Edgar Filing: WESTERN ASSET PREMIER BOND FUND

WESTERN ASSET PREMIER BOND FUND FORM N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-10603


Name of Fund:		Western Asset Premier Bond Fund
Fund Address:		385 East Colorado Boulevard
		Pasadena, CA 91101


Name and address of agent for service:		Richard M. Wachterman, Esq.
		Legg Mason Wood Walker, Incorporated
		100 Light Street
		Baltimore, MD 21202

Registrant’s telephone number, including area code: (626) 844 9400

Date of fiscal year end: 12/31/2005

Date of reporting period: 3/31/2005

Item 1 – Schedule of Investments

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2005 (Unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Long-Term Securities	155.1	%

Corporate Bonds and Notes	82.2	%
*Advertising*	0.3	%
Vertis Inc.			10.875	%	06/15/09	$	250	$	241
World Directories Acquisition Subsidiary Corp.			8.375	%	12/01/14		270		251	^A

									492

*Aerospace/Defense*	2.3	%
Northrop Grumman Corporation			7.750	%	02/15/31		1,000		1,264
Raytheon Company			6.750	%	08/15/07		584		614
Raytheon Company			7.200	%	08/15/27		1,000		1,174
TransDign Inc.			8.375	%	07/15/11		200		205
The Boeing Company			6.125	%	02/15/33		600		642

									3,899

*Apparel*	0.4	%
Levi Strauss & Co.			9.750	%	01/15/15		120		118	^A
Oxford Industries, Inc.			8.875	%	06/01/11		270		286
Russell Corporation			9.250	%	05/01/10		240		255

									659

*Auto Parts and Equipment*	0.4	%
Keystone Automotive Operations Inc.			9.750	%	11/01/13		430		432
Tenneco Automotive Inc.			10.250	%	07/15/13		230		256

									688

*Automotive*	3.0	%
Asbury Automotive Group Inc.			9.000	%	06/15/12		405		413
DaimlerChrysler NA Holdings Corp.			7.300	%	01/15/12		1,000		1,090
DaimlerChrysler NA Holdings Corp.			8.500	%	01/18/31		1,000		1,207
Ford Motor Company			7.450	%	07/16/31		2,700		2,442

									5,152

*Banking and Finance*	5.3	%
Boeing Capital Corporation			6.500	%	02/15/12		1,000		1,085
Boeing Capital Corporation			5.800	%	01/15/13		400		419
Ford Motor Credit Company			6.875	%	02/01/06		400		405
Ford Motor Credit Company			7.250	%	10/25/11		1,700		1,678
Fuji JGB Inv			9.870	%	06/30/08		790		900	^A,B
General Motors Acceptance Corporation			6.125	%	02/01/07		500		492
General Motors Acceptance Corporation			6.875	%	09/15/11		1,175		1,063
General Motors Acceptance Corporation			7.000	%	02/01/12		1,500		1,355
HSBC Finance Corporation			4.750	%	07/15/13		1,670		1,626

									9,023

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2005 (Unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Corporate Bonds and Notes—Continued
*Banks*	0.3	%
Washington Mutual Bank FA			5.500	%	01/15/13	$	440	$	449

*Building Materials*	0.8	%
Associated Materials Inc.			0.000	%	03/01/14		720		500	^C
Goodman Global Holding Company, Inc.			7.875	%	12/15/12		270		247	^A
MMI Products, Inc.			11.250	%	04/15/07		250		249
NTK Holdings, Inc.			0.000	%	03/01/14		320		170	^A,C
Nortek Inc.			8.500	%	09/01/14		290		280

									1,446

*Cable*	2.7	%
Charter Communication Holdings II			10.250	%	09/15/10		622		634
Charter Communication Holdings, LLC			9.625	%	11/15/09		380		297
Comcast Cable Communications, Inc.			6.750	%	01/30/11		500		540
Comcast Corporation			6.500	%	01/15/15		400		428
Comcast Corporation			7.050	%	03/15/33		1,000		1,118
CSC Holdings Inc.			6.750	%	04/15/12		250		248	^A
CSC Holdings Inc.			7.875	%	02/15/18		130		138
CSC Holdings Inc.			7.625	%	07/15/18		253		263
EchoStar DBS Corporation			5.810	%	10/01/08		93		95	^B
EchoStar DBS Corporation			6.625	%	10/01/14		310		300	^A
Insight Communications Company, Inc.			0.000	%	02/15/11		220		219	^C
LodgeNet Entertainment Corporation			9.500	%	06/15/13		321		350

									4,630

*Chemicals*	2.0	%
FMC Corporation			10.250	%	11/01/09		203		226
Huntsman International LLC			10.125	%	07/01/09		152		158
Lyondell Chemical Company			9.625	%	05/01/07		50		54
Millennium America Inc.			9.250	%	06/15/08		24		26
PQ Corporation			7.500	%	02/15/13		180		177	^A
The Dow Chemical Company			6.000	%	10/01/12		2,500		2,665
Westlake Chemical Corporation			8.750	%	07/15/11		214		234

									3,540

*Coal*	0.2	%
Alpha Natural Resources			10.000	%	06/01/12		350		392	^A

*Computers Services and Systems*	1.2	%
DynCorp Inc.			9.500	%	02/15/13		530		515	^A
Electronic Data Systems Corporation			7.125	%	10/15/09		700		752
Electronic Data Systems Corporation			7.450	%	10/15/29		500		534
International Business Machines Corporation			4.750	%	11/29/12		240		239

									2,040

*Containers and Packaging*	0.9	%
Graham Packaging Company Inc.			9.875	%	10/15/14		320		320	^A
Owens-Brockway Glass Container Inc.			8.750	%	11/15/12		330		361
Owens-Illinois, Inc.			7.500	%	05/15/10		100		103
Portola Packaging, Inc.			8.250	%	02/01/12		650		488
Solo Cup Company			8.500	%	02/15/14		310		310

									1,582

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2005 (Unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Corporate Bonds and Notes—Continued
*Construction Machinery*	0.2	%
H&E Equipment/Finance Corp.			11.125	%	06/15/12	$	260	$	293

*Distribution and Wholesale*	N.M.
National Waterworks Inc.			10.500	%	12/01/12		60		67

*Diversified Financial Services*	2.7	%
CIT Group Inc.			7.750	%	04/02/12		1,600		1,851
Citigroup Inc.			6.625	%	06/15/32		1,000		1,115
General Electric Capital Corporation			3.750	%	12/15/09		740		711
General Electric Capital Corporation			6.000	%	06/15/12		700		746
General Electric Capital Corporation			5.450	%	01/15/13		250		257

									4,680

*Drug & Grocery Store Chains*	0.3	%
Safeway Inc.			5.800	%	08/15/12		500		513


*Electric*	7.9	%
Dominion Resources, Inc.			5.700	%	09/17/12		770		799
Duke Energy Corporation			6.250	%	01/15/12		250		266
Elwood Energy LLC			8.159	%	07/05/26		289		321
Exelon Generation Co. LLC			6.950	%	06/15/11		2,000		2,200
FirstEnergy Corp.			5.500	%	11/15/06		750		763
FirstEnergy Corp.			6.450	%	11/15/11		610		644
FirstEnergy Corp.			7.375	%	11/15/31		3,040		3,443
MidAmerican Energy Holdings Company			5.875	%	10/01/12		250		260
Niagra Mohawk Power Corporation			7.750	%	10/01/08		1,500		1,657
Orion Power Holdings, Inc.			12.000	%	05/01/10		311		378
Progress Energy, Inc.			7.100	%	03/01/11		250		274	^A
Progress Energy, Inc.			6.850	%	04/15/12		750		818
Sithe Energies, Inc.			9.000	%	12/30/13		230		257
Texas Genco LLC			6.875	%	12/15/14		316		317	^A
The AES Corporation			7.750	%	03/01/14		430		444
The AES Corporation			9.000	%	05/15/15		440		484	^A
TXU Electric Delivery Company			7.000	%	09/01/22		250		283

									13,608


*Energy*	1.0	%
Calpine Corporation			7.625	%	04/15/06		140		136
Calpine Generating Co.			11.169	%	04/01/11		350		334	^B
Calpine Generation Co.			11.500	%	04/01/11		580		539
Midwest Generation LLC			8.750	%	05/01/34		255		284
NRG Energy, Inc.			8.000	%	12/15/13		353		373	^A
Reliant Energy Inc.			6.750	%	12/15/14		190		177

									1,843

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2005 (Unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Corporate Bonds and Notes—Continued
*Entertainment*	0.3	%
Cinemark, Inc.			0.000	%	03/15/14	$	330	$	234	^C
WMG Holdings Corp.			0.000	%	12/15/14		250		173	^A,C
Warner Music Group			7.375	%	04/15/14		90		93

									500


*Environmental Services*	1.9	%
Allied Waste North America Incorporated			8.875	%	04/01/08		380		393
Waste Management, Inc.			7.375	%	05/15/29		2,000		2,328
Waste Management, Inc.			7.750	%	05/15/32		40		49
Waste Services, Inc.			9.500	%	04/15/14		440		444^A

									3,214


*Food, Beverage and Tobacco*	2.1	%
Altria Group, Inc.			7.000	%	11/04/13		250		268
Altria Group, Inc.			7.750	%	01/15/27		1,000		1,141
Kraft Foods Inc.			5.250	%	10/01/13		400		403
Nabisco Inc.			7.550	%	06/15/15		1,500		1,770

									3,582


*Gaming*	1.0	%
Ameristar Casinos, Inc.			10.750	%	02/15/09		500		546
Inn of The Mountain Gods			12.000	%	11/15/10		400		470
Premier Entertainment Biloxi LLC			10.750	%	02/01/12		707		721
Station Casinos, Inc.			6.875	%	03/01/16		20		20

									1,757


*Gas and Pipeline Utilities*	3.8	%
Duke Energy Field Services Corporation			7.875	%	08/16/10		750		852
Dynegy Holdings Inc.			8.750	%	02/15/12		1,500		1,436
Kinder Morgan Energy Partners, L.P.			7.125	%	03/15/12		500		555
Pacific Energy Partners LP/Pacific Energy Finance Corp.			7.125	%	06/15/14		120		124
Panhandle Eastern Pipe Line Company			4.800	%	08/15/08		400		400
Texas Eastern Transmission			5.250	%	07/15/07		750		762
The Williams Companies, Inc.			7.500	%	01/15/31		902		947
The Williams Companies, Inc.			8.750	%	03/15/32		1,200		1,425

									6,501


*Healthcare*	2.2	%
Fresenius Medical Care Capital Trust II			7.875	%	02/01/08		250		262
Tenet Healthcare Corporation			9.875	%	07/01/14		713		742
Tenet Healthcare Corporation			9.250	%	02/01/15		2,810		2,803	^A

									3,807

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2005 (Unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Corporate Bonds and Notes—Continued
*Investment Banking/Brokerage*	4.5	%
Credit Suisse First Boston, USA			6.500	%	01/15/12	$	1,125	$	1,217
JPMorgan Chase & Co.			5.750	%	01/02/13		1,750		1,819
JPMorgan Chase & Co.			5.125	%	09/15/14		1,300		1,279
Morgan Stanley			6.600	%	04/01/12		1,500		1,637
Refco Finance Holdings LLC			9.000	%	08/01/12		370		392	^A
The Goldman Sachs Group, Inc.			6.600	%	01/15/12		1,200		1,299

									7,643


*Machinery*	0.7	%
Case New Holland Inc.			9.250	%	08/01/11		458		488	^A
Joy Global Inc.			8.750	%	03/15/12		130		143
Terex Corporation			10.375	%	04/01/11		500		544

									1,175


*Manufacturing (Diversified)*	2.3	%
Ames True Temper, Inc.			6.640	%	01/15/12		290		273	^A,B
Ames True Temper, Inc.			10.000	%	07/15/12		250		212
Eastman Kodak Co.			7.250	%	11/15/13		850		889
Interface, Inc.			10.375	%	02/01/10		400		448
Jacuzzi Brands, Incorporated			9.625	%	07/01/10		365		401
KI Holdings Inc.			0.000	%	11/15/14		260		160	^A,C
Koppers Inc.			9.875	%	10/15/13		238		265
Leiner Health Products L.P.			11.000	%	06/01/12		360		387
Norcraft Companies, L.P.			9.000	%	11/01/11		370		383
Norcraft Holdings L.P.			0.000	%	09/01/12		160		114	^C
Rayovac Corporation			8.500	%	10/01/13		240		247
Samsonite Corporation			8.875	%	06/01/11		230		241

									4,020


*Media*	3.5	%
AOL Time Warner Inc.			6.150	%	05/01/07		250		258
AOL Time Warner Inc.			6.875	%	05/01/12		1,400		1,529
AOL Time Warner Inc.			7.700	%	05/01/32		1,150		1,365
Liberty Media Corporation			4.510	%	09/17/06		200		203	^B
Liberty Media Corporation			3.750	%	02/15/30		1,860		1,141	^D
News America Holdings Inc.			6.625	%	01/09/08		300		315
News America Holdings Inc.			8.875	%	04/26/23		400		511
Paxson Communications Corporation			10.750	%	07/15/08		500		496
Sinclair Broadcast Group, Inc.			8.000	%	03/15/12		250		255

									6,073

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2005 (Unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Corporate Bonds and Notes—Continued
*Medical Care Facilities*	1.3	%
AmeriPath, Inc.			10.500	%	04/01/13	$	250	$	249
Ardent Health Services			10.000	%	08/15/13		490		581
Community Health Systems Inc.			6.500	%	12/15/12		150		146	^A
DaVita, Inc.			6.625	%	03/15/13		50		49	^A
DaVita, Inc.			7.250	%	03/15/15		220		216	^A
Extendicare Health Services, Inc.			9.500	%	07/01/10		500		547
HCA, Inc.			7.690	%	06/15/25		120		123
Select Medical Corporation			7.625	%	02/01/15		240		240	^A

									2,151


*Metals and Mining*	0.4	%
Alcoa Inc.			5.375	%	01/15/13		750		770


*Office Equipment*	0.1	%
Xerox Corporation			7.625	%	06/15/13		130		136


*Oil and Gas*	7.2	%
Amerada Hess Corporation			7.300	%	08/15/31		1,700		1,917
Belden & Blake Corporation			8.750	%	07/15/12		500		496
ConocoPhillips			4.750	%	10/15/12		1,000		994
Devon Energy Corporation			7.950	%	04/15/32		1,000		1,261
Devon Finance Corp. ULC			6.875	%	09/30/11		2,000		2,202
El Paso CPG Co.			6.375	%	02/01/09		333		320
El Paso CPG Co.			7.750	%	06/15/10		1,496		1,496
El Paso Corporation			7.625	%	07/15/11		500		494
El Paso Corporation			7.800	%	08/01/31		210		197
El Paso Production Holding Company			7.750	%	06/01/13		250		253
Encore Acquisition Company			6.250	%	04/15/14		40		40
Occidental Petroleum Corporation			6.750	%	01/15/12		500		553
Parker Drilling Company			10.125	%	11/15/09		87		91
Parker Drilling Company			9.625	%	10/01/13		220		243
Plains Exploration & Production Company			7.125	%	06/15/14		190		199
Pride International, Inc.			7.375	%	07/15/14		240		254
Suburban Propane Partners, LP			6.875	%	12/15/13		410		404
Valero Energy Corporation			7.500	%	04/15/32		400		482
Vintage Petroleum, Inc.			7.875	%	05/15/11		500		530

									12,426

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2005 (Unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Corporate Bonds and Notes—Continued
*Paper and Forest Products*	2.2	%
Weyerhaeuser Company			6.750	%	03/15/12	$	2,400	$	2,636
Weyerhaeuser Company			7.375	%	03/15/32		1,000		1,169

									3,805

*Publishing*	0.5	%
Dex Media East LLC			9.875	%	11/15/09		250		275
Dex Media East LLC			12.125	%	11/15/12		122		145
PRIMEDIA Inc.			8.164	%	05/15/10		310		329	^B
PRIMEDIA Inc.			8.875	%	05/15/11		50		52

									801

*Real Estate*	0.2	%
Forest City Enterprises, Inc.			6.500	%	02/01/17		270		273

*Rental Auto/Equipment*	0.2	%
NationsRent Inc.			9.500	%	10/15/10		340		364

*Retail*	0.7	%
Stater Bros. Holdings Inc.			6.510	%	06/15/10		170		168	^B
Toys “R” Us, Inc.			7.875	%	04/15/13		120		107
Toys “R” Us, Inc.			7.375	%	10/15/18		1,080		902

									1,177

*Retail (Food Chains)*	0.2	%
Domino’s Inc.			8.250	%	07/01/11		248		259

*Special Purpose*	2.0	%
AAC Group Holding Corp.			0.000	%	10/01/12		440		317	^A,C
Air 2 U.S.			8.027	%	10/01/19		287		259	^A
K & F Acquisition Inc.			7.750	%	11/15/14		149		145	^A
K & F Parent Inc.			11.500	%	02/01/15		80		78	^A,K
Milacron Escrow Corp.			11.500	%	05/15/11		410		447
Rainbow National Services LLC			8.750	%	09/01/12		100		108	^A
Rainbow National Services LLC			10.375	%	09/01/14		250		279	^A
River Rock Entertainment			9.750	%	11/01/11		380		416
Sensus Metering Systems			8.625	%	12/15/13		460		470
UGS Corp.			10.000	%	06/01/12		230		254	^A
UCAR Finance Inc.			10.250	%	02/15/12		300		321
WII Components, Inc.			10.000	%	02/15/12		250		256

									3,350

*Storage Facilities*	0.1	%
Mobile Mini, Inc.			9.500	%	07/01/13		129		145

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2005 (Unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Corporate Bonds and Notes—Continued
*Telecommunications*	5.1	%
Alamosa Delaware Inc.			11.000	%	07/31/10	$	319	$	363
AT&T Corp.			9.050	%	11/15/11		360		409
BellSouth Corporation			6.000	%	10/15/11		1,000		1,059
Cincinnati Bell Inc.			7.250	%	07/15/13		129		128
Cincinnati Bell Inc.			8.375	%	01/15/14		140		138
Cincinnati Bell Inc.			8.375	%	01/15/14		260		256	^A
Qwest Capital Funding, Inc.			7.750	%	02/15/31		1,000		845
Qwest Communications International Inc.			7.250	%	02/15/11		500		489	^A
Qwest Corporation			7.875	%	09/01/11		390		402	^A
Qwest Services Corp.			14.000	%	12/15/10		10		12	^A
SBC Communications Inc.			6.250	%	03/15/11		1,000		1,061
Sprint Capital Corp.			6.000	%	01/15/07		1,500		1,542
Sprint Capital Corp.			8.375	%	03/15/12		1,450		1,695
Telcordia Technologies Inc.			10.000	%	03/15/13		160		159	^A
Valor Communications Group, Inc.			7.750	%	02/15/15		260		259	^A

									8,817

*Telecommunications (Cellular/Wireless)*	2.4	%
AT&T Wireless Services, Inc.			7.500	%	05/01/07		500		532
AT&T Wireless Services, Inc.			8.125	%	05/01/12		500		584
Centennial Communications Corp.			8.125	%	02/01/14		500		513
Cingular Wireless LLC			6.500	%	12/15/11		250		269
Motorola, Inc.			7.625	%	11/15/10		400		449
Nextel Communications, Inc.			5.950	%	03/15/14		288		287
Nextel Communications, Inc.			7.375	%	08/01/15		130		137
Rural Cellular Corporation			9.750	%	01/15/10		300		275
Rural Cellular Corporation			8.250	%	03/15/12		80		82
SBA Communications Corp.			8.500	%	12/01/12		248		257	^A
Ubiquitel Operating Co.			9.875	%	03/01/11		150		165	^A
US Unwired Inc.			10.000	%	06/15/12		210		233
Verizon Wireless Capital LLC			5.375	%	12/15/06		250		255

									4,038

*Transportation*	5.4	%
American Commercial Lines/ACL Finance Corp.			9.500	%	02/15/15		260		268	^A
Continental Airlines, Inc.			7.373	%	06/15/17		101		85
Continental Airlines, Inc.			8.048	%	05/01/22		804		793
Delta Air Lines, Inc.			6.718	%	07/02/24		3,115		3,240
GulfMark Offshore, Inc.			7.750	%	07/15/14		270		278	^A
H-Lines Finance Holding Corp.			0.000	%	04/01/13		380		296	^A,C
Horizon Lines, LLC			9.000	%	11/01/12		240		256	^A
Kansas City Southern Railway Co.			9.500	%	10/01/08		165		180
Progress Rail Services Corp./Progress Metal Reclamation Co.			7.750	%	04/01/12		230		230	^A
Union Pacific Corporation			6.125	%	01/15/12		2,000		2,126
United Air Lines, Inc.			7.783	%	07/01/15		643		588	^E

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2005 (Unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Corporate Bonds and Notes—Continued
*Transportation—Continued*
US Airways, Inc. Escrow			0.000	%	01/01/07	$	1,900	$	—	^F
US Airways, Inc. Series 89A2			9.820	%	01/01/13		468		182	^E
US Airways, Inc. Series 93A3			10.375	%	03/01/13		236		66	^E
US Airways, Inc. Pass Thru Certificates			6.850	%	07/30/19		612		611

									9,199

Total Corporate Bonds and Notes
(Identified Cost—($135,609)									140,979

Asset-Backed Securities	13.1	%
*Fixed Rate Securities*	6.0	%
ACE Securities Corp. 2002-M Trust			0.000	%	10/13/17	$	312	$	6	^A,F
BankAmerica Manufactured Housing Contract 1997-2			6.900	%	04/10/28		100		113
Captiva CBO 1997-1			6.860	%	11/30/09		498		498	^A,G
Conseco Finance Securitizations Corp. 2002-1			6.681	%	12/01/33		1,539		1,577
Contimortgage Home Equity Loan Trust 1997-4			7.330	%	10/15/28		796		579
Green Tree Financial Corporation 1992-2			9.150	%	01/15/18		913		790
Green Tree Financial Corporation 1993-1			8.450	%	04/15/18		1,147		1,080
Green Tree Financial Corporation 1999-4			6.970	%	05/01/31		869		891
Mutual Fund Fee 2000-2			9.550	%	04/30/08		568		141
Mutual Fund Fee 2000-3			9.070	%	07/01/08		3,046		918	^A
Pegasus Aviation Lease Securitization 2000-1			8.370	%	03/25/30		1,300		863	^A
Saxson Asset Securities Trust 2000-2			8.370	%	07/25/30		2,000		2,032
Vanderbilt Mortgage Finance 1997-B			8.155	%	10/07/26		750		785

									10,273

*Floating Rate Securities*	7.0	%
ACE Securities Corp. 2005-SD1			3.250	%	11/25/50		1,665		1,665	^B
Banagricola DPR Funding			3.860	%	03/15/10		2,086		2,086	^A,B,G
Bayview Financial Asset Trust 2004-SSRA			3.450	%	12/25/39		1,651		1,653	^A,B
Countrywide Asset-Backed Certificates 2004-BC2			2.930	%	09/25/27		169		169	^B
CS First Boston Mortgage Securities Corp. 2004-CF2			3.210	%	05/25/44		1,463		1,463	^A,B
Residential Asset Mortgage Products 2004-RZ1			3.090	%	03/25/34		2,775		2,774	^B
Residential Asset Securities Corporation 2001-KS3			3.080	%	09/25/31		2,226		2,235	^B

									12,045

*Stripped Securities*	0.1	%
Bayview Financial Acquisition Trust 2002-FA			5.500	%	06/25/05		1,667		18	^A,H
Oakwood Mortgage Investors Inc. 2002-C			6.000	%	08/15/10		970		181	^H

									199

Total Asset-Backed Securities
(Identified Cost—$22,900)									22,517

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2005 (Unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Mortgage-Backed Securities	6.7	%
*Fixed Rate Securities*	4.1	%
Asset Securization Corporation 1996-D2			6.920	%	02/14/29	$	525	$	537
Commercial Mortgage Acceptance Corporation 1997-ML1			6.570	%	12/15/30		1,250		1,308
Commercial Mortgage Acceptance Corporation 1997-ML1			6.735	%	12/15/30		1,644		1,723
Enterprise Mortgage Acceptance Company 1999-1			6.420	%	10/15/25		408		176	^A
GMAC Commercial Mortgage Security Inc. 1998-C1			6.700	%	05/15/30		631		665
GMAC Commercial Mortgage Security Inc. 1998-C1			6.974	%	05/15/30		1,000		1,062
Metropolitan Asset Funding, Inc. 1998-B1			8.000	%	11/20/24		1,000		961
Nomura Asset Securities Corporation 1996-MD5			7.120	%	04/13/39		520		536

									6,968

*Floating Rate Securities*	2.5	%
Blackrock Capital Finance LP 1997-R2			5.856	%	12/25/35		1,364		893	^A,B
Harborview Mortgage Loan Trust 2004-8			3.250	%	11/19/34		1,864		1,869	^B
Washington Mutual 2004-AR12			3.240	%	10/25/44		1,454		1,458	^B

									4,220

*Stripped Securities*	0.1	%
LB-UBS Commercial Mortgage Trust 2001-C3			1.214	%	06/15/36		3,170		149	^{A, H}

Total Mortgage-Backed Securities
(Identified Cost—$11,489)									11,337

U.S. Government Securities	15.3	%
*Fixed Rate Securities*
United States Treasury Notes			3.375	%	02/28/07		6,000		5,956	^J
United States Treasury Notes			4.000	%	03/15/10		6,000		5,953	^J

									11,909
*Indexed Securities*
United States Treasury Inflation-Protected Security			3.625	%	01/15/08		2,300		2,920	^I,J
United States Treasury Inflation-Protected Security			3.000	%	07/15/12		2,550		2,976	^I,J
United States Treasury Inflation-Protected Security			1.875	%	07/15/13		5,000		5,282	^I,J
United States Treasury Inflation-Protected Security			2.000	%	07/15/14		3,000		3,100	^I,J

									14,278

Total U.S. Government Securities
(Identified Cost—$25,821)									26,187

U.S. Government Agency Mortgage-Backed Securities	1.1	%
*Fixed Rate Securities*
Fannie Mae			6.500	%	08/25/44		1,893		1,947

Total U.S. Government Agency Mortgage-Backed Securities
(Identified Cost—$1,968)									1,947

Yankee Bonds^G	36.5	%
*Aerospace/Defense*	0.2	%
Systems 2001 Asset Trust			6.664	%	09/15/13		267		289	^A

*Cable*	0.3	%
Kabel Deutschland GmbH			10.625	%	07/01/14		390		431	^A

*Chemicals*	0.4	%
Rhodia SA			10.250	%	06/01/10		570		621

*Electric*	1.3	%
Empresa Nacional de Electricidad S.A.			8.625	%	08/01/15		370		427
Hydro-Quebec			6.300	%	05/11/11		1,700		1,838

									2,265

*Energy*	1.0	%
Petroliam Nasional Berhad (Petronas)			7.750	%	08/15/15		1,410		1,665	^A

*Food, Beverage and Tobacco*	1.0	%
Bavaria S.A.			8.875	%	11/01/10		1,550		1,690	^A

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2005 (Unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Yankee Bonds^G (Continued)
*Foreign Government*	20.6	%
Dominican Republic			9.500	%	09/27/06	$	370	$	342	^A
Federative Republic of Brazil			14.500	%	10/15/09		2,465		3,096
Federative Republic of Brazil			12.000	%	04/15/10		800		936
Federative Republic of Brazil			3.125	%	04/15/12		529		497	^B
Federative Republic of Brazil			8.000	%	04/15/14		1,348		1,335
Federative Republic of Brazil			10.125	%	05/15/27		1,130		1,187
Federative Republic of Brazil			11.000	%	08/17/40		1,100		1,224
Kingdom of Morocco			3.803	%	01/02/09		229		225	^B
Republic of Bulgaria			8.250	%	01/15/15		2,823		3,416	^A
Republic of Colombia			11.750	%	02/25/20		2,090		2,487
Republic of Ecuador			8.000	%	08/15/30		705		635	^A,C
Republic of El Salvador			8.250	%	04/10/32		625		631	^A
Republic of Honduras			2.982	%	10/01/11		234		228	^B
Republic of Panama			9.625	%	02/08/11		1,420		1,605
Republic of Panama			10.750	%	05/15/20		1,020		1,265
Republic of Panama			9.375	%	01/16/23		340		381
Republic of Peru			5.000	%	03/07/17		3,032		2,835	^B
Republic of Peru			8.750	%	11/21/33		520		541
Russian Federation			5.000	%	03/31/30		8,005		8,225	^C
Russian Ministry of Finance			3.000	%	05/14/06		10		10
United Mexican States			11.500	%	05/15/26		1,150		1,739
United Mexican States			7.500	%	04/08/33		2,290		2,427

									35,267

*Insurance*	0.8	%
Residential Reinsurance LTD			7.300	%	01/14/12		300		302	^A,B
XL Capital Ltd.			5.250	%	09/15/14		1,000		987

									1,289

*Manufacturing (Diversified)*	2.3	%
Tyco International Group SA			6.375	%	10/15/11		1,000		1,068
Tyco International Group SA			6.875	%	01/15/29		2,615		2,931

									3,999

*Metals and Mining*	0.1	%
Novelis, Inc.			7.250	%	02/15/15		210		206	^A

*Oil and Gas*	1.6	%
Anadarko Finance Co.			6.750	%	05/01/11		750		826
Anadarko Finance Co.			7.500	%	05/01/31		1,000		1,227
Gazprom			9.625	%	03/01/13		210		240	^A
Gazprom			9.625	%	03/01/13		70		80
Western Oil Sands Inc.			8.375	%	05/01/12		342		389

									2,762

*Paper and Forest Products*	0.1	%
Abitibi-Consolidated Inc.			8.550	%	08/01/10		150		152
Abitibi-Consolidated Inc.			6.510	%	06/15/11		38		38	^B
Abitibi-Consolidated Inc.			8.375	%	04/01/15		60		58

									248

*Services*	0.2	%
Compagnie Generale de Geophysique SA			10.625	%	11/15/07		333		351

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2005 (Unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Yankee Bonds^G (Continued)
*Special Purposes*	3.7	%
Arcel Finance Limited			5.984	%	02/01/09	$	941	$	965	^A
Burlington Resources Finance			7.400	%	12/01/31		450		548
Deutsche Telekom International Finance BV			5.250	%	07/22/13		600		602
Inmarsat Finance PLC			7.625	%	06/30/12		105		104
Inmarsat Finance II, PLC			0.000	%	11/15/12		563		397	^C
Petrozuata Finance, Inc.			8.220	%	04/01/17		3,380		3,177	^A
UFJ Finance Aruba AEC			6.750	%	07/15/13		500		538

									6,331

*Telecommunications*	1.3	%
Axtel SA			11.000	%	12/15/13		340		360
France Telecom SA			8.750	%	03/01/31		600		790
Hanarotelecom Inc.			7.000	%	02/01/12		310		300	^A
Innova S. de R.L			9.375	%	09/19/13		320		354
INTELSAT			7.625	%	04/15/12		370		322
INTELSAT			6.500	%	11/01/13		170		136

									2,262

*Telecommunications (Cellular/Wireless)*	0.2	%
Rogers Wireless Communications Inc.			9.625	%	05/01/11		60		68
Vodaphone Group PLC			7.750	%	02/15/10		250		282

									350

*Transportation*	1.4	%
Canadian Pacific Railroad Co.			6.250	%	10/15/11		1,000		1,084
Grupo Transportacion Ferroviaria Mexicana, S.A de C.V. (TFM)			11.750	%	06/15/09		350		350	^C
Grupo Transportacion Ferroviaria Mexicana, S.A de C.V. (TFM)			12.500	%	06/15/12		750		855
OMI Corporation			7.625	%	12/01/13		200		208

									2,497

Total Yankee Bonds
(Identified Cost—$55,570)									62,523
Preferred Stocks	0.2	%
Fannie Mae							7 shrs		387

Total Preferred Stocks
(Identified Cost—$350)									387
Warrants	N.M.
American Tower							0.251 wts		56

Total Warrants
(Identified Cost—$16)									56
Total Investments	155.1	%
(Identified Cost—$253,723)									265,933
Other Assets Less Liabilities	-13.1	%							(22,461	)
Liquidation Value of Preferred Shares	-42.0	%							(72,000	)

Net Assets Applicable to Common Shareholders	100.0	%						$	171,472


			EXPIRATION		ACTUAL CONTRACTS	APPRECIATION/ (DEPRECIATION)
Options Written
U.S. Treasury Note Futures Call, Strike Price $115.00			August 2005		55		(7)

							$(7)

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2005 (Unaudited)

(Amounts in thousands)

^A	Rule 144a Security - A security purchased pursuant tp Rule 144a under the Securities Act of 1933 which may not be resold subject to that rule except to qualified institutional buyers. These securities represent 22.3% of net assets applicable to common shareholders.

^B	Floating Rate Security - The rate of interest on this type of security is tied to the London Interbank Offer Rate (LIBOR). The coupon rate is as of March 31, 2005.

^C	Stepped-coupon Security - A security with a predetermined schedule of interest or dividend rate changes at which time it begins to accrue interest or pay dividends.

^D	Convertible Bond - Bond may be converted into the issuer’s common stock.

^E	Bond in default as of March 31, 2005.

^F	Zero-coupon Bond - A bond with no periodic interest payments which is sold at such a discount as to produce a current yield to maturity.

^G	Yankee Bond - A dollar-denominated bond issued in the U.S. by foreign entities.

^H	Stripped Security - Security with interest-only payment streams. For interest-only securities, the amount shown as principal is the notional balance used to calculate the amount of the interest due.

^I	Treasury Inflation Protected Security - Treasury security whose principal value is adjusted daily in accordance with changes to the Consumer Price Index (CPI). Interest is calculated on the basis of the current adjusted principal value.

^J	Securities, or a portion thereof, held as collateral for reverse repurchase agreements.

^K	Pay-in-kind Security - Dividend income is paid with additional shares instead of receiving cash.

N.M.-Not meaningful

Notes

Security Valuation

Securities owned by the Fund for which market quotations are readily available are valued at current market value. Securities for which market quotations are not readily available are fair valued by the Board of Trustees or the Fund’s Valuation Committee pursuant to procedures adopted by the Board. In determining fair value, the Board of Trustees or the Fund’s Valuation Committee consider all relevant qualitative and quantitative information available. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized, since such amounts depend on future developments inherent in long-term investments. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

Where a security is traded on more than one market, which may include foreign markets, the securities are generally valued on the market considered by the Fund’s adviser to be the primary market. The Fund will value its foreign securities in U.S. dollars on the basis of the then-prevailing exchange rates.

Options, Swaps, and Futures

The current market value of a traded option is the last sale price or, in the absence of a sale, the mean between the closing bid and asked price. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Futures contracts are marked-to-market on a daily basis. As a contract’s value fluctuates, payments known as variation margin are made or received by the Fund each day, depending on the daily fluctuation in the value of the contract. The daily changes in contract value are recorded as unrealized gains or losses, and the Fund recognized a gain or loss when the contract is closed. Swap agreements are priced daily based upon quotations from brokers and the change, if any, is recorded as unrealized appreciation or depreciation.

Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

The following is a summary of open swap contracts outstanding at March 31, 2005 (amounts not in thousands).

Agreement With:

Termination Date

The Fund

Agrees to Pay

The Fund Will
Receive

Contract Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Credit Suisse First Boston USA

(Long Beach Mortgage Trust 2004-1, 1 - Month LIBOR + 350 bp), due 2/25/34)

February 25, 2034

Specified Amount

upon credit event notice

2.15%
Monthly

58,000

162

Credit Suisse First Boston USA

(Argent Securities Inc. 2004-W4, 1 - Month LIBOR + 300 bp, due 3/25/34)

March 25, 2034

Specified Amount

upon credit event notice

2.20%
Monthly

58,000

201

Credit Suisse First Boston USA

(People’s Choice Home Loan Securities Trust 2004-1, 1 - Month LIBOR + 230 bp, due 6/25/34)

June 25, 2034

Specified Amount

upon credit event notice

1.37%
Monthly

58,000

151

Agreement With:

Termination Date

The Fund Agrees to Pay

The Fund Will
Receive

Contract Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Credit Suisse First Boston USA

(New Century Home Equity Loan Trust, 1- Month LIBOR + 325 bp), due 8/25/34)

August 25, 2034

Specified Amount

upon credit event notice

2.15%
Monthly

58,000

208

Credit Suisse First Boston USA

(Aegis Asset Backed Securities Trust, 1- Month LIBOR + 190 bp), due 10/25/34)

October 25, 2034

Specified Amount

upon credit event notice

1.37%
Monthly

58,000

165

Credit Suisse First Boston USA

(Finance America Mortgage Loan Trust, 1- Month LIBOR + 180 bp, due 11/25/34)

November 25, 2034

Specified Amount

upon credit event notice

1.31%
Monthly

43,000

Credit Suisse First Boston USA

(Argent Securities Inc. 2004-W11, 1- Month LIBOR + 225 bp, due 11/25/34)

November 25, 2034

Specified Amount

upon credit event notice

1.33%
Monthly

43,000

127

Credit Suisse First Boston USA

(Argent Securities Inc. 2004-W11, 1- Month LIBOR + 350 bp, due 11/25/34)

November 25, 2034

Specified Amount

upon credit event notice

2.15%
Monthly

43,000

142

Credit Suisse First Boston USA

(Finance America Mortgage Loan Trust 2004-3, 1- Month LIBOR + 315 bp, due 11/25/34)

November 25, 2034

Specified Amount

upon credit event notice

2.18%
Monthly

43,000

153

Credit Suisse First Boston USA

(MASTR Asset Backed Securities Trust 2005-NC1, 1- Month LIBOR + 153 bp, due 12/25/34)

December 25, 2034

Specified Amount

upon credit event notice

1.31%
Monthly

43,000

Credit Suisse First Boston USA

(MASTR Asset Backed Securities Trust 2005-NC1, 1- Month LIBOR + 240 bp, due 12/25/34)

December 25, 2034

Specified Amount

upon credit event notice

2.08%
Monthly

43,000

180

Credit Suisse First Boston USA

(People's Choice Home Loan Securities 2005-1, 1- Month LIBOR + 165 bp, due 1/25/35)

January 25, 2035

Specified Amount

upon credit event notice

1.28%
Monthly

43,000

108

Credit Suisse First Boston USA

(Fremont Home Loan Trust 2005-A, 1 - Month LIBOR + 135 bp, due 1/25/35)

January 25, 2035

Specified Amount

upon credit event notice

1.31%
Monthly

43,000

114

Credit Suisse First Boston USA

(Morgan Stanley ABS Capital I 2005-WMC1, 1 - Month LIBOR + 130 bp, due 1/25/35)

January 25, 2035

Specified Amount

upon credit event notice

1.31%
Monthly

43,000

105

Credit Suisse First Boston USA

(People’s Choice Home Loan Securities 2005-1, 1 - Month LIBOR + 260 bp, due 1/25/35)

January 25, 2035

Specified Amount

upon credit event notice

2.05%
Monthly

43,000

150

Credit Suisse First Boston USA

(Fremont Home Loan Trust 2005-A, 1 - Month LIBOR + 200 bp, due 1/25/35)

January 25, 2035

Specified Amount

upon credit event notice

2.08%
Monthly

43,000

155

Agreement With:

Termination Date

The Fund

Agrees to Pay

The Fund Will
Receive

Contract Notional
Amount

Unrealized

Appreciation/

(Depreciation)

Credit Suisse First Boston USA

(Morgan Stanley ABS Capital I 2005-WMC1, 1 - Month LIBOR + 215 bp, due 1/25/35)

January 25, 2035

Specified Amount

upon credit event notice

2.18%
Monthly

43,000

166

Credit Suisse First Boston USA

(Ace Securities Corp., 1- Month LIBOR +138 bp, due 2/25/35)

February 25, 2035

Specified Amount

upon credit event notice

1.31%
Monthly

43,000

123

Credit Suisse First Boston USA

(Long Beach Mortgage Loan Trust 2005-1, 1- Month LIBOR + 170 bp, due 2/25/35)

February 25, 2035

Specified Amount

upon credit event notice

1.31%
Monthly

43,000

107

Credit Suisse First Boston USA

(ACE Securities Corp. 2005-HE1, 1- Month LIBOR + 220 bp, due 2/25/35)

February 25, 2035

Specified Amount

upon credit event notice

2.06%
Monthly

43,000

163

Credit Suisse First Boston USA

(Long Beach Mortgage Loan Trust 2005-1, 1- Month LIBOR + 275 bp, due 2/25/35)

February 25, 2035

Specified Amount

upon credit event notice

2.08%
Monthly

43,000

167

Credit Suisse First Boston USA

(INDYMAC Home Equity Loan Asset-Backed Trust 2004-C, 1- Month LIBOR + 190 bp, due 3/25/35)

March 25, 2035

Specified Amount

upon credit event notice

1.28%
Monthly

43,000

105

Credit Suisse First Boston USA

(New Century Home Equity Loan Trust 2005-1, 1- Month LIBOR + 140 bp, due 3/25/35)

March 25, 2035

Specified Amount

upon credit event notice

1.31%
Monthly

43,000

114

Credit Suisse First Boston USA

(Aegis Asset Backed Securities Trust 2005-1, 1- Month LIBOR + 130 bp, due 3/25/35)

March 25, 2035

Specified Amount

upon credit event notice

1.31%
Monthly

43,000

102

Credit Suisse First Boston USA

(INDYMAC Home Equity Loan Asset-Backed Trust 2004-C, 1- Month LIBOR + 325 bp, due 3/25/35)

March 25, 2035

Specified Amount

upon credit event notice

2.05%
Monthly

43,000

146

Credit Suisse First Boston USA

(Aegis Asset Backed Securities Trust 2005-1, 1- Month LIBOR + 200 bp, due 3/25/35)

March 25, 2035

Specified Amount

upon credit event notice

2.18%
Monthly

43,000

158

Credit Suisse First Boston USA

(New Century Home Equity Loan Trust 2005-1, 1- Month LIBOR + 205 bp, due 3/25/35)

March 25, 2035

Specified Amount

upon credit event notice

2.18%
Monthly

43,000

156

Credit Suisse First Boston USA

(Merrill Lynch Mortgage Investors, Inc. 2004-WMC4, 1- Month LIBOR + 375 bp, due 4/25/35)

April 25, 2035

Specified Amount

upon credit event notice

2.15%
Monthly

58,000

158

Credit Suisse First Boston USA

(AAMES Mortgage Investment Trust 2005-1, 1- Month LIBOR + 160 bp, due 6/25/35)

June 25, 2035

Specified Amount

upon credit event notice

1.28%
Monthly

43,000

Agreement With:

Termination Date

The Fund

Agrees to Pay

The Fund Will
Receive

Contract Notional

Amount

Unrealized
Appreciation/

(Depreciation)

Credit Suisse First Boston USA

(Novastar Home Equity Loan 2005-1, 1-Month LIBOR + 135 bp, due 6/25/05)

June 25, 2035

Specified Amount

upon credit event notice

1.28%
Monthly

43,000

103

Credit Suisse First Boston USA

(AAMES Mortgage Investment Trust 2005-1, 1-Month LIBOR + 250 bp, due 6/25/35)

June 25, 2035

Specified Amount

upon credit event notice

2.05%
Monthly

43,000

133

Credit Suisse First Boston USA

(Novastar Home Equity Loan 2005-1, 1-Month LIBOR + 195 bp, due 6/25/05)

June 25, 2035

Specified Amount

upon credit event notice

2.05%
Monthly

43,000

145

Credit Suisse First Boston USA

(Merrill Lynch Mortgage Investors, Inc. 2005-WMC1, 1-Month LIBOR + 135 bp, due 9/25/35)

September 25, 2035

Specified Amount

upon credit event notice

1.28%
Monthly

43,000

Credit Suisse First Boston USA

(Merrill Lynch Mortgage Investors, Inc. 2004-WMC1, 1-Month LIBOR + 225 bp, due 9/25/35)

September 25, 2035

Specified Amount

upon credit event notice

2.05%
Monthly

43,000

136

Credit Suisse First Boston USA

(Merrill Lynch Mortgage Investors, Inc. 2004-NC1, 1-Month LIBOR + 130 bp, due 10/25/35)

October 25, 2035

Specified Amount

upon credit event notice

1.28%
Monthly

43,000

Credit Suisse First Boston USA

(Merrill Lynch Mortgage Investors, Inc. 2004-NC1, 1-Month LIBOR + 205 bp, due 10/25/35)

October 25, 2035

Specified Amount

upon credit event notice

2.05%
Monthly

43,000

130

Credit Suisse First Boston USA

(Park Place Securities, Inc. 2005-WCH1, 1-Month LIBOR + 155 bp, due 1/25/36)

January 25, 2036

Specified Amount

upon credit event notice

1.36%
Monthly

43,000

121

Credit Suisse First Boston USA

(Park Place Securities, Inc. 2005-WCH1, 1-Month LIBOR + 250 bp, due 1/25/36)

January 25, 2036

Specified Amount

upon credit event notice

2.18%
Monthly

43,000

163

5,197

The 1 month LIBOR in effect for 3/31/05 is 2.85.

Item 2 – Controls and Procedures

(a)

The principal executive and principal financial officers of Western Asset Premier Bond Fund (the “Registrant”) have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods in the Securities and Exchange Commission’s rules and forms and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)

There were no changes in the Registrant’s internal control over financial reporting during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

Item 3 – Exhibits

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

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, thereunto duly authorized.


Western Asset Premier Bond Fund

By:		/s/ JAMES W. HIRSCHMANN
		James W. Hirschmann
		President

Western Asset Premier Bond Fund

Date: May 27, 2005

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/ JAMES W. HIRSCHMANN
		James W. Hirschmann
		President

Western Asset Premier Bond Fund

Date: May 27, 2005



By:		/s/ MARIE K. KARPINSKI
		Marie K. Karpinski
		Treasurer and Principal Financial and Accounting Officer

Western Asset Premier Bond Fund

Date: May 27, 2005