[SCHEDULE 13G/A] Western Asset Premier Bond Fund SEC Filing

Rhea-AI Filing Summary

Morgan Stanley and subsidiary Morgan Stanley Smith Barney LLC have filed Amendment No. 5 to Schedule 13G on Western Asset Premier Bond Fund (NYSE: WEA). The event date is 30 June 2025 with the filing signed 7 Aug 2025.

• Beneficial ownership: 1,855,693 common shares, representing 15.6 % of WEA’s outstanding shares.
• Voting power: Sole voting power 0, shared voting power 2.
• Dispositive power: Sole 0, shared 1,855,693.
• Filers: Morgan Stanley (classified HC, CO) and Morgan Stanley Smith Barney LLC (BD, IA, CO); both organized in Delaware and headquartered at 1585 Broadway, New York.
• Filing basis: Rule 13d-1(b) indicates passive, non-control intent.

The filing shows that Morgan Stanley’s brokerage/investment-advisory unit continues to aggregate >5 % of WEA on behalf of clients while largely disaggregating voting authority. No transaction details, purchase prices, or change-of-control intentions are disclosed.

Positive

• 15.6 % institutional stake by Morgan Stanley provides strong sponsorship and potential liquidity support for WEA shares.

Negative

• Low shared voting power (only 2 votes) limits the likelihood of governance advocacy that could unlock value for shareholders.

Insights

Securities Analyst

TL;DR: Morgan Stanley holds 15.6 % of WEA, passive stance, signalling solid institutional backing.

The 13G/A confirms a sizeable but non-activist position: 1.86 m shares of WEA, a leveraged closed-end bond fund. The stake exceeds the 10 % insider threshold, so continued disclosures are mandatory. Shared dispositive power suggests most shares are client assets managed through advisory accounts, limiting immediate market impact. Nevertheless, such concentrated ownership by a tier-1 broker can enhance secondary-market liquidity and investor confidence. No red flags on control intent or imminent sales are evident, keeping the disclosure neutral-to-positive.

Closed-End Fund Specialist

TL;DR: Large passive stake may support WEA’s trading discount, but low voting power curbs activism.

For closed-end funds, concentrated institutional ownership often narrows discounts to NAV through additional demand. Morgan Stanley’s 15.6 % holding, though passive, could stabilize pricing and facilitate block liquidity. The negligible voting power (2 votes) signals that MS does not intend to influence governance—important given frequent activist campaigns in CEF space. Investors should watch subsequent amendments: if MS sells down, shares could face technical pressure; if stake rises above 20 %, governance dynamics might shift. On balance, today’s filing is modestly positive for WEA holders.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

WESTERN ASSET PREMIER BOND FUND

(Name of Issuer)

Common Shares of Beneficial Interest

(Title of Class of Securities)

957664105

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 957664105

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,855,693.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,855,693.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

15.6 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 957664105

1

Names of Reporting Persons

Morgan Stanley Smith Barney LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,855,693.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,855,693.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

15.6 %

12

Type of Reporting Person (See Instructions)

BD, IA, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: WESTERN ASSET PREMIER BOND FUND
(b)	Address of issuer's principal executive offices: 620 EIGHTH AVENUE, 47TH FLOOR, NEW YORK, NY, 10018
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Morgan Stanley Smith Barney LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1585 Broadway, New York, NY 10036
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Shares of Beneficial Interest
(e)	CUSIP No.: 957664105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 15.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Christopher O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	08/07/2025

Morgan Stanley Smith Barney LLC

Signature:	David Galasso
Name/Title:	Authorized Signatory, Morgan Stanley Smith Barney LLC
Date:	08/07/2025

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).

FAQ

How many Western Asset Premier Bond Fund (WEA) shares does Morgan Stanley own?

1,855,693 common shares, as reported on the Schedule 13G/A.

What percentage of WEA’s outstanding shares does this represent?

The filing lists 15.6 % of the fund’s shares.

Is Morgan Stanley seeking control of WEA?

No. The filing is under Rule 13d-1(b), indicating a passive, non-control investment intent.

What voting power does Morgan Stanley have over WEA shares?

Sole voting power is 0; shared voting power is 2 shares, implying minimal governance influence.

When was the event that triggered this 13G/A filing?

The reportable event occurred on 30 June 2025 and was filed on 7 Aug 2025.

Which entities filed the Schedule 13G/A?

Morgan Stanley (HC, CO) and Morgan Stanley Smith Barney LLC (BD, IA, CO).