NPORT-EX 2 LMF5800LM033125.htm EDGAR HTML
Schedule of Investments (unaudited)
March 31, 2025
 Western Asset Premier Bond Fund
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Corporate Bonds & Notes — 113.3%
Communication Services — 12.2%
Diversified Telecommunication Services — 3.7%
Altice Financing SA, Senior Secured Notes
5.750%
8/15/29
690,000
 
 $505,704
 (a)
Altice France Holding SA, Senior Secured Notes
6.000%
2/15/28
820,000
 
240,878
 (a)
Altice France SA, Senior Secured Notes
5.500%
10/15/29
310,000
 
246,078
 (a)
British Telecommunications PLC, Senior Notes
5.125%
12/4/28
500,000
 
507,515
 
British Telecommunications PLC, Senior Notes
3.250%
11/8/29
500,000
 
468,586
 (a)
Orange SA, Junior Subordinated Notes (2.375% to 4/15/25 then EUR 5 year
Swap Rate + 2.359%)
2.375%
4/15/25
100,000
 EUR
108,065
 (b)(c)(d)
Orange SA, Senior Notes
9.000%
3/1/31
600,000
 
725,287
 (e)
Verizon Communications Inc., Senior Notes
3.875%
2/8/29
1,670,000
 
1,630,730
 (e)
Verizon Communications Inc., Senior Notes
2.355%
3/15/32
500,000
 
423,256
 
Total Diversified Telecommunication Services
4,856,099
Entertainment — 1.1%
Netflix Inc., Senior Notes
6.375%
5/15/29
310,000
 
331,892
 
Walt Disney Co., Senior Notes
2.650%
1/13/31
1,280,000
 
1,156,678
 (e)
Total Entertainment
1,488,570
Interactive Media & Services — 0.4%
Snap Inc., Senior Notes
6.875%
3/1/33
580,000
 
580,481
 (a)
Media — 4.5%
AMC Networks Inc., Senior Secured Notes
10.250%
1/15/29
350,000
 
363,057
 (a)
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
6.484%
10/23/45
480,000
 
456,636
 (e)
Comcast Corp., Senior Notes
7.050%
3/15/33
1,000,000
 
1,130,933
 (e)
Comcast Corp., Senior Notes
4.200%
8/15/34
920,000
 
859,773
 (e)
DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured Notes
5.875%
8/15/27
10,000
 
9,700
 (a)
EchoStar Corp., Senior Secured Notes
10.750%
11/30/29
1,271,800
 
1,337,492
 (e)
EchoStar Corp., Senior Secured Notes (6.750% Cash or 6.750% PIK)
6.750%
11/30/30
675,705
 
613,958
 (f)
Fox Corp., Senior Notes
3.500%
4/8/30
500,000
 
471,765
 
Time Warner Cable LLC, Senior Secured Notes
5.875%
11/15/40
720,000
 
660,723
 (e)
Total Media
5,904,037
Wireless Telecommunication Services — 2.5%
CSC Holdings LLC, Senior Notes
11.250%
5/15/28
550,000
 
532,345
 (a)
CSC Holdings LLC, Senior Notes
3.375%
2/15/31
200,000
 
143,452
 (a)
CSC Holdings LLC, Senior Notes
4.500%
11/15/31
740,000
 
537,543
 (a)(e)
Sprint Capital Corp., Senior Notes
6.875%
11/15/28
420,000
 
448,523
 (e)
Sprint Capital Corp., Senior Notes
8.750%
3/15/32
30,000
 
36,096
 (e)
T-Mobile USA Inc., Senior Notes
3.500%
4/15/31
1,140,000
 
1,055,278
 (e)
Vmed O2 UK Financing I PLC, Senior Secured Notes
4.500%
7/15/31
500,000
 GBP
550,527
 (a)
Total Wireless Telecommunication Services
3,303,764
 
Total Communication Services
16,132,951
Consumer Discretionary — 16.9%
Automobile Components — 1.2%
Adient Global Holdings Ltd., Senior Notes
7.500%
2/15/33
250,000
 
234,310
 (a)
American Axle & Manufacturing Inc., Senior Notes
6.500%
4/1/27
440,000
 
427,797
 (e)
American Axle & Manufacturing Inc., Senior Notes
5.000%
10/1/29
150,000
 
129,325
 
See Notes to Schedule of Investments.
1
Western Asset Premier Bond Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Premier Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Automobile Components — continued
Clarios Global LP/Clarios US Finance Co., Senior Secured Notes
6.750%
2/15/30
300,000
 
 $303,120
 (a)
Garrett Motion Holdings Inc./Garrett LX I Sarl, Senior Notes
7.750%
5/31/32
270,000
 
267,252
 (a)
ZF North America Capital Inc., Senior Notes
7.125%
4/14/30
280,000
 
269,804
 (a)
Total Automobile Components
1,631,608
Automobiles — 4.1%
Ford Motor Co., Senior Notes
3.250%
2/12/32
1,700,000
 
1,401,775
 (e)
General Motors Co., Senior Notes
6.125%
10/1/25
82,000
 
82,422
 
General Motors Co., Senior Notes
4.200%
10/1/27
750,000
 
738,032
 (e)
General Motors Co., Senior Notes
6.600%
4/1/36
140,000
 
144,618
 (e)
Mercedes-Benz Finance North America LLC, Senior Notes
8.500%
1/18/31
1,000,000
 
1,178,482
 (e)
Nissan Motor Co. Ltd., Senior Notes
4.810%
9/17/30
600,000
 
570,278
 (a)(e)
PM General Purchaser LLC, Senior Secured Notes
9.500%
10/1/28
1,030,000
 
983,651
 (a)(e)
Volkswagen Group of America Finance LLC, Senior Notes
1.250%
11/24/25
400,000
 
390,909
 (a)
Total Automobiles
5,490,167
Broadline Retail — 1.5%
Amazon.com Inc., Senior Notes
2.100%
5/12/31
700,000
 
610,420
 (e)
Marks & Spencer PLC, Senior Notes
7.125%
12/1/37
1,050,000
 
1,130,769
 (a)(e)
Prosus NV, Senior Notes
4.193%
1/19/32
300,000
 
273,582
 (c)
Total Broadline Retail
2,014,771
Diversified Consumer Services — 0.1%
WW International Inc., Senior Secured Notes
4.500%
4/15/29
320,000
 
81,942
 (a)
Hotels, Restaurants & Leisure — 7.7%
888 Acquisitions Ltd., Senior Secured Notes
7.558%
7/15/27
600,000
 EUR
645,942
 (a)
Carnival Corp., Senior Notes
5.750%
3/15/30
500,000
 
498,365
 (a)
Carnival PLC, Senior Notes
1.000%
10/28/29
1,210,000
 EUR
1,157,307
 
Full House Resorts Inc., Senior Secured Notes
8.250%
2/15/28
990,000
 
979,281
 (a)(e)
Las Vegas Sands Corp., Senior Notes
3.900%
8/8/29
1,310,000
 
1,233,220
 (e)
Marston’s Issuer PLC, Secured Notes (SONIA + 2.669%)
7.229%
7/16/35
540,000
 GBP
603,376
 (c)(d)
NCL Corp. Ltd., Senior Notes
7.750%
2/15/29
130,000
 
135,569
 (a)
NCL Corp. Ltd., Senior Notes
6.750%
2/1/32
490,000
 
484,364
 (a)
NCL Corp. Ltd., Senior Secured Notes
8.125%
1/15/29
140,000
 
147,357
 (a)
NCL Finance Ltd., Senior Notes
6.125%
3/15/28
700,000
 
698,226
 (a)(e)
Royal Caribbean Cruises Ltd., Senior Notes
5.375%
7/15/27
1,150,000
 
1,146,242
 (a)(e)
Royal Caribbean Cruises Ltd., Senior Notes
5.500%
4/1/28
720,000
 
717,478
 (a)(e)
Sands China Ltd., Senior Notes
3.250%
8/8/31
1,340,000
 
1,161,873
 
Wynn Macau Ltd., Senior Notes
5.125%
12/15/29
620,000
 
573,438
 (a)
Total Hotels, Restaurants & Leisure
10,182,038
Household Durables — 0.3%
Lennar Corp., Senior Notes
5.000%
6/15/27
430,000
 
432,922
 
Specialty Retail — 1.8%
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
11.500%
8/15/29
740,000
 
723,950
 (a)(e)
Global Auto Holdings Ltd./AAG FH UK Ltd., Senior Notes
8.750%
1/15/32
200,000
 
168,671
 (a)
Michaels Cos. Inc., Senior Secured Notes
5.250%
5/1/28
190,000
 
131,385
 (a)
PetSmart Inc./PetSmart Finance Corp., Senior Notes
7.750%
2/15/29
290,000
 
266,543
 (a)
Sally Holdings LLC/Sally Capital Inc., Senior Notes
6.750%
3/1/32
400,000
 
401,244
 
See Notes to Schedule of Investments.
2
Western Asset Premier Bond Fund 2025 Quarterly Report
 Western Asset Premier Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Specialty Retail — continued
Upbound Group Inc., Senior Notes
6.375%
2/15/29
700,000
 
 $662,789
 (a)(e)
Total Specialty Retail
2,354,582
Textiles, Apparel & Luxury Goods — 0.2%
Saks Global Enterprises LLC, Senior Secured Notes
11.000%
12/15/29
320,000
 
259,676
 (a)
 
Total Consumer Discretionary
22,447,706
Consumer Staples — 2.5%
Beverages — 1.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes
4.700%
2/1/36
1,540,000
 
1,485,970
 
Food Products — 0.6%
JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, Senior Notes
3.750%
12/1/31
500,000
 
457,753
 
Kraft Heinz Foods Co., Senior Notes
5.500%
6/1/50
340,000
 
321,221
 (e)
Total Food Products
778,974
Tobacco — 0.8%
Altria Group Inc., Senior Notes
2.450%
2/4/32
1,000,000
 
844,110
 (e)
Reynolds American Inc., Senior Notes
5.850%
8/15/45
260,000
 
248,353
 
Total Tobacco
1,092,463
 
Total Consumer Staples
3,357,407
Energy — 20.4%
Energy Equipment & Services — 0.8%
Halliburton Co., Senior Notes
4.850%
11/15/35
750,000
 
719,735
 (e)
Noble Finance II LLC, Senior Notes
8.000%
4/15/30
280,000
 
280,015
 (a)
Total Energy Equipment & Services
999,750
Oil, Gas & Consumable Fuels — 19.6%
Anadarko Finance Co., Senior Notes
7.500%
5/1/31
570,000
 
602,831
 
Cheniere Energy Partners LP, Senior Notes
4.000%
3/1/31
500,000
 
469,139
 
Continental Resources Inc., Senior Notes
4.375%
1/15/28
210,000
 
205,875
 
Continental Resources Inc., Senior Notes
4.900%
6/1/44
250,000
 
202,939
 
Crescent Energy Finance LLC, Senior Notes
7.625%
4/1/32
290,000
 
287,102
 (a)
Devon Energy Corp., Senior Notes
5.600%
7/15/41
600,000
 
560,401
 
Diamondback Energy Inc., Senior Notes
3.500%
12/1/29
400,000
 
378,509
 
Ecopetrol SA, Senior Notes
5.875%
5/28/45
390,000
 
274,218
 
Ecopetrol SA, Senior Notes
5.875%
11/2/51
2,400,000
 
1,623,483
 
Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then 3 mo.
USD LIBOR + 4.155%)
6.625%
2/15/28
550,000
 
544,649
 (b)(d)
EOG Resources Inc., Senior Notes
3.150%
4/1/25
1,250,000
 
1,250,000
 (e)
EQM Midstream Partners LP, Senior Notes
4.500%
1/15/29
213,000
 
206,489
 (a)
EQM Midstream Partners LP, Senior Notes
7.500%
6/1/30
280,000
 
302,729
 (a)
EQT Corp., Senior Notes
3.900%
10/1/27
784,000
 
770,181
 (e)
EQT Corp., Senior Notes
5.000%
1/15/29
1,260,000
 
1,268,744
 (e)
Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes
8.375%
11/1/33
280,000
 
287,224
 (a)
KazMunayGas National Co. JSC, Senior Notes
3.500%
4/14/33
1,120,000
 
949,488
 (a)
Kinder Morgan Inc., Senior Notes
7.750%
1/15/32
190,000
 
217,439
 
Kinder Morgan Inc., Senior Notes
5.550%
6/1/45
1,500,000
 
1,406,949
 (e)
New Generation Gas Gathering LLC, Senior Secured Notes (3 mo. Term SOFR +
5.750%)
10.052%
9/30/29
190,270
 
187,416
 (a)(d)(g)(h)
NGPL PipeCo LLC, Senior Notes
7.768%
12/15/37
490,000
 
554,188
 (a)
See Notes to Schedule of Investments.
3
Western Asset Premier Bond Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Premier Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Oil, Gas & Consumable Fuels — continued
Occidental Petroleum Corp., Senior Notes
6.200%
3/15/40
250,000
 
 $247,532
 
ONEOK Inc., Senior Notes
5.550%
11/1/26
500,000
 
506,777
 
Permian Resources Operating LLC, Senior Notes
6.250%
2/1/33
330,000
 
328,954
 (a)
Petrobras Global Finance BV, Senior Notes
6.750%
1/27/41
920,000
 
906,993
 (e)
Petroleos del Peru SA, Senior Notes
4.750%
6/19/32
670,000
 
503,919
 (a)
Petroleos Mexicanos, Senior Notes
5.500%
6/27/44
360,000
 
226,455
 
Range Resources Corp., Senior Notes
4.875%
5/15/25
190,000
 
189,908
 
Range Resources Corp., Senior Notes
8.250%
1/15/29
300,000
 
308,823
 
Rockies Express Pipeline LLC, Senior Notes
7.500%
7/15/38
350,000
 
353,593
 (a)
Sabine Pass Liquefaction LLC, Senior Secured Notes
5.000%
3/15/27
1,850,000
 
1,859,100
 (e)
Southern Natural Gas Co. LLC, Senior Notes
4.800%
3/15/47
800,000
 
676,048
 (a)(e)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior
Notes
6.500%
7/15/27
250,000
 
251,089
 
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior
Notes
6.875%
1/15/29
20,000
 
20,458
 
Tengizchevroil Finance Co. International Ltd., Senior Secured Notes
3.250%
8/15/30
350,000
 
306,431
 (a)
Transcontinental Gas Pipe Line Co. LLC, Senior Notes
7.850%
2/1/26
1,000,000
 
1,018,113
 (e)
Transportadora de Gas del Peru SA, Senior Notes
4.250%
4/30/28
600,000
 
593,137
 (a)
Venture Global LNG Inc., Junior Subordinated Notes (9.000% to 9/30/29 then 5
year Treasury Constant Maturity Rate + 5.440%)
9.000%
9/30/29
2,050,000
 
1,947,047
 (a)(b)(d)(e)
Venture Global LNG Inc., Senior Secured Notes
9.875%
2/1/32
240,000
 
255,050
 (a)
Western Midstream Operating LP, Senior Notes
4.050%
2/1/30
900,000
 
859,341
 (e)
Western Midstream Operating LP, Senior Notes
5.300%
3/1/48
100,000
 
85,922
 
Western Midstream Operating LP, Senior Notes
5.250%
2/1/50
1,680,000
 
1,433,134
 (i)
Williams Cos. Inc., Senior Notes
7.500%
1/15/31
443,000
 
493,881
 
Williams Cos. Inc., Senior Notes
8.750%
3/15/32
39,000
 
46,926
 
Total Oil, Gas & Consumable Fuels
25,968,624
 
Total Energy
26,968,374
Financials — 23.0%
Banks — 12.6%
Bank of America Corp., Subordinated Notes
4.250%
10/22/26
1,500,000
 
1,495,649
 (e)
Bank of Nova Scotia, Senior Notes
2.450%
2/2/32
600,000
 
514,661
 (e)
Barclays PLC, Junior Subordinated Notes (6.125% to 6/15/26 then 5 year
Treasury Constant Maturity Rate + 5.867%)
6.125%
12/15/25
250,000
 
250,119
 (b)(d)
Barclays PLC, Subordinated Notes
5.200%
5/12/26
1,000,000
 
1,003,440
 (e)
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
610,000
 
612,768
 (a)(b)(d)(e)
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
 
899,383
 (b)(d)(e)
Citigroup Inc., Subordinated Notes
4.125%
7/25/28
800,000
 
787,370
 (e)
Citigroup Inc., Subordinated Notes
6.625%
6/15/32
1,000,000
 
1,078,229
 (e)
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
 
1,099,448
 (a)(b)(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
 
398,362
 (b)(d)
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
 
1,087,886
 (d)(e)
See Notes to Schedule of Investments.
4
Western Asset Premier Bond Fund 2025 Quarterly Report
 Western Asset Premier Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Banks — continued
HSBC Holdings PLC, Subordinated Notes (8.113% to 11/3/32 then SOFR +
4.250%)
8.113%
11/3/33
700,000
 
 $797,569
 (d)(e)
Intesa Sanpaolo SpA, Subordinated Notes
5.710%
1/15/26
1,260,000
 
1,263,738
 (a)
JPMorgan Chase & Co., Subordinated Notes
4.950%
6/1/45
500,000
 
456,118
 (e)
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
 
502,946
 (b)(d)
Lloyds Banking Group PLC, Subordinated Notes
4.650%
3/24/26
1,500,000
 
1,496,976
 (e)
PNC Financial Services Group Inc., Senior Notes
2.550%
1/22/30
750,000
 
679,471
 (e)
PNC Financial Services Group Inc., Senior Notes (5.812% to 6/12/25 then SOFR
+ 1.322%)
5.812%
6/12/26
750,000
 
751,228
 (d)(e)
Santander UK Group Holdings PLC, Subordinated Notes
5.625%
9/15/45
1,000,000
 
864,543
 (a)(e)
Truist Financial Corp., Senior Notes (5.711% to 1/24/34 then SOFR + 1.922%)
5.711%
1/24/35
700,000
 
714,957
 (d)(e)
Total Banks
16,754,861
Capital Markets — 5.7%
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
 
1,774,998
 (b)(d)(e)
Credit Suisse AG AT1 Claim
—
—
2,560,000
 
0
 *(g)(h)(j)
Goldman Sachs Group Inc., Senior Notes (2.640% to 2/24/27 then SOFR +
1.114%)
2.640%
2/24/28
2,400,000
 
2,317,342
 (d)(i)
KKR Group Finance Co. VI LLC, Senior Notes
3.750%
7/1/29
500,000
 
482,685
 (a)(e)
Morgan Stanley, Senior Notes (2.699% to 1/22/30 then SOFR + 1.143%)
2.699%
1/22/31
500,000
 
453,184
 (d)
UBS AG, Senior Notes
7.500%
2/15/28
400,000
 
430,837
 (e)
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
 
681,504
 (b)(c)(d)
UBS Group AG, Junior Subordinated Notes (7.000% to 8/10/30 then USD 5
year SOFR ICE Swap Rate + 3.077%)
7.000%
2/10/30
340,000
 
335,692
 (a)(b)(d)
UBS Group AG, Junior Subordinated Notes (7.125% to 2/10/35 then USD 5
year SOFR ICE Swap Rate + 3.179%)
7.125%
8/10/34
220,000
 
216,946
 (a)(b)(d)
UBS Group AG, Senior Notes (6.537% to 8/12/32 then SOFR + 3.920%)
6.537%
8/12/33
770,000
 
825,319
 (a)(d)(e)
Total Capital Markets
7,518,507
Financial Services — 2.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes
3.400%
10/29/33
2,500,000
 
2,158,811
 (i)
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV, Senior Secured
Notes
8.500%
1/15/31
100,000
 GBP
137,374
 (a)
Jane Street Group/JSG Finance Inc., Senior Secured Notes
7.125%
4/30/31
790,000
 
812,132
 (a)(e)
VFH Parent LLC/Valor Co-Issuer Inc., Senior Secured Notes
7.500%
6/15/31
380,000
 
390,740
 (a)
VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Notes
6.375%
2/1/30
400,000
 
350,916
 (a)
Total Financial Services
3,849,973
Insurance — 1.5%
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset
Investor 2 LLC, Senior Notes
7.875%
11/1/29
390,000
 
384,749
 (a)
Marsh & McLennan Cos. Inc., Senior Notes
5.000%
3/15/35
1,000,000
 
989,982
 (e)
MetLife Inc., Junior Subordinated Notes
10.750%
8/1/39
500,000
 
662,521
 
Total Insurance
2,037,252
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
Starwood Property Trust Inc., Senior Notes
7.250%
4/1/29
350,000
 
359,240
 (a)
 
Total Financials
30,519,833
See Notes to Schedule of Investments.
5
Western Asset Premier Bond Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Premier Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Health Care — 14.3%
Biotechnology — 1.7%
AbbVie Inc., Senior Notes
5.050%
3/15/34
500,000
 
 $503,720
 
Amgen Inc., Senior Notes
5.150%
3/2/28
700,000
 
712,705
 (e)
Amgen Inc., Senior Notes
2.450%
2/21/30
400,000
 
361,167
 
Gilead Sciences Inc., Senior Notes
1.200%
10/1/27
750,000
 
695,388
 (e)
Total Biotechnology
2,272,980
Health Care Equipment & Supplies — 0.4%
Solventum Corp., Senior Notes
5.600%
3/23/34
500,000
 
507,046
 
Health Care Providers & Services — 7.9%
Centene Corp., Senior Notes
3.375%
2/15/30
2,440,000
 
2,208,717
 (e)
CHS/Community Health Systems Inc., Senior Secured Notes
10.875%
1/15/32
940,000
 
927,235
 (a)(e)
Cigna Group, Senior Notes
2.400%
3/15/30
1,000,000
 
896,709
 (e)
CVS Health Corp., Senior Notes
3.250%
8/15/29
500,000
 
467,042
 
CVS Health Corp., Senior Notes
3.750%
4/1/30
1,000,000
 
944,051
 (e)
CVS Health Corp., Senior Notes
5.250%
2/21/33
400,000
 
395,083
 
CVS Pass-Through Trust
5.789%
1/10/26
41,959
 
41,995
 (a)
CVS Pass-Through Trust
7.507%
1/10/32
229,707
 
244,873
 (a)(e)
CVS Pass-Through Trust, Secured Trust
5.880%
1/10/28
130,565
 
132,175
 
CVS Pass-Through Trust, Secured Trust
6.036%
12/10/28
157,599
 
158,807
 (e)
CVS Pass-Through Trust, Secured Trust
6.943%
1/10/30
192,506
 
197,893
 (e)
Elevance Health Inc., Senior Notes
4.100%
5/15/32
750,000
 
711,326
 (e)
HCA Inc., Senior Notes
4.500%
2/15/27
1,000,000
 
996,937
 (e)
HCA Inc., Senior Notes
3.500%
9/1/30
1,000,000
 
927,638
 (e)
Humana Inc., Senior Notes
5.875%
3/1/33
400,000
 
409,122
 
Sotera Health Holdings LLC, Senior Secured Notes
7.375%
6/1/31
480,000
 
488,583
 (a)
UnitedHealth Group Inc., Senior Notes
2.000%
5/15/30
320,000
 
282,777
 
Total Health Care Providers & Services
10,430,963
Pharmaceuticals — 4.3%
1261229 BC Ltd., Senior Secured Notes
10.000%
4/15/32
870,000
 
865,609
 (a)(k)
Bausch Health Americas Inc., Senior Notes
8.500%
1/31/27
860,000
 
818,148
 (a)(e)
Bausch Health Cos. Inc., Senior Notes
6.250%
2/15/29
100,000
 
66,922
 (a)
Johnson & Johnson, Senior Notes
0.550%
9/1/25
1,000,000
 
984,747
 (e)
Par Pharmaceutical Inc., Escrow
—
—
330,000
 
0
 *(a)(g)(h)(j)
Pfizer Inc., Senior Notes
3.000%
12/15/26
500,000
 
490,097
 (e)
Pfizer Investment Enterprises Pte Ltd., Senior Notes
4.750%
5/19/33
1,800,000
 
1,781,030
 (e)
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
5.125%
5/9/29
646,000
 
631,741
 
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
4.100%
10/1/46
200,000
 
144,754
 
Total Pharmaceuticals
5,783,048
 
Total Health Care
18,994,037
Industrials — 10.4%
Aerospace & Defense — 2.1%
Avolon Holdings Funding Ltd., Senior Notes
3.250%
2/15/27
1,090,000
 
1,057,181
 (a)(e)
Avolon Holdings Funding Ltd., Senior Notes
2.750%
2/21/28
1,000,000
 
940,461
 (a)(e)
Boeing Co., Senior Notes
3.200%
3/1/29
500,000
 
469,659
 (e)
Bombardier Inc., Senior Notes
7.500%
2/1/29
310,000
 
318,190
 (a)
Total Aerospace & Defense
2,785,491
See Notes to Schedule of Investments.
6
Western Asset Premier Bond Fund 2025 Quarterly Report
 Western Asset Premier Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Building Products — 0.1%
Masterbrand Inc., Senior Notes
7.000%
7/15/32
170,000
 
 $169,881
 (a)
Commercial Services & Supplies — 2.0%
CoreCivic Inc., Senior Notes
8.250%
4/15/29
860,000
 
911,446
 (e)
GEO Group Inc., Senior Notes
10.250%
4/15/31
460,000
 
500,398
 
GEO Group Inc., Senior Secured Notes
8.625%
4/15/29
340,000
 
357,489
 
GFL Environmental Inc., Senior Secured Notes
6.750%
1/15/31
190,000
 
196,092
 (a)
RB Global Holdings Inc., Senior Notes
7.750%
3/15/31
610,000
 
639,156
 (a)(e)
Total Commercial Services & Supplies
2,604,581
Construction & Engineering — 0.5%
Tutor Perini Corp., Senior Notes
11.875%
4/30/29
540,000
 
595,154
 (a)
Ground Transportation — 0.4%
Carriage Purchaser Inc., Senior Notes
7.875%
10/15/29
660,000
 
590,925
 (a)
Machinery — 0.5%
Cellnex Finance Co. SA, Senior Notes
2.000%
2/15/33
500,000
 EUR
475,069
 (c)
Titan International Inc., Senior Secured Notes
7.000%
4/30/28
210,000
 
207,975
 
Total Machinery
683,044
Passenger Airlines — 3.1%
American Airlines Inc., Senior Secured Notes
8.500%
5/15/29
1,720,000
 
1,747,213
 (a)(e)
Delta Air Lines Inc., Senior Notes
7.375%
1/15/26
260,000
 
264,711
 (e)
Delta Air Lines Inc., Senior Secured Notes
7.000%
5/1/25
1,490,000
 
1,492,048
 (a)(i)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes
(11.000% Cash or 4.000% PIK and 8.000% Cash)
11.000%
3/6/30
409,909
 
365,332
 (a)(f)
United Airlines Pass-Through Trust
4.875%
1/15/26
257,280
 
256,899
 (e)
Total Passenger Airlines
4,126,203
Trading Companies & Distributors — 1.7%
Air Lease Corp., Senior Notes
3.375%
7/1/25
1,100,000
 
1,096,507
 (e)
Ashtead Capital Inc., Senior Notes
2.450%
8/12/31
1,230,000
 
1,045,952
 (a)(e)
United Rentals North America Inc., Senior Notes
5.500%
5/15/27
80,000
 
79,780
 
Total Trading Companies & Distributors
2,222,239
 
Total Industrials
13,777,518
Information Technology — 3.2%
Communications Equipment — 1.5%
CommScope LLC, Senior Secured Notes
9.500%
12/15/31
370,000
 
381,440
 (a)
Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes
9.000%
9/15/29
1,350,000
 
1,232,522
 (a)(e)
Viasat Inc., Senior Notes
7.500%
5/30/31
450,000
 
340,368
 (a)
Total Communications Equipment
1,954,330
Electronic Equipment, Instruments & Components — 0.2%
EquipmentShare.com Inc., Secured Notes
8.625%
5/15/32
210,000
 
216,724
 (a)
EquipmentShare.com Inc., Senior Secured Notes
8.000%
3/15/33
120,000
 
120,952
 (a)
Total Electronic Equipment, Instruments & Components
337,676
IT Services — 0.5%
Amentum Holdings Inc., Senior Notes
7.250%
8/1/32
320,000
 
315,124
 (a)
Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Senior Notes
6.750%
8/15/32
300,000
 
302,621
 (a)
Total IT Services
617,745
Semiconductors & Semiconductor Equipment — 0.4%
Foundry JV Holdco LLC, Senior Secured Notes
5.900%
1/25/30
500,000
 
518,209
 (a)
See Notes to Schedule of Investments.
7
Western Asset Premier Bond Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Premier Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Software — 0.6%
Cloud Software Group Inc., Senior Secured Notes
8.250%
6/30/32
460,000
 
 $468,213
 (a)
Gen Digital Inc., Senior Notes
6.250%
4/1/33
280,000
 
279,427
 (a)
Total Software
747,640
 
Total Information Technology
4,175,600
Materials — 7.8%
Chemicals — 2.0%
Braskem Netherlands Finance BV, Senior Notes
5.875%
1/31/50
350,000
 
241,308
 (c)
Celanese US Holdings LLC, Senior Notes
6.750%
4/15/33
780,000
 
757,927
 (e)
OCP SA, Senior Notes
6.750%
5/2/34
1,220,000
 
1,255,418
 (a)
Orbia Advance Corp. SAB de CV, Senior Notes
1.875%
5/11/26
350,000
 
338,544
 (a)
Total Chemicals
2,593,197
Containers & Packaging — 0.0%††
Pactiv LLC, Senior Notes
7.950%
12/15/25
50,000
 
50,946
 
Metals & Mining — 4.4%
ArcelorMittal SA, Senior Notes
7.000%
10/15/39
430,000
 
469,680
 (i)
First Quantum Minerals Ltd., Secured Notes
9.375%
3/1/29
330,000
 
347,456
 (a)
First Quantum Minerals Ltd., Senior Notes
8.000%
3/1/33
2,570,000
 
2,607,281
 (a)
Freeport Indonesia PT, Senior Notes
5.315%
4/14/32
450,000
 
441,822
 (a)
Freeport-McMoRan Inc., Senior Notes
5.400%
11/14/34
220,000
 
220,275
 
Freeport-McMoRan Inc., Senior Notes
5.450%
3/15/43
580,000
 
544,338
 
Teck Resources Ltd., Senior Notes
6.000%
8/15/40
210,000
 
210,483
 
Vale Overseas Ltd., Senior Notes
6.875%
11/10/39
940,000
 
1,022,319
 
Total Metals & Mining
5,863,654
Paper & Forest Products — 1.4%
Suzano Austria GmbH, Senior Notes
5.750%
7/14/26
950,000
 
962,267
 (a)(e)
Suzano Austria GmbH, Senior Notes
3.750%
1/15/31
1,000,000
 
903,284
 (e)
Total Paper & Forest Products
1,865,551
 
Total Materials
10,373,348
Real Estate — 0.3%
Diversified REITs — 0.2%
MPT Operating Partnership LP/MPT Finance Corp., Senior Secured Notes
8.500%
2/15/32
230,000
 
234,475
 (a)
Hotel & Resort REITs — 0.1%
Service Properties Trust, Senior Notes
8.875%
6/15/32
220,000
 
217,978
 
 
Total Real Estate
452,453
Utilities — 2.3%
Electric Utilities — 1.6%
Alpha Generation LLC, Senior Notes
6.750%
10/15/32
140,000
 
140,199
 (a)
CenterPoint Energy Houston Electric LLC, Senior Secured Bonds
5.050%
3/1/35
500,000
 
496,632
 
Comision Federal de Electricidad, Senior Notes
3.348%
2/9/31
400,000
 
340,964
 (a)
Pacific Gas and Electric Co., First Mortgage Bonds
6.950%
3/15/34
700,000
 
758,960
 
Vistra Operations Co. LLC, Senior Notes
7.750%
10/15/31
300,000
 
314,440
 (a)
Total Electric Utilities
2,051,195
Independent Power and Renewable Electricity Producers — 0.7%
Lightning Power LLC, Senior Secured Notes
7.250%
8/15/32
330,000
 
340,035
 (a)
See Notes to Schedule of Investments.
8
Western Asset Premier Bond Fund 2025 Quarterly Report
 Western Asset Premier Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Independent Power and Renewable Electricity Producers — continued
Minejesa Capital BV, Senior Secured Notes
4.625%
8/10/30
639,414
 
 $623,860
 (a)(e)
Total Independent Power and Renewable Electricity Producers
963,895
 
Total Utilities
3,015,090
Total Corporate Bonds & Notes (Cost — $146,433,831)
150,214,317
Senior Loans — 8.1%
Communication Services — 1.0%
Interactive Media & Services — 1.0%
X Corp., Term Loan B1 (3 mo. Term SOFR + 6.650%)
10.949%
10/26/29
518,673
 
516,080
 (d)(l)(m)
X Corp., Term Loan B3
9.500%
10/26/29
780,000
 
801,173
 (l)(m)
Total Interactive Media & Services
1,317,253
Media — 0.0%††
Getty Images Inc., Dollar Term Loan B1
11.250%
2/21/30
60,000
 
59,775
 (h)(l)(m)
 
Total Communication Services
1,377,028
Consumer Discretionary — 1.8%
Diversified Consumer Services — 0.1%
WW International Inc., Initial Term Loan (3 mo. Term SOFR + 3.762%)
8.052%
4/13/28
200,000
 
51,800
 (d)(l)(m)
Hotels, Restaurants & Leisure — 1.7%
Caesars Entertainment Inc., Incremental Term Loan B1 (3 mo. Term SOFR +
2.250%)
6.563%
2/6/31
374,734
 
372,861
 (d)(l)(m)
Flutter Entertainment Public Ltd. Co., 2024 Term Loan B (3 mo. Term SOFR +
1.750%)
6.049%
11/30/30
691,250
 
689,397
 (d)(l)(m)
Scientific Games International Inc., Term Loan B2 (1 mo. Term SOFR + 2.250%)
6.566%
4/14/29
1,230,666
 
1,229,220
 (d)(l)(m)
Total Hotels, Restaurants & Leisure
2,291,478
 
Total Consumer Discretionary
2,343,278
Financials — 3.4%
Consumer Finance — 0.1%
Blackhawk Network Holdings Inc., Term Loan B (1 mo. Term SOFR + 4.000%)
8.325%
3/12/29
119,101
 
118,782
 (d)(l)(m)
Financial Services — 2.7%
Boost Newco Borrower LLC, Term Loan B2 (3 mo. Term SOFR + 2.000%)
6.299%
1/31/31
1,147,125
 
1,141,034
 (d)(l)(m)
Citadel Securities LP, 2024 Term Loan Facility (1 mo. Term SOFR + 2.000%)
6.325%
10/31/31
2,205,262
 
2,205,549
 (d)(l)(m)
Nexus Buyer LLC, Amendment No. 9 Refinancing Term Loan (1 mo. Term SOFR +
3.500%)
7.825%
7/31/31
248,752
 
247,602
 (d)(l)(m)
Total Financial Services
3,594,185
Insurance — 0.4%
Asurion LLC, New Term Loan B10 (1 mo. Term SOFR + 4.100%)
8.425%
8/19/28
493,671
 
489,317
 (d)(l)(m)
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Starwood Property Mortgage LLC, Term Loan B (1 mo. Term SOFR + 2.250%)
6.575%
11/18/27
345,612
 
345,612
 (d)(h)(l)(m)
 
Total Financials
4,547,896
Industrials — 0.7%
Passenger Airlines — 0.7%
Delta Air Lines Inc., Initial Term Loan (3 mo. Term SOFR + 3.750%)
8.043%
10/20/27
219,237
 
221,745
 (d)(l)(m)
United Airlines Inc., Term Loan B (3 mo. Term SOFR + 2.000%)
6.297%
2/22/31
722,799
 
722,153
 (d)(l)(m)
 
Total Industrials
943,898
Information Technology — 1.2%
Electronic Equipment, Instruments & Components — 0.5%
Coherent Corp., Term Loan B2 (1 mo. Term SOFR + 2.000%)
6.325%
7/2/29
616,816
 
616,751
 (d)(l)(m)
See Notes to Schedule of Investments.
9
Western Asset Premier Bond Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Premier Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Semiconductors & Semiconductor Equipment — 0.3%
MKS Instruments Inc., 2025 Dollar Term Loan B1 (1 mo. Term SOFR + 2.000%)
6.319%
8/17/29
452,835
 
 $452,978
 (d)(l)(m)
Software — 0.4%
DCert Buyer Inc., First Lien Initial Term Loan (1 mo. Term SOFR + 4.000%)
8.325%
10/16/26
305,664
 
298,060
 (d)(l)(m)
Modena Buyer LLC, Initial Term Loan (3 mo. Term SOFR + 4.500%)
8.791%
7/1/31
199,500
 
193,619
 (d)(l)(m)
Total Software
491,679
 
Total Information Technology
1,561,408
Total Senior Loans (Cost — $10,874,043)
10,773,508
Asset-Backed Securities — 7.1%
AGL CLO Ltd., 2021-11A E (3 mo. Term SOFR + 6.622%)
10.924%
4/15/34
350,000
 
352,166
 (a)(d)
American Home Mortgage Investment Trust, 2007-A 4A (1 mo. Term SOFR +
1.014%)
5.335%
7/25/46
425,982
 
92,415
 (a)(d)
AMMC CLO Ltd., 2021-24A ER (3 mo. Term SOFR + 6.500%)
10.793%
1/20/35
320,000
 
318,589
 (a)(d)
AMMC CLO Ltd., 2022-27A DR (3 mo. Term SOFR + 2.700%)
7.025%
1/20/37
150,000
 
150,369
 (a)(d)
Apex Credit CLO Ltd., 2019-2A ERR (3 mo. Term SOFR + 7.670%)
11.983%
1/25/38
420,000
 
428,164
 (a)(d)
Apidos CLO Ltd., 2024-50A E (3 mo. Term SOFR + 5.100%)
9.467%
1/20/38
270,000
 
271,383
 (a)(d)
Ares CLO Ltd., 2017-44A CR (3 mo. Term SOFR + 3.662%)
7.964%
4/15/34
180,000
 
180,606
 (a)(d)
Bain Capital Credit CLO Ltd., 2020-3A DRR (3 mo. Term SOFR + 3.100%)
7.390%
10/23/34
380,000
 
381,925
 (a)(d)
Balboa Bay Loan Funding Ltd., 2020-1A ERR (3 mo. Term SOFR + 7.150%)
11.443%
10/20/35
440,000
 
440,628
 (a)(d)
Bayview Financial Asset Trust, 2007-SR1A M4 (1 mo. Term SOFR + 1.614%)
5.935%
3/25/37
27,062
 
27,243
 (a)(d)
Bear Mountain Park CLO Ltd., 2022-1A ER (3 mo. Term SOFR + 5.950%)
10.252%
7/15/37
390,000
 
394,887
 (a)(d)
Elevation CLO Ltd., 2016-5A ERR (3 mo. Term SOFR + 7.580%)
11.893%
1/25/38
400,000
 
383,886
 (a)(d)
GoldenTree Loan Management US CLO Ltd., 2020-8A ERR (3 mo. Term SOFR +
5.750%)
10.043%
10/20/34
410,000
 
411,986
 (a)(d)
Golub Capital Partners CLO Ltd., 2024-77A E (3 mo. Term SOFR + 4.850%)
9.146%
1/25/38
680,000
 
678,255
 (a)(d)
GSAMP Trust, 2003-SEA2 A1
4.421%
7/25/33
313,122
 
307,763
 
HalseyPoint CLO Ltd., 2019-1A FR (3 mo. Term SOFR + 10.730%)
15.023%
10/20/37
500,000
 
497,999
 (a)(d)
Indymac Manufactured Housing Contract Pass-Through Certificates, 1997-1 A5
6.970%
2/25/28
6,460
 
6,429
 
Morgan Stanley ABS Capital Inc. Trust, 2003-SD1 A1 (1 mo. Term SOFR +
1.114%)
5.435%
3/25/33
3,902
 
3,805
 (d)
Mountain View CLO Ltd., 2022-1A DR (3 mo. Term SOFR + 4.190%)
8.492%
4/15/34
180,000
 
181,530
 (a)(d)
Oaktree CLO Ltd., 2022-2A D1R2 (3 mo. Term SOFR + 3.250%)
7.552%
10/15/37
340,000
 
340,000
 (a)(d)
Obra CLO Ltd., 2024-1A E (3 mo. Term SOFR + 6.750%)
11.173%
1/20/38
390,000
 
397,697
 (a)(d)
Ocean Trails CLO Ltd., 2023-14A ER (3 mo. Term SOFR + 6.340%)
10.633%
1/20/38
480,000
 
484,030
 (a)(d)
Ocean Trails CLO Ltd., 2024-16A E (3 mo. Term SOFR + 6.690%)
11.251%
1/20/38
170,000
 
171,508
 (a)(d)
OCP CLO Ltd., 2023-26A ER (3 mo. Term SOFR + 4.450%)
8.769%
4/17/37
310,000
 
302,838
 (a)(d)
Octagon Investment Partners Ltd., 2020-1A ER2 (3 mo. Term SOFR + 6.000%)
10.285%
1/22/38
500,000
 
502,422
 (a)(d)
OHA Credit Funding Ltd., 2022-11A D1R (3 mo. Term SOFR + 2.850%)
7.143%
7/19/37
150,000
 
151,635
 (a)(d)
Origen Manufactured Housing Contract Trust, 2007-A A2
6.289%
4/15/37
207,621
 
194,107
 (d)
Palmer Square CLO Ltd., 2022-3A D1R (3 mo. Term SOFR + 2.950%)
7.243%
7/20/37
110,000
 
111,112
 (a)(d)
TCW CLO Ltd., 2020-1A DR3 (3 mo. Term SOFR + 3.400%)
7.693%
4/20/34
550,000
 
548,334
 (a)(d)
Trinitas CLO Ltd., 2024-27A D1 (3 mo. Term SOFR + 4.300%)
8.593%
4/18/37
110,000
 
111,922
 (a)(d)
Voya CLO Ltd., 2020-3A D1RR (3 mo. Term SOFR + 2.700%)
6.993%
1/20/38
490,000
 
494,780
 (a)(d)
Warwick Capital CLO Ltd., 2024-3A D (3 mo. Term SOFR + 4.500%)
8.793%
4/20/37
100,000
 
101,999
 (a)(d)
 
Total Asset-Backed Securities (Cost — $9,467,089)
9,422,412
See Notes to Schedule of Investments.
10
Western Asset Premier Bond Fund 2025 Quarterly Report
 Western Asset Premier Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
 
Sovereign Bonds — 6.4%
Angola — 0.3%
 
Angolan Government International Bond, Senior Notes
8.000%
11/26/29
400,000
 
 $355,594
 (a)
Argentina — 0.7%
Argentine Republic Government International Bond, Senior Notes
1.000%
7/9/29
39,055
 
30,365
 
Provincia de Buenos Aires, Senior Notes
6.625%
9/1/37
441,119
 
285,073
 (a)
Provincia de Cordoba, Senior Notes
6.990%
6/1/27
560,000
 
545,440
 (a)
Total Argentina
860,878
Colombia — 1.0%
 
Colombia Government International Bond, Senior Notes
3.250%
4/22/32
1,750,000
 
1,363,862
 
Dominican Republic — 0.3%
 
Dominican Republic International Bond, Senior Notes
4.875%
9/23/32
380,000
 
345,876
 (a)
Indonesia — 1.4%
Indonesia Government International Bond, Senior Notes
3.850%
7/18/27
300,000
 
295,924
 (a)
Indonesia Government International Bond, Senior Notes
3.500%
1/11/28
1,670,000
 
1,624,031
 (e)
Total Indonesia
1,919,955
Mexico — 1.5%
Mexico Government International Bond, Senior Notes
3.750%
1/11/28
500,000
 
485,469
 
Mexico Government International Bond, Senior Notes
2.659%
5/24/31
360,000
 
303,769
 
Mexico Government International Bond, Senior Notes
4.350%
1/15/47
1,750,000
 
1,252,212
 
Total Mexico
2,041,450
Panama — 0.8%
 
Panama Government International Bond, Senior Notes
4.500%
5/15/47
1,650,000
 
1,090,238
 
Saudi Arabia — 0.4%
Saudi Government International Bond, Senior Notes
4.000%
4/17/25
500,000
 
499,926
 (a)
 
Total Sovereign Bonds (Cost — $8,573,489)
8,477,779
Collateralized Mortgage Obligations(n) — 5.7%
280 Park Avenue Mortgage Trust, 2017-280P F (1 mo. Term SOFR + 3.127%)
7.449%
9/15/34
220,000
 
211,238
 (a)(d)
Bear Stearns ALT-A Trust, 2004-3 A1 (1 mo. Term SOFR + 0.754%)
5.075%
4/25/34
23,918
 
23,590
 (d)
CHL Mortgage Pass-Through Trust, 2005-7 1A1 (1 mo. Term SOFR + 0.384%)
4.975%
3/25/35
128,563
 
119,376
 (d)
Citigroup Commercial Mortgage Trust, 2015-GC29 D
3.110%
4/10/48
250,000
 
200,127
 (a)
Citigroup Commercial Mortgage Trust, 2015-P1 D
3.225%
9/15/48
440,000
 
405,359
 (a)
Citigroup Commercial Mortgage Trust, 2015-P1 E
4.387%
9/15/48
500,000
 
390,209
 (a)(d)
CSAIL Commercial Mortgage Trust, 2015-C3 C
4.362%
8/15/48
410,000
 
363,198
 (d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2020-DNA6 B1 (30 Day Average SOFR + 3.000%)
7.340%
12/25/50
310,000
 
333,980
 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2021-DNA7 B2 (30 Day Average SOFR + 7.800%)
12.140%
11/25/41
450,000
 
483,226
 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-DNA2 M2 (30 Day Average SOFR + 3.750%)
8.090%
2/25/42
910,000
 
941,624
 (a)(d)
Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit
Risk Trust, 2022-DNA6 M2 (30 Day Average SOFR + 5.750%)
10.090%
9/25/42
1,000,000
 
1,089,890
 (a)(d)
Federal National Mortgage Association (FNMA) — CAS, 2023-R06 1M2 (30
Day Average SOFR + 2.700%)
7.040%
7/25/43
560,000
 
575,831
 (a)(d)
Federal National Mortgage Association (FNMA) — CAS, 2024-R02 1M2 (30
Day Average SOFR + 1.800%)
6.140%
2/25/44
520,000
 
521,743
 (a)(d)
Federal National Mortgage Association (FNMA), 2004-W15 1A2
6.500%
8/25/44
35,002
 
36,396
 
GS Mortgage Securities Corp. II, 2024-70P E
8.367%
3/10/41
270,000
 
279,475
 (a)(d)
See Notes to Schedule of Investments.
11
Western Asset Premier Bond Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Premier Bond Fund
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount†
Value
Collateralized Mortgage Obligations(n) — continued
Impac CMB Trust, 2004-10 2A (1 mo. Term SOFR + 0.754%)
5.075%
3/25/35
41,296
 
 $38,138
 (d)
Impac CMB Trust, 2005-2 2A2 (1 mo. Term SOFR + 0.914%)
5.235%
4/25/35
7,086
 
6,868
 (d)
MAFI II Remic Trust, 1998-BI B1
5.035%
11/20/24
68,528
 
59,079
 (d)
MERIT Securities Corp., 2011-PA B3 (1 mo. USD LIBOR + 2.250%)
7.210%
9/28/32
338,516
 
319,725
 (a)(d)
Morgan Stanley Capital I Trust, 2015-UBS8 C
4.572%
12/15/48
410,000
 
374,084
 (d)
Morgan Stanley Capital I Trust, 2016-BNK2 B
3.485%
11/15/49
430,000
 
370,719
 
Prime Mortgage Trust, 2005-2 2XB, IO
1.743%
10/25/32
726,883
 
38,535
 (d)
Prime Mortgage Trust, 2005-5 1X, IO
1.108%
7/25/34
895,815
 
23,939
 (d)
RAMP Trust, 2005-SL2 APO, STRIPS, PO
0.000%
2/25/32
1,472
 
1,286
 
Sequoia Mortgage Trust, 2003-2 A2 (6 mo. Term SOFR + 1.108%)
5.540%
6/20/33
2,013
 
1,964
 (d)
Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
2003-9A 2A2
6.009%
3/25/33
17,763
 
17,302
 (d)
UBS Commercial Mortgage Trust, 2018-C15 C
5.139%
12/15/51
285,000
 
263,786
 (d)
 
Total Collateralized Mortgage Obligations (Cost — $7,185,708)
7,490,687
U.S. Government & Agency Obligations — 2.2%
U.S. Government Obligations — 2.2%
U.S. Treasury Notes (Cost — $2,863,369)
3.625%
8/31/29
2,910,000
2,874,023
 
 
 
 
 
Shares
 
Preferred Stocks — 0.6%
Financials — 0.6%
Mortgage Real Estate Investment Trusts (REITs) — 0.6%
AGNC Investment Corp., Non Voting Shares (6.125% to 4/15/25 then 3 mo.
USD LIBOR + 4.697%)
6.125%
17,121
432,476
 (d)
Chimera Investment Corp., Non Voting Shares (7.750% to 9/30/25 then 3 mo.
USD LIBOR + 4.743%)
7.750%
5,224
117,645
 (d)
MFA Financial Inc., Non Voting Shares (6.500% to 3/31/25 then 3 mo. USD
LIBOR + 5.345%)
6.500%
9,538
236,542
 (d)
 
Total Preferred Stocks (Cost — $785,025)
786,663
 
 
 
Maturity
Date
Face
Amount†
 
Convertible Bonds & Notes — 0.4%
Communication Services — 0.4%
Media — 0.4%
EchoStar Corp., Senior Secured Notes (3.875% Cash or 3.875%
PIK) (Cost — $480,902)
3.875%
11/30/30
434,935
 
486,556
 (f)
 
 
 
 
Shares
 
Common Stocks — 0.1%
Health Care — 0.0%††
Pharmaceuticals — 0.0%††
Endo Inc.
1,978
47,472
 *
 
Industrials — 0.1%
Passenger Airlines — 0.1%
Spirit Airlines LLC
5,707
79,893
 *(g)(h)
 
Total Common Stocks (Cost — $147,582)
127,365
 
See Notes to Schedule of Investments.
12
Western Asset Premier Bond Fund 2025 Quarterly Report
 Western Asset Premier Bond Fund
(Percentages shown based on Fund net assets)
Security
 
 
Expiration
Date
Warrants
Value
Warrants — 0.0%††
Industrials — 0.0%††
Passenger Airlines — 0.0%††
flyExclusive Inc. (Cost — $8,421)
5/28/28
8,795
 
 $1,059
 *
Total Investments before Short-Term Investments (Cost — $186,819,459)
190,654,369
 
 
Rate
 
Shares
 
Short-Term Investments — 4.3%
Western Asset Premier Institutional Government Reserves, Premium Shares
(Cost — $5,723,664)  
4.315%
5,723,664
 
5,723,664
 (o)(p)
Total Investments — 148.2% (Cost — $192,543,123)
196,378,033
Liabilities in Excess of Other Assets — (48.2)%
(63,824,808
)
Total Net Assets — 100.0%
$132,553,225
 
†
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)
Security has no maturity date. The date shown represents the next call date.
(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)
All or a portion of this security is pledged as collateral pursuant to the loan agreement.
(f)
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.
(g)
Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).
(h)
Security is valued using significant unobservable inputs (Note 1).
(i)
All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements.
(j)
Value is less than $1.
(k)
Securities traded on a when-issued or delayed delivery basis.
(l)
Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.
(m)
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.
(n)
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.
(o)
Rate shown is one-day yield as of the end of the reporting period.
(p)
In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding
voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2025, the total market value of
investments in Affiliated Companies was $5,723,664 and the cost was $5,723,664 (Note 2).
 
See Notes to Schedule of Investments.
13
Western Asset Premier Bond Fund 2025 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
March 31, 2025
 Western Asset Premier Bond Fund
Abbreviation(s) used in this schedule:
CAS
—
Connecticut Avenue Securities
CLO
—
Collateralized Loan Obligation
EUR
—
Euro
GBP
—
British Pound
ICE
—
Intercontinental Exchange
IO
—
Interest Only
JSC
—
Joint Stock Company
LIBOR
—
London Interbank Offered Rate
PIK
—
Payment-In-Kind
PO
—
Principal Only
REMIC
—
Real Estate Mortgage Investment Conduit
SOFR
—
Secured Overnight Financing Rate
SONIA
—
Sterling Overnight Index Average
STRIPS
—
Separate Trading of Registered Interest and Principal Securities
USD
—
United States Dollar
At March 31, 2025, 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**
Deutsche Bank AG
4.720%
3/25/2025
5/1/2025
 $1,456,394
Corporate Bonds & Notes
 $1,535,507
Deutsche Bank AG
4.720%
3/25/2025
6/25/2025
4,333,535
Corporate Bonds & Notes
4,607,628
Royal Bank of Canada
4.750%
1/30/2025
4/30/2025
1,413,300
Corporate Bonds & Notes
1,447,834
 
$7,203,229
$7,590,969
 
*
Refer to the Schedule of Investments for positions held at the counterparty as collateral for reverse repurchase agreements.
**
Including accrued interest.
At March 31, 2025, the Fund had the following open forward foreign currency contracts:  
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
641,033
GBP
519,960
BNP Paribas SA
4/16/25
 $(30,600)
GBP
181,018
USD
224,846
Citibank N.A.
4/16/25
8,976
USD
1,350,343
EUR
1,305,285
Morgan Stanley & Co. Inc.
4/16/25
(62,270)
Net unrealized depreciation on open forward foreign currency contracts
$(83,894)
 
Abbreviation(s) used in this table:
EUR
—
Euro
GBP
—
British Pound
USD
—
United States Dollar
At March 31, 2025, the Fund had the following open swap contracts:  
 
CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION1
Reference Entity
Notional
Amount2
Termination
Date
Periodic
Payments
Received by
the Fund†
Market
Value3
Upfront
Premiums
Paid
(Received)
Unrealized
Depreciation
Markit CDX.NA.HY.44 Index
 $1,410,000
6/20/30
5.000% quarterly
$72,701
$83,511
$(10,810)
 
See Notes to Schedule of Investments.
14
Western Asset Premier Bond Fund 2025 Quarterly Report
 Western Asset Premier Bond Fund
1
If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to
the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities
comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the
recovery value of the referenced obligation or underlying securities comprising the referenced index.
2
The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event
occurs as defined under the terms of that particular swap agreement.
3
The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the
current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount
of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when
compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of
default or other credit event occurring as defined under the terms of the agreement.
†
Percentage shown is an annual percentage rate.
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
15
Western Asset Premier Bond Fund 2025 Quarterly Report
Notes to Schedule of Investments (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.
(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 (the “Board”).  
Pursuant to policies adopted by the Board, 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. 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, 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 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.
16
Western Asset Premier Bond Fund 2025 Quarterly 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:
Energy
—
 $26,780,958
 $187,416
 $26,968,374
Financials
—
30,519,833
0
*
30,519,833
Health Care
—
18,994,037
0
*
18,994,037
Other Corporate Bonds & Notes
—
73,732,073
—
73,732,073
Senior Loans:
Communication Services
—
1,317,253
59,775
1,377,028
Financials
—
4,202,284
345,612
4,547,896
Other Senior Loans
—
4,848,584
—
4,848,584
Asset-Backed Securities
—
9,422,412
—
9,422,412
Sovereign Bonds
—
8,477,779
—
8,477,779
Collateralized Mortgage Obligations
—
7,490,687
—
7,490,687
U.S. Government & Agency Obligations
—
2,874,023
—
2,874,023
Preferred Stocks
 $786,663
—
—
786,663
Convertible Bonds & Notes
—
486,556
—
486,556
Common Stocks:
Health Care
47,472
—
—
47,472
Industrials
—
—
79,893
79,893
Warrants
—
1,059
—
1,059
Total Long-Term Investments
834,135
189,147,538
672,696
190,654,369
Short-Term Investments†
5,723,664
—
—
5,723,664
Total Investments
$6,557,799
$189,147,538
$672,696
$196,378,033
Other Financial Instruments:
Forward Foreign Currency Contracts††
—
 $8,976
—
 $8,976
Total
$6,557,799
$189,156,514
$672,696
$196,387,009
17
Western Asset Premier Bond Fund 2025 Quarterly Report
Notes to Schedule of Investments (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††
—
 $92,870
—
 $92,870
Centrally Cleared Credit Default Swaps on Credit Indices — Sell
Protection††
—
10,810
—
10,810
Total
—
$103,680
—
$103,680
 
†
See Schedule of Investments for additional detailed categorizations.
*
Amount represents less than $1.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
2. 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 period ended March 31, 2025. The following transactions were effected in such company for the period ended March 31, 2025.
 
 
Affiliate
Value at

December 31,
2024
Purchased
Sold
Cost
Shares
Proceeds
Shares
Western Asset Premier
Institutional Government
Reserves, Premium
Shares
 $2,219,515
 $16,894,055
16,894,055
 $13,389,906
13,389,906

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
March 31,
2025
Western Asset Premier
Institutional Government
Reserves, Premium Shares
—
 $23,519
—
 $5,723,664
18
Western Asset Premier Bond Fund 2025 Quarterly Report