UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10603

Western Asset Premier Bond Fund

(Exact name of registrant as specified in charter)

620 Eighth Avenue, 49^th Floor, New York, NY 10018

(Address of principal executive offices) (Zip code)

Robert I. Frenkel, Esq.

Legg Mason & Co., LLC

100 First Stamford Place

Stamford, CT 06902

(Name and address of agent for service)

Registrant’s telephone number, including area code: (888) 777-0102

Date of fiscal year end: December 31

Date of reporting period: June 30, 2019

ITEM 1. REPORT TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Semi-Annual Report June 30, 2019

WESTERN ASSET

PREMIER BOND FUND (WEA)

Beginning in January 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the Fund intends to no longer mail paper copies of the Fund’s shareholder reports like this one, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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

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

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

What’s inside
Letter from the president	III
Performance review	IV
Fund at a glance	1
Spread duration	2
Effective duration	3
Schedule of investments	4
Statement of assets and liabilities	25
Statement of operations	26
Statements of changes in net assets	27
Statement of cash flows	28
Financial highlights	29
Notes to financial statements	31
Additional shareholder information	46
Dividend reinvestment plan	47

Fund objective

The Fund’s investment objective is to provide current income and capital appreciation by investing primarily in a diversified portfolio of investment grade bonds.

Under normal market conditions, the Fund expects to invest substantially all (but at least 80%) of its total managed assets in bonds, including corporate bonds, U.S. government and agency securities and mortgage-related securities, and at least 65% of its total managed assets in bonds that, at the time of purchase, are of investment grade quality. The Fund may invest up to 35% of its total managed assets in bonds of below investment grade quality (commonly referred to as “junk bonds”) at the time of purchase. The Fund may invest in securities or instruments other than bonds (including preferred stock) and may invest up to 10% of its total managed assets in instruments denominated in currencies other than the U.S. dollar. The Fund may invest in a variety of derivative instruments for investment or risk management purposes. The Fund expects that the average effective duration of its portfolio will range between 3.5 and seven years, although this target duration may change from time to time. Trust preferred interests and capital securities are considered bonds and not preferred stock for purposes of the foregoing guidelines.

II Western Asset Premier Bond Fund

Letter from the president

Dear Shareholder,

We are pleased to provide the semi-annual report of Western Asset Premier Bond Fund for the six-month reporting period ended June 30, 2019. Please read on for Fund performance information during the Fund’s reporting period.

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

• Fund prices and performance,

• Market insights and commentaries from our portfolio managers, and

• A host of educational resources.

We look forward to helping you meet your financial goals.

Sincerely,

Jane Trust, CFA

President and Chief Executive Officer

July 26, 2019

Western Asset Premier Bond Fund III

Performance review

For the six months ended June 30, 2019, Western Asset Premier Bond Fund returned 13.71% based on its net asset value (“NAV”)¹ and 16.57% based on its New York Stock Exchange (“NYSE”) market price per share. The Fund’s unmanaged benchmarks, the Bloomberg Barclays U.S. Corporate High Yield Index² and the Bloomberg Barclays U.S. Credit Index³, returned 9.94% and 9.35%, respectively, for the same period. The Lipper Corporate BBB-Rated Debt Closed-End Funds (Leveraged) Category Average⁴ returned 10.59% over the same time frame. Please note that Lipper performance returns are based on each fund’s NAV.

During this six-month period, the Fund made distributions to shareholders totaling $0.39 per share. As of June 30, 2019, the Fund estimates that all of the distributions were sourced from net investment income.* The performance table shows the Fund’s six-month total return based on its NAV and market price as of June 30, 2019. Past performance is no guarantee of future results.

Performance Snapshot as of June 30, 2019 (unaudited)
Price Per Share	6-Month Total Return**
$14.37 (NAV)		13.71	%†
$ 13.68 (Market Price)		16.57	%‡

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.

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

¹  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.

²  The Bloomberg Barclays U.S. Corporate High Yield Index covers the universe of fixed-rate, non-investment grade debt, including corporate and non-corporate sectors. Pay-in-kind (“PIK”) bonds, Eurobonds and debt issues from countries designated as emerging markets are excluded, but Canadian and global bonds (SEC registered) of issuers in non-emerging market countries are included. Original issue zero coupon bonds, step-up coupon structures and 144A securities are also included.

³  The Bloomberg Barclays U.S. Credit Index is an index composed of corporate and non-corporate debt issues that are investment grade (rated Baa3/BBB- or higher).

⁴  Lipper, Inc., a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments. Returns are based on the six-month period ended June 30, 2019, including the reinvestment of all distributions, including returns of capital, if any, calculated among the 7 funds in the Fund’s Lipper category.

IV Western Asset Premier Bond Fund

† 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 on-line under the symbol “XWEAX” on most financial websites. Barron’s and the Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues a quarterly press release that can be found on most major financial websites as well as www.lmcef.com (click on the name of the Fund).

In a continuing effort to provide information concerning the Fund, shareholders may call 1-888-777-0102 (toll free), Monday through Friday from 8:00 a.m. to 5:30 p.m. Eastern Time, for the Fund’s current NAV, market price and other information.

Thank you for your investment in Western Asset Premier Bond Fund. As always, we appreciate that you have chosen us to manage your assets and we remain focused on achieving the Fund’s investment goals.

Sincerely,

Jane Trust, CFA

President and Chief Executive Officer

July 26, 2019

RISKS: The Fund is a diversified closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objective. The Fund’s common stock is traded on the New York Stock Exchange. Similar to stocks, the Fund’s share price will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value. Diversification does not assure against market loss. The Fund’s investments are subject to a number of risks, including credit, inflation and interest rate risks. As interest rates rise, bond prices fall, reducing the value of a fixed-income investment’s price. The Fund may invest in high-yield bonds (commonly referred to as “junk” bonds), which are rated below investment grade and carry more risk than higher-rated securities. To the extent that the Fund invests in asset-backed, mortgage- backed or mortgage related securities, its exposure to prepayment and extension risks may be greater than if it invested in other fixed-income securities. Leverage may result in greater volatility of NAV and the market price of common shares and increases a shareholder’s risk of loss. Investing in foreign securities is subject to certain risks not associated with domestic investing, such as currency fluctuations and social, political and economic uncertainties, which could result in significant volatility. These risks are magnified in emerging or developing markets. 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.

Western Asset Premier Bond Fund V

Performance review (cont’d)

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.

VI Western Asset Premier Bond Fund

Fund at a glance^†(unaudited)

Investment breakdown (%) as a percent of total investments

† The bar graph above represents the Fund’s portfolio as of June 30, 2019 and December 31, 2018 and does not include derivatives such as forward foreign currency contracts. The Fund’s portfolio is actively managed. As a result, the composition of its portfolio holdings and sectors is subject to change at any time.

Western Asset Premier Bond Fund 2019 Semi-Annual Report 1

Spread duration (unaudited)

Economic exposure — June 30, 2019

Total Spread Duration
WEA	— 6.35 years
Benchmark	— 7.51 years

Spread duration measures the sensitivity to changes in spreads. The spread over Treasuries is the annual risk-premium demanded by investors to hold non-Treasury securities. Spread duration is quantified as the % change in price resulting from a 100 basis points change in spreads. For a security with positive spread duration, an increase in spreads would result in a price decline and a decline in spreads would result in a price increase. This chart highlights the market sector exposure of the Fund’s sectors relative to the selected benchmark sectors as of the end of the reporting period.

ABS	— Asset-Backed Securities
Benchmark	— Bloomberg Barclays U.S. Corporate High Yield Index
EM	— Emerging Markets
HY	— High Yield
IG Credit	— Investment Grade Credit
MBS	— Mortgage-Backed Securities
WEA	— Western Asset Premier Bond Fund

2 Western Asset Premier Bond Fund 2019 Semi-Annual Report

Effective duration (unaudited)

Interest rate exposure — June 30, 2019

Total Effective Duration
WEA	— 6.56 years
Benchmark	— 7.65 years

Effective duration measures the sensitivity to changes in relevant interest rates. Effective duration is quantified as the % change in price resulting from a 100 basis points change in interest rates. For a security with positive effective duration, an increase in interest rates would result in a price decline and a decline in interest rates would result in a price increase. This chart highlights the interest rate exposure of the Fund’s sectors relative to the selected benchmark sectors as of the end of the reporting period.

ABS	— Asset-Backed Securities
Benchmark	— Bloomberg Barclays U.S. Corporate High Yield Index
EM	— Emerging Markets
HY	— High Yield
IG Credit	— Investment Grade Credit
MBS	— Mortgage-Backed Securities
WEA	— Western Asset Premier Bond Fund

Western Asset Premier Bond Fund 2019 Semi-Annual Report 3

Schedule of investments (unaudited)

June 30, 2019

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Corporate Bonds & Notes — 103.5%
Communication Services — 14.6%
Diversified Telecommunication Services — 2.8%
Orange SA, Senior Notes		9.000	%		3/1/31		600,000	$	915,465
Telefonica Emisiones SA, Senior Notes		5.134	%		4/27/20		2,000,000		2,041,203
UPCB Finance IV Ltd., Senior Secured Notes		5.375	%		1/15/25		400,000		412,124	(a)
Verizon Communications Inc., Senior Notes		5.150	%		9/15/23		580,000		648,034
Windstream Services LLC/Windstream Finance Corp., Secured Notes		10.500	%		6/30/24		970,000		708,100	*(a)(b)
Total Diversified Telecommunication Services									4,724,926
Entertainment — 0.8%
Netflix Inc., Senior Notes		5.875	%		11/15/28		410,000		454,944
Netflix Inc., Senior Notes		6.375	%		5/15/29		310,000		353,106	(a)
Walt Disney Co., Senior Notes		8.875	%		4/26/23		400,000		490,361	(a)
Total Entertainment									1,298,411
Interactive Media & Services — 0.2%
GrubHub Holdings Inc., Senior Notes		5.500	%		7/1/27		340,000		349,816	(a)
Media — 8.2%
Altice France SA, Senior Secured Notes		7.375	%		5/1/26		500,000		513,750	(a)
Altice France SA, Senior Secured Notes		8.125	%		2/1/27		1,500,000		1,578,750	(a)
Altice Luxembourg SA, Senior Notes		7.750	%		5/15/22		420,000		427,875	(a)
Altice Luxembourg SA, Senior Notes		10.500	%		5/15/27		430,000		442,900	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.125	%		5/1/27		350,000		363,251	(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.000	%		2/1/28		410,000		419,717	(a)
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		4.200	%		3/15/28		1,000,000		1,039,696
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		6.384	%		10/23/35		420,000		493,947
Charter Communications Operating LLC/ Charter Communications Operating Capital Corp., Senior Secured Notes		6.484	%		10/23/45		1,130,000		1,333,377
Comcast Corp., Senior Notes		3.700	%		4/15/24		1,000,000		1,062,060
Comcast Corp., Senior Notes		7.050	%		3/15/33		1,000,000		1,402,033
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		1,160,000		1,102,000
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		1,180,000		1,147,550

See Notes to Financial Statements.

4 Western Asset Premier Bond Fund 2019 Semi-Annual Report

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Media — continued
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		720,000	$	875,032
Virgin Media Finance PLC, Senior Notes		6.000	%		10/15/24		430,000		447,200	(a)
Virgin Media Secured Finance PLC, Senior Secured Notes		5.250	%		1/15/26		590,000		606,791	(a)
Virgin Media Secured Finance PLC, Senior Secured Notes		5.500	%		8/15/26		770,000		799,837	(a)
Total Media									14,055,766
Wireless Telecommunication Services — 2.6%
CSC Holdings LLC, Senior Notes		6.625	%		10/15/25		610,000		654,225	(a)
CSC Holdings LLC, Senior Notes		10.875	%		10/15/25		201,000		230,773	(a)
CSC Holdings LLC, Senior Notes		6.500	%		2/1/29		560,000		612,150	(a)
Sprint Capital Corp., Senior Notes		6.875	%		11/15/28		420,000		432,726
Sprint Capital Corp., Senior Notes		8.750	%		3/15/32		30,000		34,800
Sprint Communications Inc., Senior Notes		7.000	%		8/15/20		260,000		270,075
Sprint Communications Inc., Senior Notes		11.500	%		11/15/21		280,000		324,800
Sprint Corp., Senior Notes		7.875	%		9/15/23		760,000		827,450
VEON Holdings BV, Senior Notes		5.950	%		2/13/23		570,000		597,748	(a)
Vodafone Group PLC, Senior Notes		4.375	%		5/30/28		500,000		540,955
Total Wireless Telecommunication Services									4,525,702
Total Communication Services									24,954,621
Consumer Discretionary — 9.2%
Auto Components — 1.3%
Adient Global Holdings Ltd., Senior Notes		4.875	%		8/15/26		580,000		464,000	(a)
Adient US LLC, Senior Secured Notes		7.000	%		5/15/26		340,000		350,200	(a)
American Axle & Manufacturing Inc., Senior Notes		6.250	%		3/15/26		200,000		198,500
American Axle & Manufacturing Inc., Senior Notes		6.500	%		4/1/27		400,000		400,500
JB Poindexter & Co. Inc., Senior Notes		7.125	%		4/15/26		810,000		830,250	(a)
Total Auto Components									2,243,450
Automobiles — 1.4%
Daimler Finance North America LLC, Senior Notes		8.500	%		1/18/31		1,000,000		1,491,483

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2019 Semi-Annual Report 5

Schedule of investments (unaudited) (cont’d)

June 30, 2019

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†			Value
Automobiles — continued
General Motors Co., Senior Notes		6.600	%		4/1/36		140,000		$	155,211
General Motors Financial Co. Inc., Senior Notes		4.350	%		1/17/27		750,000			764,639
Total Automobiles										2,411,333
Diversified Consumer Services — 1.1%
Carriage Services Inc., Senior Notes		6.625	%		6/1/26		730,000			751,900	(a)
Prime Security Services Borrower LLC/ Prime Finance Inc., Senior Secured Notes		5.250	%		4/15/24		210,000			214,200	(a)
Prime Security Services Borrower LLC/ Prime Finance Inc., Senior Secured Notes		5.750	%		4/15/26		700,000			724,500	(a)
Weight Watchers International Inc., Senior Notes		8.625	%		12/1/25		210,000			193,200	(a)
Total Diversified Consumer Services										1,883,800
Hotels, Restaurants & Leisure — 2.0%
Marston’s Issuer PLC, Secured Notes (5.641% to 7/15/19 then 3 mo. GBP LIBOR + 2.550%)		5.641	%		7/15/35		540,000	GBP		562,950	(c)(d)
MGM China Holdings Ltd., Senior Notes		5.875	%		5/15/26		310,000			318,913	(a)
Saga PLC, Senior Notes		3.375	%		5/12/24		1,020,000	GBP		1,083,663	(c)
Silversea Cruise Finance Ltd., Senior Secured Notes		7.250	%		2/1/25		348,000			375,736	(a)
Viking Cruises Ltd., Senior Notes		6.250	%		5/15/25		510,000			527,850	(a)
Viking Cruises Ltd., Senior Notes		5.875	%		9/15/27		130,000			131,950	(a)
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		470,000			478,812	(a)
Total Hotels, Restaurants & Leisure										3,479,874
Household Durables — 0.7%
Allied Universal Holdco LLC, Senior Secured Notes		6.625	%		7/15/26		450,000			457,875	(a)(e)
Lennar Corp., Senior Notes		5.000	%		6/15/27		430,000			453,650
Lennar Corp., Senior Notes		4.750	%		11/29/27		250,000			264,375
Total Household Durables										1,175,900
Specialty Retail — 2.4%
Hertz Corp., Senior Notes		5.875	%		10/15/20		640,000			641,120
Maxeda DIY Holding BV, Senior Secured Notes		6.125	%		7/15/22		840,000	EUR		951,047	(c)
Party City Holdings Inc., Senior Notes		6.625	%		8/1/26		550,000			534,875	(a)
PetSmart Inc., Senior Secured Notes		5.875	%		6/1/25		1,710,000			1,667,250	(a)
Sally Holdings LLC/Sally Capital Inc., Senior Notes		5.625	%		12/1/25		270,000			265,937
Total Specialty Retail										4,060,229

See Notes to Financial Statements.

6 Western Asset Premier Bond Fund 2019 Semi-Annual Report

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Textiles, Apparel & Luxury Goods — 0.3%
Hanesbrands Inc., Senior Notes		4.875	%		5/15/26		450,000	$	469,075	(a)
Total Consumer Discretionary									15,723,661
Consumer Staples — 3.9%
Beverages — 1.3%
Anheuser-Busch Cos. LLC/Anheuser- Busch InBev Worldwide Inc., Senior Notes		4.700	%		2/1/36		540,000		593,283
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.150	%		1/23/25		500,000		541,971
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.000	%		4/13/28		1,000,000		1,080,953
Total Beverages									2,216,207
Food & Staples Retailing — 1.1%
CVS Pass-Through Trust		5.789	%		1/10/26		296,806		321,551	(a)
CVS Pass-Through Trust		7.507	%		1/10/32		355,175		429,222	(a)
CVS Pass-Through Trust, Secured Trust		5.880	%		1/10/28		338,428		374,458
CVS Pass-Through Trust, Secured Trust		6.943	%		1/10/30		352,002		414,430
CVS Pass-Through Trust, Senior Secured Trust		6.036	%		12/10/28		347,836		389,708
Total Food & Staples Retailing									1,929,369
Food Products — 1.0%
Kraft Heinz Foods Co., Senior Notes		3.950	%		7/15/25		440,000		458,327
Pilgrim’s Pride Corp., Senior Notes		5.750	%		3/15/25		70,000		71,225	(a)
Pilgrim’s Pride Corp., Senior Notes		5.875	%		9/30/27		1,090,000		1,133,600	(a)
Total Food Products									1,663,152
Tobacco — 0.5%
Altria Group Inc., Senior Notes		4.800	%		2/14/29		500,000		538,344
Reynolds American Inc., Senior Notes		5.850	%		8/15/45		260,000		280,444
Total Tobacco									818,788
Total Consumer Staples									6,627,516
Energy — 23.8%
Oil, Gas & Consumable Fuels — 23.8%
Anadarko Finance Co., Senior Notes		7.500	%		5/1/31		570,000		756,476
Anadarko Petroleum Corp., Senior Notes		5.550	%		3/15/26		750,000		843,534
Apache Corp., Senior Notes		4.250	%		1/15/44		250,000		226,557
Berry Petroleum Co. Escrow		—			—		130,000		0	*(f)(g)(h)
Berry Petroleum Co. LLC, Senior Notes		7.000	%		2/15/26		270,000		263,250	(a)
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes		6.625	%		7/15/26		310,000		313,875	(a)

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2019 Semi-Annual Report 7

Schedule of investments (unaudited) (cont’d)

June 30, 2019

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Oil, Gas & Consumable Fuels — continued
Chesapeake Energy Corp., Senior Notes		5.375	%		6/15/21		320,000	$	312,800
Chesapeake Energy Corp., Senior Notes		8.000	%		3/15/26		270,000		246,375	(a)
Chesapeake Energy Corp., Senior Notes		7.500	%		10/1/26		500,000		447,500
Conoco Phillips Canada Funding Co., Senior Notes		7.400	%		12/1/31		450,000		642,918
Continental Resources Inc., Senior Notes		4.500	%		4/15/23		500,000		525,770
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		270,000		277,907
Continental Resources Inc., Senior Notes		4.900	%		6/1/44		500,000		526,423
Ecopetrol SA, Senior Notes		5.875	%		9/18/23		45,000		49,874
Ecopetrol SA, Senior Notes		4.125	%		1/16/25		2,260,000		2,344,750
Ecopetrol SA, Senior Notes		5.375	%		6/26/26		750,000		827,925
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		2,510,000		2,785,221
Enterprise Products Operating LLC, Senior Notes		4.050	%		2/15/22		880,000		915,814
EOG Resources Inc., Senior Notes		3.150	%		4/1/25		2,250,000		2,311,177
Genesis Energy LP/Genesis Energy Finance Corp., Senior Notes		6.250	%		5/15/26		500,000		485,000
KazMunayGas National Co. JSC, Senior Notes		4.750	%		4/19/27		770,000		826,945	(a)
Kinder Morgan Inc., Senior Notes		7.750	%		1/15/32		190,000		260,325
Kinder Morgan Inc., Senior Notes		5.550	%		6/1/45		1,500,000		1,738,194
Lukoil International Finance BV, Senior Notes		4.750	%		11/2/26		1,000,000		1,055,654	(a)
Magnum Hunter Resources Corp. Escrow		—			—		960,000		0	*(f)(g)(h)
MEG Energy Corp., Secured Notes		6.500	%		1/15/25		350,000		353,062	(a)
MEG Energy Corp., Senior Notes		7.000	%		3/31/24		1,010,000		964,550	(a)
NGPL PipeCo LLC, Senior Notes		7.768	%		12/15/37		490,000		624,750	(a)
Noble Energy Inc., Senior Notes		5.250	%		11/15/43		1,000,000		1,079,099
Oasis Petroleum Inc., Senior Notes		6.500	%		11/1/21		520,000		514,800
Oasis Petroleum Inc., Senior Notes		6.875	%		1/15/23		340,000		340,850
Occidental Petroleum Corp., Senior Notes		3.500	%		6/15/25		350,000		361,647
Petrobras Global Finance BV, Senior Notes		4.375	%		5/20/23		310,000		318,590
Petrobras Global Finance BV, Senior Notes		5.999	%		1/27/28		1,460,000		1,554,170
Petrobras Global Finance BV, Senior Notes		5.750	%		2/1/29		1,300,000		1,358,370
Petrobras Global Finance BV, Senior Notes		6.750	%		1/27/41		920,000		989,874
Range Resources Corp., Senior Notes		5.000	%		3/15/23		140,000		132,475

See Notes to Financial Statements.

8 Western Asset Premier Bond Fund 2019 Semi-Annual Report

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Oil, Gas & Consumable Fuels — continued
Range Resources Corp., Senior Notes		4.875	%		5/15/25		1,155,000	$	1,019,287
Rockies Express Pipeline LLC, Senior Notes		7.500	%		7/15/38		350,000		402,708	(a)
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.750	%		5/15/24		440,000		489,621
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.000	%		3/15/27		1,850,000		2,030,048
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.500	%		7/15/27		250,000		273,438	(a)
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		5.000	%		1/15/28		590,000		592,950
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.875	%		1/15/29		310,000		344,469	(a)
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		1,000,000		1,277,631
Transportadora de Gas del Peru SA, Senior Notes		4.250	%		4/30/28		1,750,000		1,833,912	(a)
Transportadora de Gas del Sur SA, Senior Notes		6.750	%		5/2/25		800,000		776,008	(a)
Western Midstream Operating LP, Senior Notes		4.650	%		7/1/26		1,580,000		1,603,163
Whiting Petroleum Corp., Senior Notes		6.250	%		4/1/23		110,000		110,275
Whiting Petroleum Corp., Senior Notes		6.625	%		1/15/26		300,000		290,813
Williams Cos. Inc., Senior Notes		3.700	%		1/15/23		470,000		486,069
Williams Cos. Inc., Senior Notes		4.550	%		6/24/24		60,000		64,694
Williams Cos. Inc., Senior Notes		7.500	%		1/15/31		443,000		573,590
Williams Cos. Inc., Senior Notes		8.750	%		3/15/32		39,000		55,546
WPX Energy Inc., Senior Notes		8.250	%		8/1/23		210,000		240,450
YPF SA, Senior Notes		6.950	%		7/21/27		800,000		728,760	(a)
Total Energy									40,769,933
Financials — 25.5%
Banks — 20.1%
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		365,645	(d)(i)
Bank of America Corp., Senior Notes		5.000	%		5/13/21		1,100,000		1,152,743

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2019 Semi-Annual Report 9

Schedule of investments (unaudited) (cont’d)

June 30, 2019

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Banks — continued
Bank of America Corp., Subordinated Notes		4.250	%		10/22/26		2,200,000	$	2,352,437
Barclays Bank PLC, Subordinated Notes		10.179	%		6/12/21		610,000		690,634	(a)
Barclays Bank PLC, Subordinated Notes		7.625	%		11/21/22		4,750,000		5,189,826
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		577,206	(d)(i)
Barclays PLC, Subordinated Notes		5.200	%		5/12/26		1,000,000		1,050,763
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		917,700	(a)(d)
BNP Paribas SA, Junior Subordinated Notes (7.375% to 8/19/25 then USD 5 year ICE Swap Rate + 5.150%)		7.375	%		8/19/25		510,000		567,174	(a)(d)(i)
BPCE SA, Subordinated Notes		5.150	%		7/21/24		1,000,000		1,082,505	(a)
CIT Group Inc., Senior Notes		5.250	%		3/7/25		500,000		549,375
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		941,269	(d)(i)
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		519,733	(d)(i)
Citigroup Inc., Subordinated Notes		3.500	%		5/15/23		500,000		516,277
Citigroup Inc., Subordinated Notes		4.125	%		7/25/28		800,000		848,039
Citigroup Inc., Subordinated Notes		6.625	%		6/15/32		1,000,000		1,293,108
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		1,252,251	(a)(d)(i)
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		409,608	(d)(i)
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		1,185,573	(d)(i)
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		1,320,000		1,324,569	(a)
Intesa Sanpaolo SpA, Subordinated Notes		5.710	%		1/15/26		2,070,000		2,096,796	(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		2,735,109	(d)(i)

See Notes to Financial Statements.

10 Western Asset Premier Bond Fund 2019 Semi-Annual Report

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Banks — continued
JPMorgan Chase & Co., Subordinated Notes		4.950	%		6/1/45		500,000	$	594,536
Lloyds Banking Group PLC, Subordinated Notes		4.650	%		3/24/26		1,500,000		1,567,441
NatWest Markets NV, Subordinated Notes		7.750	%		5/15/23		140,000		157,409
Royal Bank of Scotland 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		486,113	(d)(i)
Royal Bank of Scotland Group PLC, Subordinated Notes		6.000	%		12/19/23		150,000		163,463
Royal Bank of Scotland Group PLC, Subordinated Notes		5.125	%		5/28/24		1,330,000		1,412,449
Santander UK Group Holdings PLC, Subordinated Notes		5.625	%		9/15/45		1,000,000		1,111,620	(a)
Santander UK PLC, Subordinated Notes		5.000	%		11/7/23		510,000		538,950	(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		785,654	(a)(d)
Total Banks									34,435,975
Capital Markets — 3.7%
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		1,452,404	(a)(d)(i)
Goldman Sachs Group Inc., Senior Notes		5.250	%		7/27/21		800,000		845,837
Goldman Sachs Group Inc., Senior Notes		3.500	%		11/16/26		1,750,000		1,794,606
Goldman Sachs Group Inc., Subordinated Notes		6.750	%		10/1/37		1,000,000		1,309,605
UBS Group Funding Switzerland AG, Junior Subordinated Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%)		7.000	%		1/31/24		850,000		903,580	(a)(d)(i)
Total Capital Markets									6,306,032
Consumer Finance — 0.2%
Ally Financial Inc., Senior Notes		8.000	%		3/15/20		282,000		292,798
Diversified Financial Services — 1.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.625	%		7/1/22		230,000		240,299

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2019 Semi-Annual Report 11

Schedule of investments (unaudited) (cont’d)

June 30, 2019

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Diversified Financial Services — continued
Ahold Lease USA Inc. Pass-Through-Trust		8.620	%		1/2/25		686,921	$	786,112
International Lease Finance Corp., Senior Notes		5.875	%		8/15/22		700,000		762,812
Total Diversified Financial Services									1,789,223
Insurance — 0.5%
MetLife Inc., Junior Subordinated Notes		10.750	%		8/1/39		500,000		793,433
Total Financials									43,617,461
Health Care — 6.0%
Biotechnology — 0.2%
Celgene Corp., Senior Notes		4.625	%		5/15/44		250,000		285,424
Health Care Equipment & Supplies — 0.2%
Becton Dickinson and Co., Senior Notes		3.700	%		6/6/27		392,000		409,673
Health Care Providers & Services — 3.0%
Centene Corp., Senior Notes		5.625	%		2/15/21		280,000		285,600
Centene Corp., Senior Notes		6.125	%		2/15/24		220,000		230,725
Centene Corp., Senior Notes		4.750	%		1/15/25		810,000		838,115
DaVita Inc., Senior Notes		5.125	%		7/15/24		210,000		210,588
DaVita Inc., Senior Notes		5.000	%		5/1/25		250,000		247,750
HCA Inc., Senior Secured Notes		5.250	%		6/15/26		280,000		310,446
HCA Inc., Senior Secured Notes		4.500	%		2/15/27		1,000,000		1,068,490
HCA Inc., Senior Secured Notes		4.125	%		6/15/29		550,000		566,517
Humana Inc., Senior Notes		3.950	%		3/15/27		700,000		730,458
Magellan Health Inc., Senior Notes		4.900	%		9/22/24		570,000		565,155
Total Health Care Providers & Services									5,053,844
Pharmaceuticals — 2.6%
Allergan Funding SCS, Senior Notes		3.800	%		3/15/25		500,000		519,243
Bausch Health Cos. Inc., Senior Notes		6.125	%		4/15/25		1,490,000		1,525,343	(a)
Bristol-Myers Squibb Co., Senior Notes		3.400	%		7/26/29		780,000		817,331	(a)
Teva Pharmaceutical Finance Co. BV, Senior Notes		2.950	%		12/18/22		260,000		237,544
Teva Pharmaceutical Finance IV BV, Senior Notes		3.650	%		11/10/21		140,000		135,695
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.800	%		7/21/23		1,480,000		1,283,900
Total Pharmaceuticals									4,519,056
Total Health Care									10,267,997

See Notes to Financial Statements.

12 Western Asset Premier Bond Fund 2019 Semi-Annual Report

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Industrials — 7.4%
Aerospace & Defense — 1.0%
Boeing Co., Senior Notes		3.200	%		3/1/29		820,000	$	849,793
Boeing Co., Senior Notes		6.125	%		2/15/33		600,000		791,446
Total Aerospace & Defense									1,641,239
Airlines — 1.5%
Air 2 U.S. Pass-Through Certificates		8.027	%		10/1/19		18,949		19,008	(a)
America West Airlines Inc. Pass-Through Trust		8.057	%		7/2/20		868,195		912,872
Continental Airlines Pass-Through Trust		8.048	%		11/1/20		89,392		90,612
Continental Airlines Pass-Through Trust		6.703	%		6/15/21		70,059		73,506
Delta Air Lines Pass-Through Certificates Trust		8.021	%		8/10/22		62,703		69,243
United Airlines Pass-Through Trust		4.750	%		4/11/22		222,124		229,055
US Airways Pass-Through Trust		7.125	%		10/22/23		1,048,665		1,182,632
Total Airlines									2,576,928
Building Products — 1.5%
Norbord Inc., Senior Secured Notes		5.750	%		7/15/27		130,000		131,138	(a)
Standard Industries Inc., Senior Notes		5.000	%		2/15/27		1,870,000		1,898,050	(a)
Standard Industries Inc., Senior Notes		4.750	%		1/15/28		511,000		508,445	(a)
Total Building Products									2,537,633
Commercial Services & Supplies — 0.8%
United Rentals North America Inc., Senior Notes		6.500	%		12/15/26		1,110,000		1,204,350
United Rentals North America Inc., Senior Notes		5.500	%		5/15/27		110,000		116,050
United Rentals North America Inc., Senior Notes		4.875	%		1/15/28		110,000		112,475
Total Commercial Services & Supplies									1,432,875
Industrial Conglomerates — 0.2%
General Electric Co., Junior Subordinated Notes (5.000% to 1/21/21 then 3 mo. USD LIBOR + 3.330%)		5.000	%		1/21/21		260,000		251,155	(d)(i)
Machinery — 0.3%
Allison Transmission Inc., Senior Notes		5.000	%		10/1/24		140,000		143,325	(a)
Harsco Corp., Senior Notes		5.750	%		7/31/27		350,000		365,351	(a)
Total Machinery									508,676
Professional Services — 0.6%
IHS Markit Ltd., Senior Notes		5.000	%		11/1/22		1,000,000		1,064,500	(a)

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2019 Semi-Annual Report 13

Schedule of investments (unaudited) (cont’d)

June 30, 2019

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Trading Companies & Distributors — 1.5%
Ashtead Capital Inc., Secured Notes		4.125	%		8/15/25		1,950,000	$	1,984,125	(a)
Beacon Roofing Supply Inc., Senior Notes		4.875	%		11/1/25		630,000		626,062	(a)
Total Trading Companies & Distributors									2,610,187
Total Industrials									12,623,193
Information Technology — 2.0%
IT Services — 0.4%
DXC Technology Co., Senior Notes		7.450	%		10/15/29		500,000		636,019
Semiconductors & Semiconductor Equipment — 0.3%
Broadcom Corp./Broadcom Cayman Finance Ltd., Senior Notes		3.125	%		1/15/25		500,000		489,022
Technology Hardware, Storage & Peripherals — 1.3%
Seagate HDD Cayman, Senior Notes		4.750	%		1/1/25		1,220,000		1,233,813
Seagate HDD Cayman, Senior Notes		4.875	%		6/1/27		260,000		261,143
Western Digital Corp., Senior Notes		4.750	%		2/15/26		810,000		796,676
Total Technology Hardware, Storage & Peripherals									2,291,632
Total Information Technology									3,416,673
Materials — 7.3%
Chemicals — 1.1%
Braskem America Finance Co., Senior Notes		7.125	%		7/22/41		920,000		1,089,004	(c)
Braskem Finance Ltd., Senior Notes		5.375	%		5/2/22		230,000		242,621	(a)
Braskem Netherlands Finance BV, Senior Notes		4.500	%		1/10/28		500,000		507,625	(a)
Total Chemicals									1,839,250
Containers & Packaging — 1.5%
ARD Securities Finance SARL, Senior Secured Notes (8.750% PIK)		8.750	%		1/31/23		1,150,000		1,164,375	(a)(j)
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes		6.000	%		2/15/25		760,000		789,450	(a)
Greif Inc., Senior Notes		6.500	%		3/1/27		500,000		517,500	(a)
Pactiv LLC, Senior Notes		7.950	%		12/15/25		50,000		54,813
Total Containers & Packaging									2,526,138
Metals & Mining — 3.5%
Alcoa Nederland Holding BV, Senior Notes		6.750	%		9/30/24		300,000		318,375	(a)
Alcoa Nederland Holding BV, Senior Notes		7.000	%		9/30/26		560,000		602,000	(a)
Alcoa Nederland Holding BV, Senior Notes		6.125	%		5/15/28		650,000		680,875	(a)

See Notes to Financial Statements.

14 Western Asset Premier Bond Fund 2019 Semi-Annual Report

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Metals & Mining — continued
Anglo American Capital PLC, Senior Notes		4.125	%		9/27/22		210,000	$	218,210	(a)
ArcelorMittal, Senior Notes		7.000	%		10/15/39		430,000		511,051
First Quantum Minerals Ltd., Senior Notes		7.000	%		2/15/21		126,000		128,756	(a)
First Quantum Minerals Ltd., Senior Notes		7.250	%		5/15/22		410,000		409,488	(a)
Freeport-McMoRan Inc., Senior Notes		6.875	%		2/15/23		630,000		665,437
Freeport-McMoRan Inc., Senior Notes		5.400	%		11/14/34		220,000		211,750
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		1,050,000		966,000
Teck Resources Ltd., Senior Notes		6.250	%		7/15/41		210,000		236,208
Vale Overseas Ltd., Senior Notes		6.875	%		11/10/39		940,000		1,132,888
Total Metals & Mining									6,081,038
Paper & Forest Products — 1.2%
Mercer International Inc., Senior Notes		7.375	%		1/15/25		1,020,000		1,086,300	(a)
Suzano Austria GmbH, Senior Notes		5.750	%		7/14/26		950,000		1,040,250	(a)
Total Paper & Forest Products									2,126,550
Total Materials									12,572,976
Real Estate — 1.4%
Equity Real Estate Investment Trusts (REITs) — 1.4%
CoreCivic Inc., Senior Notes		4.750	%		10/15/27		670,000		605,513
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		6.375	%		3/1/24		260,000		272,675
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		5.000	%		10/15/27		1,500,000		1,548,750
Total Real Estate									2,426,938
Utilities — 2.4%
Electric Utilities — 1.9%
FirstEnergy Corp., Senior Notes		7.375	%		11/15/31		1,770,000		2,421,722
Pampa Energia SA, Senior Notes		7.375	%		7/21/23		670,000		649,906	(c)
Talen Energy Supply LLC, Senior Secured Notes		6.625	%		1/15/28		270,000		269,325	(a)(e)
Total Electric Utilities									3,340,953
Independent Power and Renewable Electricity Producers — 0.5%
Minejesa Capital BV, Senior Secured Notes		4.625	%		8/10/30		810,000		822,196	(a)
Total Utilities									4,163,149
Total Corporate Bonds & Notes (Cost — $160,334,382)									177,164,118

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2019 Semi-Annual Report 15

Schedule of investments (unaudited) (cont’d)

June 30, 2019

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Senior Loans — 14.6%
Communication Services — 3.5%
Diversified Telecommunication Services — 0.1%
Level 3 Financing Inc., 2024 Term Loan B (1 mo. USD LIBOR + 2.250%)		4.652	%		2/22/24		250,000	$	248,255	(d)(k)(l)
Media — 3.4%
Charter Communications Operating LLC, Term Loan B (3 mo. USD LIBOR + 2.000%)		4.330	%		4/30/25		2,817,856		2,817,464	(d)(k)(l)
iHeartCommunications Inc., Term Loan		—			5/4/26		570,000		571,425	(m)
Lamar Media Corp., Term Loan B (3 mo. USD LIBOR + 1.750%)		4.125	%		3/14/25		2,419,375		2,425,409	(d)(k)(l)
Total Media									5,814,298
Total Communication Services									6,062,553
Consumer Discretionary — 6.0%
Hotels, Restaurants & Leisure — 5.8%
Aramark Services Inc., Term Loan B3 (3 mo. USD LIBOR + 1.750%)		4.080	%		3/11/25		3,326,634		3,321,422	(d)(k)(l)
Hilton Worldwide Finance LLC, Refinance Term Loan B2 (1 mo. USD LIBOR + 1.750%)		4.154	%		6/22/26		5,133,291		5,142,916	(d)(k)(l)
Wyndham Hotels & Resorts Inc., Term Loan B (1 mo. USD LIBOR + 1.750%)		4.152	%		5/30/25		1,399,425		1,397,785	(d)(k)(l)
Total Hotels, Restaurants & Leisure									9,862,123
Specialty Retail — 0.2%
PetSmart Inc., Term Loan B2 (1 mo. USD LIBOR + 4.250%)		6.670	%		3/11/22		429,916		418,200	(d)(k)(l)
Total Consumer Discretionary									10,280,323
Health Care — 1.6%
Health Care Providers & Services — 1.3%
DaVita Healthcare Partner, Term Loan B (3 mo. USD LIBOR + 2.750%)		5.135	%		6/24/21		1,718,992		1,720,066	(d)(k)(l)
U.S. Renal Care Inc., First Lien Term Loan B		—			6/12/26		500,000		492,054	(m)
Total Health Care Providers & Services									2,212,120
Pharmaceuticals — 0.3%
Beta Sub LLC, Term Loan		—			5/22/26		460,000		459,425	(g)(m)
Total Health Care									2,671,545
Industrials — 2.5%
Air Freight & Logistics — 1.3%
Avolon TLB Borrower 1 (US) LLC, Term Loan B3 (1 mo. USD LIBOR + 1.750%)		4.133	%		1/15/25		2,206,086		2,205,321	(d)(k)(l)

See Notes to Financial Statements.

16 Western Asset Premier Bond Fund 2019 Semi-Annual Report

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†			Value
Trading Companies & Distributors — 1.2%
Delos Finance SARL, 2018 Term Loan (3 mo. USD LIBOR + 1.750%)		4.080	%		10/6/23		2,083,333		$	2,084,202	(d)(k)(l)(m)
Total Industrials										4,289,523
Information Technology — 0.9%
Software — 0.9%
Dell International LLC, Refinancing Term Loan A2 (1 mo. USD LIBOR + 1.750%)		4.160	%		9/7/21		779,940			779,859	(d)(k)(l)
Dell International LLC, Refinancing Term Loan B (1 mo. USD LIBOR + 2.000%)		4.410	%		9/7/23		750,000			746,937	(d)(k)(l)
Total Information Technology										1,526,796
Utilities — 0.1%
Electric Utilities — 0.1%
Panda Temple Power LLC, Second Lien Term Loan (1 mo. USD LIBOR + 8.000% PIK)		10.404	%		2/7/23		163,208			163,718	(d)(j)(k)(l)
Total Senior Loans (Cost — $25,001,041)										24,994,458
Sovereign Bonds — 6.9%
Argentina — 1.0%
Argentina POM Politica Monetaria, Bonds (Argentina Central Bank 7 Day Repo Reference Rate)		63.705	%		6/21/20		8,140,000	ARS		187,315	(d)
Argentine Republic Government International Bond, Senior Notes		6.875	%		4/22/21		390,000			343,395
Argentine Republic Government International Bond, Senior Notes		5.625	%		1/26/22		1,020,000			861,910
Provincia de Buenos Aires, Senior Notes		7.875	%		6/15/27		500,000			373,755	(a)
Total Argentina										1,766,375
Brazil — 0.8%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/21		900,000	BRL		247,491
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/23		3,800,000	BRL		1,087,261
Total Brazil										1,334,752
Indonesia — 2.7%
Indonesia Government International Bond, Senior Notes		4.125	%		1/15/25		300,000			315,910	(a)
Indonesia Government International Bond, Senior Notes		3.850	%		7/18/27		700,000			724,839	(a)
Indonesia Government International Bond, Senior Notes		3.500	%		1/11/28		2,420,000			2,433,311

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2019 Semi-Annual Report 17

Schedule of investments (unaudited) (cont’d)

June 30, 2019

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†			Value
Indonesia — continued
Indonesia Treasury Bond, Senior Notes		8.250	%		7/15/21		2,696,000,000	IDR	$	195,524
Indonesia Treasury Bond, Senior Notes		7.000	%		5/15/22		14,227,000,000	IDR		1,004,777
Total Indonesia										4,674,361
Mexico — 0.6%
Mexican Bonos, Bonds		6.500	%		6/9/22		7,990,000	MXN		405,945
Mexico Government International Bond, Senior Notes		3.750	%		1/11/28		500,000			510,250
Total Mexico										916,195
Poland — 1.0%
Republic of Poland Government Bond		2.500	%		7/25/27		6,290,000	PLN		1,706,495
Russia — 0.6%
Russian Federal Bond — OFZ		7.750	%		9/16/26		61,630,000	RUB		1,001,908
Uruguay — 0.2%
Uruguay Government International Bond, Senior Notes		8.500	%		3/15/28		14,630,000	UYU		363,879	(c)
Total Sovereign Bonds (Cost — $11,380,500)										11,763,965
U.S. Government & Agency Obligations — 5.9%
U.S. Government Obligations — 5.9%
U.S. Treasury Notes		1.875	%		1/31/22		2,250,000			2,258,262
U.S. Treasury Notes		1.750	%		3/31/22		800,000			800,609
U.S. Treasury Notes		1.625	%		5/31/23		1,250,000			1,245,264	(n)
U.S. Treasury Notes		2.750	%		8/31/23		1,400,000			1,456,683	(n)
U.S. Treasury Notes		2.875	%		9/30/23		2,500,000			2,615,674	(n)
U.S. Treasury Notes		2.125	%		3/31/24		1,500,000			1,525,254	(n)
U.S. Treasury Notes		2.000	%		5/31/24		250,000			252,964
Total U.S. Government & Agency Obligations (Cost — $9,786,413)										10,154,710
Asset-Backed Securities — 3.6%
American Home Mortgage Investment Trust, 2007-A 4A (1 mo. USD LIBOR + 0.900%)		3.304	%		7/25/46		484,828			211,431	(a)(d)
Argent Securities Inc., Asset-Backed Pass-Through Certificates, 2003-W3 M1 (1 mo. USD LIBOR + 1.125%)		3.529	%		9/25/33		32,125			31,766	(d)
Bayview Financial Asset Trust, 2007- SR1A M1 (1 mo. USD LIBOR + 0.800%)		3.277	%		3/25/37		553,835			542,986	(a)(d)
Bayview Financial Asset Trust, 2007- SR1A M3 (1 mo. USD LIBOR + 1.150%)		3.627	%		3/25/37		210,075			208,436	(a)(d)
Bayview Financial Asset Trust, 2007- SR1A M4 (1 mo. USD LIBOR + 1.500%)		3.977	%		3/25/37		57,293			58,176	(a)(d)

See Notes to Financial Statements.

18 Western Asset Premier Bond Fund 2019 Semi-Annual Report

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Asset-Backed Securities — continued
Bear Stearns Asset Backed Securities Trust, 2006-SD3 1PO, STRIPS, PO		0.000	%		8/25/36		247,057	$	186,327
ContiMortgage Home Equity Loan Trust, 201997-4 B1F		7.330	%		10/15/28		28,441		91,548	(d)
CWABS Asset Backed Notes Trust, 2007- SEA2 1A1 (1 mo. USD LIBOR + 1.000%)		3.404	%		8/25/47		8,274		8,215	(a)(d)
Financial Asset Securities Corp. AAA Trust, 2005-1A 1A3B (1 mo. USD LIBOR + 0.410%)		2.814	%		2/27/35		415,480		404,451	(a)(d)
Firstfed Corp. Manufactured Housing Contract, 201996-1 B		8.060	%		10/15/22		177,679		3,179	(a)
Greenpoint Manufactured Housing Contract Pass-Through Certificates Trust, 2001-2 IA2 (Auction Rate Security)		5.777	%		2/20/32		175,000		176,152	(d)
GSAMP Trust, 2003-SEA2 A1		4.421	%		7/25/33		670,798		659,928
Indymac Manufactured Housing Contract Pass-Through Certificates, 1997-1 A5		6.970	%		2/25/28		45,695		46,442
Morgan Stanley ABS Capital I Inc. Trust, 2004-HE7 (1 mo. USD LIBOR + 0.900%)		3.304	%		8/25/34		1,363,992		1,373,887	(d)
Morgan Stanley ABS Capital I Inc. Trust Series, 2003-SD1 A1 (1 mo. USD LIBOR + 1.000%)		3.404	%		3/25/33		9,381		9,413	(d)
Oakwood Mortgage Investors Inc., 2002-B A3		6.060	%		6/15/32		79,582		84,519	(d)
Origen Manufactured Housing Contract Trust, 2006-A A2		4.335	%		10/15/37		894,188		860,727	(d)
Origen Manufactured Housing Contract Trust, 2007-A A2		4.946	%		4/15/37		1,204,990		1,158,087	(d)
Total Asset-Backed Securities (Cost — $4,933,415)									6,115,670
Collateralized Mortgage Obligations (o)—1.4%
Banc of America Funding Trust, 2004-B 6A1		2.500	%		12/20/34		190,367		157,101	(d)
Bear Stearns ALT-A Trust, 2004-3 A1 (1 mo. USD LIBOR + 0.640%)		3.044	%		4/25/34		127,904		129,271	(d)
CHL Mortgage Pass-Through Trust, 2005-7 1A1 (1 mo. USD LIBOR + 0.540%)		2.944	%		3/25/35		370,756		361,072	(d)
Fannie Mae Trust, 2004-W15 1A2		6.500	%		8/25/44		97,688		111,541
HarborView Mortgage Loan Trust, 2004-10 4A		4.409	%		1/19/35		74,131		73,835	(d)
Impac CMB Trust Series, 2004-10 2A (1 mo. USD LIBOR + 0.640%)		3.044	%		3/25/35		124,543		119,552	(d)

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2019 Semi-Annual Report 19

Schedule of investments (unaudited) (cont’d)

June 30, 2019

Western Asset Premier Bond Fund

Security	Rate			Maturity Date		Face Amount†		Value
Collateralized Mortgage Obligations (o)— continued
Impac CMB Trust Series, 2005-2 2A2 (1 mo. USD LIBOR + 0.800%)		3.204	%		4/25/35		37,718	$	36,679	(d)
MAFI II Remic Trust 1998-B, 201998-BI B1		6.650	%		11/20/24		250,857		231,914	(d)
MERIT Securities Corp., 2011PA 3A1 (1 mo. USD LIBOR + 0.620%)		3.113	%		4/28/27		47,144		46,706	(a)(d)
MERIT Securities Corp., 2011PA B3 (1 mo. USD LIBOR + 2.250%)		4.743	%		9/28/32		535,599		478,296	(a)(d)
Prime Mortgage Trust, 2005-2 2XB, IO		1.743	%		10/25/32		1,323,618		108,142	(d)
Prime Mortgage Trust, 2005-5 1X, IO		1.073	%		7/25/34		2,126,432		85,005	(d)
RAMP Series Trust, 2005-SL2 APO, STRIPS, PO		0.000	%		2/25/32		3,261		2,883
Regal Trust IV (11th District Cost of Funds + 1.500%)		2.666	%		9/29/31		2,007		1,978	(a)(d)
Sequoia Mortgage Trust, 2003-2 A2 (6 mo. USD LIBOR + 0.680%)		3.232	%		6/20/33		9,449		9,507	(d)
Sequoia Mortgage Trust, 2004-10 A1A (1 mo. USD LIBOR + 0.620%)		3.003	%		11/20/34		8,292		8,375	(d)
Structured Asset Securities Corp., 1998- RF2 A		4.769	%		7/15/27		109,267		107,002	(a)(d)
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, 2003-9A 2A2		4.533	%		3/25/33		70,622		71,763	(d)
WaMu Mortgage Pass-Through Certificates Series Trust, 2004-AR6 A (1 mo. USD LIBOR + 0.420%)		2.824	%		5/25/44		145,448		147,696	(d)
Washington Mutual MSC Mortgage Pass-Through Certificates Series Trust, 2004-RA1 2A		7.000	%		3/25/34		7,504		8,108
Total Collateralized Mortgage Obligations (Cost — $1,774,520)									2,296,426
Convertible Bonds & Notes — 0.8%
Communication Services — 0.8%
Interactive Media & Services — 0.1%
Twitter Inc., Senior Notes		1.000	%		9/15/21		160,000		153,535
Media — 0.7%
DISH Network Corp., Senior Notes		2.375	%		3/15/24		1,375,000		1,275,334
Total Convertible Bonds & Notes (Cost — $1,350,434)									1,428,869

See Notes to Financial Statements.

20 Western Asset Premier Bond Fund 2019 Semi-Annual Report

Western Asset Premier Bond Fund

Security				Shares		Value
Common Stocks — 0.2%
Energy — 0.1%
Energy Equipment & Services — 0.0%
Hercules Offshore Inc. (Escrow)					16,942	$	12,179	*(f)(g)
Oil, Gas & Consumable Fuels — 0.1%
Berry Petroleum Corp.					3,054		32,373
Montage Resources Corp.					15,582		95,050	*
Total Oil, Gas & Consumable Fuels							127,423
Total Energy							139,602
Utilities — 0.1%
Electric Utilities — 0.1%
Panda Temple Power LLC					10,597		233,134	*
Total Common Stocks (Cost — $2,164,820)							372,736
	Rate
Preferred Stocks — 0.0%
Financials — 0.0%
Diversified Financial Services — 0.0%
Corporate Backed Trust Certificates (Cost — $0)		7.375	%		33,900		14	*(b)(f)
Total Investments before Short-Term Investments (Cost — $216,725,525)							234,290,966
Short-Term Investments — 0.3%
Western Asset Government Cash Management Portfolio LLC (Cost — $503,296)		2.320	%		503,296		503,296	(p)
Total Investments** — 137.2% (Cost — $217,228,821)							234,794,262
Liabilities in Excess of Other Assets — (37.2)%							(63,669,906	)
Total Net Assets — 100.0%						$	171,124,356

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2019 Semi-Annual Report 21

Schedule of investments (unaudited) (cont’d)

June 30, 2019

Western Asset Premier Bond Fund

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

* 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)  The coupon payment on these securities is currently in default as of June 30, 2019.

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

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

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

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

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

^(h)  Value is less than $1.

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

^(j)  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.

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

^(l)  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.

^(m)  All or a portion of this loan is unfunded as of June 30, 2019. The interest rate for fully unfunded term loans is to be determined.

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

^(o)  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.

^(p)  In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control. At June 30, 2019, the total market value of investments in Affiliated Companies was $503,296 and the cost was $503,296 (Note 8).

See Notes to Financial Statements.

22 Western Asset Premier Bond Fund 2019 Semi-Annual Report

Western Asset Premier Bond Fund

Abbreviations used in this schedule:
ARS	— Argentine Peso
BRL	— Brazilian Real
EUR	— Euro
GBP	— British Pound
ICE	— Intercontinental Exchange
IDR	— Indonesian Rupiah
IO	— Interest Only
JSC	— Joint Stock Company
LIBOR	— London Interbank Offered Rate
MXN	— Mexican Peso
PIK	— Payment-In-Kind
PLN	— Polish Zloty
PO	— Principal Only
RUB	— Russian Ruble
STRIPS	— Separate Trading of Registered Interest and Principal Securities
USD	— United States Dollar
UYU	— Uruguayan Peso

At June 30, 2019, 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		2.600	%		4/11/2019	7/10/2019	$	5,347,875		U.S. Government & Agency Obligations	$	5,597,611
Goldman Sachs Group Inc.		2.700	%		5/8/2019	7/10/2019		1,216,000		U.S. Government & Agency Obligations		1,245,264
							$	6,563,875			$	6,842,875

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

At June 30, 2019, the Fund had the following open forward foreign currency contracts:

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	1,640,000	USD	415,064	Barclays Bank PLC		7/17/19	$	11,261
GBP	24,492	USD	31,071	Barclays Bank PLC		7/17/19		63
USD	415,705	BRL	1,640,000	Barclays Bank PLC		7/17/19		(10,619)
USD	277,942	EUR	245,000	Barclays Bank PLC		7/17/19		(1,100)
USD	118,521	GBP	90,000	Barclays Bank PLC		7/17/19		4,112
USD	1,587,730	GBP	1,207,739	Barclays Bank PLC		7/17/19		52,449
Total							$	56,166

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2019 Semi-Annual Report 23

Schedule of investments (unaudited) (cont’d)

June 30, 2019

Western Asset Premier Bond Fund

Abbreviations used in this table:
BRL	— Brazilian Real
EUR	— Euro
GBP	— British Pound
USD	— United States Dollar

See Notes to Financial Statements.

24 Western Asset Premier Bond Fund 2019 Semi-Annual Report

Statement of assets and liabilities (unaudited)

June 30, 2019

Assets:
Investments in unaffiliated securities, at value (Cost — $216,725,525)	$	234,290,966
Investments in affiliated securities, at value (Cost — $503,296)		503,296
Cash		374,628
Foreign currency, at value (Cost — $99,613)		100,036
Interest and dividends receivable		2,898,056
Receivable for securities sold		1,066,274
Unrealized appreciation on forward foreign currency contracts		67,885
Other receivables		953
Prepaid expenses		8,839
Total Assets		239,310,933
Liabilities:
Loan payable (Note 5)		57,000,000
Payable for open reverse repurchase agreements (Note 3)		6,563,875
Payable for securities purchased		3,601,312
Distributions payable		785,713
Investment management fee payable		104,657
Interest payable		51,074
Unrealized depreciation on forward foreign currency contracts		11,719
Trustees’ fees payable		396
Accrued expenses		67,831
Total Liabilities		68,186,577
Total Net Assets	$	171,124,356
Net Assets:
Common shares, no par value, unlimited number of shares authorized, 11,904,750 shares issued and outstanding	$	156,683,725
Total distributable earnings (loss)		14,440,631
Total Net Assets	$	171,124,356
Shares Outstanding		11,904,750
Net Asset Value		$14.37

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2019 Semi-Annual Report 25

Statement of operations (unaudited)

For the Six Months Ended June 30, 2019

Investment Income:
Interest from unaffiliated investments	$	6,688,432
Interest from affiliated investments		8,423
Dividends		2,879
Less: Foreign taxes withheld		(17,096)
Total Investment Income		6,682,638
Expenses:
Interest expense (Notes 3 and 5)		988,362
Investment management fee (Note 2)		617,885
Legal fees		64,212
Audit and tax fees		35,673
Fund accounting fees		16,944
Transfer agent fees		15,780
Commitment fees (Note 5)		15,083
Shareholder reports		11,091
Trustees’ fees		10,211
Stock exchange listing fees		6,193
Insurance		1,491
Custody fees		1,434
Miscellaneous expenses		6,083
Total Expenses		1,790,442
Net Investment Income		4,892,196
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions (Notes 1, 3 and 4):
Net Realized Gain (Loss) From:
Investment transactions in unaffiliated securities		(485,106)
Futures contracts		(348)
Forward foreign currency contracts		24,662
Foreign currency transactions		3,302
Net Realized Loss		(457,490)
Change in Net Unrealized Appreciation (Depreciation) From:
Investments in unaffiliated securities		16,534,658
Forward foreign currency contracts		27,896
Foreign currencies		2,289
Change in Net Unrealized Appreciation (Depreciation)		16,564,843
Net Gain on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions		16,107,353
Increase in Net Assets From Operations	$	20,999,549

See Notes to Financial Statements.

26 Western Asset Premier Bond Fund 2019 Semi-Annual Report

Statements of changes in net assets

For the Six Months Ended June 30, 2019 (unaudited) and the Year Ended December 31, 2018	2019		2018
Operations:
Net investment income	$	4,892,196	$	8,984,692
Net realized loss		(457,490)		(2,676,278)
Change in net unrealized appreciation (depreciation)		16,564,843		(14,974,361)
Increase (Decrease) in Net Assets From Operations		20,999,549		(8,665,947)
Distributions to Shareholders From (Note 1):
Total distributable earnings		(4,654,757)		(9,345,229)
Decrease in Net Assets From Distributions to Shareholders		(4,654,757)		(9,345,229)
Increase (Decrease) in Net Assets		16,344,792		(18,011,176)
Net Assets:
Beginning of period		154,779,564		172,790,740
End of period	$	171,124,356	$	154,779,564

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2019 Semi-Annual Report 27

Statement of cash flows (unaudited)

For the Six Months Ended June 30, 2019

Increase (Decrease) in Cash:
Cash Provided (Used) by Operating Activities:
Net increase in net assets resulting from operations	$	20,999,549
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided (used) by operating activities:
Purchases of portfolio securities		(74,595,554)
Sales of portfolio securities		70,294,809
Net purchases, sales and maturities of short-term investments		199,506
Payment-in-kind		(8,246)
Net amortization of premium (accretion of discount)		(599,486)
Increase in receivable for securities sold		(1,066,274)
Increase in interest and dividends receivable		(71,029)
Increase in prepaid expenses		(4,816)
Increase in payable for securities purchased		3,601,312
Increase in investment management fee payable		2,687
Decrease in Trustees’ fees payable		(406)
Increase in interest payable		14,135
Decrease in accrued expenses		(8,375)
Net realized loss on investments		485,106
Change in net unrealized appreciation (depreciation) of investments and forward foreign currency contracts		(16,562,554)
Net Cash Provided by Operating Activities*		2,680,364
Cash Flows From Financing Activities:
Distributions paid on common stock		(3,869,044)
Increase in payable for reverse repurchase agreements		1,330,500
Net Cash Used in Financing Activities		(2,538,544)
Net Increase in Cash and Restricted Cash		141,820
Cash and restricted cash at beginning of period		332,844
Cash and restricted cash at end of period	$	474,664

* Included in operating expenses is cash of $997,421 paid for interest and commitment fees on borrowings.

The following table provides a reconciliation of cash 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, 2019
Cash	$	474,664
Restricted cash		—
Total cash and restricted cash shown in the Statement of Cash Flows	$	474,664

See Notes to Financial Statements.

28 Western Asset Premier Bond Fund 2019 Semi-Annual Report

Financial highlights

For a share of capital stock outstanding throughout each year ended December 31, unless otherwise noted:
	20191,2			20181			20171			20161			20151			20141
Net asset value, beginning of period		$13.00			$14.51			$13.88			$13.08			$14.83			$14.81
Income (loss) from operations:
Net investment income		0.41			0.75			0.81			0.93			1.00			1.04
Net realized and unrealized gain (loss)		1.35			(1.47)			0.69			0.90			(1.67)			(0.12)
Distributions paid to Auction Rate Preferred Stockholders from net investment income		—			—			—			—			—			(0.00)	3
Total income (loss) from operations		1.76			(0.72)			1.50			1.83			(0.67)			0.92
Less distributions from:
Net investment income		(0.39)	4		(0.79)			(0.87)			(1.03)			(1.08)			(1.08)
Total distributions		(0.39)			(0.79)			(0.87)			(1.03)			(1.08)			(1.08)
Net increase from tender and repurchase of Auction Rate Preferred Shares		—			—			—			—			—			0.18
Net asset value, end of period		$14.37			$13.00			$14.51			$13.88			$13.08			$14.83
Market price, end of period		$13.68			$12.09			$13.81			$12.95			$12.16			$13.89
Total return, based on NAV5,6		13.71	%		(5.13)	%		11.03	%		14.47	%		(4.78)	%		7.53	%7
Total return, based on Market Price8		16.57	%		(6.85)	%		13.50	%		15.27	%		(5.12)	%		2.88	%
Net assets, end of period (millions)		$171			$155			$173			$165			$156			$176
Ratios to average net assets:
Gross expenses		2.20	%9		1.93	%		1.58	%		1.44	%		1.43	%		1.47	%10
Net expenses		2.20	9		1.93			1.58			1.44			1.43			1.47	10
Net investment income		6.01	9		5.49			5.66			6.87			6.97			6.85	10
Portfolio turnover rate		31	%		106	%		70	%		78	%		36	%		32	%
Supplemental data:
Loan Outstanding, End of Period (000s)		$57,000			$57,000			$58,000			$58,000			$58,000			$53,000
Asset Coverage Ratio for Loan Outstanding11		400	%		372	%		398	%		385	%		368	%		433	%
Asset Coverage, per $1,000 Principal Amount of Loan Outstanding11		$4,002			$3,715			$3,979			$3,849			$3,684			$4,328	12
Weighted Average Loan (000s)		$57,000			$56,803			$58,000			$58,000			$57,230			$53,000	13
Weighted Average Interest Rate on Loan		3.23	%		2.72	%		1.79	%		1.32	%		1.05	%		1.00	%13

See Notes to Financial Statements.

Western Asset Premier Bond Fund 2019 Semi-Annual Report 29

Financial highlights (cont’d)

¹  Per share amounts have been calculated using the average shares method.

²  For the six months ended June 30, 2019 (unaudited).

³  Amount represents less than $0.005 per share.

⁴  The actual source of the Fund’s current fiscal year distributions may be from net investment income, return of capital or a combination of both. Shareholders will be informed of the tax characteristics of the distributions after the close of the fiscal year.

⁵  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.

⁶  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.

⁷  The total return based on NAV reflects the impact of the tender and repurchase by the Fund of a portion of its Auction Rate Cumulative Preferred Shares at 97% of the per share liquidation preference. Absent this transaction, the total return based on NAV would have been 6.22%.

⁸  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.

⁹  Annualized.

¹⁰  Calculated on the basis of average net assets of common stock shareholders. Ratios do not reflect the effect of dividend payments to auction rate cumulative preferred stockholders.

¹¹  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.

¹²  Added to conform to current period presentation.

¹³  Weighted average based on the number of days that the Fund had a loan outstanding.

See Notes to Financial Statements.

30 Western Asset Premier Bond Fund 2019 Semi-Annual Report

Notes to financial statements (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”). 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 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 Legg Mason North Atlantic Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee, pursuant to the policies

Western Asset Premier Bond Fund 2019 Semi-Annual Report 31

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

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 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)

32 Western Asset Premier Bond Fund 2019 Semi-Annual Report

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

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

ASSETS
Description	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Long-term investments†:
Corporate bonds & notes:
Energy		—	$	40,769,933	$	0	*	$	40,769,933
Other corporate bonds & notes		—		136,394,185		—			136,394,185
Senior loans:
Health care		—		2,212,120		459,425			2,671,545
Other senior loans		—		22,322,913		—			22,322,913
Sovereign bonds		—		11,763,965		—			11,763,965
U.S. government & agency obligations		—		10,154,710		—			10,154,710
Asset-backed securities		—		6,115,670		—			6,115,670
Collateralized mortgage obligations		—		2,296,426		—			2,296,426
Convertible bonds & notes		—		1,428,869		—			1,428,869
Common stocks:
Energy	$	127,423		—		12,179			139,602
Utilities		—		233,134		—			233,134
Preferred stocks		—		14		—			14
Total long-term investments		127,423		233,691,939		471,604			234,290,966
Short-term investments†		—		503,296		—			503,296
Total investments	$	127,423	$	234,195,235	$	471,604		$	234,794,262
Other financial instruments:
Forward foreign currency contracts		—	$	67,885		—		$	67,885
Total	$	127,423	$	234,263,120	$	471,604		$	234,862,147
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		—	$	11,719		—		$	11,719

Western Asset Premier Bond Fund 2019 Semi-Annual Report 33

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

† See Schedule of Investments for additional detailed categorizations.

* Amount represents less than $1.

(b) Futures contracts. The Fund uses futures contracts generally to gain exposure to, or hedge against, changes in interest rates or gain exposure to, or hedge against, changes in certain asset classes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

Upon entering into a futures contract, the Fund is required to deposit cash or securities with a broker in an amount equal to a certain percentage of the contract amount. This is known as the ‘‘initial margin’’ and subsequent payments (‘‘variation margin’’) are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. For certain futures, including foreign denominated futures, variation margin is not settled daily, but is recorded as a net variation margin payable or receivable. The daily changes in contract value are recorded as unrealized gains or losses in the Statement of Operations and the Fund recognizes a realized gain or loss when the contract is closed.

Futures contracts involve, to varying degrees, risk of loss in excess of the amounts reflected in the financial statements. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

(c) 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.

(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 off-set against the borrower and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

34 Western Asset Premier Bond Fund 2019 Semi-Annual Report

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 off-set between the lender and the borrower.

(e) Unfunded loan commitments. The Fund may enter into certain credit agreements where all or a portion of the total amount committed may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. The commitments are disclosed in the accompanying Schedule of Investments. At June 30, 2019, the Fund had sufficient cash and/or securities to cover these commitments.

(f) 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 than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in IO’s.

(g) 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 maintain 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

Western Asset Premier Bond Fund 2019 Semi-Annual Report 35

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

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.

(h) 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.

(i) 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 Statement of Changes in Net Assets and additional information on cash receipts and cash payments are presented in the Statement of Cash Flows.

(j) 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.

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,

36 Western Asset Premier Bond Fund 2019 Semi-Annual Report

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.

(k) 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.

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

(m) 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

Western Asset Premier Bond Fund 2019 Semi-Annual Report 37

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

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 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 NAV 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 collateral terms are contract specific for over-the-counter 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, 2019, the Fund held forward foreign currency contracts with credit related contingent features which had a liability position of $11,719. If a contingent feature in the master agreements would have been triggered, the Fund would have been required to pay this amount to its derivative counterparties.

(n) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind

38 Western Asset Premier Bond Fund 2019 Semi-Annual Report

securities), adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. 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.

(o) 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, return of capital or a combination of both. 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 taxable and 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.

(p) Compensating balance arrangements. The Fund has an arrangement with its custodian bank whereby a portion of the custodian’s fees is paid indirectly by credits earned on the Fund’s cash on deposit with the bank.

(q) 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, 2018, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal 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.

(r) 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.

Western Asset Premier Bond Fund 2019 Semi-Annual Report 39

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

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 (“WAML”), Western Asset pays monthly a portion of the fees it receives from the Fund to WAML at an annual rate of 0.425% of the average weekly value of the Fund’s total managed assets that WAML 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.

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 Legg Mason Partners Fund Advisor, LLC (“LMPFA”), Western Asset pays LMPFA, 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.

LMPFA, Western Asset, WAML, Western Asset Singapore and Western Asset Japan are wholly-owned subsidiaries of Legg Mason, Inc. (“Legg Mason”).

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 Legg Mason or its affiliates and do not receive compensation from the Fund.

40 Western Asset Premier Bond Fund 2019 Semi-Annual Report

3. Investments

During the six months ended June 30, 2019, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follows:

	Investments		U.S. Government & Agency Obligations
Purchases	$	65,469,097	$	9,126,457
Sales		64,088,782		6,206,027

At June 30, 2019, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

	Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
Securities	$	217,228,821	$	20,432,903	$	(2,867,462)	$	17,565,441
Forward foreign currency contracts		—		67,885		(11,719)		56,166

Transactions in reverse repurchase agreements for the Fund during the six months ended June 30, 2019 were as follows:

Average Daily Balance*	Weighted Average Interest Rate*	Maximum Amount Outstanding
$5,685,811	2.68%	$6,563,875

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

Interest rates on reverse repurchase agreements ranged from 2.45% to 2.72% during the six months ended June 30, 2019. Interest expense incurred on reverse repurchase agreements totaled $75,612.

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, 2019.

ASSET DERIVATIVES1
	Foreign Exchange Risk
Forward foreign currency contracts	$	67,885
LIABILITY DERIVATIVES1
	Foreign Exchange Risk
Forward foreign currency contracts	$	11,719

Western Asset Premier Bond Fund 2019 Semi-Annual Report 41

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

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

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, 2019. 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 unrealized appreciation (depreciation) resulting from the Fund’s derivatives and hedging activities during the period.

AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED
	Interest Rate Risk		Foreign Exchange Risk		Total
Futures contracts	$	(348)		—	$	(348)
Forward foreign currency contracts		—	$	24,662		24,662
Total	$	(348)	$	24,662	$	24,314

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED
	Foreign Exchange Risk
Forward foreign currency contracts	$	27,896

During the six months ended June 30, 2019, the volume of derivative activity for the Fund was as follows:

	Average Market Value
Futures contracts (to sell)†	$	51,046
Forward foreign currency contracts (to buy)		373,179
Forward foreign currency contracts (to sell)		1,895,982

† At June 30, 2019, there were no open positions held in this derivative.

The following table presents the Fund’s OTC derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral pledged (received) by the Fund as of June 30, 2019.

Counterparty	Gross Assets Subject to Master Agreements1		Gross Liabilities Subject to Master Agreements1		Net Assets (Liabilities) Subject to Master Agreements		Collateral Pledged (Received)		Net Amount2,3
Barclays Bank PLC	$	67,885	$	(11,719)	$	56,166		—	$	56,166

¹   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.

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

42 Western Asset Premier Bond Fund 2019 Semi-Annual Report

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

5. Loan

The Fund has a revolving credit agreement with National Australia Bank Limited (“Credit Agreement”) that allows the Fund to borrow up to an aggregate amount of $72,000,000. The Credit Agreement automatically renews daily for a six month term unless notice to the contrary is given to the Fund. The final scheduled maturity date for the Credit Agreement is December 13, 2021. The Fund pays a commitment fee at an annual rate of 0.20%, on the unutilized portion of the loan. The interest on the loan is calculated at a variable rate based on the prime rate, federal funds rate or LIBOR, plus any applicable margin. Securities held by the Fund are subject to a lien granted to National Australia Bank Limited, to the extent of the borrowing outstanding and any additional expenses. The Fund’s 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. For the six months ended June 30, 2019, the Fund incurred a commitment fee in the amount of $15,083. Interest expense related to this loan for the six months ended June 30, 2019 was $912,656. For the six months ended June 30, 2019, the Fund had an average daily loan balance outstanding of $57,000,000 and the weighted average interest rate was 3.23%. At June 30, 2019, the Fund had $57,000,000 of borrowings outstanding.

6. Distributions subsequent to June 30, 2019

The following distributions have been declared by the Fund’s Board of Trustees and are payable subsequent to the period end of this report:

Record Date	Payable Date		Amount
6/21/2019		7/1/2019	$	0.0660
7/19/2019		8/1/2019	$	0.0660
8/23/2019		9/3/2019	$	0.0660
9/20/2019		10/1/2019	$	0.0660

7. Stock repurchase program

On November 20, 2015, the Fund announced that the Fund’s Board of Trustees (the “Board”) had authorized the Fund to repurchase in the open market up to approximately 10% of the Fund’s outstanding common stock when the Fund’s shares are trading at a discount to net asset value. The Board has directed management of the Fund to repurchase shares of common stock at such times and in such amounts as management reasonably believes may

Western Asset Premier Bond Fund 2019 Semi-Annual Report 43

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

enhance stockholder 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, 2019, the Fund did not repurchase any shares.

8. Transactions with affiliated companies

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. The Fund may invest in Western Asset Government Cash Management Portfolio, LLC (“Cash Management Portfolio”), an affiliated private money market fund managed by Western Asset, the Fund’s investment adviser. Cash Management Portfolio is available as a cash management vehicle for certain proprietary investment companies affiliated with Legg Mason. While Cash Management Portfolio is not a registered money market fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Based on the Fund’s relative ownership, the following companies were considered affiliated companies for all or some portion of the six months ended June 30, 2019. The following transactions were effected in shares of such companies for the six months ended June 30, 2019.

	Affiliate Value at December  31, 2018		Purchased				Sold				Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at June  30, 2019
			Cost		Shares		Cost		Shares
Western Asset Government Cash Management Portfolio LLC	$	702,802	$	26,708,375		26,708,375	$	26,907,881		26,907,881		—	$	8,423		—	$	503,296

9. Deferred capital losses

As of December 31, 2018, the Fund had deferred capital losses of $2,284,561, which have no expiration date, that will be available to offset future taxable capital gains.

10. Recent accounting pronouncement

The Fund has adopted the disclosure provisions of the Financial Accounting Standards Board Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820) — Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13

44 Western Asset Premier Bond Fund 2019 Semi-Annual Report

would be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years; however, management has elected to early adopt ASU 2018-13. The impact of the Fund’s adoption was limited to changes in the Fund’s financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

Western Asset Premier Bond Fund 2019 Semi-Annual Report 45

Additional shareholder information (unaudited)

Results of annual meeting of shareholders

The Fund’s annual meeting of shareholders was held on May 10, 2019. Of the 11,904,750 common shares outstanding, the following shares were voted in the meeting:

Election of Trustees	For		Withheld
Robert Abeles, Jr.		10,645,496		451,189
Anita L. DeFrantz		10,657,719		438,966
Ronald L. Olson		10,667,842		428,843
Avedick B. Poladian		10,546,107		550,578
William E. B. Siart		10,514,464		582,221
Jaynie M. Studenmund		10,670,113		426,572
Peter J. Taylor		10,727,950		368,735
Jane Trust		10,715,021		381,664

46 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 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 stock split, stock 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 47

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., 462 South 4th Street, Suite 1600, Louisville, KY 40202. Investor Relations Telephone number 1-888-888-0151.

48 Western Asset Premier Bond Fund

Western Asset

Premier Bond Fund

Trustees

Robert Abeles, Jr

Anita L. DeFrantz

Ronald L. Olson

Avedick B. Poladian

William E.B. Siart

Chairman

Jaynie M. Studenmund

Peter J. Taylor*

Jane Trust

Officers

Jane Trust

President and Chief Executive Officer

Richard F. Sennett

Principal Financial Officer and Treasurer

Ted P. Becker**

Chief Compliance Officer

Robert I. Frenkel

Secretary and Chief Legal Officer

Thomas C. Mandia

Assistant Secretary

Jenna Bailey

Identity Theft Prevention Officer

Jeanne M. Kelly

Senior Vice President

* Effective March 1, 2019, Mr. Taylor became a Trustee.

** Effective July 17, 2019, Mr. Becker became Chief Compliance Officer.

Western Asset Premier Bond Fund

620 Eighth Avenue

49^th Floor

New York, NY 10018

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

Independent registered public accounting firm

Pricewaterhouse Coopers LLP

100 East Pratt Street

Baltimore, MD 21202

Legal counsel

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

Transfer agent

Computershare Inc.

462 South 4^th Street, Suite 1600

Louisville, KY 40202

New York Stock Exchange Symbol

WEA

Legg Mason Funds Privacy and Security Notice

Your Privacy and the Security of Your Personal Information is Very Important to the Legg Mason Funds

This Privacy and Security Notice (the “Privacy Notice”) addresses the Legg Mason Funds’ privacy and data protection practices with respect to nonpublic personal information the Funds receive. The Legg Mason Funds include any funds sold by the Funds’ distributor, Legg Mason Investor Services, 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;

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

• Information received from consumer reporting agencies regarding credit history and creditworthiness (such as the amount of an individual’s total debt, payment history, etc.).

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, or with other financial institutions or affiliates for joint 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:

• 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;

• 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;

• 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;

• 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;

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

NOT PART OF THE  SEMI-ANNUAL REPORT

Legg Mason Funds Privacy and Security Notice (cont’d)

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 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.leggmason.com, or contact the Funds at 1-888-777-0102.

Revised April 2018

NOT PART OF THE  SEMI-ANNUAL REPORT

Western Asset Premier Bond Fund

Western Asset Premier Bond Fund

620 Eighth Avenue

49th Floor

New York, NY 10018

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, shares of its stock.

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. Previously, the Fund filed a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-PORT and N-Q are available on the SEC’s website at www.sec.gov. To obtain information on Forms N-PORT and N-Q, shareholders can call the Fund at 1-888-777-0102.

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.lmcef.com and (3) on the SEC’s website at www.sec.gov.

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.

462 South 4th Street, Suite 1600

Louisville, KY 40202

WASX012842 8/19 SR19-3695

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.

Included herein under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. INVESTMENT PROFESSIONALS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11. CONTROLS AND PROCEDURES.

(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.

(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 second fiscal quarter of 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable

ITEM 13. EXHIBITS.

(a) (1) Not applicable.

Exhibit 99.CODE ETH

(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

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 28, 2019

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 28, 2019

By:	/s/ Richard F. Sennett
	Richard F. Sennett
	Principal Financial Officer

Date: August 28, 2019