Investment Commentary and Annual Report to ... - Western Asset

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Annual Report to ShareholdersPortfolio of Investments—ContinuedWestern Asset Premier Bond Fund—ContinuedCorporate Bonds and Notes—Continued%OFNET ASSETSRATEMATURITYDATEPAR/SHARESVALUETobacco 0.2%Alliance One International Inc. 11.000% 5/15/12 $ 205,000 $ 170,150Trading Companies and Distributors 0.4%Ashtead Capital Inc. 9.000% 8/15/16 129,000 66,435 AH&E Equipment Services Inc. 8.375% 7/15/16 345,000 182,850Penhall International Corp. 12.000% 8/1/14 390,000 148,200 A397,485Transportation Infrastructure 0.1%Hawker Beechcraft Acquisition Co. 8.875% 4/1/15 400,000 136,000 BWireless Telecommunication Services 1.4%AT&T Mobility LLC 6.500% 12/15/11 250,000 250,999Sprint Capital Corp. 8.375% 3/15/12 1,450,000 1,160,0001,410,999Total Corporate Bonds and Notes(Cost—$114,733,481) 87,204,753Asset-Backed Securities 23.5%Fixed Rate Securities 8.8%America West Airlines 1996-1 A 6.850% 7/2/09 54,500 51,775Bear Stearns Asset Backed SecuritiesTrust 2007-SD1 1A3A 6.500% 10/25/36 1,571,190 1,243,430Captiva CBO 1997-1A A 6.860% 11/30/09 295,627 276,041 A,IContimortgage Home Equity Trust1997-4 B1F 7.330% 10/15/28 588,009 487,224Countryplace Manufactured HousingContract Trust 2007-1 A1 5.484% 7/15/37 161,603 159,256 AFirstfed Corp. Manufactured HousingContract 1996-1 B 8.060% 10/15/22 2,100,000 2,436,177 AGlobal Franchise Trust 1998-1 A2 6.659% 10/10/11 1,036,020 538,644 AGreen Tree Financial Corp. 1992-2 B 9.150% 1/15/18 295,569 205,702Green Tree Financial Corp. 1993-1 B 8.450% 4/15/18 392,655 292,331Green Tree Home Improvement LoanTrust 1996-D HIB2 8.000% 9/15/27 102,692 73,435Green Tree Recreational Equiptment &Consumer Trust 1996-C CTFS 7.650% 10/15/17 368,766 318,769IndyMac Manufactured Housing Contract1997-1 A5 6.970% 2/25/28 337,467 254,01516
Annual Report to ShareholdersAsset-Backed Securities—Continued%OFNET ASSETSRATEMATURITYDATEPAR/SHARESVALUEFixed Rate Securities—ContinuedLehman XS Trust 2007-1 WF1 7.000% 1/25/37 $ 1,274,740 $ 668,841PAMCO CLO 1997-1A B 7.910% 8/6/09 758,200 113,730Pegasus Aviation Lease Securitization2000-1 A2 8.370% 3/25/30 1,300,000 363,975 AStructured Asset Securities Corp.2002-AL1 A3 3.450% 2/25/32 1,133,100 896,837Structured Asset Securities Corp. 2003-AL1 3.357% 4/25/31 162,764 128,266 AVanderbilt Mortgage Finance 1997-B 1B2 8.155% 10/7/26 436,719 309,7768,818,224Indexed Securities C 10.0%ACE Securities Corp. 2005-SD1 A1 0.871% 11/25/50 103,028 97,336AmeriCredit Automobile Receivables Trust2007-CM A3B 2.208% 5/7/12 2,500,000 2,249,805Bayview Financial Asset Trust2004-SSRA A1 1.071% 12/25/39 558,635 428,753 ABayview Financial Asset Trust2007-SR1A A 0.921% 3/25/37 2,228,556 668,567 ACitigroup Mortgage Loan Trust Inc.2006-SHL1 A1 0.671% 11/25/45 383,964 278,989 ACitigroup Mortgage Loan Trust Inc.2007-SHL1 A 0.871% 11/25/46 1,467,646 549,046 ACountrywide Asset-Backed Certificates2007-13 2A1 1.371% 10/25/47 1,405,311 1,034,765Countrywide Home Equity Loan Trust2007-GW A 1.973% 11/15/28 2,106,883 1,109,201CS First Boston Mortgage Securities Corp.2004-CF2 2A1 0.941% 5/25/44 129,769 114,818 AEllington Loan Acquisition Trust2007-1 A2A1 1.471% 5/26/37 434,370 377,920 AGMAC Mortgage Corp. Loan Trust2004-VF1 A1 1.221% 2/25/31 813,500 644,699 AGSAA Home Equity Trust 2006-19 A3A 0.711% 12/25/36 1,000,000 380,518Lehman XS Trust 2006-GP4 0.541% 8/25/46 511,004 392,545Long Beach Mortgage Loan Trust2005-WL2 3A1 1.575% 8/25/35 107,299 101,376MSDWCC Heloc Trust 2003-2 A 0.731% 4/25/16 282,085 192,632Renaissance Home Equity Loan Trust2005-3 AV3 0.851% 11/25/35 800,000 283,64617
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