General Market Sample Holdings for Western Asset Current Market Muni Portfolios

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1 (Must be accompanied by Western Asset Current Market Muni Fact Card) Sample Holdings Report - Prices as of 12/31/2017 PAR ($000) Description ST Underlying Sector Insurer Rating Coupon Maturity Duration Mrkt Price Mrkt Value (no Accrued) 30 University Conn Rev Rfdg-Student Fee-Ser a CT HIEDUC Aa3/AA-/ /15/ , Florida St Dept Environmental Protn Rev Rfdg-Florida Forever-Ser a FL DEDICTAX Aa3/AA-/ /01/ ,862 1, Kentucky St Tpk Auth Economic Dev Rd Rev Rfdg-Revitalization Projs-Ser a KY OTHTRANS Aa3/AA-/ /01/ ,529 1, New Hampshire Health & Ed Facs Auth Rev Univ Sys New Hampshire NH HIEDUC Aa3/AA-/ /01/ ,583 1, Phoenix Ariz Civic Impt Corp Tran Excise Tax Rev Rfdg-Light Rail Proj AZ DEDICTAX Aa2/AA/ /01/ ,816 1, North Carolina Mun Pwr Agy No 1 Catawba Elec Rev Rfdg-Ser B NC PUBPOWER A2/A/ /01/ ,511 1, Draper Utah Sales Tax Rev Ser C UT DEDICTAX NR/AA/ /01/ , Hudsonville Mich Pub Schs Sch Bldg & Site MI PRE/ETM PRE/ETM Aa1/AA-/ /01/ , New York N Y City Transitional Fin Auth Rev Forissues Dtd Prior to 02/10/11 See NY DEDICTAX Aa1/AAA/ /01/ , Wisconsin St Rfdg-Ser 1 WI STATEGO Aa2/AA/ /01/ , Carroll City-Cnty Hosp Auth GA Rev Antic Ctf Tanner Med Ctr Inc Proj GA HOSPITAL Aa2/AA/ /01/ ,449 1, Connecticut St Health & Edl Facs Auth Rev For Issues Dtd Prior to 07/26/11 CT HOSPITAL Aa3/AA-/ /01/ ,562 1, Indiana Fin Auth Hosp Rev Rfdg-Indiana Univ Health-Ser a IN HOSPITAL Aa2/AA/ /01/ , Scago Edl Facs Corp For Un Sch Dist S C Installment Pur Rev Rfdg SC APPROP A3/A-/ /01/ , Washington St Rfdg-Ser R-2010B WA STATEGO Aa1/AA+/ /01/ ,940 1, Seattle Wash Mun Lt & Pwr Rev Rfdg & Impt-Ser B WA PUBPOWER Aa2/AA/ /01/ ,740 1, Florida St Tpk Auth Tpk Rev Dept Transn-Ser B FL TOLLROAD Aa2/AA/ /01/ ,453 1, Alaska St Hsg Fin Corp For Previous Issues See State Cap Proj II-Ser a AK MULTIFAM NR/AA+/ /01/ , Arizona Sch Facs Brd Ctfs Partn Rfdg-Ser a AZ APPROP Aa3/AA-/ /01/ ,267 1, Milwaukee Wis Sew Rev Rfdg-Sys-Ser S1 WI WTR/SWR Aa2/AA-/ /01/ , New Hanover Cnty N C Hosp Rev New Hanover Regl Med Ctr NC HOSPITAL A1/A+/ /01/ , Palm Desert Calif Redev Agy Successor Agy Tax Allocation Rfdg-Ser a CA INCRMTAX BUILD AM NR/AA/ /01/ , Portland Ore Swr Sys Rev Rfdg-First Lien-Ser a OR WTR/SWR Aa2/AA/ /01/ , Cherokee Cnty S C Sch Dist No 001 Ser a SC LOCALGO Aa1/AA/ /01/ ,411 1, California Edl Facs Auth Rev Chapman Univ CA HIEDUC A2/NR/ /01/ , Florida St Brd Ed Lottery Rev Ser a FL INCRMTAX A1/AAA/ /01/ ,974 1, Continued on next page AI (Lot) % of Portfolio 1

2 Sample Holdings -- continued LOT PAR ($000) Description ST Underlying Sector Insurer Rating Coupon Maturity Duration Mrkt Price Mrkt Value (no Accrued) 60 New Hampshire Health & Ed Facs Auth Rev Saint Anselm College NH HIEDUC A3/NR/ /01/ ,030 1, New York City Tr Cultural Res Rev Lincoln Ctr Performing Arts Ser a NY HIEDUC A2/A+/ /01/ , Grand River Dam Auth Okla Rev Ser a OK PUBPOWER A1/A+/ /01/ , Triborough Brdg & Tunl Auth N Y Revs Rfdg-Gen-Mta Bridges & Tunnels Ser B NY TOLLROAD Aa3/AA-/ /15/ , , ,930,653 25, AI (Lot) % of Portfolio 2

3 Sample Cash Flow - Prices as of 12/31/2017 Par Description Coupon Maturity 12/17 1/18 2/18 3/18 4/18 5/18 6/18 7/18 8/18 9/18 10/18 11/18 30,000 University Conn Rev Rfdg-Student Fee-Ser a /15/ ,000 Florida St Dept Environmental Protn Rev Rfdg-Florida /1/ , , ,000 Kentucky St Tpk Auth Economic Dev Rd Rev Rfdg /1/ , , ,000 New Hampshire Health & Ed Facs Auth Rev Univ Sys /1/ , , ,000 Phoenix Ariz Civic Impt Corp Tran Excise Tax Rev Rfdg /1/ , , ,000 North Carolina Mun Pwr Agy No 1 Catawba Elec Rev /1/ , , ,000 Draper Utah Sales Tax Rev Ser C /1/ , ,000 70,000 Hudsonville Mich Pub Schs Sch Bldg & Site /1/ , ,750 50,000 New York N Y City Transitional Fin Auth Rev Forissues /1/ , ,250 50,000 Wisconsin St Rfdg-Ser /1/ , ,250 50,000 Carroll City-Cnty Hosp Auth GA Rev Antic Ctf Tanner /1/ , , Med Ctr Inc Proj 50,000 Connecticut St Health & Edl Facs Auth Rev For Issues /1/ , , Dtd Prior to 07/26/11 See20774U Yale New Haven Health-Ser E 50,000 Indiana Fin Auth Hosp Rev Rfdg-Indiana Univ Health-Ser /1/2021 1, , a 70,000 Scago Edl Facs Corp For Un Sch Dist S C Installment /1/2021 1, , Pur Rev Rfdg 60,000 Washington St Rfdg-Ser R-2010B /1/ , , ,000 Seattle Wash Mun Lt & Pwr Rev Rfdg & Impt-Ser B /1/ , , ,000 Florida St Tpk Auth Tpk Rev Dept Transn-Ser B /1/ , , ,000 Alaska St Hsg Fin Corp For Previous Issues See /1/2023 1, , State Cap Proj II-Ser a 70,000 Arizona Sch Facs Brd Ctfs Partn Rfdg-Ser a /1/ , , ,000 Milwaukee Wis Sew Rev Rfdg-Sys-Ser S /1/2024 1, , ,000 New Hanover Cnty N C Hosp Rev New Hanover Regl /1/ , ,000 0 Med Ctr 50,000 Palm Desert Calif Redev Agy Successor Agy Tax /1/ , , ,000 All Portland ti Ore RfdSwr S Sys Rev Rfdg-First Lien-Ser a /1/ , , ,000 Cherokee Cnty S C Sch Dist No 001 Ser a /1/ , , ,000 California Edl Facs Auth Rev Chapman Univ /1/ , , ,000 Florida St Brd Ed Lottery Rev Ser a /1/ , , Continued on next page 3

4 Cash Flows -- continued Par Description Coupon Maturity 12/17 1/18 2/18 3/18 4/18 5/18 6/18 7/18 8/18 9/18 10/18 11/18 60,000 New Hampshire Health & Ed Facs Auth Rev Saint /1/ , , Anselm College 60,000 New York City Tr Cultural Res Rev Lincoln Ctr /1/2026 1, , Performing Arts Ser a 50,000 Grand River Dam Auth Okla Rev Ser a /1/2027 1, , ,000 Triborough Brdg & Tunl Auth N Y Revs Rfdg-Gen-Mta /15/ , ,250 Bridges & Tunnels Ser B 1,720,000 8,500 14,950 3,250 3,500 5,000 7,100 8,500 14,950 3,250 3,500 5,000 7,100 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 D7420 c621f eb-948e a3d991 6