Edgar Filing: WESTERN ASSET PREMIER BOND FUND

Western Asset Premier Bond Fund

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

Western Asset Premier Bond Fund

(Exact Name of Registrant as Specified In Its Charter)


Address of Principal Executive Offices:		385 East Colorado Boulevard Pasadena, CA 91101

Name and address of agent for service:		Gregory B. McShea 385 East Colorado Boulevard Pasadena, CA 91101

Registrant’s telephone number, including area code: (410) 539-0000

Date of fiscal year end: December 31, 2006

Date of reporting period: March 31, 2006

Item 1 – Schedule of Investments

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Long-Term Securities	147.6	%

Corporate Bonds and Notes	79.2	%
*Advertising*	0.2	%
Affinion Group, Inc.			10.125	%	10/15/13	$	100	$	102	^A
World Directories Acquisition Subsidiary Corp.			8.375	%	12/01/14		280		276	^A

									378

*Aerospace/Defense*	2.2	%
Northrop Grumman Corporation			7.750	%	02/15/31		1,000		1,212
Raytheon Company			6.750	%	08/15/07		584		593
Raytheon Company			7.200	%	08/15/27		1,000		1,129
The Boeing Company			6.125	%	02/15/33		600		624
TransDigm Inc.			8.375	%	07/15/11		130		136

									3,694

			.
*Apparel*	0.5	%
Levi Strauss & Co.			9.280	%	04/01/12		155		160	^B
Levi Strauss & Co.			9.750	%	01/15/15		70		74
Levi Strauss & Co.			8.875	%	04/01/16		70		70	^A
Oxford Industries, Inc.			8.875	%	06/01/11		270		278
Russell Corporation			9.250	%	05/01/10		290		301

									883

*Auto Parts and Equipment*	1.1	%
Commercial Vehicle Group, Inc.			8.000	%	07/01/13		250		250
Keystone Automotive Operations Inc.			9.750	%	11/01/13		480		420
Tenneco Automotive Inc.			10.250	%	07/15/13		230		255
TRW Automotive Inc.			9.375	%	02/15/13		300		324
Visteon Corporation			8.250	%	08/01/10		680		561

									1,810

*Automotive*	1.6	%
Asbury Automotive Group Inc.			9.000	%	06/15/12		235		240
DaimlerChrysler NA Holdings Corp.			7.300	%	01/15/12		1,000		1,057
DaimlerChrysler NA Holdings Corp.			8.500	%	01/18/31		1,000		1,170
General Motors Corporation			8.375	%	07/15/33		420		308

									2,775

*Banking and Finance*	3.2	%
Boeing Capital Corporation			6.500	%	02/15/12		1,000		1,052
Boeing Capital Corporation			5.800	%	01/15/13		400		407
Fuji JGB Inv			9.870	%	06/30/08		790		858	^{A, B}
General Motors Acceptance Corp.			6.875	%	08/28/12		210		194
General Motors Acceptance Corp.			8.000	%	11/01/31		1,470		1,389
HSBC Finance Corporation			4.750	%	07/15/13		1,670		1,571	^C

									5,471

Page 1 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Corporate Bonds and Notes—Continued
*Banks*	0.2	%
Washington Mutual Bank FA			5.500	%	01/15/13	$	440	$	435

*Building Materials*	0.5	%
Associated Materials Inc.			0.000	%	03/01/14		720		414	^D
Nortek Inc.			8.500	%	09/01/14		355		361

									775

*Cable*	2.1	%
Charter Communication Holdings I			0.000	%	05/15/14		370		192	^D
Charter Communication Holdings II			10.250	%	09/15/10		492		483
Comcast Cable Communications, Inc.			6.750	%	01/30/11		500		520
Comcast Corporation			5.900	%	03/15/16		400		392
Comcast Corporation			7.050	%	03/15/33		1,000		1,029
CSC Holdings Inc.			7.250	%	04/15/12		250		244	^A
CSC Holdings Inc.			7.875	%	02/15/18		380		380
LodgeNet Entertainment Corporation			9.500	%	06/15/13		321		347

									3,587

*Casino Resorts*	1.0	%
Inn of The Mountain Gods			12.000	%	11/15/10		530		572
Pinnacle Entertainment, Inc.			8.250	%	03/15/12		250		262
Premier Entertainment Biloxi LLC			10.750	%	02/01/12		707		675
Station Casinos, Inc.			6.625	%	03/15/18		150		147	^A

									1,656

*Chemicals*	1.5	%
The Dow Chemical Company			6.000	%	10/01/12		2,500		2,560

*Coal*	0.2	%
Alpha Natural Resources			10.000	%	06/01/12		350		385

*Computers Services and Systems*	1.8	%
Activant Solutions, Inc.			10.530	%	04/01/10		250		255	^{A, B}
DynCorp Inc.			9.500	%	02/15/13		550		572
Electronic Data Systems Corporation			7.125	%	10/15/09		700		735
Electronic Data Systems Corporation			7.450	%	10/15/29		500		531
International Business Machines Corporation			4.750	%	11/29/12		240		232
Sungard Data Systems Inc.			10.250	%	08/15/15		630		663	^A

									2,988

Page 2 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Corporate Bonds and Notes—Continued

*Containers and Packaging*	0.4	%
Graham Packaging Company Inc.			9.875	%	10/15/14	$	153	$	155
Graphic Packaging International Corp.			9.500	%	08/15/13		250		234
Owens-Brockway Glass Container Inc.			8.750	%	11/15/12		330		353

									742

*Construction Machinery*	0.3	%
H&E Equipment/Finance Corp.			11.125	%	06/15/12		390		432

*Diversified Financial Services*	3.1	%
AAC Group Holding Corp.			0.000	%	10/01/12		440		341	^D
CIT Group Inc.			7.750	%	04/02/12		1,600		1,764
Citigroup Inc.			6.625	%	06/15/32		1,000		1,071
CitiSteel USA Inc.			12.480	%	09/01/10		350		359	^A,B
General Electric Capital Corporation			3.750	%	12/15/09		740		700
General Electric Capital Corporation			6.000	%	06/15/12		700		719
General Electric Capital Corporation			5.450	%	01/15/13		250		250

									5,204

*Drug & Grocery Store Chains*	1.5	%
CVS Lease Pass Through			5.880	%	01/10/28		1,595		1,556	^A
Delhaize America, Inc.			8.125	%	04/15/11		230		248
Delhaize America, Inc.			9.000	%	04/15/31		180		208
Safeway Inc.			5.800	%	08/15/12		500		498

									2,510

*Electric*	6.8	%
Dominion Resources, Inc.			5.700	%	09/17/12		770		763
Duke Energy Corporation			6.250	%	01/15/12		250		258
Elwood Energy LLC			8.159	%	07/05/26		358		381
Exelon Generation Co. LLC			6.950	%	06/15/11		2,000		2,111
FirstEnergy Corp.			6.450	%	11/15/11		610		631
FirstEnergy Corp.			7.375	%	11/15/31		3,040		3,377
MidAmerican Energy Holdings Company			5.875	%	10/01/12		250		252
Niagara Mohawk Power Corporation			7.750	%	10/01/08		1,500		1,577
Progress Energy, Inc.			7.100	%	03/01/11		250		265
Progress Energy, Inc.			6.850	%	04/15/12		750		791
The AES Corporation			7.750	%	03/01/14		430		451	^A
The AES Corporation			9.000	%	05/15/15		440		477
TXU Electric Delivery Company			7.000	%	09/01/22		250		267

									11,601

*Energy*	0.5	%
Midwest Generation LLC			8.750	%	05/01/34		325		352
NRG Energy, Inc.			7.375	%	02/01/16		505		516

									868

Page 3 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Corporate Bonds and Notes—Continued

*Entertainment*	0.4	%
AMC Entertainment Inc.			11.000	%	02/01/16	$	560	$	578	^A
Warner Music Group			7.375	%	04/15/14		110		109

									687

*Environmental Services*	1.7	%
Allied Waste North America Incorporated			8.875	%	04/01/08		350		367
Waste Management, Inc.			7.375	%	05/15/29		2,000		2,244
Waste Management, Inc.			7.750	%	05/15/32		40		47
Waste Services Inc.			9.500	%	04/15/14		140		144

									2,802

*Food, Beverage and Tobacco*	2.2	%
Altria Group, Inc.			7.000	%	11/04/13		250		269
Altria Group, Inc.			7.750	%	01/15/27		1,000		1,144
Kraft Foods Inc.			5.250	%	10/01/13		400		389
Nabisco Inc.			7.550	%	06/15/15		1,500		1,702
RJ Reynolds Tobacco			6.500	%	07/15/10		160		161

									3,665

*Gas and Pipeline Utilities*	3.2	%
Colorado Interstate Gas Company			6.800	%	11/15/15		150		153	^A
Duke Energy Field Services Corporation			7.875	%	08/16/10		750		814
Dynegy Holdings Inc.			8.750	%	02/15/12		370		387
Kinder Morgan Energy Partners, L.P.			7.125	%	03/15/12		500		533
Panhandle Eastern Pipe Line Company			4.800	%	08/15/08		400		393
Texas Eastern Transmission			5.250	%	07/15/07		750		746
The Williams Companies, Inc.			7.500	%	01/15/31		902		936
The Williams Companies, Inc.			8.750	%	03/15/32		1,200		1,404

									5,366

*Healthcare*	2.7	%
Fresenius Medical Care Capital Trust II			7.875	%	02/01/08		250		256
Tenet Healthcare Corporation			9.875	%	07/01/14		713		722
Tenet Healthcare Corporation			9.500	%	02/01/15		2,810		2,817	^A
Vanguard Health Holding Co. I, LLC			0.000	%	10/01/15		345		252	^D
Vanguard Health Holding Co. II, LLC			9.000	%	10/01/14		450		460

									4,507

Page 4 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Corporate Bonds and Notes—Continued

*Investment Banking/Brokerage*	4.1	%
Credit Suisse First Boston, USA			6.500	%	01/15/12	$	1,125	$	1,175
J.P. Morgan Chase & Co.			5.750	%	01/02/13		1,750		1,762	^C
J.P. Morgan Chase & Co.			5.125	%	09/15/14		1,300		1,250	^C
Morgan Stanley			6.600	%	04/01/12		1,500		1,574
The Goldman Sachs Group, Inc.			6.600	%	01/15/12		1,200		1,258	^C

									7,019

*Machinery*	0.3	%
Terex Corporation			7.375	%	01/15/14		500		513

*Manufacturing (Diversified)*	2.8	%
Ames True Temper, Inc.			8.600	%	01/15/12		260		253	^B
Eastman Kodak Co.			7.250	%	11/15/13		2,210		2,147
Interface, Inc.			10.375	%	02/01/10		400		438
Jacuzzi Brands, Incorporated			9.625	%	07/01/10		535		574
Koppers Inc.			9.875	%	10/15/13		203		222
Leiner Health Products L.P.			11.000	%	06/01/12		280		275
Norcraft Companies, L.P.			9.000	%	11/01/11		480		499
Rayovac Corporation			8.500	%	10/01/13		270		250

									4,658

*Media*	3.5	%
AOL Time Warner Inc.			6.150	%	05/01/07		250		252
AOL Time Warner Inc.			6.875	%	05/01/12		1,400		1,468
AOL Time Warner Inc.			7.700	%	05/01/32		1,150		1,265
Clear Channel Communications, Inc.			4.900	%	05/15/15		700		612
Liberty Media Corporation			6.410	%	09/17/06		88		88	^B
Liberty Media Corporation			3.750	%	02/15/30		1,860		1,049	^E
LIN Television Corporation			6.500	%	05/15/13		120		113
News America Holdings Inc.			6.625	%	01/09/08		300		306
News America Holdings Inc.			8.875	%	04/26/23		400		476
Sinclair Broadcast Group, Inc.			8.000	%	03/15/12		330		337

									5,966

Page 5 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Corporate Bonds and Notes—Continued

*Medical Care Facilities*	0.6	%
DaVita, Inc.			7.250	%	03/15/15	$	410	$	412
HCA, Inc.			7.690	%	06/15/25		120		119
HCA, Inc.			7.500	%	11/06/33		280		274
Select Medical Corporation			7.625	%	02/01/15		240		217

									1,022

*Metals and Mining*	0.6	%
Alcoa Inc.			5.375	%	01/15/13		750		741
Metals USA, Inc.			11.125	%	12/01/15		200		220	^A

									961

*Oil and Gas*	7.3	%
Amerada Hess Corporation			7.300	%	08/15/31		1,700		1,893
AmeriGas Partners, L.P.			7.250	%	05/20/15		90		90
Belden & Blake Corporation			8.750	%	07/15/12		750		772
ConocoPhillips			4.750	%	10/15/12		1,000		964
Devon Energy Corporation			7.950	%	04/15/32		1,000		1,225
Devon Finance Corp. ULC			6.875	%	09/30/11		2,000		2,120
El Paso Corporation			6.375	%	02/01/09		333		329	^A
El Paso Corporation			7.750	%	06/15/10		1,496		1,543	^A
El Paso Corporation			7.625	%	07/15/11		500		515
El Paso Corporation			7.800	%	08/01/31		210		211
Occidental Petroleum Corporation			6.750	%	01/15/12		500		535
Parker Drilling Company			9.625	%	10/01/13		300		333
Plains Exploration & Production Company			7.125	%	06/15/14		190		195
Pride International, Inc.			7.375	%	07/15/14		240		252
Superior Energy Services, Inc.			8.875	%	05/15/11		170		178
Suburban Propane Partners, LP			6.875	%	12/15/13		580		557
Valero Energy Corporation			7.500	%	04/15/32		400		460
Vintage Petroleum, Inc.			7.875	%	05/15/11		250		260

									12,432

Page 6 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Corporate Bonds and Notes—Continued

*Paper and Forest Products*	2.6	%
NewPage Corporation			12.000	%	05/01/13	$	730	$	759
Weyerhaeuser Company			6.750	%	03/15/12		2,400		2,498
Weyerhaeuser Company			7.375	%	03/15/32		1,000		1,068

									4,325

*Publishing*	0.5	%
Dex Media East LLC			9.875	%	11/15/09		250		267
Dex Media East LLC			12.125	%	11/15/12		122		139
PRIMEDIA Inc.			8.875	%	05/15/11		315		307
The Reader’s Digest Association, Inc.			6.500	%	03/01/11		100		100

									813

*Real Estate*	0.2	%
Kimball Hill Inc.			10.500	%	12/15/12		170		161	^A
Ventas Realty, Inc.			6.625	%	10/15/14		260		260

									421

*Rental Auto/Equipment*	0.5	%
Hertz Corporation			10.500	%	01/01/16		400		434	^A
NationsRent Inc.			9.500	%	10/15/10		340		370
NationsRent Inc.			9.500	%	05/01/15		70		76

									880

*Retail*	0.4	%
EPL Finance Corp.			11.750	%	11/15/13		195		200	^A
Neiman Marcus Group, Inc.			10.375	%	10/15/15		320		340	^A
Stater Bros. Holdings Inc.			8.410	%	06/15/10		170		174	^B

									714

*Retail (Food Chains)*	0.2	%
Denny’s Corp./Denny’s Holdings			10.000	%	10/01/12		90		93
Domino’s Inc.			8.250	%	07/01/11		248		254

									347

*Services (Diversified)*	0.1	%
Service Corporation International			7.500	%	06/15/17		140		142	^A

*Special Purpose*	1.3	%
Air 2 U.S.			8.027	%	10/01/19		252		251	^A
Hexion US Finance Corp.			9.000	%	07/15/14		280		288
Milacron Escrow Corp.			11.500	%	05/15/11		410		375
Rainbow National Services LLC			8.750	%	09/01/12		100		106	^A
Rainbow National Services LLC			10.375	%	09/01/14		250		280	^A
River Rock Entertainment			9.750	%	11/01/11		380		410
UGS Corp.			10.000	%	06/01/12		230		253
UCAR Finance Inc.			10.250	%	02/15/12		300		320

									2,283

Page 7 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Corporate Bonds and Notes—Continued

*Telecommunications*	4.1	%
BellSouth Corporation			6.000	%	10/15/11	$	1,000	$	1,018
Cincinnati Bell Inc.			7.000	%	02/15/15		355		351
Citizens Communications Company			9.250	%	05/15/11		90		99
Hawaiian Telecom Communications, Inc.			12.500	%	05/01/15		635		629	^A
Qwest Communications International Inc.			7.250	%	02/15/11		160		164
Qwest Corporation			7.875	%	09/01/11		390		416
Qwest Corporation			8.875	%	03/15/12		140		156
SBC Communications Inc.			6.250	%	03/15/11		1,000		1,026	^F
Sprint Capital Corp.			6.000	%	01/15/07		1,500		1,507	^C
Sprint Capital Corp.			8.375	%	03/15/12		1,450		1,638	^C

									7,004

*Telecommunications (Cellular/Wireless)*	1.7	%
AT&T Wireless Services, Inc.			7.500	%	05/01/07		500		511
AT&T Wireless Services, Inc.			8.125	%	05/01/12		500		561
Cingular Wireless LLC			6.500	%	12/15/11		250		261
L-3 Communications Corporation			6.375	%	10/15/15		430		424
Motorola, Inc.			7.625	%	11/15/10		64		70
Rural Cellular Corp.			9.875	%	02/01/10		235		251
Telcordia Technologies Inc.			10.000	%	03/15/13		485		444	^A
Ubiquitel Operating Co.			9.875	%	03/01/11		150		164
Verizon Wireless Capital LLC			5.375	%	12/15/06		250		250

									2,936

*Transportation*	9.3	%
America West Airlines, Inc.			8.057	%	07/02/20		1,926		2,009
American Airlines, Inc.			7.800	%	10/01/06		310		311
American Commercial Lines/ACL Finance Corp.			9.500	%	02/15/15		136		150
Continental Airlines, Inc.			7.033	%	06/15/11		230		219
Continental Airlines, Inc.			6.900	%	01/02/18		1,170		1,192
Continental Airlines, Inc.			6.545	%	02/02/19		1,044		1,058
Continental Airlines, Inc.			8.048	%	11/01/20		767		809
Delta Air Lines, Inc.			6.718	%	01/02/23		2,902		2,932
GulfMark Offshore, Inc.			7.750	%	07/15/14		270		275
H-Lines Finance Holding Corp.			0.000	%	04/01/13		247		205	^D
Horizon Lines, LLC			9.000	%	11/01/12		244		258
Kansas City Southern Railway Co.			7.500	%	06/15/09		150		152
Northwest Airlines Inc.			5.190	%	08/06/13		2,620		2,411	^B
Progress Rail Services Corp./Progress Metal Reclamation Co.			7.750	%	04/01/12		270		281	^A
Sky EETC-Backed Trust Certificates			7.575	%	03/01/19		600		606	^A
Union Pacific Corporation			6.125	%	01/15/12		2,000		2,054

Page 8 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (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	$	—	^G
US Airways, Inc. Series 89A2			9.820	%	01/01/13		473		208	^H
US Airways, Inc. Series 93A3			10.375	%	03/01/13		236		104	^H
US Airways, Inc. Pass Thru Certificates			6.850	%	01/30/18		564		576

									15,810

Total Corporate Bonds and Notes (Identified Cost—$130,825)									134,027

Asset-Backed Securities	11.0	%
*Fixed Rate Securities*	5.9	%
ACE Securities Corp. 2002-M Trust			0.000	%	10/13/17		312		6	^{A, G}
BankAmerica Manufactured Housing Contract 1997-2			6.900	%	04/10/28		100		114
Captiva CBO 1997-1			6.860	%	11/30/09		393		393	^{A, I}
Conseco Finance Securitizations Corp. 2002-1			6.681	%	12/01/33		1,187		1,192
Contimortgage Home Equity Loan Trust 1997-4			7.330	%	10/15/28		763		630
FirstFed Corp. Manufactured Housing Contract 1996-1			8.060	%	10/15/22		2,100		2,857	^A
Green Tree Financial Corporation 1992-2			9.150	%	01/15/18		681		602
Green Tree Financial Corporation 1993-1			8.450	%	04/15/18		901		827
Green Tree Financial Corporation 1996-D			8.000	%	09/15/27		257		251
Green Tree Financial Corporation 1999-4			6.970	%	05/01/31		492		495
Mutual Fund Fee 2000-2			9.550	%	04/30/08		561		62	^A
Mutual Fund Fee 2000-3			9.070	%	07/01/08		2,927		489	^A
Oakwood Mortgage Investors Inc. 2002-B			6.060	%	03/15/25		556		476
Pegasus Aviation Lease Securitization 2000-1			8.370	%	03/25/30		1,300		824	^A
Vanderbilt Mortgage Finance 1997-B			8.155	%	10/07/26		750		770

									9,988

*Floating Rate Securities*^B	5.0	%
ACE Securities Corp. 2005-SD1			5.218	%	11/25/50		889		890
Banagricola DPR Funding			5.800	%	03/15/10		1,672		1,672	^{A, I}
Bayview Financial Asset Trust 2004-SSRA			5.418	%	12/25/39		1,111		1,113	^A
CS First Boston Mortgage Securities Corp. 2004-CF2			5.288	%	05/25/44		838		838	^A
Residential Asset Mortgage Products 2004-RZ1			5.058	%	03/25/34		1,242		1,242
Residential Asset Securities Corporation 2001-KS3			5.048	%	09/25/31		1,097		1,097
Saxson Asset Securities Trust 2000-2			8.870	%	07/25/30		1,588		1,581

									8,433

*Stripped Securities*	0.1	%
Oakwood Mortgage Investors Inc. 2002-C			6.000	%	08/15/10		844		140	^J1

Total Asset-Backed Securities (Identified Cost—$19,542)									18,561

Page 9 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Mortgage-Backed Securities	8.4	%

*Fixed Rate Securities*	4.5	%
Asset Securitization Corporation 1996-D2			6.920	%	02/14/29	$	104	$	104
Bear Stearns Asset Backed Securities, Inc. 2002-AC1			7.000	%	01/25/32		2,149		2,147	^A
Commercial Mortgage Acceptance Corporation 1997-ML1			6.570	%	12/15/30		1,250		1,266
Commercial Mortgage Acceptance Corporation 1997-ML1			6.735	%	12/15/30		1,578		1,602
Enterprise Mortgage Acceptance Company 1999-1			6.420	%	10/15/25		288		124	^A
GMAC Commercial Mortgage Security Inc. 1998-C1			6.700	%	05/15/30		473		482
GMAC Commercial Mortgage Security Inc. 1998-C1			6.974	%	05/15/30		1,000		1,024
Metropolitan Asset Funding, Inc. 1998-B1			8.000	%	11/20/24		1,000		853

									7,602

*Floating Rate Securities*^B	3.0	%
Banc of America Commercial Mortgage Inc. 2005-5 A4			5.115	%	10/10/45		1,050		1,016
Blackrock Capital Finance LP 1997-R2			6.305	%	12/25/35		1,031		773	^A
Harborview Mortgage Loan Trust 2004-8			5.180	%	11/19/34		939		943
Harborview Mortgage Loan Trust 2005-9			6.530	%	06/20/35		1,500		1,230
Merit Securities Corporation 11PA			7.070	%	09/28/32		850		246	^A
Washington Mutual 2004-AR12			5.015	%	10/25/44		898		900

									5,108

*Stripped Securities*	0.9	%
LB-UBS Commercial Mortgage Trust 2001-C3			0.977	%	06/15/36		3,118		122	^A,^J1
Prime Mortgage Trust 2005-2			1.743	%	10/25/32		4,260		168	^J1
Prime Mortgage Trust 2005-5			0.874	%	07/25/34		27,467		263	^J1
Prime Mortgage Trust 2005-5			1.572	%	07/25/34		3,367		261	^J1
Residential Asset Mortgage Products, Inc. 2005-SL2			0.000	%	02/25/32		919		718	^J2

									1,532

Total Mortgage-Backed Securities (Identified Cost—$14,804)									14,242

U.S. Government Securities	13.4	%
*Fixed Rate Securities*
United States Treasury Bonds			5.375	%	02/15/31		2,500		2,632	^C
United States Treasury Notes			3.375	%	02/28/07		6,000		5,920	^C

									8,552

*Indexed Securities*
United States Treasury Inflation-Protected Security			3.625	%	01/15/08		2,300		2,900	^C,K
United States Treasury Inflation-Protected Security			3.000	%	07/15/12		2,550		2,930	^C,K
United States Treasury Inflation-Protected Security			1.875	%	07/15/13		5,000		5,241	^C,K
United States Treasury Inflation-Protected Security			2.000	%	07/15/14		3,000		3,077	^C,K

									14,148

Total U.S. Government Securities (Identified Cost—$22,584)									22,700

U.S. Government Agency Mortgage-Backed Securities	0.8	%
Fannie Mae			6.500	%	08/25/44		1,339		1,355

Total U.S. Government Agency Mortgage-Backed Securities (Identified Cost—$1,392)									1,355

Page 10 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Yankee Bonds^I	28.7	%

*Aerospace/Defense*	0.2	%
Systems 2001 Asset Trust			6.664	%	09/15/13	$	254	$	265	^A

*Cable*	0.3	%
Kabel Deutschland GmbH			10.625	%	07/01/14		430		459	^A

*Chemicals*	0.1	%
Montell Finance Co. B.V.			8.100	%	03/15/27		200		194	^A

*Electric*	1.0	%
Hydro-Quebec			6.300	%	05/11/11		1,700		1,772

*Energy*	0.1	%
Aquila Canada Finance Corp.			7.750	%	06/15/11		110		114

*Foreign Government*	16.0	%
Dominican Republic			9.500	%	09/27/11		397		427	^A
Federative Republic of Brazil			7.875	%	03/07/15		585		632
Federative Republic of Brazil			8.875	%	04/15/24		300		347
Federative Republic of Brazil			10.125	%	05/15/27		143		185
Federative Republic of Brazil			12.250	%	03/06/30		856		1,303
Federative Republic of Brazil			11.000	%	08/17/40		3,812		4,891
Republic of Colombia			11.750	%	02/25/20		1,970		2,807	^A
Republic of Ecuador			9.000	%	08/15/30		605		610	^D
Republic of El Salvador			8.250	%	04/10/32		625		706	^A
Republic of Honduras			4.487	%	10/01/11		201		198	^B
Republic of Panama			6.700	%	01/26/36		1,321		1,318
Republic of Peru			5.000	%	03/07/17		1,878		1,784	^B
Republic of Peru			8.750	%	11/21/33		950		1,059
Russian Federation			5.000	%	03/31/30		8,005		8,783	^D
United Mexican States			7.500	%	04/08/33		1,870		2,085

									27,135

*Insurance*	0.6	%
XL Capital Ltd.			5.250	%	09/15/14		1,000		946

Page 11 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Yankee Bonds^I (Continued)

*Manufacturing (Diversified)*	2.3	%
Flextronics International Ltd.			6.500	%	05/15/13	$	150	$	149
Tyco International Group SA			6.375	%	10/15/11		1,000		1,027
Tyco International Group SA			6.875	%	01/15/29		2,615		2,730

									3,906

*Media*	N.M.
Quebecor Media Inc.			7.750	%	03/15/16		55		57	^A

*Metals and Mining*	0.2	%
Chaparral Steel Co.			10.000	%	07/15/13		20		22
Ispat Inland ULC			9.750	%	04/01/14		220		249
RathGibson, Inc.			11.250	%	02/15/14		25		26	^A

									297

*Oil and Gas*	2.4	%
Anadarko Finance Co.			6.750	%	05/01/11		750		790
Anadarko Finance Co.			7.500	%	05/01/31		1,000		1,163
Compagnie Generale de Geophysique SA (CGG)			7.500	%	05/15/15		210		216
Gazprom			9.625	%	03/01/13		770		911	^A
Gazprom			9.625	%	03/01/13		70		83
Ocean RIG ASA			8.375	%	07/01/13		250		266	^A
Pogo Producing Co.			6.875	%	10/01/17		290		286
Western Oil Sands Inc.			8.375	%	05/01/12		342		380

									4,095

*Paper and Forest Products*	0.1	%
Domtar Inc.			7.875	%	10/15/11		120		114

*Semiconductor Equipment*	0.2	%
Magnachip Semiconductor SA			8.000	%	12/15/14		300		281

*Special Purposes*	2.7	%
Burlington Resources Finance			7.400	%	12/01/31		450		535
Deutsche Telekom International Finance BV			5.250	%	07/22/13		600		576
Nell AF S.A.R.L.			8.375	%	08/15/15		150		149	^A
Petrozuata Finance, Inc.			8.220	%	04/01/17		2,880		2,837	^A
UFJ Finance Aruba AEC			6.750	%	07/15/13		500		530

									4,627

*Telecommunications*	1.1	%
Axtel SA			11.000	%	12/15/13		221		251
France Telecom SA			8.750	%	03/01/31		600		749
INTELSAT			7.625	%	04/15/12		430		355
Wind Acquisition Finance SA			10.750	%	12/01/15		500		540	^A

									1,895

Page 12 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts in thousands)


	% OF NET ASSETS		RATE		MATURITY DATE	PAR		VALUE
Yankee Bonds^I (Continued)

*Telecommunications (Cellular/Wireless)*	0.2	%
Vodaphone Group PLC			7.750	%	02/15/10	$	250	$	268

*Transportation*	1.3	%
Canadian Pacific Railroad Co.			6.250	%	10/15/11		1,000		1,037
Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V. (TFM)			9.375	%	05/01/12		170		187
Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V. (TFM)			12.500	%	06/15/12		750		840
OMI Corporation			7.625	%	12/01/13		200		204

									2,268

Total Yankee Bonds (Identified Cost—$43,739)									48,693

Preferred Stocks	3.0	%
Fannie Mae			5.375	%			.015 shrs		1,437	^L
Freddie Mac			3.850	%			.1 shrs		4	^M
Freddie Mac			5.000	%			.2 shrs		9
General Motors Corporation			5.250	%			225 shrs		3,654	^L

Total Preferred Stocks (Identified Cost—$5,056)									5,104

Warrants	N.M.
American Tower							.251 wts		107

Total Warrants (Identified Cost—$16)									107

Trust Preferred Securities	3.1	%
Corporate-Backed Trust Certificates			7.375	%			34 shrs		510
Corporate-Backed Trust Certificates			8.000	%			16 shrs		256
CORTS Trust for Ford Motor Co.			8.000	%			155 shrs		2,594
PreferredPlus TR-CCR1			8.250	%			5 shrs		89
SATURNS-F 2003-5			8.125	%			104 shrs		1,785

Total Trust Preferred Securities (Identified Cost—$5,013)									5,234

Total Long-Term Securities (Identified Cost—$242,971)									250,023

Short-Term Securities	12.8	%
Repurchase Agreement
Lehman Brothers
4.75% dated 03/31/06, to be repurchased at $21,874 on 4/03/06
(Collateral: $21,865 Federal Home Loan Bank Notes, 4.70% due 10/06/08, value $22,302)							21,675		21,675

Total Short-Term Securities (Identified Cost—$21,675)									21,675

Total Investments (Identified Cost—$264,646)	160.4	%							271,698

Other Assets Less Liabilities	(17.9	)%							(30,320	)
Liquidation Value of Preferred Shares	(42.5	)%							(72,000	)

Net Assets Applicable to Common Shareholders	100.0	%						$	169,378

Page 13 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts in thousands)


	EXPIRATION	ACTUAL CONTRACTS	APPRECIATION/ (DEPRECIATION)
Futures Contracts Written
U.S Treasury Note Futures	June 2006	4	$	2

			$	2

Rule 144a Security - A security purchased pursuant to Rule 144a under the Securities Act of 1933 which may not be resold subject to that rule except to qualified institutional buyers. These securities, which the Fund’s investment adviser has determined to be liquid, represent 21.0% 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, 2006.

C	Position, or a portion thereof, with an aggregate market value of $31,686 have been segregated to collateralize reverse repurchase agreements.

D	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.

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

F	Collateral to cover futures contracts written.

G	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.

H	Bond in default as of March 31, 2006.

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

J	Stripped Security - Security with interest-only or principal-only payment streams, denoted by a 1 or 2, respectively. For interest-only securities, the amount shown as principal is the notional balance used to calculate the amount of the interest due.

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

L	Convertible Preferred Stock - Stock may be converted into the issuer’s common stock.

M	Indexed Security - The rate of interest on this type of security is based on the Constant Maturity Treasury (CMT) index. The coupon rate is as of March 31, 2006.

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 factors are subject to change over time and are reviewed periodically. 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.

Page 14 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts in thousands)

The following is a summary of open swap contracts outstanding at March 31, 2006:

Agreement With:

Termination

Date

The Fund
Agrees to
Pay

The Fund
Will Receive

Contract
Notional
Amount

Unrealized
Appreciation/
(Depreciation) A

Credit Suisse First Boston USA

(AAMES Mortgage Investment Trust 2005-1, 1- Month LIBOR¹ + 160 bp*, due 6/25/35)

June 25, 2035

1.28% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(AAMES Mortgage Investment Trust 2005-1, 1- Month LIBOR¹ + 250 bp*, due 6/25/35)

June 25, 2035

2.05% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(ACE Securities Corp., 1- Month LIBOR¹ + 138 bp*, due 2/25/35)

February 25, 2035

1.31% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(ACE Securities Corp. 2005-HE1, 1- Month LIBOR¹ + 220 bp*, due 2/25/35)

February 25, 2035

2.06% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Aegis Asset Backed Securities Trust, 1- Month LIBOR¹ + 190 bp*), due 10/25/34)

October 25, 2034

1.37% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Aegis Asset Backed Securities Trust 2005-1, 1- Month LIBOR¹ + 130 bp*, due 3/25/35)

March 25, 2035

1.31% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Aegis Asset Backed Securities Trust 2005-1, 1- Month LIBOR¹ + 200 bp*, due 3/25/35)

March 25, 2035

2.18% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Argent Securities Inc. 2004-W4, 1- Month LIBOR¹ + 300 bp*, due 3/25/34)

March 25, 2034

2.20% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Argent Securities Inc. 2004-W11, 1- Month LIBOR¹ + 225 bp*, due 11/25/34)

November 25, 2034

1.33% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Argent Securities Inc. 2004-W11, 1- Month LIBOR¹+ 350 bp*, due 11/25/34)

November 25, 2034

2.15% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Finance America Mortgage Loan Trust, 1- Month LIBOR¹ + 180 bp*, due 11/25/34)

November 25, 2034

1.31% Monthly

Specified Amount upon credit event notice^B

—

Page 15 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts 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

(Finance America Mortgage Loan Trust 2004-3, 1- Month LIBOR¹ + 315 bp*, due 11/25/34)

November 25, 2034

2.18% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Fremont Home Loan Trust 2005-A, 1- Month LIBOR¹ + 135 bp*, due 1/25/35)

January 25, 2035

1.31% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Fremont Home Loan Trust 2005-A, 1- Month LIBOR¹ + 200 bp*, due 1/25/35)

January 25, 2035

2.08% Monthly

Specified Amount upon credit event notice^B

Credit Suisse First Boston USA

(INDYMAC Home Equity Loan Asset-Backed Trust 2004-C, 1- Month LIBOR¹ + 190 bp*, due 3/25/35)

March 25, 2035

1.28% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(INDYMAC Home Equity Loan Asset-Backed Trust 2004-C, 1- Month LIBOR¹ + 325 bp*, due 3/25/35)

March 25, 2035

2.05% Monthly

Specified Amount upon credit event notice^B

Credit Suisse First Boston USA

(Long Beach Mortgage Loan Trust 2004-1, 1- Month LIBOR¹ + 350 bp*), due 2/25/34)

February 25, 2034

2.15% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Long Beach Mortgage Loan Trust 2005-1, 1- Month LIBOR¹ + 170 bp*, due 2/25/35)

February 25, 2035

1.31% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Long Beach Mortgage Loan Trust 2005-1, 1- Month LIBOR¹ + 275 bp*, due 2/25/35)

February 25, 2035

2.08% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(MASTR Asset Backed Securities Trust 2005-NC1, 1- Month LIBOR¹ + 153 bp*, due 12/25/34)

December 25, 2034

1.31% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(MASTR Asset Backed Securities Trust 2005-NC1, 1- Month LIBOR¹ + 240 bp*, due 12/25/34)

December 25, 2034

2.08% Monthly

Specified Amount upon credit event notice^B

—

Page 16 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts 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

(Merrill Lynch Mortgage Investors, Inc. 2004-WMC1, 1- Month LIBOR¹ + 225 bp*, due 9/25/35)

September 25, 2035

2.05% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Merrill Lynch Mortgage Investors, Inc. 2004-WMC4, 1- Month LIBOR¹ + 375 bp*, due 4/25/35)

April 25, 2035

2.15% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Merrill Lynch Mortgage Investors, Inc. 2005-NC1, 1- Month LIBOR¹ + 130 bp*, due 10/25/35)

October 25, 2035

1.28% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Merrill Lynch Mortgage Investors, Inc. 2005-NC1, 1- Month LIBOR¹ + 205 bp*, due 10/25/35)

October 25, 2035

2.05% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Merrill Lynch Mortgage Investors, Inc. 2005-WMC1, 1- Month LIBOR¹ + 135 bp*, due 9/25/35)

September 25, 2035

1.28% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Morgan Stanley ABS Capital I 2005-WMC1, 1- Month LIBOR¹ + 130 bp*, due 1/25/35)

January 25, 2035

1.31% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Morgan Stanley ABS Capital I 2005-WMC1, 1- Month LIBOR¹ + 215 bp*, due 1/25/35)

January 25, 2035

2.18% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(New Century Home Equity Loan Trust 2004-2, 1- Month LIBOR¹ + 325 bp*), due 8/25/34)

August 25, 2034

2.15% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(New Century Home Equity Loan Trust 2005-1, 1- Month LIBOR¹ + 140 bp*, due 3/25/35)

March 25, 2035

1.31% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(New Century Home Equity Loan Trust 2005-1, 1- Month LIBOR¹ + 205 bp*, due 3/25/35)

March 25, 2035

2.18% Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Novastar Home Equity Loan 2005-1, 1- Month LIBOR¹ + 135 bp*, due 6/25/05)

June 25, 2035

1.28% Monthly

Specified Amount upon credit event notice^B

—

Page 17 of 18

PORTFOLIO OF INVESTMENTS

Western Asset Premier Bond Fund

March 31, 2006 (unaudited)

(Amounts 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

(Novastar Home Equity Loan 2005-1, 1- Month LIBOR¹ + 195 bp*, due 6/25/05)

June 25, 2035

2.05%

Monthly

Specified Amount upon credit event notice^B

Credit Suisse First Boston USA

(Park Place Securities, Inc. 2005-WCH1, 1- Month LIBOR¹ + 155 bp*, due 1/25/36)

January 25, 2036

1.36%

Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(Park Place Securities, Inc. 2005-WCH1, 1- Month LIBOR¹ + 250 bp*, due 1/25/36)

January 25, 2036

2.18%

Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(People’s Choice Home Loan Securities Trust 2004-1, 1- Month LIBOR¹ + 230 bp*, due 6/25/34)

June 25, 2034

1.37%

Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(People’s Choice Home Loan Securities Trust 2005-1, 1- Month LIBOR¹ + 165 bp*, due 1/25/35)

January 25, 2035

1.28%

Monthly

Specified Amount upon credit event notice^B

—

Credit Suisse First Boston USA

(People’s Choice Home Loan Securities Trust 2005-1, 1- Month LIBOR¹ + 260 bp*, due 1/25/35)

January 25, 2035

2.05%

Monthly

Specified Amount upon credit event notice^B

Merrill Lynch

(iBoxx CDX NA IG)

June 20, 2010

Specified Amount upon credit event noticeC

0.40% Quarterly

15,000

181

185

¹	As of March 31, 2005, the 1 month London Interbank Offered Rate was 4.83%.

^A	“-” refers to amount not meaningful.

^B	Upon Bankruptcy or failure to make a scheduled interest payment, the Fund will receive $1,000.

^C	Upon Bankruptcy or failure to make a scheduled interest payment, the Fund will pay $1,000.

*	100 basis points = 1%.

Page 18 of 18

Item 2 – Controls and Procedures

(a)

Western Asset Premier Bond Fund (the “Registrant”) principal executive and principal financial officers 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 – filed as an exhibit 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

By:		/s/ James W. Hirschmann
James W. Hirschmann
President
Western Asset Premier Bond
Date: May 25, 2006

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
Date: May 25, 2006



By:		/s/ Marie K. Karpinski
Marie K. Karpinski
Treasurer and Principal Financial and Accounting Officer
Western Asset Premier Bond
Date: May 23, 2006