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WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited)		September 30, 2020


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CORPORATE BONDS & NOTES - 108.0%
COMMUNICATION SERVICES - 14.0%
Diversified Telecommunication Services - 3.5%
Altice France Holding SA, Senior Secured Notes		10.500	%		5/15/27		450,000	$	500,906	^(a)
Altice France SA, Senior Secured Notes		7.375	%		5/1/26		1,560,000		1,636,362	^(a)
Altice France SA, Senior Secured Notes		8.125	%		2/1/27		430,000		469,192	^(a)
CenturyLink Inc., Senior Secured Notes		4.000	%		2/15/27		1,050,000		1,068,144	^(a)
Orange SA, Senior Notes		9.000	%		3/1/31		600,000		979,945
Verizon Communications Inc., Senior Notes		5.150	%		9/15/23		580,000		657,812
Verizon Communications Inc., Senior Notes		4.329	%		9/21/28		500,000		607,087

Total Diversified Telecommunication Services									5,919,448

Entertainment - 1.1%
Netflix Inc., Senior Notes		5.875	%		11/15/28		410,000		489,946
Netflix Inc., Senior Notes		6.375	%		5/15/29		310,000		381,688
TWDC Enterprises 18 Corp., Senior Notes		3.000	%		2/13/26		500,000		555,113
Walt Disney Co., Senior Notes		8.875	%		4/26/23		400,000		480,059

Total Entertainment									1,906,806

Media - 7.2%
Cable Onda SA, Senior Notes		4.500	%		1/30/30		590,000		616,284	^(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.125	%		5/1/27		350,000		368,744	^(a)
CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes		5.000	%		2/1/28		410,000		430,910	^(a)
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		4.200	%		3/15/28		1,000,000		1,136,350
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.384	%		10/23/35		420,000		577,176
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., Senior Secured Notes		6.484	%		10/23/45		1,130,000		1,518,786
Comcast Corp., Senior Notes		3.700	%		4/15/24		1,000,000		1,105,199
Comcast Corp., Senior Notes		7.050	%		3/15/33		1,000,000		1,527,441
DISH DBS Corp., Senior Notes		5.875	%		11/15/24		1,160,000		1,191,279
DISH DBS Corp., Senior Notes		7.750	%		7/1/26		1,180,000		1,298,737
Time Warner Cable LLC, Senior Secured Notes		7.300	%		7/1/38		720,000		1,021,321

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Media - (continued)
Univision Communications Inc., Senior Secured Notes		9.500	%		5/1/25		470,000	$	505,250	^(a)
Virgin Media Secured Finance PLC, Senior Secured Notes		5.500	%		8/15/26		770,000		804,169	^(a)

Total Media									12,101,646

Wireless Telecommunication Services - 2.2%
CSC Holdings LLC, Senior Notes		6.500	%		2/1/29		560,000		621,950	^(a)
Sprint Capital Corp., Senior Notes		6.875	%		11/15/28		420,000		525,788
Sprint Capital Corp., Senior Notes		8.750	%		3/15/32		30,000		43,944
Sprint Communications Inc., Senior Notes		11.500	%		11/15/21		280,000		307,713
Sprint Corp., Senior Notes		7.875	%		9/15/23		760,000		874,475
VEON Holdings BV, Senior Notes		5.950	%		2/13/23		570,000		617,096	^(a)
Vodafone Group PLC, Senior Notes		4.375	%		5/30/28		500,000		592,636

Total Wireless Telecommunication Services									3,583,602

TOTAL COMMUNICATION SERVICES									23,511,502

CONSUMER DISCRETIONARY - 10.5%
Auto Components - 1.4%
Adient Global Holdings Ltd., Senior Notes		4.875	%		8/15/26		580,000		553,537	^(a)
Adient US LLC, Senior Secured Notes		9.000	%		4/15/25		360,000		397,575	^(a)
American Axle & Manufacturing Inc., Senior Notes		6.500	%		4/1/27		600,000		581,625
JB Poindexter & Co. Inc., Senior Notes		7.125	%		4/15/26		790,000		840,513	^(a)

Total Auto Components									2,373,250

Automobiles - 2.5%
Daimler Finance North America LLC, Senior Notes		8.500	%		1/18/31		1,000,000		1,550,055
Ford Motor Co., Senior Notes		8.500	%		4/21/23		440,000		480,302
Ford Motor Co., Senior Notes		9.000	%		4/22/25		580,000		665,721
Ford Motor Credit Co. LLC, Senior Notes		4.250	%		9/20/22		200,000		202,060
General Motors Co., Senior Notes		5.400	%		10/2/23		100,000		110,344
General Motors Co., Senior Notes		6.125	%		10/1/25		130,000		151,244
General Motors Co., Senior Notes		4.200	%		10/1/27		750,000		804,260
General Motors Co., Senior Notes		6.600	%		4/1/36		140,000		170,560

Total Automobiles									4,134,546

Diversified Consumer Services - 0.4%
Carriage Services Inc., Senior Notes		6.625	%		6/1/26		430,000		450,881	^(a)
Weight Watchers International Inc., Senior Notes		8.625	%		12/1/25		210,000		220,106	^(a)

Total Diversified Consumer Services									670,987

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Hotels, Restaurants & Leisure - 4.0%
1011778 BC ULC/New Red Finance Inc., Senior Secured Notes		5.750	%		4/15/25		250,000		$	267,267	^(a)
IRB Holding Corp., Senior Secured Notes		7.000	%		6/15/25		430,000			459,251	^(a)
Marston’s Issuer PLC, Secured Notes (3 mo. GBP LIBOR + 2.550%)		2.632	%		7/15/35		540,000	^GBP		464,021	^(b)(c)
NCL Corp. Ltd., Senior Secured Notes		12.250	%		5/15/24		920,000			1,031,550	^(a)
NCL Corp. Ltd., Senior Secured Notes		10.250	%		2/1/26		840,000			877,800	^(a)
Saga PLC, Senior Notes		3.375	%		5/12/24		530,000	^GBP		571,614	^(b)
Silversea Cruise Finance Ltd., Senior Secured Notes		7.250	%		2/1/25		348,000			353,220	^(a)
Viking Cruises Ltd., Senior Notes		5.875	%		9/15/27		130,000			101,319	^(a)
VOC Escrow Ltd., Senior Secured Notes		5.000	%		2/15/28		980,000			869,931	^(a)
Wynn Macau Ltd., Senior Notes		5.625	%		8/26/28		650,000			632,125	^(a)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes		7.750	%		4/15/25		990,000			1,049,697	^(a)

Total Hotels, Restaurants & Leisure										6,677,795

Household Durables - 0.7%
Lennar Corp., Senior Notes		5.000	%		6/15/27		430,000			486,975
Lennar Corp., Senior Notes		4.750	%		11/29/27		250,000			285,750
Newell Brands Inc., Senior Notes		4.875	%		6/1/25		420,000			453,600

Total Household Durables										1,226,325

Specialty Retail - 1.2%
Party City Holdings Inc., Senior Secured Notes (6 mo. USD LIBOR + 5.000%)		5.750	%		7/15/25		134,943			101,207	^(a)(c)
PetSmart Inc., Senior Secured Notes		5.875	%		6/1/25		1,710,000			1,754,631	^(a)
Sally Holdings LLC/Sally Capital Inc., Senior Notes		5.500	%		11/1/23		100,000			100,938

Total Specialty Retail										1,956,776

Textiles, Apparel & Luxury Goods - 0.3%
Hanesbrands Inc., Senior Notes		4.875	%		5/15/26		450,000			481,219	^(a)

TOTAL CONSUMER DISCRETIONARY										17,520,898

CONSUMER STAPLES - 3.6%
Beverages - 1.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.700	%		2/1/36		540,000			653,780
Anheuser-Busch InBev Worldwide Inc., Senior Notes		4.000	%		4/13/28		1,000,000			1,160,213

Total Beverages										1,813,993

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Food & Staples Retailing - 1.0%
CVS Pass-Through Trust		5.789	%		1/10/26		245,982	$	265,227	^(a)
CVS Pass-Through Trust		7.507	%		1/10/32		332,295		415,165	^(a)
CVS Pass-Through Trust, Secured Trust		5.880	%		1/10/28		299,005		336,535
CVS Pass-Through Trust, Secured Trust		6.943	%		1/10/30		322,516		384,893
CVS Pass-Through Trust, Senior Secured Trust		6.036	%		12/10/28		311,997		354,882

Total Food & Staples Retailing									1,756,702

Food Products - 1.0%
Kraft Heinz Foods Co., Senior Notes		3.950	%		7/15/25		126,000		136,859
Kraft Heinz Foods Co., Senior Notes		3.875	%		5/15/27		30,000		31,839	^(a)
Kraft Heinz Foods Co., Senior Notes		4.250	%		3/1/31		110,000		120,988	^(a)
Kraft Heinz Foods Co., Senior Notes		5.500	%		6/1/50		340,000		391,165	^(a)
Pilgrim’s Pride Corp., Senior Notes		5.875	%		9/30/27		920,000		951,050	^(a)

Total Food Products									1,631,901

Tobacco - 0.5%
Altria Group Inc., Senior Notes		4.800	%		2/14/29		500,000		594,113
Reynolds American Inc., Senior Notes		5.850	%		8/15/45		260,000		317,270

Total Tobacco									911,383

TOTAL CONSUMER STAPLES									6,113,979

ENERGY - 21.0%
Oil, Gas & Consumable Fuels - 21.0%
Anadarko Finance Co., Senior Notes		7.500	%		5/1/31		570,000		498,750
Apache Corp., Senior Notes		4.250	%		1/15/44		250,000		213,125
Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Notes		6.125	%		11/15/22		50,000		48,889	^(a)
Conoco Phillips Canada Funding Co., Senior Notes		7.400	%		12/1/31		450,000		667,457
Continental Resources Inc., Senior Notes		3.800	%		6/1/24		560,000		518,000
Continental Resources Inc., Senior Notes		4.375	%		1/15/28		210,000		182,288
Continental Resources Inc., Senior Notes		4.900	%		6/1/44		250,000		188,834
Diamondback Energy Inc., Senior Notes		3.500	%		12/1/29		400,000		388,823
Ecopetrol SA, Senior Notes		5.875	%		9/18/23		45,000		49,556
Ecopetrol SA, Senior Notes		5.375	%		6/26/26		750,000		829,687
Ecopetrol SA, Senior Notes		5.875	%		5/28/45		2,510,000		2,739,037
EOG Resources Inc., Senior Notes		3.150	%		4/1/25		2,250,000		2,458,834
EQM Midstream Partners LP, Senior Notes		6.000	%		7/1/25		250,000		258,125	^(a)
EQT Corp., Senior Notes		3.900	%		10/1/27		800,000		738,000

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
KazMunayGas National Co. JSC, Senior Notes		4.750	%		4/19/27		770,000	$	859,628	^(a)
Kinder Morgan Inc., Senior Notes		7.750	%		1/15/32		190,000		264,848
Kinder Morgan Inc., Senior Notes		5.550	%		6/1/45		1,500,000		1,785,700
Lukoil International Finance BV, Senior Notes		4.750	%		11/2/26		1,000,000		1,114,732	^(a)
MEG Energy Corp., Secured Notes		6.500	%		1/15/25		290,000		284,693	^(a)
MEG Energy Corp., Senior Notes		7.000	%		3/31/24		376,000		350,620	^(a)
Montage Resources Corp., Senior Notes		8.875	%		7/15/23		680,000		692,750
NGPL PipeCo LLC, Senior Notes		7.768	%		12/15/37		490,000		625,991	^(a)
Noble Energy Inc., Senior Notes		5.050	%		11/15/44		500,000		649,815
Oasis Petroleum Inc., Senior Notes		6.500	%		11/1/21		520,000		117,000	*^(d)
Oasis Petroleum Inc., Senior Notes		6.875	%		3/15/22		33,000		7,920	*^(d)
Oasis Petroleum Inc., Senior Notes		6.875	%		1/15/23		517,000		121,495	*^(d)
Occidental Petroleum Corp., Senior Notes		6.200	%		3/15/40		250,000		207,775
Petrobras Global Finance BV, Senior Notes		4.375	%		5/20/23		310,000		326,353
Petrobras Global Finance BV, Senior Notes		5.999	%		1/27/28		1,460,000		1,623,958
Petrobras Global Finance BV, Senior Notes		5.750	%		2/1/29		1,000,000		1,104,750
Petrobras Global Finance BV, Senior Notes		6.750	%		1/27/41		920,000		1,012,009
Range Resources Corp., Senior Notes		5.000	%		3/15/23		280,000		266,525
Range Resources Corp., Senior Notes		4.875	%		5/15/25		190,000		171,969
Range Resources Corp., Senior Notes		9.250	%		2/1/26		1,645,000		1,693,067	^(a)
Rockies Express Pipeline LLC, Senior Notes		7.500	%		7/15/38		350,000		372,750	^(a)
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.750	%		5/15/24		440,000		498,677
Sabine Pass Liquefaction LLC, Senior Secured Notes		5.000	%		3/15/27		1,850,000		2,088,308
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.500	%		7/15/27		250,000		261,250
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes		6.875	%		1/15/29		20,000		21,457
Transcontinental Gas Pipe Line Co. LLC, Senior Notes		7.850	%		2/1/26		1,000,000		1,296,117

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Oil, Gas & Consumable Fuels - (continued)
Transportadora de Gas del Peru SA, Senior Notes		4.250	%		4/30/28		1,750,000	$	1,944,372	^(a)
Transportadora de Gas del Sur SA, Senior Notes		6.750	%		5/2/25		300,000		242,723	^(a)
Western Midstream Operating LP, Senior Notes		5.050	%		2/1/30		2,200,000		2,144,120
Western Midstream Operating LP, Senior Notes		5.300	%		3/1/48		100,000		81,000
Western Midstream Operating LP, Senior Notes		6.250	%		2/1/50		1,680,000		1,559,107
Williams Cos. Inc., Senior Notes		4.550	%		6/24/24		60,000		66,523
Williams Cos. Inc., Senior Notes		7.500	%		1/15/31		443,000		584,215
Williams Cos. Inc., Senior Notes		8.750	%		3/15/32		39,000		55,657
WPX Energy Inc., Senior Notes		8.250	%		8/1/23		210,000		238,065
YPF SA, Senior Notes		8.500	%		7/28/25		950,000		692,598	^(a)

TOTAL ENERGY									35,207,942

FINANCIALS - 29.3%
Banks - 22.3%
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		378,165	^(c)(e)
Bank of America Corp., Senior Notes		5.000	%		5/13/21		1,100,000		1,131,864
Bank of America Corp., Subordinated Notes		4.250	%		10/22/26		2,200,000		2,550,895
Barclays Bank PLC, Subordinated Notes		10.179	%		6/12/21		610,000		641,874	^(a)
Barclays Bank PLC, Subordinated Notes		7.625	%		11/21/22		4,750,000		5,226,893
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		586,032	^(c)(e)
Barclays PLC, Subordinated Notes		5.200	%		5/12/26		1,000,000		1,111,630
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		915,943	^(a)(c)
BNP Paribas SA, Junior Subordinated Notes (7.375% to 8/19/25 then USD 5 year ICE Swap Rate + 5.150%)		7.375	%		8/19/25		510,000		568,367	^(a)(c)(e)
BPCE SA, Subordinated Notes		5.150	%		7/21/24		1,000,000		1,121,589	^(a)
CIT Group Inc., Senior Notes		5.250	%		3/7/25		312,000		330,681

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
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	$	944,581	^(c)(e)
Citigroup Inc., Junior Subordinated Notes (6.300% to 5/15/24 then 3 mo. USD LIBOR + 3.423%)		6.300	%		5/15/24		500,000		524,098	^(c)(e)
Citigroup Inc., Subordinated Notes		3.500	%		5/15/23		500,000		534,645
Citigroup Inc., Subordinated Notes		4.125	%		7/25/28		800,000		922,701
Citigroup Inc., Subordinated Notes		6.625	%		6/15/32		1,000,000		1,398,358
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		1,273,095	^(a)(c)(e)
HSBC Holdings PLC, Junior Subordinated Notes (6.000% to 5/22/27 then USD 5 year ICE Swap Rate + 3.746%)		6.000	%		5/22/27		400,000		410,334	^(c)(e)
HSBC Holdings PLC, Junior Subordinated Notes (6.500% to 3/23/28 then USD 5 year ICE Swap Rate + 3.606%)		6.500	%		3/23/28		1,130,000		1,200,834	^(c)(e)
Intesa Sanpaolo SpA, Subordinated Notes		5.017	%		6/26/24		1,320,000		1,388,411	^(a)
Intesa Sanpaolo SpA, Subordinated Notes		5.710	%		1/15/26		2,070,000		2,259,444	^(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		2,673,639	^(c)(e)
JPMorgan Chase & Co., Junior Subordinated Notes (6.100% to 10/1/24 then 3 mo. USD LIBOR + 3.330%)		6.100	%		10/1/24		400,000		420,881	^(c)(e)
JPMorgan Chase & Co., Subordinated Notes		4.950	%		6/1/45		500,000		678,660
Lloyds Banking Group PLC, Subordinated Notes		4.650	%		3/24/26		1,500,000		1,671,323
Natwest Group PLC, Junior Subordinated Notes (8.625% to 8/15/21 then USD 5 year ICE Swap Rate + 7.598%)		8.625	%		8/15/21		450,000		462,249	^(c)(e)
Natwest Group PLC, Subordinated Notes		6.000	%		12/19/23		150,000		168,793
Natwest Group PLC, Subordinated Notes		5.125	%		5/28/24		1,330,000		1,460,011
NatWest Markets NV, Subordinated Notes		7.750	%		5/15/23		140,000		156,811
Santander UK Group Holdings PLC, Subordinated Notes		5.625	%		9/15/45		1,000,000		1,225,841	^(a)

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Banks - (continued)
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	$	851,511	^(a)(c)
Wells Fargo & Co., Senior Notes		3.000	%		10/23/26		2,000,000		2,189,231

Total Banks									37,379,384

Capital Markets - 4.0%
Credit Suisse Group AG, Junior Subordinated Notes (7.250% to 9/12/25 then 5 year Treasury Constant Maturity Rate + 4.332%)		7.250	%		9/12/25		1,350,000		1,464,001	^(a)(c)(e)
Goldman Sachs Group Inc., Senior Notes		5.250	%		7/27/21		800,000		832,244
Goldman Sachs Group Inc., Senior Notes		3.500	%		11/16/26		1,750,000		1,938,164
Morgan Stanley, Senior Notes (4.431% to 1/23/29 then 3 mo. USD LIBOR + 1.628%)		4.431	%		1/23/30		1,000,000		1,196,521	^(c)
UBS Group AG, Junior Subordinated Notes (7.000% to 1/31/24 then USD 5 year ICE Swap Rate + 4.344%)		7.000	%		1/31/24		1,250,000		1,335,244	^(a)(c)(e)

Total Capital Markets									6,766,174

Diversified Financial Services - 2.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.450	%		12/16/21		680,000		694,914
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.625	%		7/1/22		230,000		236,247
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes		4.625	%		10/15/27		610,000		591,691
Ahold Lease USA Inc. Pass-Through-Trust, Senior Secured Notes		8.620	%		1/2/25		374,227		408,914
GE Capital International Funding Co. Unlimited Co., Senior Notes		4.418	%		11/15/35		500,000		528,952
Global Aircraft Leasing Co. Ltd., Senior Notes (6.500% Cash or 7.250% PIK)		6.500	%		9/15/24		1,637,275		918,921	^(a)(f)
International Lease Finance Corp., Senior Notes		5.875	%		8/15/22		700,000		749,370

Total Diversified Financial Services									4,129,009

Insurance - 0.5%
MetLife Inc., Junior Subordinated Notes		10.750	%		8/1/39		500,000		814,544

TOTAL FINANCIALS									49,089,111

HEALTH CARE - 7.9%
Biotechnology - 0.3%
AbbVie Inc., Senior Notes		3.800	%		3/15/25		500,000		554,965	^(a)

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Health Care Providers & Services - 3.3%
Centene Corp., Senior Notes		4.750	%		1/15/25		810,000	$	833,531
Centene Corp., Senior Notes		4.250	%		12/15/27		240,000		251,699
Centene Corp., Senior Notes		4.625	%		12/15/29		370,000		399,583
HCA Inc., Senior Secured Notes		4.500	%		2/15/27		1,000,000		1,124,657
HCA Inc., Senior Secured Notes		4.125	%		6/15/29		550,000		622,752
Humana Inc., Senior Notes		3.950	%		3/15/27		1,200,000		1,372,597
LifePoint Health Inc., Senior Secured Notes		6.750	%		4/15/25		330,000		348,150	^(a)
Magellan Health Inc., Senior Notes		4.900	%		9/22/24		515,000		531,920

Total Health Care Providers & Services									5,484,889

Pharmaceuticals - 4.3%
Bausch Health Cos. Inc., Senior Notes		6.125	%		4/15/25		1,490,000		1,526,878	^(a)
Bristol-Myers Squibb Co., Senior Notes		3.400	%		7/26/29		780,000		909,846
Bristol-Myers Squibb Co., Senior Notes		4.625	%		5/15/44		250,000		335,991
Teva Pharmaceutical Finance Co. BV, Senior Notes		2.950	%		12/18/22		575,000		560,053
Teva Pharmaceutical Finance IV BV, Senior Notes		3.650	%		11/10/21		330,000		329,926
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.200	%		7/21/21		1,550,000		1,538,181
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		2.800	%		7/21/23		1,046,000		1,002,162
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		6.000	%		4/15/24		760,000		776,967
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes		3.150	%		10/1/26		180,000		159,135

Total Pharmaceuticals									7,139,139

TOTAL HEALTH CARE									13,178,993

INDUSTRIALS - 10.2%
Aerospace & Defense - 1.5%
Boeing Co., Senior Notes		3.200	%		3/1/29		250,000		246,571
Boeing Co., Senior Notes		6.125	%		2/15/33		600,000		712,835
Boeing Co., Senior Notes		3.750	%		2/1/50		500,000		459,151
TransDigm Inc., Senior Secured Notes		8.000	%		12/15/25		920,000		1,001,420	^(a)

Total Aerospace & Defense									2,419,977

Airlines - 4.4%
Continental Airlines Pass-Through Trust		8.048	%		11/1/20		24		24
Continental Airlines Pass-Through Trust, Senior Secured Trust		6.703	%		6/15/21		70,059		68,658
Delta Air Lines Inc., Senior Notes		3.625	%		3/15/22		460,000		452,183

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Airlines - (continued)
Delta Air Lines Inc., Senior Notes		3.800	%		4/19/23		1,100,000	$	1,065,967
Delta Air Lines Inc., Senior Notes		2.900	%		10/28/24		310,000		276,804
Delta Air Lines Inc., Senior Notes		7.375	%		1/15/26		260,000		272,980
Delta Air Lines Inc., Senior Secured Notes		7.000	%		5/1/25		1,490,000		1,638,314	^(a)
Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes		4.750	%		10/20/28		340,000		353,520	^(a)
Delta Air Lines Pass-Through Certificates Trust		8.021	%		8/10/22		45,558		42,954
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes		6.500	%		6/20/27		920,000		960,250	^(a)
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes		8.000	%		9/20/25		1,950,000		2,068,502	^(a)
United Airlines Pass-Through Trust		4.750	%		4/11/22		190,758		175,570

Total Airlines									7,375,726

Building Products - 1.5%
Standard Industries Inc., Senior Notes		5.000	%		2/15/27		1,870,000		1,950,232	^(a)
Standard Industries Inc., Senior Notes		4.750	%		1/15/28		511,000		531,440	^(a)

Total Building Products									2,481,672

Industrial Conglomerates - 0.1%
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		207,579	^(c)(e)

Professional Services - 0.6%
IHS Markit Ltd., Senior Notes		5.000	%		11/1/22		1,000,000		1,074,769	^(a)

Trading Companies & Distributors - 2.1%
Ashtead Capital Inc., Secured Notes		4.125	%		8/15/25		1,950,000		2,006,214	^(a)
United Rentals North America Inc., Secured Notes		3.875	%		11/15/27		1,180,000		1,216,875
United Rentals North America Inc., Senior Notes		5.500	%		5/15/27		160,000		170,100
United Rentals North America Inc., Senior Notes		4.875	%		1/15/28		110,000		115,637

Total Trading Companies & Distributors									3,508,826

TOTAL INDUSTRIALS									17,068,549

INFORMATION TECHNOLOGY - 2.0%
Communications Equipment - 0.1%
CommScope Inc., Senior Notes		8.250	%		3/1/27		170,000		177,013	^(a)

IT Services - 0.4%
DXC Technology Co., Senior Notes		7.450	%		10/15/29		500,000		620,896

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
Semiconductors & Semiconductor Equipment - 0.3%
Broadcom Corp./Broadcom Cayman Finance Ltd., Senior Notes		3.125	%		1/15/25		500,000	$	533,143

Technology Hardware, Storage & Peripherals - 1.2%
Seagate HDD Cayman, Senior Notes		4.750	%		1/1/25		1,220,000		1,340,953
Seagate HDD Cayman, Senior Notes		4.875	%		6/1/27		260,000		291,818
Western Digital Corp., Senior Notes		4.750	%		2/15/26		430,000		466,284

Total Technology Hardware, Storage & Peripherals									2,099,055

TOTAL INFORMATION TECHNOLOGY									3,430,107

MATERIALS - 5.1%
Chemicals - 0.6%
Anagram International Inc./Anagram Holdings LLC, Secured Notes (5.000% Cash and 5.000% PIK)		10.000	%		8/15/26		72,943		62,731	^(a)(f)
Braskem America Finance Co., Senior Notes		7.125	%		7/22/41		920,000		973,590	^(b)

Total Chemicals									1,036,321

Containers & Packaging - 0.7%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Senior Notes		6.000	%		2/15/25		760,000		789,868	^(a)
Greif Inc., Senior Notes		6.500	%		3/1/27		270,000		280,221	^(a)
Pactiv LLC, Senior Notes		7.950	%		12/15/25		50,000		54,682

Total Containers & Packaging									1,124,771

Metals & Mining - 2.6%
Anglo American Capital PLC, Senior Notes		4.125	%		9/27/22		210,000		221,033	^(a)
ArcelorMittal SA, Senior Notes		7.250	%		10/15/39		430,000		543,950
First Quantum Minerals Ltd., Senior Notes		7.250	%		4/1/23		210,000		210,058	^(a)
Freeport-McMoRan Inc., Senior Notes		5.400	%		11/14/34		220,000		243,787
Freeport-McMoRan Inc., Senior Notes		5.450	%		3/15/43		580,000		644,171
Fresnillo PLC, Senior Notes		4.250	%		10/2/50		1,000,000		986,690	^(a)(g)
Teck Resources Ltd., Senior Notes		6.000	%		8/15/40		210,000		238,508
Vale Overseas Ltd., Senior Notes		6.875	%		11/10/39		940,000		1,238,873

Total Metals & Mining									4,327,070

Paper & Forest Products - 1.2%
Mercer International Inc., Senior Notes		7.375	%		1/15/25		940,000		953,513
Suzano Austria GmbH, Senior Notes		5.750	%		7/14/26		950,000		1,088,937	^(a)

Total Paper & Forest Products									2,042,450

TOTAL MATERIALS									8,530,612

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
REAL ESTATE - 1.9%
Equity Real Estate Investment Trusts (REITs) - 1.9%
CoreCivic Inc., Senior Notes		4.750	%		10/15/27		610,000	$	517,375
Diversified Healthcare Trust, Senior Notes		9.750	%		6/15/25		240,000		267,274
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		6.375	%		3/1/24		260,000		267,427
MPT Operating Partnership LP/MPT Finance Corp., Senior Notes		5.000	%		10/15/27		1,500,000		1,566,712
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, Senior Secured Notes		5.875	%		10/1/28		490,000		490,000	^(a)

TOTAL REAL ESTATE									3,108,788

UTILITIES - 2.5%
Electric Utilities - 2.0%
FirstEnergy Corp., Senior Notes		7.375	%		11/15/31		1,770,000		2,484,716
Pampa Energia SA, Senior Notes		7.375	%		7/21/23		390,000		333,976	^(b)
Pampa Energia SA, Senior Notes		7.500	%		1/24/27		630,000		474,469	^(a)

Total Electric Utilities									3,293,161

Independent Power and Renewable Electricity Producers - 0.5%
Minejesa Capital BV, Senior Secured Notes		4.625	%		8/10/30		810,000		835,248	^(a)

TOTAL UTILITIES									4,128,409

TOTAL CORPORATE BONDS & NOTES (Cost - $159,817,828)									180,888,890

SENIOR LOANS - 13.5%
COMMUNICATION SERVICES - 3.9%
Diversified Telecommunication Services - 0.1%
Level 3 Financing Inc., 2027 Term Loan B (1 mo. USD LIBOR + 1.750%)		1.897	%		3/1/27		168,664		163,574	^(c)(h)(i)

Media - 2.1%
Charter Communications Operating LLC, Term Loan B1 (1 mo. USD LIBOR + 1.750%)		1.900	%		4/30/25		3,028,923		2,980,967	^(c)(h)(i)
Charter Communications Operating LLC, Term Loan B2 (1 mo. USD LIBOR + 1.750%)		1.900	%		2/1/27		496,241		486,419	^(c)(h)(i)

Total Media									3,467,386

Wireless Telecommunication Services - 1.7%
T-Mobile USA Inc., Term Loan (1 mo. USD LIBOR + 3.000%)		3.147	%		4/1/27		2,892,750		2,894,040	^(c)(h)(i)

TOTAL COMMUNICATION SERVICES									6,525,000

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
CONSUMER DISCRETIONARY - 3.8%
Hotels, Restaurants & Leisure - 3.4%
Hilton Worldwide Finance LLC, Refinance Term Loan B2 (1 mo. USD LIBOR + 1.750%)		1.898	%		6/22/26		5,863,291	$	5,681,693	^(c)(h)(i)

Specialty Retail - 0.4%
Party City Holdings Inc., 2018 Replacement Term Loan (3 mo. USD LIBOR + 2.500%)		3.250	%		8/19/22		312,811		257,287	^(c)(h)(i)
PetSmart Inc., Term Loan B2 (3 mo. USD LIBOR + 4.000%)		5.000	%		3/11/22		325,627		325,279	^(c)(h)(i)

Total Specialty Retail									582,566

TOTAL CONSUMER DISCRETIONARY									6,264,259

ENERGY - 0.5%
Oil, Gas & Consumable Fuels - 0.5%
Chesapeake Energy Corp., Term Loan A (3 mo. USD LIBOR + 8.000%)		9.000	%		6/24/24		1,260,000		900,900	*^(c)(d)(h)(i)

FINANCIALS - 0.4%
Capital Markets - 0.4%
Finco I LLC, 2020 Term Loan (1 mo. USD LIBOR + 2.500%)		2.648	%		6/27/25		679,898		677,348	^(c)(h)(i)

INDUSTRIALS - 3.3%
Airlines - 3.3%
Delta Air Lines Inc., Initial Term Loan (3 mo. USD LIBOR + 4.750%)		5.750	%		4/27/23		3,418,931		3,418,542	^(c)(h)(i)(j)
Delta Air Lines Inc., Initial Term Loan		—			10/20/27		650,000		656,399	^(j)
JetBlue Airways Corp., Term Loan (3 mo. USD LIBOR + 5.250%)		6.250	%		6/17/24		691,250		687,275	^(c)(h)(i)
Mileage Plus Holdings Inc., Initial Term Loan (3 mo. USD LIBOR + 5.250%)		6.250	%		6/20/27		770,000		784,016	^(c)(h)(i)

TOTAL INDUSTRIALS									5,546,232

INFORMATION TECHNOLOGY - 1.6%
Technology Hardware, Storage & Peripherals - 1.6%
Dell International LLC, Refinancing Term Loan B1 (1 mo. USD LIBOR + 2.000%)		2.750	%		9/19/25		2,696,746		2,688,577	^(c)(h)(i)

TOTAL SENIOR LOANS (Cost - $22,917,743)									22,602,316

U.S. GOVERNMENT & AGENCY OBLIGATIONS - 8.0%
U.S. Government Obligations - 8.0%
U.S. Treasury Notes		1.375	%		1/31/21		1,550,000		1,556,409
U.S. Treasury Notes		1.375	%		5/31/21		2,000,000		2,017,009	^(k)
U.S. Treasury Notes		1.750	%		3/31/22		300,000		307,312

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
U.S. Government Obligations - (continued)
U.S. Treasury Notes		1.625	%		5/31/23		1,250,000		$	1,299,414	^(k)
U.S. Treasury Notes		2.750	%		8/31/23		1,400,000			1,505,793	^(k)
U.S. Treasury Notes		2.875	%		9/30/23		2,500,000			2,703,125	^(k)
U.S. Treasury Notes		2.125	%		3/31/24		1,500,000			1,601,895	^(k)
U.S. Treasury Notes		1.500	%		1/31/27		1,000,000			1,069,141
U.S. Treasury Notes		0.500	%		5/31/27		500,000			502,187
U.S. Treasury Notes		0.625	%		5/15/30		900,000			897,469

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost - $12,867,721)										13,459,754

SOVEREIGN BONDS - 5.2%
Argentina - 0.3%
Argentine Republic Government International Bond, Senior Notes		1.000	%		7/9/29		43,395			19,897
Argentine Republic Government International Bond, Senior Notes		0.125	%		7/9/30		828,900			350,210
Provincia de Buenos Aires, Senior Notes		9.950	%		6/9/21		410,000			165,025	*^(a)(d)

Total Argentina										535,132

Brazil - 0.3%
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/21		900,000	^BRL		163,304
Brazil Notas do Tesouro Nacional Serie F, Notes		10.000	%		1/1/23		1,100,000	^BRL		217,613

Total Brazil										380,917

Indonesia - 2.7%
Indonesia Government International Bond, Senior Notes		4.125	%		1/15/25		300,000			335,493	^(a)
Indonesia Government International Bond, Senior Notes		3.850	%		7/18/27		300,000			338,137	^(a)
Indonesia Government International Bond, Senior Notes		3.500	%		1/11/28		2,420,000			2,651,429
Indonesia Treasury Bond, Senior Notes		8.250	%		7/15/21		2,696,000,000	^IDR		187,678
Indonesia Treasury Bond, Senior Notes		7.000	%		5/15/22		14,227,000,000	^IDR		995,986

Total Indonesia										4,508,723

Mexico - 0.3%
Mexico Government International Bond, Senior Notes		3.750	%		1/11/28		500,000			539,347

Panama - 0.2%
Panama Government International Bond, Senior Notes		2.252	%		9/29/32		350,000			353,500

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†			VALUE
Peru - 0.9%
Peruvian Government International Bond, Senior Notes		2.783	%		1/23/31		1,340,000		$	1,452,225

Russia - 0.5%
Russian Federal Bond - OFZ		7.750	%		9/16/26		61,630,000	^RUB		877,199

TOTAL SOVEREIGN BONDS (Cost - $8,276,657)										8,647,043

ASSET-BACKED SECURITIES - 2.6%
American Home Mortgage Investment Trust, 2007-A 4A (1 mo. USD LIBOR + 0.900%)		1.048	%		7/25/46		466,407			225,680	^(a)(c)
Bayview Financial Asset Trust, 2007-SR1A M1 (1 mo. USD LIBOR + 0.800%)		1.747	%		3/25/37		460,805			427,626	^(a)(c)
Bayview Financial Asset Trust, 2007-SR1A M4 (1 mo. USD LIBOR + 1.500%)		3.161	%		3/25/37		47,669			46,217	^(a)(c)
Bear Stearns Asset Backed Securities Trust, 2006-SD3 1PO, STRIPS, PO		0.000	%		8/25/36		209,366			162,129
CWABS Asset Backed Notes Trust, 2007-SEA2 1A1 (1 mo. USD LIBOR + 1.000%)		1.148	%		8/25/47		6,106			6,089	^(a)(c)
Financial Asset Securities Corp. AAA Trust, 2005-1A 1A3B (1 mo. USD LIBOR + 0.410%)		0.556	%		2/27/35		229,190			208,283	^(a)(c)
Firstfed Corp. Manufactured Housing Contract, 1996-1 B		8.060	%		10/15/22		177,679			73	^(a)
GSAMP Trust, 2003-SEA2 A1		5.421	%		7/25/33		558,653			572,826
Indymac Manufactured Housing Contract Pass-Through Certificates, 1997-1 A5		6.970	%		2/25/28		25,591			25,955
Morgan Stanley ABS Capital I Inc. Trust, 2004-HE7 (1 mo. USD LIBOR + 0.900%)		1.048	%		8/25/34		1,145,809			1,130,231	^(c)
Morgan Stanley ABS Capital I Inc. Trust Series, 2003-SD1 A1 (1 mo. USD LIBOR + 1.000%)		1.148	%		3/25/33		8,084			7,942	^(c)
Oakwood Mortgage Investors Inc., 2002-B A3		6.060	%		6/15/32		55,279			57,556	^(c)
Origen Manufactured Housing Contract Trust, 2006-A A2		2.408	%		10/15/37		672,108			645,772	^(c)
Origen Manufactured Housing Contract Trust, 2007-A A2		3.010	%		4/15/37		897,092			850,903	^(c)

TOTAL ASSET-BACKED SECURITIES (Cost - $3,816,779)										4,367,282

COLLATERALIZED MORTGAGE OBLIGATIONS^(l) - 1.1%
Banc of America Funding Trust, 2004-B 6A1		2.310	%		12/20/34		183,143			159,037	^(c)

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020


SECURITY	RATE			MATURITY DATE		FACE AMOUNT†		VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS^(l) - (continued)
Bear Stearns ALT-A Trust, 2004-3 A1 (1 mo. USD LIBOR + 0.640%)		0.788	%		4/25/34		98,871	$	99,028	^(c)
CHL Mortgage Pass-Through Trust, 2005-7 1A1 (1 mo. USD LIBOR + 0.540%)		0.688	%		3/25/35		309,714		305,608	^(c)
Fannie Mae Trust, 2004-W15 1A2		6.500	%		8/25/44		82,441		97,648
Impac CMB Trust Series, 2004-10 2A (1 mo. USD LIBOR + 0.640%)		0.788	%		3/25/35		102,454		94,710	^(c)
Impac CMB Trust Series, 2005-2 2A2 (1 mo. USD LIBOR + 0.800%)		0.948	%		4/25/35		28,956		27,511	^(c)
MAFI II Remic Trust, 1998-BI B1		6.520	%		11/20/24		204,793		193,820	^(c)
MERIT Securities Corp., 2011PA 3A1 (1 mo. USD LIBOR + 0.620%)		0.803	%		4/28/27		33,791		33,110	^(a)(c)
MERIT Securities Corp., 2011PA B3 (1 mo. USD LIBOR + 2.250%)		3.910	%		9/28/32		489,532		376,657	^(a)(c)
Prime Mortgage Trust, 2005-2 2XB, IO		1.743	%		10/25/32		1,150,488		86,206	^(c)
Prime Mortgage Trust, 2005-5 1X, IO		1.111	%		7/25/34		1,655,665		56,543	^(c)
RAMP Series Trust, 2005-SL2 APO, STRIPS, PO		0.000	%		2/25/32		2,396		2,108
Regal Trust IV (11th District Cost of Funds + 1.500%)		2.255	%		9/29/31		1,553		1,510	^(a)(c)
Sequoia Mortgage Trust, 2003-2 A2 (6 mo. USD LIBOR + 0.680%)		1.308	%		6/20/33		7,388		7,117	^(c)
Sequoia Mortgage Trust, 2004-10 A1A (1 mo. USD LIBOR + 0.620%)		0.776	%		11/20/34		6,630		6,344	^(c)
Structured Asset Securities Corp., 1998-RF2 A		4.739	%		7/15/27		90,688		89,927	^(a)(c)
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, 2003-9A 2A2		2.560	%		3/25/33		51,484		52,863	^(c)
WaMu Mortgage Pass-Through Certificates Series Trust, 2004-AR6 A (1 mo. USD LIBOR + 0.420%)		0.568	%		5/25/44		83,042		82,800	^(c)
Washington Mutual MSC Mortgage Pass-Through Certificates Trust, 2004-RA1 2A		7.000	%		3/25/34		5,648		6,018

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost - $1,458,382)									1,778,565

CONVERTIBLE BONDS & NOTES - 0.7%
COMMUNICATION SERVICES - 0.7%
Media - 0.7%
DISH Network Corp., Senior Notes (Cost - $1,120,982)		3.375	%		8/15/26		1,370,000		1,261,080

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020


SECURITY						SHARES			VALUE
COMMON STOCKS - 0.0%††
CONSUMER DISCRETIONARY - 0.0%††
Specialty Retail - 0.0%††
Party City Holdings Inc.							13,732		$	35,703	*^(m)

ENERGY - 0.0%††
Energy Equipment & Services - 0.0%††
Hercules Offshore Inc. (Escrow)							16,942			12,925	*^(m)(n)

TOTAL COMMON STOCKS (Cost - $753,432)										48,628


	RATE			MATURITY DATE		FACE AMOUNT†
NON-U.S. TREASURY INFLATION PROTECTED SECURITIES - 0.0%††
Argentina - 0.0%††
Argentina Treasury Bond (Cost - $33,316)		1.000	%		8/5/21		3,216,661	^ARS		22,123	^(m)


						SHARES
PREFERRED STOCKS - 0.0%††
FINANCIALS - 0.0%††
Diversified Financial Services - 0.0%††
Corporate Backed Trust Certificates (Cost - $0)		7.375	%				33,900			169	*^(d)(m)(n)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $211,062,840)										233,075,850

SHORT-TERM INVESTMENTS - 0.3%
Western Asset Premier Institutional Government Reserves, Premium Shares (Cost - $488,511)		0.020	%				488,511			488,511	^(o)

TOTAL INVESTMENTS - 139.4%** (Cost - $211,551,351)										233,564,361
Liabilities in Excess of Other Assets - (39.4)%										(66,017,583	)

TOTAL NET ASSETS - 100.0%									$	167,546,778

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020

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

††	Represents less than 0.1%.

*	Non-income producing security.

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

(a)

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

(b)

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

(c)

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

(d)	The coupon payment on this security is currently in default as of September 30, 2020.

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

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

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

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

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

(j)	All or a portion of this loan is unfunded as of September 30, 2020. The interest rate for fully unfunded term loans is to be determined.

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

(l)

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

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

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

(o)

In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At September 30, 2020, the total market value of investments in Affiliated Companies was $488,511 and the cost was $488,511 (Note 2).

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

WESTERN ASSET PREMIER BOND FUND


Schedule of investments (unaudited) (cont’d)		September 30, 2020

Abbreviation(s) used in this schedule:


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

At September 30, 2020, the Fund had the following open reverse repurchase agreements:

Counterparty

Rate

Effective
Date

Maturity
Date

Face Amount
of Reverse
Repurchase
Agreements

Asset Class
of Collateral*

Collateral
Value

Deutsche Bank AG

0.190

9/3/2020

12/1/2020

9,107,000

U.S. Government &
Agency Obligations

9,127,236

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

At September 30, 2020, the Fund had the following open forward foreign currency contracts:


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Depreciation
USD	157,376		EUR	140,000	BNP Paribas SA		10/16/20	$	(6,821	)
USD	157,600		EUR	140,000	BNP Paribas SA		10/16/20		(6,597	)
USD	158,011		EUR	140,000	BNP Paribas SA		10/16/20		(6,186	)
USD	241,693		EUR	214,028	BNP Paribas SA		10/16/20		(9,327	)
USD	1,132,595		GBP	907,157	Goldman Sachs Group Inc.		10/16/20		(38,050	)

Total								$	(66,981	)

Abbreviation(s) used in this table:


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

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

See Notes to Schedule of Investments.

Western Asset Premier Bond Fund 2020 Quarterly Report

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

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

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

(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services 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 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.

Notes to Schedule of Investments (unaudited) (continued)

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)

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

Notes to Schedule of Investments (unaudited) (continued)

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		—	$	180,888,890		—	$	180,888,890
Senior Loans		—		22,602,316		—		22,602,316
U.S. Government & Agency Obligations		—		13,459,754		—		13,459,754
Sovereign Bonds		—		8,647,043		—		8,647,043
Asset-Backed Securities		—		4,367,282		—		4,367,282
Collateralized Mortgage Obligations		—		1,778,565		—		1,778,565
Convertible Bonds & Notes		—		1,261,080		—		1,261,080
Common Stocks:
Consumer Discretionary		—		35,703		—		35,703
Energy		—		—	$	12,925		12,925
Non-U.S. Treasury Inflation Protected Securities		—		22,123		—		22,123
Preferred Stocks		—		—		169		169

Total Long-Term Investments		—		233,062,756		13,094		233,075,850

Short-Term Investments†	$	488,511		—		—		488,511

Total Investments	$	488,511	$	233,062,756	$	13,094	$	233,564,361


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		—	$	66,981		—	$	66,981

†	See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for

Notes to Schedule of Investments (unaudited) (continued)

all or some portion of the period ended September 30, 2020. The following transactions were effected in such company for the period ended September 30, 2020.


	Affiliate Value at December 31, 2019		Purchased				Sold				Realized Gain (Loss)		Interest Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at September 30, 2020
	Affiliate Value at December 31, 2019		Cost		Shares		Cost		Shares		Realized Gain (Loss)		Interest Income				Affiliate Value at September 30, 2020
Western Asset Premier Institutional Government Reserves, Premium Shares		—	$	47,089,364		47,089,364	$	46,600,853		46,600,853		—	$	4,565		—	$	488,511