New York State Sample Holdings for Western Asset Current Market Muni Portfolios (Must be accompanied by Western Asset Current Market Muni Fact Card)

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1 (Must be accompanied by Western Asset Current Market Muni Fact Card) Sample Holdings Report - Prices as of 6/29/2018 LOT PAR ($000) Description ST Underlying Sector Insurer Rating Coupon Maturity Duration Price Yield Value (no Accrued) 30 New York N Y City Hsg Dev Corp Rev Cap Fd Grant Pg-Nyc Hsg Auth-Pg-Ser a NY MULTIFAM NR/AA-/ /01/ , New York Convention Ctr Dev Corp N Y Rev Rfdg-Hotel Unit Fee Secd NY DEDICTAX Aa3/NR/ /15/ , Albany Cnty N Y Arpt Auth Arpt Rev Rfdg-Ser a NY AIRPORT AGMC A2/AA/ /15/ , New York St Dorm Auth Revs Non St Supported Debt Rfdg-North Shore-Long Island Jewish Oblig Grp-Ser a NY HOSPITAL A3/A-/ /01/ , Rochester N Y Rfdg Ser I NY LOCALGO Aa3/AA-/ /01/ , New York St Urban Dev Corp Rev St Personal Income Tax-Ser a Group a NY DEDICTAX Aa1/AAA/ /15/ , Suffolk Cnty N Y Rfdg-Ser B NY LOCALGO AGMC NR/AA/ /01/ , Sales Tax Asset Receivable Corp NY Rfdg Fiscal 2015-Ser a NY DEDICTAX Aa1/AAA/ /15/ , Triborough Brdg & Tunl Auth N Y Revs Gen-Ser C NY TOLLROAD Aa3/AA-/ /15/ , New York St Twy Auth Gen Rev Rfdg-Ser K NY TOLLROAD A2/A/ /01/ , Monroe Cnty N Y Indl Dev Corp Rev Highland Hosp Rochester Proj NY HOSPITAL A2/A/ /01/ , Long Island Pwr Auth N Y Elec Sys Rev Gen-Ser B NY PUBPOWER A3/A-/ /01/ , Glens Falls N Y Civic Dev Corp Rev Rfdg-Crandall Pub Libr Proj NY INCRMTAX Aa3/NR/ /01/ , Build Nyc Resource Corp N Y Rev Ethical Culture Fieldston Sch Proj NY IDR/PCR NR/A-/ /01/ , New York St Dorm Auth Revs Non St Supported Debt For Issues Dtd Prior to 10/31/12 See Nyu NY HOSPITAL A3/A-/ /01/ , Metropolitan Transn Auth N Y Rev For Future Issues See 59259Y Transn-Ser 2008C NY OTHTRANS A1/A+/ /15/ , Port Auth N Y & N J Cons-One Hundred Seventy-Ninth NY PORT Aa3/AA-/ /01/ , Nassau Cnty N Y Gen Impt-Ser C NY LOCALGO A2/A+/ /01/ , Build Nyc Resource Corp N Y Rev Rfdg Ymca Gtr N Y Proj NY IDR/PCR Baa1/A-/ /01/ , New York N Y For Prior Issues See 64966G Etc For Future Issues See Fiscal 2009-Subser F-1 NY LOCALGO Aa2/AA/ /15/ , New York St Dorm Auth Revs St Supported Debt For Issues Dtd Prior to 11/01/09 See 64983Mrfdg-City NY HIEDUC NR/AA/ /01/ , Battery Pk City Auth N Y Rev Sr-Ser B NY OTHERREV Aaa/NR/ /01/ , Utility Debt Securitization Auth N Y Rfdg Restructuring-Ser a NY PUBPOWER Aaa/AAA/ /15/ , New York St Dorm Auth Revs Non St Supported Debt For Previous Issues See 64990B the New School-Ser a NY HIEDUC A3/A-/ /01/ , New York City Tr Cultural Res Rev Lincoln Ctr Performing Arts Ser a NY HIEDUC A2/A+/ /01/ , Hudson Yds Infrastructure Corp N Y Second Indenture Rev Rfdg Ser a NY DEDICTAX Aa3/A+/ /15/ , Continued on next page % of Portfolio 1

2 Sample Holdings -- continued LOT PAR ($000) Description ST Underlying Sector Insurer Rating Coupon Maturity Duration Price Yield Value (no Accrued) 95 Niagara Falls N Y Rfdg NY LOCALGO BUILD AMERIC NR/AA/ /15/ , , ,999, % of Portfolio 2

3 Sample Cash Flow - Prices as of 3/29/2018 Par Description Coupon Maturity 6/18 7/18 8/18 9/18 10/18 11/18 12/18 1/19 2/19 3/19 4/19 5/19 30,000 New York N Y City Hsg Dev Corp Rev Cap Fd Grant Pg-Nyc Hsg Auth-Pg-Ser a /01/ ,000 New York Convention Ctr Dev Corp N Y Rev Rfdg-Hotel Unit Fee Secd /15/ ,000 Albany Cnty N Y Arpt Auth Arpt Rev Rfdg-Ser a /15/ ,000 New York St Dorm Auth Revs Non St Supported Debt Rfdg-North Shore-Long /01/ , ,300 Island Jewish Oblig Grp-Ser a 65,000 Rochester N Y Rfdg Ser I /01/ , , ,000 New York St Urban Dev Corp Rev St Personal Income Tax-Ser a Group a /15/ , , ,000 Suffolk Cnty N Y Rfdg-Ser B /01/ , , ,000 Sales Tax Asset Receivable Corp NY Rfdg Fiscal 2015-Ser a /15/ , , ,000 Triborough Brdg & Tunl Auth N Y Revs Gen-Ser C /15/ , ,875 55,000 New York St Twy Auth Gen Rev Rfdg-Ser K /01/ , , ,000 Monroe Cnty N Y Indl Dev Corp Rev Highland Hosp Rochester Proj /01/ , , ,000 Long Island Pwr Auth N Y Elec Sys Rev Gen-Ser B /01/ , , ,000 Glens Falls N Y Civic Dev Corp Rev Rfdg-Crandall Pub Libr Proj /01/ , , ,000 Build Nyc Resource Corp N Y Rev Ethical Culture Fieldston Sch Proj /01/2023 1, , ,000 New York St Dorm Auth Revs Non St Supported Debt For Issues Dtd Prior to /01/ , , /31/12 See Nyu Hosps Ctr 55,000 Metropolitan Transn Auth N Y Rev For Future Issues See 59259Y Transn-Ser /15/ , ,719 55,000 Port Auth N Y & N J Cons-One Hundred Seventy-Ninth /01/2023 1, , ,000 Nassau Cnty N Y Gen Impt-Ser C /01/ , , ,000 Build Nyc Resource Corp N Y Rev Rfdg Ymca Gtr N Y Proj /01/ , , ,000 New York N Y For Prior Issues See 64966G Etc For Future Issues See /15/ , ,969 80,000 New York St Dorm Auth Revs St Supported Debt For Issues Dtd Prior to /01/ , , /01/09 See 64983Mrfdg-City Univ-Cons 5Th Gen-a 85,000 Battery Pk City Auth N Y Rev Sr-Ser B /01/ , ,125 90,000 Utility Debt Securitization Auth N Y Rfdg Restructuring-Ser a /15/2025 2, , ,000 New York St Dorm Auth Revs Non St Supported Debt For Previous Issues See /01/ , , B the New School-Ser a 95,000 New York City Tr Cultural Res Rev Lincoln Ctr Performing Arts Ser a /01/2026 2, , ,000 Hudson Yds Infrastructure Corp N Y Second Indenture Rev Rfdg Ser a /15/ , , Continued on next page 3

4 Cash Flows -- continued Par Description Coupon Maturity 6/18 7/18 8/18 9/18 10/18 11/18 12/18 1/19 2/19 3/19 4/19 5/19 95,000 Niagara Falls N Y Rfdg /15/ , ,375 1,810,000 8,625 10,000 5,875 3,000 5,475 12,113 8,625 10,000 5,875 3,000 5,475 12,113 4

5 continued Credit quality: 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. 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 a NRSRO. Any information, statements and opinions set forth herein are general in nature, are 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. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional. Separately Managed Accounts (SMAs) are investment services provided by Legg Mason Private Portfolio Group, LLC (LMPPG), a federally registered investment adviser. Client portfolios are managed based on investment instructions or advice provided by one or more of the following Legg Mason-affiliated sub-advisers: ClearBridge Investments, LLC., and Western Asset Management Company. Management is implemented by LMPPG, the designated sub-adviser or, in the case of certain programs, the program sponsor or its designee. Risks: All investments involve risk, including loss of principal and there is no guarantee that investment objectives will be met. Tapering of the Federal Reserve Board's quantitative easing program and a general rise in interest rates may lead to increased portfolio volatility. 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. Fixed income securities are subject to illiquidity risk, which is the risk that securities may be difficult to sell at certain prices when no market participants are willing to purchase the securities at such prices. For tax-exempt securities, certain investors may be subject to the federal Alternative Minimum Tax, and state and local taxes may apply. Capital gains, if any, are fully taxable. Please see Important tax information on the last page. State-specific and state-biased portfolios within this Portfolio focus on individual states and are more vulnerable to losses caused by adverse developments in those states than are national portfolios, which diversify investments across multiple states. Investments are not obligations of, and are not guaranteed by, LMPPG or any other Legg Mason, 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. 5

6 continued IMPORTANT TAX INFORMATION: Legg Mason, Inc., its affiliates, and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any taxrelated 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." 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 situations. Legg Mason, Inc., its affiliates, and its employees are not in the business of providing tax or legal advice to taxpayers and do not make tax-related investment decisions in a client s portfolio without specific instruction from the client. This document was prepared by Legg Mason, Inc. and may not be reproduced in whole or in part without the express written consent of Legg Mason, Inc. or its affiliates. Western Asset Management Company and Legg Mason Investor Services, LLC are subsidiaries of Legg Mason, Inc Legg Mason Investor Services, LLC, Member FINRA, SIPC D7141 cb8f04cd-2cb7-4fa6-a6a5-7433f2ed08b0 6