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WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited)		March 31, 2021


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CORPORATE BONDS & NOTES - 108.6%
COMMUNICATION SERVICES - 14.2%
Diversified Telecommunication Services - 3.4%
Altice France Holding SA, Senior Secured Notes		10.500	%		5/15/27		450,000	$	506,968	^(a)
Altice France SA, Senior Secured Notes		7.375	%		5/1/26		1,560,000		1,624,506	^(a)
Altice France SA, Senior Secured Notes		8.125	%		2/1/27		430,000		471,815	^(a)
Lumen Technologies Inc., Senior Secured Notes		4.000	%		2/15/27		1,050,000		1,073,940	^(a)
Orange SA, Senior Notes		9.000	%		3/1/31		600,000		928,446
Verizon Communications Inc., Senior Notes		5.150	%		9/15/23		580,000		643,582
Verizon Communications Inc., Senior Notes		4.329	%		9/21/28		500,000		572,804

Total Diversified Telecommunication Services									5,822,061

Entertainment - 1.1%
Netflix Inc., Senior Notes		5.875	%		11/15/28		410,000		496,436
Netflix Inc., Senior Notes		6.375	%		5/15/29		310,000		384,787
TWDC Enterprises 18 Corp., Senior Notes		3.000	%		2/13/26		500,000		538,698
Walt Disney Co., Senior Notes		8.875	%		4/26/23		400,000		467,009

Total Entertainment									1,886,930

Media - 6.9%
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.125	%		5/1/27		350,000		370,527	^(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.000	%		2/1/28		410,000		434,046	^(a)
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		4.200	%		3/15/28		1,000,000		1,102,934
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		2.300	%		2/1/32		500,000		465,369
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		6.384	%		10/23/35		420,000		544,706
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		6.484	%		10/23/45		1,130,000		1,474,280
Comcast Corp., Senior Notes		3.700	%		4/15/24		1,000,000		1,092,436
Comcast Corp., Senior Notes		7.050	%		3/15/33		1,000,000		1,428,117
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		1,160,000		1,214,851
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		1,180,000		1,303,900
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		720,000		1,002,280
Univision Communications Inc., Senior Secured Notes		9.500	%		5/1/25		470,000		517,000	^(a)
Virgin Media Secured Finance PLC, Senior Secured Notes		5.500	%		8/15/26		770,000		800,400	^(a)

Total Media									11,750,846

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Wireless Telecommunication Services - 2.8%
CSC Holdings LLC, Senior Notes		6.500	%		2/1/29		560,000	$	619,850	^(a)
Sprint Capital Corp., Senior Notes		6.875	%		11/15/28		420,000		530,395
Sprint Capital Corp., Senior Notes		8.750	%		3/15/32		30,000		44,393
Sprint Communications Inc., Senior Notes		11.500	%		11/15/21		280,000		297,325
Sprint Corp., Senior Notes		7.875	%		9/15/23		760,000		869,630
T-Mobile USA Inc., Senior Secured Notes		2.550	%		2/15/31		1,250,000		1,226,175	^(a)
VEON Holdings BV, Senior Notes		5.950	%		2/13/23		570,000		608,523	^(a)
Vodafone Group PLC, Senior Notes		4.375	%		5/30/28		500,000		574,753

Total Wireless Telecommunication Services									4,771,044

TOTAL COMMUNICATION SERVICES									24,230,881

CONSUMER DISCRETIONARY - 12.6%
Auto Components - 1.4%
Adient Global Holdings Ltd., Senior Notes		4.875	%		8/15/26		580,000		600,201	^(a)
Adient US LLC, Senior Secured Notes		9.000	%		4/15/25		360,000		400,050	^(a)
American Axle & Manufacturing Inc., Senior Notes		6.500	%		4/1/27		600,000		623,250
JB Poindexter & Co. Inc., Senior Notes		7.125	%		4/15/26		790,000		836,413	^(a)

Total Auto Components									2,459,914

Automobiles - 3.4%
Daimler Finance North America LLC, Senior Notes		8.500	%		1/18/31		1,000,000		1,477,700
Ford Motor Co., Senior Notes		8.500	%		4/21/23		440,000		491,150
Ford Motor Co., Senior Notes		9.000	%		4/22/25		580,000		703,192
Ford Motor Credit Co. LLC, Senior Notes		4.250	%		9/20/22		200,000		207,208
General Motors Co., Senior Notes		5.400	%		10/2/23		100,000		108,646
General Motors Co., Senior Notes		6.125	%		10/1/25		130,000		153,018
General Motors Co., Senior Notes		4.200	%		10/1/27		750,000		824,001
General Motors Co., Senior Notes		6.600	%		4/1/36		140,000		181,984
Nissan Motor Co. Ltd., Senior Notes		4.810	%		9/17/30		1,570,000		1,723,892	^(a)

Total Automobiles									5,870,791

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Diversified Consumer Services - 0.4%
Carriage Services Inc., Senior Notes		6.625	%		6/1/26		430,000		$	453,031	^(a)
WW International Inc., Senior Notes		8.625	%		12/1/25		210,000			218,888	^(a)

Total Diversified Consumer Services										671,919

Hotels, Restaurants & Leisure - 6.0%
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		5.750	%		4/15/25		250,000			266,018	^(a)
Carnival Corp., Senior Notes		7.625	%		3/1/26		310,000			333,420	^(a)
Carnival Corp., Senior Notes		5.750	%		3/1/27		840,000			863,100	^(a)
IRB Holding Corp., Senior Secured Notes		7.000	%		6/15/25		430,000			463,637	^(a)
Marston’s Issuer PLC, Secured Notes (3 mo. GBP LIBOR + 2.550%)		2.578	%		7/16/35		540,000	^GBP		593,071	^(b)(c)
NCL Corp. Ltd., Senior Secured Notes		12.250	%		5/15/24		920,000			1,115,620	^(a)
NCL Corp. Ltd., Senior Secured Notes		10.250	%		2/1/26		840,000			987,672	^(a)
Royal Caribbean Cruises Ltd., Senior Notes		5.500	%		4/1/28		840,000			845,250	^(a)
Saga PLC, Senior Notes		3.375	%		5/12/24		910,000	^GBP		1,191,789	^(b)
Silversea Cruise Finance Ltd., Senior Secured Notes		7.250	%		2/1/25		348,000			360,832	^(a)
Viking Cruises Ltd., Senior Notes		5.875	%		9/15/27		130,000			127,319	^(a)
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		980,000			970,381	^(a)
Wynn Macau Ltd., Senior Notes		5.125	%		12/15/29		1,000,000			1,026,775	^(a)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes		7.750	%		4/15/25		990,000			1,074,447	^(a)

Total Hotels, Restaurants & Leisure										10,219,331

Household Durables - 0.7%
Lennar Corp., Senior Notes		5.000	%		6/15/27		430,000			495,575
Lennar Corp., Senior Notes		4.750	%		11/29/27		250,000			287,342
Newell Brands Inc., Senior Notes		4.875	%		6/1/25		420,000			464,100

Total Household Durables										1,247,017

Specialty Retail - 0.4%
Party City Holdings Inc., Senior Secured Notes		8.750	%		2/15/26		480,000			495,300	^(a)
Sally Holdings LLC/Sally Capital Inc., Senior Notes		5.500	%		11/1/23		100,000			100,917

Total Specialty Retail										596,217

Textiles, Apparel & Luxury Goods - 0.3%
Hanesbrands Inc., Senior Notes		4.875	%		5/15/26		450,000			483,188	^(a)

TOTAL CONSUMER DISCRETIONARY										21,548,377

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CONSUMER STAPLES - 3.4%
Beverages - 1.0%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.700	%		2/1/36		540,000	$	633,613
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.000	%		4/13/28		1,000,000		1,115,140

Total Beverages									1,748,753

Food & Staples Retailing - 1.0%
CVS Pass-Through Trust		5.789	%		1/10/26		224,807		246,854	^(a)
CVS Pass-Through Trust		7.507	%		1/10/32		322,527		403,810	^(a)
CVS Pass-Through Trust, Secured Trust		5.880	%		1/10/28		282,409		325,505
CVS Pass-Through Trust, Secured Trust		6.943	%		1/10/30		309,988		373,783
CVS Pass-Through Trust, Senior Secured Trust		6.036	%		12/10/28		296,888		346,511

Total Food & Staples Retailing									1,696,463

Food Products - 0.9%
Kraft Heinz Foods Co., Senior Notes		3.950	%		7/15/25		126,000		138,923
Kraft Heinz Foods Co., Senior Notes		5.500	%		6/1/50		340,000		417,213
Pilgrim’s Pride Corp., Senior Notes		5.875	%		9/30/27		920,000		987,114	^(a)

Total Food Products									1,543,250

Tobacco - 0.5%
Altria Group Inc., Senior Notes		4.800	%		2/14/29		500,000		574,876
Reynolds American Inc., Senior Notes		5.850	%		8/15/45		260,000		307,099

Total Tobacco									881,975

TOTAL CONSUMER STAPLES									5,870,441

ENERGY - 21.4%
Oil, Gas & Consumable Fuels - 21.4%
Anadarko Finance Co., Senior Notes		7.500	%		5/1/31		570,000		590,007
Chesapeake Energy Corp., Senior Notes		5.500	%		2/1/26		100,000		104,277	^(a)
Chesapeake Energy Corp., Senior Notes		5.875	%		2/1/29		120,000		127,425	^(a)
Chevron USA Inc., Senior Notes		5.050	%		11/15/44		500,000		635,646
Conoco Phillips Canada Funding Co., Senior Notes		7.400	%		12/1/31		450,000		637,395
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		560,000		575,050
Continental Resources Inc., Senior Notes		4.375	%		1/15/28		210,000		221,077
Continental Resources Inc., Senior Notes		4.900	%		6/1/44		250,000		250,474
Diamondback Energy Inc., Senior Notes		3.500	%		12/1/29		400,000		415,441
Ecopetrol SA, Senior Notes		5.875	%		9/18/23		45,000		49,764
Ecopetrol SA, Senior Notes		5.375	%		6/26/26		750,000		842,355
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		2,510,000		2,683,140

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
EOG Resources Inc., Senior Notes		3.150	%		4/1/25		2,250,000	$	2,407,235
EQT Corp., Senior Notes		3.900	%		10/1/27		1,050,000		1,072,969
EQT Corp., Senior Notes		5.000	%		1/15/29		760,000		815,100
KazMunayGas National Co. JSC, Senior Notes		4.750	%		4/19/27		770,000		879,646	^(a)
Kinder Morgan Inc., Senior Notes		7.750	%		1/15/32		190,000		267,284
Kinder Morgan Inc., Senior Notes		5.550	%		6/1/45		1,500,000		1,797,506
Lukoil International Finance BV, Senior Notes		4.750	%		11/2/26		1,000,000		1,105,581	^(a)
MEG Energy Corp., Secured Notes		6.500	%		1/15/25		290,000		299,918	^(a)
NGPL PipeCo LLC, Senior Notes		7.768	%		12/15/37		490,000		651,610	^(a)
Occidental Petroleum Corp., Senior Notes		6.200	%		3/15/40		250,000		257,500
Petrobras Global Finance BV, Senior Notes		4.375	%		5/20/23		310,000		325,159
Petrobras Global Finance BV, Senior Notes		5.999	%		1/27/28		1,460,000		1,606,000
Petrobras Global Finance BV, Senior Notes		5.750	%		2/1/29		1,000,000		1,092,960
Petrobras Global Finance BV, Senior Notes		6.750	%		1/27/41		920,000		1,022,943
Petroleos del Peru SA, Senior Notes		5.625	%		6/19/47		770,000		810,194	^(a)
Range Resources Corp., Senior Notes		5.000	%		3/15/23		280,000		285,075
Range Resources Corp., Senior Notes		4.875	%		5/15/25		190,000		188,385
Range Resources Corp., Senior Notes		9.250	%		2/1/26		1,645,000		1,789,382
Range Resources Corp., Senior Notes		8.250	%		1/15/29		300,000		321,562	^(a)
Rockies Express Pipeline LLC, Senior Notes		7.500	%		7/15/38		350,000		392,000	^(a)
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.750	%		5/15/24		440,000		496,738
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.000	%		3/15/27		1,850,000		2,107,282
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.500	%		7/15/27		250,000		272,295
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.875	%		1/15/29		20,000		22,072
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		1,000,000		1,266,873
Transportadora de Gas del Peru SA, Senior Notes		4.250	%		4/30/28		1,750,000		1,933,435	^(a)
Transportadora de Gas del Sur SA, Senior Notes		6.750	%		5/2/25		300,000		259,725	^(a)
Western Midstream Operating LP, Senior Notes		5.300	%		2/1/30		2,200,000		2,391,873

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Western Midstream Operating LP, Senior Notes		5.300	%		3/1/48		100,000	$	100,604
Western Midstream Operating LP, Senior Notes		6.500	%		2/1/50		1,680,000		1,819,507
Williams Cos. Inc., Senior Notes		4.550	%		6/24/24		60,000		66,160
Williams Cos. Inc., Senior Notes		7.500	%		1/15/31		443,000		587,346
Williams Cos. Inc., Senior Notes		8.750	%		3/15/32		39,000		57,260
WPX Energy Inc., Senior Notes		8.250	%		8/1/23		210,000		241,500
YPF SA, Senior Notes		8.500	%		7/28/25		630,000		441,885	^(a)

TOTAL ENERGY									36,584,615

FINANCIALS - 26.9%
Banks - 19.2%
Bank of America Corp., Junior
Subordinated Notes (5.875% to 3/15/28 then 3 mo. USD LIBOR + 2.931%)		5.875	%		3/15/28		350,000		382,172	^(c)(d)
Bank of America Corp., Senior Notes		5.000	%		5/13/21		1,100,000		1,105,600
Bank of America Corp., Subordinated Notes		4.250	%		10/22/26		2,200,000		2,468,897
Barclays Bank PLC, Subordinated Notes		10.179	%		6/12/21		610,000		620,498	^(a)
Barclays Bank PLC, Subordinated Notes		7.625	%		11/21/22		1,159,000		1,272,313
Barclays PLC, Junior Subordinated Notes (8.000% to 6/15/24 then 5 year Treasury Constant Maturity Rate + 5.672%)		8.000	%		6/15/24		550,000		610,760	^(c)(d)
Barclays PLC, Subordinated Notes		5.200	%		5/12/26		1,000,000		1,132,940
BBVA Bancomer SA, Subordinated Notes (5.125% to 1/17/28 then 5 year Treasury Constant Maturity Rate + 2.650%)		5.125	%		1/18/33		950,000		979,730	^(a)(c)
BNP Paribas SA, Junior Subordinated Notes (7.375% to 8/19/25 then USD 5 year ICE Swap Rate + 5.150%)		7.375	%		8/19/25		510,000		591,955	^(a)(c)(d)
BPCE SA, Subordinated Notes		5.150	%		7/21/24		1,000,000		1,120,150	^(a)
CIT Group Inc., Senior Notes		5.250	%		3/7/25		312,000		351,975
Citigroup Inc., Junior Subordinated Notes (5.950% to 5/15/25 then 3 mo. USD LIBOR + 3.905%)		5.950	%		5/15/25		900,000		972,000	^(c)(d)
Citigroup Inc., Junior Subordinated Notes (6.300% to 5/15/24 then 3 mo. USD LIBOR + 3.423%)		6.300	%		5/15/24		500,000		532,405	^(c)(d)
Citigroup Inc., Subordinated Notes		3.500	%		5/15/23		500,000		529,198
Citigroup Inc., Subordinated Notes		4.125	%		7/25/28		800,000		885,864
Citigroup Inc., Subordinated Notes		6.625	%		6/15/32		1,000,000		1,325,980

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
Credit Agricole SA, Junior Subordinated Notes (8.125% to 12/23/25 then USD 5 year ICE Swap Rate + 6.185%)		8.125	%		12/23/25		1,080,000	$	1,304,775	^(a)(c)(d)
HSBC Holdings PLC, Junior Subordinated Notes (6.000% to 5/22/27 then USD 5 year ICE Swap Rate + 3.746%)		6.000	%		5/22/27		400,000		438,900	^(c)(d)
HSBC Holdings PLC, Junior Subordinated Notes (6.500% to 3/23/28 then USD 5 year ICE Swap Rate + 3.606%)		6.500	%		3/23/28		1,130,000		1,269,131	^(c)(d)
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		1,320,000		1,442,498	^(a)
Intesa Sanpaolo SpA, Subordinated Notes		5.710	%		1/15/26		2,070,000		2,321,505	^(a)
JPMorgan Chase & Co., Junior Subordinated Notes (6.000% to 8/1/23 then 3 mo. USD LIBOR + 3.300%)		6.000	%		8/1/23		2,600,000		2,734,568	^(c)(d)
JPMorgan Chase & Co., Junior Subordinated Notes (6.100% to 10/1/24 then 3 mo. USD LIBOR + 3.330%)		6.100	%		10/1/24		400,000		431,538	^(c)(d)
JPMorgan Chase & Co., Subordinated Notes		4.950	%		6/1/45		500,000		625,249
Lloyds Banking Group PLC, Subordinated Notes		4.650	%		3/24/26		1,500,000		1,681,866
Natwest Group PLC, Junior Subordinated Notes (8.625% to 8/15/21 then USD 5 year ICE Swap Rate + 7.598%)		8.625	%		8/15/21		450,000		461,687	^(c)(d)
Natwest Group PLC, Subordinated Notes		6.000	%		12/19/23		150,000		169,383
Natwest Group PLC, Subordinated Notes		5.125	%		5/28/24		1,330,000		1,478,232
NatWest Markets NV, Subordinated Notes		7.750	%		5/15/23		140,000		157,168
Santander UK Group Holdings PLC, Subordinated Notes		5.625	%		9/15/45		1,000,000		1,238,172	^(a)
UniCredit SpA, Subordinated Notes (7.296% to 4/2/29 then USD 5 year ICE Swap Rate + 4.914%)		7.296	%		4/2/34		740,000		872,689	^(a)(c)
Wells Fargo & Co., Senior Notes		3.000	%		10/23/26		1,250,000		1,334,823

Total Banks									32,844,621

Capital Markets - 3.9%
Credit Suisse Group AG, Junior Subordinated Notes (7.250% to 9/12/25 then USD 5 year ICE Swap Rate + 4.332%)		7.250	%		9/12/25		1,350,000		1,465,418	^(a)(c)(d)
Goldman Sachs Group Inc., Senior Notes		5.250	%		7/27/21		800,000		812,390
Goldman Sachs Group Inc., Senior Notes		3.500	%		11/16/26		1,750,000		1,897,960

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Capital Markets - (continued)
Morgan Stanley, Senior Notes (4.431% to 1/23/29 then 3 mo. USD LIBOR + 1.628%)		4.431	%		1/23/30		1,000,000	$	1,145,777	^(c)
UBS Group AG, Junior Subordinated Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%)		7.000	%		1/31/24		1,250,000		1,373,856	^(a)(c)(d)

Total Capital Markets									6,695,401

Diversified Financial Services - 3.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.450	%		12/16/21		680,000		695,747
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.625	%		7/1/22		230,000		240,627
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.625	%		10/15/27		1,360,000		1,493,511
Ahold Lease USA Inc. Pass-Through-Trust, Senior Secured Notes, Step bond (8.620% to 7/2/21 then 0.000%)		8.620	%		1/2/25		294,306		326,170
GE Capital International Funding Co. Unlimited Co., Senior Notes		4.418	%		11/15/35		500,000		573,011
Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK)		6.500	%		9/15/24		1,696,626		1,629,185	^(a)(e)
International Lease Finance Corp., Senior Notes		5.875	%		8/15/22		700,000		748,738

Total Diversified Financial Services									5,706,989

Insurance - 0.5%
MetLife Inc., Junior Subordinated Notes		10.750	%		8/1/39		500,000		838,128

TOTAL FINANCIALS									46,085,139

HEALTH CARE - 7.2%
Biotechnology - 0.3%
AbbVie Inc., Senior Notes		3.800	%		3/15/25		500,000		546,649

Health Care Providers & Services - 2.7%
Centene Corp., Senior Notes		4.250	%		12/15/27		240,000		252,750
Centene Corp., Senior Notes		4.625	%		12/15/29		370,000		400,932
HCA Inc., Senior Secured Notes		4.500	%		2/15/27		1,000,000		1,122,436
HCA Inc., Senior Secured Notes		4.125	%		6/15/29		550,000		610,127
Humana Inc., Senior Notes		3.950	%		3/15/27		1,200,000		1,339,544
Legacy LifePoint Health LLC, Senior Secured Notes		6.750	%		4/15/25		330,000		351,450	^(a)
Magellan Health Inc., Senior Notes		4.900	%		9/22/24		515,000		553,947

Total Health Care Providers & Services									4,631,186

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Pharmaceuticals - 4.2%
Bausch Health Cos. Inc., Senior Notes		6.125	%		4/15/25		1,490,000	$	1,529,038	^(a)
Bristol-Myers Squibb Co., Senior Notes		3.400	%		7/26/29		780,000		853,303
Bristol-Myers Squibb Co., Senior Notes		4.625	%		5/15/44		250,000		309,314
Teva Pharmaceutical Finance Co. BV, Senior Notes		2.950	%		12/18/22		575,000		577,515
Teva Pharmaceutical Finance IV BV, Senior Notes		3.650	%		11/10/21		330,000		333,226
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.200	%		7/21/21		1,550,000		1,550,969
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.800	%		7/21/23		1,046,000		1,042,653
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		6.000	%		4/15/24		760,000		811,167
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		180,000		172,350

Total Pharmaceuticals									7,179,535

TOTAL HEALTH CARE									12,357,370

INDUSTRIALS - 14.1%
Aerospace & Defense - 2.7%
Boeing Co., Senior Notes		3.250	%		2/1/28		750,000		776,466
Boeing Co., Senior Notes		3.200	%		3/1/29		1,650,000		1,672,667
Boeing Co., Senior Notes		6.125	%		2/15/33		600,000		752,084
Boeing Co., Senior Notes		3.750	%		2/1/50		500,000		479,751
TransDigm Inc., Senior Secured Notes		8.000	%		12/15/25		920,000		1,002,800	^(a)

Total Aerospace & Defense									4,683,768

Airlines - 5.7%
Continental Airlines Pass-Through Trust, Senior Secured Trust		6.703	%		6/15/21		53,250		53,111
Delta Air Lines Inc., Senior Notes		3.625	%		3/15/22		460,000		465,209
Delta Air Lines Inc., Senior Notes		3.800	%		4/19/23		1,100,000		1,124,247
Delta Air Lines Inc., Senior Notes		2.900	%		10/28/24		310,000		310,181
Delta Air Lines Inc., Senior Notes		7.375	%		1/15/26		260,000		304,324
Delta Air Lines Inc., Senior Secured Notes		7.000	%		5/1/25		1,490,000		1,717,652	^(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.750	%		10/20/28		340,000		370,013	^(a)
Delta Air Lines Pass-Through Certificates Trust		8.021	%		8/10/22		40,705		42,514
Hawaiian Brand Intellectual Property Ltd./ HawaiianMiles Loyalty Ltd., Senior Secured Notes		5.750	%		1/20/26		920,000		978,742	^(a)

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Airlines - (continued)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes		6.500	%		6/20/27		920,000	$	1,009,700	^(a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		1,950,000		2,208,209	^(a)
United Airlines Pass-Through Trust		4.750	%		4/11/22		175,150		177,985
United Airlines Pass-Through Trust		4.875	%		1/15/26		920,000		956,800

Total Airlines									9,718,687

Building Products - 1.5%
Standard Industries Inc., Senior Notes		5.000	%		2/15/27		1,870,000		1,952,981	^(a)
Standard Industries Inc., Senior Notes		4.750	%		1/15/28		511,000		530,342	^(a)

Total Building Products									2,483,323

Electrical Equipment - 0.5%
Sensata Technologies BV, Senior Notes		4.000	%		4/15/29		790,000		805,725	^(a)(f)

Industrial Conglomerates - 0.1%
General Electric Co., Junior Subordinated Notes (3 mo. USD LIBOR + 3.330%)		3.514	%		6/15/21		260,000		246,025	^(c)(d)

Professional Services - 0.6%
IHS Markit Ltd., Senior Notes		5.000	%		11/1/22		1,000,000		1,054,922	^(a)

Trading Companies & Distributors - 3.0%
Ashtead Capital Inc., Senior Notes		4.125	%		8/15/25		1,950,000		2,005,243	^(a)
H&E Equipment Services Inc., Senior Notes		3.875	%		12/15/28		1,290,000		1,256,138	^(a)
United Rentals North America Inc., Secured Notes		3.875	%		11/15/27		1,500,000		1,556,250
United Rentals North America Inc., Senior Notes		5.500	%		5/15/27		160,000		170,940
United Rentals North America Inc., Senior Notes		4.875	%		1/15/28		110,000		116,008

Total Trading Companies & Distributors									5,104,579

TOTAL INDUSTRIALS									24,097,029

INFORMATION TECHNOLOGY - 2.0%
Communications Equipment - 0.1%
CommScope Inc., Senior Notes		8.250	%		3/1/27		170,000		182,114	^(a)

IT Services - 0.4%
DXC Technology Co., Senior Notes		7.450	%		10/15/29		500,000		633,866

Semiconductors & Semiconductor Equipment - 0.3%
Broadcom Corp./Broadcom Cayman Finance Ltd., Senior Notes		3.125	%		1/15/25		500,000		532,371

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Technology Hardware, Storage & Peripherals - 1.2%
Seagate HDD Cayman, Senior Notes		4.750	%		1/1/25		1,220,000	$	1,325,560
Seagate HDD Cayman, Senior Notes		4.875	%		6/1/27		260,000		286,163
Western Digital Corp., Senior Notes		4.750	%		2/15/26		430,000		474,591

Total Technology Hardware, Storage & Peripherals									2,086,314

TOTAL INFORMATION TECHNOLOGY									3,434,665

MATERIALS - 4.4%
Chemicals - 0.6%
Braskem America Finance Co., Senior Notes		7.125	%		7/22/41		920,000		1,048,685	^(b)

Containers & Packaging - 0.0%††
Pactiv LLC, Senior Notes		7.950	%		12/15/25		50,000		56,000

Metals & Mining - 3.1%
Anglo American Capital PLC, Senior Notes		4.125	%		9/27/22		210,000		220,341	^(a)
ArcelorMittal SA, Senior Notes		7.250	%		10/15/39		430,000		589,343
First Quantum Minerals Ltd., Senior Notes		7.250	%		4/1/23		210,000		213,995	^(a)
Freeport-McMoRan Inc., Senior Notes		5.400	%		11/14/34		220,000		262,326
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		580,000		698,819
Fresnillo PLC, Senior Notes		4.250	%		10/2/50		1,750,000		1,722,613	^(a)
Teck Resources Ltd., Senior Notes		6.000	%		8/15/40		210,000		252,599
Vale Overseas Ltd., Senior Notes		6.875	%		11/10/39		940,000		1,257,156

Total Metals & Mining									5,217,192

Paper & Forest Products - 0.7%
Suzano Austria GmbH, Senior Notes		5.750	%		7/14/26		950,000		1,119,318	^(a)

TOTAL MATERIALS									7,441,195

REAL ESTATE - 1.1%
Equity Real Estate Investment Trusts (REITs) - 1.1%
Diversified Healthcare Trust, Senior Notes		9.750	%		6/15/25		240,000		271,980
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		5.000	%		10/15/27		1,500,000		1,580,670

TOTAL REAL ESTATE									1,852,650

UTILITIES - 1.3%
Electric Utilities - 0.8%
FirstEnergy Corp., Senior Notes		7.375	%		11/15/31		700,000		937,152
Pampa Energia SA, Senior Notes		7.500	%		1/24/27		480,000		392,160	^(a)

Total Electric Utilities									1,329,312

Independent Power and Renewable Electricity Producers - 0.5%
Minejesa Capital BV, Senior Secured Notes		4.625	%		8/10/30		810,000		846,296	^(a)

TOTAL UTILITIES									2,175,608

TOTAL CORPORATE BONDS & NOTES (Cost - $162,418,530)									185,677,970

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
SOVEREIGN BONDS - 9.2%
Argentina - 0.3%
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29		43,394		$	15,643
Argentine Republic Government International Bond, Senior Notes, Step bond (0.125% to 7/9/21 then 0.500%)		0.125	%		7/9/30		418,900			140,981
Provincia de Buenos Aires, Senior Notes		9.950	%		6/9/21		410,000			157,850	*^(a)(g)
Provincia de Cordoba, Senior Notes, Step bond (3.000% to 6/1/21, 5.000% to 6/1/22 then 6.990%)		3.000	%		6/1/27		310,000			184,450	^(a)

Total Argentina										498,924

Brazil - 0.1%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/23		1,100,000	^BRL		205,838

Chile - 1.6%
Chile Government International Bond, Senior Notes		2.550	%		1/27/32		2,750,000			2,778,050

Indonesia - 3.2%
Indonesia Government International Bond, Senior Notes		4.125	%		1/15/25		300,000			329,367	^(a)
Indonesia Government International Bond, Senior Notes		3.850	%		7/18/27		300,000			329,816	^(a)
Indonesia Government International Bond, Senior Notes		3.500	%		1/11/28		2,420,000			2,598,632
Indonesia Government International Bond, Senior Notes		1.850	%		3/12/31		1,000,000			961,859
Indonesia Treasury Bond		8.250	%		7/15/21		2,696,000,000	^IDR		188,170
Indonesia Treasury Bond		7.000	%		5/15/22		14,227,000,000	^IDR		1,014,696

Total Indonesia										5,422,540

Mexico - 0.9%
Mexico Government International Bond, Senior Notes		3.750	%		1/11/28		1,500,000			1,607,198

Panama - 0.8%
Panama Government International Bond, Senior Notes		2.252	%		9/29/32		1,400,000			1,334,214

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Peru - 1.8%
Peruvian Government International Bond, Senior Notes		2.783	%		1/23/31		1,340,000		$	1,344,636
Peruvian Government International Bond, Senior Notes		1.862	%		12/1/32		1,900,000			1,733,513

Total Peru										3,078,149

Russia - 0.5%
Russian Federal Bond - OFZ		7.750	%		9/16/26		61,630,000	^RUB		857,245

TOTAL SOVEREIGN BONDS (Cost - $15,670,567)										15,782,158

SENIOR LOANS - 8.4%
COMMUNICATION SERVICES - 2.9%
Diversified Telecommunication Services - 0.8%
Level 3 Financing Inc., 2027 Term Loan B (1 mo. USD LIBOR + 1.750%)		1.859	%		3/1/27		1,418,664			1,402,450	^(c)(h)(i)(j)

Media - 2.1%
Charter Communications Operating LLC, Term Loan B1 (1 mo. USD LIBOR + 1.750%)		1.860	%		4/30/25		3,013,351			3,010,268	^(c)(h)(i)
Charter Communications Operating LLC, Term Loan B2 (1 mo. USD LIBOR + 1.750%)		1.870	%		2/1/27		493,734			491,790	^(c)(h)(i)

Total Media										3,502,058

TOTAL COMMUNICATION SERVICES										4,904,508

CONSUMER DISCRETIONARY - 3.2%
Hotels, Restaurants & Leisure - 3.2%
Hilton Worldwide Finance LLC, Refinance Term Loan B2 (1 mo. USD LIBOR + 1.750%)		1.868	%		6/22/26		4,863,291			4,824,993	^(c)(h)(i)
Royal Caribbean Cruises Ltd., First Lien Term Loan A		—			4/5/22		690,000			656,362	^(j)

TOTAL CONSUMER DISCRETIONARY										5,481,355

FINANCIALS - 0.4%
Capital Markets - 0.4%
Finco I LLC, 2020 Term Loan (1 mo. USD LIBOR + 2.500%)		2.609	%		6/27/25		676,498			673,793	^(c)(h)(i)

INDUSTRIALS - 1.9%
Airlines - 1.9%
Delta Air Lines Inc., Initial Term Loan (the greater of 3 mo. USD LIBOR or 1.000% + 3.750%)		4.750	%		10/20/27		650,000			683,637	^(c)(h)(i)
JetBlue Airways Corp., Term Loan (the greater of 3 mo. USD LIBOR or 1.000% + 5.250%)		6.250	%		6/17/24		673,750			691,155	^(c)(h)(i)
Mileage Plus Holdings LLC, Initial Term Loan (the greater of 3 mo. USD LIBOR or 1.000% + 5.250%)		6.250	%		6/21/27		1,770,000			1,884,190	^(c)(h)(i)

TOTAL INDUSTRIALS										3,258,982

TOTAL SENIOR LOANS (Cost - $14,099,260)										14,318,638

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
U.S. GOVERNMENT & AGENCY OBLIGATIONS - 7.0%
U.S. Government Obligations - 7.0%
U.S. Treasury Notes		1.375	%		5/31/21		2,000,000		2,004,334	^(k)
U.S. Treasury Notes		1.625	%		5/31/23		1,250,000		1,288,696	^(k)
U.S. Treasury Notes		2.750	%		8/31/23		1,400,000		1,485,176	^(k)
U.S. Treasury Notes		2.875	%		9/30/23		2,500,000		2,664,307	^(k)
U.S. Treasury Notes		2.125	%		3/31/24		1,500,000		1,579,306	^(k)
U.S. Treasury Notes		0.500	%		5/31/27		1,500,000		1,434,053	^(k)
U.S. Treasury Notes		0.625	%		5/15/30		900,000		819,211
U.S. Treasury Notes		0.875	%		11/15/30		750,000		693,750

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $11,629,091)									11,968,833

ASSET-BACKED SECURITIES - 2.3%
American Home Mortgage Investment Trust, 2007-A 4A (1 mo. USD LIBOR + 0.900%)		1.009	%		7/25/46		457,228		194,677	^(a)(c)
Bayview Financial Asset Trust, 2007-SR1A M1 (1 mo. USD LIBOR + 0.800%)		0.909	%		3/25/37		430,209		404,628	^(a)(c)
Bayview Financial Asset Trust, 2007-SR1A M4 (1 mo. USD LIBOR + 1.500%)		1.609	%		3/25/37		44,504		43,637	^(a)(c)
Bear Stearns Asset Backed Securities Trust, 2006-SD3 1PO, STRIPS, PO		0.000	%		8/25/36		205,663		159,786
CWABS Asset Backed Notes Trust, 2007- SEA2 1A1 (1 mo. USD LIBOR + 1.000%)		1.109	%		8/25/47		4,159		4,180	^(a)(c)
Financial Asset Securities Corp. AAA Trust, 2005-1A 1A3B (1 mo. USD LIBOR + 0.410%)		0.519	%		2/27/35		218,266		200,687	^(a)(c)
Firstfed Corp. Manufactured Housing Contract, 1996-1 B		8.060	%		10/15/22		177,679		75	^(a)
GSAMP Trust, 2003-SEA2 A1		5.421	%		7/25/33		539,254		544,119
Indymac Manufactured Housing Contract Pass-Through Certificates, 1997-1 A5		6.970	%		2/25/28		19,014		19,207

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
ASSET-BACKED SECURITIES - (continued)
Morgan Stanley ABS Capital I Inc. Trust, 2004-HE7 M1 (1 mo. USD LIBOR + 0.900%)		1.009	%		8/25/34		1,060,602	$	1,054,067	^(c)
Morgan Stanley ABS Capital I Inc. Trust Series, 2003-SD1 A1 (1 mo. USD LIBOR + 1.000%)		1.109	%		3/25/33		6,906		6,840	^(c)
Oakwood Mortgage Investors Inc., 2002-B A3		6.060	%		6/15/32		42,895		44,520	^(c)
Origen Manufactured Housing Contract Trust, 2006-A A2		2.090	%		10/15/37		581,800		566,636	^(c)
Origen Manufactured Housing Contract Trust, 2007-A A2		2.758	%		4/15/37		783,317		753,307	^(c)

TOTAL ASSET-BACKED SECURITIES (Cost - $3,564,304)									3,996,366

COLLATERALIZED MORTGAGE OBLIGATIONS^(l)- 1.0%
Banc of America Funding Trust, 2004-B 6A1		2.261	%		12/20/34		170,104		152,952	^(c)
Bear Stearns ALT-A Trust, 2004-3 A1 (1 mo. USD LIBOR + 0.640%)		0.749	%		4/25/34		84,537		87,270	^(c)
CHL Mortgage Pass-Through Trust, 2005-7 1A1 (1 mo. USD LIBOR + 0.540%)		0.649	%		3/25/35		285,657		278,218	^(c)
Fannie Mae Trust, 2004-W15 1A2		6.500	%		8/25/44		77,116		90,262
Impac CMB Trust Series, 2004-10 2A (1 mo. USD LIBOR + 0.640%)		0.749	%		3/25/35		87,337		84,088	^(c)
Impac CMB Trust Series, 2005-2 2A2 (1 mo. USD LIBOR + 0.800%)		0.909	%		4/25/35		26,531		26,110	^(c)
MAFI II Remic Trust, 1998-BI B1		6.469	%		11/20/24		183,796		174,375	^(c)
MERIT Securities Corp., 2011PA 3A1 (1 mo. USD LIBOR + 0.620%)		0.729	%		4/28/27		27,344		26,126	^(a)(c)
MERIT Securities Corp., 2011PA B3 (1 mo. USD LIBOR + 2.250%)		2.359	%		9/28/32		478,086		454,858	^(a)(c)
Prime Mortgage Trust, 2005-2 2XB, IO		1.743	%		10/25/32		1,121,020		82,985	^(c)
Prime Mortgage Trust, 2005-5 1X, IO		1.113	%		7/25/34		1,618,939		54,454	^(c)
RAMP Series Trust, 2005-SL2 APO, STRIPS, PO		0.000	%		2/25/32		2,348		2,081
Regal Trust IV, 1999-1 A (11th District Cost of Funds + 1.500%)		1.966	%		9/29/31		1,485		1,457	^(a)(c)
Sequoia Mortgage Trust, 2003-2 A2 (6 mo. USD LIBOR + 0.680%)		0.937	%		6/20/33		6,830		6,729	^(c)
Sequoia Mortgage Trust, 2004-10 A1A (1 mo. USD LIBOR + 0.620%)		0.731	%		11/20/34		6,123		6,055	^(c)
Structured Asset Securities Corp., 1998- RF2 A		4.739	%		7/15/27		82,401		81,926	^(a)(c)

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS^(l)- (continued)
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, 2003-9A 2A2		2.288	%		3/25/33		43,709	$	45,717	^(c)
WaMu Mortgage Pass-Through Certificates Series Trust, 2004-AR6 A (1 mo. USD LIBOR + 0.420%)		0.949	%		5/25/44		61,414		62,070	^(c)
Washington Mutual MSC Mortgage Pass-Through Certificates Trust, 2004-RA1 2A		7.000	%		3/25/34		5,496		5,851

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $1,345,333)									1,723,584

CONVERTIBLE BONDS & NOTES - 0.8%
COMMUNICATION SERVICES - 0.8%
Media - 0.8%
DISH Network Corp., Senior Notes (Cost - $1,138,261)		3.375	%		8/15/26		1,370,000		1,320,406


						SHARES
CONVERTIBLE PREFERRED STOCKS - 0.4%
ENERGY - 0.4%
Oil, Gas & Consumable Fuels - 0.4%
Targa Resources Corp., Non Voting Shares (Cost - $609,000)		9.500	%				580		615,408	^(f)

COMMON STOCKS - 0.0%††
CONSUMER DISCRETIONARY - 0.0%††
Specialty Retail - 0.0%††
Party City Holdings Inc.							13,732		79,644	*

ENERGY - 0.0%††
Energy Equipment & Services - 0.0%††
Hercules Offshore Inc. (Escrow)							16,942		10,015	*^(m)(n)

TOTAL COMMON STOCKS (Cost - $753,432)									89,659


	RATE
PREFERRED STOCKS - 0.0%††
FINANCIALS - 0.0%††
Diversified Financial Services - 0.0%††
Corporate Backed Trust Certificates (Cost - $0)		7.375	%				33,900		1,288	*^(g)(m)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $211,227,778)									235,494,310

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021


SECURITY	RATE			SHARES		VALUE
SHORT-TERM INVESTMENTS - 2.5%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $4,302,960)		0.010	%		4,302,960	$	4,302,960	^(o)

TOTAL INVESTMENTS - 140.2%** (Cost - $215,530,738)							239,797,270
Liabilities in Excess of Other Assets - (40.2)%							(68,760,947	)

TOTAL NET ASSETS - 100.0%						$	171,036,323

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

††	Represents less than 0.1%.

*	Non-income producing security.

**	The entire portfolio is subject to lien, granted to the lender, to the extent of the borrowing outstanding and any additional expenses.

(a)

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

(b)

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

(c)

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

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

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

(f)	Securities traded on a when-issued or delayed delivery basis.

(g)	The coupon payment on this security is currently in default as of March 31, 2021.

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

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

(j)	All or a portion of this loan is unfunded as of March 31, 2021. The interest rate for fully unfunded term loans is to be determined.

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

(l)

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

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

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

(o)

In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At March 31, 2021, the total market value of investments in Affiliated Companies was $4,302,960 and the cost was $4,302,960 (Note 2).

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		March 31, 2021

Abbreviation(s) used in this schedule:


BRL	—	Brazilian Real
GBP	—	British Pound
ICE	—	Intercontinental Exchange
IDR	—	Indonesian Rupiah
IO	—	Interest Only
JSC	—	Joint Stock Company
LIBOR	—	London Interbank Offered Rate
OFZ	—	Obligatsyi Federal’novo Zaima (Russian Federal Loan Obligation)
PIK	—	Payment-In-Kind
PO	—	Principal Only
RUB	—	Russian Ruble
STRIPS	—	Separate Trading of Registered Interest and Principal Securities
USD	—	United States Dollar

At March 31, 2021, the Fund had the following open reverse repurchase agreements:

Counterparty

Rate

Effective
Date

Maturity
Date

Face Amount
of Reverse
Repurchase
Agreements

Asset Class

of Collateral*

Collateral
Value

Deutsche Bank AG

0.130

2/26/2021

5/26/2021

10,464,750

U.S. Government & Agency Obligations

10,455,872

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

At March 31, 2021, the Fund had the following open forward foreign currency contracts:


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	1,231,439		GBP	907,157	BNP Paribas SA		4/19/21	$	(19,247	)
USD	41,484		EUR	34,028	Goldman Sachs Group Inc.		4/19/21		1,564
USD	487,282		GBP	350,000	Goldman Sachs Group Inc.		4/19/21		4,741

Total								$	(12,942	)

Abbreviation(s) used in this table:


EUR	—	Euro
GBP	—	British Pound
USD	—	United States Dollar

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2021 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

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

The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

(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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. 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 manager to be unreliable, the market price may be determined by the manager 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 of Trustees is responsible for the valuation process and has delegated the supervision of the daily valuation process to the Global Fund Valuation Committee (formerly known as Legg Mason North Atlantic Fund Valuation Committee prior to March 1, 2021) (the “Valuation Committee”). The Valuation Committee, pursuant to the policies adopted by the Board of Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the

Notes to Schedule of Investments (unaudited) (continued)

Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

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

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

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

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 – 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)

Notes to Schedule of Investments (unaudited) (continued)

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

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


ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Corporate Bonds & Notes		—	$	185,677,970		—	$	185,677,970
Sovereign Bonds		—		15,782,158		—		15,782,158
Senior Loans		—		14,318,638		—		14,318,638
U.S. Government & Agency Obligations		—		11,968,833		—		11,968,833
Asset-Backed Securities		—		3,996,366		—		3,996,366
Collateralized Mortgage Obligations		—		1,723,584		—		1,723,584
Convertible Bonds & Notes		—		1,320,406		—		1,320,406
Convertible Preferred Stocks		—		615,408		—		615,408
Common Stocks:
Consumer Discretionary	$	79,644		—		—		79,644
Energy		—		—	$	10,015		10,015
Preferred Stocks		—		1,288		—		1,288

Total Long-Term Investments		79,644		235,404,651		10,015		235,494,310

Short-Term Investments†		4,302,960		—		—		4,302,960

Total Investments	$	4,382,604	$	235,404,651	$	10,015	$	239,797,270

Other Financial Instruments:
Forward Foreign Currency Contracts		—	$	6,305		—	$	6,305

Total	$	4,382,604	$	235,410,956	$	10,015	$	239,803,575


LIABILITIES
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Other Financial Instruments:
Forward Foreign Currency Contracts		—	$	19,247		—	$	19,247

†	See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership

Notes to Schedule of Investments (unaudited) (continued)

or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended March 31, 2021. The following transactions were effected in such company for the period ended March 31, 2021.


	Affiliate Value at December 31,		Purchased				Sold
	2020		Cost		Shares		Cost		Shares
Western Asset Premier Institutional Government Reserves, Premium Shares	$	3,565,819	$	13,998,102		13,998,102	$	13,260,961		13,260,961


(cont’d)	Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at March 31, 2021
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	59		—	$	4,302,960