Perceived report on cattle (4)
I believe the answer is:
herd
'cattle' is the definition.
(herd of cattle)
'perceived report' is the wordplay.
'perceived' becomes 'heard' (hearing is a kind of perceiving).
'report' shows a homophone (sound like) (as heard, or reported by someone).
'heard' sounds like 'HERD'.
'on' acts as a link.
(Other definitions for herd that I've seen before include "cattle together" , "Bunch of cattle" , "Group of cows, elephants etc" , "Crowd of cattle" , "Group of animals, cattle, say" .)