1Q 2021 Separately Managed Accounts

WESTERN ASSETENHANCED CASHSMA PORTFOLIOS

Separately Managed Accounts (SMAs) are investment services provided by Legg Mason Private Portfolio Group, LLC (LMPPG), a federally registered investment advisor. Client portfolios are managed based on investment instructions or advice provided by one or more of the following Franklin Resources, Inc affiliated subadvisors: Western Asset Management Company, LLC. Management is implemented by LMPPG, the designated subadvisor or, in the case of certain programs, the program sponsor or its designee.These materials are being provided for illustrative and informational purposes only. The information contained herein is obtained from multiple sources that are believed to be reliable. However, such information has not been verified, and may be different from the information included in documents and materials created by the sponsor firm in whose investment program a client participates. Some sponsor firms may require that these materials be preceded or accompanied by investment profiles or other documents or materials prepared by such sponsor firms, which will be provided upon a client’s request. For additional information, documents and/or materials, please speak to your financial professional.

INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Introduction | Franklin Templeton

Everything we do has a single focus: to deliver better client outcomes

Investment excellence and rigor• We offer an unmatched range of

investment managers that bringactive, smart beta and passivestrategies across asset classes,investment vehicles andgeographies.

• Our investment processes arebased on years of experience,discipline, and rigor.

• As signatories of PRI, we bring afull complement of ESG-orientedstrategies.

• We apply risk management atboth the portfolio and enterpriselevels.

Global scale and local insights• We have Investment

professionals located in over20 countries.

• We are pioneers in globalinvesting with more than60 years of experience.

• We are the world’s top cross-border fund manager withclients in over 160 countries1.

Meaningful innovation• Our commitment to innovation

– through AI, blockchain,machine learning – positionsus to enhance clientoutcomes in our rapidlychanging world.

• Our on-premises fintechincubation center helps fosternew technologies and acts asa catalyst for innovationacross our firm.

Connections that matter• Our culture always puts clients

first.

• We provide opportunities forclients to create meaningfulconnections with our managersand with each other.

• We make a positive impact in ourcommunities through extensivevolunteering and charitable giving.

• We are committed to theprinciples of good corporatecitizenship and to fostering amore inclusive investmentindustry.

CONNECTIONS THAT MATTER

GLOBAL SCALEAND LOCAL

INSIGHTS

INVESTMENTEXCELLENCEAND RIGOR

MEANINGFULINNOVATION

1 As of April 2020. Based on findings for Franklin Templeton from PwC’s 2020 Benchmark Your Global Fund Distribution Report which ranks asset managers on the number of countries in which their cross-border funds are distributed.

Introduction | Franklin Templeton

We offer a full range of investment strategies across asset classes and geographies

Our investment capabilities

Equity Fixed Income

ValueDeep ValueCore ValueBlendGARPGrowthConvertiblesSectorShariahSmart BetaThematic

GovernmentMunicipalsCorporate CreditBank LoansSecuritizedMulti-SectorCurrenciesSukuk

Multi-Asset Solutions Alternatives

IncomeReal ReturnBalanced/HybridTotal ReturnTarget Date/RiskAbsolute ReturnTactical Asset AllocationManaged Volatility

Private DebtHedge FundsPrivate EquityReal EstateInfrastructure

Our investment brands

1,300+investment professionals in over 20 countries1

Franklin Templeton (1947)

Western Asset (1971)

ClearBridge (2005)

Brandywine Global (1986)

Clarion Partners (1982)

Benefit Street Partners (2008)

Martin Currie (1881)

QS Investors (1999)

K2 Advisors (1994)

Royce (1972)

1 As of 6/30/20. Investment professionals include portfolio managers, research analysts, research associates, investment support and executives of Franklin Templeton, Legg Mason and subsidiary investment management groups.

Introduction | Western Asset

Western Asset Management Approach and Philosophy

Western Asset is a global investment management firm committed to understanding the needs of each client, identifying investment solutions, and delivering superior long-term investment results.

Team-managed approach• Team unites groups of

specialists dedicated to different market sectors

• Each group of sector specialists utilizes its expertise in bottom-up analysis of each portfolio sector

Investment PhilosophyLong-term, fundamental value discipline• Bottom-up

• Top-down Diversified strategies• Depth of resources

• Global Integrated analytics and risk management• Relative value analysis

• Transparency and communication

Objective-Driven InvestingSeeks to:• Protect from rising rates

• Protect from inflation

• Preserve capital

• Diversify globally

• Hedge liabilities

• Enhance income

• Generate tax-free income

• Generate total return

• Achieve ESG objectives

Core Fixed Income§• Intermediate

• Core

• Core Full Discretion

• Investment-Grade Credit

• Agency Mortgage-Backed Generate Total Return§• Total Return Unconstrained

• Global Total Return

• Global Multi-Sector

• Dynamic Fixed Income

• Credit Opportunities

• MBS Opportunities

• Emerging Market Opportunities

Enhance Income§• Short-Duration High Income

• Emerging Markets Debt

• High Yield

• Diversified High Income

• Structured Products/REIT/CLO

Increase Alpha§• Global Credit Absolute

Return§

• Macro Opportunities§

Hedge Liabilities§• Long Duration§

• Long Credit§

• Liability-Driven Investing

• Tail Risk Management§

Your investment portfolio | Enhanced Cash SMA

Western Asset Enhanced Cash SMA Portfolios

OverviewThe Enhanced Cash SMA invest in short-term investment-grade securities with a maximum portfolio duration of two years or less and benchmark to a variety of short-term indexes, such as the Citi 3-Month U.S. Treasury Bill Index and the Bloomberg Barclays 1-3 Year Government Bond Index.

Key differentiators• Team-Managed Approach

• Leverage Western Asset Management Resources Institutional-caliber buying power and trading

expertise

Access to proprietary credit research team

Exclusive focus on fixed-income management

• Ability to customize the portfolio to meet client constraints

PhilosophyWe believe that:• Active portfolio management within a low volatility

corporate liquidity framework can help preserve capital, maintain liquidity, and maximize total return

ObjectivesThe strategy seeks to:• maximize total return consistent with prudent

portfolio management§

The Citi 3-Month U.S. Treasury Bill Index is an index based upon the average monthly yield of the 90-day Treasury bills. Treasury bills are secured by the full faith and credit of the U.S. Government and offer a fixed rate of return.The Bloomberg Barclays 1-3 Year Government Bond Index is a broad measure of the performance of short-term government bonds. Please note an investor cannot invest directly in an index.An investor cannot invest directly in an index. The index is not managed and not subject to management or brokerage commission. Income from coupon is subject to reinvestment.Risks: All investments involve risk, including the loss of principal, and there is no guarantee that investment objectives will be met.Fixed income securities are subject to interest rate and credit risk, which is a possibility that the issuer of a security will be unable to make interest payments and repay the principal on its debt. As interest rates rise, the price of fixed income securities falls.Investments may also be made in mortgage-backed, asset-backed securities and taxable municipal securities. Asset-backed securities generally decrease in value as a result of interest rate increases, but may benefit less than other fixed-income securities from declining interest rates, principally because of prepayments. Mortgage backed securities involve additional risk over more traditional fixed-income investments, including: interest rate risk, implied call and extension risks; and the possibility of premature return of principal due to mortgage prepayment, which can reduce expected yield and lead to price volatility.Foreign securities, where permitted, are subject to the additional risks of fluctuations in foreign exchange rates, changes in political and economic conditions, foreign taxation, and differences in auditing and financial standards. These risks are magnified in the case of investments in emerging markets.U.S. Treasuries are direct debt obligations issued and backed by the “full faith and credit” of the U.S. government. The U.S. government guarantees the principal and interest payments on U.S. Treasuries when the securities are held to maturity. Unlike U.S. Treasury securities, debt securities issued by the federal agencies and instrumentalities and related investments may or may not be backed by the full faith and credit of the U.S. government. Even when the U.S. government guarantees principal and interest payments on securities, this guarantee does not apply to losses resulting from declines in the market value of these securities.For tax-exempt securities, certain investors may be subject to the federal Alternative Minimum Tax (AMT), and state and local taxes will apply. Capital gains, if any, are fully taxable. Depends on individual tax situation. Please see Disclaimer for important tax information.

Your investment portfolio | Enhanced Cash SMA

Western Asset Enhanced Cash SMA Portfolios investment process

Interest Rate Exposure/Duration Weighting

Western Asset’s investment team comprehensively analyzes a variety of domestic and international macroeconomic factors to establish a duration target

Term Structure Weighting

The Firm carefully employs strategies in an attempt to take advantage of changes in the yield curve’s shape and shifts in the relationship between short-, intermediate-, and long-maturity securities.

Sector Allocation

Western Asset believes that the value can be added to a portfolio by actively rotating among, and within, different sectors of the bond market. The investment team studies the fundamental factors that influence sector spread relationships.

Issue Selection

Using a bottom-up process, the Firm seeks to identify issuers with changing credit characteristics and securities that are undervalued and out of favor due to unusual circumstances.

The investment process may change over time. The characteristics set forth are intended as a general illustration of some of the criteria the strategy team considers in selecting securities for client portfolios. There is no guarantee investment objectives will be achieved.

Your investment portfolio | Enhanced Cash SMA

Representative short-term investment guidelines

• Eligible investments include the following: Taxable Commercial Paper

U.S. Government and Agency Securities

Yankee, Sovereign and Eurodollar Debt

AAA Rated Asset-Backed securities

U.S. Agency Collateralized Mortgage Obligations

Corporate Debt Securities

Cash Sweep Vehicles

Taxable and tax-exempt municipal bonds

• The average effective duration of the portfolio should not exceed a range of one-two years with a maximum life on any individual issue not to exceed a range of two-five years.

• Except for U.S. Government and Agency securities, all investments in any one issue (liabilities of a single issuer) must not exceed ten percent of the portfolio value at the time of purchase.

• The minimum major rating category of any instrument in the portfolio is “A”

• Within the above-mentioned guidelines, the investment manager has the latitude to determine the maturity, structure, duration and composition of the portfolio

Note: The guidelines provided above are general in nature. The program manager may, to a limited extent, invest in other securities entailing additional risks beyond those highlighted in this profile.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 the following Nationally Recognized Statistical Rating Organizations (“NRSRO”): Standard and Poor’s (“S&P”), Moody’s Investors Service (“Moody’s”), Fitch Ratings, Ltd. In the event a portfolio security is rated by more than one NRSRO, the higher rating is shown. Prior to December 31, 2015, in the event a portfolio security was rated by more than one NRSRO, the lower rating was shown. In the case where a security is not rated by an NRSRO, these are listed as “Non Rated”. The credit quality of the investments in the Portfolio does not apply to the stability or safety of the Portfolio. These ratings may change over time. The Portfolio itself has not been rated by an NRSRO.

Strategy characteristics & performance | Fixed Income Portfolio characteristics

Fixed Income Portfolio characteristics as of March 31, 2021

Sector weightings (%)

Corporate 69.8Mortgage-BackedSecurities

17.7

Treasury 4.2Asset-Backed Securities3.8Agency 3.5CMO 0.0Other 0.0Cash 1.0

Corporate 69.8

Mortgage-BackedSecurities

17.7

Treasury 4.2

Asset-Backed Securities 3.8

Agency 3.5

CMO 0.0

Other 0.0

Cash 1.0

Characteristics (%)

Effective Duration (Years) 1.77

Weighted Avg Life(yrs) 1.86

Yield to Worst (%) 0.62

Source: Western Asset. Portfolio characteristics and sector weightings are for a model portfolio that reflects the unrestricted baseline Enhanced Cash (“EC”) Investment strategy. Portfolio characteristics and sector weightings shown above are not for an actual EC account. Portfolio characteristics and sector weightings of individual client portfolios in the program may differ, sometimes significantly, from those shown above. Actual EC accounts are tailored to each individual client’s guidelines and based on the client’s investment objectives, time horizon and should not be construed as, investment advice or recommendations with respect to the sectors listed and should not be used to make any investment decisions. Please see appendix for term definitions.

Strategy characteristics & performance | Performance

Performance

Calendar-year total returns – gross and net of fees (%) ending December 31

2020 2019 2018 2017 2016 2015 2014 2013 2012 2011

Enhanced Cash SMA (gross) 2.85 3.39 1.77 1.25 1.38 0.83 0.91 0.68 2.16 1.27

Enhanced Cash SMA (net) 1.33 1.86 0.26 -0.24 -0.12 -0.66 -0.58 -0.81 0.65 -0.23

Index Mix (50/50) 1.86 2.92 1.72 0.64 0.57 0.30 0.34 0.21 0.29 0.82

FTSE 3-Month U.S. Treasury Bill Index 0.58 2.25 1.86 0.84 0.27 0.03 0.03 0.05 0.07 0.08

Annualized rates of return – gross and net of fees (%) as of March 31, 2021 – PRELIMINARY

Mar ‘21 Q1 ‘21 YTD 1-year 3-year 5-year 7-year 10-year 15-year 20-year

Enhanced Cash SMA (gross) -0.04 -0.11 -0.11 2.88 2.67 1.92 1.70 1.59 2.30 2.48

Enhanced Cash SMA (net) -0.16 -0.49 -0.49 1.36 1.15 0.42 0.20 0.09 0.79 0.96

Index Mix (50/50) -0.01 -0.02 -0.02 0.28 2.13 1.44 1.18 0.96 1.69 1.95

FTSE 3-Month U.S. Treasury Bill Index 0.01 0.02 0.02 0.21 1.45 1.15 0.84 0.60 1.10 1.36

The Index Mix (50/50) consists of 50% FTSE 3-Month U.S. Treasury Bill Index and 50% Bloomberg Barclays 1-3 Year Government Bond Index.The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Please visit www.leggmason.com for the latest performance figures. YTD numbers are not annualized. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.Past performance is no guarantee of future results. YTD numbers are not annualized. Gross performance shown does not reflect the deduction of investment management fees and certain transaction costs, which will reduce portfolio performance. Net performance includes the deduction of a 1.5% annual wrap fee, which is the maximum anticipated wrap fee for fixed income portfolios. Actual fees may vary. For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC (“LMPPG”), refer to LMPPG’s Form ADV disclosure document. Returns reflect the reinvestment of dividends and other earnings. To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) 822-8464. Western Asset Management Company, LLC claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs.

Strategy characteristics & performance | Performance

Risk/return profile (%)

Gross of fees (based on 10-year period ended March 31, 2021)

-0.5 0 0.5 1 1.5 20

0.5

1

1.5

2

Enhanced Cash SMA Index Mix (50/50) FTSE 3-Month U.S. Treasury Bill Index

Ann

ualiz

ed r

ate

of r

etur

n (%

)

Risk (% annualized standard deviation)

Modern portfolio statistics as of March 31, 2021

Enhanced Cash SMA

Index Mix (50/50)

FTSE 3-Month U.S. Treasury Bill

Index

Annualized return (%) 1.59 0.96 0.60

Annualized standard deviation (%)

0.86 0.49 0.23

Sharpe ratio 1.14 0.72 0.00

Beta 0.67 N/A N/A

Alpha 0.74 N/A N/A

R-squared 0.11 N/A N/A

The Index Mix (50/50) consists of 50% FTSE 3-Month U.S. Treasury Bill Index and 50% Bloomberg Barclays 1-3 Year Government Bond Index.The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Please visit www.leggmason.com for the latest performance figures. YTD numbers are not annualized. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.Past performance is no guarantee of future results. Investments involve risk of loss. Alpha, Beta, and R-squared are shown versus the Index Mix. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. Please see appendix for term definitions.Gross performance shown does not reflect the deduction of investment management fees and certain transaction costs, which will reduce portfolio performance. Actual fees may vary. For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC (“LMPPG”), refer to LMPPG’s Form ADV disclosure document. To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) 822-8464. Western Asset Management Company, LLC claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs.

Strategy characteristics & performance | Performance

Up/Down market capture ratios (%)

Gross of fees (based on 10-year period ended March 31, 2021)

1.59

1.15

1.00

1.00

2

1

0

1

2

Enhanced Cash SMA Index Mix (50/50)

Up87 positive months

Down33 negative months

The Index Mix (50/50) consists of 50% FTSE 3-Month U.S. Treasury Bill Index and 50% Bloomberg Barclays 1-3 Year Government Bond Index.The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Please visit www.leggmason.com for the latest performance figures. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.Gross performance shown does not reflect the deduction of investment management fees and certain transaction costs, which will reduce portfolio performance. Actual fees may vary. For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC (“LMPPG”), refer to LMPPG’s Form ADV disclosure document. Please see appendix for term definitions.To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) 822-8464. Western Asset Management Company, LLC claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs. Past performance is no guarantee of future results.

Strategy characteristics & performance | Performance

Growth of $20,000,000

Gross of fees (based on 10-year period ended March 31, 2021)

2011 2013 2015 2017 2019 2021$0

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000Enhanced Cash SMA Index Mix (50/50) $23,410,454 $21,998,177

The Index Mix (50/50) consists of 50% FTSE 3-Month U.S. Treasury Bill Index and 50% Bloomberg Barclays 1-3 Year Government Bond Index.The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Please visit www.leggmason.com for the latest performance figures. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.For illustrative purposes only. Assumes no withdrawals or contributions. These statistics are based on gross-of-fees quarterly composite returns, were calculated assuming reinvestment of dividends and income, and take into account both realized and unrealized capital gains and losses. Past performance is no guarantee of future results. All investments involve risk, including the loss of principal.Gross performance shown does not reflect the deduction of investment management fees and certain transaction costs, which will reduce portfolio performance. Actual fees may vary. For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC (“LMPPG”), refer to LMPPG’s Form ADV disclosure document. To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) 822-8464. Western Asset Management Company, LLC claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs.

Appendix | Investment Management Team

Investment management team

Western Asset, one of the world’s leading fixed income managers, was founded in 1971. With a focus on long-term fundamental value investing that employs a top-down, bottom-up approach, the firm has nine offices around the globe and deep experience across the range of fixed income sectors. Western Asset has been recognized for its emphasis on team management and intensive proprietary research, supported by robust risk management.

Appendix | Term Definitions

Definitions

Term definitionsMaturity is the date at which a debt instrument is due and payable. A bond due to mature on January 1, 2010, will return the bondholder’s principal and final interest payment when it reaches maturity on that date. Bond yields are frequently calculated on a yield-to-maturity basis.

Duration (Modified Duration) is the measure of the price sensitivity of a fixed income security to an interest rate change of 100 basis points. Calculation is based on the weighted average of the present values for all cash flows.

Yield to Worst (YTW) is based on a portfolio’s current holdings on one specific day, is gross of all portfolio expenses, and is calculated based on assumptions that prepayment occurs if the bond has call or put provisions and the issuer can offer a lower coupon rate based on current market rates. If market rates are higher than the current yield of a bond, the YTW calculation will assume no prepayments are made, and YTW will equal the yield to maturity. The YTW will be the lowest of yield to maturity or yield to call (if the bond has prepayment provisions). The YTW of a bond portfolio is the market-weighted average of the YTWs of all the bonds in the portfolio.

Insured municipal bonds are ones where scheduled interest and principal payments are guaranteed by AAA-rated municipal bond insurers.

General Obligation municipal bonds are backed by the credit and taxing power of the issuing jurisdiction rather than the revenue of a given project.§

Revenue bonds are municipal bonds supported by the revenue from a specific project.

Pre-refunded bonds are municipal bonds that are generally backed or secured by U.S. Treasury bonds.

Effective Duration is a duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change.

Average Maturity is the average length of maturity for all fixed-rate debt instruments held in a portfolio.

Average Coupon based on the portfolio’s underlying holdings, which may differ and are subject to change. Coupon rate is the annual coupon payments paid by the issuer relative to a bond’s face or par value.

Yield to Maturity - The rate of return anticipated on a bond if it is held until the maturity date. The calculation of YTM takes into account the current market price, par value, coupon interest rate and time to maturity.

The Sharpe Ratio is a risk-adjusted measure that is calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the portfolio’s historical adjusted performance.§

Alpha is a measure of the difference between actual returns and expected performance, given the level of risk as measured by Beta, where Beta measures sensitivity to benchmark movements.

R-Squared measures the strength of the linear relationship between the portfolio and its benchmark. R-squared at 1.0 implies perfect linear relationship and zero implies no relationship exists. Standard deviation is based on quarterly data.

Standard Deviation is a measure of the variability of returns; the higher the standard deviation, the greater the range of performance (i.e., volatility).

The Capture Ratios measure a manager’s composite performance relative to the benchmark, considering only those quarters that are either positive (Up) or negative (Down) for the benchmark.

An Up Market Capture Ratio greater than 1.0 indicates a manager who has outperformed the benchmark in the benchmark’s positive quarters.

A Down Market Capture Ratio of less than 1.0 indicates a manager who has outperformed the relative benchmark in the benchmark’s negative quarters.

1-800-822-5544

leggmason.com

At Franklin Templeton, everything we do has a single focus: to deliver better client outcomes.

• We have deep expertise across equity, fixed income, alternatives, multi-asset solutions and cash strategies

• We offer an unmatched range of specialist investment managers, consisting of more than 1,300 investment professionals

• Over 70 years of experience in identifying opportunities and delivering investment solutions to clients.

Investments for the program(s) discussed herein are traded primarily in U.S. markets and unless otherwise noted, equity and fixed-income investments for such program(s) are primarily of U.S. issuers. In addition, unless otherwise noted, indexes referred to herein represent groups of securities that are issued primarily by U.S. issuers.IMPORTANT TAX INFORMATION: Franklin Resoucres, Inc, its affiliates, 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. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.Gross of fees performance results shown herein do not reflect deduction for investment management fees and transaction costs. The performance of individual client accounts will vary and will be reduced by such fees and costs. Please review the effect of fees and transaction costs on account performance with your financial professional.Investments are not obligations of, and are not guaranteed by, LMPPG or any other Franklin Resources, Inc affiliate or subsidiary; are not FDIC or government insured; and are subject to risks, including possible loss of the principal amount invested. Professional money management may not be suitable for all investors.Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional.©2021 Legg Mason Investor Services, LLC, member FINRA, SIPC. Legg Mason Investor Services, LLC and Western Asset Management Company, LLC are wholly owned subsidiaries of Franklin Resources, Inc. FN1313271 SMA0037 PPG-Q420-V1§