<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2010-06-10</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001163792</issuerCik>
        <issuerName>WESTERN ASSET PREMIER BOND FUND</issuerName>
        <issuerTradingSymbol>WEA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001240558</rptOwnerCik>
            <rptOwnerName>OZSOLAK KAPREL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>LEGG MASON &amp; CO., LLC</rptOwnerStreet1>
            <rptOwnerStreet2>300 FIRST STAMFORD PLACE 4TH FL</rptOwnerStreet2>
            <rptOwnerCity>STAMFORD</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06902</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Financial Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <ownerSignature>
        <signatureName>/s/ John Redding by Power of Attorney for Kaprel Ozsolak</signatureName>
        <signatureDate>2010-06-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
