Fixed Income

WEA Western Asset Premier Bond Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

Provides a diversified portfolio of primarily investment-grade bonds. Seeks current income and capital appreciation. Emphasizes team management and extensive credit research expertise to identify attractively priced securities.

Fund Inception Date: 10/26/2006
Total Net AssetsAs of 05/31/2026 (Updated Monthly): $134.60 Million
Dividend Frequency, if any: Monthly
Morningstar Category⁵: Corporate Bond
Asset Class: Fixed Income

Expenses & Fees

⁷

As of 12/31/2025

Management Charge: 0.82%
Additional Expenses⁶: 0.20%
Sub TotalAs of 05/31/2026: 1.02%
Interest Expenses: 2.53%
Income Tax Expense: 0.00%
Pure Gross Expense Ratio: 3.55%

Identifiers

Ticker: WEA
NAV Symbol: XWEAX
CUSIP Code: 957664105

Average Annual Total Returns As of 04/30/2026

View performance section for additional info As of 04/30/2026

Market Price

NAV

6.84%1 Year
9.68%3 Years
1.25%5 Years
5.11%10 Years
6.89%Since Inception
03/28/2002

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. Returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Returns for periods of less than one year are not annualized.

Top Sectors

View portfolio section for additional info

As of 05/31/2026 - Market Value % of Total (Updated Monthly)

Top Sectors
High Yield Corporate29.31%
Banking10.16%
Energy9.66%
Consumer Non-Cyclical8.53%
Communications7.54%

Additional Fund Info

Listing Exchange: NYSE - XNYS
Fiscal Year End: December 31
Benchmark: Bloomberg U.S. Corporate High Yield
Additional Benchmark: Bloomberg U.S. Credit index
Lipper Classification: Corporate BBB-Rated Debt Funds(Leveraged)
Investment Style: Corporate Credit

Trading Characteristics

Shares Outstanding: 11,865,600

Manager

About the Team

Western Asset

Western Asset Management is one of the world's leading global fixed income managers. Founded in 1971, the firm is known for team management and proprietary research, supported by robust risk management and a long-term fundamental value approach.

Latest Insights

June 4, 2026

US Treasuries—Buyers still exist, but at a price

May 22, 2026

Global bond yields—The kettle is whistling

May 20, 2026

Key Convictions: Second quarter 2026

May 13, 2026

Asian bonds—no longer just an EM trade

Performance

Average Annual Total Returns

As of 04/30/2026

Month End

Quarter End

As of

Western Asset Premier Bond Fund - Market Price (%)

Month End

As of 04/30/2026

Western Asset Premier Bond Fund - NAV (%)

Month End

As of 04/30/2026

Bloomberg U.S. Corporate High Yield (%)

Month End

As of 04/30/2026

Bloomberg U.S. Credit index (%)

Month End

As of 04/30/2026

Portfolio

Assets

As of04/30/2026 (Updated Monthly)

Loans: 28.92%
Reverse Repurchase Agreements: 3.16%
Total Assets ⁸: $198.11 Million
Total Net Assets ⁸: $134.54 Million

Positions

As of 04/30/2026 (Updated Monthly)

Number of Holdings

Fund: 382
Benchmark: 1,919

Portfolio Statistics

As of 04/30/2026 (Updated Monthly)

Effective Duration

Fund: 5.87 Years
Benchmark: —

Weighted Average Life

Fund: 9.13 Years
Benchmark: 3.81 Years

Cash Flow

Fund: 7.29%
Benchmark: —

Sector Allocation

As of 05/31/2026 - Market Value % of Total (Updated Monthly)

Sector Allocation
Sector	Fund
High Yield Corporate	29.31%
Banking	10.16%
Energy	9.66%
Consumer Non-Cyclical	8.53%
Communications	7.54%
Structured	7.47%
Consumer Cyclical	7.12%
Financial Other	6.55%
Basic Industry	3.59%
IG Non-Corporate	2.28%
Insurance	1.56%
Electric	1.41%
Capital Goods	1.41%
Technology	1.32%
Below IG Non-Corporate	1.09%
Transportation	0.54%
REITS	0.53%
Cash & Cash Equivalents	-0.06%

Holdings
As of 04/30/2026 (Updated Monthly)

FIRST QUANTUM MINERALS LTD 8.0000% Mat 03/01/2033

Goldman Sachs Group Inc 2.6400% Mat 02/24/2028

AERCAP IRELAND CAP/GLOBA 3.4000% Mat 10/29/2033

CITADEL SECURITIES LP 5.6731% Mat 10/31/2031

PM GENERAL PURCHASER LLC 9.5000% Mat 10/01/2028

The Charles Schwab Corporation 4.0000% Mat 03/01/2075

SABINE PASS LIQUEFACTION SR SE 5.0000% Mat 03/15/2027

PFIZER INC 4.7500% Mat 05/19/2033

MICHAELS COS INC/THE 11.0000% Mat 03/15/2034

Permian Resources 6.2500% Mat 02/01/2033

Portfolio holdings are based on total portfolio, and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security. Any negative allocations or allocations in excess of 100% are primarily due to unsettled trade activities.

Derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance.

Distributions & Tax

Federal ID Number 60-0000119

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 24	0.063539	—	—	—	0.006461	—	—	—	—
Feb 21	0.063539	—	—	—	0.006461	—	—	—	—
Mar 24	0.063539	—	—	—	0.006461	—	—	—	—
Apr 23	0.063539	—	—	—	0.006461	—	—	—	—
May 22	0.063539	—	—	—	0.006461	—	—	—	—
Jun 23	0.063539	—	—	—	0.006461	—	—	—	—
Jul 24	0.063539	—	—	—	0.006461	—	—	—	—
Aug 22	0.063539	—	—	—	0.006461	—	—	—	—
Sep 23	0.063539	—	—	—	0.006461	—	—	—	—
Oct 24	0.063539	—	—	—	0.006461	—	—	—	—
Nov 20	0.063539	—	—	—	0.006461	—	—	—	—
Dec 23	0.063539	—	—	—	0.006461	—	—	—	—
	0.762468	—	—	—	0.077532	—	—	—	—

Jan 24

Feb 21

Mar 24

Apr 23

May 22

Jun 23

Jul 24

Aug 22

Sep 23

Oct 24

Nov 20

Dec 23

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 0.42%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): 90.20%
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 06/05/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 06/05/2026

Share Prices

As of 06/05/2026

NAV ¹(Net Asset Value): $11.29
NAV Change ¹: $-0.05
NAV Change (%) ¹: -0.44%
Market Price ²: $10.47
Market Price Change ²: $-0.08
Market Price Change (%) ²: -0.76%

52-Week Range

Highest NAV As of 09/16/2025: $11.65
Lowest NAV As of 06/06/2025: $11.11
Highest Market Price: $11.44
Lowest Market Price: $10.32

Premium / Discount

As of 06/05/2026

Avg. of Market Price vs. NAV at Close: -7.26%

Press Releases

05/21/2026

04/17/2026

03/31/2026

02/23/2026

12/31/2025

12/01/2025

11/24/2025

11/20/2025

11/03/2025

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download
Checkbox	Factsheet - Western Asset Premier Bond Fund	Download Document
Checkbox	Franklin Templeton Fund Adviser, LLC Announces Distributions for the Months of September, October and November 2025, Franklin Templeton Fund Adviser, LLC Announces Distributions for the Months of September, October and November 2025Mailed hardcopies unavailable.	Download Document
Checkbox	Distribution Summary - Franklin Templeton Closed-End Fund	Download Document
Checkbox	Brochure - Closed-end funds Product Guide	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Western Asset Premier Bond Fund	Download Document
Checkbox	Semi-Annual Report - Western Asset Premier Bond Fund	Download Document
Checkbox	Audit Committee CharterMailed hardcopies unavailable.	Download Document
Checkbox	Governance and Nominating Committee CharterMailed hardcopies unavailable.	Download Document
Checkbox	Audit Committee CharterMailed hardcopies unavailable.	Download Document
Checkbox	Audit Committee CharterMailed hardcopies unavailable.	Download Document
Checkbox	Governance & Nominating Committee CharterMailed hardcopies unavailable.	Download Document
Checkbox	Governance and Nominating Committee CharterMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Western Asset Premier Bond FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Western Asset Premier Bond FundMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

View Fund's SEC Filing

Insider's Section 16 Filing

Risks

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Leverage increases the volatility of investment returns and subjects investments to magnified losses and a decline in value. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance.

Important Information

The Closed-End Funds are not sold or distributed by Franklin Distributors, LLC. (FD, LLC) or any Franklin Templeton affiliated companies. Unlike open-end funds, shares are not continually offered. Like other public companies, closed-end funds have a one-time initial public offering, and once their shares are first issued, are generally bought and sold through non-affiliated broker/dealers and trade on nationally recognized stock exchanges. Share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of exchange-traded closed-end funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Investment return, market price and net asset value will fluctuate with changes in market conditions. The Funds are subject to investment risks, including the possible loss of principal invested.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

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

The Bloomberg U.S. Corporate High Yield Bond Index measures the performance of the U.S. dollar-denominated, high-yield, fixed-rate corporate bond market.
Source: Bloomberg Indices.

All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Footnotes

Net Asset Value (NAV) represents the value of a closed-end fund's underlying holdings per share. NAV is determined by dividing the total net assets of the fund by the number of shares outstanding. The fund calculates the NAV per share each business day normally coinciding with the close of trading on the New York Stock Exchange (NYSE).
Market Price, determined by supply and demand, is the price an investor purchases or sells the fund. The Market Price shown reflects the last trade on the listing exchange at the time that the fund's NAV is calculated.
Premium / Discount reflects the difference between the NAV and the Market Price of the fund, and represents the amount that the fund is trading above or below its NAV, expressed as a percentage of the NAV.
Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the closing market price or NAV as of the date indicated. The Distribution Rate calculation includes income, may include return of capital and excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor a quotation of fund performance.
©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Includes operating and other expenses.
Based on the Fund’s net assets of the common shares, as of the most recent Annual Report. See the fund’s Annual Report for information on the fund’s expenses.
The difference between total assets and net assets, if any, is due primarily to the Fund’s use of borrowings and other liabilities; net assets do not include borrowings. The Fund may employ leverage in the form of loans, preferred stock, reverse repurchase agreements and/or other instruments. When the Fund engages in transactions that have a leveraging effect on the Fund’s portfolio, the value of the Fund will be more volatile and all other risks will tend to be compounded.
Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, if two or more of the agencies have assigned differing ratings to a security, the highest rating is used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

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Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

WEA Western Asset Premier Bond Fund

Popular Documents

Overview

Fund description

Expenses & Fees

Identifiers

Top Sectors

Additional Fund Info

Trading Characteristics

Manager

About the Team

Latest Insights

Performance

Average Annual Total Returns

Portfolio

Sector Allocation Market value figures reflect the trading value of the investments. Portfolio breakdown percentages may not total 100% and may be negative due to rounding, use of any derivatives, unsettled trades or other factors.

Distributions & Tax

Federal ID Number 60-0000119

Pricing

Daily Fund Prices

Press Releases

Documents

Risks

Important Information

Footnotes

Sector Allocation