Western Asset Core Plus (Global Client) Portfolios

Western Asset Team-Managed Approach

Team unites groups of specialists dedicated to different market sectors. Each group of sector specialists utilizes their expertise in bott om-up analysis of each portfolio sector.

GIPS Report

Western Asset Core Plus (Global Client) – Strategy Inception Date: February 1993. Composite Creation Date: February 2021. Reporting Currency: USD.

Period	Total Return (Net)	Total Return (*Pure Gross)	Benchmark Return	Number of Portfolios	% of Bundled Fee Portfolios in tde Composite	Composite Dispersion	Composite 3 Yr. St. Dev.	Benchmark 3 Yr. St. Dev.	Total Composite Assets at End of Period (USD mill.)	Percentage of Firm Assets	Total Firm Assets at End of Period (USD million)
2020	8.29	9.90	7.51	104	100	0.69	5.30	3.40	91,333.3	19.0	479,809.9
2019	10.86	12.51	8.72	99	100	0.66	3.31	2.91	75,291.5	16.5	455,275.9
2018	-2.43	-0.97	0.01	98	100	0.35	3.39	2.88	63,414.1	15.0	424,136.1
2017	5.20	6.77	3.54	94	100	0.69	3.15	2.81	61,753.4	14.2	436,309.0
2016	3.78	5.33	2.65	94	100	0.45	3.36	3.02	56,003.4	13.4	419,206.9
2015	-0.31	1.19	0.55	91	100	0.60	3.23	2.92	50,759.1	11.7	433,747.1
2014	6.11	7.70	5.97	92	100	0.59	3.02	2.67	50,341.4	10.8	466,035.9
2013	-2.26	-0.79	-2.02	105	100	0.31	2.97	2.75	46,788.9	10.4	451,631.8
2012	7.37	8.97	4.21	121	100	1.05	2.64	2.42	54,299.5	11.8	461,890.9
2011	5.78	7.36	7.84	123	100	0.45	4.46	2.82	51,610.6	11.6	443,139.9

Compliance Statement: Western Asset claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Western Asset has been independently verified for the periods  from January 1, 1993 to December 31, 2019. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards.

Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and  have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

Firm Information: For GIPS® purposes, the Firm is defined as Western Asset, a primarily fixed-income investment manager comprised of Western Asset Management Company, LLC; Western Asset Management Company Distribuidora de Títulos e Valores Mobiliários  Limitada is authorised and regulated by Comissão de Valores Mobiliários and Banco Central do Brazil; Western Asset Management Company Pty Ltd ABN 41 117 767 923 is the holder of the Australian Financial Services Licence 303160; Western Asset Management  Company Pte. Ltd. Co. Reg. No. 200007692R is a holder of a Capital Markets Services Licence for fund management and regulated by the Monetary Authority of Singapore; Western Asset Management Company Ltd, a registered Financial Instruments Business  Operator and regulated by the Financial Services Agency of Japan; and Western Asset Management Company Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) (FRN 145930), with offices in Pasadena, New York, London, Singapore,  Tokyo, Melbourne, São Paulo, Hong Kong , and Zürich. Each Western Asset company is a wholly owned subsidiary of Franklin Resources, Inc. but operates autonomously, and Western Asset, as a Firm, is held out to the public as a separate entity. Western Asset  Management Company was founded in 1971. Specialist Investment Manager of Franklin Resources, Inc. since July 31, 2020. This communication is intended for distribution to Professional Clients only if deemed to be a financial promotion in the UK as defined by the  FCA. This communication may also be intended for certain EEA countries where Western Asset has been granted permission to do so. For the current list of the approved EEA countries please contact Western Asset at +44 (0)20 7422 3000.

Composite Information: Western Asset Core Plus (Global Client) portfolios are discretionary fixed-income portfolios that offer - to individual and taxable institutional investors - tailored bond management which seeks to maximize total return and has the flexibility to  invest across a range of fixed-income sectors, including the U.S. government, federal agency, domestic corporate, mortgage, non-U.S. sovereign and corporate (both U.S. dollar-denominated and non-U.S. dollar-denominated), emerging market debt, high yield and  money market/cash equivalent sectors. Exposure to certain fixed income sectors represented in the strategy are achieved by investing in shares of one or more no-fee UCIT funds managed by Western Asset. The composite is comprised of accounts that are separately  managed accounts (SMAs), managed in accordance with the strategy with an account minimum of US $150,000. The composite employs a 10% significant cash flow policy. Beginning February 1, 2021, the composite includes only SMA portfolios that are managed in  accordance with the Western Asset Core Plus (Global Client) strategy. Prior to February 2021, performance results were calculated using Western Asset’s US Core Plus Composite which was comprised of institutional accounts. Net total returns were calculated by  reducing the institutional gross-of-fees performance by the highest bundle fee of 1.5%. Western Asset follows substantially the same investment philosophy, strategies and processes in managing SMA Western Asset Core Plus (Global Client) portfolios that it does in  managing institutional Western Asset US Core Plus portfolios. The performance of Western Asset’s SMA Core Plus (Global Client) Composite may vary from the performance of the institutional Western Asset Core Plus Composite, especially over shorter time periods  and during periods of extraordinary market conditions. Western Asset invests portions of the Western Asset SMA Core Plus (Global Client) accounts in certain fixed-income sectors by investing in shares of one or more no-fee UCIT funds managed by Western Asset  while investing the Western Asset US Core Plus institutional accounts solely in individual fixed-income securities.

Input and Calculation Data: The current fee schedule is 1.50% on all assets. Net returns are calculated by deducting the anticipated maximum annual bundled fee applied on a monthly basis from the “pure” gross monthly return. The bundled fee includes all charges  for trading costs, portfolio management, custody, and other administrative fees. Bundled fees may vary across different financial firms and across different accounts based upon account size and other factors. Dispersion is calculated using the asset-weighted standard  deviation of annual gross returns of those portfolios that were included in the composite for the entire year (equal-weighted prior to 2014). Periods with five or fewer accounts are not statistically representative and are not presented. The three-year annualized ex-post  standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. Past investment results are not indicative of future investment results. Information contained herein is believed to be accurate, but cannot be  guaranteed. Employees and/or clients of Western Asset may have a position in the securities mentioned. A list of composite and limited distribution pooled fund descriptions and a list of broad distribution pooled funds is available upon request. Policies for valuing  investments, calculating performance, and preparing GIPS Reports are available upon request. Please contact Michael Van Raaphorst at 212-601-6211 or [email protected]. 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. Benchmark Information: For comparison purposes, composite returns are shown against returns of the Bloomberg Barclays U.S. Aggregate Bond  Index.