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: (888) 777-0102

Date of fiscal year end: December 31

Date of reporting period: June 30, 2021

ITEM 1. REPORT TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Semi-Annual Report June 30, 2021

WESTERN ASSET

PREMIER BOND FUND

(WEA)

The Fund intends to no longer mail paper copies of the Fund’s shareholder reports like this one, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you invest through a financial intermediary and you already elected to receive shareholder reports electronically (“e-delivery”), you will not be affected by this change and you need not take any action. If you have not already elected e-delivery, you may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. That election will apply to all Legg Mason Funds held in your account at that financial intermediary. If you are a direct shareholder with the Fund, you can call the Fund at 1-888-888-0151, or write to the Fund by regular mail at P.O. Box 505000, Louisville, KY 40233 or by overnight delivery to Computershare, 462 South 4th Street, Suite 1600, Louisville, KY 40202 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. That election will apply to all Legg Mason Funds held in your account held directly with the fund complex.

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

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.

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	21
Statement of operations	22
Statements of changes in net assets	23
Statement of cash flows	24
Financial highlights	25
Notes to financial statements	27
Additional shareholder information	43
Dividend reinvestment plan	44

  II Western Asset Premier Bond Fund

Letter from the president

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, 2021. 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.lmcef.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,

Jane Trust, CFA

President and Chief Executive Officer

July 30, 2021

Western Asset Premier Bond Fund   III

Performance review

For the six months ended June 30, 2021, Western Asset Premier Bond Fund returned 1.91% based on its net asset value (“NAV”)ⁱ and 6.78% based on its New York Stock Exchange (“NYSE”) market price per share. The Fund’s unmanaged benchmarks, the Bloomberg Barclays U.S. Corporate High Yield Indexⁱⁱ and the Bloomberg Barclays U.S. Credit Indexⁱⁱⁱ, returned 3.62% and -1.28%, respectively, for the same period. The Lipper Corporate BBB-Rated Debt Closed-End Funds (Leveraged) Category Average^iv returned 2.81% over the same time frame. Please note that Lipper performance returns are based on each fund’s NAV.

During this six-month period, the Fund made distributions to shareholders totaling $0.40 per share. As of June 30, 2021, 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, 2021. Past performance is no guarantee of future results.

Performance Snapshotas of June 30, 2021 (unaudited)
Price Per Share	6-Month Total Return**
$14.73 (NAV)		1.91	%†
$14.72 (Market Price)		6.78	%‡

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.lmcef.com (click on the name of the Fund).

* 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.lmcef.com (click on the name of the Fund).

  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,

Jane Trust, CFA

President and Chief Executive Officer

July 30, 2021

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 stock is traded on the New York Stock Exchange. 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 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 Fund may also invest in money market funds, including funds affiliated with the Fund’s investment adviser and subadvisers. For more information on Fund risks, see Summary of information regarding the Fund - Principal Risk Factors in the Fund’s most recent annual report.

Western Asset Premier Bond Fund   V

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 Barclays 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 144-A securities are also included.

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

^iv  Lipper, Inc., a wholly-owned subsidiary of Refinitiv, provides independent insight on global collective investments. Returns are based on the six-month period ended June 30, 2021, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 9 funds in the Fund’s Lipper category.

  VI Western Asset Premier Bond Fund

Fund at a glance^†(unaudited)

Investment breakdown (%) as a percent of total investments

† The bar graph above represents the Fund’s portfolio as of June 30, 2021 and December 31, 2020 and does not include derivatives, such as forward foreign currency contracts. The Fund’s portfolio is actively managed. As a result, the composition of its portfolio holdings and sectors is subject to change at any time.

‡ Represents less than 0.1%.

Western Asset Premier Bond Fund 2021 Semi-Annual Report    1 

Schedule of investments (unaudited)

June 30, 2021

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Corporate Bonds & Notes — 108.5%
Communication Services — 15.1%
Diversified Telecommunication Services — 2.5%
Altice France Holding SA, Senior Secured Notes		10.500	%		5/15/27		450,000	$	500,632	(a)
Altice France SA, Senior Secured Notes		7.375	%		5/1/26		754,000		785,050	(a)
Altice France SA, Senior Secured Notes		8.125	%		2/1/27		430,000		469,023	(a)
Lumen Technologies Inc., Senior Secured Notes		4.000	%		2/15/27		1,050,000		1,072,312	(a)
Orange SA, Senior Notes		9.000	%		3/1/31		600,000		944,629
Verizon Communications Inc., Senior Notes		4.329	%		9/21/28		500,000		582,122
Total Diversified Telecommunication Services									4,353,768
Entertainment — 1.1%
Netflix Inc., Senior Notes		5.875	%		11/15/28		410,000		503,773
Netflix Inc., Senior Notes		6.375	%		5/15/29		310,000		396,374
TWDC Enterprises 18 Corp., Senior Notes		3.000	%		2/13/26		500,000		543,182
Walt Disney Co., Senior Notes		8.875	%		4/26/23		400,000		460,083
Total Entertainment									1,903,412
Media — 8.0%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.125	%		5/1/27		350,000		367,553	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.000	%		2/1/28		410,000		430,500	(a)
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		4.200	%		3/15/28		1,000,000		1,133,183
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		2.300	%		2/1/32		1,500,000		1,443,998
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		6.384	%		10/23/35		420,000		562,299
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		6.484	%		10/23/45		1,130,000		1,558,857
Comcast Corp., Senior Notes		3.700	%		4/15/24		1,000,000		1,084,905
Comcast Corp., Senior Notes		7.050	%		3/15/33		1,000,000		1,454,080
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		1,160,000		1,247,000
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		1,180,000		1,337,825
DISH DBS Corp., Senior Notes		5.125	%		6/1/29		890,000		879,925	(a)

See Notes to Financial Statements.

2 Western Asset Premier Bond Fund 2021 Semi-Annual Report

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Media — continued
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		720,000	$	1,052,835
Univision Communications Inc., Senior Secured Notes		9.500	%		5/1/25		470,000		519,780	(a)
Virgin Media Secured Finance PLC, Senior Secured Notes		5.500	%		8/15/26		770,000		795,603	(a)
Total Media									13,868,343
Wireless Telecommunication Services — 3.5%
CSC Holdings LLC, Senior Notes		6.500	%		2/1/29		560,000		620,962	(a)
Sprint Capital Corp., Senior Notes		6.875	%		11/15/28		420,000		539,175
Sprint Capital Corp., Senior Notes		8.750	%		3/15/32		30,000		45,637
Sprint Communications Inc., Senior Notes		11.500	%		11/15/21		280,000		290,790
Sprint Corp., Senior Notes		7.875	%		9/15/23		760,000		864,368
T-Mobile USA Inc., Senior Secured Notes		2.550	%		2/15/31		1,250,000		1,267,500
VEON Holdings BV, Senior Notes		5.950	%		2/13/23		570,000		607,258	(a)
VEON Holdings BV, Senior Notes		3.375	%		11/25/27		600,000		605,340	(a)
Vmed O2 UK Financing I PLC, Senior Secured Notes		4.750	%		7/15/31		730,000		742,775	(a)(b)
Vodafone Group PLC, Senior Notes		4.375	%		5/30/28		500,000		582,104
Total Wireless Telecommunication Services									6,165,909
Total Communication Services									26,291,432
Consumer Discretionary — 12.6%
Auto Components — 1.4%
Adient Global Holdings Ltd., Senior Notes		4.875	%		8/15/26		580,000		597,678	(a)
Adient US LLC, Senior Secured Notes		9.000	%		4/15/25		360,000		397,433	(a)
American Axle & Manufacturing Inc., Senior Notes		6.500	%		4/1/27		600,000		637,200
JB Poindexter & Co. Inc., Senior Notes		7.125	%		4/15/26		790,000		836,073	(a)
Total Auto Components									2,468,384
Automobiles — 3.4%
Daimler Finance North America LLC, Senior Notes		8.500	%		1/18/31		1,000,000		1,517,680
Ford Motor Co., Senior Notes		8.500	%		4/21/23		440,000		491,568
Ford Motor Co., Senior Notes		9.000	%		4/22/25		580,000		715,804
Ford Motor Credit Co. LLC, Senior Notes		4.250	%		9/20/22		200,000		207,058
General Motors Co., Senior Notes		5.400	%		10/2/23		100,000		110,175
General Motors Co., Senior Notes		6.125	%		10/1/25		130,000		153,985
General Motors Co., Senior Notes		4.200	%		10/1/27		750,000		837,233

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2021 Semi-Annual Report    3 

Schedule of investments (unaudited) (cont’d)

June 30, 2021

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†			Value
Automobiles — continued
General Motors Co., Senior Notes		6.600	%		4/1/36		140,000		$	192,414
Nissan Motor Co. Ltd., Senior Notes		4.810	%		9/17/30		1,570,000			1,774,150	(a)
Total Automobiles										6,000,067
Diversified Consumer Services — 1.1%
Carriage Services Inc., Senior Notes		4.250	%		5/15/29		800,000			799,848	(a)
WW International Inc., Senior Secured Notes		4.500	%		4/15/29		1,020,000			1,029,032	(a)
Total Diversified Consumer Services										1,828,880
Hotels, Restaurants & Leisure — 5.4%
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		5.750	%		4/15/25		250,000			265,430	(a)
Carnival Corp., Senior Notes		7.625	%		3/1/26		310,000			337,125	(a)
Carrols Restaurant Group Inc., Senior Notes		5.875	%		7/1/29		390,000			385,612	(a)
IRB Holding Corp., Senior Secured Notes		7.000	%		6/15/25		430,000			465,269	(a)
Marston’s Issuer PLC, Secured Notes (3 mo. GBP LIBOR + 2.550%)		2.633	%		7/16/35		540,000	GBP		588,062	(c)(d)
NCL Corp. Ltd., Senior Secured Notes		12.250	%		5/15/24		920,000			1,112,266	(a)
NCL Corp. Ltd., Senior Secured Notes		10.250	%		2/1/26		840,000			978,579	(a)
Royal Caribbean Cruises Ltd., Senior Notes		5.500	%		4/1/28		840,000			880,782	(a)
Saga PLC, Senior Notes		3.375	%		5/12/24		910,000	GBP		1,246,290	(c)
Viking Cruises Ltd., Senior Notes		5.875	%		9/15/27		130,000			128,629	(a)
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		980,000			992,740	(a)
Wynn Macau Ltd., Senior Notes		5.125	%		12/15/29		1,000,000			1,032,590	(a)
Wynn Resorts Finance LLC/Wynn Resorts
Capital Corp., Senior Notes		7.750	%		4/15/25		990,000			1,069,131	(a)
Total Hotels, Restaurants & Leisure										9,482,505
Household Durables — 0.7%
Lennar Corp., Senior Notes		5.000	%		6/15/27		430,000			500,234
Lennar Corp., Senior Notes		4.750	%		11/29/27		250,000			289,280
Newell Brands Inc., Senior Notes		4.875	%		6/1/25		420,000			465,805
Total Household Durables										1,255,319
Specialty Retail — 0.3%
Party City Holdings Inc., Senior Secured Notes		8.750	%		2/15/26		480,000			513,000	(a)
Textiles, Apparel & Luxury Goods — 0.3%
Hanesbrands Inc., Senior Notes		4.875	%		5/15/26		450,000			486,562	(a)
Total Consumer Discretionary										22,034,717

See Notes to Financial Statements.

4 Western Asset Premier Bond Fund 2021 Semi-Annual Report

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Consumer Staples — 3.4%
Beverages — 1.0%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.700	%		2/1/36		540,000	$	663,337
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.000	%		4/13/28		1,000,000		1,139,287
Total Beverages									1,802,624
Food & Staples Retailing — 1.0%
CVS Pass-Through Trust		5.789	%		1/10/26		214,121		234,950	(a)
CVS Pass-Through Trust		7.507	%		1/10/32		317,503		402,409	(a)
CVS Pass-Through Trust, Secured Trust		5.880	%		1/10/28		273,927		314,958
CVS Pass-Through Trust, Secured Trust		6.943	%		1/10/30		303,560		369,397
CVS Pass-Through Trust, Senior Secured Trust		6.036	%		12/10/28		289,162		338,773
Total Food & Staples Retailing									1,660,487
Food Products — 0.9%
Kraft Heinz Foods Co., Senior Notes		3.950	%		7/15/25		126,000		140,212
Kraft Heinz Foods Co., Senior Notes		5.500	%		6/1/50		340,000		442,232
Pilgrim’s Pride Corp., Senior Notes		5.875	%		9/30/27		920,000		980,996	(a)
Total Food Products									1,563,440
Tobacco — 0.5%
Altria Group Inc., Senior Notes		4.800	%		2/14/29		500,000		580,047
Reynolds American Inc., Senior Notes		5.850	%		8/15/45		260,000		318,857
Total Tobacco									898,904
Total Consumer Staples									5,925,455
Energy — 22.5%
Oil, Gas & Consumable Fuels — 22.5%
Anadarko Finance Co., Senior Notes		7.500	%		5/1/31		570,000		655,509
Chevron USA Inc., Senior Notes		5.050	%		11/15/44		500,000		671,880
Conoco Phillips Canada Funding Co., Senior Notes		7.400	%		12/1/31		450,000		664,468
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		560,000		592,900
Continental Resources Inc., Senior Notes		4.375	%		1/15/28		210,000		232,909
Continental Resources Inc., Senior Notes		4.900	%		6/1/44		250,000		283,445
Devon Energy Corp., Senior Notes		8.250	%		8/1/23		210,000		239,371	(a)
Diamondback Energy Inc., Senior Notes		3.500	%		12/1/29		400,000		428,570
Ecopetrol SA, Senior Notes		5.875	%		9/18/23		45,000		48,700
Ecopetrol SA, Senior Notes		5.375	%		6/26/26		750,000		827,888
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		2,510,000		2,692,602

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2021 Semi-Annual Report    5 

Schedule of investments (unaudited) (cont’d)

June 30, 2021

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Oil, Gas & Consumable Fuels — continued
Energy Transfer LP, Junior Subordinated Notes (6.500% to 11/15/26 then 5 year Treasury Constant Maturity Rate + 5.694%)		6.500	%		11/15/26		100,000	$	102,200	(d)(e)
EOG Resources Inc., Senior Notes		3.150	%		4/1/25		2,250,000		2,424,804
EQT Corp., Senior Notes		3.900	%		10/1/27		1,050,000		1,126,125
EQT Corp., Senior Notes		5.000	%		1/15/29		760,000		848,426
KazMunayGas National Co. JSC, Senior Notes		4.750	%		4/19/27		770,000		880,087	(a)
Kinder Morgan Inc., Senior Notes		7.750	%		1/15/32		190,000		272,816
Kinder Morgan Inc., Senior Notes		5.550	%		6/1/45		1,500,000		1,945,075
Lukoil International Finance BV, Senior Notes		4.750	%		11/2/26		1,000,000		1,128,330	(a)
NGPL PipeCo LLC, Senior Notes		7.768	%		12/15/37		490,000		702,072	(a)
Oasis Petroleum Inc., Senior Notes		6.375	%		6/1/26		330,000		344,513	(a)
Occidental Petroleum Corp., Senior Notes		6.200	%		3/15/40		250,000		283,215
Petrobras Global Finance BV, Senior Notes		4.375	%		5/20/23		310,000		329,180
Petrobras Global Finance BV, Senior Notes		5.999	%		1/27/28		1,460,000		1,679,051
Petrobras Global Finance BV, Senior Notes		5.750	%		2/1/29		1,000,000		1,142,650
Petrobras Global Finance BV, Senior Notes		6.750	%		1/27/41		920,000		1,092,495
Petroleos del Peru SA, Senior Notes		5.625	%		6/19/47		1,270,000		1,355,407	(a)
Qatar Petroleum, Senior Notes		2.250	%		7/12/31		1,250,000		1,236,713	(a)(b)
Range Resources Corp., Senior Notes		5.000	%		3/15/23		280,000		290,524
Range Resources Corp., Senior Notes		4.875	%		5/15/25		190,000		196,888
Range Resources Corp., Senior Notes		9.250	%		2/1/26		1,645,000		1,816,491
Range Resources Corp., Senior Notes		8.250	%		1/15/29		300,000		338,630	(a)
Rockies Express Pipeline LLC, Senior Notes		7.500	%		7/15/38		350,000		388,715	(a)
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.750	%		5/15/24		440,000		494,015
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.000	%		3/15/27		1,850,000		2,138,543
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.500	%		7/15/27		250,000		271,715
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.875	%		1/15/29		20,000		22,573
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		1,000,000		1,271,228
Transportadora de Gas del Peru SA, Senior Notes		4.250	%		4/30/28		1,750,000		1,879,762	(a)

See Notes to Financial Statements.

6 Western Asset Premier Bond Fund 2021 Semi-Annual Report

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Oil, Gas & Consumable Fuels — continued
Transportadora de Gas del Sur SA, Senior Notes		6.750	%		5/2/25		300,000	$	281,628	(a)
Western Midstream Operating LP, Senior Notes		5.300	%		2/1/30		2,200,000		2,470,314
Western Midstream Operating LP, Senior Notes		5.300	%		3/1/48		100,000		106,912
Western Midstream Operating LP, Senior Notes		6.500	%		2/1/50		1,680,000		1,949,850
Williams Cos. Inc., Senior Notes		4.550	%		6/24/24		60,000		66,124
Williams Cos. Inc., Senior Notes		7.500	%		1/15/31		443,000		614,391
Williams Cos. Inc., Senior Notes		8.750	%		3/15/32		39,000		59,998
YPF SA, Senior Notes		8.500	%		7/28/25		630,000		499,433	(a)
Total Energy									39,389,135
Financials — 26.2%
Banks — 18.0%
Bank of America Corp., Junior Subordinated Notes (5.875% to 3/15/28 then 3 mo. USD LIBOR + 2.931%)		5.875	%		3/15/28		350,000		401,033	(d)(e)
Bank of America Corp., Subordinated Notes		4.250	%		10/22/26		2,200,000		2,485,747
Barclays Bank PLC, Subordinated Notes		7.625	%		11/21/22		1,159,000		1,264,524
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		625,969	(d)(e)
Barclays PLC, Subordinated Notes		5.200	%		5/12/26		1,000,000		1,144,765
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		950,000		992,465	(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		510,000		594,821	(a)(d)(e)
BPCE SA, Subordinated Notes		5.150	%		7/21/24		1,000,000		1,114,651	(a)
CIT Group Inc., Senior Notes		5.250	%		3/7/25		312,000		351,905
Citigroup Inc., Junior Subordinated Notes (5.950% to 5/15/25 then 3 mo. USD LIBOR + 3.905%)		5.950	%		5/15/25		900,000		987,255	(d)(e)
Citigroup Inc., Junior Subordinated Notes (6.300% to 5/15/24 then 3 mo. USD LIBOR + 3.423%)		6.300	%		5/15/24		500,000		539,100	(d)(e)
Citigroup Inc., Subordinated Notes		3.500	%		5/15/23		500,000		527,298
Citigroup Inc., Subordinated Notes		4.125	%		7/25/28		800,000		901,979

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2021 Semi-Annual Report    7 

Schedule of investments (unaudited) (cont’d)

June 30, 2021

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Banks — continued
Citigroup Inc., Subordinated Notes		6.625	%		6/15/32		1,000,000	$	1,364,791
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		1,315,830	(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		445,000	(d)(e)
HSBC Holdings PLC, Junior Subordinated Notes (6.500% to 3/23/28 then USD 5 year ICE Swap Rate + 3.606%)		6.500	%		3/23/28		1,130,000		1,298,093	(d)(e)
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		1,320,000		1,436,952	(a)
Intesa Sanpaolo SpA, Subordinated Notes		5.710	%		1/15/26		2,070,000		2,342,903	(a)
JPMorgan Chase & Co., Junior Subordinated Notes (6.000% to 8/1/23 then 3 mo. USD LIBOR + 3.300%)		6.000	%		8/1/23		2,600,000		2,765,750	(d)(e)
JPMorgan Chase & Co., Junior Subordinated Notes (6.100% to 10/1/24 then 3 mo. USD LIBOR + 3.330%)		6.100	%		10/1/24		400,000		437,750	(d)(e)
JPMorgan Chase & Co., Subordinated Notes		4.950	%		6/1/45		500,000		663,800
Lloyds Banking Group PLC, Subordinated Notes		4.650	%		3/24/26		1,500,000		1,699,665
Natwest Group PLC, Junior Subordinated Notes (8.625% to 8/15/21 then USD 5 year ICE Swap Rate + 7.598%)		8.625	%		8/15/21		450,000		454,295	(d)(e)
Natwest Group PLC, Subordinated Notes		6.000	%		12/19/23		150,000		168,304
Natwest Group PLC, Subordinated Notes		5.125	%		5/28/24		1,330,000		1,477,676
NatWest Markets NV, Subordinated Notes		7.750	%		5/15/23		140,000		156,992
Santander UK Group Holdings PLC, Subordinated Notes		5.625	%		9/15/45		1,000,000		1,298,665	(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		740,000		890,642	(a)(d)
Wells Fargo & Co., Senior Notes		3.000	%		10/23/26		1,250,000		1,349,267
Total Banks									31,497,887
Capital Markets — 3.9%
Credit Suisse Group AG, Junior Subordinated Notes (7.250% to 9/12/25 then USD 5 year ICE Swap Rate + 4.332%)		7.250	%		9/12/25		1,350,000		1,527,113	(a)(d)(e)
Goldman Sachs Group Inc., Senior Notes		5.250	%		7/27/21		800,000		802,791
Goldman Sachs Group Inc., Senior Notes		3.500	%		11/16/26		1,750,000		1,904,486

See Notes to Financial Statements.

8 Western Asset Premier Bond Fund 2021 Semi-Annual Report

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Capital Markets — continued
Morgan Stanley, Senior Notes (4.431% to 1/23/29 then 3 mo. USD LIBOR + 1.628%)		4.431	%		1/23/30		1,000,000	$	1,171,787	(d)
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		1,250,000		1,377,431	(a)(d)(e)
Total Capital Markets									6,783,608
Diversified Financial Services — 3.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.450	%		12/16/21		680,000		690,400
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.625	%		7/1/22		230,000		239,225
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.625	%		10/15/27		1,360,000		1,524,372
Ahold Lease USA Inc. Pass-Through-Trust, Senior Secured Notes, Step bond (8.620% to 7/2/21 then 0.000%)		8.620	%		1/2/25		294,306		324,497
Allied Universal Holdco LLC/Allied Universal Finance Corp., Senior Notes		6.000	%		6/1/29		430,000		436,497	(a)
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, Senior Secured Notes		4.625	%		6/1/28		200,000		200,972	(a)
GE Capital International Funding Co. Unlimited Co., Senior Notes		4.418	%		11/15/35		500,000		600,121
Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK)		6.500	%		9/15/24		1,696,626		1,707,272	(a)(f)
Huarong Finance 2019 Co. Ltd., Senior Notes		2.500	%		2/24/23		200,000		154,559	(c)
International Lease Finance Corp., Senior Notes		5.875	%		8/15/22		700,000		740,980
Total Diversified Financial Services									6,618,895
Insurance — 0.5%
MetLife Inc., Junior Subordinated Notes		10.750	%		8/1/39		500,000		866,010
Total Financials									45,766,400
Health Care — 7.1%
Biotechnology — 0.3%
AbbVie Inc., Senior Notes		3.800	%		3/15/25		500,000		547,200
Health Care Providers & Services — 2.7%
Centene Corp., Senior Notes		4.250	%		12/15/27		240,000		253,200
Centene Corp., Senior Notes		4.625	%		12/15/29		370,000		407,377
HCA Inc., Senior Secured Notes		4.500	%		2/15/27		1,000,000		1,131,233

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2021 Semi-Annual Report    9 

Schedule of investments (unaudited) (cont’d)

June 30, 2021

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Health Care Providers & Services — continued
HCA Inc., Senior Secured Notes		4.125	%		6/15/29		550,000	$	619,790
Humana Inc., Senior Notes		3.950	%		3/15/27		1,200,000		1,347,881
Legacy LifePoint Health LLC, Senior Secured Notes		6.750	%		4/15/25		330,000		352,513	(a)
Magellan Health Inc., Senior Notes		4.900	%		9/22/24		515,000		573,934
Total Health Care Providers & Services									4,685,928
Pharmaceuticals — 4.1%
Bausch Health Cos. Inc., Senior Notes		6.125	%		4/15/25		1,444,000		1,481,905	(a)
Bristol-Myers Squibb Co., Senior Notes		3.400	%		7/26/29		780,000		875,031
Bristol-Myers Squibb Co., Senior Notes		4.625	%		5/15/44		250,000		326,766
Teva Pharmaceutical Finance Co. BV, Senior Notes		2.950	%		12/18/22		575,000		579,629
Teva Pharmaceutical Finance IV BV, Senior Notes		3.650	%		11/10/21		330,000		332,914
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.200	%		7/21/21		1,550,000		1,549,767
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.800	%		7/21/23		1,046,000		1,043,636
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		6.000	%		4/15/24		760,000		807,827
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		180,000		171,450
Total Pharmaceuticals									7,168,925
Total Health Care									12,402,053
Industrials — 12.4%
Aerospace & Defense — 2.7%
Boeing Co., Senior Notes		3.250	%		2/1/28		750,000		795,946
Boeing Co., Senior Notes		3.200	%		3/1/29		1,650,000		1,733,307
Boeing Co., Senior Notes		6.125	%		2/15/33		600,000		760,694
Boeing Co., Senior Notes		3.750	%		2/1/50		500,000		516,658
TransDigm Inc., Senior Secured Notes		8.000	%		12/15/25		920,000		996,627	(a)
Total Aerospace & Defense									4,803,232
Airlines — 4.8%
Delta Air Lines Inc., Senior Notes		3.625	%		3/15/22		460,000		466,563
Delta Air Lines Inc., Senior Notes		3.800	%		4/19/23		1,100,000		1,142,215
Delta Air Lines Inc., Senior Notes		2.900	%		10/28/24		310,000		315,609
Delta Air Lines Inc., Senior Notes		7.375	%		1/15/26		260,000		305,273
Delta Air Lines Inc., Senior Secured Notes		7.000	%		5/1/25		1,490,000		1,739,833	(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.750	%		10/20/28		340,000		378,272	(a)

See Notes to Financial Statements.

10 Western Asset Premier Bond Fund 2021 Semi-Annual Report

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Airlines — continued
Hawaiian Brand Intellectual Property Ltd./ HawaiianMiles Loyalty Ltd., Senior Secured Notes		5.750	%		1/20/26		260,000	$	279,464	(a)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes		6.500	%		6/20/27		920,000		1,014,070	(a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		1,169,999		1,325,609	(a)
United Airlines Inc., Senior Secured Notes		4.625	%		4/15/29		280,000		290,150	(a)
United Airlines Pass-Through Trust		4.750	%		4/11/22		159,595		162,286
United Airlines Pass-Through Trust		4.875	%		1/15/26		892,860		948,238
Total Airlines									8,367,582
Building Products — 1.4%
Standard Industries Inc., Senior Notes		5.000	%		2/15/27		1,870,000		1,938,956	(a)
Standard Industries Inc., Senior Notes		4.750	%		1/15/28		511,000		535,503	(a)
Total Building Products									2,474,459
Commercial Services & Supplies — 0.4%
CoreCivic Inc., Senior Notes		8.250	%		4/15/26		640,000		664,928
Industrial Conglomerates — 0.1%
General Electric Co., Junior Subordinated Notes (3 mo. USD LIBOR + 3.330%)		3.449	%		9/15/21		260,000		255,125	(d)(e)
Professional Services — 0.6%
IHS Markit Ltd., Senior Notes		5.000	%		11/1/22		1,000,000		1,049,084	(a)
Trading Companies & Distributors — 2.4%
Ashtead Capital Inc., Senior Notes		4.125	%		8/15/25		1,950,000		1,999,969	(a)
H&E Equipment Services Inc., Senior Notes		3.875	%		12/15/28		250,000		246,312	(a)
United Rentals North America Inc., Secured Notes		3.875	%		11/15/27		1,500,000		1,577,970
United Rentals North America Inc., Senior Notes		5.500	%		5/15/27		160,000		169,800
United Rentals North America Inc., Senior Notes		4.875	%		1/15/28		110,000		116,793
Total Trading Companies & Distributors									4,110,844
Total Industrials									21,725,254
Information Technology — 2.2%
Communications Equipment — 0.1%
CommScope Inc., Senior Notes		8.250	%		3/1/27		170,000		181,908	(a)
IT Services — 0.4%
DXC Technology Co., Senior Notes		7.450	%		10/15/29		500,000		647,472

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2021 Semi-Annual Report   11

Schedule of investments (unaudited) (cont’d)

June 30, 2021

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Semiconductors & Semiconductor Equipment — 0.3%
Broadcom Corp./Broadcom Cayman Finance Ltd., Senior Notes		3.125	%		1/15/25		500,000	$	534,060
Software — 0.2%
Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl, Senior Secured Notes		4.625	%		5/1/28		420,000		412,390	(a)
Technology Hardware, Storage & Peripherals — 1.2%
Seagate HDD Cayman, Senior Notes		4.750	%		1/1/25		1,220,000		1,344,849
Seagate HDD Cayman, Senior Notes		4.875	%		6/1/27		260,000		286,989
Western Digital Corp., Senior Notes		4.750	%		2/15/26		430,000		478,375
Total Technology Hardware, Storage & Peripherals									2,110,213
Total Information Technology									3,886,043
Materials — 4.6%
Chemicals — 0.7%
Braskem America Finance Co., Senior Notes		7.125	%		7/22/41		920,000		1,147,534	(c)
Containers & Packaging — 0.0%††
Pactiv LLC, Senior Notes		7.950	%		12/15/25		50,000		56,375
Metals & Mining — 3.1%
Anglo American Capital PLC, Senior Notes		4.125	%		9/27/22		210,000		218,734	(a)
ArcelorMittal SA, Senior Notes		7.250	%		10/15/39		430,000		608,126
First Quantum Minerals Ltd., Senior Notes		7.250	%		4/1/23		210,000		214,332	(a)
Freeport-McMoRan Inc., Senior Notes		5.400	%		11/14/34		220,000		266,015
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		580,000		709,723
Fresnillo PLC, Senior Notes		4.250	%		10/2/50		1,750,000		1,782,226	(a)
Teck Resources Ltd., Senior Notes		6.000	%		8/15/40		210,000		269,052
Vale Overseas Ltd., Senior Notes		6.875	%		11/10/39		940,000		1,316,254
Total Metals & Mining									5,384,462
Paper & Forest Products — 0.8%
Suzano Austria GmbH, Senior Notes		5.750	%		7/14/26		950,000		1,118,844	(a)
Suzano Austria GmbH, Senior Notes		3.125	%		1/15/32		350,000		347,067	(b)
Total Paper & Forest Products									1,465,911
Total Materials									8,054,282
Real Estate — 1.1%
Equity Real Estate Investment Trusts (REITs) — 1.1%
Diversified Healthcare Trust, Senior Notes		9.750	%		6/15/25		240,000		266,116
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		5.000	%		10/15/27		1,500,000		1,592,010
Total Real Estate									1,858,126

See Notes to Financial Statements.

12 Western Asset Premier Bond Fund 2021 Semi-Annual Report

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†			Value
Utilities — 1.3%
Electric Utilities — 0.8%
FirstEnergy Corp., Senior Notes		7.375	%		11/15/31		700,000		$	959,777
Pampa Energia SA, Senior Notes		7.500	%		1/24/27		480,000			430,857	(a)
Total Electric Utilities										1,390,634
Independent Power and Renewable Electricity Producers — 0.5%
Minejesa Capital BV, Senior Secured Notes		4.625	%		8/10/30		810,000			859,775	(a)
Total Utilities										2,250,409
Total Corporate Bonds & Notes (Cost — $163,701,457)										189,583,306
Sovereign Bonds — 10.8%
Argentina — 0.3%
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29		43,394			16,541
Argentine Republic Government International Bond, Senior Notes, Step bond (0.125% to 7/9/21 then 0.500%)		0.125	%		7/9/30		418,900			151,101
Provincia de Buenos Aires, Senior Notes		9.950	%		6/9/21		410,000			195,779	*(a)(g)
Provincia de Cordoba, Senior Notes, Step bond (5.000% to 6/1/22 then 6.990%)		5.000	%		6/1/27		310,000			212,353	(a)
Total Argentina										575,774
Chile — 1.6%
Chile Government International Bond, Senior Notes		2.550	%		1/27/32		2,750,000			2,817,375
Indonesia — 3.1%
Indonesia Government International Bond, Senior Notes		4.125	%		1/15/25		300,000			331,705	(a)
Indonesia Government International Bond, Senior Notes		3.850	%		7/18/27		300,000			334,854	(a)
Indonesia Government International Bond, Senior Notes		3.500	%		1/11/28		2,420,000			2,647,486
Indonesia Government International Bond, Senior Notes		1.850	%		3/12/31		1,000,000			980,353
Indonesia Treasury Bond		8.250	%		7/15/21		2,696,000,000	IDR		186,230
Indonesia Treasury Bond		7.000	%		5/15/22		14,227,000,000	IDR		1,011,952
Total Indonesia										5,492,580
Mexico — 1.7%
Mexican Bonos, Senior Notes		7.750	%		11/23/34		23,740,000	MXN		1,257,741
Mexico Government International Bond, Senior Notes		3.750	%		1/11/28		1,500,000			1,636,313
Total Mexico										2,894,054

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2021 Semi-Annual Report   13

Schedule of investments (unaudited) (cont’d)

June 30, 2021

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†			Value
Panama — 1.1%
Panama Government International Bond, Senior Notes		2.252	%		9/29/32		1,900,000		$	1,825,995
Peru — 1.8%
Peruvian Government International Bond, Senior Notes		2.783	%		1/23/31		1,340,000			1,368,488
Peruvian Government International Bond, Senior Notes		1.862	%		12/1/32		1,900,000			1,767,656
Total Peru										3,136,144
Russia — 1.2%
Russian Federal Bond — OFZ		7.750	%		9/16/26		61,630,000	RUB		875,420
Russian Federal Bond — OFZ		6.900	%		5/23/29		94,950,000	RUB		1,293,644
Total Russia										2,169,064
Total Sovereign Bonds (Cost — $18,385,209)										18,910,986
Senior Loans — 8.2%
Communication Services — 2.8%
Diversified Telecommunication Services — 0.8%
Level 3 Financing Inc., 2027 Term Loan B (1 mo. USD LIBOR + 1.750%)		1.854	%		3/1/27		1,418,664			1,400,044	(d)(h)(i)
Media — 2.0%
Charter Communications Operating LLC, Term Loan B1 (1 mo. USD LIBOR + 1.750%)		1.860	%		4/30/25		3,005,564			3,003,514	(d)(h)(i)
Charter Communications Operating LLC, Term Loan B2 (1 mo. USD LIBOR + 1.750%)		1.860	%		2/1/27		492,481			489,219	(d)(h)(i)
Total Media										3,492,733
Total Communication Services										4,892,777
Consumer Discretionary — 3.1%
Hotels, Restaurants & Leisure — 3.1%
Hilton Worldwide Finance LLC, Refinance Term Loan B2 (1 mo. USD LIBOR + 1.750%)		1.842	%		6/22/26		4,863,291			4,828,946	(d)(h)(i)
Royal Caribbean Cruises Ltd., First Lien Term Loan A		—			4/5/22		690,000			672,750	(j)(k)
Total Consumer Discretionary										5,501,696
Financials — 0.4%
Capital Markets — 0.4%
Finco I LLC, 2020 Term Loan (1 mo. USD LIBOR + 2.500%)		2.604	%		6/27/25		674,799			673,745	(d)(h)(i)

See Notes to Financial Statements.

14 Western Asset Premier Bond Fund 2021 Semi-Annual Report

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Industrials — 1.9%
Airlines — 1.9%
Delta Air Lines Inc., Initial Term Loan (the greater of 3 mo. USD LIBOR or 1.000% + 3.750%)		4.750	%		10/20/27		650,000	$	687,294	(d)(h)(i)
Mileage Plus Holdings LLC, Initial Term Loan (the greater of 3 mo. USD LIBOR or 1.000% + 5.250%)		6.250	%		6/21/27		1,770,000		1,891,825	(d)(h)(i)
United Airlines Inc., Term Loan B (the greater of 3 mo. USD LIBOR or 0.750% + 3.750%)		4.500	%		4/21/28		648,375		657,638	(d)(h)(i)
Total Industrials									3,236,757
Total Senior Loans (Cost — $14,066,955)									14,304,975
U.S. Government & Agency Obligations — 7.3%
U.S. Government Obligations — 7.3%
U.S. Treasury Notes		1.625	%		5/31/23		1,250,000		1,283,252	(l)
U.S. Treasury Notes		2.750	%		8/31/23		1,400,000		1,474,813	(l)
U.S. Treasury Notes		2.875	%		9/30/23		2,500,000		2,644,873	(l)
U.S. Treasury Notes		2.125	%		3/31/24		1,500,000		1,570,723	(l)
U.S. Treasury Notes		0.750	%		3/31/26		2,000,000		1,991,328	(l)
U.S. Treasury Notes		0.750	%		4/30/26		350,000		348,264
U.S. Treasury Notes		0.500	%		5/31/27		1,500,000		1,452,539	(l)
U.S. Treasury Notes		1.250	%		4/30/28		2,000,000		2,006,562	(l)
Total U.S. Government & Agency Obligations (Cost — $12,417,043)									12,772,354
Asset-Backed Securities — 2.2%
American Home Mortgage Investment Trust, 2007-A 4A (1 mo. USD LIBOR + 0.900%)		0.992	%		7/25/46		449,289		187,475	(a)(d)
Bayview Financial Asset Trust, 2007-SR1A M1 (1 mo. USD LIBOR + 0.800%)		0.892	%		3/25/37		412,897		396,731	(a)(d)
Bayview Financial Asset Trust, 2007-SR1A M4 (1 mo. USD LIBOR + 1.500%)		1.592	%		3/25/37		42,713		42,545	(a)(d)
Bear Stearns Asset Backed Securities Trust, 2006-SD3 1PO, STRIPS, PO		0.000	%		8/25/36		203,971		160,192
CWABS Asset Backed Notes Trust, 2007- SEA2 1A1 (1 mo. USD LIBOR + 1.000%)		1.092	%		8/25/47		3,814		3,837	(a)(d)
Financial Asset Securities Corp. AAA Trust, 2005-1A 1A3B (1 mo. USD LIBOR + 0.410%)		0.506	%		2/27/35		203,098		188,378	(a)(d)
GSAMP Trust, 2003-SEA2 A1		5.421	%		7/25/33		513,813		519,754
Indymac Manufactured Housing Contract Pass-Through Certificates, 1997-1 A5		6.970	%		2/25/28		17,097		17,253

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2021 Semi-Annual Report   15

Schedule of investments (unaudited) (cont’d)

June 30, 2021

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Asset-Backed Securities — continued
Morgan Stanley ABS Capital I Inc. Trust, 2004-HE7 M1 (1 mo. USD LIBOR + 0.900%)		0.992	%		8/25/34		1,024,155	$	1,018,019	(d)
Morgan Stanley ABS Capital I Inc. Trust Series, 2003-SD1 A1 (1 mo. USD LIBOR + 1.000%)		1.092	%		3/25/33		6,663		6,599	(d)
Oakwood Mortgage Investors Inc., 2002-B A3		6.060	%		6/15/32		37,073		38,357	(d)
Origen Manufactured Housing Contract Trust, 2006-A A2		2.238	%		10/15/37		542,781		529,558	(d)
Origen Manufactured Housing Contract Trust, 2007-A A2		2.757	%		4/15/37		729,012		702,411	(d)
Total Asset-Backed Securities (Cost — $3,245,171)									3,811,109
Collateralized Mortgage Obligations (m) —0.9%
Banc of America Funding Trust, 2004-B 6A1		2.206	%		12/20/34		168,589		151,592	(d)
Bear Stearns ALT-A Trust, 2004-3 A1 (1 mo. USD LIBOR + 0.640%)		0.732	%		4/25/34		81,106		83,688	(d)
CHL Mortgage Pass-Through Trust, 2005-7 1A1 (1 mo. USD LIBOR + 0.540%)		0.632	%		3/25/35		280,488		273,545	(d)
Fannie Mae Trust, 2004-W15 1A2		6.500	%		8/25/44		73,815		86,185
Impac CMB Trust Series, 2004-10 2A (1 mo. USD LIBOR + 0.640%)		0.732	%		3/25/35		77,086		74,260	(d)
Impac CMB Trust Series, 2005-2 2A2 (1 mo. USD LIBOR + 0.800%)		0.892	%		4/25/35		26,177		25,790	(d)
MAFI II Remic Trust, 1998-BI B1		6.272	%		11/20/24		174,442		164,490	(d)
MERIT Securities Corp., 2011PA 3A1 (1 mo. USD LIBOR + 0.620%)		0.715	%		4/28/27		24,278		23,493	(a)(d)
MERIT Securities Corp., 2011PA B3 (1 mo. USD LIBOR + 2.250%)		2.345	%		9/28/32		471,562		452,178	(a)(d)
Prime Mortgage Trust, 2005-2 2XB, IO		1.743	%		10/25/32		1,103,151		80,619	(d)
Prime Mortgage Trust, 2005-5 1X, IO		1.113	%		7/25/34		1,581,092		52,889	(d)
RAMP Series Trust, 2005-SL2 APO, STRIPS, PO		0.000	%		2/25/32		2,322		2,062
Regal Trust IV, 1999-1 A (11th District Cost of Funds + 1.500%)		1.908	%		9/29/31		1,444		1,417	(a)(d)
Sequoia Mortgage Trust, 2003-2 A2 (6 mo. USD LIBOR + 0.680%)		0.864	%		6/20/33		6,543		6,452	(d)
Sequoia Mortgage Trust, 2004-10 A1A (1 mo. USD LIBOR + 0.620%)		0.713	%		11/20/34		5,946		5,883	(d)
Structured Asset Securities Corp., 1998-RF2 A		4.739	%		7/15/27		79,836		79,448	(a)(d)

See Notes to Financial Statements.

16 Western Asset Premier Bond Fund 2021 Semi-Annual Report

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Collateralized Mortgage Obligations (m) — continued
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, 2003-9A 2A2		2.288	%		3/25/33		42,290	$	44,254	(d)
WaMu Mortgage Pass-Through Certificates Series Trust, 2004-AR6 A (1 mo. USD LIBOR + 0.840%)		0.932	%		5/25/44		46,522		47,018	(d)
Washington Mutual MSC Mortgage Pass- Through Certificates Trust, 2004-RA1 2A		7.000	%		3/25/34		5,405		5,750
Total Collateralized Mortgage Obligations (Cost — $1,299,830)									1,661,013
Convertible Bonds & Notes — 0.8%
Communication Services — 0.8%
Media — 0.8%
DISH Network Corp., Senior Notes (Cost — $1,147,243)		3.375	%		8/15/26		1,370,000		1,401,510
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