(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-/ 5.000 07/01/19 0.986 103.35 1.63 31,005 742.0 30 New York Convention Ctr Dev Corp N Y Rev Rfdg-Hotel Unit Fee Secd NY DEDICTAX Aa3/NR/ 5.000 11/15/19 1.340 104.58 1.63 31,373 183.0 30 Albany Cnty N Y Arpt Auth Arpt Rev Rfdg-Ser a NY AIRPORT AGMC A2/AA/ 5.000 12/15/19 1.417 104.74 1.70 31,421 58.0 65 New York St Dorm Auth Revs Non St Supported Debt Rfdg-North Shore-Long Island Jewish Oblig Grp-Ser a NY HOSPITAL A3/A-/ 4.000 05/01/20 1.779 103.96 1.80 67,571 419.0 65 Rochester N Y Rfdg Ser I NY LOCALGO Aa3/AA-/ 5.000 08/01/20 1.998 106.77 1.69 69,401 1336.0 55 New York St Urban Dev Corp Rev St Personal Income Tax-Ser a Group a NY DEDICTAX Aa1/AAA/ 5.000 03/15/21 2.558 108.48 1.78 59,662 794.0 55 Suffolk Cnty N Y Rfdg-Ser B NY LOCALGO AGMC NR/AA/ 5.000 10/01/21 3.034 109.44 1.99 60,193 672.0 55 Sales Tax Asset Receivable Corp NY Rfdg Fiscal 2015-Ser a NY DEDICTAX Aa1/AAA/ 4.000 10/15/21 3.105 106.92 1.83 58,803 452.0 75 Triborough Brdg & Tunl Auth N Y Revs Gen-Ser C NY TOLLROAD Aa3/AA-/ 5.000 11/15/21 0.377 101.31 1.49 75,986 458.0 55 New York St Twy Auth Gen Rev Rfdg-Ser K NY TOLLROAD A2/A/ 5.000 01/01/22 3.247 109.94 2.05 60,464 1360.0 65 Monroe Cnty N Y Indl Dev Corp Rev Highland Hosp Rochester Proj NY HOSPITAL A2/A/ 5.000 07/01/22 3.672 111.14 2.09 72,239 1607.0 65 Long Island Pwr Auth N Y Elec Sys Rev Gen-Ser B NY PUBPOWER A3/A-/ 5.000 09/01/22 3.812 111.33 2.15 72,362 1065.0 65 Glens Falls N Y Civic Dev Corp Rev Rfdg-Crandall Pub Libr Proj NY INCRMTAX Aa3/NR/ 5.000 10/01/22 3.883 111.76 2.10 72,642 794.0 75 Build Nyc Resource Corp N Y Rev Ethical Culture Fieldston Sch Proj NY IDR/PCR NR/A-/ 5.000 06/01/23 4.428 112.97 2.21 84,724 292.0 75 New York St Dorm Auth Revs Non St Supported Debt For Issues Dtd Prior to 10/31/12 See 649906 Nyu NY HOSPITAL A3/A-/ 5.000 07/01/23 4.496 113.23 2.20 84,920 1854.0 55 Metropolitan Transn Auth N Y Rev For Future Issues See 59259Y Transn-Ser 2008C NY OTHTRANS A1/A+/ 6.250 11/15/23 0.378 101.78 1.51 55,977 420.0 55 Port Auth N Y & N J Cons-One Hundred Seventy-Ninth NY PORT Aa3/AA-/ 5.000 12/01/23 4.839 115.20 2.03 63,361 214.0 55 Nassau Cnty N Y Gen Impt-Ser C NY LOCALGO A2/A+/ 5.000 04/01/24 5.092 113.87 2.40 62,629 672.0 75 Build Nyc Resource Corp N Y Rev Rfdg Ymca Gtr N Y Proj NY IDR/PCR Baa1/A-/ 5.000 08/01/24 5.353 114.56 2.41 85,920 1542.0 75 New York N Y For Prior Issues See 64966G Etc For Future Issues See 64966 Fiscal 2009-Subser F-1 NY LOCALGO Aa2/AA/ 5.250 11/15/24 0.377 101.41 1.49 76,056 481.0 80 New York St Dorm Auth Revs St Supported Debt For Issues Dtd Prior to 11/01/09 See 64983Mrfdg-City NY HIEDUC NR/AA/ 5.000 07/01/25 2.007 106.55 1.67 85,237 1978.0 85 Battery Pk City Auth N Y Rev Sr-Ser B NY OTHERREV Aaa/NR/ 5.000 11/01/25 1.335 104.47 1.61 88,803 685.0 90 Utility Debt Securitization Auth N Y Rfdg Restructuring-Ser a NY PUBPOWER Aaa/AAA/ 5.000 12/15/25 5.178 114.86 2.11 103,373 175.0 95 New York St Dorm Auth Revs Non St Supported Debt For Previous Issues See 64990B the New School-Ser a NY HIEDUC A3/A-/ 5.000 07/01/26 6.783 116.44 2.70 110,617 2349.0 95 New York City Tr Cultural Res Rev Lincoln Ctr Performing Arts Ser a NY HIEDUC A2/A+/ 5.000 12/01/26 7.097 118.44 2.55 112,518 369.0 95 Hudson Yds Infrastructure Corp N Y Second Indenture Rev Rfdg Ser a NY DEDICTAX Aa3/A+/ 5.000 02/15/27 7.245 118.76 2.56 112,819 1768.0 Continued on next page % of Portfolio 1
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/ 5.000 05/15/27 6.951 115.59 2.78 109,807 581.0 1,810 4.981 3.895 2.08 1,999,881 23321.0 % of Portfolio 2
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 5.000 07/01/2019 0 750 0 0 0 0 0 750 0 0 0 0 30,000 New York Convention Ctr Dev Corp N Y Rev Rfdg-Hotel Unit Fee Secd 5.000 11/15/2019 0 0 0 0 0 750 0 0 0 0 0 750 30,000 Albany Cnty N Y Arpt Auth Arpt Rev Rfdg-Ser a 5.000 12/15/2019 750 0 0 0 0 0 750 0 0 0 0 0 65,000 New York St Dorm Auth Revs Non St Supported Debt Rfdg-North Shore-Long 4.000 05/01/2020 0 0 0 0 0 1,300 0 0 0 0 0 1,300 Island Jewish Oblig Grp-Ser a 65,000 Rochester N Y Rfdg Ser I 5.000 08/01/2020 0 0 1,625 0 0 0 0 0 1,625 0 0 0 55,000 New York St Urban Dev Corp Rev St Personal Income Tax-Ser a Group a 5.000 03/15/2021 0 0 0 1,375 0 0 0 0 0 1,375 0 0 55,000 Suffolk Cnty N Y Rfdg-Ser B 5.000 10/01/2021 0 0 0 0 1,375 0 0 0 0 0 1,375 0 55,000 Sales Tax Asset Receivable Corp NY Rfdg Fiscal 2015-Ser a 4.000 10/15/2021 0 0 0 0 1,100 0 0 0 0 0 1,100 0 75,000 Triborough Brdg & Tunl Auth N Y Revs Gen-Ser C 5.000 11/15/2021 0 0 0 0 0 1,875 0 0 0 0 0 1,875 55,000 New York St Twy Auth Gen Rev Rfdg-Ser K 5.000 01/01/2022 0 1,375 0 0 0 0 0 1,375 0 0 0 0 65,000 Monroe Cnty N Y Indl Dev Corp Rev Highland Hosp Rochester Proj 5.000 07/01/2022 0 1,625 0 0 0 0 0 1,625 0 0 0 0 65,000 Long Island Pwr Auth N Y Elec Sys Rev Gen-Ser B 5.000 09/01/2022 0 0 0 1,625 0 0 0 0 0 1,625 0 0 65,000 Glens Falls N Y Civic Dev Corp Rev Rfdg-Crandall Pub Libr Proj 5.000 10/01/2022 0 0 0 0 1,625 0 0 0 0 0 1,625 0 75,000 Build Nyc Resource Corp N Y Rev Ethical Culture Fieldston Sch Proj 5.000 06/01/2023 1,875 0 0 0 0 0 1,875 0 0 0 0 0 75,000 New York St Dorm Auth Revs Non St Supported Debt For Issues Dtd Prior to 5.000 07/01/2023 0 1,875 0 0 0 0 0 1,875 0 0 0 0 10/31/12 See 649906 Nyu Hosps Ctr 55,000 Metropolitan Transn Auth N Y Rev For Future Issues See 59259Y Transn-Ser 6.250 11/15/2023 0 0 0 0 0 1,719 0 0 0 0 0 1,719 55,000 Port Auth N Y & N J Cons-One Hundred Seventy-Ninth 5.000 12/01/2023 1,375 0 0 0 0 0 1,375 0 0 0 0 0 55,000 Nassau Cnty N Y Gen Impt-Ser C 5.000 04/01/2024 0 0 0 0 1,375 0 0 0 0 0 1,375 0 75,000 Build Nyc Resource Corp N Y Rev Rfdg Ymca Gtr N Y Proj 5.000 08/01/2024 0 0 1,875 0 0 0 0 0 1,875 0 0 0 75,000 New York N Y For Prior Issues See 64966G Etc For Future Issues See 64966 5.250 11/15/2024 0 0 0 0 0 1,969 0 0 0 0 0 1,969 80,000 New York St Dorm Auth Revs St Supported Debt For Issues Dtd Prior to 5.000 07/01/2025 0 2,000 0 0 0 0 0 2,000 0 0 0 0 11/01/09 See 64983Mrfdg-City Univ-Cons 5Th Gen-a 85,000 Battery Pk City Auth N Y Rev Sr-Ser B 5.000 11/01/2025 0 0 0 0 0 2,125 0 0 0 0 0 2,125 90,000 Utility Debt Securitization Auth N Y Rfdg Restructuring-Ser a 5.000 12/15/2025 2,250 0 0 0 0 0 2,250 0 0 0 0 0 95,000 New York St Dorm Auth Revs Non St Supported Debt For Previous Issues See 5.000 07/01/2026 0 2,375 0 0 0 0 0 2,375 0 0 0 0 64990B the New School-Ser a 95,000 New York City Tr Cultural Res Rev Lincoln Ctr Performing Arts Ser a 5.000 12/01/2026 2,375 0 0 0 0 0 2,375 0 0 0 0 0 95,000 Hudson Yds Infrastructure Corp N Y Second Indenture Rev Rfdg Ser a 5.000 02/15/2027 0 0 2,375 0 0 0 0 0 2,375 0 0 0 Continued on next page 3
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 5.000 05/15/2027 0 0 0 0 0 2,375 0 0 0 0 0 2,375 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
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
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. 2018 Legg Mason Investor Services, LLC, Member FINRA, SIPC D7141 cb8f04cd-2cb7-4fa6-a6a5-7433f2ed08b0 6