fees payable		(1,369)
Decrease in administration fee payable		(3,212)
Decrease in interest expense payable		(64,820)
Decrease in accrued expenses		(57,976)
Net realized loss on investments		2,462,066
Change in net unrealized appreciation (depreciation) of investments and forward foreign currency contracts		(2,293,337)
Net Cash Provided in Operating Activities*		*24,273,316*

Cash Flows from Financing Activities:
Distributions paid on common stock (net of distributions payable)		(3,915,648)
Decrease in loan facility borrowings		(10,000,000)
Decrease in payable for open reverse repurchase agreements		(10,119,480)
Capital contribution		92
*Net Cash Used by Financing Activities*		*(24,035,036)*
Net Increase in Cash and Restricted Cash		238,280
Cash and restricted cash at beginning of period		431,978
Cash and restricted cash at end of period	$	670,258

*	Included in operating expenses is $1,571,064 paid for interest and commitment fees on borrowings.

The following table provides a reconciliation of cash (including foreign currency) and restricted cash reported within the Statement of Assets and Liabilities that sums to the total of such amounts shown on the Statement of Cash Flows.


	June 30, 2023
Cash	$	670,258
Restricted cash		—
Total cash and restricted cash shown in the Statement of Cash Flows	$	670,258

See Notes to Financial Statements.


22				Western Asset Premier Bond Fund 2023 Semi-Annual Report

Financial highlights


For a common share outstanding throughout each year ended December 31, unless otherwise noted:
	2023^1,2			2022¹			2021¹			2020¹			2019¹			2018¹

Net asset value, beginning of period		$11.23			$14.32			$14.85			$14.66			$13.00			$14.51

Income (loss) from operations:
Net investment income		0.39			0.82			0.87			0.87			0.82			0.75
Net realized and unrealized gain (loss)		(0.03)			(3.12)			(0.61)			0.10			1.63			(1.47)
*Total income (loss) from operations*		*0.36*			*(2.30)*			*0.26*			*0.97*			*2.45*			*(0.72)*

Less distributions from:
Net investment income		(0.40)	³		(0.79)			(0.79)			(0.79)			(0.79)			(0.79)
*Total distributions*		*(0.40)*			*(0.79)*			*(0.79)*			*(0.79)*			*(0.79)*			*(0.79)*
Anti-dilutive impact of repurchase plan		—			—			—			0.01	⁴		—			—

Net asset value, end of period		$11.19			$11.23			$14.32			$14.85			$14.66			$13.00

Market price, end of period		$10.19			$10.64			$14.33			$14.17			$14.65			$12.09
*Total return, based on NAV^5,6*		*3.20*	%		*(16.21)*	%		*1.80*	%		*7.28*	%		*19.22*	%		*(5.13)*	%
*Total return, based on Market Price⁷*		*(0.55)*	%		*(20.29)*	%		*6.87*	%		*2.64*	%		*28.35*	%		*(6.85)*	%

Net assets, end of period (millions)		$133			$133			$170			$176			$175			$155

Ratios to average net assets:
Gross expenses		3.22	%⁸		2.19	%		1.22	%		1.50	%		2.14	%		1.93	%
Net expenses⁹		3.22	^8,10		2.19	¹⁰		1.22	¹⁰		1.50			2.14			1.93
Net investment income		7.03	⁸		6.80			5.93			6.24			5.78			5.49

Portfolio turnover rate		23	%		72	%		32	%		55	%		47	%		106	%

Supplemental data:
Loan Outstanding, End of Period (000s)		$47,500			$57,500			$57,500			$57,500			$57,000			$57,000
Asset Coverage Ratio for Loan Outstanding¹¹		379	%		332	%		395	%		406	%		406	%		372	%
Asset Coverage, per $1,000 Principal Amount of Loan Outstanding¹¹		$3,795			$3,317			$3,954			$4,064			$4,063			$3,715
Weighted Average Loan (000s)		$47,500			$57,500			$57,500			$57,448			$57,000			$56,803
Weighted Average Interest Rate on Loan		5.51	%		2.42	%		0.80	%		1.48	%		3.09	%		2.72	%

See Notes to Financial Statements.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					23

Financial highlights (cont’d)

¹	Per share amounts have been calculated using the average shares method.

²	For the six months ended June 30, 2023 (unaudited).

³	The actual source of the Fund’s current fiscal year distributions may be from net investment income, return of capital or a combination of both. Shareholders will be informed of the tax characteristics of the distributions after the close of the fiscal year.

⁴	The repurchase plan was completed at an average repurchase price of $10.38 for 44,671 shares and $462,743 for the year ended December 31, 2020.

⁵

Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

⁶	The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

⁷	The total return calculation assumes that distributions are reinvested in accordance with the Fund’s dividend reinvestment plan. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized.

⁸	Annualized.

⁹	The investment adviser has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.

¹⁰	Reflects fee waivers and/or expense reimbursements.

¹¹	Represents value of net assets plus the loan outstanding at the end of the period divided by the loan outstanding at the end of the period.

See Notes to Financial Statements.


24				Western Asset Premier Bond Fund 2023 Semi-Annual Report

Notes to financial statements (unaudited)

1. Organization and significant accounting policies

Western Asset Premier Bond Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, closed-end management investment company. The Fund commenced investment operations on March 28, 2002. The Fund’s investment objective is to provide current income and capital appreciation by investing primarily in a diversified portfolio of investment grade bonds.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services — Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the adviser to be unreliable, the market price may be determined by the adviser using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, 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 values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					25

Notes to financial statements (unaudited) (cont’d)

Pursuant to policies adopted by the Board of Trustees, the Fund’s adviser has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s adviser is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s adviser and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.


26				Western Asset Premier Bond Fund 2023 Semi-Annual Report

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

•

Level 1 — unadjusted quoted prices in active markets for identical investments

•

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:


ASSETS
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Long-Term Investments†:
Corporate Bonds & Notes		—	$	147,291,141		—	$	147,291,141
Sovereign Bonds		—		12,241,080	$	792,998		13,034,078
Senior Loans		—		10,194,085		—		10,194,085
U.S. Government & Agency Obligations		—		3,798,792		—		3,798,792
Asset-Backed Securities		—		2,366,548		—		2,366,548
Convertible Bonds & Notes		—		1,592,332		—		1,592,332
Collateralized Mortgage Obligations		—		992,037		—		992,037
Warrants	$	3,053		—		—		3,053
Preferred Stocks		—		—		71		71
Total Long-Term Investments		3,053		178,476,015		793,069		179,272,137
Short-Term Investments†		—		499,864		—		499,864
Total Investments	$	3,053	$	178,975,879	$	793,069	$	179,772,001
Other Financial Instruments:
Forward Foreign Currency Contracts††		—	$	13,703		—	$	13,703
Total	$	3,053	$	178,989,582	$	793,069	$	179,785,704


Western Asset Premier Bond Fund 2023 Semi-Annual Report					27

Notes to financial statements (unaudited) (cont’d)


LIABILITIES
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Other Financial Instruments:
Forward Foreign Currency Contracts††		—	$	23,581		—	$	23,581

†	See Schedule of Investments for additional detailed categorizations.

††	Reflects the unrealized appreciation (depreciation) of the instruments.

(b) Forward foreign currency contracts. The Fund enters into a forward foreign currency contract to hedge exposure of bond positions or in an attempt to increase the Fund’s return. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. When a forward foreign currency contract is closed, through either delivery or offset by entering into another forward foreign currency contract, the Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it is closed.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

(c) Loan participations. The Fund may invest in loans arranged through private negotiation between one or more financial institutions. The Fund’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 related to the loan, or any rights of offset against the borrower and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

The Fund assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Fund and the borrower. 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 offset between the lender and the borrower.

(d) Stripped securities. The Fund may invest in ‘‘Stripped Securities,’’ a term used collectively for components, or strips, of fixed income securities. Stripped Securities can be principal only securities (“PO”), which are debt obligations that have been stripped of


28				Western Asset Premier Bond Fund 2023 Semi-Annual Report

unmatured interest coupons, or interest only securities (“IO”), which are unmatured interest coupons that have been stripped from debt obligations. The market value of Stripped Securities will fluctuate in response to changes in economic conditions, rates of prepayment, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation may increase with a longer period of maturity.

The yield to maturity on IO’s is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in IO’s.

(e) Reverse repurchase agreements. The Fund may enter into reverse repurchase agreements. Under the terms of a typical reverse repurchase agreement, a fund sells a security subject to an obligation to repurchase the security from the buyer at an agreed upon time and price. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund’s use of the proceeds of the agreement may be restricted pending a determination by the counterparty, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. In entering into reverse repurchase agreements, the Fund will pledge cash, U.S. government securities or other liquid debt obligations at least equal in value to its obligations with respect to reverse repurchase agreements or will take other actions permitted by law to cover its obligations. If the market value of the collateral declines during the period, the Fund may be required to post additional collateral to cover its obligation. Cash collateral that has been pledged to cover obligations of the Fund under reverse repurchase agreements, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral are noted in the Schedule of Investments. Interest payments made on reverse repurchase agreements are recognized as a component of “Interest expense” on the Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund.

(f) Cash flow information. The Fund invests in securities and distributes dividends from net investment income and net realized gains, which are paid in cash and may be reinvested at the discretion of shareholders. These activities are reported in the Statements of Changes in Net Assets and additional information on cash receipts and cash payments is presented in the Statement of Cash Flows.

(g) Foreign currency translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment


Western Asset Premier Bond Fund 2023 Semi-Annual Report					29

Notes to financial statements (unaudited) (cont’d)

securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

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

(h) Credit and market risk. The Fund invests in high-yield and emerging market instruments that are subject to certain credit and market risks. The yields of high-yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Fund’s investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to 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. The Fund’s investments in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.


30				Western Asset Premier Bond Fund 2023 Semi-Annual Report

(i) Foreign investment risks. The Fund’s investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(j) Counterparty risk and credit-risk-related contingent features of derivative instruments. The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the investment adviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement, with certain of its derivative counterparties that govern over-the-counter (“OTC”) derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund’s net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					31

Notes to financial statements (unaudited) (cont’d)

Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

As of June 30, 2023, the Fund held forward foreign currency contracts with credit related contingent features which had a liability position of $23,581. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivatives counterparties.

(k) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities), adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

(l) Distributions to shareholders. Distributions from net investment income of the Fund, if any, are declared quarterly and paid on a monthly basis. The actual source of the Fund’s monthly distributions may be from net investment income, return of capital or a combination of both. Shareholders will be informed of the tax characteristics of the distributions after the close of the fiscal year. Distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(m) Compensating balance arrangements. The Fund has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Fund’s cash on deposit with the bank.


32				Western Asset Premier Bond Fund 2023 Semi-Annual Report

(n) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the “Code”), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund’s financial statements.

However, due to the timing of when distributions are made by the Fund, the Fund may be subject to an excise tax of 4% of the amount by which 98% of the Fund’s annual taxable income and 98.2% of net realized gains exceed the distributions from such taxable income and realized gains for the calendar year. During the period, the Fund paid $54,655 of federal income taxes attributable to calendar year 2022.

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of December 31, 2022, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

(o) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

2. Investment management agreement and other transactions with affiliates

The Fund has a management agreement with Western Asset Management Company, LLC (“Western Asset”). Pursuant to the terms of the management agreement, the Fund pays Western Asset an annual fee, payable monthly, in an amount equal to 0.55% of the average weekly value of the Fund’s total managed assets. “Total managed assets” means the total assets of the Fund (including any assets attributable to leverage) minus accrued liabilities (other than liabilities representing leverage). Pursuant to a Portfolio Management Agreement between Western Asset and Western Asset Management Company Limited (“Western London”), Western Asset pays monthly a portion of the fees it receives from the Fund to Western London at an annual rate of 0.425% of the average weekly value of the Fund’s total managed assets that Western London manages. Western Asset Management Company Pte. Ltd. (“Western Asset Singapore”) and Western Asset Management Company Ltd (“Western Asset Japan”) are additional investment advisers to the Fund under portfolio management agreements between Western Asset and Western Asset Singapore and Western Asset and Western Asset Japan, respectively. Western Asset pays monthly a portion of the fees it receives from the Fund to each Western Asset Singapore and Western Asset Japan at an annual rate of 0.425% of the average weekly value of the Fund’s total managed assets that each Western Asset Singapore and Western Asset Japan manages.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					33

Notes to financial statements (unaudited) (cont’d)

Western Asset Singapore and Western Asset Japan provide certain advisory services to the Fund relating to currency transactions and investments in non-U.S. dollar-denominated securities and related foreign currency instruments in Asia (excluding Japan) and Japan, respectively.

Under the terms of the administration services agreement between Western Asset and Legg Mason Partners Fund Advisor, LLC (“LMPFA”), Western Asset pays LMPFA a monthly fee at an annual rate of 0.125% of the Fund’s average weekly total managed assets, subject to a monthly minimum fee of $12,500.

Western Asset has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the “affiliated money market fund waiver”).

During the six months ended June 30, 2023, fees waived and/or expenses reimbursed amounted to $883, all of which included an affiliated money market fund waiver.

LMPFA, Western Asset, Western London, Western Asset Singapore and Western Asset Japan are indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

During periods in which the Fund utilizes financial leverage, the fees paid to the investment adviser will be higher than if the Fund did not utilize leverage because the fees are calculated as a percentage of the Fund’s assets, including those investments purchased with leverage.

All officers and one Trustee of the Fund are employees of Franklin Resources or its affiliates and do not receive compensation from the Fund.

3. Investments

During the six months ended June 30, 2023, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows:


	Investments		U.S. Government & Agency Obligations
Purchases	$	30,934,075	$	12,071,539
Sales		38,166,246		23,956,513


34				Western Asset Premier Bond Fund 2023 Semi-Annual Report

At June 30, 2023, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:


	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Depreciation
Securities	$	181,147,096	$	5,784,763	$	(7,159,858)	$	(1,375,095)
Forward foreign currency contracts		—		13,703		(23,581)		(9,878)

Transactions in reverse repurchase agreements for the Fund during the six months ended June 30, 2023 were as follows:

Average Daily

Balance*

Weighted Average

Interest Rate*

Maximum Amount

Outstanding

$5,710,504

4.608%

$11,605,280

*	Averages based on the number of days that the Fund had reverse repurchase agreements outstanding.

Interest rates on reverse repurchase agreements ranged from 4.310% to 5.550% during the six months ended June 30, 2023. Interest expense incurred on reverse repurchase agreements totaled $132,290.

4. Derivative instruments and hedging activities

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at June 30, 2023.


ASSET DERIVATIVES¹
	Foreign Exchange Risk
Forward foreign currency contracts	$	13,703


LIABILITY DERIVATIVES¹
	Foreign Exchange Risk
Forward foreign currency contracts	$	23,581

¹	Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					35

Notes to financial statements (unaudited) (cont’d)

The following tables provide information about the effect of derivatives and hedging activities on the Fund’s Statement of Operations for the six months ended June 30, 2023. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund’s derivatives and hedging activities during the period.


AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
	Foreign Exchange Risk
Forward foreign currency contracts	$	(278,164)
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
	Foreign Exchange Risk
Forward foreign currency contracts	$	168,242

During the six months ended June 30, 2023, the volume of derivative activity for the Fund was as follows:


	Average Market Value
Forward foreign currency contracts (to buy)	$	592,218
Forward foreign currency contracts (to sell)		4,386,428

The following table presents the Fund’s OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of June 30, 2023.


Counterparty	Gross Assets Subject to Master Agreements¹		Gross Liabilities Subject to Master Agreements¹		Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)		Net Amount²
Bank of America N.A.	$	13,703		—	$	13,703		—	$	13,703
Goldman Sachs Group Inc.		—	$	(23,581)		(23,581)		—		(23,581)
Total	$	13,703	$	(23,581)	$	(9,878)		—	$	(9,878)

¹	Absent an event of default or early termination, derivative assets and liabilities are presented gross and not offset in the Statement of Assets and Liabilities.

²	Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

5. Loan

The Fund entered into a Margin Loan and Security Agreement (the “Credit Agreement”) with Bank of America, N.A. (“BofA”) that allows the Fund to borrow up to an aggregate amount of $72,000,000 and renews daily for a 179-day term unless notice to the contrary is given to the Fund. The Fund pays interest on borrowings calculated based on SOFR plus


36				Western Asset Premier Bond Fund 2023 Semi-Annual Report

applicable margin. The Fund pays a commitment fee on the unutilized portion of the loan commitment amount at an annual rate of 0.20% except that the commitment fee is 0.15% when the aggregate outstanding balance of the loan is equal to or greater than 50% of the maximum commitment amount. To the extent of the borrowing outstanding, the Fund is required to maintain collateral in a special custody account at the Fund’s custodian on behalf of BofA. The Credit Agreement contains customary covenants that, among other things, may limit the Fund’s ability to pay distributions in certain circumstances, incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations, and require asset coverage ratios in addition to those required by the 1940 Act. In addition, the Credit Agreement may be subject to early termination under certain conditions and may contain other provisions that could limit the Fund’s ability to utilize borrowing under the agreement. Interest expense related to the Credit Agreement for the six months ended June 30, 2023 was $1,357,833. For the six months ended June 30, 2023, the Fund incurred commitment fees of $17,352. For the six months ended June 30, 2023, based on the number of days during the reporting period that the Fund had a loan balance outstanding, the average daily loan balance was $48,991,713 and the weighted average interest rate was 5.51%. At June 30, 2023, the Fund had $47,500,000 of borrowings outstanding.

6. Distributions subsequent to June 30, 2023

The following distributions have been declared by the Fund’s Board of Trustees and are payable subsequent to the period end of this report:


Record Date	Payable Date		Amount
6/23/2023		7/3/2023	$	0.0660
7/24/2023		8/1/2023	$	0.0660
8/24/2023		9/1/2023	$	0.0660
9/22/2023		10/2/2023	$	0.0660

7. Share repurchase program

On November 20, 2015, the Fund announced that the Fund’s Board of Trustees (the “Board”) had authorized the Fund to repurchase in the open market up to approximately 10% of the Fund’s outstanding common shares when the Fund’s shares are trading at a discount to net asset value. The Board has directed management of the Fund to repurchase its common shares at such times and in such amounts as management reasonably believes may enhance shareholder value. The Fund is under no obligation to purchase shares at any specific discount levels or in any specific amounts. During the six months ended June 30, 2023 and the year ended December 31, 2022, the Fund did not repurchase any shares.

Since the commencement of the share repurchase program through June 30, 2023, the Fund repurchased 44,671 shares or 0.38% of its common shares outstanding for a total amount of $462,743.


Western Asset Premier Bond Fund 2023 Semi-Annual Report					37

Notes to financial statements (unaudited) (cont’d)

8. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the six months ended June 30, 2023. The following transactions were effected in such company for the six months ended June 30, 2023.


	Affiliate Value at December 31,		Purchased				Sold
	2022		Cost		Shares		Proceeds		Shares
Western Asset Premier Institutional Government Reserves, Premium Shares	$	2,364,791	$	17,613,239		17,613,239	$	19,978,030		19,978,030


(cont’d)	Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at June 30, 2023
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	42,201		—		—

9. Deferred capital losses

As of December 31, 2022, the Fund had deferred capital losses of $20,620,647, which have no expiration date, that will be available to offset future taxable capital gains.

10. Recent accounting pronouncement

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021 and December 2022, the FASB issued ASU No. 2021-01 and ASU No. 2022-06, with further amendments to Topic 848. The amendments in the ASUs provide optional temporary accounting recognition and financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank-offered based reference rates as of the end of 2021 for certain LIBOR settings and 2023 for the remainder. The ASUs are effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the financial statements.


38				Western Asset Premier Bond Fund 2023 Semi-Annual Report

11. Other matters

The Fund’s investments, payment obligations, and financing terms may be based on floating rates, such as the London Interbank Offered Rate, or “LIBOR,” which was the offered rate for short-term Eurodollar deposits between major international banks. In 2017, the U.K. Financial Conduct Authority (“FCA”) announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR is no longer published on a representative basis. Alternative references rates have been established in most major currencies. In March 2022, the U.S. federal government enacted legislation to establish a process for replacing LIBOR in certain existing contracts that do not already provide for the use of a clearly defined or practicable replacement benchmark rate as described in the legislation. Generally speaking, for contracts that do not contain a fallback provision as described in the legislation, a benchmark replacement recommended by the Federal Reserve Board effectively automatically replaced the USD LIBOR benchmark in the contract upon LIBOR’s cessation at the end of June 2023. The recommended benchmark replacement is based on the Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York, including certain spread adjustments and benchmark replacement conforming changes. Various industry groups are in the process of facilitating the transition away from LIBOR, but there remains uncertainty regarding the impact of the transition from LIBOR on the Fund’s transactions and the financial markets generally.

* * *

Russia’s military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that the Fund has exposure to Russian investments or investments in countries affected by the invasion, the Fund’s ability to price, buy, sell, receive or deliver such investments was impaired. The Fund could determine at any time that certain of the most affected securities have little or no value. In addition, any exposure that the Fund may have to counterparties in Russia or in countries affected by the invasion could negatively


Western Asset Premier Bond Fund 2023 Semi-Annual Report					39

Notes to financial statements (unaudited) (cont’d)

impact the Fund’s portfolio. The extent and duration of Russia’s military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict, but could result in significant market disruptions, including in the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact the Fund’s performance and the value of an investment in the Fund, even beyond any direct exposure the Fund may have to Russian issuers or issuers in other countries affected by the invasion. At June 30, 2023, the Fund had 0.60% of its net assets invested in securities with significant economic risk or exposure to Russia.


40				Western Asset Premier Bond Fund 2023 Semi-Annual Report

Board approval of management and subadvisory agreements (unaudited)

The Executive and Contracts Committee of the Board of Trustees (the “Executive and Contracts Committee”) considered the Investment Management Agreement between the Fund and Western Asset Management Company, LLC (“Western Asset”) and the following subadvisory agreements with respect to the Fund (collectively, the “Agreements”) (i) a subadvisory agreement between Western Asset and Western Asset Management Company Limited (“WAML”) with respect to the Fund, (ii) a subadvisory agreement between Western Asset and Western Asset Management Company Pte. Ltd. in Singapore (“Western Singapore”) with respect to the Fund, and (iii) a subadvisory agreement between Western Asset and Western Asset Management Company Ltd in Japan (“Western Japan,” and together with Western Singapore and WAML, the “Non-U.S. Advisers,” and together with Western Asset, the “Advisers”) with respect to the Fund at a meeting held on April 27, 2023. At an in-person meeting held on May 15, 2023, the Executive and Contracts Committee reported to the full Board of Trustees their considerations and recommendation with respect to the Agreements, and the Board of Trustees, including a majority of the Independent Trustees, considered and approved renewal of the Agreements.

The Trustees noted that although Western Asset’s business is operated through separate legal entities, such as the Non-U.S. Advisers, senior investment personnel at Western Asset have supervisory oversight responsibility over the investment decisions made by the Non-U.S. Advisers. Therefore, in connection with their deliberations noted below, the Trustees primarily focused on the information provided by Western Asset when considering the approval of the Agreements between Western Asset and the Non-U.S. Advisers.

In arriving at their decision to approve the renewal of the Agreements, the Trustees met with representatives of the Advisers, including relevant investment advisory personnel; considered a variety of information prepared by the Advisers, materials provided by Broadridge and advice and materials provided by counsel to the Independent Trustees; reviewed performance and expense information for peer groups of comparable funds and certain other comparable products available from Western Asset or affiliates of Western Asset, including separate accounts managed by Western Asset; and requested and reviewed additional information as necessary. These reviews were in addition to information obtained by the Trustees at their regular quarterly meetings (and various committee meetings) with respect to the Fund’s performance and other relevant matters, such as information on public trading in the Fund’s shares and differences between the Fund’s share price and net asset value per share, and related discussions with the Advisers’ personnel. The information received and considered by the Board both in conjunction with the May meeting and at prior meetings was both written and oral.

As part of their review, the Trustees examined the Advisers’ ability to provide high quality investment management services to the Fund. The Trustees considered the investment philosophy and research and decision-making processes of the Advisers; the experience of


Western Asset Premier Bond Fund					41

Board approval of management and subadvisory agreements (unaudited) (cont’d)

their key advisory personnel responsible for management of the Fund; the ability of the Advisers to attract and retain capable research and advisory personnel; the risks to the Advisers associated with sponsoring the Fund (such as entrepreneurial, operational, reputational, litigation and regulatory risk), as well as the Advisers’ risk management processes); the capability and integrity of the Advisers’ senior management and staff; and the level of skill required to manage the Fund. In addition, the Trustees reviewed the quality of the Advisers’ services with respect to regulatory compliance and compliance with the investment policies of the Fund, and conditions that might affect the Advisers’ ability to provide high quality services to the Fund in the future, including their business reputations, financial conditions and operational stabilities. Based on the foregoing, the Trustees concluded that the Advisers’ investment process, research capabilities and philosophy were well suited to the Fund given its investment objectives and policies, and that the Advisers would be able to meet any reasonably foreseeable obligations under the Agreements.

The Board reviewed the qualifications, backgrounds and responsibilities of the Advisers’ senior personnel and the team of investment professionals primarily responsible for the day-to-day portfolio management of the Fund. The Board also considered, based on its knowledge of the Advisers and their affiliates, the financial resources of Franklin Resources, Inc., the parent organization of the Advisers. The Board recognized the importance of having a fund manager with significant resources.

In reviewing the quality of the services provided to the Fund, the Trustees also reviewed comparisons of the performance of the Fund to the performance of a group consisting of all (including the Fund) closed-end leveraged, BBB-rated corporate debt (leveraged) funds (the “Performance Universe”) and the Bloomberg U.S. Corporate High Yield Index (the “Index”). The Directors noted that the performance of the Fund exceeded the performance of the median of the Performance Universe for the 1-, 3-, and 10-year periods ended December 31, 2022 and that the performance of the Fund was equal to the performance of the median of the Performance Universe for the 5-year period ended December 31, 2022. The Board further noted that the Fund’s performance trailed that of the Index for the 1-, 3- and 5- year periods ended December 31, 2022 and was approximately equal to that of the Index for the 10-year period ended December 31, 2022. The Trustees considered the factors involved in the Fund’s performance relative to the performance of the Index and the Performance Universe. The Trustees concluded that the Advisers’ management of the Fund would continue to be in the best interests of the shareholders.

The Trustees also considered the management fee and total expenses payable by the Fund. They reviewed information concerning management fees paid to investment advisers of similarly managed funds as well as fees paid by Western Asset’s other clients, including separate accounts managed by Western Asset. The Trustees also noted that the Fund does not pay any management fees directly to any of the Non-U.S. Advisers because Western


42				Western Asset Premier Bond Fund

Asset pays the Non-U.S. Advisers for services provided to the Fund out of the management fee Western Asset receives from the Fund. The Trustees noted that the Fund’s expense peer group consisted of the Fund and a group of BBB-rated corporate debt (leveraged) funds. The Trustees noted that, when measured as a percentage of net assets (including assets attributable to leverage) for its most recently completed fiscal year, the Fund’s advisory fee paid to Western Asset was below the median of the advisory fees paid by funds in its peer group and that the Fund’s total expenses were above the median in its peer group. The Trustees also noted that, when measured as a percentage of net assets (net of leverage) for its most recently completed fiscal year, the Fund’s advisory fee paid to Western Asset was below the median of the advisory fees paid by the funds in its peer group and that the Fund’s total expenses were below the median of the total expenses of the funds in its peer group. They also noted that the Fund’s contractual advisory fee payable to Western Asset was below the median in the Fund’s peer group. They noted that Western Asset did not manage other directly comparable accounts, however the management fee paid by the Fund was generally higher than the fees paid by other clients of the Non-U.S. Advisers with the most similar investment strategies to the Fund. They considered that Western Asset was responsible for payment of the management fee to the Non-U.S. Advisers and that the administrative and operational responsibilities for the Non-U.S. Advisers with respect to the Fund were also relatively higher. In light of these differences, the Trustees concluded that the management fee paid by the Fund relative to the fees paid by the Non-U.S. Advisers’ other clients was reasonable.

The Trustees further evaluated the benefits of the advisory relationship to the Advisers, including, among others, the profitability of the relationship to the Advisers; the direct and indirect benefits that the Advisers may receive from their relationships with the Fund, including the “fallout benefits,” such as reputational value derived from serving as investment adviser to the Fund; and the affiliation between the Advisers and Legg Mason Partners Funds Advisor, LLC, the Fund’s administrator, and certain other service providers for the Fund. In that connection, the Board considered that the ancillary benefits that the Advisers receive were reasonable. The Trustees noted that Western Asset does not have soft dollar arrangements.

Finally, the Trustees considered, in light of the profitability information provided by Western Asset, the extent to which economies of scale would be realized by the Advisers as the assets of the Fund grow. The Trustees concluded that because the Fund is a closed-end fund and does not make a continuous offer of its securities, the Fund’s size was relatively fixed and it would be unlikely that the Advisers would realize economies of scale from the Fund’s growth.

In their deliberations with respect to these matters, the Independent Trustees were advised by their independent counsel, who is independent, within the meaning of the Securities and


Western Asset Premier Bond Fund					43

Board approval of management and subadvisory agreements (unaudited) (cont’d)

Exchange Commission rules regarding the independence of counsel, of the Advisers. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling, and each Trustee may have attributed different weight to the various factors in evaluating the Agreements. The foregoing summary does not detail all the matters considered. The Trustees judged the terms and conditions of the Agreements, including the investment advisory fees, in light of all of the surrounding circumstances.

Based upon their review, the Trustees, including all of the Independent Trustees, determined, in the exercise of their business judgment, that they were satisfied with the quality of investment advisory services being provided by the Advisers; that the fees to be paid to the Advisers under the Agreements were fair and reasonable given the scope and quality of the services rendered by the Advisers; and that approval of the Agreements was in the best interest of the Fund and its shareholders.


44				Western Asset Premier Bond Fund

Additional shareholder information (unaudited)

Results of annual meeting of shareholders

The Annual Meeting of Shareholders of Western Asset Premier Bond Fund was held on May 19, 2023 for the purpose of considering and voting upon the proposal presented at the Meeting. The following table provides information concerning the matters voted upon at the Meeting:

Election of Trustees


Nominees	For	Withheld
Robert Abeles, Jr.	7,233,447	1,353,068
Jane F. Dasher	7,251,754	1,334,761
Anita L. DeFrantz	7,251,753	1,334,762
Susan B. Kerley	7,252,143	1,334,372
Michael Larson	7,246,793	1,339,722
Ronald L. Olson	7,249,115	1,337,400
Avedick B. Poladian	7,251,740	1,334,775
William E.B. Siart	7,255,035	1,331,480
Jaynie Miller Studenmund	7,236,308	1,350,207
Peter J. Taylor	7,243,886	1,342,629
Jane E. Trust	7,245,188	1,341,327

At June 30, 2023, the Trustees of the Fund were Robert Abeles, Jr., Jane F. Dasher, Anita L. DeFrantz, Susan B. Kerley, Michael Larson, Ronald L. Olson, Avedick B. Poladian, William E.B. Siart, Jaynie Miller Studenmund, Peter J. Taylor and Jane E. Trust.


Western Asset Premier Bond Fund					45

Dividend reinvestment plan (unaudited)

The Fund and Computershare Inc. (“Agent”), as the Transfer Agent and Registrar of the Fund, offer a convenient way to add shares of the Fund to your account. The Fund offers to all common shareholders a Dividend Reinvestment Plan (“Plan”). Under the Plan, cash distributions (e.g., dividends and capital gains) of registered shareholders (those who own shares in their own name on the Fund’s records) on the common shares are automatically invested in shares of the Fund unless the shareholder elects otherwise by contacting the Agent at the address set forth below. Shareholders who own shares in a brokerage, bank or other financial institution account must contact the company where their account is held in order to participate in the Plan.

As a participant in the Dividend Reinvestment Plan you will automatically receive your dividend or net capital gains distribution in newly issued shares of the Fund if the market price of a share on the date of the distribution is at or above the NAV of a Fund share, minus estimated brokerage commissions that would be incurred upon the purchase of common shares on the open market. The number of shares to be issued to you will be determined by dividing the amount of the cash distribution to which you are entitled (net of any applicable withholding taxes) by the greater of the NAV per share on such date or 95% of the market price of a share on such date. If the market price of a share on such distribution date is below the NAV, minus estimated brokerage commissions that would be incurred upon the purchase of common shares on the open market, the Agent will, as agent for the participants, buy shares of the Fund through a broker on the open market. The price per share of shares purchased for each participant’s account with respect to a particular dividend or other distribution will be the average price (including brokerage commissions, transfer taxes and any other costs of purchase) of all shares purchased with respect to that dividend or other distribution. All common shares acquired on your behalf through the Plan will be automatically credited to an account maintained on the books of the Agent. Full and fractional shares will be voted by the Agent in accordance with your instructions.

Additional information regarding the plan

The Fund will pay all costs applicable to the Plan, except for brokerage commissions for open market purchases by the Agent under the Plan, which will be charged to participants. All shares acquired through the Plan receive voting rights and are eligible for any share split, share dividend, or other rights accruing to shareholders that the Board of Trustees may declare. Registered shareholder may terminate participation in the Plan at any time by giving notice to the Agent. Such termination will be effective prior to the record date next succeeding the receipt of such instructions or by a later date of termination specified in such instructions. Upon termination, a participant will receive a certificate for the full shares credited to his or her account or may request the sale of all or part of such shares. Fractional shares credited to a terminating account will be paid for in cash at the current market price at the time of termination. Shareholders who own shares in a brokerage, bank or other financial institution account must contact the company where their account is held in order to terminate participation in the Plan.


46				Western Asset Premier Bond Fund

Dividends and other distributions invested in additional shares under the Plan are subject to income tax just as if they had been received in cash. After year end, dividends paid on the accumulated shares will be included in the Form 1099-DIV information return to the Internal Revenue Service (IRS) and only one Form 1099-DIV will be sent to participants each year. Inquiries regarding the Plan, as well as notices of termination, should be directed to Computershare Inc., P.O. Box 43006 Providence, RI 02940-3078. Investor Relations Telephone number 1-888-888-0151.


Western Asset Premier Bond Fund					47

Western Asset

Premier Bond Fund

Trustees

Robert Abeles, Jr

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson

Ronald L. Olson

Avedick B. Poladian

William E.B. Siart

Chairman

Jaynie M. Studenmund

Peter J. Taylor

Jane Trust

Officers

Jane Trust

President and Chief Executive Officer

Christopher Berarducci

Treasurer and Principal Financial Officer

Ted P. Becker

Chief Compliance Officer

Marc A. De Oliveira

Secretary and Chief Legal Officer

Thomas C. Mandia

Senior Vice President

Jeanne M. Kelly

Senior Vice President

Western Asset Premier Bond Fund

620 Eighth Avenue

47th Floor

New York, NY 10018

Investment advisers

Western Asset Management Company, LLC

Western Asset Management Company Limited

Western Asset Management Company Pte. Ltd.

Western Asset Management Company Ltd

Custodian

The Bank of New York Mellon

Independent registered public accounting firm

PricewaterhouseCoopers LLP

100 East Pratt Street

Baltimore, MD 21202

Legal counsel

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

Transfer agent

Computershare Inc.

P.O. Box 43006

Providence, RI 02940-3078

New York Stock Exchange Symbol

WEA

Legg Mason Funds Privacy and Security Notice

Your Privacy and the Security of Your Personal Information is Very Important to the Legg Mason Funds

This Privacy and Security Notice (the “Privacy Notice”) addresses the Legg Mason Funds’ privacy and data protection practices with respect to nonpublic personal information the Funds receive. The Legg Mason Funds include the Western Asset Money Market Funds sold by the Funds’ distributor, Franklin Distributors, LLC, as well as Legg Mason-sponsored closed-end funds. The provisions of this Privacy Notice apply to your information both while you are a shareholder and after you are no longer invested with the Funds.

The Type of Nonpublic Personal Information the Funds Collect About You

The Funds collect and maintain nonpublic personal information about you in connection with your shareholder account. Such information may include, but is not limited to:

•

Personal information included on applications or other forms;

•

Account balances, transactions, and mutual fund holdings and positions;

•

Bank account information, legal documents, and identity verification documentation; and

•

Online account access user IDs, passwords, security challenge question responses.

How the Funds Use Nonpublic Personal Information About You

The Funds do not sell or share your nonpublic personal information with third parties or with affiliates for their marketing purposes, unless you have authorized the Funds to do so. The Funds do not disclose any nonpublic personal information about you except as may be required to perform transactions or services you have authorized or as permitted or required by law.

The Funds may disclose information about you to:

•

Employees, agents, and affiliates on a “need to know” basis to enable the Funds to conduct ordinary business or to comply with obligations to government regulators;

•

Service providers, including the Funds’ affiliates, who assist the Funds as part of the ordinary course of business (such as printing, mailing services, or processing or servicing your account with us) or otherwise perform services on the Funds’ behalf, including companies that may perform statistical analysis, market research and marketing services solely for the Funds;

•

Permit access to transfer, whether in the United States or countries outside of the United States to such Funds’ employees, agents and affiliates and service providers as required to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

•

The Funds’ representatives such as legal counsel, accountants and auditors to enable the Funds to conduct ordinary business, or to comply with obligations to government regulators;

•

Fiduciaries or representatives acting on your behalf, such as an IRA custodian or trustee of a grantor trust.

NOT PART OF THE SEMI-ANNUAL REPORT

Legg Mason Funds Privacy and Security Notice (cont’d)

Except as otherwise permitted by applicable law, companies acting on the Funds’ behalf, including those outside the United States, are contractually obligated to keep nonpublic personal information the Funds provide to them confidential and to use the information the Funds share only to provide the services the Funds ask them to perform.

The Funds may disclose nonpublic personal information about you when necessary to enforce their rights or protect against fraud, or as permitted or required by applicable law, such as in connection with a law enforcement or regulatory request, subpoena, or similar legal process. In the event of a corporate action or in the event a Fund service provider changes, the Funds may be required to disclose your nonpublic personal information to third parties. While it is the Funds’ practice to obtain protections for disclosed information in these types of transactions, the Funds cannot guarantee their privacy policy will remain unchanged.

Keeping You Informed of the Funds’ Privacy and Security Practices

The Funds will notify you annually of their privacy policy as required by federal law. While the Funds reserve the right to modify this policy at any time, they will notify you promptly if this privacy policy changes.

The Funds’ Security Practices

The Funds maintain appropriate physical, electronic and procedural safeguards designed to guard your nonpublic personal information. The Funds’ internal data security policies restrict access to your nonpublic personal information to authorized employees, who may use your nonpublic personal information for Fund business purposes only.

Although the Funds strive to protect your nonpublic personal information, they cannot ensure or warrant the security of any information you provide or transmit to them, and you do so at your own risk. In the event of a breach of the confidentiality or security of your nonpublic personal information, the Funds will attempt to notify you as necessary so you can take appropriate protective steps. If you have consented to the Funds using electronic communications or electronic delivery of statements, they may notify you under such circumstances using the most current email address you have on record with them.

In order for the Funds to provide effective service to you, keeping your account information accurate is very important. If you believe that your account information is incomplete, not accurate or not current, if you have questions about the Funds’ privacy practices, or our use of your nonpublic personal information, write the Funds using the contact information on your account statements, email the Funds by clicking on the Contact Us section of the Funds’ website at www.franklintempleton.com, or contact the Funds at 1-877-721-1926 for the Western Asset Money Market Funds or 1-888-777-0102 for the Legg Mason-sponsored closed-end funds.

Revised October 2022

NOT PART OF THE SEMI-ANNUAL REPORT

Legg Mason California Consumer Privacy Act Policy

Although much of the personal information we collect is “nonpublic personal information” subject to federal law, residents of California may, in certain circumstances, have additional rights under the California Consumer Privacy Act (“CCPA”). For example, if you are a broker, dealer, agent, fiduciary, or representative acting by or on behalf of, or for, the account of any other person(s) or household, or a financial advisor, or if you have otherwise provided personal information to us separate from the relationship we have with personal investors, the provisions of this Privacy Policy apply to your personal information (as defined by the CCPA).

In addition to the provisions of the Legg Mason Funds Security and Privacy Notice, you may have the right to know the categories and specific pieces of personal information we have collected about you.

You also have the right to request the deletion of the personal information collected or maintained by the Funds.

If you wish to exercise any of the rights you have in respect of your personal information, you should advise the Funds by contacting them as set forth below. The rights noted above are subject to our other legal and regulatory obligations and any exemptions under the CCPA. You may designate an authorized agent to make a rights request on your behalf, subject to the identification process described below. We do not discriminate based on requests for information related to our use of your personal information, and you have the right not to receive discriminatory treatment related to the exercise of your privacy rights.

We may request information from you in order to verify your identity or authority in making such a request. If you have appointed an authorized agent to make a request on your behalf, or you are an authorized agent making such a request (such as a power of attorney or other written permission), this process may include providing a password/passcode, a copy of government issued identification, affidavit or other applicable documentation, i.e. written permission. We may require you to verify your identity directly even when using an authorized agent, unless a power of attorney has been provided. We reserve the right to deny a request submitted by an agent if suitable and appropriate proof is not provided.

For the 12-month period prior to the date of this Privacy Policy, the Legg Mason Funds have not sold any of your personal information; nor do we have any plans to do so in the future.

Contact Information

Address: Data Privacy Officer, 100 International Dr., Baltimore, MD 21202

Email: DataProtectionOfficer@franklintempleton.com

Phone: 1-800-396-4748

Revised October 2022

NOT PART OF THE SEMI-ANNUAL REPORT

Western Asset Premier Bond Fund

Western Asset Premier Bond Fund

620 Eighth Avenue

47th Floor

New York, NY 10018

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that from time to time the Fund may purchase, at market prices, its common shares.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 1-888-777-0102 or visit the Fund’s website at www.franklintempleton.com.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling 1-888-777-0102, (2) at www.franklintempleton.com and (3) on the SEC’s website at www.sec.gov. Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Fund may be found on Franklin Templeton’s website, which can be accessed at www.franklintempleton.com. Any reference to Franklin Templeton’s website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate Franklin Templeton’s website in this report.

This report is transmitted to the shareholders of Western Asset Premier Bond Fund for their information. This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report.

Computershare Inc.

P.O. Box 43006

Providence, RI 02940-3078

WASX012842 08/23 SR23-4723

ITEM 2.

CODE OF ETHICS.

Not applicable.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Included herein under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

INVESTMENT PROFESSIONALS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

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

(b)

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

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable

ITEM 13.

EXHIBITS.

(a) (1) Not applicable.

Exhibit 99.CODE ETH

(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

SIGNATURES

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, there unto duly authorized.


Western Asset Premier Bond Fund

By:		/s/ Jane Trust
		Jane Trust
		Chief Executive Officer

Date:		August 24, 2023

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


By:		/s/ Jane Trust
		Jane Trust
		Chief Executive Officer

Date:		August 24, 2023

By:		/s/ Christopher Berarducci
		Christopher Berarducci
		Principal Financial Officer

Date:		August 24, 2023

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

CERTIFICATIONS

I, Jane Trust, certify that:

1.	I have reviewed this report on Form N-CSR of Western Asset Premier Bond Fund;

2.	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;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officers 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:

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;

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;

Evaluated the effectiveness of the registrant’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

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

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’s ability to record, process, summarize, and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

CERTIFICATIONS

I, Christopher Berarducci, certify that:

1.	I have reviewed this report on Form N-CSR of Western Asset Premier Bond Fund;

2.	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;

Based on my knowledge, the financial information included in this report, and the financial statements on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

CERTIFICATION

Jane Trust, Chief Executive Officer, and Christopher Berarducci, Principal Financial Officer of Western Asset Premier Bond Fund (the “Registrant”), each certify to the best of their knowledge that:

1. The Registrant’s periodic report on Form N-CSR for the period ended June 30, 2023 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.


Chief Executive Officer		Principal Financial Officer
Western Asset Premier Bond Fund		Western Asset Premier Bond Fund


/s/ Jane Trust		/s/ Christopher Berarducci
Jane Trust		Christopher Berarducci
Date: August 24, 2023		Date: August 24, 2023

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

Western Asset Premier (NYSE:WEA)
Historical Stock Chart
Von Apr 2024 bis Mai 2024

Click Here for more Western Asset Premier Charts.

Western Asset Premier (NYSE:WEA)
Historical Stock Chart
Von Mai 2023 bis Mai 2024

Date: August 24, 2023

/s/ Jane Trust

Jane Trust

Chief Executive Officer