Fund Description: Western Asset Premier Bond Fund is a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Fund's investment objective is to provide current income and capital appreciation by investing primarily in a diversified portfolio of investment grade bonds. FUND STRATEGY: Under normal market conditions, the Fund expects to invest substantially all (but in any event at least 80%) of its total managed assets in bonds and at least 65% of its total managed assets in bonds that at the time of investment are investment grade quality. The Fund may invest up to 35% of its total managed assets in bonds of below investment grade quality (commonly referred to as "junk bonds") at the time of investment. Bonds of below investment grade quality are regarded as having predominately speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. The Fund may invest in securities or instruments other than bonds (including preferred stock) and may invest up to 10% of its total managed assets in instruments denominated in currencies other than the U.S. dollar. FUND MANAGEMENT: Western Asset Management Company, a wholly owned subsidiary of Legg Mason, Inc., is the investment advisor to the Fund.