# EDGAR Filing Document

**Accession Number:** 0001163792
**File Stem:** 0001133228-25-008935
**Filing Date:** 2025-8
**Character Count:** 250264
**Document Hash:** 0759bb40b59c7d483f6dce9e9b97bfca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-008935.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001133228-25-008935

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WESTERN ASSET PREMIER BOND FUND
- **CENTRAL INDEX KEY:** 0001163792

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10603
- **FILM NUMBER:** 251257123

**BUSINESS ADDRESS:**
- **STREET 1:** 620 EIGHTH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 8887770102

**MAIL ADDRESS:**
- **STREET 1:** 620 EIGHTH AVENUE
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTERN ASSET CORE PLUS BOND TRUST I
- **DATE OF NAME CHANGE:** 20011218

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)

**One Madison Avenue, 17<sup>th</sup> Floor, New York, NY 10010**

(Address of principal executive offices) (Zip code)

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

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

Date of fiscal year end: **December 31**

Date of reporting period: **June 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

![](img5301a5561.gif)

Semi-Annual Report June 30, 2025

WESTERN ASSET <br>PREMIER BOND FUND (WEA)

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![](imgdf71ba692.gif)

![](imgcd34d3073.gif)

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**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. <br>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](#xx_a468ada7-66ac-475a-be41-134ba807c6e5_LFTP-TOC-LetterfromthePres-3220_1) | III |
| [Performance review](#xx_a468ada7-66ac-475a-be41-134ba807c6e5_IC-TOC-Performancereview-3220_1) | IV |
| [Fund at a glance](#xx_a468ada7-66ac-475a-be41-134ba807c6e5_FAAG-TOC-Fundataglance-3220_1) | 1 |
| [Schedule of investments](#xx_a468ada7-66ac-475a-be41-134ba807c6e5_SOI-Header-SOI-3220_1) | 2 |
| [Statement of assets and liabilities](#xx_a468ada7-66ac-475a-be41-134ba807c6e5_SAL-Header-SAL-3220_1) | 24 |
| [Statement of operations](#xx_a468ada7-66ac-475a-be41-134ba807c6e5_SOP-Header-SOP-3220_1) | 25 |
| [Statements of changes in net assets](#xx_a468ada7-66ac-475a-be41-134ba807c6e5_SOC-Header-SOC-3220_1) | 26 |
| [Statement of cash flows](#xx_a468ada7-66ac-475a-be41-134ba807c6e5_SOCF-Header-StatementofCashFlows-3220_1) | 27 |
| [Financial highlights](#xx_a468ada7-66ac-475a-be41-134ba807c6e5_FH-Header-Financialhighlights-3220_1) | 28 |
| [Notes to financial statements](#xx_a468ada7-66ac-475a-be41-134ba807c6e5_NTF-Header-Notestofinancialstatements-3220_1) | 30 |
| [Board approval of management and subadvisory](#xx_a468ada7-66ac-475a-be41-134ba807c6e5_newBAMSA-TOC-NewMgmtandsubadvisoryagreements-3220_1) [agreements](#xx_a468ada7-66ac-475a-be41-134ba807c6e5_newBAMSA-TOC-NewMgmtandsubadvisoryagreements-3220_1) | 46 |
| [Additional shareholder](#xx_a468ada7-66ac-475a-be41-134ba807c6e5_ASI-Header-Additionalshareholderinformation-3220_1) [information](#xx_a468ada7-66ac-475a-be41-134ba807c6e5_ASI-Header-Additionalshareholderinformation-3220_1) | 50 |
| [Dividend reinvestment plan](#xx_a468ada7-66ac-475a-be41-134ba807c6e5_DRP-Header-Dividendreinvestmentplan-3220_1) | 51 |

---

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II

Western Asset Premier Bond Fund

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![](img91d11abf4.gif)

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, 2025. Please read on for Fund performance information during the Fund's reporting period.

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

• Fund prices and performance,

• Market insights and commentaries from our portfolio managers, and

• A host of educational resources.

We look forward to helping you meet your financial goals.

Sincerely,

![](img4fd0bcd95.jpg)

Jane Trust, CFA <br>President and Chief Executive Officer

July 31, 2025

Western Asset Premier Bond Fund

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III

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Performance review

For the six months ended June 30, 2025, Western Asset Premier Bond Fund returned 5.04% based on its net asset value (NAV)<sup>i</sup> and 4.68% based on its New York Stock Exchange (NYSE) market price per share. The Fund's unmanaged benchmarks, the Bloomberg U.S. Corporate High Yield Bond Index<sup>ii</sup> and the Bloomberg U.S. Credit Index<sup>iii</sup>, returned 4.57% and 4.22%, respectively, for the same period.

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

During the six-month period, the Fund made distributions to shareholders totaling $0.42 per share. As of June 30, 2025, the Fund estimates that 89% of the distributions were sourced from net investment income and 11% constituted a return of capital.\* The performance table shows the Fund's six-month total return based on its NAV and market price as of June 30, 2025. **Past performance is no guarantee of future results.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Performance Snapshot** as of June 30, 2025 (unaudited) | **Performance Snapshot** as of June 30, 2025 (unaudited) |
| Price Per Share | 6-Month <br>Total Return\*\*<br>|
| $11.30 (NAV) | 5.04<br> %†<br>|
| $10.85 (Market Price) | 4.68<br> %‡<br>|

---

**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

\*

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

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IV

Western Asset Premier Bond Fund

------

addition, the Fund issues a quarterly press release that can be found on most major financial websites as well as www.franklintempleton.com.

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 the 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,

![](img4fd0bcd95.jpg)

Jane Trust, CFA <br>President and Chief Executive Officer

July 31, 2025

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

Western Asset Premier Bond Fund

------

V

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Performance review (cont'd)

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

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

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

<sup>i</sup>

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.

<sup>ii</sup>

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

<sup>iii</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Important data provider notices and terms available at www.franklintempletondatasources.com.

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VI

Western Asset Premier Bond Fund

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Fund at a glance<sup>†</sup> (unaudited)

**Investment breakdown** (%) as a percent of total investments

![](imgb7bfc6666.jpg)

†

The bar graph above represents the Fund's portfolio as of June 30, 2025, and December 31, 2024, and does not include derivatives, such as forward foreign currency contracts and swap contracts. The Fund is actively managed. As a result, the composition of the Fund's investments is subject to change at any time.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

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Schedule of investments (unaudited)

June 30, 2025

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **Corporate Bonds & Notes — 117.1%** | **Corporate Bonds & Notes — 117.1%** | **Corporate Bonds & Notes — 117.1%** | **Corporate Bonds & Notes — 117.1%** | **Corporate Bonds & Notes — 117.1%** |
| **Communication Services — 12.8%** | **Communication Services — 12.8%** | **Communication Services — 12.8%** | **Communication Services — 12.8%** | **Communication Services — 12.8%** |
| *Diversified Telecommunication Services — 3.8%* | *Diversified Telecommunication Services — 3.8%* | *Diversified Telecommunication Services — 3.8%* | *Diversified Telecommunication Services — 3.8%* | *Diversified Telecommunication Services — 3.8%* |
| &nbsp;&nbsp;&nbsp; Altice Financing SA, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; $504525<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France Holding SA, Senior Secured <br> Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 291141<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 257300<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; British Telecommunications PLC, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 12/4/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 511209<br>|
| &nbsp;&nbsp;&nbsp; British Telecommunications PLC, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 11/8/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 475523<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Level 3 Financing Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 6/30/33 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 224013<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Orange SA, Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 729256<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/8/29 | &nbsp;&nbsp; 1670000<br>| &nbsp;&nbsp;&nbsp; 1649562<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.355% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 431178<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *5073707* |
| *Entertainment — 2.0%* | *Entertainment — 2.0%* | *Entertainment — 2.0%* | *Entertainment — 2.0%* | *Entertainment — 2.0%* |
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 453656<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Netflix Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 333719<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 1/13/31 | &nbsp;&nbsp; 1280000<br>| &nbsp;&nbsp;&nbsp; 1180489<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.279% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 337000<br>| &nbsp;&nbsp;&nbsp; 252329<br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 475125<br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *2695318* |
| *Media — 4.5%* | *Media — 4.5%* | *Media — 4.5%* | *Media — 4.5%* | *Media — 4.5%* |
| &nbsp;&nbsp;&nbsp; AMC Networks Inc., Senior Secured Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 363125<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/<br> Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 6.484% | &nbsp;&nbsp; 10/23/45 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 475928<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 7.050% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1138043<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 869765<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing <br> Co-Obligor Inc., Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 9974<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes | &nbsp;&nbsp; 10.750% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 1271800<br>| &nbsp;&nbsp;&nbsp; 1311035<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (6.750% <br> Cash or 6.750% PIK) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 700789<br>| &nbsp;&nbsp;&nbsp; 640076<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fox Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/8/30 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 478443<br>|
| &nbsp;&nbsp;&nbsp; Getty Images Inc., Senior Secured Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 2/21/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 59602<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 691700<br> <sup>(b)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *6037691* |
| *Wireless Telecommunication Services — 2.5%* | *Wireless Telecommunication Services — 2.5%* | *Wireless Telecommunication Services — 2.5%* | *Wireless Telecommunication Services — 2.5%* | *Wireless Telecommunication Services — 2.5%* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 548354<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 138752<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

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Western Asset Premier Bond Fund 2025 Semi-Annual Report

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 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

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| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; $521360<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 450990<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 36409<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 1140000<br>| &nbsp;&nbsp;&nbsp; 1071081<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, Senior Secured <br> Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 500000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 616624<br> <sup>(a)</sup><br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *3383570* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **17190286** |
| **Consumer Discretionary — 17.3%** | **Consumer Discretionary — 17.3%** | **Consumer Discretionary — 17.3%** | **Consumer Discretionary — 17.3%** | **Consumer Discretionary — 17.3%** |
| *Automobile Components — 1.5%* | *Automobile Components — 1.5%* | *Automobile Components — 1.5%* | *Automobile Components — 1.5%* | *Automobile Components — 1.5%* |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 255873<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior <br> Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 440189<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior <br> Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 137385<br>|
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., <br> Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 520293<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JB Poindexter & Co. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 336253<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ZF North America Capital Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/23/32 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 268259<br> <sup>(a)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *1958252* |
| *Automobiles — 3.9%* | *Automobiles — 3.9%* | *Automobiles — 3.9%* | *Automobiles — 3.9%* | *Automobiles — 3.9%* |
| &nbsp;&nbsp;&nbsp; Ford Motor Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/12/32 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1433900<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 82000<br>| &nbsp;&nbsp;&nbsp; 82150<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 742359<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 6.600% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 148378<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, <br> Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 1/18/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1189412<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., Senior Notes | &nbsp;&nbsp; 4.810% | &nbsp;&nbsp; 9/17/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 367240<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1190000<br>| &nbsp;&nbsp;&nbsp; 826384<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, <br> Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 11/24/25 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 394583<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *5184406* |
| *Broadline Retail — 1.5%* | *Broadline Retail — 1.5%* | *Broadline Retail — 1.5%* | *Broadline Retail — 1.5%* | *Broadline Retail — 1.5%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 5/12/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 621717<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marks & Spencer PLC, Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1130227<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Prosus NV, Senior Notes | &nbsp;&nbsp; 4.193% | &nbsp;&nbsp; 1/19/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 281100<br> <sup>(d)</sup><br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *2033044* |
| *Hotels, Restaurants & Leisure — 8.3%* | *Hotels, Restaurants & Leisure — 8.3%* | *Hotels, Restaurants & Leisure — 8.3%* | *Hotels, Restaurants & Leisure — 8.3%* | *Hotels, Restaurants & Leisure — 8.3%* |
| &nbsp;&nbsp;&nbsp; 888 Acquisitions Ltd., Senior Secured Notes | &nbsp;&nbsp; 7.558% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 600000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 713022<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

Schedule of investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; $246418<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 511888<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival PLC, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 10/28/29 | &nbsp;&nbsp; 1210000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 1287170<br>|
| &nbsp;&nbsp;&nbsp; Full House Resorts Inc., Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 962645<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61217<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 8/8/29 | &nbsp;&nbsp; 1310000<br>| &nbsp;&nbsp;&nbsp; 1248089<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/14/30 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 712095<br>|
| &nbsp;&nbsp;&nbsp; Marston's Issuer PLC, Secured Notes (SONIA + <br> 2.669%) | &nbsp;&nbsp; 6.986% | &nbsp;&nbsp; 7/16/35 | &nbsp;&nbsp; 540000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 659231<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 138308<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 147673<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Finance Ltd., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 711825<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1157517<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 729409<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sands China Ltd., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/8/31 | &nbsp;&nbsp; 1340000<br>| &nbsp;&nbsp;&nbsp; 1183322<br>|
| &nbsp;&nbsp;&nbsp; Wynn Macau Ltd., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 596248<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *11066077* |
| *Household Durables — 0.5%* | *Household Durables — 0.5%* | *Household Durables — 0.5%* | *Household Durables — 0.5%* | *Household Durables — 0.5%* |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 433163<br>|
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 284232<br> <sup>(a)</sup><br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *717395* |
| *Specialty Retail — 1.5%* | *Specialty Retail — 1.5%* | *Specialty Retail — 1.5%* | *Specialty Retail — 1.5%* | *Specialty Retail — 1.5%* |
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., <br> Senior Notes | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 724818<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd./AAG FH UK Ltd., <br> Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 170650<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 152855<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PetSmart Inc./PetSmart Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 282090<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Upbound Group Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 693317<br> <sup>(a)(b)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *2023730* |
| *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *201400*<br> <sup>(a)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **23184304** |

---

See Notes to Financial Statements.

------

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** |
| *Beverages — 1.1%* | *Beverages — 1.1%* | *Beverages — 1.1%* | *Beverages — 1.1%* | *Beverages — 1.1%* |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch <br> InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 1540000<br>| &nbsp;&nbsp;&nbsp; $*1503328*<br>|
| *Food Products — 0.8%* | *Food Products — 0.8%* | *Food Products — 0.8%* | *Food Products — 0.8%* | *Food Products — 0.8%* |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl/JBS USA Food Co./<br> JBS Lux Co. Sarl, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 466274<br>|
| &nbsp;&nbsp;&nbsp; JBS USA LUX Sarl/JBS USA Food Co./JBS <br> USA Foods Group, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 259245<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 318391<br> <sup>(b)</sup><br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *1043910* |
| *Tobacco — 1.3%* | *Tobacco — 1.3%* | *Tobacco — 1.3%* | *Tobacco — 1.3%* | *Tobacco — 1.3%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 2/4/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 862841<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altria Group Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 2/6/35 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 265231<br>|
| &nbsp;&nbsp;&nbsp; Reynolds American Inc., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 589012<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *1717084* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **4264322** |
| **Energy — 19.8%** | **Energy — 19.8%** | **Energy — 19.8%** | **Energy — 19.8%** | **Energy — 19.8%** |
| *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; Halliburton Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 722353<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 285342<br> <sup>(a)</sup><br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *1007695* |
| *Oil, Gas & Consumable Fuels — 19.1%* | *Oil, Gas & Consumable Fuels — 19.1%* | *Oil, Gas & Consumable Fuels — 19.1%* | *Oil, Gas & Consumable Fuels — 19.1%* | *Oil, Gas & Consumable Fuels — 19.1%* |
| &nbsp;&nbsp;&nbsp; Anadarko Finance Co., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 604357<br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 476032<br>|
| &nbsp;&nbsp;&nbsp; Chord Energy Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 276007<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 207135<br>|
| &nbsp;&nbsp;&nbsp; Continental Resources Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 196646<br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 564504<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/15/41 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 555546<br>|
| &nbsp;&nbsp;&nbsp; Diamondback Energy Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 382754<br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/28/45 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 269491<br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/2/51 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 1582142<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes <br> (6.625% to 2/15/28 then 3 mo. USD LIBOR + <br> 4.155%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 549502<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 784000<br>| &nbsp;&nbsp;&nbsp; 773841<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 213000<br>| &nbsp;&nbsp;&nbsp; 210490<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp;&nbsp; 1271169<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; EQT Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 307861<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

Schedule of investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/14/33 | &nbsp;&nbsp; 1120000<br>| &nbsp;&nbsp;&nbsp; $972919<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 219456<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 6/1/45 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1416457<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Generation Gas Gathering LLC, Senior <br> Secured Notes (3 mo. Term SOFR + 5.750%) | &nbsp;&nbsp; 10.016% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 276757<br>| &nbsp;&nbsp;&nbsp; 272605<br> <sup>(a)(e)(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC, Senior Notes | &nbsp;&nbsp; 7.768% | &nbsp;&nbsp; 12/15/37 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 560297<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 244873<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 507015<br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, Senior <br> Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 333275<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/27/41 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 909225<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/19/32 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 520194<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/27/44 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 242737<br>|
| &nbsp;&nbsp;&nbsp; Range Resources Corp., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 309072<br>|
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 357228<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 1850000<br>| &nbsp;&nbsp;&nbsp; 1861706<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern Natural Gas Co. LLC, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/47 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 664502<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250168<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20402<br>|
| &nbsp;&nbsp;&nbsp; Tengizchevroil Finance Co. International Ltd., <br> Senior Secured Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 311831<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, Senior <br> Notes | &nbsp;&nbsp; 7.850% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1010342<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transportadora de Gas del Peru SA, Senior <br> Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 446921<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Junior Subordinated <br> Notes (9.000% to 9/30/29 then 5 year Treasury <br> Constant Maturity Rate + 5.440%) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 2050000<br>| &nbsp;&nbsp;&nbsp; 1994955<br> <sup>(a)(b)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 410623<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 368319<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 220000<br> <sup>(a)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior <br> Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 865896<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior <br> Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 83545<br>|

---

See Notes to Financial Statements.

------

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, Senior <br> Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 1680000<br>| &nbsp;&nbsp;&nbsp; $1414542<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 443000<br>| &nbsp;&nbsp;&nbsp; 501527<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 39000<br>| &nbsp;&nbsp;&nbsp; 46962<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *25565071* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **26572766** |
| **Financials — 24.1%** | **Financials — 24.1%** | **Financials — 24.1%** | **Financials — 24.1%** | **Financials — 24.1%** |
| *Banks — 12.4%* | *Banks — 12.4%* | *Banks — 12.4%* | *Banks — 12.4%* | *Banks — 12.4%* |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/22/26 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1497652<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 2/2/32 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 522182<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Junior Subordinated Notes <br> (6.125% to 6/15/26 then 5 year Treasury <br> Constant Maturity Rate + 5.867%) | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 741207<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Subordinated Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/12/26 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1004726<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Junior Subordinated Notes <br> (7.375% to 8/19/25 then USD 5 year ICE Swap <br> Rate + 5.150%) | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 8/19/25 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp;&nbsp; 1092540<br> <sup>(a)(b)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 794495<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1090989<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Junior Subordinated Notes <br> (8.125% to 12/23/25 then USD 5 year ICE <br> Swap Rate + 6.185%) | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 12/23/25 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 1094413<br> <sup>(a)(b)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Junior Subordinated <br> Notes (6.000% to 5/22/27 then USD 5 year ICE <br> Swap Rate + 3.746%) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/22/27 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 400595<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (3.973% to <br> 5/22/29 then 3 mo. Term SOFR + 1.872%) | &nbsp;&nbsp; 3.973% | &nbsp;&nbsp; 5/22/30 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp;&nbsp; 1100700<br> <sup>(b)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (5.790% to <br> 5/13/35 then SOFR + 1.880%) | &nbsp;&nbsp; 5.790% | &nbsp;&nbsp; 5/13/36 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 411568<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Subordinated Notes <br> (8.113% to 11/3/32 then SOFR + 4.250%) | &nbsp;&nbsp; 8.113% | &nbsp;&nbsp; 11/3/33 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 808451<br> <sup>(b)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, Subordinated Notes | &nbsp;&nbsp; 5.710% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp;&nbsp; 1262937<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/1/45 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 456804<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Junior <br> Subordinated Notes (7.500% to 9/27/25 then <br> USD 5 year ICE Swap Rate + 4.496%) | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 9/27/25 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 502593<br> <sup>(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Subordinated Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/24/26 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1498869<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior <br> Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 1/22/30 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 694898<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

Schedule of investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, <br> Subordinated Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; $880333<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (5.711% to <br> 1/24/34 then SOFR + 1.922%) | &nbsp;&nbsp; 5.711% | &nbsp;&nbsp; 1/24/35 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 725877<br> <sup>(b)(e)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *16581829* |
| *Capital Markets — 5.9%* | *Capital Markets — 5.9%* | *Capital Markets — 5.9%* | *Capital Markets — 5.9%* | *Capital Markets — 5.9%* |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Junior Subordinated <br> Notes (4.000% to 12/1/30 then 10 year <br> Treasury Constant Maturity Rate + 3.079%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1857818<br> <sup>(b)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Suisse AG AT1 Claim | —  | —  | &nbsp;&nbsp; 2560000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(g)(h)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes <br> (2.640% to 2/24/27 then SOFR + 1.114%) | &nbsp;&nbsp; 2.640% | &nbsp;&nbsp; 2/24/28 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2331668<br> <sup>(e)(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes <br> (5.536% to 1/28/35 then SOFR + 1.380%) | &nbsp;&nbsp; 5.536% | &nbsp;&nbsp; 1/28/36 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 266729<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; KKR Group Finance Co. VI LLC, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 485771<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (2.699% to <br> 1/22/30 then SOFR + 1.143%) | &nbsp;&nbsp; 2.699% | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 461170<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS AG, Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 431606<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes <br> (6.875% to 8/7/25 then USD 5 year ICE Swap <br> Rate + 4.590%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/7/25 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 681053<br> <sup>(d)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes <br> (7.000% to 8/10/30 then USD 5 year SOFR ICE <br> Swap Rate + 3.077%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 339076<br> <sup>(a)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Junior Subordinated Notes <br> (7.125% to 2/10/35 then USD 5 year SOFR ICE <br> Swap Rate + 3.179%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/10/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 219646<br> <sup>(a)(e)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (6.537% to <br> 8/12/32 then SOFR + 3.920%) | &nbsp;&nbsp; 6.537% | &nbsp;&nbsp; 8/12/33 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp; 837809<br> <sup>(a)(b)(e)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *7912346* |
| *Financial Services — 3.8%* | *Financial Services — 3.8%* | *Financial Services — 3.8%* | *Financial Services — 3.8%* | *Financial Services — 3.8%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 10/29/33 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2205959<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 467379<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC/GTCR W Dutch <br> Finance Sub BV, Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 100000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 147593<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capstone Borrower Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 218718<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/30/31 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 831777<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 530220<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* |
| &nbsp;&nbsp;&nbsp; VFH Parent LLC/Valor Co-Issuer Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; $399053<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 375402<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *5176101* |
| *Insurance — 1.7%* | *Insurance — 1.7%* | *Insurance — 1.7%* | *Insurance — 1.7%* | *Insurance — 1.7%* |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 192859<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC/APH2 Somerset <br> Investor 2 LLC/APH3 Somerset Investor 2 LLC, <br> Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 399262<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1000243<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MetLife Inc., Junior Subordinated Notes | &nbsp;&nbsp; 10.750% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 670175<br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *2262539* |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.3%* |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *368575*<br> <sup>(a)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **32301390** |
| **Health Care — 14.7%** | **Health Care — 14.7%** | **Health Care — 14.7%** | **Health Care — 14.7%** | **Health Care — 14.7%** |
| *Biotechnology — 1.7%* | *Biotechnology — 1.7%* | *Biotechnology — 1.7%* | *Biotechnology — 1.7%* | *Biotechnology — 1.7%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 509271<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/2/28 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 715448<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 2/21/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 366428<br>|
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc., Senior Notes | &nbsp;&nbsp; 1.200% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 704325<br> <sup>(b)</sup><br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *2295472* |
| *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* |
| &nbsp;&nbsp;&nbsp; Solventum Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/23/34 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; *875141*<br>|
| *Health Care Providers & Services — 6.8%* | *Health Care Providers & Services — 6.8%* | *Health Care Providers & Services — 6.8%* | *Health Care Providers & Services — 6.8%* | *Health Care Providers & Services — 6.8%* |
| &nbsp;&nbsp;&nbsp; Centene Corp., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 1940000<br>| &nbsp;&nbsp;&nbsp; 1788221<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 997450<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 912774<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 475314<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 959612<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/21/33 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 402826<br>|
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust | &nbsp;&nbsp; 5.789% | &nbsp;&nbsp; 1/10/26 | &nbsp;&nbsp; 29583<br>| &nbsp;&nbsp;&nbsp; 29609<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust | &nbsp;&nbsp; 7.507% | &nbsp;&nbsp; 1/10/32 | &nbsp;&nbsp; 222931<br>| &nbsp;&nbsp;&nbsp; 233523<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust, Secured Trust | &nbsp;&nbsp; 5.880% | &nbsp;&nbsp; 1/10/28 | &nbsp;&nbsp; 119840<br>| &nbsp;&nbsp;&nbsp; 121440<br>|
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust, Secured Trust | &nbsp;&nbsp; 6.036% | &nbsp;&nbsp; 12/10/28 | &nbsp;&nbsp; 147827<br>| &nbsp;&nbsp;&nbsp; 149943<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust, Secured Trust | &nbsp;&nbsp; 6.943% | &nbsp;&nbsp; 1/10/30 | &nbsp;&nbsp; 184026<br>| &nbsp;&nbsp;&nbsp; 190003<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

Schedule of investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* |
| &nbsp;&nbsp;&nbsp; Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; $720510<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 945943<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 413548<br>|
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 500013<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 286436<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *9127165* |
| *Pharmaceuticals — 5.6%* | *Pharmaceuticals — 5.6%* | *Pharmaceuticals — 5.6%* | *Pharmaceuticals — 5.6%* | *Pharmaceuticals — 5.6%* |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp;&nbsp; 1080154<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Americas Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 1/31/27 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp;&nbsp; 819713<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch Health Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 70375<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Johnson & Johnson, Senior Notes | &nbsp;&nbsp; 0.550% | &nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 993586<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Par Pharmaceutical Inc., Escrow | —  | —  | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(a)(g)(h)(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pfizer Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/15/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 493187<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte Ltd., Senior <br> Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/19/33 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp;&nbsp; 1795319<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 646000<br>| &nbsp;&nbsp;&nbsp; 650206<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 1370000<br>| &nbsp;&nbsp;&nbsp; 1400279<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> BV, Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 144053<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *7446872* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **19744650** |
| **Industrials — 11.8%** | **Industrials — 11.8%** | **Industrials — 11.8%** | **Industrials — 11.8%** | **Industrials — 11.8%** |
| *Aerospace & Defense — 2.9%* | *Aerospace & Defense — 2.9%* | *Aerospace & Defense — 2.9%* | *Aerospace & Defense — 2.9%* | *Aerospace & Defense — 2.9%* |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp;&nbsp; 1063035<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 2/21/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 949374<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 476090<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 202273<br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 325723<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 229380<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 632845<br> <sup>(a)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *3878720* |
| *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Masterbrand Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *173837*<br> <sup>(a)</sup><br>|
| *Commercial Services & Supplies — 1.6%* | *Commercial Services & Supplies — 1.6%* | *Commercial Services & Supplies — 1.6%* | *Commercial Services & Supplies — 1.6%* | *Commercial Services & Supplies — 1.6%* |
| &nbsp;&nbsp;&nbsp; CoreCivic Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp;&nbsp; 912473<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Notes | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 504828<br>|

---

See Notes to Financial Statements.

------

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* | *Commercial Services & Supplies — continued* |
| &nbsp;&nbsp;&nbsp; GEO Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; $360181<br>|
| &nbsp;&nbsp;&nbsp; GFL Environmental Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 199058<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RB Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 189452<br> <sup>(a)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *2165992* |
| *Construction & Engineering — 1.0%* | *Construction & Engineering — 1.0%* | *Construction & Engineering — 1.0%* | *Construction & Engineering — 1.0%* | *Construction & Engineering — 1.0%* |
| &nbsp;&nbsp;&nbsp; JH North America Holdings Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 191778<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JH North America Holdings Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 7/31/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 305169<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tutor Perini Corp., Senior Notes | &nbsp;&nbsp; 11.875% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 799807<br> <sup>(a)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *1296754* |
| *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* |
| &nbsp;&nbsp;&nbsp; Carriage Purchaser Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *587015*<br> <sup>(a)</sup><br>|
| *Machinery — 0.6%* | *Machinery — 0.6%* | *Machinery — 0.6%* | *Machinery — 0.6%* | *Machinery — 0.6%* |
| &nbsp;&nbsp;&nbsp; Cellnex Finance Co. SA, Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 500000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 523742<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Titan International Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 211004<br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *734746* |
| *Passenger Airlines — 2.1%* | *Passenger Airlines — 2.1%* | *Passenger Airlines — 2.1%* | *Passenger Airlines — 2.1%* | *Passenger Airlines — 2.1%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1062801<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 650478<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 263818<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, <br> Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 301787<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd./Spirit IP Cayman <br> Ltd., Senior Secured Notes (11.000% Cash or <br> 4.000% PIK and 8.000% Cash) | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 3/12/30 | &nbsp;&nbsp; 409909<br>| &nbsp;&nbsp;&nbsp; 294110<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 222691<br>| &nbsp;&nbsp;&nbsp; 222434<br> <sup>(b)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *2795428* |
| *Trading Companies & Distributors — 3.1%* | *Trading Companies & Distributors — 3.1%* | *Trading Companies & Distributors — 3.1%* | *Trading Companies & Distributors — 3.1%* | *Trading Companies & Distributors — 3.1%* |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 7/1/25 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1100000<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aircastle Ltd./Aircastle Ireland DAC, Senior <br> Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 332921<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ashtead Capital Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 8/12/31 | &nbsp;&nbsp; 1230000<br>| &nbsp;&nbsp;&nbsp; 1062095<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 376194<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 377442<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; QXO Building Products Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 805508<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

Schedule of investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* |
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior <br> Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; $80078<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *4134238* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **15766730** |
| **Information Technology — 3.4%** | **Information Technology — 3.4%** | **Information Technology — 3.4%** | **Information Technology — 3.4%** | **Information Technology — 3.4%** |
| *Communications Equipment — 1.4%* | *Communications Equipment — 1.4%* | *Communications Equipment — 1.4%* | *Communications Equipment — 1.4%* | *Communications Equipment — 1.4%* |
| &nbsp;&nbsp;&nbsp; CommScope LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 387741<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect US Finco LLC, <br> Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 1090000<br>| &nbsp;&nbsp;&nbsp; 1096952<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viasat Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 390253<br> <sup>(a)</sup><br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *1874946* |
| *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 223427<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 335514<br> <sup>(a)</sup><br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *558941* |
| *IT Services — 0.6%* | *IT Services — 0.6%* | *IT Services — 0.6%* | *IT Services — 0.6%* | *IT Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Amentum Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 329554<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 245564<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance <br> Sub Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 311758<br> <sup>(a)</sup><br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *886876* |
| *Semiconductors & Semiconductor Equipment — 0.4%* | *Semiconductors & Semiconductor Equipment — 0.4%* | *Semiconductors & Semiconductor Equipment — 0.4%* | *Semiconductors & Semiconductor Equipment — 0.4%* | *Semiconductors & Semiconductor Equipment — 0.4%* |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *522798*<br> <sup>(a)</sup><br>|
| *Software — 0.6%* | *Software — 0.6%* | *Software — 0.6%* | *Software — 0.6%* | *Software — 0.6%* |
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 489973<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gen Digital Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 288216<br> <sup>(a)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *778189* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **4621750** |
| **Materials — 7.4%** | **Materials — 7.4%** | **Materials — 7.4%** | **Materials — 7.4%** | **Materials — 7.4%** |
| *Chemicals — 1.6%* | *Chemicals — 1.6%* | *Chemicals — 1.6%* | *Chemicals — 1.6%* | *Chemicals — 1.6%* |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp;&nbsp; 788733<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; OCP SA, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/2/34 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp;&nbsp; 1266309<br> <sup>(a)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *2055042* |
| *Metals & Mining — 4.4%* | *Metals & Mining — 4.4%* | *Metals & Mining — 4.4%* | *Metals & Mining — 4.4%* | *Metals & Mining — 4.4%* |
| &nbsp;&nbsp;&nbsp; ArcelorMittal SA, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 476741<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 350657<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 2570000<br>| &nbsp;&nbsp;&nbsp; 2639236<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* |
| &nbsp;&nbsp;&nbsp; Freeport Indonesia PT, Senior Notes | &nbsp;&nbsp; 5.315% | &nbsp;&nbsp; 4/14/32 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; $451469<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 11/14/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 223578<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 548472<br>|
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 209338<br>|
| &nbsp;&nbsp;&nbsp; Vale Overseas Ltd., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/10/39 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 1022447<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *5921938* |
| *Paper & Forest Products — 1.4%* | *Paper & Forest Products — 1.4%* | *Paper & Forest Products — 1.4%* | *Paper & Forest Products — 1.4%* | *Paper & Forest Products — 1.4%* |
| &nbsp;&nbsp;&nbsp; Suzano Austria GmbH, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/14/26 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 958365<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Suzano Austria GmbH, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 937406<br> <sup>(b)</sup><br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *1895771* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **9872751** |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| *Diversified REITs — 0.2%* | *Diversified REITs — 0.2%* | *Diversified REITs — 0.2%* | *Diversified REITs — 0.2%* | *Diversified REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *240893*<br> <sup>(a)</sup><br>|
| *Hotel & Resort REITs — 0.1%* | *Hotel & Resort REITs — 0.1%* | *Hotel & Resort REITs — 0.1%* | *Hotel & Resort REITs — 0.1%* | *Hotel & Resort REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Service Properties Trust, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; *226400*<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **467293** |
| **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** |
| *Electric Utilities — 1.6%* | *Electric Utilities — 1.6%* | *Electric Utilities — 1.6%* | *Electric Utilities — 1.6%* | *Electric Utilities — 1.6%* |
| &nbsp;&nbsp;&nbsp; Alpha Generation LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 144411<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, <br> Senior Secured Bonds | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 499790<br>|
| &nbsp;&nbsp;&nbsp; Comision Federal de Electricidad, Senior Notes | &nbsp;&nbsp; 3.348% | &nbsp;&nbsp; 2/9/31 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 352661<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage <br> Bonds | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 753949<br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 319066<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *2069877* |
| *Independent Power and Renewable Electricity Producers — 0.7%* | *Independent Power and Renewable Electricity Producers — 0.7%* | *Independent Power and Renewable Electricity Producers — 0.7%* | *Independent Power and Renewable Electricity Producers — 0.7%* | *Independent Power and Renewable Electricity Producers — 0.7%* |
| &nbsp;&nbsp;&nbsp; Lightning Power LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 347523<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Minejesa Capital BV, Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/10/30 | &nbsp;&nbsp; 639414<br>| &nbsp;&nbsp;&nbsp; 632105<br> <sup>(a)(b)</sup><br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *979628* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **3049505** |
| **Total Corporate Bonds & Notes (Cost — $151,369,488)** | **Total Corporate Bonds & Notes (Cost — $151,369,488)** | **Total Corporate Bonds & Notes (Cost — $151,369,488)** | **Total Corporate Bonds & Notes (Cost — $151,369,488)** | &nbsp;&nbsp; **157035747** |
| **Senior Loans — 8.2%** | **Senior Loans — 8.2%** | **Senior Loans — 8.2%** | **Senior Loans — 8.2%** | **Senior Loans — 8.2%** |
| **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** |
| *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* |
| &nbsp;&nbsp;&nbsp; Voyager Parent LLC, Term Loan B  | —  | &nbsp;&nbsp; 5/9/32 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *237866*<br> <sup>(l)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

Schedule of investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Interactive Media & Services — 0.5%* | *Interactive Media & Services — 0.5%* | *Interactive Media & Services — 0.5%* | *Interactive Media & Services — 0.5%* | *Interactive Media & Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B1 (1 mo. Term SOFR + <br> 6.600%) | 10.927% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 119693<br>| &nbsp;&nbsp;&nbsp; $117084<br> <sup>(e)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B3 | 9.500% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 652413<br> <sup>(m)(n)</sup><br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *769497* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1007363** |
| **Consumer Discretionary — 1.8%** | **Consumer Discretionary — 1.8%** | **Consumer Discretionary — 1.8%** | **Consumer Discretionary — 1.8%** | **Consumer Discretionary — 1.8%** |
| *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; WW International Inc., Take-Back Term Loan (3 <br> mo. Term SOFR + 6.800%)  | 11.121% | &nbsp;&nbsp; 6/25/30 | &nbsp;&nbsp; 149391<br>| &nbsp;&nbsp;&nbsp;&nbsp; *135946*<br> <sup>(e)(m)(n)</sup><br>|
| *Hotels, Restaurants & Leisure — 1.7%* | *Hotels, Restaurants & Leisure — 1.7%* | *Hotels, Restaurants & Leisure — 1.7%* | *Hotels, Restaurants & Leisure — 1.7%* | *Hotels, Restaurants & Leisure — 1.7%* |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Incremental Term <br> Loan B1 (1 mo. Term SOFR + 2.250%) | 6.577% | &nbsp;&nbsp; 2/6/31 | &nbsp;&nbsp; 373788<br>| &nbsp;&nbsp;&nbsp; 374023<br> <sup>(e)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Flutter Entertainment Public Ltd. Co., 2024 <br> Term Loan B (3 mo. Term SOFR + 1.750%) | 6.046% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 689500<br>| &nbsp;&nbsp;&nbsp; 688638<br> <sup>(e)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Scientific Games International Inc., Term Loan <br> B2 (1 mo. Term SOFR + 2.250%) | 6.564% | &nbsp;&nbsp; 4/14/29 | &nbsp;&nbsp; 1227573<br>| &nbsp;&nbsp;&nbsp; 1230182<br> <sup>(e)(m)(n)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *2292843* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2428789** |
| **Financials — 3.4%** | **Financials — 3.4%** | **Financials — 3.4%** | **Financials — 3.4%** | **Financials — 3.4%** |
| *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* | *Consumer Finance — 0.1%* |
| &nbsp;&nbsp;&nbsp; Blackhawk Network Holdings Inc., Term Loan B <br> (1 mo. Term SOFR + 4.000%)  | 8.327% | &nbsp;&nbsp; 3/12/29 | &nbsp;&nbsp; 118803<br>| &nbsp;&nbsp;&nbsp;&nbsp; *119592*<br> <sup>(e)(m)(n)</sup><br>|
| *Financial Services — 2.7%* | *Financial Services — 2.7%* | *Financial Services — 2.7%* | *Financial Services — 2.7%* | *Financial Services — 2.7%* |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, Term Loan B2 (3 <br> mo. Term SOFR + 2.000%) | 6.296% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 1144257<br>| &nbsp;&nbsp;&nbsp; 1148548<br> <sup>(e)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citadel Securities LP, 2024 Term Loan Facility <br> (1 mo. Term SOFR + 2.000%) | 6.327% | &nbsp;&nbsp; 10/31/31 | &nbsp;&nbsp; 2199735<br>| &nbsp;&nbsp;&nbsp; 2211152<br> <sup>(e)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, Amendment No. 9 <br> Refinancing Term Loan (1 mo. Term SOFR + <br> 3.500%) | 7.827% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 248130<br>| &nbsp;&nbsp;&nbsp; 249132<br> <sup>(e)(m)(n)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *3608832* |
| *Insurance — 0.4%* | *Insurance — 0.4%* | *Insurance — 0.4%* | *Insurance — 0.4%* | *Insurance — 0.4%* |
| &nbsp;&nbsp;&nbsp; Asurion LLC, New Term Loan B10 (1 mo. Term <br> SOFR + 4.100%)  | 8.427% | &nbsp;&nbsp; 8/19/28 | &nbsp;&nbsp; 492405<br>| &nbsp;&nbsp;&nbsp;&nbsp; *486285*<br> <sup>(e)(m)(n)</sup><br>|
| *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.2%* |
| &nbsp;&nbsp;&nbsp; Starwood Property Mortgage LLC, Term Loan B <br> (1 mo. Term SOFR + 2.250%)  | 6.577% | &nbsp;&nbsp; 11/18/27 | &nbsp;&nbsp; 344744<br>| &nbsp;&nbsp;&nbsp;&nbsp; *345498*<br> <sup>(e)(m)(n)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **4560207** |

---

See Notes to Financial Statements.

------

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** |
| *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* |
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc., Initial Term Loan (3 mo. <br> Term SOFR + 3.750%) | 8.022% | &nbsp;&nbsp; 10/20/27 | &nbsp;&nbsp; 199307<br>| &nbsp;&nbsp;&nbsp; $200839<br> <sup>(e)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Term Loan B (3 mo. Term <br> SOFR + 2.000%) | 6.275% | &nbsp;&nbsp; 2/22/31 | &nbsp;&nbsp; 720974<br>| &nbsp;&nbsp;&nbsp; 723455<br> <sup>(e)(m)(n)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **924294** |
| **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** |
| *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* |
| &nbsp;&nbsp;&nbsp; Coherent Corp., Term Loan B2 (1 mo. Term <br> SOFR + 2.000%)  | 6.327% | &nbsp;&nbsp; 7/2/29 | &nbsp;&nbsp; 602487<br>| &nbsp;&nbsp;&nbsp;&nbsp; *604120*<br> <sup>(e)(m)(n)</sup><br>|
| *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* |
| &nbsp;&nbsp;&nbsp; MKS Instruments Inc., 2025 Dollar Term Loan <br> B (1 mo. Term SOFR + 2.000%)  | 6.322% | &nbsp;&nbsp; 8/17/29 | &nbsp;&nbsp; 433015<br>| &nbsp;&nbsp;&nbsp;&nbsp; *434693*<br> <sup>(e)(m)(n)</sup><br>|
| *Software — 0.8%* | *Software — 0.8%* | *Software — 0.8%* | *Software — 0.8%* | *Software — 0.8%* |
| &nbsp;&nbsp;&nbsp; DCert Buyer Inc., First Lien Initial Term Loan (1 <br> mo. Term SOFR + 4.000%) | 8.327% | &nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp; 304860<br>| &nbsp;&nbsp;&nbsp; 302636<br> <sup>(e)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; Modena Buyer LLC, Initial Term Loan (3 mo. <br> Term SOFR + 4.500%) | 8.780% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 199000<br>| &nbsp;&nbsp;&nbsp; 192159<br> <sup>(e)(m)(n)</sup><br>|
| &nbsp;&nbsp;&nbsp; X.Ai Corp., Initial Term Loan | —  | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 583173<br> <sup>(l)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *1077968* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2116781** |
| **Total Senior Loans (Cost — $11,099,374)** | **Total Senior Loans (Cost — $11,099,374)** | **Total Senior Loans (Cost — $11,099,374)** | **Total Senior Loans (Cost — $11,099,374)** | &nbsp;&nbsp; **11037434** |
| **Asset-Backed Securities — 7.3%** | **Asset-Backed Securities — 7.3%** | **Asset-Backed Securities — 7.3%** | **Asset-Backed Securities — 7.3%** | **Asset-Backed Securities — 7.3%** |
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., 2021-11A E (3 mo. Term SOFR + <br> 6.622%) | &nbsp;&nbsp; 10.878% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 350210<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Home Mortgage Investment Trust, <br> 2007-A 4A (1 mo. Term SOFR + 1.014%) | &nbsp;&nbsp; 5.334% | &nbsp;&nbsp; 7/25/46 | &nbsp;&nbsp; 425983<br>| &nbsp;&nbsp;&nbsp; 89747<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMMC CLO Ltd., 2021-24A ER (3 mo. Term <br> SOFR + 6.500%) | &nbsp;&nbsp; 10.769% | &nbsp;&nbsp; 1/20/35 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 320900<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; AMMC CLO Ltd., 2022-27A DR (3 mo. Term <br> SOFR + 2.700%) | &nbsp;&nbsp; 6.969% | &nbsp;&nbsp; 1/20/37 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150447<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apex Credit CLO Ltd., 2019-2A ERR (3 mo. <br> Term SOFR + 7.670%) | &nbsp;&nbsp; 11.952% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 424931<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Apidos CLO Ltd., 2024-50A E (3 mo. Term SOFR <br> + 5.100%) | &nbsp;&nbsp; 9.369% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 269302<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ares CLO Ltd., 2017-44A CR (3 mo. Term SOFR <br> + 3.662%) | &nbsp;&nbsp; 7.918% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 181265<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., 2020-3A DRR (3 <br> mo. Term SOFR + 3.100%) | &nbsp;&nbsp; 7.379% | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 380235<br> <sup>(a)(e)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

Schedule of investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., 2020-1A ERR (3 <br> mo. Term SOFR + 7.150%) | &nbsp;&nbsp; 11.419% | &nbsp;&nbsp; 10/20/35 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; $443283<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayview Financial Asset Trust, 2007-SR1A M4 <br> (1 mo. Term SOFR + 1.614%) | &nbsp;&nbsp; 5.934% | &nbsp;&nbsp; 3/25/37 | &nbsp;&nbsp; 26570<br>| &nbsp;&nbsp;&nbsp; 26874<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bear Mountain Park CLO Ltd., 2022-1A ER (3 <br> mo. Term SOFR + 5.950%) | &nbsp;&nbsp; 10.206% | &nbsp;&nbsp; 7/15/37 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 396936<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund, 2015-41A DR (3 mo. <br> Term SOFR + 2.862%) | &nbsp;&nbsp; 7.118% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500083<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elevation CLO Ltd., 2016-5A ERR (3 mo. Term <br> SOFR + 7.580%) | &nbsp;&nbsp; 11.893% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 395168<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd., <br> 2020-8A ERR (3 mo. Term SOFR + 5.750%) | &nbsp;&nbsp; 10.019% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 404351<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO Ltd., 2024-77A E (3 <br> mo. Term SOFR + 4.850%) | &nbsp;&nbsp; 9.146% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 680130<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; GSAMP Trust, 2003-SEA2 A1 | &nbsp;&nbsp; 4.421% | &nbsp;&nbsp; 7/25/33 | &nbsp;&nbsp; 302139<br>| &nbsp;&nbsp;&nbsp; 298684<br>|
| &nbsp;&nbsp;&nbsp; HalseyPoint CLO Ltd., 2019-1A FR (3 mo. Term <br> SOFR + 10.730%) | &nbsp;&nbsp; 14.999% | &nbsp;&nbsp; 10/20/37 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 489351<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Indymac Manufactured Housing Contract Pass-<br> Through Certificates, 1997-1 A5 | &nbsp;&nbsp; 6.970% | &nbsp;&nbsp; 2/25/28 | &nbsp;&nbsp; 6441<br>| &nbsp;&nbsp;&nbsp; 6411<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley ABS Capital Inc. Trust, 2003-<br> SD1 A1 (1 mo. Term SOFR + 1.114%) | &nbsp;&nbsp; 5.434% | &nbsp;&nbsp; 3/25/33 | &nbsp;&nbsp; 3902<br>| &nbsp;&nbsp;&nbsp; 3809<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain View CLO Ltd., 2022-1A DR (3 mo. <br> Term SOFR + 4.190%) | &nbsp;&nbsp; 8.446% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 180513<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Mountain CLO Ltd., 5A-D1R (3 mo. Term <br> SOFR + 3.150%) | &nbsp;&nbsp; 7.442% | &nbsp;&nbsp; 7/20/36 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 290000<br> <sup>(a)(e)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., 2022-2A D1R2 (3 mo. Term <br> SOFR + 3.250%) | &nbsp;&nbsp; 7.506% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 342542<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Obra CLO Ltd., 2024-1A E (3 mo. Term SOFR + <br> 6.750%) | &nbsp;&nbsp; 11.173% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 400554<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2023-14A ER (3 mo. <br> Term SOFR + 6.340%) | &nbsp;&nbsp; 10.609% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 487847<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ocean Trails CLO Ltd., 2024-16A E (3 mo. Term <br> SOFR + 6.690%) | &nbsp;&nbsp; 10.959% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 174917<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd., 2023-26A ER (3 mo. Term SOFR <br> + 4.450%) | &nbsp;&nbsp; 8.769% | &nbsp;&nbsp; 4/17/37 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 304608<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners Ltd., 2020-1A <br> ER2 (3 mo. Term SOFR + 6.000%) | &nbsp;&nbsp; 10.272% | &nbsp;&nbsp; 1/22/38 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 508717<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd., 2022-11A D1R (3 mo. <br> Term SOFR + 2.850%) | &nbsp;&nbsp; 7.119% | &nbsp;&nbsp; 7/19/37 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150372<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Origen Manufactured Housing Contract Trust, <br> 2007-A A2 | &nbsp;&nbsp; 6.553% | &nbsp;&nbsp; 4/15/37 | &nbsp;&nbsp; 185866<br>| &nbsp;&nbsp;&nbsp; 173446<br> <sup>(e)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., 2022-3A D1R (3 mo. <br> Term SOFR + 2.950%) | &nbsp;&nbsp; 7.219% | &nbsp;&nbsp; 7/20/37 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; $110456<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; TCW CLO Ltd., 2020-1A DR3 (3 mo. Term SOFR <br> + 3.400%) | &nbsp;&nbsp; 7.669% | &nbsp;&nbsp; 4/20/34 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 169785<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., 2024-27A D1 (3 mo. Term <br> SOFR + 4.300%) | &nbsp;&nbsp; 8.569% | &nbsp;&nbsp; 4/18/37 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 111452<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., 2020-3A D1RR (3 mo. Term <br> SOFR + 2.700%) | &nbsp;&nbsp; 6.969% | &nbsp;&nbsp; 1/20/38 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 490610<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Warwick Capital CLO Ltd., 2024-3A D (3 mo. <br> Term SOFR + 4.500%) | &nbsp;&nbsp; 8.769% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100999<br> <sup>(a)(e)</sup><br>|
| **Total Asset-Backed Securities (Cost — $9,845,245)** | **Total Asset-Backed Securities (Cost — $9,845,245)** | **Total Asset-Backed Securities (Cost — $9,845,245)** | **Total Asset-Backed Securities (Cost — $9,845,245)** | &nbsp;&nbsp; **9808935** |
| **Sovereign Bonds — 6.1%** | **Sovereign Bonds — 6.1%** | **Sovereign Bonds — 6.1%** | **Sovereign Bonds — 6.1%** | **Sovereign Bonds — 6.1%** |
| *Angola — 0.3%* | *Angola — 0.3%* | *Angola — 0.3%* | *Angola — 0.3%* | *Angola — 0.3%* |
| &nbsp;&nbsp;&nbsp; Angolan Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/26/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *363772*<br> <sup>(a)</sup><br>|
| *Argentina — 0.7%* | *Argentina — 0.7%* | *Argentina — 0.7%* | *Argentina — 0.7%* | *Argentina — 0.7%* |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International <br> Bond, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 7/9/29 | &nbsp;&nbsp; 39054<br>| &nbsp;&nbsp;&nbsp; 32786<br>|
| &nbsp;&nbsp;&nbsp; Provincia de Buenos Aires, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 441119<br>| &nbsp;&nbsp;&nbsp; 318157<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Provincia de Cordoba, Senior Notes | &nbsp;&nbsp; 6.990% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 558582<br> <sup>(a)</sup><br>|
| *Total Argentina* | *Total Argentina* | *Total Argentina* | *Total Argentina* | &nbsp;&nbsp; *909525* |
| *Colombia — 1.0%* | *Colombia — 1.0%* | *Colombia — 1.0%* | *Colombia — 1.0%* | *Colombia — 1.0%* |
| &nbsp;&nbsp;&nbsp; Colombia Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 4/22/32 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; *1388545*<br>|
| *Dominican Republic — 0.3%* | *Dominican Republic — 0.3%* | *Dominican Republic — 0.3%* | *Dominican Republic — 0.3%* | *Dominican Republic — 0.3%* |
| &nbsp;&nbsp;&nbsp; Dominican Republic International Bond, Senior <br> Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/23/32 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *351823*<br> <sup>(a)</sup><br>|
| *Indonesia — 1.4%* | *Indonesia — 1.4%* | *Indonesia — 1.4%* | *Indonesia — 1.4%* | *Indonesia — 1.4%* |
| &nbsp;&nbsp;&nbsp; Indonesia Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 7/18/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 298891<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Indonesia Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 1/11/28 | &nbsp;&nbsp; 1670000<br>| &nbsp;&nbsp;&nbsp; 1647644<br> <sup>(b)</sup><br>|
| *Total Indonesia* | *Total Indonesia* | *Total Indonesia* | *Total Indonesia* | &nbsp;&nbsp; *1946535* |
| *Mexico — 1.5%* | *Mexico — 1.5%* | *Mexico — 1.5%* | *Mexico — 1.5%* | *Mexico — 1.5%* |
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 2.659% | &nbsp;&nbsp; 5/24/31 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 312300<br>|
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 7/2/32 | &nbsp;&nbsp; 492000<br>| &nbsp;&nbsp;&nbsp; 498519<br> <sup>(i)</sup><br>|

---

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

Schedule of investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Mexico — continued* | *Mexico — continued* | *Mexico — continued* | *Mexico — continued* | *Mexico — continued* |
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior <br> Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 1/15/47 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; $1266344<br>|
| *Total Mexico* | *Total Mexico* | *Total Mexico* | *Total Mexico* | &nbsp;&nbsp; *2077163* |
| *Panama — 0.9%* | *Panama — 0.9%* | *Panama — 0.9%* | *Panama — 0.9%* | *Panama — 0.9%* |
| &nbsp;&nbsp;&nbsp; Panama Government International Bond, <br> Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/15/47 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp;&nbsp; *1143103*<br>|
| **Total Sovereign Bonds (Cost — $8,110,416)** | **Total Sovereign Bonds (Cost — $8,110,416)** | **Total Sovereign Bonds (Cost — $8,110,416)** | **Total Sovereign Bonds (Cost — $8,110,416)** | &nbsp;&nbsp; **8180466** |
| **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 4.9%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 4.9%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 4.9%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 4.9%** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— 4.9%** |
| &nbsp;&nbsp;&nbsp; 280 Park Avenue Mortgage Trust, 2017-280P F <br> (1 mo. Term SOFR + 3.127%) | &nbsp;&nbsp; 7.439% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 211452<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bear Stearns ALT-A Trust, 2004-3 A1 (1 mo. <br> Term SOFR + 0.754%) | &nbsp;&nbsp; 5.074% | &nbsp;&nbsp; 4/25/34 | &nbsp;&nbsp; 21956<br>| &nbsp;&nbsp;&nbsp; 21708<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust, 2005-7 1A1 <br> (1 mo. Term SOFR + 0.654%) | &nbsp;&nbsp; 4.974% | &nbsp;&nbsp; 3/25/35 | &nbsp;&nbsp; 125642<br>| &nbsp;&nbsp;&nbsp; 116926<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2015-<br> GC29 D | &nbsp;&nbsp; 3.110% | &nbsp;&nbsp; 4/10/48 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 178700<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2015-P1 <br> D | &nbsp;&nbsp; 3.225% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 144242<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, 2015-C3 C | &nbsp;&nbsp; 4.419% | &nbsp;&nbsp; 8/15/48 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 145899<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, Structured Agency Credit Risk Trust, <br> 2020-DNA6 B1 (30 Day Average SOFR + <br> 3.000%) | &nbsp;&nbsp; 7.305% | &nbsp;&nbsp; 12/25/50 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 331215<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, Structured Agency Credit Risk Trust, <br> 2021-DNA7 B2 (30 Day Average SOFR + <br> 7.800%) | &nbsp;&nbsp; 12.105% | &nbsp;&nbsp; 11/25/41 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 481792<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, Structured Agency Credit Risk Trust, <br> 2022-DNA2 M2 (30 Day Average SOFR + <br> 3.750%) | &nbsp;&nbsp; 8.055% | &nbsp;&nbsp; 2/25/42 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 945712<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) <br> REMIC, Structured Agency Credit Risk Trust, <br> 2022-DNA6 M2 (30 Day Average SOFR + <br> 5.750%) | &nbsp;&nbsp; 10.055% | &nbsp;&nbsp; 9/25/42 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1092164<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association <br> (FNMA) — CAS, 2023-R06 1M2 (30 Day <br> Average SOFR + 2.700%) | &nbsp;&nbsp; 7.005% | &nbsp;&nbsp; 7/25/43 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 578741<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association <br> (FNMA) — CAS, 2024-R02 1M2 (30 Day <br> Average SOFR + 1.800%) | &nbsp;&nbsp; 6.105% | &nbsp;&nbsp; 2/25/44 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 525176<br> <sup>(a)(e)</sup><br>|

---

See Notes to Financial Statements.

------

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(o)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(o)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association <br> (FNMA), 2004-W15 1A2 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 8/25/44 | &nbsp;&nbsp; 33469<br>| &nbsp;&nbsp;&nbsp; $34903<br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. II, 2024-70P E | &nbsp;&nbsp; 9.263% | &nbsp;&nbsp; 3/10/41 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 282604<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Impac CMB Trust, 2004-10 2A (1 mo. Term <br> SOFR + 0.754%) | &nbsp;&nbsp; 5.074% | &nbsp;&nbsp; 3/25/35 | &nbsp;&nbsp; 40370<br>| &nbsp;&nbsp;&nbsp; 37294<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Impac CMB Trust, 2005-2 2A2 (1 mo. Term <br> SOFR + 0.914%) | &nbsp;&nbsp; 5.234% | &nbsp;&nbsp; 4/25/35 | &nbsp;&nbsp; 6826<br>| &nbsp;&nbsp;&nbsp; 6634<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; MAFI II Remic Trust, 1998-BI B1 | &nbsp;&nbsp; 4.903% | &nbsp;&nbsp; 11/20/24 | &nbsp;&nbsp; 67830<br>| &nbsp;&nbsp;&nbsp; 47302<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; MERIT Securities Corp., 2011-PA B3 (1 mo. <br> USD LIBOR + 2.250%) | &nbsp;&nbsp; 7.210% | &nbsp;&nbsp; 9/28/32 | &nbsp;&nbsp; 309529<br>| &nbsp;&nbsp;&nbsp; 252068<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2015-UBS8 C | &nbsp;&nbsp; 4.727% | &nbsp;&nbsp; 12/15/48 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 372933<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2016-BNK2 B | &nbsp;&nbsp; 3.485% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 380415<br>|
| &nbsp;&nbsp;&nbsp; Prime Mortgage Trust, 2005-2 2XB, IO | &nbsp;&nbsp; 1.743% | &nbsp;&nbsp; 10/25/32 | &nbsp;&nbsp; 702212<br>| &nbsp;&nbsp;&nbsp; 36710<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Prime Mortgage Trust, 2005-5 1X, IO | &nbsp;&nbsp; 1.110% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 651062<br>| &nbsp;&nbsp;&nbsp; 16119<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; RAMP Trust, 2005-SL2 APO, STRIPS, PO | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/25/32 | &nbsp;&nbsp; 746<br>| &nbsp;&nbsp;&nbsp; 659<br>|
| &nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, 2003-2 A2 (6 mo. <br> Term SOFR + 1.108%) | &nbsp;&nbsp; 5.369% | &nbsp;&nbsp; 6/20/33 | &nbsp;&nbsp; 1862<br>| &nbsp;&nbsp;&nbsp; 1824<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage <br> Pass-Through Certificates, 2003-9A 2A2 | &nbsp;&nbsp; 5.988% | &nbsp;&nbsp; 3/25/33 | &nbsp;&nbsp; 17316<br>| &nbsp;&nbsp;&nbsp; 17004<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, 2018-C15 C | &nbsp;&nbsp; 5.309% | &nbsp;&nbsp; 12/15/51 | &nbsp;&nbsp; 285000<br>| &nbsp;&nbsp;&nbsp; 271374<br> <sup>(e)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $6,364,258)** | **Total Collateralized Mortgage Obligations (Cost — $6,364,258)** | **Total Collateralized Mortgage Obligations (Cost — $6,364,258)** | **Total Collateralized Mortgage Obligations (Cost — $6,364,258)** | &nbsp;&nbsp; **6531570** |
| **U.S. Government & Agency Obligations — 3.0%** | **U.S. Government & Agency Obligations — 3.0%** | **U.S. Government & Agency Obligations — 3.0%** | **U.S. Government & Agency Obligations — 3.0%** | **U.S. Government & Agency Obligations — 3.0%** |
| *U.S. Government Obligations — 3.0%* | *U.S. Government Obligations — 3.0%* | *U.S. Government Obligations — 3.0%* | *U.S. Government Obligations — 3.0%* | *U.S. Government Obligations — 3.0%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (Cost — $4,029,998) | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 4090000 | &nbsp;&nbsp;&nbsp; **4070668**<br>|
|  |  |  | Shares |  |
| **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** |
| **Financials — 0.6%** | **Financials — 0.6%** | **Financials — 0.6%** | **Financials — 0.6%** | **Financials — 0.6%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.6%* |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Non Voting Shares (3 <br> mo. Term SOFR + 4.959%) | &nbsp;&nbsp; 9.215% |  | &nbsp;&nbsp; 17121 | &nbsp;&nbsp;&nbsp; 429908<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp., Non Voting Shares <br> (7.750% to 9/30/25 then 3 mo. USD LIBOR + <br> 4.743%) | &nbsp;&nbsp; 7.750% |  | &nbsp;&nbsp; 5224 | &nbsp;&nbsp;&nbsp; 117906<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; MFA Financial Inc., Non Voting Shares (3 mo. <br> Term SOFR + 5.607%) | &nbsp;&nbsp; 9.902% |  | &nbsp;&nbsp; 9538 | &nbsp;&nbsp;&nbsp; 224334<br> <sup>(e)</sup><br>|
| **Total Preferred Stocks (Cost — $785,025)** | **Total Preferred Stocks (Cost — $785,025)** | **Total Preferred Stocks (Cost — $785,025)** | **Total Preferred Stocks (Cost — $785,025)** | &nbsp;&nbsp; **772148** |

---

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

Schedule of investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Premier Bond Fund**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **Convertible Bonds & Notes — 0.4%** | **Convertible Bonds & Notes — 0.4%** | **Convertible Bonds & Notes — 0.4%** | **Convertible Bonds & Notes — 0.4%** | **Convertible Bonds & Notes — 0.4%** |
| **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** |
| *Media — 0.4%* | *Media — 0.4%* | *Media — 0.4%* | *Media — 0.4%* | *Media — 0.4%* |
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Senior Secured Notes (3.875% <br> Cash or 3.875% PIK) (Cost — $488,247) | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 444203<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$524160**<br> <sup>(c)</sup><br>|
|  |  |  | Shares |  |
| **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** |
| **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** | **Consumer Discretionary — 0.1%** |
| *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; WW International Inc. | &nbsp;&nbsp;&nbsp; WW International Inc. |  | &nbsp;&nbsp; 2923 | &nbsp;&nbsp;&nbsp; **88,275**<br> \*<br>|
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* | *Passenger Airlines — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. | &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings Inc. |  | &nbsp;&nbsp; 5706 | &nbsp;&nbsp;&nbsp; **28,473**<br> \*<br>|
| **Total Common Stocks (Cost — $214,365)** | **Total Common Stocks (Cost — $214,365)** | **Total Common Stocks (Cost — $214,365)** | **Total Common Stocks (Cost — $214,365)** | &nbsp;&nbsp;&nbsp; **116748**<br>|
| **Total Investments before Short-Term Investments (Cost — $192,306,416)** | **Total Investments before Short-Term Investments (Cost — $192,306,416)** | **Total Investments before Short-Term Investments (Cost — $192,306,416)** | **Total Investments before Short-Term Investments (Cost — $192,306,416)** | &nbsp;&nbsp; **198077876** |
|  | Rate |  |  |  |
| **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** |
| &nbsp;&nbsp;&nbsp; Western Asset Premier Institutional <br> Government Reserves, Premium Shares <br> (Cost — $984,074)  | &nbsp;&nbsp; 4.301% |  | &nbsp;&nbsp; 984074<br>| &nbsp;&nbsp;&nbsp;&nbsp; **984074**<br> <sup>(p)(q)</sup><br>|
| **Total Investments — 148.5% (Cost — $193,290,490)** | **Total Investments — 148.5% (Cost — $193,290,490)** | **Total Investments — 148.5% (Cost — $193,290,490)** | **Total Investments — 148.5% (Cost — $193,290,490)** | &nbsp;&nbsp; **199061950** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (48.5)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (48.5)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (48.5)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (48.5)% | &nbsp;&nbsp;&nbsp; (64974379)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$134087571** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements.

------

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

 **Western Asset Premier Bond Fund**

---

| | |
|:---|:---|
| † | Face amount denominated in U.S. dollars, unless otherwise noted. |
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in <br> transactions that are exempt from registration, normally to qualified institutional buyers. This security has been <br> deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(b)</sup> | All or a portion of this security is pledged as collateral pursuant to the loan agreement (Note 5). |
| <sup>(c)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest <br> payments in cash or additional securities. <br>|
| <sup>(d)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to <br> securities offerings that are made outside of the United States and do not involve direct selling efforts in the <br> United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(e)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate <br> securities are not based on a published reference rate and spread but are determined by the issuer or agent and <br> are based on current market conditions. These securities do not indicate a reference rate and spread in their <br> description above.<br>|
| <sup>(f)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(g)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(h)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(i)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(j)</sup> | All or a portion of this security is held by the counterparty as collateral for open reverse repurchase agreements. |
| <sup>(k)</sup> | Value is less than $1. |
| <sup>(l)</sup> | All or a portion of this loan has not settled as of June 30, 2025. Interest rates are not effective until settlement <br> date. Interest rates shown, if any, are for the settled portion of the loan.<br>|
| <sup>(m)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to <br> multiple contracts under the same loan.<br>|
| <sup>(n)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval <br> from the agent bank and/or borrower prior to the disposition of a senior loan. <br>|
| <sup>(o)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through <br> certificates that are structured to direct payments on underlying collateral to different series or classes of the <br> obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial <br> indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(p)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(q)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund <br> ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common <br> ownership or control with the Fund. At June 30, 2025, the total market value of investments in Affiliated <br> Companies was $984,074 and the cost was $984,074 (Note 8).<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

Schedule of investments (unaudited) (cont'd)

June 30, 2025

 **Western Asset Premier Bond Fund**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CAS |  | Connecticut Avenue Securities |
| CLO | —  | Collateralized Loan Obligation |
| DAC | —  | Designated Activity Company |
| 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 June 30, 2025, the Fund had the following open reverse repurchase agreements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty  | Rate | Effective <br>Date<br>| Maturity <br>Date<br>| Face Amount <br>of Reverse <br>Repurchase <br>Agreements<br>| Asset Class <br>of Collateral\*<br>| Collateral <br>Value\*\*<br>|
| Deutsche Bank AG | 4.750% | 6/25/2025 | 9/25/2025 | $4751598 | Corporate Bonds & <br> Notes <br>| $5054786 |
| Royal Bank of Canada | 4.770% | 5/1/2025 | 7/30/2025 | 1335600 | Corporate Bonds & <br> Notes <br>| 1451292 |
|  |  |  |  | **$6087198** |  | **$6506078** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Refer to the Schedule of Investments for positions held at the counterparty as collateral for reverse repurchase agreements. <br> \*\* Including accrued interest.

At June 30, 2025, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| USD | 1436674 | &nbsp;&nbsp; EUR | 1305285 | Bank of America N.A. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp; $(102586)<br>|
| USD | 432831 | &nbsp;&nbsp; GBP | 338942 | Bank of America N.A. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp; (32451)<br>|
| EUR | 147168 | &nbsp;&nbsp; USD | 166556 | Citibank N.A. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp; 6992 |
| GBP | 9630 | &nbsp;&nbsp; USD | 12822 | Goldman Sachs Group Inc. | &nbsp;&nbsp; 7/16/25 | &nbsp;&nbsp; 398 |
| **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$(127647)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements.

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Western Asset Premier Bond Fund 2025 Semi-Annual Report

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 **Western Asset Premier Bond Fund**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| EUR |  | Euro |
| GBP | —  | British Pound |
| USD | —  | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| Market <br>Value<sup>3</sup> <br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Unrealized <br>Appreciation<br>|
| Markit CDX.NA.HY.44 Index | $925000 | 6/20/30 | 5.000% quarterly | **$69580** | **$51817** | **$17763** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap <br> agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the <br> swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) <br> pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a <br> buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and <br> credit indices serve as an indicator of the current status of the payment/performance risk and represent the <br> likelihood of an expected loss (or profit) for the credit derivative had the notional amount of the swap agreement <br> been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy <br> protection), when compared to the notional amount of the swap, represent a deterioration of the referenced <br> entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under <br> the terms of the agreement.<br>|
| † | Percentage shown is an annual percentage rate. |

---

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

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Statement of assets and liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value (Cost — $192,306,416) | &nbsp;&nbsp; $198077876 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value (Cost — $984,074) | &nbsp;&nbsp; 984074 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value (Cost — $85,165) | &nbsp;&nbsp; 81114 |
| &nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp; 15884 |
| &nbsp;&nbsp;&nbsp; Interest receivable | &nbsp;&nbsp; 2906092 |
| &nbsp;&nbsp;&nbsp; Receivable for securities sold  | &nbsp;&nbsp; 464585 |
| &nbsp;&nbsp;&nbsp; Deposits with brokers for centrally cleared swap contracts | &nbsp;&nbsp; 106000 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp; 7390 |
| &nbsp;&nbsp;&nbsp; Receivable from brokers — net variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 2952 |
| &nbsp;&nbsp;&nbsp; Dividends receivable from affiliated investments | &nbsp;&nbsp; 2525 |
| &nbsp;&nbsp;&nbsp; Other receivables | &nbsp;&nbsp; 4783 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | &nbsp;&nbsp; 6294 |
| ***Total Assets*** | &nbsp;&nbsp; ***202659569*** |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp; Loan payable (Note 5) | &nbsp;&nbsp; 59000000 |
| &nbsp;&nbsp;&nbsp; Payable for open reverse repurchase agreements (Note 3) | &nbsp;&nbsp; 6087198 |
| &nbsp;&nbsp;&nbsp; Payable for securities purchased | &nbsp;&nbsp; 2057049 |
| &nbsp;&nbsp;&nbsp; Distributions payable | &nbsp;&nbsp; 830592 |
| &nbsp;&nbsp;&nbsp; Interest and commitment fees payable | &nbsp;&nbsp; 290476 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp; 135037 |
| &nbsp;&nbsp;&nbsp; Investment management fee payable | &nbsp;&nbsp; 68778 |
| &nbsp;&nbsp;&nbsp; Administration fee payable | &nbsp;&nbsp; 20247 |
| &nbsp;&nbsp;&nbsp; Trustees' fees payable | &nbsp;&nbsp; 4971 |
| &nbsp;&nbsp;&nbsp; Accrued expenses | &nbsp;&nbsp; 77650 |
| ***Total Liabilities*** | &nbsp;&nbsp; ***68571998*** |
| **Total Net Assets** | &nbsp;&nbsp; **$134087571** |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp; Common shares, no par value, unlimited number of shares authorized, 11,865,600 shares <br> issued and outstanding<br>| &nbsp;&nbsp; $156146340 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings (loss)  | &nbsp;&nbsp; (22058769)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$134087571** |
| **Shares Outstanding** | &nbsp;&nbsp; 11865600 |
| **Net Asset Value** | &nbsp;&nbsp; $11.30 |

---

See Notes to Financial Statements.

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Western Asset Premier Bond Fund 2025 Semi-Annual Report

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Statement of operations (unaudited)

For the Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp; $6733628 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliated investments | &nbsp;&nbsp; 46997 |
| &nbsp;&nbsp;&nbsp; Dividends from unaffiliated investments | &nbsp;&nbsp; 21356 |
| &nbsp;&nbsp;&nbsp; Less: Foreign taxes withheld | &nbsp;&nbsp; (15537)<br>|
| ***Total Investment Income*** | &nbsp;&nbsp; ***6786444*** |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp; Interest expense (Notes 3 and 5)  | &nbsp;&nbsp; 1710294 |
| &nbsp;&nbsp;&nbsp; Investment management fee (Note 2) | &nbsp;&nbsp; 539852 |
| &nbsp;&nbsp;&nbsp; Audit and tax fees | &nbsp;&nbsp; 36876 |
| &nbsp;&nbsp;&nbsp; Fund accounting fees | &nbsp;&nbsp; 20876 |
| &nbsp;&nbsp;&nbsp; Legal fees | &nbsp;&nbsp; 12909 |
| &nbsp;&nbsp;&nbsp; Shareholder reports | &nbsp;&nbsp; 10710 |
| &nbsp;&nbsp;&nbsp; Commitment fees (Note 5) | &nbsp;&nbsp; 9805 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | &nbsp;&nbsp; 8951 |
| &nbsp;&nbsp;&nbsp; Trustees' fees | &nbsp;&nbsp; 6494 |
| &nbsp;&nbsp;&nbsp; Stock exchange listing fees | &nbsp;&nbsp; 6199 |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp; 606 |
| &nbsp;&nbsp;&nbsp; Custody fees | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses  | &nbsp;&nbsp; 5249 |
| ***Total Expenses*** | &nbsp;&nbsp; ***2368934*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (1143)<br>|
| ***Net Expenses*** | &nbsp;&nbsp; ***2367791*** |
| **Net Investment Income** | &nbsp;&nbsp; **4418653** |
| **Realized and Unrealized Gain (Loss) on Investments, Swap Contracts, Forward Foreign Currency** <br> **Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Swap Contracts, Forward Foreign Currency** <br> **Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):** |
| &nbsp;&nbsp;&nbsp; Net Realized Gain From: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions in unaffiliated securities | &nbsp;&nbsp; 219504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; 3809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | &nbsp;&nbsp; 105463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp; 458 |
| ***Net Realized Gain***  | &nbsp;&nbsp; ***329234*** |
| &nbsp;&nbsp;&nbsp; Change in Net Unrealized Appreciation (Depreciation) From: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | &nbsp;&nbsp; 2131080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; 26182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | &nbsp;&nbsp; (310929)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | &nbsp;&nbsp; 31032 |
| ***Change in Net Unrealized Appreciation (Depreciation)***  | &nbsp;&nbsp; ***1877365*** |
| **Net Gain on Investments, Swap Contracts, Forward Foreign Currency Contracts and** <br> **Foreign Currency Transactions** <br>| &nbsp;&nbsp; **2206599** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$6625252** |

---

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

Statements of changes in net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| For the Six Months Ended June 30, 2025 (unaudited) <br>and the Year Ended December 31, 2024<br>| 2025 | 2024 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | &nbsp;&nbsp; $4418653 | $8772416 |
| &nbsp;&nbsp;&nbsp; Net realized gain  | &nbsp;&nbsp; 329234 | 249438 |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 1877365 | (2696082)<br>|
| ***Increase in Net Assets From Operations*** | &nbsp;&nbsp; ***6625252*** | ***6325772*** |
| **Distributions to Shareholders From (Note 1):** |  |  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings | &nbsp;&nbsp; (4983552)<br>| (9967104)<br>|
| ***Decrease in Net Assets From Distributions to Shareholders*** | &nbsp;&nbsp; ***(4983552***<br> ***)***<br>| ***(9967104***<br> ***)***<br>|
| ***Increase (Decrease) in Net Assets*** | &nbsp;&nbsp; ***1641700*** | ***(3641332***<br> ***)***<br>|
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp; 132445871 | 136087203 |
| **End of period** | &nbsp;&nbsp; **$134087571** | **$132445871** |

---

See Notes to Financial Statements.

------

Western Asset Premier Bond Fund 2025 Semi-Annual Report

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Statement of cash flows (unaudited)

For the Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Increase (Decrease) in Cash:** |  |
| **Cash Flows from Operating Activities:** |  |
| &nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | &nbsp;&nbsp; $6625252 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase in net assets resulting from operations to net cash <br> provided (used) by operating activities:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of portfolio securities | &nbsp;&nbsp; (50660684)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of portfolio securities | &nbsp;&nbsp; 48219280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net purchases, sales and maturities of short-term investments | &nbsp;&nbsp; 5723096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net amortization of premium (accretion of discount) | &nbsp;&nbsp; (856588)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities litigation proceeds | &nbsp;&nbsp; 5449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in receivable for securities sold | &nbsp;&nbsp; (464585)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in interest receivable | &nbsp;&nbsp; (401450)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in receivable from brokers — net variation margin on centrally cleared swap <br> contracts<br>| &nbsp;&nbsp; (2398)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in prepaid expenses | &nbsp;&nbsp; (5693)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in dividends receivable from affiliated investments | &nbsp;&nbsp; 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in principal paydown receivable | &nbsp;&nbsp; 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable for securities purchased | &nbsp;&nbsp; (962291)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in investment management fee payable | &nbsp;&nbsp; (3369)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in Trustees' fees payable | &nbsp;&nbsp; 4374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in administration fee payable | &nbsp;&nbsp; (1000)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in interest and commitment fees payable | &nbsp;&nbsp; (28974)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued expenses | &nbsp;&nbsp; (41615)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | &nbsp;&nbsp; (219504)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of investments and forward foreign <br> currency contracts<br>| &nbsp;&nbsp; (1820151)<br>|
| ***Net Cash Provided in Operating Activities\**** | &nbsp;&nbsp; ***5111465*** |
| **Cash Flows from Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp; Distributions paid on common stock (net of distributions payable) | &nbsp;&nbsp; (4152960)<br>|
| &nbsp;&nbsp;&nbsp; Decrease in payable for open reverse repurchase agreements | &nbsp;&nbsp; (1092977)<br>|
| ***Net Cash Used by Financing Activities*** | &nbsp;&nbsp; ***(5245937***<br> ***)***<br>|
| **Net Decrease in Cash and Restricted Cash** | &nbsp;&nbsp; **(134472)**<br>|
| Cash and restricted cash at beginning of period | &nbsp;&nbsp; 337470 |
| Cash and restricted cash at end of period | &nbsp;&nbsp; $202998 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Included in operating expenses is $1,749,073 paid for interest and commitment fees on borrowings.

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

Cash Flows.

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp; $96998 |
| &nbsp;&nbsp;&nbsp; Restricted cash | &nbsp;&nbsp; 106000 |
| **Total cash and restricted cash shown in the Statement of Cash Flows** | &nbsp;&nbsp; **$202998** |

---

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

Financial highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a common share outstanding throughout each year ended December 31, unless otherwise noted:** | **For a common share outstanding throughout each year ended December 31, unless otherwise noted:** | **For a common share outstanding throughout each year ended December 31, unless otherwise noted:** | **For a common share outstanding throughout each year ended December 31, unless otherwise noted:** | **For a common share outstanding throughout each year ended December 31, unless otherwise noted:** | **For a common share outstanding throughout each year ended December 31, unless otherwise noted:** | **For a common share outstanding throughout each year ended December 31, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>| 2020<sup>1</sup> <br>|
| **Net asset value, beginning of period** | $11.16 | &nbsp;&nbsp; $11.47 | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $14.32 | &nbsp;&nbsp; $14.85 | &nbsp;&nbsp; $14.66 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | 0.37 | 0.74 | 0.77 | 0.82 | 0.87 | 0.87 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.19 | &nbsp;&nbsp; (0.21)<br>| 0.27 | &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (0.61)<br>| 0.10 |
| ***Total income (loss) from*** <br> ***operations***<br>| ***0.56*** | ***0.53*** | ***1.04*** | &nbsp;&nbsp; ***(2.30)*** | ***0.26*** | ***0.97*** |
| **Less distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.42 )<sup>3</sup><br>| &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.79)<br>|
| ***Total distributions***  | ***(0.42***<br> ***)***<br>| &nbsp;&nbsp; ***(0.84***<br> ***)***<br>| &nbsp;&nbsp; ***(0.80***<br> ***)***<br>| &nbsp;&nbsp; ***(0.79***<br> ***)***<br>| &nbsp;&nbsp; ***(0.79***<br> ***)***<br>| &nbsp;&nbsp; ***(0.79***<br> ***)***<br>|
| &nbsp;&nbsp;&nbsp; Anti-dilutive impact of repurchase plan |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01 <br><sup>4</sup><br>|
| **Net asset value, end of period** | $11.30 | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $11.47 | &nbsp;&nbsp; $11.23 | &nbsp;&nbsp; $14.32 | &nbsp;&nbsp; $14.85 |
| **Market price, end of period** | $10.85 | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp; $10.80 | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $14.33 | &nbsp;&nbsp; $14.17 |
| ***Total return, based on NAV***<sup>5,6</sup> <br>| ***5.04%***<br>| ***4.81%***<br>| ***9.77%***<br>| &nbsp;&nbsp; ***(16.21***<br> *)%***<br>| ***1.80%***<br>| ***7.28%***<br>|
| ***Total return, based on Market Price***<sup>7</sup> <br>| ***4.68%***<br>| ***7.69%***<br>| ***9.57%***<br>| &nbsp;&nbsp; ***(20.29***<br> *)%***<br>| ***6.87%***<br>| ***2.64%***<br>|
| **Net assets, end of period (millions)** | $134 | &nbsp;&nbsp; $132 | &nbsp;&nbsp; $136 | &nbsp;&nbsp; $133 | &nbsp;&nbsp; $170 | &nbsp;&nbsp; $176 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Gross expenses | 3.61 %<sup>8</sup><br>| 3.71<br> %<br>| 3.29<br> %<br>| 2.19<br> %<br>| 1.22<br> %<br>| 1.50<br> %<br>|
| &nbsp;&nbsp;&nbsp; Net expenses<sup>9</sup> <br>| 3.61 <br><sup>810</sup><br>| 3.71 <br><sup>10</sup><br>| 3.29 <br><sup>10</sup><br>| 2.19 <br><sup>10</sup><br>| 1.22 <br><sup>10</sup><br>| 1.50 |
| &nbsp;&nbsp;&nbsp; Net investment income | 6.74 <br><sup>8</sup><br>| 6.54 | 6.94 | 6.80 | 5.93 | 6.24 |
| **Portfolio turnover rate** | **25%**<br>| &nbsp;&nbsp; **43%**<br>| &nbsp;&nbsp; **36%**<br>| &nbsp;&nbsp; **72%**<br>| &nbsp;&nbsp; **32%**<br>| &nbsp;&nbsp; **55%**<br>|
| **Supplemental data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Loan Outstanding, End of Period (000s) | $59000 | &nbsp;&nbsp; $59000 | &nbsp;&nbsp; $47500 | &nbsp;&nbsp; $57500 | &nbsp;&nbsp; $57500 | &nbsp;&nbsp; $57500 |
| &nbsp;&nbsp;&nbsp; Asset Coverage Ratio for Loan <br> Outstanding<sup>11</sup> <br>| 327<br> %<br>| &nbsp;&nbsp; 324<br> %<br>| &nbsp;&nbsp; 386<br> %<br>| &nbsp;&nbsp; 332<br> %<br>| &nbsp;&nbsp; 395<br> %<br>| &nbsp;&nbsp; 406<br> %<br>|
| &nbsp;&nbsp;&nbsp; Asset Coverage, per $1,000 Principal <br> Amount of Loan Outstanding<sup>11</sup> <br>| $3273 | &nbsp;&nbsp; $3245 | &nbsp;&nbsp; $3865 | &nbsp;&nbsp; $3317 | &nbsp;&nbsp; $3954 | &nbsp;&nbsp; $4064 |
| &nbsp;&nbsp;&nbsp; Weighted Average Loan (000s) | $59000 | &nbsp;&nbsp; $54458 | &nbsp;&nbsp; $48240 | &nbsp;&nbsp; $57500 | &nbsp;&nbsp; $57500 | &nbsp;&nbsp; $57448 |
| &nbsp;&nbsp;&nbsp; Weighted Average Interest Rate on <br> Loan<br>| 5.22<br> %<br>| 6.04<br> %<br>| 5.81<br> %<br>| 2.42<br> %<br>| 0.80<br> %<br>| 1.48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements.

------

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended June 30, 2025 (unaudited).

<sup>3</sup> The actual source of the Fund's current fiscal year distributions may be from net investment income, realized capital gains, return of capital or a combination thereof. Shareholders will be informed of the tax characteristics of the distributions after the close of the fiscal year. 

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

<sup>5</sup> Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

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

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

<sup>8</sup> Annualized.

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

<sup>10</sup> Reflects fee waivers and/or expense reimbursements.

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

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

Notes to financial statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

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

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

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

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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.

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.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; $26300161 | &nbsp;&nbsp; $272605 | &nbsp;&nbsp; $26572766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; 32301390 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 32301390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; — | &nbsp;&nbsp; 19744650 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 19744650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Corporate Bonds & <br> Notes<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 78416941 | &nbsp;&nbsp; — | &nbsp;&nbsp; 78416941 |
| &nbsp;&nbsp;&nbsp; Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 11037434 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11037434 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 9808935 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9808935 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 8180466 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8180466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 6531570 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6531570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government & Agency <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4070668 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4070668 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; $772148 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 772148 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 524160 | &nbsp;&nbsp; — | &nbsp;&nbsp; 524160 |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 116748 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 116748 |
| Total Long-Term Investments | &nbsp;&nbsp; 888896 | &nbsp;&nbsp; 196916375 | &nbsp;&nbsp; 272605 | &nbsp;&nbsp; 198077876 |
| Short-Term Investments† | &nbsp;&nbsp; 984074 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 984074 |
| **Total Investments** | &nbsp;&nbsp; **$1872970** | &nbsp;&nbsp; **$196916375** | &nbsp;&nbsp; **$272605** | &nbsp;&nbsp; **$199061950** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency <br> Contracts††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $7390 | &nbsp;&nbsp; — | &nbsp;&nbsp; $7390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit <br> Default Swaps on Credit <br> Indices — Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 17763 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17763 |
| **Total Other Financial** <br> **Instruments**<br>| &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$25153** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$25153** |
| **Total** | &nbsp;&nbsp; **$1872970** | &nbsp;&nbsp; **$196941528** | &nbsp;&nbsp; **$272605** | &nbsp;&nbsp; **$199087103** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency <br> Contracts††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $135037 | &nbsp;&nbsp; — | &nbsp;&nbsp; $135037 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| † | See Schedule of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |
| †† | Reflects the unrealized appreciation (depreciation) of the instruments. |

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

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

**(c) Swap agreements.** The Fund invests in swaps for the purpose of managing its exposure to interest rate, credit or market risk, or for other purposes. The use of swaps involves risks that are different from those associated with other portfolio transactions. Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract ("OTC Swaps") or centrally cleared ("Centrally Cleared Swaps"). Unlike Centrally Cleared Swaps, the Fund has credit exposure to the counterparties of OTC Swaps.

In a Centrally Cleared Swap, immediately following execution of the swap, the swap agreement is submitted to a clearinghouse or central counterparty (the "CCP") and the CCP becomes the ultimate counterparty of the swap agreement. The Fund is required to interface with the CCP through a broker, acting in an agency capacity. All payments are settled with the CCP through the broker. Upon entering into a Centrally Cleared Swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities.

Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of Centrally Cleared Swaps, if any, is recorded as a net receivable or payable for variation margin on the Statement of Assets and Liabilities. Gains or losses are realized upon termination of the swap agreement. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Fund's custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is identified on the Statement of Assets and Liabilities. Risks may exceed amounts recorded in the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms, and the possible lack of liquidity with respect to the swap agreements.

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

OTC Swap payments received or made at the beginning of the measurement period are reflected as a premium or deposit, respectively, on the Statement of Assets and Liabilities. These upfront payments are amortized over the life of the swap and are recognized as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Fund are recognized as a realized gain or loss in the Statement of Operations.

The Fund's maximum exposure in the event of a defined credit event on a credit default swap to sell protection is the notional amount. As of June 30, 2025, the Fund did not hold any credit default swaps to sell protection.

For average notional amounts of swaps held during the six months ended June 30, 2025, see Note 4.

***<u>Credit default swaps</u>***

The Fund enters into credit default swap ("CDS") contracts for investment purposes, to manage its credit risk or to add leverage. CDS agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate or sovereign issuers, on a specified obligation, or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. The Fund may use a CDS to provide protection against defaults of the issuers (i.e., to reduce risk where the Fund has exposure to an issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default. As a seller of protection, the Fund generally receives an upfront payment or a stream of payments throughout the term of the swap, provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the maximum potential amount of future payments (undiscounted) that the Fund could be required to make under a CDS agreement would be an amount equal to the notional amount of the agreement. These amounts of potential payments will be partially offset by any recovery of values from the respective referenced obligations. As a seller of protection, the Fund effectively adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied spreads are the theoretical prices a lender receives for credit default protection. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and decreasing market values, 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. Credit spreads utilized in determining the period end market value of CDS agreements on corporate or sovereign issues are disclosed in the Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for credit derivatives. For

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CDS agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, particularly in relation to the notional amount of the contract as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk.

The Fund's maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract (this risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty). As the protection seller, the Fund's maximum risk is the notional amount of the contract. CDS are considered to have credit risk-related contingent features since they require payment by the protection seller to the protection buyer upon the occurrence of a defined credit event.

Entering into a CDS agreement involves, to varying degrees, elements of credit, market and documentation risk in excess of the related amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreement, and that there will be unfavorable changes in net interest rates.

**(d) Loan participations.** The Fund may invest in loans arranged through private negotiation between one or more financial institutions. The Fund's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement related to the loan, or any rights of offset against the borrower and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

The Fund assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Fund and the borrower. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower.

**(e) Stripped securities.** The Fund may invest in ''Stripped Securities,'' a term used collectively for components, or strips, of fixed income securities. Stripped Securities can be principal only securities ("PO"), which are debt obligations that have been stripped of unmatured interest coupons, or interest only securities ("IO"), which are unmatured interest coupons that have been stripped from debt obligations. The market value of Stripped Securities will fluctuate in response to changes in economic conditions, rates of pre-payment, interest rates and the market's perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation may increase with a longer period of maturity.

The yield to maturity on IO's is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater

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

than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in IO's.

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

**(g) Securities traded on a when-issued and delayed delivery basis.** The Fund may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction.

Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

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

**(i) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

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

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

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

**(j) Credit and market risk.** The Fund invests in high-yield and emerging market instruments that are subject to certain credit and market risks. The yields of high-yield and emerging market debt obligations reflect, among other things, perceived credit and market risks. The Fund's investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading. The consequences of political, social, economic or diplomatic changes may have disruptive effects on the market prices of investments held by the Fund. The Fund's investments in non-U.S. dollar denominated securities may also result in foreign currency losses caused by devaluations and exchange rate fluctuations.

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

**(k) Foreign investment risks.** The Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions,

Western Asset Premier Bond Fund 2025 Semi-Annual Report

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

expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

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

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

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

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

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while

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Western Asset Premier Bond Fund 2025 Semi-Annual Report

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collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

As of June 30, 2025, the Fund held forward foreign currency contracts with credit related contingent features which had a liability position of $135,037. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivatives counterparties.

**(m) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Paydown gains and losses on mortgage- and asset-backed securities are recorded as adjustments to interest income. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

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

**(o) Compensating balance arrangements.** The Fund had an arrangement with its custodian bank whereby a portion of the custodian's fees was paid indirectly by credits earned on the Fund's cash on deposit with the bank. Effective April 1, 2025, credits earned, if any, are recognized as income.

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

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of December 31, 2024, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal

Western Asset Premier Bond Fund 2025 Semi-Annual Report

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

excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

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

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

**2. Investment management agreement and other transactions with affiliates**

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

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

Under the terms of the administration services agreement between Western Asset and Franklin Templeton Fund Adviser, LLC ("FTFA"), Western Asset pays FTFA a monthly fee at an annual rate of 0.125% of the Fund's average weekly total managed assets, subject to a monthly minimum fee of $12,500.

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

During the six months ended June 30, 2025, fees waived and/or expenses reimbursed amounted to $1,143, all of which was an affiliated money market fund waiver.

------

Western Asset Premier Bond Fund 2025 Semi-Annual Report

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

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

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

**3. Investments**

During the six months ended June 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows: <br>

---

| | | |
|:---|:---|:---|
|  | Investments | &nbsp;&nbsp; U.S. Government & <br>Agency Obligations<br>|
| Purchases | &nbsp;&nbsp; $46356885 | &nbsp;&nbsp; $4303799 |
| Sales | &nbsp;&nbsp; 46803378 | &nbsp;&nbsp; 1415902 |

---

At June 30, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Cost/Premiums <br>Paid (Received)<br>| &nbsp;&nbsp; Gross <br>Unrealized <br>Appreciation<br>| &nbsp;&nbsp; Gross <br>Unrealized <br>Depreciation<br>| &nbsp;&nbsp; Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $193652612 | &nbsp;&nbsp; $8361847 | &nbsp;&nbsp; $(2952509) | &nbsp;&nbsp; $5409338 |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 7390 | &nbsp;&nbsp; (135037) | &nbsp;&nbsp; (127647) |
| Swap contracts | &nbsp;&nbsp; 51817 | &nbsp;&nbsp; 17763 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17763 |

---

Transactions in reverse repurchase agreements for the Fund during the six months ended June 30, 2025 were as follows: <br>

---

| | | |
|:---|:---|:---|
| Average Daily <br>Balance\*<br>| &nbsp;&nbsp; Weighted Average <br>Interest Rate\*<br>| &nbsp;&nbsp; Maximum Amount <br>Outstanding<br>|
| $6679813 | &nbsp;&nbsp; 4.774% | &nbsp;&nbsp; $7203229 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Interest rates on reverse repurchase agreements ranged from 4.720% to 5.120% during the six months ended June 30, 2025. Interest expense incurred on reverse repurchase agreements totaled $160,316.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Derivative instruments and hedging activities** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at June 30, 2025. <br>

---

| | | | |
|:---|:---|:---|:---|
| **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  | **ASSET DERIVATIVES**<sup>1</sup>  |
|  | &nbsp;&nbsp; Foreign <br>Exchange Risk<br>| &nbsp;&nbsp; Credit <br>Risk<br>| Total |
| Forward foreign currency contracts | &nbsp;&nbsp; $7390 | &nbsp;&nbsp; — | &nbsp;&nbsp; $7390 |
| Centrally cleared swap contracts<sup>2</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $17763 | &nbsp;&nbsp; 17763 |
| **Total** | &nbsp;&nbsp; **$7390** | &nbsp;&nbsp; **$17763** | &nbsp;&nbsp; **$25153** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | &nbsp;&nbsp; Foreign <br>Exchange Risk<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; $135037 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of centrally cleared swap contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended June 30, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period. <br>

---

| | | | |
|:---|:---|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | &nbsp;&nbsp; Foreign <br>Exchange Risk<br>| &nbsp;&nbsp; Credit <br>Risk<br>| Total |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $3809 | &nbsp;&nbsp; $3809 |
| Forward foreign currency contracts | &nbsp;&nbsp; $105463 | &nbsp;&nbsp; — | &nbsp;&nbsp; 105463 |
| **Total** | &nbsp;&nbsp; **$105463** | &nbsp;&nbsp; **$3809** | &nbsp;&nbsp; **$109272** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | |
|:---|:---|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | &nbsp;&nbsp; Foreign <br>Exchange Risk<br>| &nbsp;&nbsp; Credit <br>Risk<br>| Total |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; $26182 | &nbsp;&nbsp; $26182 |
| Forward foreign currency contracts | &nbsp;&nbsp; $(310929)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (310929)<br>|
| **Total** | &nbsp;&nbsp; **$(310929)**<br>| &nbsp;&nbsp; **$26182** | &nbsp;&nbsp; **$(284747)**<br>|

---

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Western Asset Premier Bond Fund 2025 Semi-Annual Report

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During the six months ended June 30, 2025, the volume of derivative activity for the Fund was as follows: <br>

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; Average Market <br>Value\*<br>|
| Forward foreign currency contracts (to buy) | &nbsp;&nbsp; $298453 |
| Forward foreign currency contracts (to sell) | &nbsp;&nbsp; 2178437 |
|  | &nbsp;&nbsp; Average Notional <br>Balance\*\*<br>|
| Credit default swap contracts (sell protection) | &nbsp;&nbsp; $1340714 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Based on the average of the market values at each month-end during the period.

\*\* Based on the average of the notional amounts at each month-end during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | &nbsp;&nbsp; Gross Assets <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| &nbsp;&nbsp; Gross <br>Liabilities <br>Subject to <br>Master <br>Agreements<sup>1</sup> <br>| &nbsp;&nbsp; Net Assets <br>(Liabilities) <br>Subject to <br>Master <br>Agreements<br>| &nbsp;&nbsp; Collateral <br>Pledged <br>(Received)<br>| &nbsp;&nbsp; Net <br>Amount<sup>2,3</sup> <br>|
| Bank of America N.A. | &nbsp;&nbsp; — | &nbsp;&nbsp; $(135037) | &nbsp;&nbsp; $(135037) | &nbsp;&nbsp; — | &nbsp;&nbsp; $(135037) |
| Citibank N.A. | &nbsp;&nbsp; $6992 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6992 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6992 |
| Goldman Sachs Group Inc. | &nbsp;&nbsp; 398 | &nbsp;&nbsp; — | &nbsp;&nbsp; 398 | &nbsp;&nbsp; — | &nbsp;&nbsp; 398 |
| **Total** | &nbsp;&nbsp; **$7390** | &nbsp;&nbsp; **$(135037)** | &nbsp;&nbsp; **$(127647)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$(127647)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>2</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. 

<sup>3</sup> Represents the net amount receivable (payable) from (to) the counterparty in the event of default.

**5. Loan**

The Fund has a Margin Loan and Security Agreement (the "Credit Agreement") with Bank of America, N.A. ("BofA") that allows the Fund to borrow up to an aggregate amount of $72,000,000 and renews daily for a 179-day term unless notice to the contrary is given to the Fund. The Fund pays interest on borrowings calculated based on the Secured Overnight Financing Rate ("SOFR") plus applicable margin. The Fund pays a commitment fee on the unutilized portion of the loan commitment amount at an annual rate of 0.20% except that the commitment fee is 0.15% when the aggregate outstanding balance of the loan is equal to or greater than 50% of the maximum commitment amount. To the extent of the borrowing outstanding, the Fund is required to maintain collateral in a special custody account at the Fund's custodian on behalf of BofA. The Credit Agreement contains customary covenants that, among other things, may limit the Fund's ability to pay distributions in certain circumstances, incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations, and require asset coverage ratios in addition to those required by the 1940 Act. In addition, the Credit Agreement may be subject to early termination under certain conditions and may contain other provisions that could limit the Fund's ability to utilize borrowing under the agreement. Interest expense related to the Credit Agreement for the six months ended June 30, 2025

Western Asset Premier Bond Fund 2025 Semi-Annual Report

------

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

was $1,549,258. For the six months ended June 30, 2025, the Fund incurred commitment fees of $9,805. For the six months ended June 30, 2025, based on the number of days during the reporting period that the Fund had a loan balance outstanding, the average daily loan balance was $59,000,000 and the weighted average interest rate was 5.22%. At June 30, 2025, the Fund had $59,000,000 of borrowings outstanding.

**6. Distributions subsequent to June 30, 2025**

The following distributions have been declared by the Board and are payable subsequent to the period end of this report: <br>

---

| | | |
|:---|:---|:---|
| Record Date | Payable Date | Amount |
| 6/23/2025 | &nbsp;&nbsp; 7/1/2025 | &nbsp;&nbsp; $0.0700 |
| 7/24/2025 | &nbsp;&nbsp; 8/1/2025 | &nbsp;&nbsp; $0.0700 |
| 8/22/2025 | &nbsp;&nbsp; 9/2/2025 | &nbsp;&nbsp; $0.0700 |

---

**7. Share repurchase program**

On November 20, 2015, the Fund announced that the Board had authorized the Fund to repurchase in the open market up to approximately 10% of the Fund's outstanding common shares when the Fund's shares are trading at a discount to net asset value. The Board has directed management of the Fund to repurchase its common shares at such times and in such amounts as management reasonably believes may enhance shareholder value. The Fund is under no obligation to purchase shares at any specific discount levels or in any specific amounts. During the six months ended June 30, 2025, and the year ended December 31, 2024, the Fund did not repurchase any shares.

Since the commencement of the share repurchase program through June 30, 2025, the Fund repurchased 44,671 shares or 0.38% of its common shares outstanding for a total amount of $462,743.

**8. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the six months ended June 30, 2025. The following transactions were effected in such company for the six months ended June 30, 2025. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2024 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>December 31, <br>2024 | Cost | Shares | Proceeds | Shares |
| Western Asset <br> Premier <br> Institutional <br> Government <br> Reserves, Premium <br> Shares<br>| $2219515 | $27051379 | 27051379 | $28286820 | 28286820 |

---

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Western Asset Premier Bond Fund 2025 Semi-Annual Report

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>June 30, <br>2025<br>|
| Western Asset Premier <br> Institutional <br> Government Reserves, <br> Premium Shares<br>|  | $46997 |  | $984074 |

---

**9. Deferred capital losses**

As of December 31, 2024, the Fund had deferred capital losses of $26,998,678, which have no expiration date, that will be available to offset future taxable capital gains.

**10. Recent accounting pronouncement**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, *Income Taxes (Topic 740) – Improvements to Income Tax Disclosures*. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes that the adoption of the ASU will not have a material impact on the financial statements.

**11. Operating segments**

The Fund has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. The update is limited to disclosure requirements and does not impact the Fund's financial position or results of operations.

The Fund operates as a single operating segment, which is an investment portfolio. The Fund's Investment Adviser serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's Schedule of Investments provides details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

Western Asset Premier Bond Fund 2025 Semi-Annual Report

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Board approval of management and

subadvisory agreements (unaudited)

The Executive and Contracts Committee of the Board of Trustees (the "Executive and Contracts Committee") considered the Investment Management Agreement between the Fund and Western Asset Management Company, LLC ("Western Asset") and the following subadvisory agreements with respect to the Fund (collectively, the "Agreements") (i) a subadvisory agreement between Western Asset and Western Asset Management Company Limited ("WAML") with respect to the Fund, (ii) a subadvisory agreement between Western Asset and Western Asset Management Company Pte. Ltd. in Singapore ("Western Singapore") with respect to the Fund, and (iii) a subadvisory agreement between Western Asset and Western Asset Management Company Ltd in Japan ("Western Japan," and together with Western Singapore and WAML, the "Non-U.S. Advisers," and together with Western Asset, the "Advisers") with respect to the Fund at a meeting held on April 29, 2025. At an in-person meeting held on May 13, 2025, the Executive and Contracts Committee reported to the full Board of Trustees their considerations and recommendation with respect to the Agreements, and the Board of Trustees, including a majority of the Independent Trustees, considered and approved renewal of the Agreements.

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

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

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

------

Western Asset Premier Bond Fund

------

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

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

In reviewing the quality of the services provided to the Fund, the Trustees also reviewed comparisons of the performance of the Fund to the performance of a group consisting of all (including the Fund) closed-end leveraged, BBB-rated corporate debt (leveraged) funds (the "Performance Universe") and the Bloomberg U.S. Corporate High Yield Bond Index (the "Index"). The Directors noted that the performance of the Fund was equal to the performance of the median of the Performance Universe for the 1-year period ended December 31, 2024, but that the performance of the Fund exceeded the performance of the median of the Performance Universe for the 3-, 5-, and 10-year periods ended December 31, 2024. The Board further noted that the Fund's performance trailed that of the Index for the 1-, 3-, 5-, and 10- year periods ended December 31, 2024. The Trustees considered the factors involved in the Fund's performance relative to the performance of the Index and the Performance Universe and discussed the reasons for the Fund's underperformance relative to the performance of the Index. The Trustees concluded that the Advisers' management of the Fund would continue to be in the best interests of the shareholders.

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

Western Asset Premier Bond Fund

------

Board approval of management and

subadvisory agreements (unaudited) (cont'd)

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

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

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

In their deliberations with respect to these matters, the Independent Trustees were advised by their independent counsel, who is independent, within the meaning of the Securities and Exchange Commission rules regarding the independence of counsel, of the Advisers. The Independent Trustees weighed the foregoing matters in light of the advice given to them by

------

Western Asset Premier Bond Fund

------

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

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

Western Asset Premier Bond Fund

------

Additional shareholder information (unaudited)

**Results of annual meeting of shareholders**

The Annual Meeting of Shareholders of Western Asset Premier Bond Fund was held on May 16, 2025 for the purpose of considering and voting upon the proposal presented at the Meeting. The following table provides information concerning the matters voted upon at the Meeting:

**Election of Trustees** 

---

| | | |
|:---|:---|:---|
| **Nominees** | **FOR** | **WITHHELD** |
| Robert Abeles, Jr. | &nbsp;&nbsp; 9334235 | &nbsp;&nbsp; 258729 |
| Jane F. Dasher | &nbsp;&nbsp; 8947015 | &nbsp;&nbsp; 645949 |
| Anita L. DeFrantz | &nbsp;&nbsp; 8912759 | &nbsp;&nbsp; 680205 |
| Susan B. Kerley | &nbsp;&nbsp; 8967589 | &nbsp;&nbsp; 625375 |
| Michael Larson | &nbsp;&nbsp; 8968280 | &nbsp;&nbsp; 624684 |
| Ronald L. Olson | &nbsp;&nbsp; 8959131 | &nbsp;&nbsp; 633833 |
| Avedick B. Poladian | &nbsp;&nbsp; 8955099 | &nbsp;&nbsp; 637865 |
| William E. B. Siart | &nbsp;&nbsp; 8996698 | &nbsp;&nbsp; 596266 |
| Jaynie Miller Studenmund | &nbsp;&nbsp; 8963931 | &nbsp;&nbsp; 629033 |
| Peter J. Taylor | &nbsp;&nbsp; 9383230 | &nbsp;&nbsp; 209734 |
| Jane E. Trust | &nbsp;&nbsp; 9392353 | &nbsp;&nbsp; 200611 |

---

At June 30, 2025, the Trustees of the Fund were Robert Abeles, Jr., Jane F. Dasher, Anita L. DeFrantz, Susan B. Kerley, Michael Larson, Ronald L. Olson, Avedick B. Poladian, William E.B. Siart, Jaynie Miller Studenmund, Peter J. Taylor and Jane E. Trust.

------

Western Asset Premier Bond Fund

------

Dividend reinvestment plan (unaudited)

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

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

**Additional information regarding the plan**

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

Western Asset Premier Bond Fund

------

Dividend reinvestment plan (unaudited) (cont'd)

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

------

Western Asset Premier Bond Fund

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Western Asset <br>

Premier Bond Fund

**Trustees**

Robert Abeles, Jr.

Jane F. Dasher

Anita L. DeFrantz

Susan B. Kerley

Michael Larson

Ronald L. Olson

Avedick B. Poladian

William E.B. Siart <br>*Chair*

Jaynie M. Studenmund

Peter J. Taylor

Jane Trust

**Officers**

Jane Trust <br>*President and Chief Executive Officer*

Christopher Berarducci <br>*Treasurer and Principal Financial* <br>*Officer*

Ted P. Becker <br>*Chief Compliance Officer*

Marc A. De Oliveira <br>*Secretary and Chief Legal* <br>*Officer*

Thomas C. Mandia <br>*Senior Vice President*

Jeanne M. Kelly <br>*Senior Vice President*

**Western Asset Premier Bond Fund**

One Madison Avenue <br>17th Floor <br>New York, NY 10010

**Investment advisers**

Western Asset Management Company, LLC

Western Asset Management Company Limited

Western Asset Management Company Pte. Ltd.

Western Asset Management Company Ltd

**Custodian**

The Bank of New York Mellon

**Transfer agent**

Computershare Inc. <br>P.O. Box 43006 <br>Providence, RI 02940-3078

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP <br>Baltimore, MD 21202

**Legal counsel**

Ropes & Gray LLP <br>1211 Avenue of the Americas <br>New York, NY 10036

**New York Stock Exchange Symbol**

WEA

------

Franklin Templeton Funds Privacy and Security Notice

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Your Privacy and the Security of Your Personal Information is Very Important to Us**

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

**The Type of Nonpublic Personal Information the Funds Collect About You**

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

• Personal information included on applications or other forms;

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

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

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

**How the Funds Use Nonpublic Personal Information About You**

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

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

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

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

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

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

Except as otherwise permitted by applicable law, companies acting on the Funds' behalf, including those outside the United States, are contractually obligated to keep nonpublic

**NOT PART OF THE SEMI-ANNUAL REPORT**

------

Franklin Templeton Funds Privacy and Security Notice

(cont'd)

personal information the Funds provide to them confidential and to use the information the Funds share only to provide the services the Funds ask them to perform.

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

**Keeping You Informed of the Funds' Privacy and Security Practices**

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

**The Funds' Security Practices**

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

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

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

Revised December 2023.

**NOT PART OF THE SEMI-ANNUAL REPORT**

------

**Western Asset Premier Bond Fund** 

Western Asset Premier Bond Fund <br>One Madison Avenue <br>17th Floor <br>New York, NY 10010

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

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

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling 1-888-777-0102, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Fund may be found on Franklin Templeton's website, which can be accessed at www.franklintempleton.com. Any reference to Franklin Templeton's website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate Franklin Templeton's website in this report.

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

Computershare Inc. <br>P.O. Box 43006 <br>Providence, RI 02940-3078

**90240-S 8/25** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 1 of this Form
N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 1 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. INVESTMENT PROFESSIONALS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Effective August 19, 2025, the individuals responsible for day-to-day portfolio management, development of investment strategy, oversight and coordination of the Fund are Michael Buchanan, Chris Kilpatrick, Ryan Brist and Walter Kilcullen. These investment professionals, all of whom are employed by Western Asset Management Company work together with a broader investment management team.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

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

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

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](wapbf-efp17077_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](wapbf-efp17077_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Western Asset Premier Bond Fund**

---

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

---

Date: August 25, 2025

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

---

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

---

Date: August 25, 2025

---

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

---

Date: August 25, 2025

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jane Trust, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | August 25, 2025 | /s/ Jane Trust |
|  |  | Jane Trust |
|  |  | Chief Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Christopher Berarducci, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | August 25, 2025 | /s/ Christopher Berarducci |
|  |  | Christopher Berarducci |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

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

1. The Registrant's periodic report on Form N-CSR for the period ended **June 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

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

---

| | |
|:---|:---|
| **Chief Executive Officer** | **Principal Financial Officer** |
| Western Asset Premier Bond Fund | Western Asset Premier Bond Fund |
| /s/ Jane Trust | /s/ Christopher Berarducci |
| Jane Trust | Christopher Berarducci |
| Date: August 25, 2025 | Date: August 25, 2025 |

---

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