PRE 14A 1 d783854dpre14a.htm LEGG MASON PARTNERS Legg Mason Partners
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SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities

Exchange Act of 1934

Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐

Check the appropriate box:

 

  

Preliminary Proxy Statement.

  

Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)).

  

Definitive Proxy Statement.

  

Definitive Additional Materials.

  

Soliciting Material Pursuant to 240.14a-11(c) or 240.14a-12.

 

Legg Mason Partners Institutional Trust
Legg Mason Partners Income Trust
Legg Mason Partners Money Market Trust
Legg Mason Partners Premium Money Market Trust
Legg Mason Partners Variable Income Trust
Master Portfolio Trust
Western Asset Funds, Inc.

 

 

(Name of Registrant(s) as Specified In Its Charter)

 

 

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

 

Payment of Filing Fee (Check the appropriate box):

  

No fee required.

  

Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

   1)   

Title of each class of securities to which transaction applies:

   2)   

Aggregate number of securities to which transaction applies:

  

 

   3)    Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):
  

 

   4)    Proposed maximum aggregate value of transaction:
  

 

   5)    Total fee paid:

  

Fee paid previously with preliminary materials.

   Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
   1)   

Amount Previously Paid:

  

 

   2)    Form, Schedule or Registration Statement No.:
  

 

   3)    Filing Party:
  

 

   4)    Date Filed:
  

 


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Legg Mason Partners Institutional Trust

Legg Mason Partners Income Trust

Legg Mason Partners Money Market Trust

Legg Mason Partners Premium Money Market Trust

Legg Mason Partners Variable Income Trust

Master Portfolio Trust

Western Asset Funds, Inc.

620 Eighth Avenue, 49th Floor

New York, NY 10018

[    ], 2019

Dear Shareholder:

A special meeting of your mutual fund(s) (each a “Fund” and together, the “Funds”), each a series of an above-listed trust or corporation, will be held at the offices of Legg Mason at 620 Eighth Avenue, 49th Floor, New York, New York, on Tuesday, December 3, 2019 at 10:00 a.m. (Eastern time), for the purposes of:

 

  1)

Electing, as applicable, a Fund’s Board of Directors or Trustees (each, a “Board” and each Director or Trustee, a “Board Member”); and

 

  2)

Transacting such other business as may properly come before the special meeting and any adjournment(s) or postponement(s) thereof.

Shareholders are being asked to elect Board Members of their Funds, which comprise substantially all of the mutual funds within the Legg Mason fund complex that are advised by Western Asset Management Company, LLC (“Western Asset”). Currently, the Funds are overseen by two different Boards. The Boards recommend that shareholders elect all of the nominees, which will result in a single group of Board members (the “Unified Board”), principally comprised of members of both existing Boards, overseeing substantially all of the Western Asset-advised mutual funds in the Legg Mason fund complex. As described in the enclosed joint proxy statement, the anticipated benefits that this unification of the Boards may promote include more efficient and effective communication among the Board members that oversee Western Asset-advised mutual funds within the fund complex, enhanced governance capabilities, efficiency in operations and potential long-term cost savings.

The Board responsible for your Fund recommends that you vote “FOR” Proposal 1 with respect to your Fund. However, before you vote, please read the full text of the joint proxy statement for an explanation of the proposal.

Your vote on this matter is important. Even if you plan to attend and vote in person at the meeting, please promptly follow the enclosed instructions to submit voting instructions by telephone or over the Internet. Alternatively, you may submit voting instructions by signing and dating each proxy card and returning it in the accompanying postage-paid return envelope.

If you have any questions about the proposal to be voted on, please call Computershare Fund Services at 1-866-300-0742.

Sincerely,

Robert I. Frenkel

Secretary


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TABLE OF CONTENTS

 

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS

     1  

JOINT PROXY STATEMENT

     2  

VOTE REQUIRED AND MANNER OF VOTING PROXIES

     4  

THE PROPOSAL TO ELECT BOARD MEMBERS

     6  

Reasons for Realignment and Board Unification

     7  

Current Board Members and Nominees

     9  

Qualifications of Current Board Members and Nominees

     14  

General Information Regarding the Boards

     15  

Officers of the Funds

     16  

Shareholder Approval

     17  

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     17  

ADDITIONAL INFORMATION

     19  

5% Share Ownership

     19  

Submission of Shareholder Proposals

     19  

Shareholder Communications

     19  

Expense of Proxy Solicitation

     19  

Fiscal Year

     20  

Information Concerning the Manager, Subadvisers, Distributor and Administrator

     20  

Appendix A

   Corporation, Trusts and Series      A-1  

Appendix B

   Fund Information      B-1  

Appendix C

   Compensation of the Current Board Members and Nominees      C-1  

Appendix D

   Equity Securities Owned      D-1  

Appendix E

   Standing Committees of the Existing Boards      E-1  

Appendix F

   Governance and Nominating Committee Charters      F-1  

Appendix G

   Officers of the Funds      G-1  

Appendix H

   Audit Fees, Audit-Related Fees, Non-Audit Fees, Tax Fees and All Other Fees to Independent Registered Public Accountants      H-1  

Appendix I

   5% Share Ownership      I-1  


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Legg Mason Partners Institutional Trust

Legg Mason Partners Income Trust

Legg Mason Partners Money Market Trust

Legg Mason Partners Premium Money Market Trust

Legg Mason Partners Variable Income Trust

Master Portfolio Trust

Western Asset Funds, Inc.

620 Eighth Avenue, 49th Floor

New York, NY 10018

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS

To Be Held December 3, 2019

A joint special meeting of the shareholders of the Funds identified below (the “Meeting”) will be held at the offices of Legg Mason at 620 Eighth Avenue, 49th Floor, New York, New York, on Tuesday, December 3, 2019 at 10:00 a.m. (Eastern time), for the following purposes, as more fully described in the accompanying Joint Proxy Statement:

 

  1)

To elect Board Members. (To be voted on by all Funds.)

 

  2)

To transact such other business as may properly come before the Meeting and any adjournment(s) or postponement(s) thereof.

Your Board recommends that you vote “FOR” Proposal 1.

Shareholders of record at the close of business on September 13, 2019 (the “Record Date”) are entitled to vote at the Meeting and at any adjournments or postponements thereof.

If you own shares in more than one Fund as of the Record Date, you may receive more than one proxy card. Please be certain to sign, date and return each proxy card you receive.

By order of the Boards of Directors/Trustees,

Robert I. Frenkel

Secretary

[    ], 2019

 

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Legg Mason Partners Institutional Trust

Legg Mason Partners Income Trust

Legg Mason Partners Money Market Trust

Legg Mason Partners Premium Money Market Trust

Legg Mason Partners Variable Income Trust

Master Portfolio Trust

Western Asset Funds, Inc.

620 Eighth Avenue, 49th Floor

New York, NY 10018

JOINT PROXY STATEMENT

 

Important Notice Regarding the Availability of Proxy Materials for the Joint Special Meeting of Shareholders to be Held on December 3, 2019:

The Notice of Joint Special Meeting of Shareholders, the Proxy Statement and the form of proxy card and voting instruction form, and any amendments or supplements to the foregoing, are available on the Internet at https://www.proxy-direct.com/lmf-30870.

If you have any questions, would like to vote your shares, or wish to obtain directions so that you can attend the Meeting, please call Computershare Fund Services (“Computershare”), the proxy solicitor for the Funds, toll-free at 1-866-300-0742.

This Joint Proxy Statement is furnished in connection with the solicitation by the Board of Directors or Trustees (each, a “Board” and each Director or Trustee, a “Board Member”) of each of the mutual funds listed in the accompanying Notice of Joint Special Meeting of Shareholders (each a “Fund” and together, the “Funds”), each a series of an above-listed trust (each, a “Trust”) or corporation (the “Corporation”), of proxies to be voted at a joint special meeting of shareholders of each such Fund to be held at the offices of Legg Mason at 620 Eighth Avenue, 49th Floor, New York, New York, on Tuesday, December 3, 2019 at 10:00 a.m. (Eastern time) (for each Fund, a “Meeting”), and at any and all adjournments or postponements thereof. The Meeting will be held for the purposes set forth in the accompanying Notice of Special Meeting of Shareholders.

The Board of each Fund has determined that the use of this Joint Proxy Statement for such Fund’s Meeting is in the best interests of the Fund and its shareholders in light of the related matters being considered and voted on by the shareholders of each of the Funds. This Joint Proxy Statement and the accompanying materials are being mailed by the Boards on or about [ ], 2019.

Each Fund is organized as either a series of a Maryland statutory trust or a series of a Maryland corporation. The Trusts and Corporation are registered investment companies. A list of each Trust, the Corporation, and the series of each Trust and the Corporation, is set forth in Appendix A.

Shareholders of record at the close of business on September 13, 2019 (the “Record Date”) are entitled to vote at the Meeting. Shareholders of certain Funds are entitled to one vote for each share of the Fund(s) held on the Record Date. Shareholders of other Funds are entitled to one vote for each dollar of net asset value represented by the shareholder’s shares of the Fund(s) on the Record Date. Holders of interests in Funds in Master Portfolio Trust, which are underlying master funds in a master/feeder arrangement, are entitled to vote in the proportion that their beneficial

 

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interests in the Fund bear to the total beneficial interests in that Fund. If you own shares of a Fund that is a feeder fund investing in a Fund in Master Portfolio Trust, as explained below, your vote on a proposal for your Fund will also serve as your authorization for the Fund to vote in the same manner on any corresponding proposal applicable to the underlying Fund in which it invests. The manner in which shareholders of each Fund are entitled to vote is shown in Appendix B.

The number of shares of each Fund outstanding at the close of business on the Record Date and the net assets of each Fund as of that date are shown in Appendix B.

The Fund of which you are a shareholder is named on the proxy card included with this Joint Proxy Statement. If you own shares in more than one Fund as of the Record Date, you may receive more than one proxy card. Even if you plan to attend the Meeting, please sign, date and return EACH proxy card you receive, or if you provide voting instructions by telephone or over the Internet, please vote on the proposal with respect to EACH Fund you own. If you vote by telephone or over the Internet, you will be asked to enter a unique code that has been assigned to you, which is printed on your proxy card(s). This code is designed to confirm your identity, provide access into the voting sites and confirm that your instructions are properly recorded.

All properly executed proxies received prior to a Fund’s Meeting will be voted at that Meeting. On the matters coming before the Meeting as to which a shareholder has specified a choice on that shareholder’s proxy, the shares will be voted accordingly. If a proxy is properly executed and returned and no choice is specified with respect to Proposal 1, the shares will be voted “FOR” all of the nominees. Shareholders who execute proxies or provide voting instructions by telephone or the Internet may revoke them with respect to the proposal at any time before a vote is taken on the proposal by filing with the applicable Fund a written notice of revocation (addressed to the Secretary of the Fund at the principal executive offices of the Fund at the address above), by delivering a duly executed proxy bearing a later date or by attending the Meeting and voting in person, in all cases prior to the exercise of the authority granted in the proxy card. Merely attending the Meeting, however, will not revoke any previously executed proxy. If you hold shares through a Service Agent (as defined below) or if you are the holder of a variable annuity contract or variable life insurance policy through a participating insurance company (as discussed below), please consult your Service Agent or your participating insurance company regarding your ability to revoke voting instructions after such instructions have been provided.

Photographic identification and satisfactory proof of ownership of shares of a Fund, such as your voting instruction card, will be required for admission to the Meeting.

Annual reports are sent to shareholders of record of each Fund following the Fund’s fiscal year end. Each Fund’s fiscal year end is set forth on Appendix H. Each Fund will furnish, without charge, a copy of its annual report and most recent semi-annual report succeeding the annual report, if any, to a shareholder upon request. Such requests should be directed to the Fund at Legg Mason Funds, P.O. Box 9699, Providence, RI 02940-9699 or by calling toll free at 1-877-721-1926. Copies of annual and semi-annual reports of each Fund are also available on the EDGAR Database on the Securities and Exchange Commission’s Internet site at www.sec.gov.

Please note that only one annual or semi-annual report or Joint Proxy Statement may be delivered to two or more shareholders of a Fund who share an address, unless the Fund has received instructions to the contrary. To request a separate copy of an annual report or the Joint Proxy Statement, or for instructions as to how to request a separate copy of these documents or as to how to request a single copy if multiple copies of these documents are received, shareholders should contact the applicable Fund at the address and phone number set forth above.

 

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VOTE REQUIRED AND MANNER OF VOTING PROXIES

A quorum of shareholders with respect to a Trust or the Corporation is required to take action at the Meeting with respect to such Trust or the Corporation. For each Trust, the quorum requirement for Proposal 1 is the presence, in person or by proxy, of at least 30% of the voting power of the Trust taken as a whole as of the Record Date. Total voting power of the Trust taken as a whole is determined, not by the number of shares outstanding, but by net asset value of all of the outstanding shares (including fractional shares) of the Trust as of the Record Date. Each share (or fractional share) of a Trust outstanding as of the Record Date is entitled to a number of votes equal to the net asset value of that share (or fractional share) as of the Record Date. This is referred to as “dollar-weighted” voting. For the Corporation, the quorum requirement for Proposal 1 is the presence, in person or by proxy, of at least 30% of the outstanding shares of the Corporation taken as a whole on the Record Date. Each share of Corporation outstanding as of the Record Date is entitled to one vote (with fractional votes for fractional shares outstanding as of the Record Date). The quorum requirement of each Trust and the Corporation and for each Fund is set forth in Appendix B.

Votes cast by proxy or in person at the Meeting will be tabulated by the inspectors of election appointed for that Meeting. The inspectors of election, who are employees of Computershare, the proxy solicitor engaged by Legg Mason Partners Fund Advisor, LLC (“LMPFA” or the “Manager”), the Funds’ investment manager, on behalf of the Funds, will determine whether or not a quorum is present at the Meeting. The inspectors of election will treat abstentions and “broker non-votes” (i.e., shares held by brokers or nominees, typically in “street name,” as to which proxies have been returned but (a) instructions have not been received from the beneficial owners or persons entitled to vote and (b) the broker or nominee does not have discretionary voting power on a particular matter) as present for purposes of determining a quorum.

Broker-dealer firms holding shares of a Fund in “street name” for the benefit of their customers and clients will request the instructions of such customers and clients on how to vote their shares on the proposal. A signed proxy card or other authorization by a beneficial owner of Fund shares that does not specify how the beneficial owner’s shares should be voted on Proposal 1 may be deemed an instruction to vote such shares in favor of all of the nominees.

If you hold shares of a Fund through a bank or other financial institution or intermediary (a “Service Agent”) that has entered into a service agreement with the Fund or a distributor of the Fund, the Service Agent may be the record holder of your shares. At the Meeting, a Service Agent will vote shares for which it receives instructions from its customers in accordance with those instructions. A signed proxy card or other authorization by a shareholder that does not specify how the shareholder’s shares should be voted on the proposal may be deemed to authorize a service provider to vote such shares in favor of the nominees. Depending on its policies, applicable law or contractual or other restrictions, a Service Agent may be permitted to vote shares with respect to which it has not received specific voting instructions from its customers. In those cases, the Service Agent may, but may not be required to, vote such shares in the same proportion as those shares for which the Service Agent has received voting instructions. This practice is commonly referred to as “echo voting.”

Shares of certain Funds are offered to variable annuity and variable life insurance separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies (the “Variable Annuity Funds”). Shares of the Variable Annuity Funds are held by the variable annuity contracts and variable life insurance products offered by the separate accounts of participating life insurance companies. However, in accordance with current law and

 

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interpretations thereof, participating insurance companies will vote shares held in the separate accounts in a manner consistent with voting instructions timely received from the holders of variable annuity contracts and variable life insurance policies. A signed proxy card or other authorization by a holder that does not specify how the holder’s shares should be voted on the proposal may be deemed an instruction to vote such shares in favor of all of the nominees. Those persons who have a voting interest at the close of business on the Record Date will be entitled to submit instructions to their participating insurance company. Each participating insurance company will vote Variable Annuity Fund shares held in separate accounts for which no timely instructions are received from the holders of variable annuity contracts and variable life insurance policies, as well as shares it owns, in the same proportion as those shares for which such insurance company receives voting instructions. For purposes of this Joint Proxy Statement, the term “shareholder” (when used to refer to the beneficial holder of ownership interests in a Fund) shall also be deemed to include holders of Variable Annuity Fund shares through variable annuity contracts and variable life insurance policies.

If you beneficially own shares that are held in “street name” through a broker-dealer or that are held of record by a Service Agent, or if you hold Variable Annuity Fund shares through a variable annuity contract or a variable life insurance policy, and if you do not give specific voting instructions for your shares, they may not be voted at all or, as described above, they may be voted in a manner that you may not intend. Therefore, you are strongly encouraged to give your broker-dealer, Service Agent or participating insurance company specific instructions as to how you want your shares to be voted.

Certain Funds are feeder funds that invest in securities through underlying master funds that are Funds in Master Portfolio Trust. When a shareholder of a feeder Fund votes on a proposal, that vote will also constitute instructions for the feeder Fund to vote in the same manner on the corresponding proposal for the master Fund in which it invests. Accordingly, for each proposal brought before the Meeting, each feeder Fund will vote its interests in its master Fund in accordance with the voting instructions received from its shareholders and will vote interests in the master Fund for which no timely instructions are received in the same proportion as the interests for which it receives voting instructions (this is referred to as “proportional voting”). Because of this use of proportional voting with respect to a master Fund, a small number of shareholders could determine how a feeder Fund votes with respect to a master Fund, if other shareholders fail to vote.1 For purposes of this Joint Proxy Statement, the term “shareholder” shall be deemed to include holders of beneficial interests in a master Fund, even though beneficial interests in the master Fund technically are not divided into shares.

Proposal 1:

 

   

Nominees must be elected by a plurality of the votes cast in person or by proxy at the Meeting at which a quorum exists.

 

   

For each Trust or the Corporation, the shareholders of all series will vote together as a single class and the voting power of the shares of each series will be counted together in determining the results of the voting for the proposal.

 

1 Master Funds other than Tax Free Reserves Portfolio have investors that are non-US funds sponsored by Legg Mason. The Funds understand that these non-US funds will vote their interests in each master Fund in the same proportion as the vote of all other holders of interests in that master Fund. This may have the effect of further magnifying the impact of the votes of feeder Fund shareholders who do in fact vote.

 

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THE PROPOSAL TO ELECT BOARD MEMBERS

The purpose of the proposal is to elect Board Members of each Trust or Corporation named in the tables below.

Currently, two different Boards (each an “Existing Board” and together, the “Existing Boards”) oversee the Funds, which comprise substantially all of the mutual funds within the Legg Mason fund complex that are advised by Western Asset Management Company, LLC (“Western Asset”).1 The Boards recommend that shareholders elect all of the nominees, which will result in a single group of Board members (the “Unified Board”), principally comprised of members of both Existing Boards, overseeing substantially all of the Western Asset-advised mutual funds in the Legg Mason fund complex.

It is intended that the enclosed proxy card will be voted for all nominees (each, a “Nominee”) for the Unified Board unless a proxy contains specific instructions to the contrary. The Nominees’ term of office is expected to commence on or about January 1, 2020 or promptly after the election of the Nominees if the Meeting is adjourned or postponed to a date after January 1, 2020.

Funds to Elect Board Members of the Unified Board

 

Trust/Corporation    Series    Existing
Board2
 

Western Asset Funds, Inc.

   Western Asset Core Bond Fund      1  
   Western Asset Core Plus Bond Fund      1  
   Western Asset High Yield Fund      1  
   Western Asset Inflation Indexed Plus Bond Fund      1  
   Western Asset Intermediate Bond Fund      1  
   Western Asset Macro Opportunities Fund      1  
   Western Asset Total Return Unconstrained Fund      1  

Legg Mason Partners Institutional Trust

   Western Asset Institutional Government Reserves      2  
   Western Asset Institutional Liquid Reserves      2  
   Western Asset Institutional U.S. Treasury Obligations Money Market Fund      2  
   Western Asset Institutional U.S. Treasury Reserves      2  
   Western Asset Select Tax Free Reserves      2  
   Western Asset SMASh Series C Fund      2  
   Western Asset SMASh Series EC Fund      2  
   Western Asset SMASh Series M Fund      2  
   Western Asset SMASh Series TF Fund      2  

Legg Mason Partners Income Trust

   Western Asset Adjustable Rate Income Fund      2  
   Western Asset California Municipals Fund      2  
   Western Asset Corporate Bond Fund      2  
   Western Asset Emerging Markets Debt Fund      2  
   Western Asset Global High Yield Bond Fund      2  
   Western Asset Income Fund      2  
   Western Asset Intermediate Maturity California Municipals Fund      2  
   Western Asset Intermediate Maturity New York Municipals Fund      2  

 

1 Western Asset Management Company, LLC (formerly known as Western Asset Management Company) (“Western Asset”), is a subadviser to LMPFA with respect to the Funds. Western Asset Management Company Limited (“Western Asset London”), Western Asset Management Company Ltd (“Western Asset Japan”) and Western Asset Management Company Pte. Ltd. (“Western Asset Singapore” and, collectively with Western Asset, Western Asset London and Western Asset Japan, the “subadvisers”), also serve as subadvisers to certain of the Funds, as shown on Appendix B. References to Western Asset in this proxy statement also includes the other subadvisers, as applicable.

2 The Existing Boards, numbered 1 through 2 for purposes of this proposal and the relevant Appendices, are the Boards that currently oversee the Funds. The members of each Existing Board and the Funds overseen by each Existing Board are identified in Appendix C.

 

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Trust/Corporation    Series    Existing
Board1
 

Legg Mason Partners Income Trust (continued)

   Western Asset Intermediate-Term Municipals Fund      2  
   Western Asset Managed Municipals Fund      2  
   Western Asset Massachusetts Municipals Fund      2  
   Western Asset Mortgage Total Return Fund2      2  
   Western Asset Municipal High Income Fund      2  
   Western Asset New Jersey Municipals Fund      2  
   Western Asset New York Municipals Fund      2  
   Western Asset Oregon Municipals Fund      2  
   Western Asset Pennsylvania Municipals Fund      2  
   Western Asset Short Duration High Income Fund      2  
   Western Asset Short Duration Municipal Income Fund      2  
   Western Asset Short-Term Bond Fund      2  

Legg Mason Partners Money Market Trust

   Western Asset Government Reserves      2  
   Western Asset New York Tax Free Money Market Fund      2  
   Western Asset Prime Obligations Money Market Fund      2  
   Western Asset Tax Free Reserves      2  
   Western Asset U.S. Treasury Reserves      2  

Legg Mason Partners Premium Money Market Trust

   Western Asset Premium Liquid Reserves      2  
   Western Asset Premium U.S. Treasury Reserves      2  

Legg Mason Partners Variable Income Trust

   Western Asset Core Plus VIT Portfolio      2  
   Western Asset Variable Global High Yield Bond Portfolio      2  

Master Portfolio Trust

   Government Portfolio      2  
   Liquid Reserves Portfolio      2  
   Tax Free Reserves Portfolio      2  
   U.S. Treasury Obligations Portfolio      2  
   U.S. Treasury Reserves Portfolio      2  

 

1 The Existing Boards, numbered 1 through 2 for purposes of this proposal and the relevant Appendices, are the Boards that currently oversee the Funds. The members of each Existing Board and the Funds overseen by each Existing Board are identified in Appendix C.

2 Prior to September 27, 2019, the Western Asset Mortgage Backed Securities Fund.

Reasons for Realignment and Board Unification

The Existing Boards believe that realigning the membership on the Boards into the Unified Board may provide benefits to the Funds. This is the result of discussions and meetings among the members of the Existing Boards and with management, during which the Existing Boards considered a number of practices for governance of the Funds. Among other things, the Existing Boards concluded that the establishment of the Unified Board, as opposed to continuing to have the two separate Existing Boards oversee the Funds, can be expected to: (1) promote efficient and effective communications among the Board Members with oversight responsibility for substantially all of the Western Asset-advised mutual funds within the Legg Mason fund complex; (2) promote enhanced governance capabilities, including by promoting consistency of policies and procedures across the Funds and the effectiveness of board oversight of the Funds, their management and other service providers, by affording an increased range of experience among Board Members, and by providing the Unified Board with greater flexibility than either Existing Board has to fill future Board vacancies, resulting from Board Member retirements or otherwise, without the time and expense of calling a shareholder meeting (to the extent permitted by applicable law, as described below); (3) promote a more efficient use of resources by management, which may enhance management’s productivity with respect to the Funds; and

 

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(4) improve the long-term prospects for attracting and retaining qualified individuals to serve as Board Members. Each Existing Board determined that the Funds it oversees are likely to benefit from the particular skill sets and other attributes of the Nominees who currently serve as members of other Western Asset-advised funds, who are knowledgeable of the role performed by board members of a registered investment company and are familiar with the specific entities and individuals responsible for managing the day-to-day operations of the Funds. Realigning the Existing Boards into the Unified Board is expected to reduce some Fund expenses over the long term, such as costs associated with holding Board and committee meetings. In addition, the Board realignment is expected to benefit Legg Mason management, whose reduced administrative burden and costs should allow management to devote more time and resources to providing services to the Funds and to high level strategic planning.

Upon the election of all ten Nominees, the Unified Board will have greater flexibility than either Existing Board has to fill future board vacancies, resulting from Board Member retirements or otherwise, occurring in between shareholder meetings without the time and expense associated with calling a shareholder meeting (to the extent permitted by applicable law), while also promoting the Unified Board’s ability to provide continuity as Board Member retirements occur over the years. In general, under the Investment Company Act of 1940, as amended (the “1940 Act”), a mutual fund must call a shareholder meeting to elect Board Members if at any time less than a majority of its board members were elected by shareholders. Moreover, a mutual fund board is permitted to fill any vacancy, for example those resulting from retirements, without calling a shareholder meeting if immediately after filing the vacancy at least two-thirds of the board members then holding office have been elected by shareholders. It has been over ten years since shareholders were last asked to elect Board Members of either Existing Board. Since that time, some Board Members have retired and others have been appointed by the remaining Board Members without calling a shareholder meeting, as permitted by applicable law. Neither Existing Board has a sufficient number of shareholder-elected Board Members to carry out the recommended Board unification initiative without shareholder approval. After the election of all ten Nominees at the Meeting, the Unified Board will have greater flexibility to fill future board vacancies than either Existing Board has at present.

In the absence of calling a shareholder meeting at this time to elect Board Members, under applicable law, the Corporation would not be able to maintain its current Board size without holding a shareholder meeting if any shareholder-elected Board Member were to retire or otherwise leave office. Moreover, the Corporation would be required by law to hold a shareholder meeting to elect Board Members if at any time two more shareholder-elected Board Members were to retire or otherwise leave office, assuming the membership of Existing Board 1 otherwise remained constant. As a result, in the absence of holding the Meeting at this time to elect the Unified Board, Existing Board 1 could find it necessary to call a meeting of shareholders to elect Board Members for reasons other than recommending Board unification.

Each Nominee has consented to serve on the Board to which he or she has been nominated if elected by shareholders. If, however, before the election, any Nominee refuses or is unable to serve, proxies may be voted for a replacement Nominee, if any, designated by the current Board Members.

The Nominees’ terms of office are expected to commence on or about January 1, 2020. Each Board Member will be elected to hold office until his or her successor is elected and qualifies or until his or her earlier death, resignation, retirement or removal.

The nominations of the Nominees listed below have been approved by each Existing Board and its Governance and Nominating Committee. Information about the Nominees for the Unified

 

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Board is set forth in the sections below. Each Board has determined that the number of its Board Members shall be fixed at the number of Board Members elected at the Meeting, subject to any further changes in Board size permitted by applicable law. Board Members of each Existing Board have had the opportunity to meet with their counterparts on the other board.

Current Board Members and Nominees

The current Board Members and Nominees for the Unified Board, their years of birth, their principal occupations during the past five years (their titles may have varied during that period), the number of Funds in the Fund complex he or she expects to oversee on or about January 1, 2020, following the formation of the Unified Board, subject to shareholder approval and scheduled retirements, and other board memberships they hold are set forth below. The address of each current Board Member and Nominee is c/o Jane E. Trust, Legg Mason, 100 International Drive, 11th Floor, Baltimore, MD 21202. Each Nominee was recommended for nomination by the Existing Boards of the Funds.

 

Name and

Year of Birth

  Position(s)
with Fund
 

Term of
Office and
Length of

Time
Served1

 

Principal Occupation(s)
During

the Past
Five Years

  Number of
Funds in
the
Legg Mason
Funds
Complex to
be Overseen
by Current
Board
Member  or
Nominee2
    Other Board
Memberships Held by
Current Board
Member or Nominee

Independent Current Board Members or Nominees*:

Robert Abeles, Jr.

Born 1945

  Current Member of Existing Board 1 and Nominee to Unified Board   Since
2013
  Senior Vice President Emeritus (since 2016) and formerly, Senior Vice President, Finance and Chief Financial Officer (2009 to 2016) at University of Southern California     52     Board Member, Great Public Schools Now (since 2018); Board Member, Excellent Education Development (since 2012)

Jane F. Dasher

Born 1949

  Current Member of Existing Board 2 and Nominee to Unified Board   Since
1999
  Chief Financial Officer, Long Light Capital, LLC, formerly known as Korsant Partners, LLC (a family investment company) (since 1997)     52     Director, Visual Kinematics, Inc. (since 2018)

Anita L. DeFrantz

Born 1952

  Current Member of Existing Board 1 and Nominee to Unified Board   Since
1998
  President of Tubman Truth Corp. (since 2015); President Emeritus (since 2015) and formerly, President (1987 to 2015) and Director (1990 to 2015) of LA84 (formerly Amateur Athletic Foundation of Los Angeles); Member (since 1986), Member of the Executive Board (since 2013) and Vice President (since 2017) of the International Olympic Committee     52     None

 

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Name and

Year of Birth

  Position(s)
with Fund
 

Term of
Office and
Length of

Time
Served1

 

Principal Occupation(s)
During

the Past
Five Years

  Number of
Funds in
the
Legg Mason
Funds
Complex to
be Overseen
by Current
Board
Member  or
Nominee2
    Other Board
Memberships Held by
Current Board
Member or Nominee

Susan B. Kerley

Born 1951

  Current Member of Existing Board 2 and Nominee to Unified Board   Since
1992
  Investment Consulting Partner, Strategic Management Advisors, LLC (investment consulting) (since 1990)     52    

Director and Trustee (since 1990) and Chairman (since 2017 and 2005 to 2012) of

various series of MainStay Family of Funds (66 funds); formerly, Investment Company Institute (ICI) Board of Governors (2006 to 2014); ICI Executive Committee (2011 to 2014); Chairman of the Independent Directors Council (2012 to 2014)

Avedick B. Poladian

Born 1951

  Current Member of Existing Board 1 and Nominee to Unified Board   Since
2007
  Director and Advisor (since 2017) and former Executive Vice President and Chief Operating Officer (2002 to 2016) of Lowe Enterprises, Inc. (privately held real estate and hospitality firm); formerly, Partner, Arthur Andersen, LLP (1974 to 2002)     52     Occidental Petroleum Corporation (since 2008); California Resources Corporation (since 2014); and Public Storage (since 2010)

William E.B. Siart

Born 1946

  Current Chairman and Member of Existing Board 1 and Nominee to Unified Board   Since
19974
  Chairman of Great Public Schools Now (since 2015); Chairman of Excellent Education Development (since 2000); formerly, Trustee of The Getty Trust (2005 to 2017); Chairman of Walt Disney Concert Hall, Inc. (1998 to 2006)     52     Member of Board of United States Golf Association, Executive Committee Member (since 2018)

 

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Name and

Year of Birth

  Position(s)
with Fund
 

Term of
Office and
Length of

Time
Served1

 

Principal Occupation(s)
During

the Past
Five Years

  Number of
Funds in
the
Legg Mason
Funds
Complex to
be Overseen
by Current
Board
Member  or
Nominee2
    Other Board
Memberships Held by
Current Board
Member or Nominee

Jaynie Miller Studenmund

Born 1954

  Current Member of Existing Board 1 and Nominee to Unified Board   Since
2004
  Corporate Board Member and Advisor (since 2004); retired as Chief Operating Officer of Overture Services, Inc. (publicly traded internet company that created search engine marketing) (2001 to 2004); President and Chief Operating Officer, PayMyBills (internet innovator in bill presentment/payment space) (1999 to 2001); Executive vice president for consumer and business banking for three national financial institutions (1984 to 1997)     52     Director of Pacific Premier Bancorp Inc. and Pacific Premier Bank (since 2019); Director of EXL (operations management and analytics company) (since 2018); Director of CoreLogic, Inc. (information, analytics and business services company) (since 2012); formerly, Director of Pinnacle Entertainment, Inc. (gaming and hospitality company) (2012 to 2018); Director of LifeLock, Inc. (identity theft protection company) (2015 to 2017); Director of Orbitz Worldwide, Inc. (online travel company) (2007 to 2014)

Peter J. Taylor3

Born 1958

  Nominee to Unified Board   Since
2019
  President to ECMC Foundation (nonprofit organization) (since 2014); formerly, Executive Vice President and Chief Financial Officer for University of California system (2009 to 2014); Managing Director, Barclays Capital (investment bank) (2008 to 2009); Managing Director, Lehman Brothers (investment bank) (1993 to 2008)     52     Member of the Board of Trustees of California State University system; Director of Pacific Mutual Holding Company,4 Kaiser Family Foundation, Ralph M. Parson Foundation, and Edison International

Members of Existing Board 2 Not Continuing**:

   

Elliott J. Berv

Born 1943

  Current Member of Existing Board 2   Since
1989
  President and Chief Executive Officer, Catalyst (consulting) (since 1984); formerly, Chief Executive Officer, Rocket City Enterprises (media) (2000 to 2005)     43     None

 

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Name and

Year of Birth

  Position(s)
with Fund
 

Term of
Office and
Length of

Time
Served1

 

Principal Occupation(s)
During

the Past
Five Years

  Number of
Funds in
the
Legg Mason
Funds
Complex to
be Overseen
by Current
Board
Member  or
Nominee2
    Other Board
Memberships Held by
Current Board
Member or Nominee

Mark T. Finn

Born 1943

  Current Member of Existing Board 2   Since 1989   Adjunct Professor, College of William & Mary (since 2002); Chairman, Chief Executive Officer and Owner, Vantage Consulting Group, Inc. (investment management) (since 1988); formerly, Principal/Member, Balvan Partners (investment management) (2002 to 2009)     43     None

Stephen R. Gross

Born 1947

  Current Member of Existing Board 2   Since 1986   Chairman Emeritus (since 2011) and formerly, Chairman, HLB Gross Collins, P.C. (accounting and consulting firm) (1979 to 2011); Executive Director of Business Builders Team, LLC (since 2005); Principal, Gross Consulting Group, LLC (since 2011); CEO, Gross Capital Partners, LLC (since 2014); CEO, Trusted CFO Solutions, LLC (since 2011)     88     Legg Mason Partners Equity Funds Board (since 2019)

Susan M. Heilbron

Born 1945

  Chair and Current Member of Existing Board 2   Since 1991
(Chair of
Existing
Board 2
since
2018)
  Retired; formerly, President, Lacey & Heilbron (communications consulting) (1990 to 2002); General Counsel and Executive Vice President, The Trump Organization (1986 to 1990); Senior Vice President, New York State Urban Development Corporation (1984 to 1986); Associate, Cravath, Swaine & Moore LLP (1980 to 1984 and 1977 to 1979)     88     Legg Mason Partners Equity Funds Board (since 2019)

 

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Name and

Year of Birth

  Position(s)
with Fund
 

Term of
Office and
Length of

Time
Served1

 

Principal Occupation(s)
During

the Past
Five Years

  Number of
Funds in
the
Legg Mason
Funds
Complex to
be Overseen
by Current
Board
Member  or
Nominee2
    Other Board
Memberships Held by
Current Board
Member or Nominee

R. Richardson Pettit

Born 1942

  Current Member of Existing Board 2   Since
1990
  Retired; formerly, Duncan Professor of Finance, University of Houston (1977 to 2006); previous academic or management positions include: University of Washington, University of Pennsylvania and Purdue University     43     None

Interested Current Board Members or Nominees::

Ronald L. Olson5

Born 1941

  Current Member of Existing Board 1 and Nominee to Unified Board   Since
2005
  Partner of Munger, Tolles & Olson LLP (a law partnership) (since 1968)     52     Berkshire Hathaway, Inc (since 1997)

Jane E. Trust, CFA6

Born 1962

  Current Member of Existing Board 2, President and Chief Executive Officer of the Funds, and Nominee to Unified Board   Since
2015
  Senior Managing Director of Legg Mason & Co., LLC (“Legg Mason & Co.”) (since 2018); Managing Director of Legg Mason & Co. (2016 to 2018); Officer and/or Trustee/Director of 141 funds associated with LMPFA or its affiliates (since 2015); President and Chief Executive Officer of LMPFA (since 2015); formerly, Senior Vice President of LMPFA (2015); Director of ClearBridge, LLC (formerly, Legg Mason Capital Management, LLC) (2007 to 2014); Managing Director of Legg Mason Investment Counsel & Trust Co. (2000 to 2007)     141     None
*

Current Board Members or Nominees who are not “interested persons” (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust/Corporation.

**

The terms of office of Elliott J. Berv, Mark T. Finn, Stephen R. Gross, Susan M. Heilbron, and R. Richardson Pettit, current members of Existing Board 2, will not continue with respect to the Funds once the Unified Board takes office on or about January 1, 2020. Messrs. Berv, Finn and Pettit are retiring from service as Board Members of Legg Mason funds. Mr. Pettit is retiring upon reaching the current retirement age of Existing Board 2. Messrs. Berv and Finn will be retiring one year before the current retirement age of Existing Board 2. As of February 6, 2019, Ms. Heilbron and

 

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  Mr. Gross serve as Trustees to funds within the Legg Mason fund complex that are not overseen by either Existing Board. Ms. Heilbron and Mr. Gross serve as Trustees to 45 such funds overseen by the Legg Mason Partners Equity Funds Board.
1 

Indicates the earliest year in which Nominee became a Board Member for a Fund in the Fund complex. Each Board Member serves until his or her respective successor has been duly elected and qualified or until his or her earlier death, resignation, retirement or removal.

2 

For each Nominee, the number shown is the total number of separate portfolios within the fund complex that the Nominee would oversee if he or she is elected during the Meeting. For each current Board Member who is not a Nominee, the number shown is the total number of separate portfolios within the fund complex that the Nominee oversees as of the date of this proxy statement.

3

Mr. Taylor serves as a director of Western Asset Investment Grade Income Fund, Inc. and a trustee of Western Asset Premier Bond Fund (closed-end investment companies), with the other Board Members who currently serve on Existing Board 1.

4

Western Asset and its affiliates provide investment advisory services with respect to registered investment companies sponsored by an affiliate of Pacific Mutual Holding Company (“Pacific Holdings”). Affiliates of Pacific Holdings receive compensation from Legg Mason or its affiliates for shareholder or distribution services provided with respect to registered investment companies for which Western Asset or its affiliates serve as investment adviser.

5 

Mr. Olson is an “interested person” (as defined in the 1940 Act) of the Trust/Corporation because his law firm has provided legal services to Western Asset.

6 

Ms. Trust is an “interested person” (as defined in the 1940 Act) of the Trust/Corporation because of her position with LMPFA and/or certain of its affiliates.

Qualifications of Current Board Members and Nominees

Each Existing Board believes that each of its current Board Member’s and each Nominee’s experience, qualifications, attributes or skills on an individual basis and in combination with those of its other current Board Members and the Nominees lead to the conclusion that the Board possesses the requisite skills and attributes. Each Existing Board believes that the Nominees’ and its current Board Members’ abilities to review, critically evaluate, question and discuss information provided to them, to interact effectively with the Manager, the subadvisers, other service providers, counsel and independent auditors, and to exercise effective business judgment in the performance of their duties, support this conclusion. The Existing Boards have considered the following experience, qualifications, attributes and/or skills, among others, of the Nominees in reaching its conclusion with respect to the Nominees and its current Board Members: his or her character and integrity; such person’s length of service as a board member of certain Funds; such person’s willingness to serve and willingness and ability to commit the time necessary to perform the duties of a Board Member; as to each Nominee other than Mr. Olson and Ms. Trust, his or her status as not being an “interested person” (as defined in the 1940 Act) of the Funds (each an “Independent Board Member”). In addition, the following specific experience, qualifications, attributes and/or skills apply as to the Nominees: Mr. Abeles, business, accounting and finance expertise and experience as a chief financial officer, board member and/or executive officer of various businesses and other organizations; Ms. Dasher, experience as a chief financial officer of a private investment company; Ms. DeFrantz, business expertise and experience as a president, board member and/or executive officer of various businesses and non-profit and other organizations; Ms. Kerley, investment consulting experience and background and mutual fund board experience; Mr. Poladian, business, finance and accounting expertise and experience as a board member of various businesses and/or as a partner of a multi-national accounting firm; Mr. Siart, business and finance expertise and experience as a president, chairperson, chief executive officer and/or board member of various businesses and non-profit and other organizations; Ms. Studenmund, business and finance expertise and experience as a president, board member and/or chief operating officer of various businesses; Mr. Olson, business and legal expertise and experience as a partner of a law firm and/or board member of various businesses and non-profit and other organizations; Mr. Taylor, business and finance expertise and experience as a

 

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chief financial officer, president and/or board member of various businesses and non-profit organizations; and Ms. Trust, investment management and risk oversight experience as an executive and portfolio manager and leadership roles within Legg Mason and affiliated entities. In addition, Existing Board 2 believes that the following specific experience, qualifications, attributes and/or skills apply as to its other current Board Members of Existing Board 2: Mr. Berv, experience as a chief executive officer and board member of various businesses and organizations and organizational consulting experience; Mr. Finn, investment management experience as an executive, consultant and portfolio manager; Mr. Gross, accounting background and experience as an officer and board member of various organizations; Ms. Heilbron, legal background, business and consulting experience; and Dr. Pettit, economic and finance background and academic management experience. References to the qualifications, attributes and skills of Nominees are pursuant to requirements of the SEC, do not constitute holding out of an Existing Board, the Unified Board or any Nominee as having any special expertise or experience, and shall not impose any greater responsibility or liability on any such person or on an Existing Board or the Unified Board by reason thereof.

General Information Regarding the Boards

Compensation: Information relating to compensation paid to the Nominees and current Board Members who serve on the Existing Boards for the Most Recent Year5 is set forth in Appendix C.

Equity Securities Owned by the Current Board Members and Nominees: Information relating to the amount of equity securities of the Funds and other funds in the Fund Complex owned by the current Board Members and the Nominees as of August 16, 2019 is set forth in Appendix D.

Attendance of Board Members at Annual Meeting: No Trust or Corporation has a policy with regard to attendance of Board Members at annual meetings. No annual meeting for any Trust or Corporation was held during the Most Recent Year.

Board Meetings: During the Most Recent Year Existing Board 1 met 6 times and Existing Board 2 met 5 times. Each incumbent Nominee and current Board Member attended more than 75% of the aggregate number of meetings of each Board and of each committee of each Board on which he or she served.

Board Leadership Structure, Oversight and Standing Committees of the Existing Boards: Information relating to the various standing committees of the Existing Boards is set forth in Appendix E.

Each Existing Board has determined that its leadership structure is appropriate given the business and nature of the Funds. In connection with its determination, each Existing Board considered that its Chairperson is an Independent Board Member. Each Chairperson can play an important role in setting the agenda of each Existing Board and also serves as a key point person for dealings between management and the other Independent Board Members. The Independent Board Members of each Existing Board believe that their Chairperson’s independence facilitates meaningful dialogue between management and the Independent Board Members. The Existing Boards also considered that the chairpersons of each Existing Board’s standing committees are Independent Board Members, which yields similar benefits with respect to the functions and activities of the various Existing Board standing committees (e.g., each standing committee’s

 

5 The term “Most Recent Year,” when used in Joint Proxy Statement and the relevant Appendices, refers to the calendar year ended December 31, 2018, which coincides with the last fiscal year of certain of the Funds, as shown in Appendix H.

 

15


Table of Contents

chairperson works with LMPFA and other service providers to set agendas for the meetings of the applicable Existing Board standing committees). As noted above, through the standing committees, the Independent Board Members consider and address important matters involving the Funds, including those presenting conflicts or potential conflicts of interest for management. The Independent Board Members also regularly meet outside the presence of management and are advised by independent legal counsel. The Existing Boards have determined that their standing committees help ensure that the Funds have effective and independent governance and oversight. Each Existing Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Board Members from management, including the subadviser. Each Existing Board reviews its structure on an annual basis.

As an integral part of their responsibility for oversight of each Fund in the interests of shareholders, each Existing Board oversees risk management of the Funds’ investment programs and business affairs. The function of the Existing Boards with respect to risk management is one of oversight, not active involvement in, or coordination of, day-to-day risk management activities for the Funds. The Existing Boards have emphasized to the Manager and subadviser the importance of maintaining vigorous risk management. The Existing Boards exercise oversight of the risk management process primarily through the standing committees of the Existing Boards, and through oversight by the Existing Boards.

The Funds face a number of risks, such as investment risk, counterparty risk, valuation risk, reputational risk, risk of operational failure or lack of business continuity, and legal, compliance and regulatory risk. Risk management seeks to identify and address risks, i.e., events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the Funds. Under the overall supervision of the Existing Boards or the applicable standing committees, the Funds, the Manager, the subadviser, and the affiliates of the Manager and the subadviser, or other service providers to the Funds, employ a variety of processes, procedures and controls to identify various of those possible events or circumstances, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur.

Different processes, procedures and controls are employed with respect to different types of risks. Various personnel, including the Funds’ and the Manager’s Chief Compliance Officer (“CCO”) and the Manager’s chief risk officer, as well as various personnel of the subadviser and other service providers such as the Funds’ independent accountants, report to the standing committees and/or to the Existing Boards with respect to various aspects of risk management, as well as events and circumstances that have arisen and responses thereto. These reports and other similar reports received by the Board Members as to risk management matters are typically summaries of the relevant information. The Board Members recognize that not all risks that may affect the Funds can be identified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it is necessary for the Funds to bear certain risks (such as investment-related risks) to achieve their goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness.

Because most of the Funds’ operations are carried out by various service providers, each Existing Board’s oversight of the risk management processes of those service providers, including processes to address cybersecurity and other operational issues, is inherently limited.

Officers of the Funds

The officers of each Fund, their ages and their principal occupations during the past five years (their titles may have varied during that period) are set forth in Appendix G.

 

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Shareholder Approval

The election of Nominees to the Unified Board must be approved by a plurality of the votes cast in person or by proxy at the Meeting at which a quorum exists. The votes of each Fund in the same Trust or Corporation will be counted together with respect to the election of the Nominees to the Unified Board and the shareholders of each Fund will vote together as a single class with the shareholders of all other Funds that are series of the same Trust or Corporation.

Your Board recommends that you vote “FOR” the election of each of the Nominees to the Unified Board.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board Members, including a majority of the Independent Board Members, of each Fund have selected Pricewaterhouse Coopers LLP (“PwC”) as the independent registered public accounting firm for the Funds. No representatives of PwC will be present at the Meeting.

Appendix H sets forth for each Fund, for each of the applicable Fund’s two most recent fiscal years, the fees billed by the Fund’s independent registered public accounting firm for all audit and non-audit services provided directly to the Fund and each Fund’s fiscal year end month and day. The fee information in Appendix H is presented under the following captions:

(a) Audit Fees—fees related to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements.

(b) Audit-Related Fees—fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under “Audit Fees,” including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews not required by regulators.

(c) Tax Fees—fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis reviews.

(d) All Other Fees—fees for products and services provided to the Fund other than those reported under “Audit Fees,” “Audit-Related Fees” and “Tax Fees.”

Existing Board 1’s Audit Committee pre-approves, to the extent contemplated by applicable regulations, audit and non-audit services rendered to the Fund by the auditors and non-audit services rendered to the Manager and certain of its affiliates by the independent registered public accounting firms, and review the fees charged by the independent registered public accounting firms for such services; provided, however, that the Existing Board 1’s Audit Committee may implement policies and procedures pursuant to which services are pre-approved other than by the full Existing Board 1’s Audit Committee, subject to the requirement that the full Existing Board 1’s Audit Committee be notified at its next meeting of each such service. Existing Board 1’s Audit Committee has delegated to its chairperson the authority, on behalf of Existing Board 1’s Audit Committee, to pre-approve audit and non-audit services rendered to the Funds and non-audit services rendered to the Manager and their affiliates by the independent registered public accounting firms; provided that any such pre-approval is reported to Existing Board 1’s Audit Committee not later than its next meeting.

 

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The charter of Existing Board 2’s Audit Committee requires that the Audit Committee shall approve (a) all audit and permissible non-audit services to be provided to each Fund and (b) all permissible non-audit services to be provided by the Fund’s independent auditors to the investment adviser and any service providers controlling, controlled by or under common control with the investment adviser that provide ongoing services to the Fund (“Covered Service Providers”) if the engagement relates directly to the operations and financial reporting of the Fund. The Audit Committee may implement policies and procedures by which such services are approved other than by the full Committee.

Existing Board 2’s Audit Committee may not approve non-audit services that the Committee believes may impair the independence of the independent registered public accounting firms. Permissible non-audit services include any professional services (including tax services) that are not prohibited services as described below provided to the Fund by the independent registered public accounting firms, other than those provided to a Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include (a) bookkeeping or other services related to the accounting records or financial statements of the Fund; (b) financial information systems design and implementation; (c) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (d) actuarial services; (e) internal audit outsourcing services; (f) management functions or human resources; (g) broker or dealer, investment adviser or investment banking services; (h) legal services and expert services unrelated to the audit; and (i) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval by Existing Board 2’s Audit Committee of any permissible non-audit services is not required so long as: (a) the aggregate amount of all such permissible non-audit services provided to a Fund, LMPFA and any Covered Service Provider constitutes not more than 5% of the total amount of revenues paid to the independent registered public accounting firm during the fiscal year in which the permissible non-audit services are provided to (i) the Fund, (ii) the Manager and (iii) any Covered Service Provider during the fiscal year in which services are provided that would not have to be approved by the Committee; (b) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (c) such services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee (or its delegate(s)) prior to completion of the audit.

For each Fund’s two most recent fiscal years, there were no services rendered by PwC to the Funds for which the pre-approval requirement was waived.

Non-audit fees billed for services rendered to the Funds and the Manager or any entity controlling, controlled by or under common control with the Manager that provides ongoing services to the Funds during the last two fiscal years is presented in Appendix H under the caption “Aggregate Non-Audit Fees for Services Provided to Each Fund and its Affiliated Service Providers Pre-Approved by the Audit Committee.”

Each Audit Committee has considered whether the provision of non-audit services that were rendered by PwC to the Manager and Covered Service Providers that were not pre-approved (not requiring pre-approval) is compatible with maintaining such auditor’s independence. All services provided by PwC to each Fund, its Manager or Covered Service Providers that were required to be pre-approved were pre-approved as required.

 

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ADDITIONAL INFORMATION

5% Share Ownership

As of August 30, 2019, the persons listed in Appendix I owned of record the amounts indicated of the shares of the class of Funds indicated in Appendix I.

Submission of Shareholder Proposals

The Funds do not hold annual meetings of shareholders. A shareholder proposal intended to be presented at a future special meeting of shareholders of a Fund must be received at the offices of the Fund, 820 Eighth Avenue, New York, NY 10018, at a reasonable time before the Fund begins to print and mail its proxy materials. Timely submission of a proposal does not guarantee that such proposal will be included in a proxy statement.

Shareholder Communications

Shareholders who want to communicate with the Board or any individual Board Member should write their Fund to the attention of Robert I. Frenkel, Secretary, 100 First Stamford Place, Stamford, CT 06902. The letter should indicate that you are a Fund shareholder. If the communication is intended for a specific Board Member and so indicates, it will be sent only to that Board Member. If a communication does not indicate a specific Board Member, it will be sent to the chair of the governance and nominating committee and the outside counsel to the Independent Board Members for further distribution as deemed appropriate by such persons.

Additionally, shareholders with complaints or concerns regarding accounting matters may address letters to the Fund’s Chief Compliance Officer (“CCO”). Shareholders who are uncomfortable submitting complaints to the CCO may address letters directly to the Chair of the Audit Committee of the Board that oversees the Fund. Such letters may be submitted on an anonymous basis.

Expense of Proxy Solicitation

The cost of preparing, printing and mailing the enclosed proxy, accompanying notice and this Joint Proxy Statement and costs in connection with the solicitation of proxies will be borne by the Funds subject to any applicable expense limitations, under which management would bear the costs. It is expected that such costs and expenses will be allocated among the Funds on the basis of their respective net assets, except when direct costs can reasonably be attributed to one or more particular Funds. Each Fund’s portion of the foregoing expenses is subject to any contractual cap or voluntary agreement to waive fees and/or reimburse expenses that may otherwise apply to that Fund. Solicitation may be made by letter or telephone by officers or employees of the Manager, or by dealers and their representatives. Brokerage houses, banks and other fiduciaries may be requested to forward proxy solicitation material to their principals to obtain authorization for the execution of proxies. The Funds will reimburse brokerage firms, custodians, banks and fiduciaries for their expenses in forwarding this Joint Proxy Statement and proxy materials to the beneficial owners of each Fund’s shares. In addition, the Funds and Legg Mason have retained Computershare, a proxy solicitation firm, to assist in the solicitation of proxies. It is anticipated that Computershare will be paid approximately $[    ] for such solicitation services (including reimbursements of out-of-pocket expenses), to be borne by the Funds. Computershare may solicit proxies personally and by telephone.

 

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Fiscal Year

The fiscal year end of each Fund is as set forth in Appendix H.

Information Concerning the Manager, Subadvisers, Distributor and Administrator

LMPFA, 620 Eighth Avenue, New York, New York 10018, is the Funds’ investment manager and administrator.

Western Asset Management Company, LLC (formerly known as Western Asset Management Company) (“Western Asset”), is a subadviser to LMPFA with respect to the Funds. Western Asset Management Company Limited (“Western Asset London”), Western Asset Management Company Ltd (“Western Asset Japan”) and Western Asset Management Company Pte. Ltd. (“Western Asset Singapore” and, collectively with Western Asset, Western Asset London and Western Asset Japan, the “subadvisers”), also serve as subadvisers to certain of the Funds. Western Asset has offices at 385 East Colorado Boulevard, Pasadena, California 91101 and 620 Eighth Avenue, New York, New York 10018. Western Asset London has offices at 10 Exchange Square, Primrose Street, London EC2A 2EN. Western Asset Japan has offices at 36F Shin-Marunouchi Building, 5-1 Marunouchi 1-Chome Chiyoda-Ku, Tokyo 100-6536, Japan. Western Asset Singapore has offices at 1 George Street #23-01, Singapore 049145. Each Fund’s subadviser(s) is listed in Appendix B.

Legg Mason Investor Services, LLC (“LMIS”), 100 International Drive, Baltimore, Maryland 20202, is the distributor to all of the Funds except Government Portfolio, Liquid Reserves Portfolio, Tax Free Reserves Portfolio, U.S. Treasury Obligations Portfolio and U.S. Treasury Reserves Portfolio.

General

Management does not intend to present and does not have reason to believe that any other items of business will be presented at the Meeting. However, if other matters are properly presented to the Meeting for a vote, the proxies will be voted by the persons acting under the proxies upon such matters in accordance with their judgment of the best interests of the Fund.

Failure of a quorum to be present at the Meeting with respect to any Trust or the Corporation may result in one or more adjournments of the Meeting. The Meeting may, by action of the chair of the Meeting and without any action by shareholders, be adjourned from time to time without notice (other than announcement at the Meeting at which the adjournment is taken) with respect to one or more matters to be considered at the Meeting to a designated date, time and place, whether or not a quorum is present with respect to such matter. If the chair of the Meeting determines to submit to shareholders a proposal to adjourn the Meeting, whether or not a quorum is present, approval by the shareholders requires the vote of holders of a majority of the votes cast on the question and, if approved, the adjournment shall take place without further notice (other than announcement at the Meeting at which the adjournment is taken). If the question of adjournment is put to a shareholder vote, the persons named as proxies intend to vote in favor of adjournment those proxies that they are entitled to vote in accordance with the Board Members’ recommendation on Proposal 1. They intend to vote against adjournment those proxies required to be voted contrary to the Board Members’ recommendation on Proposal 1. Unless a proxy is otherwise limited in this regard, any shares present and entitled to vote at a meeting, including shares that are represented by broker non-votes, may, at the discretion of the proxies named

 

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therein, be voted in favor of such an adjournment. Adjournments of the Meeting may be proposed for a reasonable period or periods to permit further solicitation of proxies.

Please vote promptly by signing and dating each enclosed proxy card and returning it in the accompanying postage-paid return envelope OR by following the enclosed instructions to similarly providing voting instructions by telephone or over the Internet.

Robert I. Frenkel

Secretary

[    ], 2019

 

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Appendix A

Corporation, Trusts and Series

 

Trust/Corporation   Form of
Organization
  Series
Legg Mason Partners Institutional Trust   Maryland Statutory Trust  

Western Asset Institutional Government Reserves

Western Asset Institutional Liquid Reserves

Western Asset Institutional U.S. Treasury Obligations Money Market Fund

Western Asset Institutional U.S. Treasury Reserves

Western Asset Select Tax Free Reserves

Western Asset SMASh Series C Fund

Western Asset SMASh Series EC Fund

Western Asset SMASh Series M Fund

Western Asset SMASh Series TF Fund

Legg Mason Partners Income Trust   Maryland Statutory Trust  

Western Asset Adjustable Rate Income Fund

Western Asset California Municipals Fund

Western Asset Corporate Bond Fund

Western Asset Emerging Markets Debt Fund

Western Asset Global High Yield Bond Fund

Western Asset Income Fund

Western Asset Intermediate Maturity California Municipals Fund

Western Asset Intermediate Maturity New York Municipals Fund

Western Asset Intermediate-Term Municipals Fund

Western Asset Managed Municipals Fund

Western Asset Massachusetts Municipals Fund

Western Asset Mortgage Total Return Fund1

Western Asset Municipal High Income Fund

Western Asset New Jersey Municipals Fund

Western Asset New York Municipals Fund

Western Asset Oregon Municipals Fund

Western Asset Pennsylvania Municipals Fund

Western Asset Short Duration High Income Fund

Western Asset Short Duration Municipal Income Fund

Western Asset Short-Term Bond Fund

Legg Mason Partners Money Market Trust   Maryland Statutory Trust  

Western Asset Government Reserves

Western Asset New York Tax Free Money Market Fund

Western Asset Prime Obligations Money Market Fund

Western Asset Tax Free Reserves

Western Asset U.S. Treasury Reserves

Legg Mason Partners Premium Money Market Trust   Maryland Statutory Trust  

Western Asset Premium Liquid Reserve

Western Asset Premium U.S. Treasury Reserves

Legg Mason Partners Variable Income Trust   Maryland Statutory Trust  

Western Asset Core Plus VIT Portfolio

Western Asset Variable Global High Yield Bond Portfolio

Master Portfolio Trust   Maryland Statutory Trust  

Government Portfolio

Liquid Reserves Portfolio

Tax Free Reserves Portfolio

U.S. Treasury Obligations Portfolio

U.S. Treasury Reserves Portfolio

Western Asset Funds, Inc.   Maryland Corporation  

Western Asset Core Bond Fund

Western Asset Core Plus Bond Fund

Western Asset High Yield Fund

Western Asset Inflation Indexed Plus Bond Fund

Western Asset Intermediate Bond Fund

Western Asset Macro Opportunities Fund

Western Asset Total Return Unconstrained Fund

 

1 Prior to September 27, 2019, the Western Asset Mortgage Backed Securities Fund.

 

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Appendix B

Fund Information

The following table lists, with respect to each Fund, the name of the Fund’s subadviser(s), the total number of shares outstanding and the net assets of the Fund on the Record Date. The table also indicates, under “Manner of Voting,” whether a shareholder of a Fund is entitled to one vote for each share of that Fund held on the record date, or whether a shareholder of the Fund is entitled to vote based on the dollar value of shares held by the shareholder on the Record Date, so called “dollar-weighted” voting.

 

Trust/Corporation   Fund   Subadviser(s)   Total
Shares
Outstanding
  Net Assets ($)   Quorum
Requirement
  Manner
of Voting
Legg Mason Partners Institutional Trust   Western Asset Institutional Government Reserves   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset Institutional Liquid Reserves   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset Institutional U.S. Treasury Obligations Money Market Fund   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset Institutional U.S. Treasury Reserves   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset Select Tax Free Reserves   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset SMASh Series C Fund   Western Asset; Western Asset London; Western Asset Japan; Western Asset Singapore       30% of voting power   Dollar-Weighted
  Western Asset SMASh Series EC Fund   Western Asset; Western Asset London; Western Asset Japan; Western Asset Singapore       30% of voting power   Dollar-Weighted
  Western Asset SMASh Series M Fund   Western Asset; Western Asset London; Western Asset Japan; Western Asset Singapore       30% of voting power   Dollar-Weighted

 

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Trust/Corporation   Fund   Subadviser(s)   Total
Shares
Outstanding
  Net Assets ($)   Quorum
Requirement
  Manner
of Voting
    Western Asset SMASh Series TF Fund   Western Asset; Western Asset London; Western Asset Japan; Western Asset Singapore           30% of voting power   Dollar-Weighted
Legg Mason Partners Income Trust   Western Asset Adjustable Rate Income Fund   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset California Municipals Fund   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset Corporate Bond Fund   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset Emerging Markets Debt Fund   Western Asset; Western Asset London; Western Asset Japan; Western Asset Singapore       30% of voting power   Dollar-Weighted
  Western Asset Global High Yield Bond Fund   Western Asset; Western Asset London; Western Asset Singapore       30% of voting power   Dollar-Weighted
  Western Asset Income Fund   Western Asset; Western Asset London; Western Asset Japan; Western Asset Singapore       30% of voting power   Dollar-Weighted
  Western Asset Intermediate Maturity California Municipals Fund   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset Intermediate Maturity New York Municipals Fund   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset Intermediate-Term Municipals Fund   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset Managed Municipals Fund   Western Asset       30% of voting power   Dollar-Weighted

 

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Trust/Corporation   Fund   Subadviser(s)   Total
Shares
Outstanding
  Net Assets ($)   Quorum
Requirement
  Manner
of Voting
  Western Asset Massachusetts Municipals Fund   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset Mortgage Total Return Fund1   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset Municipal High Income Fund   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset New Jersey Municipals Fund   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset New York Municipals Fund   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset Oregon Municipals Fund   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset Pennsylvania Municipals Fund   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset Short Duration High Income Fund   Western Asset; Western Asset London       30% of voting power   Dollar-Weighted
  Western Asset Short Duration Municipal Income Fund   Western Asset       30% of voting power   Dollar-Weighted
    Western Asset Short-Term Bond Fund   Western Asset; Western Asset London           30% of voting power   Dollar-Weighted
Legg Mason Partners Money Market Trust   Western Asset Government Reserves   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset New York Tax Free Money Market Fund   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset Prime Obligations Money Market Fund   Western Asset       30% of voting power   Dollar-Weighted
  Western Asset Tax Free Reserves   Western Asset       30% of voting power   Dollar-Weighted
    Western Asset U.S. Treasury Reserves   Western Asset           30% of voting power   Dollar-Weighted
Legg Mason Partners Premium Money Market Trust   Western Asset Premium Liquid Reserves   Western Asset       30% of voting power   Dollar-Weighted
    Western Asset Premium U.S. Treasury Reserves   Western Asset           30% of voting power   Dollar-Weighted

 

1 Prior to September 27, 2019, the Western Asset Mortgage Backed Securities Fund.

 

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Trust/Corporation   Fund   Subadviser(s)   Total
Shares
Outstanding
  Net Assets ($)   Quorum
Requirement
  Manner
of Voting
Legg Mason Partners Variable Income Trust   Western Asset Core Plus VIT Portfolio   Western Asset; Western Asset London; Western Asset Japan; Western Asset Singapore       30% of voting power   Dollar-Weighted
    Western Asset Variable Global High Yield Bond Portfolio   Western Asset; Western Asset London; Western Asset Singapore           30% of voting power   Dollar-Weighted
Master Portfolio Trust   Government Portfolio   Western Asset       30% of voting power   Dollar-Weighted
  Liquid Reserves Portfolio   Western Asset       30% of voting power   Dollar-Weighted
  Tax Free Reserves Portfolio   Western Asset       30% of voting power   Dollar-Weighted
  U.S. Treasury Obligations Portfolio   Western Asset       30% of voting power   Dollar-Weighted
    U.S. Treasury Reserves Portfolio   Western Asset           30% of voting power   Dollar-Weighted
Western Asset Funds, Inc.   Western Asset Core Bond Fund   Western Asset; Western Asset Japan       30% of shares entitled to vote   One vote per share
  Western Asset Core Plus Bond Fund   Western Asset; Western Asset London; Western Asset Japan; Western Asset Singapore       30% of shares entitled to vote   One vote per share
  Western Asset High Yield Fund   Western Asset; Western Asset London       30% of shares entitled to vote   One vote per share
  Western Asset Inflation Indexed Plus Bond Fund   Western Asset; Western Asset London; Western Asset Japan; Western Asset Singapore       30% of shares entitled to vote   One vote per share
  Western Asset Intermediate Bond Fund   Western Asset; Western Asset London       30% of shares entitled to vote   One vote per share

 

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Trust/Corporation   Fund   Subadviser(s)   Total
Shares
Outstanding
  Net Assets ($)   Quorum
Requirement
  Manner
of Voting
  Western Asset Macro Opportunities Fund   Western Asset; Western Asset London; Western Asset Japan; Western Asset Singapore       30% of shares entitled to vote   One vote per share
    Western Asset Total Return Unconstrained Fund   Western Asset; Western Asset London; Western Asset Japan; Western Asset Singapore           30% of shares entitled to vote   One vote per share

 

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Appendix C

Compensation of the Current Board Members and Nominees

Existing Board 1

Existing Board 1 currently oversees the following Funds:

 

Trust/Corporation    Series

Western Asset Funds, Inc.

   Western Asset Core Bond Fund
   Western Asset Core Plus Bond Fund
   Western Asset High Yield Fund
   Western Asset Inflation Indexed Plus Bond Fund
   Western Asset Intermediate Bond Fund
   Western Asset Macro Opportunities Fund
   Western Asset Total Return Unconstrained Fund

Information for the Most Recent Year* regarding compensation paid to the Board Members of Existing Board 1 by the Funds and all funds in the Legg Mason fund complex is set forth below. The Independent Board Members of Existing Board 1 receive an annual retainer plus fees for attending each regularly scheduled meeting and special Board meeting he or she attends in person or by telephone. The Independent Board Members of Existing Board 1 are also reimbursed for all out-of-pocket expenses relating to attendance at such meetings. Those Independent Board Members who serve in leadership positions of Existing Board 1, as well as each committee member, receive additional compensation. All such fees paid to the Independent Board Members of Existing Board 1 are aggregate fees for serving on the combined Board of Directors/Trustees of the Corporation, Western Asset Investment Grade Income Fund, Inc. and Western Asset Premier Bond Fund and such fees are allocated according to each such investment company’s average annual net assets. Existing Board 1 reviews the level of Board Member compensation periodically and Board Member compensation may change from time to time. Mr. Olson, an “interested person” (as defined in the 1940 Act) of the Corporation, receives from Western Asset an annual retainer plus fees for attending each regularly scheduled meeting and special Board meeting he attends in person or by telephone. Ms. Jane E. Trust, an “interested person,” as defined in the 1940 Act, of the Funds does not receive compensation from the Funds, but may be reimbursed for all out-of-pocket expenses relating to attendance at such meetings.

 

 

* The term “Most Recent Year,” when used in this Appendix C, refers to the calendar year ended December 31, 2018, which coincides with the last fiscal year of certain of the Funds, as shown in Appendix H. The disclosure of compensation paid to Board Members by all Funds for the Most Recent Year rather than, in certain instances, a Fund’s most recent fiscal year, is provided for ease of presentation and comprehension. The compensation structure for Board Members of all Funds, generally a yearly fee plus fees per meeting attended, has not been altered since the periods covered, but compensation of Board Members varies from period to period depending on the number of meetings attended. The Funds whose fiscal years do not coincide with the calendar year do not believe that the compensation of any of their Board Members would be materially greater if disclosed for the most recent fiscal years, after taking into account the number of meetings held in each period.

 

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Compensation Table ($)

 

Fund1   Robert
Abeles, Jr.
    Anita L.
DeFrantz
    Avedick B.
Poladian
    William E.B.
Siart
    Jaynie
Miller
Studenmund
    Ronald L.
Olson
 
Western Asset Funds, Inc.            
Western Asset Core Bond Fund     $50,164       $43,770       $43,770       $51,442       $43,770       None  
Western Asset Core Plus Bond Fund     $121,024       $105,710       $105,710       $124,087       $105,710       None  
Western Asset High Yield Fund     $1,232       $1,075       $1,075       $1,263       $1,075       None  
Western Asset Inflation Indexed Plus Bond Fund     $2,362       $2,061       $2,061       $2,423       $2,061       None  
Western Asset Intermediate Bond Fund     $3,994       $3,490       $3,490       $4,095       $3,490       None  
Western Asset Macro Opportunities Fund     $8,242       $7,191       $7,191       $8,453       $7,191       None  
Western Asset Total Return Unconstrained Fund     $8,378       $7,305       $7,305       $8,592       $7,305       None  
Total Compensation from Fund Complex     $202,000       $174,500       $177,000       $207,000       $177,000       None  
Number of Funds in Fund Complex Overseen by Board Member2     9       9       9       9       9       9  

 

1 Information for the Most Recent Year.

2 In addition to overseeing the seven funds of the Corporation, each Director also serves as a Director of Western Asset Investment Grade Income Fund, Inc. and a Trustee of Western Asset Premier Bond Fund (closed-end investment companies), which are considered part of the same Fund complex as the Corporation.

None of the Funds currently provides any pension or retirement benefits to Board Members of Existing Board 1 or officers.

Beginning March 1, 2019, Mr. Taylor was retained to provide services to the Independent Trustees of Existing Board 1 with respect to their oversight of Western Asset Funds, Inc. His compensation for these services, paid by Western Asset Funds, Inc., was set at an annual rate of $110,000. Mr. Taylor also serves (since March 1, 2019) as a Director and Trustee of Western Asset Investment Grade Income Fund Inc. (“PAI”) and Western Asset Premier Bond Fund (“WEA”), which are part of the Legg Mason fund complex. Mr. Taylor’s aggregate compensation for his Director/Trustee service to PAI and WEA during calendar year 2019 is expected to be less than $10,000.

As of August 16, 2019, all Board Members of Existing Board 1 and officers as a group owned less than 1% of the outstanding shares of each Fund.

 

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Existing Board 2

Existing Board 2 currently oversees the following Funds:

 

Trust/Corporation    Series
Legg Mason Partners Institutional Trust   

Western Asset Institutional Government Reserves

Western Asset Institutional Liquid Reserves

Western Asset Institutional U.S. Treasury Obligations Money Market Fund

Western Asset Institutional U.S. Treasury Reserves

Western Asset Select Tax Free Reserves

Western Asset SMASh Series C Fund

Western Asset SMASh Series EC Fund

Western Asset SMASh Series M Fund

Western Asset SMASh Series TF Fund

Legg Mason Partners Income Trust   

Western Asset Adjustable Rate Income Fund

Western Asset California Municipals Fund

Western Asset Corporate Bond Fund

Western Asset Emerging Markets Debt Fund

Western Asset Global High Yield Bond Fund

Western Asset Income Fund

Western Asset Intermediate Maturity California Municipals Fund

Western Asset Intermediate Maturity New York Municipals Fund

Western Asset Intermediate-Term Municipals Fund

Western Asset Managed Municipals Fund

Western Asset Massachusetts Municipals Fund

Western Asset Mortgage Total Return Fund1

Western Asset Municipal High Income Fund

Western Asset New Jersey Municipals Fund

Western Asset New York Municipals Fund

Western Asset Oregon Municipals Fund

Western Asset Pennsylvania Municipals Fund

Western Asset Short Duration High Income Fund

Western Asset Short Duration Municipal Income Fund

Western Asset Short-Term Bond Fund

Legg Mason Partners Money Market Trust   

Western Asset Government Reserves

Western Asset New York Tax Free Money Market Fund

Western Asset Prime Obligations Money Market Fund

Western Asset Tax Free Reserves

Western Asset U.S. Treasury Reserves

Legg Mason Partners Premium Money Market Trust   

Western Asset Premium Liquid Reserves

Western Asset Premium U.S. Treasury Reserves

Legg Mason Partners Variable Income Trust   

Western Asset Core Plus VIT Portfolio

Western Asset Variable Global High Yield Bond Portfolio

Master Portfolio Trust   

Government Portfolio

Liquid Reserves Portfolio

Tax Free Reserves Portfolio

U.S. Treasury Obligations Portfolio

U.S. Treasury Reserves Portfolio

 

1 Prior to September 27, 2019, the Western Asset Mortgage Backed Securities Fund.

 

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Information for the Most Recent Year regarding compensation paid to the Board Members of Existing Board 2 by the Funds is set forth below. The Independent Board Members of Existing Board 2 receive an annual retainer plus fees for attending each regularly scheduled meeting and special Board meeting he or she attends in person or by telephone. The Independent Board Members of Existing Board 2 are also reimbursed for all out-of-pocket expenses relating to attendance at such meetings. Those Independent Board Members who serve in leadership positions of Existing Board 2, as well as each committee member, receive additional compensation. All such fees paid to the Independent Board Members of Existing Board 2 are aggregate fees for serving on the combined Board of Trustees of the Trusts listed above and such fees are allocated according to each such investment company’s average annual net assets. Existing Board 2 reviews the level of Board Member compensation periodically and Board Member compensation may change from time to time. Ms. Jane E. Trust, an “interested person,” as defined in the 1940 Act, of the Funds does not receive compensation from the Funds, but may be reimbursed for all out-of-pocket expenses relating to attendance at such meetings.

The terms of office of Elliott J. Berv, Mark T. Finn, Stephen R. Gross, Susan M. Heilbron, and R. Richardson Pettit, current members of Existing Board 2, will not continue with respect to the Funds once the Unified Board takes office on or about January 1, 2020. Messrs. Berv, Finn and Pettit are retiring from service as Board Members of Legg Mason funds. Mr. Pettit is retiring upon reaching the current retirement age of Existing Board 2. Messrs. Berv and Finn will be retiring one year before the current retirement age of Existing Board 2. Each of Messrs. Berv and Finn will receive payments from the Funds overseen by Existing Board 2 equal to the amount of Board Member compensation he would have received had he continued to be a member of Existing Board 2 in 2020, of approximately $296,000 and $316,000, respectively. Each Fund overseen by Existing Board 2 will pay a proportionate share (based on asset size) of these amounts. Legg Mason or its affiliates will reimburse the Funds for these payments, which may include waivers of management fees payable by the Funds to LMPFA. As of February 6, 2019, Ms. Heilbron and Mr. Gross serve as Trustees to certain other funds within the Legg Mason fund complex that are not overseen by either Existing Board.

Compensation Table ($)

 

Fund1   Elliott J.
Berv
  Jane F.
Dasher
  Mark T.
Finn
  Stephen R.
Gross
  Susan M.
Heilbron
  Susan B.
Kerley
  R. Richardson
Pettit
  Jane E.
Trust
 
Legg Mason Partners Institutional Trust  
Western Asset Institutional Government Reserves   $41,063   $41,063   $43,869   $43,869   $51,587   $43,869   $41,063     None  
Western Asset Institutional Liquid Reserves   $6,103   $6,103   $6,505   $6,505   $7,610   $6,505   $6,103     None  
Western Asset Institutional U.S. Treasury Obligations Money Market Fund   $1,928   $1,928   $2,059   $2,059   $2,420   $2,059   $1,928     None  
Western Asset Institutional U.S. Treasury Reserves   $20,748   $20,748   $22,152   $22,152   $26,012   $22,152   $20,748     None  
Western Asset Select Tax Free Reserves   $931   $931   $994   $994   $1,166   $994   $931     None  
Western Asset SMASh Series C Fund   $2,692   $2,692   $2,871   $2,871   $3,363   $2,871   $2,692     None  
Western Asset SMASh Series EC Fund   $5,246   $5,246   $5,596   $5,596   $6,556   $5,596   $5,246     None  
Western Asset SMASh Series M Fund   $7,080   $7,080   $7,552   $7,552   $8,852   $7,552   $7,080     None  
Western Asset SMASh Series TF Fund   $70   $70   $74   $74   $87   $74   $70     None  

 

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Table of Contents
Fund1   Elliott J.
Berv
  Jane F.
Dasher
  Mark T.
Finn
  Stephen R.
Gross
  Susan M.
Heilbron
  Susan B.
Kerley
  R. Richardson
Pettit
  Jane E.
Trust
 
Legg Mason Partners Income Trust  
Western Asset Adjustable Rate Income Fund   $418   $418   $445   $445   $520   $445   $418     None  
Western Asset California Municipals Fund   $1,548   $1,548   $1,653   $1,653   $1,942   $1,653   $1,548     None  
Western Asset Corporate Bond Fund   $1,482   $1,482   $1,581   $1,581   $1,854   $1,581   $1,482     None  
Western Asset Emerging Markets Debt Fund   $211   $211   $226   $226   $268   $226   $211     None  
Western Asset Global High Yield Bond Fund   $882   $882   $942   $942   $1,106   $942   $882     None  
Western Asset Income Fund   $1,303   $1,303   $1,391   $1,391   $1,633   $1,391   $1,303     None  
Western Asset Intermediate Maturity California Municipals Fund   $561   $561   $599   $599   $704   $599   $561     None  
Western Asset Intermediate Maturity New York Municipals Fund   $575   $575   $614   $614   $721   $614   $575     None  
Western Asset Intermediate-Term Municipals Fund   $7,903   $7,903   $8,437   $8,437   $9,902   $8,437   $7,903     None  
Western Asset Managed Municipals Fund   $14,599   $14,599   $15,584   $15,584   $18,294   $15,584   $14,599     None  
Western Asset Massachusetts Municipals Fund   $249   $249   $266   $266   $312   $266   $249     None  
Western Asset Mortgage Total Return Fund2   $2,523   $2,523   $2,692   $2,692   $3,159   $2,692   $2,523     None  
Western Asset Municipal High Income Fund   $1,733   $1,733   $1,851   $1,851   $2,174   $1,851   $1,733     None  
Western Asset New Jersey Municipals Fund   $649   $649   $693   $693   $814   $693   $649     None  
Western Asset New York Municipals Fund   $1,827   $1,827   $1,950   $1,950   $2,290   $1,950   $1,827     None  
Western Asset Oregon Municipals Fund   $222   $222   $237   $237   $279   $237   $222     None  
Western Asset Pennsylvania Municipals Fund   $590   $590   $630   $630   $740   $630   $590     None  
Western Asset Short Duration High Income Fund   $1,381   $1,381   $1,474   $1,474   $1,728   $1,474   $1,381     None  
Western Asset Short Duration Municipal Income Fund   $3,739   $3,739   $3,994   $3,994   $4,695   $3,994   $3,739     None  
Western Asset Short-Term Bond Fund   $1,961   $1,961   $2,091   $2,091   $2,449   $2,091   $1,961     None  
Legg Mason Partners Money Market Trust  
Western Asset Government Reserves   $3,468   $3,468   $3,701   $3,701   $4,343   $3,701   $3,468     None  
Western Asset New York Tax Free Money Market Fund   $337   $337   $360   $360   $423   $360   $337     None  
Western Asset Prime Obligations Money Market Fund   $477   $477   $508   $508   $593   $508   $477     None  
Western Asset Tax Free Reserves   $209   $209   $223   $223   $261   $223   $209     None  
Western Asset U.S. Treasury Reserves   $1,124   $1,124   $1,200   $1,200   $1,407   $1,200   $1,124     None  
Legg Mason Partners Premium Money Market Trust  
Western Asset Premium Liquid Reserves   $61   $61   $66   $66   $77   $66   $61     None  
Western Asset Premium U.S. Treasury Reserves   $761   $761   $812   $812   $951   $812   $761     None  
Legg Mason Partners Variable Income Trust  
Western Asset Core Plus VIT Portfolio   $656   $656   $700   $700   $821   $700   $656     None  
Western Asset Variable Global High Yield Bond Portfolio   $487   $487   $520   $520   $611   $520   $487     None  

 

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Table of Contents
Fund1   Elliott J.
Berv
  Jane F.
Dasher
  Mark T.
Finn
  Stephen R.
Gross
  Susan M.
Heilbron
  Susan B.
Kerley
  R. Richardson
Pettit
  Jane E.
Trust
 
Master Portfolio Trust  
Government Portfolio   $55,062   $55,062   $58,805   $58,805   $69,099   $58,805   $55,062     None  
Liquid Reserves Portfolio   $48,348   $48,348   $51,593   $51,593   $60,514   $51,593   $48,348     None  
Tax Free Reserves Portfolio   $1,141   $1,141   $1,217   $1,217   $1,428   $1,217   $1,141     None  
U.S. Treasury Obligations Portfolio   $1,930   $1,930   $2,062   $2,062   $2,424   $2,062   $1,930     None  
U.S. Treasury Reserves Portfolio   $51,432   $51,432   $54,902   $54,902   $64,445   $54,902   $51,432     None  
Total Compensation from Fund Complex   $296,000   $296,000   $316,000   $316,000   $371,000   $316,000   $296,000     None  
Number of Funds in Fund Complex Overseen by Board Member   45   45   45   45   45   45   45     136  

 

1 Information for the Most Recent Year.

2 Prior to September 27, 2019, the Western Asset Mortgage Backed Securities Fund.

None of the Funds currently provides any pension or retirement benefits to Board Members of Existing Board 2 or officers.

As of August 16, 2019, all Board Members of Existing Board 2 and officers as a group owned less than 1% of the outstanding shares of each Fund.

 

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Appendix D

Equity Securities Owned

The following table shows the amount of equity securities owned by the current Board Members and Nominees in the Funds that they oversee or are nominated to oversee as of August 16, 2019.

 

Name of Board Member or Nominee    Fund Name/(Dollar Range of
Equity Securities in Fund)
   Aggregate Dollar Range of Equity
Securities in All Portfolios
Overseen or To Be Overseen by
the Nominee in Fund Complex

Robert Abeles, Jr.

   None    None

Jane F. Dasher

  

Western Asset Core Bond Fund ($10,001 - $50,000)

Western Asset Core Plus Bond Fund ($10,001 - $50,000)

Western Asset Global High Yield Bond Fund ($10,001 - $50,000)

Western Asset Income Fund ($10,001 - $50,000)

Western Asset Macro Opportunities Fund ($10,001 - $50,000)

Western Asset Mortgage Total Return Fund1 ($10,001 - $50,000)

Western Asset Municipal High Income Fund ($1 - $10,000)

Western Asset Short Duration High Income Fund ($10,001 - $50,000)

Western Asset Short Term Bond Fund ($1 - $10,000)

Western Asset Total Return Unconstrained Fund ($10,001 - $50,000)

   Over $100,000

Anita L. DeFrantz

   None    None

Avedick B. Poladian

   Western Asset Macro Opportunities Fund (Over $100,000)    Over $100,000

Susan B. Kerley

  

Western Asset Adjustable Rate Income Fund ($50,001 - $100,000)

Western Asset Global High Yield Bond Fund (Over $100,000)

   Over $100,00

William E. B. Siart

   None    None

Jaynie Miller Studenmund

   Western Asset Core Plus Bond Fund (Over $100,000)    Over $100,000

Peter J. Taylor

   None    None

Ronald L. Olson

   None    None

Jane E. Trust

   Western Asset Short Term Bond Fund (Over $100,000)    Over $100,000

Elliott J. Berv

   None    None

Mark T. Finn

   None    None

Stephen R. Gross

   None    None

 

1 Prior to September 27, 2019, the Western Asset Mortgage Backed Securities Fund.

 

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Name of Board Member or Nominee    Fund Name/(Dollar Range of
Equity Securities in Fund)
   Aggregate Dollar Range of Equity
Securities in All Portfolios
Overseen or To Be Overseen by
the Nominee in Fund Complex

Susan M. Heilbron

   Western Asset Short Term Bond Fund ($50,001 - $100,000)    $50,001 - $100,000

R. Richardson Pettit

  

Western Asset Emerging Markets Debt Fund (Over $100,000)

Western Asset Global High Yield Bond Fund (Over $100,000)

Western Asset Income Fund (Over $100,000)

Western Asset Short Duration High Income Fund (Over $100,000)

   Over $100,000

None of the current independent Board Members or independent Nominees or their family members had any interest in the Manager, subadvisers, LMIS, or any person directly or indirectly controlling, controlled by, or under common control with the Manager, subadvisers or LMIS as of August 16, 2019.

 

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Appendix E

Standing Committees of the Existing Boards

The business and affairs of each Trust or Corporation are managed by or under the direction of its Board.

Audit Committee. Each Existing Board has a standing Audit Committee comprising all of its Board Members who are Independent Board Members and who are “independent,” as defined in the New York Stock Exchange listing standards. The Audit Committee members of Existing Board 1 are: Robert Abeles, Jr., Anita L. DeFrantz, Avedick B. Poladian, William E. B. Siart, and Jaynie Miller Studenmund. The Audit Committee members of Existing Board 2 are: Elliott J. Berv,1 Jane F. Dasher, Mark T. Finn,1 Stephen R. Gross,1 Susan M. Heilbron,1 Susan B. Kerley, and R. Richardson Pettit.1 The primary purposes of each Board’s Audit Committee are to assist the Board in fulfilling its responsibility for oversight of the integrity of the accounting, auditing and financial reporting practices of the Trust or Corporation, the qualifications and independence of the Trust’s or Corporation’s independent registered public accounting firm, and the Trust’s or Corporation’s compliance with legal and regulatory requirements. The Audit Committee reviews the scope of the Trust’s or Corporation’s audit, accounting and financial reporting policies and practices and internal controls. The Audit Committee approves, and recommends to the Independent Board Members for their ratification, the selection, appointment, retention or termination of the Trust’s or Corporation’s independent registered public accounting firms. The Audit Committee also approves all audit and permissible non-audit services provided by the Trust’s or Corporation’s independent registered public accounting firms to the Manager and any affiliated service providers if the engagement relates directly to a Trust’s or the Corporation’s operations and financial reporting of the Trust or Corporation. During the Most Recent Year, each Audit Committee met the following number of times:

 

Existing Board   Number of Meetings

1

  4

2

  4

Governance and Nominating Committee. Each Existing Board has a standing Governance and Nominating Committee comprising all of its Board Members who are Independent Board Members. The Governance and Nominating Committee members of Existing Board 1 are: Robert Abeles, Jr., Anita L. DeFrantz, Avedick B. Poladian, William E. B. Siart, and Jaynie Miller Studenmund. The Governance and Nominating Committee members of Existing Board 2 are: Elliott J. Berv,1 Jane F. Dasher, Mark T. Finn,1 Stephen R. Gross,1 Susan M. Heilbron,1 Susan B. Kerley, and R. Richardson Pettit1. Each Governance and Nominating Committee is responsible for, among other things, recommending candidates to fill vacancies on the Board. Each Governance and Nominating Committee met the following number of times in the Most Recent Year:

 

Existing Board   Number of Meetings

1

  2

2

  4

 

1 Current Board Member of Existing Board 2 whose term of office as a Trustee of the Trusts will not continue once the Unified Board takes office on or about January 1, 2020. Messrs. Berv, Finn and Pettit are retiring from service as Board Members of Legg Mason funds. As of February 6, 2019, Ms. Heilbron and Mr. Gross serve as Trustees to certain other funds within the Legg Mason fund complex that are not overseen by either Existing Board.

 

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The Governance and Nominating Committee of Board 1 must consider nominees recommended by a shareholder, as may the Governance and Nominating Committee of Board 2. Appendix F provides a full description of Board 1’s Nominating Committees process. Shareholders who wish to recommend a nominee should send recommendations to a Trust’s or the Corporation’s Secretary that include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board Members as described in the Governance and Nominating Committee charter for each Trust or Corporation found in Appendix F. A recommendation must be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders. A copy of the Governance and Nominating Committee charter for each Trust or Corporation is included in Appendix F. The Governance and Nominating Committees’ charters are not currently made available on the Funds’ websites.

Each Governance and Nominating Committee also identifies potential nominees through its network of contacts and may also engage, if it deems appropriate, a professional search firm. The Committee meets to discuss and consider such candidates’ qualifications and then chooses a candidate by majority vote. Existing Board 1’s Governance and Nominating Committee requires that a nominee have a college degree or equivalent business experience whereas Existing Board 2’s Governance and Nominating Committee does not have specific, minimum qualifications for nominees. None of the Governance and Nominating Committees has established specific qualities or skills that it regards as necessary for one or more of the Board Members to possess (other than any qualities or skills that may be required by applicable law, regulation or listing standard). However, in evaluating a person as a potential nominee to serve as a Board Member, the Governance and Nominating Committee of Board 1 may consider the following factors, among any others it may deem relevant:

 

   

availability and commitment of a candidate to attend meetings and perform his or her responsibilities on the Board;

 

   

relevant industry and related experience;

 

   

educational background;

 

   

financial expertise;

 

   

an assessment of the candidate’s ability, judgment and expertise; and

 

   

overall diversity of the Board’s composition.

In evaluating a person as a potential nominee to serve as a Board Member, the Governance and Nominating Committee of Board 2 may consider the following factors, among any others it may deem relevant:

 

   

whether or not the person is an “interested person,” as defined in the 1940 Act, and whether the person is otherwise qualified under applicable laws and regulations to serve as a Board Member;

 

   

whether or not the person has any relationships that might impair his or her independence, such as any business, financial or family relationships with Fund management, the investment adviser, service providers or their affiliates;

 

   

whether or not the person serves on boards of, or is otherwise affiliated with, competing financial service organizations or their related mutual fund complexes;

 

   

whether or not the person is willing to serve, and willing and able to commit the time necessary for the performance of the duties of a Board Member;

 

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the contribution which the person can make to the Board (or, if the person has previously served as a Board Member, the contribution which the person made to the Board during his or her previous term of service), with consideration being given to the person’s business and professional experience, education and such other factors as the Committee may consider relevant;

 

   

the character and integrity of the person; and

 

   

whether or not the selection and nomination of the person would be consistent with the requirements of the retirement policies of the Trust or Corporation, as applicable.

The Existing Boards have additional standing committees, as follows:

Existing Board 1

Existing Board 1 has an Executive and Contracts Committee that is charged with reviewing and considering various contractual arrangements between the Corporation and its affiliated persons. The Executive and Contracts Committee members are: Robert Abeles, Jr., Anita L. DeFrantz, Avedick B. Poladian, William E. B. Siart, and Jaynie Miller Studenmund. During the Most Recent Year, the Executive and Contracts Committee met 2 times.

Existing Board 2

Existing Board 2 has an Investment and Performance Committee that is charged with reviewing investment performance and assisting the Board in fulfilling its responsibility for the review and negotiation of the Funds’ investment management and subadvisory arrangements. The members of the Investment and Performance Committee are: Elliott J. Berv,2 Jane F. Dasher, Mark T. Finn,2 Stephen R. Gross,2 Susan M. Heilbron,2 Susan B. Kerley, and R. Richardson Pettit2. During the Most Recent Year, the Investment and Performance Committee met 4 times.

Committee Structure of Unified Board

The Existing Boards expect that, if the Nominees are elected, the Unified Board will establish the following four standing committees, comprising some or all of the Independent Board Members, with similar functions and responsibilities that are currently assigned to each corresponding committee of the Existing Boards (except as noted): an audit committee, a governance and nominating committee, an executive and contracts committee and an investment and performance committee. The Existing Boards expect that the investment and performance committee of the Unified Board would be charged with reviewing the investment performance of the Funds, while the Executive and Contracts Committee would be charged with reviewing and considering various contractual arrangements between the Funds and their affiliated persons. The Unified Board could choose to adopt a different committee structure or to modify its committee structure, or any other aspect of its governance structure, at any time.

 

2 Current Board Member of Existing Board 2 whose term of office as a Trustee of the Trusts will not continue once the Unified Board takes office on or about January 1, 2020. Messrs. Berv, Finn and Pettit are retiring from service as Board Members of Legg Mason funds. As of February 6, 2019, Ms. Heilbron and Mr. Gross serve as Trustees to certain other funds within the Legg Mason fund complex that are not overseen by either Existing Board.

 

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Appendix F

Governance and Nominating Committee Charter

(Existing Board 1)

WESTERN ASSET INVESTMENT GRADE INCOME FUND, INC.

WESTERN ASSET FUNDS, INC.

WESTERN ASSET PREMIER BOND FUND

GOVERNANCE AND NOMINATING COMMITTEE CHARTER

As of March 29, 2018

Purposes and Organization

The purpose of the Governance and Nominating Committee of the respective Boards of Directors/Trustees (each a “Board”) of Western Asset Investment Grade Income Fund, Inc., Western Asset Funds, Inc., and Western Asset Premier Bond Fund (each a “Fund”) is to review matters pertaining to the composition, committees, compensation, and operations of the Boards. Members of the Committee may not be “interested persons” of a Fund, as such term is defined in the Investment Company Act of 1940, as amended (“Interested Persons”). This Charter applies separately to each Fund and its Governance and Nominating Committee, and shall be interpreted accordingly. The Committee shall have the following duties and powers:

 

  (1)

To evaluate and recommend all candidates for election or appointment as members of the Board and recommend the appointment of members and chairs of each Board Committee.

 

  (2)

To review policy matters affecting the operation of the Board and Board committees and make such recommendations to the Board as deemed appropriate by the Committee.

 

  (3)

To evaluate periodically the effectiveness of the Board and Board Committees and make such recommendations to the Board as deemed appropriate by the Committee.

 

  (4)

To make recommendations to the Board concerning the compensation for the Directors/Trustees who are not Interested Persons.

The Committee shall have the resources and authority appropriate to discharge its responsibilities.

The Committee shall meet on a regular basis and be empowered to hold special meetings, as circumstances require. Any action of the Committee shall be taken by the affirmative vote of a majority of the members. Any action of the Committee with respect to Western Asset Income Fund or Western Asset Funds, Inc. may be taken without a meeting if all members of the Committee consent thereto in writing. Any action of the Committee with respect to Western Asset Premier Bond Fund may be taken without a meeting if at least a majority of the members of the Committee consent thereto in writing.

Qualifications for Director/Trustee Nominees

The Committee requires that Director/Trustee candidates have a college degree or equivalent business experience. The Committee may take into account a wide variety of factors in considering Director/Trustee candidates, including (but not limited to): (i) availability and commitment of a candidate to attend meetings and perform his or her responsibilities on the

 

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Board, (ii) relevant industry and related experience, (iii) educational background, (iv) financial expertise, (v) an assessment of the candidate’s ability, judgment and expertise and (v) overall diversity of the Board’s composition.

Identification of Nominees

In identifying potential nominees for the Board, the Committee may consider candidates recommended by one or more of the following sources: (i) a Fund’s current Directors/Trustees, (ii) a Fund’s officers, (iii) a Fund’s investment adviser(s), (iv) a Fund’s shareholders (see below) and (v) any other source the Committee deems to be appropriate. The Committee may, but is not required to, retain a third party search firm at the expense of the Funds to identify potential candidates.

Consideration of Candidates Recommended By Shareholders

The Committee will consider and evaluate nominee candidates properly submitted by shareholders on the same basis as it considers and evaluates candidates recommended by other sources. Appendix A to this Charter, as it may be amended from time to time by the Committee, sets forth procedures that must be followed by shareholders to properly submit a nominee candidate to the Committee (recommendations not properly submitted in accordance with Appendix A will not be considered by the Committee).

Appendix A

Procedures for Shareholders to Submit Nominee Candidates

(As of March 29, 2018)

A Fund shareholder must follow the following procedures in order to properly submit a nominee recommendation for the Committee’s consideration.

 

  1.

The shareholder must submit any such recommendation (a “Shareholder Recommendation”) in writing to the Fund, to the attention of the Secretary, at the address of the principal executive offices of the Fund.

 

  2.

The Shareholder Recommendation must be delivered to or mailed and received at the principal executive offices of the Fund not less than one hundred and twenty (120) calendar days nor more than one hundred and thirty-five (135) calendar days prior to the date of the Board or shareholder meeting at which the nominee would be elected.

 

  3.

The Shareholder Recommendation must include: (i) a statement in writing setting forth (A) the name, age, date of birth, business address, residence address and nationality of the person recommended by the shareholder (the “candidate”); (B) the class or series and number of all shares of the Fund owned of record or beneficially by the candidate, as reported to such shareholder by the candidate; (C) any other information regarding the candidate called for with respect to director/trustee nominees by paragraphs (a), (d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), adopted by the Securities and Exchange Commission (or the corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange Commission or any successor agency applicable to the Fund); (D) any other information regarding the candidate that would be required to be disclosed if the

 

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  candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of trustees or directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and (E) whether the recommending shareholder believes that the candidate is or will be an “interested person” of the Fund (as defined in the Investment Company Act of 1940, as amended) and, if not an “interested person,” information regarding the candidate that will be sufficient for the Fund to make such determination; (ii) the written and signed consent of the candidate to be named as a nominee and to serve as a director/trustee if elected; (iii) the recommending shareholder’s name as it appears on the Fund’s books; (iv) the class or series and number of all shares of the Fund owned beneficially and of record by the recommending shareholder; and (v) a description of all arrangements or understandings between the recommending shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder. In addition, the Committee may require the candidate to furnish such other information as it may reasonably require or deem necessary to determine the eligibility of such candidate to serve on the Board.

 

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(Existing Board 2)

Revised February, 2011

Revised November 2017

Fixed Income Board

Governance and Nominating Committee Charter

Establishment and Purpose

This document serves as the Charter for the Governance and Nominating Committee (the “Committee”) of the Board of each registered investment company (the “Trust”) listed in Appendix A hereto and each series thereof (each, a “Fund”). The primary purposes of the Committee are to

 

  (a)

select and nominate persons for election or appointment by the Board as Trustees of the Trust;

 

  (b)

oversee Board governance and related Trustee practices; and

 

  (c)

evaluate and make recommendations to the Board to enhance the performance of the Board.

Duties and Responsibilities

The Committee shall:

Nominating

 

  1.

Consider standards or qualifications for Independent Trustee nominees and identify and evaluate individuals believed to be qualified to become Independent Trustees of the Fund.

 

  2.

Recommend to the Board nominees for election or appointment.

Governance

 

  3.

Consider and periodically make recommendations to the Board on matters concerning Board governance and performance, and related matters. In this regard, the Committee will coordinate, with the assistance of fund and Independent Trustee counsel, a self-assessment, to be conducted by the full Board at least annually, covering at least the matters required by applicable law.

 

  4.

Consider and periodically make recommendations to the Board regarding Trustee practices and matters, including compensation, insurance arrangements and retirement.

The Committee may also carry out any other duties or responsibilities delegated to the Committee by the Board from time to time.

The Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain, as it deems necessary to carry out its duties, special counsel and other experts or consultants at the expense of the Fund. The Fund shall provide appropriate funding, as determined by the Committee, for the Committee to carry out its duties and its responsibilities, including (a) for payment of compensation to any outside legal, accounting or other advisors, counsel or consultants employed by the Committee and (b) for the ordinary administrative expenses of the Committee. In performing its duties, the Committee shall

 

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consult as it deems appropriate with the members of the Board, officers and employees of the Fund, the Fund’s investment manager, the Fund’s sub-adviser(s), if any, the Fund’s counsel, counsel to the Independent Trustees and the Fund’s other service providers.

Evaluation of Potential Nominees

In evaluating a person as a potential nominee to serve as a Trustee of the Trust, the Committee should consider among other factors it may deem relevant:

 

   

whether or not the person is an “interested person” as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”), and whether the person is otherwise qualified under applicable laws and regulations to serve as a Trustee of the Trust;

 

   

whether or not the person has any relationships that might impair his or her independence, such as any business, financial or family relationships with management, the investment manager of the Fund, other Fund service providers or their affiliates;

 

   

whether or not the person serves on boards of, or is otherwise affiliated with, competing financial service organizations or their related mutual fund complexes;

 

   

whether or not the person is willing to serve, and willing and able to commit the time necessary for the performance of the duties of a Trustee of the Trust;

 

   

the contribution which the person can make to the Board and the Trust (or, if the person has previously served as a Trustee of the Trust, the contribution which the person made to the Board during his or her previous term of service), with consideration being given to the person’s business and professional experience and education and such other factors as the Committee may consider relevant;

 

   

the character and integrity of the person; and

 

   

whether or not the selection and nomination of the person would be consistent with the requirements of the Trust’s retirement policies.

While the Committee is solely responsible for the selection and nomination of Trustees, the Committee may consider nominees recommended by Fund shareholders as it deems appropriate. Shareholders who wish to recommend a nominee should send nominations to the Secretary of the Trust that include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Trustees. The recommendation must be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the stockholders.

After a determination by the Committee that a person should be selected and nominated as a Trustee of the Trust, the Committee shall present its recommendation to the full Board for its consideration.

Composition

The Committee shall be composed solely of such number of Trustees who have been determined not to be “interested persons,” as that term is defined in Section 2(a)(19) of the 1940 Act, of the Trust (“Independent Trustees”) as the Board of the Trust may specifically determine and reflect in the Board’s minutes. The Committee shall elect a Chairperson, who shall preside over Committee meetings. The Chairperson shall serve for a term of three years, which term may be renewed.

 

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Meetings

The Committee shall meet on a regular basis, but not less frequently than twice a year. Special meetings may also be held upon reasonable notice to the members of the Committee. An agenda shall be established for each meeting. Meetings of the Committee may be held in person, by telephone or by other appropriate means. The Committee may take action by unanimous written consent in lieu of a meeting.

One-third of the Committee’s members, but not fewer than two members, shall constitute a quorum. At any meeting of the Committee, the decision of a majority of the members present and voting shall be determinative as to any matter submitted to a vote.

Reporting

The Chairperson shall report regularly to the Board on the results of the Committee’s deliberations and make such recommendations as deemed appropriate.

Amendments

This Charter may be amended by a vote of the majority of the Trustees.

Appendix A

Legg Mason Partners Income Trust

Legg Mason Partners Variable Income Trust

Legg Mason Partners Money Market Trust

Legg Mason Partners Premium Money Market Trust

Legg Mason Partners Institutional Trust

Master Portfolio Trust

 

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Appendix G

Officers of the Funds

The officers of each Fund, their ages and their principal occupations during the past five years (their titles may have varied during that period) are shown in the tables below. The address of each officer is 100 International Drive, Baltimore, MD 21202, unless otherwise indicated. Officers receive no compensation from the Funds, although they may be reimbursed for reasonable travel expenses for attending meetings of the Boards. Each officer is an “interested person” of the Trust or Corporation of which the Fund is a part, as defined in the 1940 Act, by virtue of that individual’s position with Legg Mason or its affiliates described in the table below.

Officers Common to All Funds

 

Name and Year
of Birth
  Position(s)
with Fund
  Length of
Time Served1
  Principal Occupation(s) During Past 5 Years

Jane E. Trust

(1962)

  President and Chief Executive Officer2   Since 2015   Senior Managing Director of Legg Mason & Co., LLC (“Legg Mason & Co.”) (since 2018); Managing Director of Legg Mason & Co., (2016 to 2018); Officer and/or Trustee/Director of 148 funds associated with LMPFA or its affiliates (since 2015); President and Chief Executive Officer of LMPFA (since 2015); formerly, Senior Vice President of LMPFA (2015); Director of ClearBridge, LLC (formerly, Legg Mason Capital Management, LLC) (2007 to 2014); Managing Director of Legg Mason Investment Counsel & Trust Co. (2000 to 2007).

Jeanne M. Kelly

(1951)

620 Eighth Ave., 49th Floor

New York, NY 10018

  Senior Vice President   Since 2007   Senior Vice President of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2007); Senior Vice President of LMPFA (since 2006); President and Chief Executive Officer of LMAS and LMFAM (since 2015); Managing Director of Legg Mason & Co. (since 2005) and Legg Mason & Co. predecessors (prior to 2005); Senior Vice President of LMFAM (2013 to 2015).

Christopher Berarducci

(1974)

620 Eighth Ave., 49th Floor,

New York, NY 10018

 

Treasurer and Principal

Financial Officer

  Since 2019   Treasurer (since 2010) and Principal Financial Officer (since 2019) of certain mutual funds associated with Legg Mason & Co. or its affiliates; Director of Legg Mason & Co. (since 2015); Treasurer of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2010); formerly, Vice President of Legg Mason & Co. (2011 to 2015); Assistant Controller of certain mutual funds associated with Legg Mason & Co. or its affiliates (prior to 2010).

Robert I. Frenkel

(1954)

100 First Stamford Pl., 6th Fl

Stamford, CT 06902

  Secretary and Chief Legal Officer   Since 2007   Vice President and Deputy General Counsel of Legg Mason, Inc. (since 2006); Managing Director and General Counsel – U.S. Mutual Funds for Legg Mason & Co. (since 2006) and Legg Mason & Co. predecessors (since 1994); Secretary and Chief Legal Officer of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2006) and Legg Mason & Co. predecessors (prior to 2006).

Thomas C. Mandia

(1962)

00 First Stamford Pl., 6th Fl

Stamford, CT 06902

  Assistant Secretary   Since 2007   Managing Director and Deputy General Counsel of Legg Mason & Co. (since 2005) and Legg Mason & Co. predecessors (prior to 2005); Secretary of LMPFA (since 2006); Assistant Secretary of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2006) and Legg Mason & Co. predecessors (prior to 2006); Secretary of LMAS (since 2002) and LMFAM (formerly registered investment advisers) (since 2013).

 

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Name and Year
of Birth
  Position(s)
with Fund
  Length of
Time Served1
  Principal Occupation(s) During Past 5 Years

Susan Kerr

(1949)

620 Eighth Ave., 49th Floor

New York, NY 10018

  Chief Anti-Money Laundering Compliance Officer   Since 2013   Assistant Vice President of Legg Mason & Co. and LMIS (since 2010); Chief Anti-Money Laundering Compliance Officer of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2013) and Anti-Money Laundering Compliance Officer of LMIS (since 2012); Senior Compliance Officer of LMIS (since 2011); formerly, AML Consultant, DTCC (2010); AML Consultant, Rabobank Netherlands, (2009); First Vice President, Director of Marketing & Advertising Compliance and Manager of Communications Review Group at Citigroup Inc. (1996 to 2008).

Jenna Bailey

(1978)

00 First Stamford Pl., 5th Fl

Stamford, CT 06902

  Identity Theft Prevention Officer   Since 2015   Identity Theft Prevention Officer of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2015); Compliance Officer of Legg Mason & Co. (since 2013); Assistant Vice President of Legg Mason & Co. (since 2011); formerly, Associate Compliance Officer of Legg Mason & Co. (2011-2013).

Ted P. Becker

(1951)

620 Eighth Ave., 49th Floor

New York, NY 10018

  Chief Compliance Officer  

Since 2007 (for the Trusts)

Since 2019 (for the Corporation)

  Director of Global Compliance at Legg Mason (since 2006); Chief Compliance Officer of LMPFA (since 2006); Managing Director of Compliance of Legg Mason & Co. (since 2005); Chief Compliance Officer of certain mutual funds associated with Legg Mason & Co. or its affiliates (since 2006).

1 If an officer has held offices for different Funds for different periods of time, the earliest applicable date is shown. Each officer serves until his or her respective successor has been duly elected and qualified or until his or her earlier death, resignation, retirement or removal.

2 Ms. Trust also currently serves as a trustee on Existing Board 2.

 

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Appendix H

Audit Fees, Audit-Related Fees, Non-Audit Fees, Tax Fees and All Other Fees

to Independent Registered Public Accountants

Audit Fees, Audit-Related Fees and Non-Audit Fees

 

          Audit Fees     Audit-Related Fees  
Fund   Fiscal
Year End
  Most
Recent
Fiscal
Year ($)
    Fiscal Year
Prior to
Most Recent
Fiscal Year
End ($)
    Most
Recent
Fiscal
Year ($)
    Fiscal Year
Prior to
Most Recent
Fiscal Year
End ($)
 
Legg Mason Partners Institutional Trust          
Western Asset Institutional Government Reserves   Aug. 31     22,411       19,411       None       None  
Western Asset Institutional Liquid Reserves   Aug. 31     24,570       21,570       None       None  
Western Asset Institutional U.S. Treasury Obligations Money Market Fund   Aug. 31     21,334       18,334       None       None  
Western Asset Institutional U.S. Treasury Reserves   Aug. 31     19,897       16,897       None       None  
Western Asset Select Tax Free Reserves   Aug. 31     20,613       17,613       None       None  
Western Asset SMASh Series C Fund   Feb. 28     36,524       34,524       None       None  
Western Asset SMASh Series EC Fund   Feb. 28     39,120       37,120       None       None  
Western Asset SMASh Series M Fund   Feb. 28     46,197       44,197       None       None  
Western Asset SMASh Series TF Fund   Feb. 28     27,576       24,576       None       None  
Legg Mason Partners Income Trust          
Western Asset Adjustable Rate Income Fund   May 31     38,142       36,142       None       None  
Western Asset California Municipals Fund   Feb. 28     34,853       31,853       None       None  
Western Asset Corporate Bond Fund   Dec. 31     40,964       38,964       None       None  
Western Asset Emerging Markets Debt Fund   Feb. 28     34,419       32,419       None       None  
Western Asset Global High Yield Bond Fund   Dec. 31     39,213       37,213       None       None  
Western Asset Income Fund   July 31     38,021       42,021       None       None  
Western Asset Intermediate Maturity California Municipals Fund   Nov. 30     32,035       29,035       None       None  
Western Asset Intermediate Maturity New York Municipals Fund   Nov. 30     32,316       29,316       None       None  
Western Asset Intermediate-Term Municipals Fund   Mar. 31     55,990       52,990       None       None  
Western Asset Managed Municipals Fund   Feb. 28     74,408       71,408       None       None  
Western Asset Massachusetts Municipals Fund   Nov. 30     31,088       28,088       None       None  
Western Asset Mortgage Backed Securities Fund   Dec. 31     45,374       43,374       None       None  
Western Asset Municipal High Income Fund   July 31     39,276       42,276       None       None  
Western Asset New Jersey Municipals Fund   Mar. 31     32,387       29,387       None       None  
Western Asset New York Municipals Fund   Mar. 31     36,237       33,237       None       None  
Western Asset Oregon Municipals Fund   April 30     30,955       27,955       None       None  
Western Asset Pennsylvania Municipals Fund   Mar. 31     32,007       29,007       None       None  
Western Asset Short Duration High Income Fund   July 31     38,504       42,504       None       None  
Western Asset Short Duration Municipal Income Fund   Feb. 28     48,441       45,441       None       None  
Western Asset Short-Term Bond Fund   Dec. 31     44,904       42,904       None       None  
Legg Mason Partners Money Market Trust          
Western Asset Government Reserves   Aug. 31     26,367       23,367       None       None  
Western Asset New York Tax Free Money Market Fund   Aug. 31     28,968       25,968       None       None  
Western Asset Prime Obligations Money Market Fund   Aug. 31     35,088       32,088       None       None  
Western Asset Tax Free Reserves   Aug. 31     23,582       20,582       None       None  
Western Asset U.S. Treasury Reserves   Aug. 31     19,897       16,897       None       None  

 

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Table of Contents
          Audit Fees     Audit-Related Fees  
Fund   Fiscal
Year End
  Most
Recent
Fiscal
Year ($)
    Fiscal Year
Prior to
Most Recent
Fiscal Year
End ($)
    Most
Recent
Fiscal
Year ($)
    Fiscal Year
Prior to
Most Recent
Fiscal Year
End ($)
 
Legg Mason Partners Premium Money Market Trust          
Western Asset Premium Liquid Reserves   Aug. 31     20,164       17,164       None       None  
Western Asset Premium U.S. Treasury Reserve   Aug. 31     19,986       16,986       None       None  
Legg Mason Partners Variable Income Trust          
Western Asset Core Plus VIT Portfolio   Dec. 31     41,638       38,638       None       None  
Western Asset Variable Global High Yield Bond Portfolio   Dec. 31     39,527       36,527       None       None  
Master Portfolio Trust          
Government Portfolio   Aug. 31     31,040       28,040       None       None  
Liquid Reserves Portfolio   Aug. 31     40,389       37,389       None       None  
Tax Free Reserves Portfolio   Aug. 31     40,389       37,389       None       None  
U.S. Treasury Obligations Portfolio   Aug. 31     35,085       32,085       None       None  
U.S. Treasury Reserves Portfolio   Aug. 31     28,432       25,432       None       None  
Western Asset Funds, Inc.          
Western Asset Core Bond Fund   Dec. 31     69,406       65,104       None       None  
Western Asset Core Plus Bond Fund   Dec. 31     86,214       81,583       None       None  
Western Asset High Yield Fund   May 31     57,709       53,636       None       None  
Western Asset Inflation Indexed Plus Bond Fund   Dec. 31     47,175       43,308       None       None  
Western Asset Intermediate Bond Fund   May 31     52,352       48,385       None       None  
Western Asset Macro Opportunities Fund   Oct. 31     66,710       62,461       None       None  
Western Asset Total Return Unconstrained Fund   May 31     62,911       58,737       None       None  

Tax Fees and All Other Fees

 

          Tax Fees     All Other Fees  
Fund   Fiscal
Year End
  Most
Recent
Fiscal
Year ($)
    Fiscal Year
Prior to
Most Recent
Fiscal Year
End ($)
    Most
Recent
Fiscal
Year ($)
    Fiscal Year
Prior to
Most Recent
Fiscal Year
End ($)
 

Legg Mason Partners Institutional Trust

         
Western Asset Institutional Government Reserves   Aug. 31     None       None       None       None  
Western Asset Institutional Liquid Reserves   Aug. 31     None       None       None       None  
Western Asset Institutional U.S. Treasury Obligations Money Market Fund   Aug. 31     None       None       None       None  
Western Asset Institutional U.S. Treasury Reserves   Aug. 31     None       None       None       None  
Western Asset Select Tax Free Reserves   Aug. 31     None       None       None       None  
Western Asset SMASh Series C Fund   Feb. 28     None       None       None       None  
Western Asset SMASh Series EC Fund   Feb. 28     None       None       None       None  
Western Asset SMASh Series M Fund   Feb. 28     None       None       None       None  
Western Asset SMASh Series TF Fund   Feb. 28     None       None       None       None  
Legg Mason Partners Income Trust          
Western Asset Adjustable Rate Income Fund   May 31     None       None       None       None  
Western Asset California Municipals Fund   Feb. 28     None       None       None       None  
Western Asset Corporate Bond Fund   Dec. 31     None       None       None       None  
Western Asset Emerging Markets Debt Fund   Feb. 28     None       None       None       None  
Western Asset Global High Yield Bond Fund   Dec. 31     None       None       None       None  
Western Asset Income Fund   July 31     None       None       None       None  

 

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Table of Contents
          Tax Fees     All Other Fees  
Fund   Fiscal
Year End
  Most
Recent
Fiscal
Year ($)
    Fiscal Year
Prior to
Most Recent
Fiscal Year
End ($)
    Most
Recent
Fiscal
Year ($)
    Fiscal Year
Prior to
Most Recent
Fiscal Year
End ($)
 
Western Asset Intermediate Maturity California Municipals Fund   Nov. 30     None       None       None       None  
Western Asset Intermediate Maturity New York Municipals Fund   Nov. 30     None       None       None       None  
Western Asset Intermediate-Term Municipals Fund   Mar. 31     None       None       None       None  
Western Asset Managed Municipals Fund   Feb. 28     None       None       None       None  
Western Asset Massachusetts Municipals Fund   Nov. 30     None       None       None       None  
Western Asset Mortgage Total Return Fund1   Dec. 31     None       None       None       None  
Western Asset Municipal High Income Fund   July 31     None       None       None       None  
Western Asset New Jersey Municipals Fund   Mar. 31     None       None       None       None  
Western Asset New York Municipals Fund   Mar. 31     None       None       None       None  
Western Asset Oregon Municipals Fund   April 30     None       None       None       None  
Western Asset Pennsylvania Municipals Fund   Mar. 31     None       None       None       None  
Western Asset Short Duration High Income Fund   July 31     None       None       None       None  
Western Asset Short Duration Municipal Income Fund   Feb. 28     None       None       None       None  
Western Asset Short-Term Bond Fund   Dec. 31     None       None       None       None  
Legg Mason Partners Money Market Trust          
Western Asset Government Reserves   Aug. 31     None       None       None       None  
Western Asset New York Tax Free Money Market Fund   Aug. 31     None       None       None       None  
Western Asset Prime Obligations Money Market Fund   Aug. 31     None       None       None       None  
Western Asset Tax Free Reserves   Aug. 31     None       None       None       None  
Western Asset U.S. Treasury Reserves   Aug. 31     None       None       None       None  
Legg Mason Partners Premium Money Market Trust          
Western Asset Premium Liquid Reserves   Aug. 31     None       None       None       None  
Western Asset Premium U.S. Treasury Reserve   Aug. 31     None       None       None       None  
Legg Mason Partners Variable Income Trust          
Western Asset Core Plus VIT Portfolio   Dec. 31     None       None       None       None  
Western Asset Variable Global High Yield Bond Portfolio   Dec. 31     None       None       None       None  
Master Portfolio Trust          
Government Portfolio   Aug. 31     None       None       None       None  
Liquid Reserves Portfolio   Aug. 31     None       None       None       None  
Tax Free Reserves Portfolio   Aug. 31     None       None       None       None  
U.S. Treasury Obligations Portfolio   Aug. 31     None       None       None       None  
U.S. Treasury Reserves Portfolio   Aug. 31     None       None       None       None  
Western Asset Funds, Inc.          
Western Asset Core Bond Fund   Dec. 31     None       6,942       None       None  
Western Asset Core Plus Bond Fund   Dec. 31     None       7,663       None       None  
Western Asset High Yield Fund   May 31     None       6,000       None       None  
Western Asset Inflation Indexed Plus Bond Fund   Dec. 31     None       6,201       None       None  
Western Asset Intermediate Bond Fund   May 31     None       6,400       None       None  
Western Asset Macro Opportunities Fund   Oct. 31     None       6,510       None       None  
Western Asset Total Return Unconstrained Fund   May 31     None       6,000       None       None  

 

1 Prior to September 27, 2019, the Western Asset Mortgage Backed Securities Fund.

 

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Table of Contents

Aggregate Non-Audit fees for Services Provided to Each Fund and its Affiliated Services Providers Pre-Approved by the Audit Committee

 

            Aggregate Non-Audit Fees  
Fund    Fiscal
Year End
   Most Recent
Fiscal Year ($)
     Fiscal Year Prior
to Most Recent
Fiscal Year
End ($)
 
Legg Mason Partners Institutional Trust         
Western Asset Institutional Government Reserves    Aug. 31      463,263        432,645  
Western Asset Institutional Liquid Reserves    Aug. 31      463,263        432,645  
Western Asset Institutional U.S. Treasury Obligations Money Market Fund    Aug. 31      463,263        432,645  
Western Asset Institutional U.S. Treasury Reserves    Aug. 31      463,263        432,645  
Western Asset Select Tax Free Reserves    Aug. 31      463,263        432,645  
Western Asset SMASh Series C Fund    Feb. 28      678,000        432,645  
Western Asset SMASh Series EC Fund    Feb. 28      678,000        432,645  
Western Asset SMASh Series M Fund    Feb. 28      678,000        432,645  
Western Asset SMASh Series TF Fund    Feb. 28      678,000        432,645  
Legg Mason Partners Income Trust         
Western Asset Adjustable Rate Income Fund    May 31      678,000        432,645  
Western Asset California Municipals Fund    Feb. 28      678,000        432,645  
Western Asset Corporate Bond Fund    Dec. 31      678,000        160,000  
Western Asset Emerging Markets Debt Fund    Feb. 28      678,000        432,645  
Western Asset Global High Yield Bond Fund    Dec. 31      678,000        160,000  
Western Asset Income Fund    July 31      463,523        517,227  
Western Asset Intermediate Maturity California Municipals Fund    Nov. 30      678,000        160,000  
Western Asset Intermediate Maturity New York Municipals Fund    Nov. 30      678,000        160,000  
Western Asset Intermediate-Term Municipals Fund    Mar. 31      678,000        392,645  
Western Asset Managed Municipals Fund    Feb. 28      678,000        432,645  
Western Asset Massachusetts Municipals Fund    Nov. 30      678,000        160,000  
Western Asset Mortgage Backed Securities Fund    Dec. 31      678,000        160,000  
Western Asset Municipal High Income Fund    July 31      463,523        517,227  
Western Asset New Jersey Municipals Fund    Mar. 31      678,000        392,645  
Western Asset New York Municipals Fund    Mar. 31      678,000        392,645  
Western Asset Oregon Municipals Fund    April 30      678,000        472,645  
Western Asset Pennsylvania Municipals Fund    Mar. 31      678,000        392,645  
Western Asset Short Duration High Income Fund    July 31      463,523        517,227  
Western Asset Short Duration Municipal Income Fund    Feb. 28      678,000        432,645  
Western Asset Short-Term Bond Fund    Dec. 31      678,000        160,000  
Legg Mason Partners Money Market Trust         
Western Asset Government Reserves    Aug. 31      463,263        432,645  
Western Asset New York Tax Free Money Market Fund    Aug. 31      463,263        432,645  
Western Asset Prime Obligations Money Market Fund    Aug. 31      463,263        432,645  
Western Asset Tax Free Reserves    Aug. 31      463,263        432,645  
Western Asset U.S. Treasury Reserves    Aug. 31      463,263        432,645  
Legg Mason Partners Premium Money Market Trust         
Western Asset Premium Liquid Reserves    Aug. 31      463,263        432,645  
Western Asset Premium U.S. Treasury Reserve    Aug. 31      463,263        432,645  
Legg Mason Partners Variable Income Trust         
Western Asset Core Plus VIT Portfolio    Dec. 31      678,000        269,356  
Western Asset Variable Global High Yield Bond Portfolio    Dec. 31      678,000        269,356  
Master Portfolio Trust         
Government Portfolio    Aug. 31      463,263        432,645  
Liquid Reserves Portfolio    Aug. 31      463,263        432,645  
Tax Free Reserves Portfolio    Aug. 31      463,263        432,645  

 

H-4


Table of Contents
            Aggregate Non-Audit Fees  
Fund    Fiscal
Year End
   Most Recent
Fiscal Year ($)
     Fiscal Year Prior
to Most Recent
Fiscal Year
End ($)
 
U.S. Treasury Obligations Portfolio    Aug. 31      463,263        432,645  
U.S. Treasury Reserves Portfolio    Aug. 31      463,263        432,645  
Western Asset Funds, Inc.         
Western Asset Core Bond Fund    Dec. 31      678,000        269,356  
Western Asset Core Plus Bond Fund    Dec. 31      678,000        269,356  
Western Asset High Yield Fund    May 31      678,000        562,403  
Western Asset Inflation Indexed Plus Bond Fund    Dec. 31      678,000        269,356  
Western Asset Intermediate Bond Fund    May 31      678,000        562,403  
Western Asset Macro Opportunities Fund    Oct. 31      678,000        271,895  
Western Asset Total Return Unconstrained Fund    May 31      678,000        562,403  

 

H-5


Table of Contents

Appendix I

5% Share Ownership

As of August 30, 2019, the following persons owned of record the amounts indicated of the shares of the class of the Funds indicated. Please note that certain Funds do not have share classes.

 

Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Institutional Government Reserves  

CITIBANK NA AS TRUSTEE FBO LLOYD’S

111 WALL ST FL 14, NEW YORK NY 10043-1000

  L     48,225,202.000       6.26%  

CITIBANK NA AS TRUSTEE FBO LLOYD’S

111 WALL ST FL 15, NEW YORK NY 10043-1000

  L     51,175,889.000       6.64%  

CITIBANK NA AS TRUSTEE FBO LLOYD’S

480 WASHINGTON BLVD FL 30, JERSEY CITY NJ 07310-2053

  L     108,482,287.830       14.08%  

CITIBANK NA AS TTEE FBO LLOYD’S

111 WALL ST FL 15, NEW YORK NY 10043-1000

  L     39,877,190.000       5.17%  

CITIGROUP GLOBAL MARKETS INC

111 WALL ST FL 241581-1755, NEW YORK NY 10005-3501

  INST     446,350,528.960       5.76%  

TREASURY BROKERAGE FBO ILLINOIS

400 W MONROE ST STE 305, SPRINGFIELD IL 62704-1800

  INST     520,000,000.000       6.71%  

BANCO DE LA REPUBLICA

CARRERA 7 NO 14-78 3RD FL, BOGOTA COLOMBIA

  INST     501,030,799.400       6.46%  

HARE & CO 2

111 SANDERS CREEK PKWY, EAST SYRACUSE NY 13057-1382

  INST     510,746,005.620       6.59%  

WELLS FARGO BANK ACCOUNT FBO CUSTOMERS

550 S 4TH ST FL 13, MINNEAPOLIS MN 55415-1529

  INST     562,951,489.950       7.26%  

SMITH BARNEY PRIVATE TRUST COMPANY

1 COURT SQUARE FL 22, LONG ISLAND CITY NY 11120-0001

  INST     1,593,253,597.720       20.54%  

PERSHING LLC FBO CUSTOMERS

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  INST     897,392,104.230       11.57%  

SILICON VALLEY BANK

3003 TASMAN DR, SANTA CLARA CA 95054-1191

  INV     771,750,817.840       95.59%  
Western Asset Institutional Liquid Reserves  

MORGAN STANLEY DOMESTIC HOLDINGS INC

201 PLAZA TWO FL 3, JERSEY CITY NJ 07311

  INST     202,922,602.785       6.98%  

3M COMPANY

3M CENTER BLDG 224-55-26, SAINT PAUL MN 55144-1000

  INST     149,977,978.630       5.16%  

JPMS LLC - CHASE PROCESSING 28521

4 CHASE METROTECH CENTER 7THFL, BROOKLYN NY 11245-0003

  INST     999,685,088.484       34.41%  

SPECIAL CUSTODY AC FBO CUSTOMERS

71 S WACKER DR STE 500, CHICAGO IL 60606-4673

  INST     494,582,624.002       17.02%  

MORGAN STANLEY DOMESTIC HOLDINGS INC

201 PLAZA TWO FL 3, JERSEY CITY NJ 07311

  INV     41,492,057.622       100.00%  
Western Asset Institutional U.S. Treasury Obligations Money Market Fund  

FIDUCIARY TRUST INTL REVENUE

280 PARK AVE FL 6TH, NEW YORK NY 10017-1274

  ADMIN     465,853,000.000       69.00%  

 

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Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Institutional U.S. Treasury Obligations Money Market Fund (continued)  

FIDUCIARY TRUST INTL NON REVENUE

280 PARK AVE FL 6TH, NEW YORK NY 10017-1274

  ADMIN     209,307,000.000       31.00%  

LEGG MASON INVESTOR SERVICES LLC

100 INTERNATIONAL DR, BALTIMORE MD 21202-4673

  INST     20,794,370.290       81.07%  

WESTERN ASSET MANAGEMENT

385 E COLORADO BLVD CORPORATE FINANCE 5TH FL, PASADENA CA 91101-1929

  INST     4,053,044.920       15.80%  

MORGAN STANLEY DOMESTIC HOLDINGS INC

201 PLAZA TWO FL 3, JERSEY CITY NJ 07311

  INVEST     4,541,187.960       100.00%  
Western Asset Institutional U.S. Treasury Reserves  

MORGAN STANLEY DOMESTIC HOLDINGS INC

201 PLAZA TWO FL 3, JERSEY CITY NJ 07311

  INST     442,463,105.340       10.76%  

CITIGROUP GLOBAL MARKETS INC

111 WALL ST FL 241581-1755, NEW YORK NY 10005-3501

  INST     321,278,518.580       7.81%  

CITIBANK NA

1 COURT SQUARE FL 22, LONG ISLAND NY 11120

  INST     876,099,362.680       21.31%  

HARE & CO 2

111 SANDERS CREEK PKWY, EAST SYRACUSE NY 13057-1382

  INST     655,816,823.570       15.95%  

SOUTHERN CALIFORNIA EDISON

2244 WALNUT GROVE AVE, ROSEMEAD CA 91770-3714

  INST     249,752,771.620       6.07%  

PERSHING LLC FBO CUSTOMERS

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  INST     333,119,332.500       8.10%  

MORGAN STANLEY DOMESTIC HOLDINGS INC

201 PLAZA TWO FL 3, JERSEY CITY NJ 07311

  INV     145,794,958.900       5.83%  

SILICON VALLEY BANK

3003 TASMAN DR, SANTA CLARA CA 95054-1191

  INV     2,319,681,652.380       92.72%  
Western Asset Select Tax Free Reserves  

MORGAN STANLEY DOMESTIC HOLDINGS INC

201 PLAZA TWO FL 3, JERSEY CITY NJ 07311

  INV     7,653,099.060       100.00%  

MORGAN STANLEY DOMESTIC HOLDINGS INC

201 PLAZA TWO FL 3, JERSEY CITY NJ 07311

  SELECT     251,119,453.700       91.86%  

PERSHING LLC FBO CUSTOMERS

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  SELECT     20,826,283.670       7.62%  
Western Asset SMASh Series C Fund  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

        10,403,816.878       9.12%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

        37,672,545.590       33.04%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

        51,655,597.411       45.30%  

 

I-2


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset SMASh Series EC Fund  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

        28,332,139.357       12.42%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

        74,295,621.749       32.56%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

        100,479,455.379       44.04%  
Western Asset SMASh Series M Fund  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

        26,750,048.021       10.51%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

        83,807,140.265       32.92%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

        113,636,205.407       44.64%  
Western Asset SMASh Series TF Fund  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

        1,994,915.021       48.65%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

        2,065,937.369       50.38%  
Western Asset Adjustable Rate Income Fund  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  A     2,474,713.231       22.94%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     3,687,780.075       34.19%  

JP MORGAN SECURITIES LLC FBO CUSTOMERS

3RD FLOOR MUTUAL FUND DEPARTMENT, BROOKLYN NY 11245

  A     637,037.914       5.91%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  A     1,103,148.557       10.23%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C     88,183.950       37.22%  

NATIONAL FINANCIAL SERVICES LLC

499 WASHINGTON BLVD, JERSEY CITY, NJ 07310

  C     36,252.010       15.30%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     37,158.447       15.69%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  C1     37,134.355       7.91%  

JP MORGAN SECURITIES LLC FBO CUSTOMERS

3RD FLOOR MUTUAL FUND DEPARTMENT, BROOKLYN NY 11245

  C1     361,566.862       77.00%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  I     837,833.287       5.05%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     985,415.898       5.93%  

 

I-3


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Adjustable Rate Income Fund (continued)  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  I     3,390,751.471       20.42%  

LPL FINANCIAL FBO CUSTOMERS

4707 EXECUTIVE DRIVE, SAN DIEGO CA 92121

  I     4,698,327.203       28.30%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     3,891,886.652       23.44%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  IS     85,921.376       7.36%  

COLORADO SCHOOL OF MINES FOUNDATION

PO BOX 4005, GOLDEN CO 80402-4005

  IS     741,208.030       63.50%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  IS     170,869.892       14.64%  

DARIEN LIBRARY INC

1441 POST RD, DARIEN CT 06820-5419

  IS     118,066.375       10.12%  
Western Asset California Municipals Fund  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  A     1,330,504.214       6.18%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  A     1,915,634.857       8.90%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  A     2,038,623.061       9.48%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     10,492,398.124       48.77%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  A     1,098,009.461       5.10%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A     2,196,009.513       10.21%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C     231,401.574       12.62%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     210,491.140       11.48%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     780,976.572       42.58%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C     407,942.794       22.24%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  I     336,929.457       9.03%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  I     375,830.080       10.07%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     275,099.815       7.37%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     1,711,555.271       45.85%  

 

I-4


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset California Municipals Fund (continued)  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  I     327,598.992       8.78%  
Western Asset Corporate Bond Fund  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     3,386,712.425       16.23%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A     10,716,539.338       51.37%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C     282,527.269       35.68%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C     61,309.363       7.74%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     85,658.928       10.82%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     41,323.101       5.22%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C     58,832.150       7.43%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     68,308.090       8.63%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C     117,750.379       14.87%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C1     19,444.694       16.08%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C1     6,514.773       5.39%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  C1     7,126.011       5.89%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C1     6,602.120       5.46%  

NATIONAL FINANCIAL SERVICES LLC

499 WASHINGTON BLVD, JERSEY CITY, NJ 07310

  C1     11,889.759       9.83%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C1     9,125.493       7.55%  

Z&R ASSOCIATES INC

2319 WESTCHESTER AVE, BRONX NY 10462-5011

  C1     13,022.697       10.77%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C1     7,494.927       6.20%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  I     6,522,884.702       23.13%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     2,125,400.604       7.54%  

 

I-5


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Corporate Bond Fund (continued)  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  I     4,192,144.839       14.87%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  I     3,720,022.498       13.19%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  I     5,117,201.396       18.15%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  P     315,133.270       8.88%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  P     2,188,067.763       61.67%  
Western Asset Emerging Markets Debt Fund  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  A     1,131,698.420       48.01%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     972,407.025       41.25%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A2     465,918.555       100.00%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C     40,333.058       20.06%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     48,860.022       24.30%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     61,699.418       30.69%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     31,605.694       15.72%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  FI     5,986.960       20.61%  

VANGUARD BROKERAGE SERVICES A/C 7709-1450

PO BOX 1170, VALLEY FORGE PA 19482-1170

  FI     1,796.634       6.19%  

VANGUARD BROKERAGE SERVICES A/C 8942-7601

PO BOX 1170, VALLEY FORGE PA 19482-1170

  FI     8,571.665       29.51%  

VANGUARD BROKERAGE SERVICES A/C 3788-1417

PO BOX 1170, VALLEY FORGE PA 19482-1170

  FI     6,346.367       21.85%  

VANGUARD BROKERAGE SERVICES A/C 4982-6979

PO BOX 1170, VALLEY FORGE PA 19482-1170

  FI     3,844.249       13.23%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  I     629,555.240       12.44%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  I     859,406.580       16.99%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     2,406,216.970       47.56%  

 

I-6


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Emerging Markets Debt Fund (continued)  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  I     277,164.118       5.48%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  IS     205,242.138       88.87%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  IS     13,754.678       5.96%  
Western Asset Global High Yield Bond Fund  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     3,585,301.609       13.80%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A     14,050,030.084       54.06%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C     134,907.052       22.06%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C     314,444.132       51.43%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     39,797.015       6.51%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     40,497.454       6.62%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C1     490,457.892       44.12%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C1     108,294.615       9.74%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C1     113,857.095       10.24%  

LPL FINANCIAL FBO CUSTOMERS

4707 EXECUTIVE DRIVE, SAN DIEGO CA 92121

  C1     74,395.263       6.69%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C1     69,755.263       6.27%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  I     275,078.468       6.24%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  I     283,357.154       6.43%  

LPL FINANCIAL FBO CUSTOMERS

4707 EXECUTIVE DRIVE, SAN DIEGO CA 92121

  I     253,894.831       5.76%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     2,491,037.470       56.49%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FL, JACKSONVILLE FL 32246-6484

  I     326,885.164       7.41%  

STATE OF COLORADO COLLEGEINVEST PORTFOLIO 1

620 8TH AVE FL 49, NEW YORK NY 10018-1618

  IS     1,540,927.908       15.66%  

STATE OF COLORADO COLLEGEINVEST PORTFOLIO 2

620 8TH AVE FL 49, NEW YORK NY 10018-1618

  IS     800,671.062       8.14%  

 

I-7


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Global High Yield Bond Fund (continued)  

STATE OF COLORADO COLLEGEINVEST PORTFOLIO 3

620 8TH AVE FL 49, NEW YORK NY 10018-1618

  IS     1,189,619.421       12.09%  

STATE OF COLORADO COLLEGEINVEST PORTFOLIO 4

620 8TH AVE FL 49, NEW YORK NY 10018-1618

  IS     2,885,232.475       29.33%  

STATE OF COLORADO COLLEGEINVEST PORTFOLIO 5

620 8TH AVE FL 49, NEW YORK NY 10018-1618

  IS     2,835,370.364       28.82%  
Western Asset Income Fund  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     13,198,058.990       27.39%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A     24,663,433.722       51.18%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C     74,036.377       6.97%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C     125,701.217       11.84%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     97,387.067       9.17%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     89,697.534       8.45%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C     169,476.212       15.96%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     168,360.122       15.85%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C     78,766.693       7.42%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C1     22,657.774       5.96%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  C1     81,158.367       21.35%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C1     32,526.714       8.56%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C1     117,979.674       31.03%  

CAPITAL BANK & TRUST COMPANY

8515 E ORCHARD RD 2T2, GREENWOOD VLG CO 80111-5002

  C1     22,480.780       5.91%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMER

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     2,483,842.419       14.52%  

LPL FINANCIAL FBO CUSTOMER

4707 EXECUTIVE DRIVE, SAN DIEGO CA 92121

  I     1,629,243.819       9.52%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     1,005,041.814       5.87%  

 

I-8


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Income Fund (continued)  

BAND & CO C/O US BANK NA

1555 N. RIVERCENTER DRIVE STE. 302, MILWAUKEE WI 53212

  I     3,248,050.638       18.99%  

WELLS FARGO BANK NA FBO 25561800

PO BOX 1533, MINNEAPOLIS, MN 55480

  I     1,201,443.149       7.02%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  I     1,586,219.296       9.27%  

RELIANCE TRUST CO FBO RTC INV MGT C/C

PO BOX 28004, ATLANTA GA 30358

  IS     5,236,268.335       63.31%  

NEWSGUILD OF NEW YORK-CONSUMER REPORTS PENSION PLAN

830 BEAR TAVERN RD, EWING NJ 08628-0000

  IS     422,637.587       5.11%  

SEI PRIVATE TRUST COMPANY C/O LEGACY SWP

ONE FREEDOM VALLEY DRIVE, OAKS, PA 19456

  IS     2,003,563.209       24.22%  
Western Asset Intermediate Maturity California Municipals Fund  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  A     778,815.949       7.60%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     4,992,487.204       48.73%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  A     513,043.644       5.01%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A     2,035,631.024       19.87%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C     1,472,321.707       20.81%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  C     447,329.403       6.32%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     428,857.391       6.06%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     3,571,203.315       50.47%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  I     273,966.503       6.44%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  I     426,647.993       10.03%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     669,786.488       15.75%  

RBC CAPITAL MARKETS, LLC FBO CUSTOMERS

510 MARQUETTE AVE SOUTH, MINNEAPOLIS MN 55402-1110

  I     402,180.569       9.45%  

TD AMERITRADE INC FBO CUSTOMERS

PO BOX 2226, OMAHA NE 68103-2226

  I     329,812.102       7.75%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     690,339.096       16.23%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  I     387,539.681       9.11%  

 

I-9


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Intermediate Maturity California Municipals Fund (continued)  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  I     542,616.091       12.76%  
Western Asset Intermediate Maturity New York Municipals Fund  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  A     681,630.587       6.01%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  A     1,667,933.802       14.71%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     5,816,742.980       51.30%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  A     794,729.379       7.01%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C     2,263,971.231       47.22%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     834,645.046       17.41%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     458,294.793       9.56%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  I     513,080.525       11.59%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  I     669,754.824       15.13%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     392,730.789       8.87%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  I     714,470.510       16.14%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     926,081.769       20.92%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  I     900,604.404       20.35%  
Western Asset Intermediate-Term Municipals Fund  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  A     7,211,882.097       7.04%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  A     6,077,795.948       5.93%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     43,849,989.923       42.78%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A     21,470,876.796       20.95%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C     5,709,494.373       13.63%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     4,480,620.914       10.69%  

 

I-10


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Intermediate-Term Municipals Fund (continued)  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  C     2,920,597.978       6.97%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     6,025,955.888       14.38%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C     10,154,326.051       24.23%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     6,069,709.136       14.49%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     19,680,692.187       9.89%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  I     15,132,246.466       7.61%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  I     106,446,225.916       53.52%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     23,736,725.838       11.93%  

EDWARD D JONES & CO FBO CUSTOMERS

12555 MANCHESTER RD, SAINT LOUIS MO 63131-3729

  IS     35,200,399.480       95.62%  
Western Asset Managed Municipals Fund  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  1     1,143,520.192       99.99%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     59,871,578.323       27.52%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A     29,689,304.354       13.64%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C     1,778,721.830       10.12%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     1,053,560.519       6.00%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     2,025,383.274       11.53%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C     1,735,783.695       9.88%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     3,042,051.284       17.31%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C     4,379,236.661       24.92%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  I     5,150,876.182       7.61%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  I     3,529,092.583       5.21%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  I     8,853,314.451       13.08%  

 

I-11


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Managed Municipals Fund (continued)  

LPL FINANCIAL FBO CUSTOMERS

4707 EXECUTIVE DRIVE, SAN DIEGO CA 92121

  I     3,873,381.841       5.72%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     15,360,091.986       22.69%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  I     12,902,711.162       19.06%  

EDWARD D JONES & CO FBO CUSTOMERS

12555 MANCHESTER RD, SAINT LOUIS MO 63131-3729

  IS     1,787,768.220       74.51%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  IS     310,272.737       12.93%  

RELIANCE TRUST CO FBO RTC INV MGT C/C

PO BOX 28004, ATLANTA GA 30358

  IS     197,680.426       8.24%  
Western Asset Massachusetts Municipals Fund  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  A     226,094.867       6.06%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     1,117,875.697       29.98%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  A     625,107.735       16.77%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A     514,967.576       13.81%  

NATIONAL FINANCIAL SERVICES LLC

499 WASHINGTON BLVD, JERSEY CITY, NJ 07310

  A     263,708.954       7.07%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C     37,532.318       9.28%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     58,849.114       14.56%  

LPL FINANCIAL FBO CUSTOMERS

4707 EXECUTIVE DRIVE, SAN DIEGO CA 92121

  C     93,056.561       23.02%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     23,582.562       5.83%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C     44,733.628       11.07%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  I     446,638.806       19.46%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     607,758.872       26.47%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  I     434,266.548       18.92%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     440,332.613       19.18%  

 

I-12


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Massachusetts Municipals Fund (continued)  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  I     191,385.120       8.34%  
Western Asset Mortgage Backed Securities Fund  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  1     2,626,886.803       100.00%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     6,255,549.895       13.26%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A     28,284,344.813       59.94%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     135,141.577       6.97%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     254,814.450       13.14%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C     250,208.473       12.90%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     229,995.522       11.86%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C     191,807.997       9.89%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C1     11,747.821       7.11%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C1     26,575.359       16.08%  

STIFEL NICOLAUS & CO INC FBO CUSTOMERS

501 N BROADWAY, ST LOUIS MO 63102-2188

  C1     12,790.059       7.74%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C1     54,735.322       33.12%  

COUNSEL TRUST DBA MATC FBO NORTHERN LIGHTS SERVICES, INC.

1251 WATERFRONT PL STE 525, PITTSBURGH PA 15222-4228

  C1     12,642.698       7.65%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  I     1,915,869.281       5.11%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     4,243,463.430       11.31%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  I     12,492,248.773       33.29%  

LPL FINANCIAL FBO CUSTOMERS

4707 EXECUTIVE DRIVE, SAN DIEGO CA 92121

  I     2,117,573.983       5.64%  

SEI PRIVATE TRUST COMPANY

ONE FREEDOM VALLEY DRIVE, OAKS, PA 19456

  I     2,490,396.328       6.64%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  I     4,153,210.760       11.07%  

 

I-13


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Mortgage Backed Securities Fund (continued)  

DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS

711 HIGH STREET, DES MOINES, IA 50392

  IS     395,912.662       28.81%  

RELIANCE TRUST CO FBO RTC INV MGT C/C

PO BOX 28004, ATLANTA GA 30358

  IS     206,199.811       15.00%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  IS     588,535.688       42.82%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  IS     72,354.156       5.26%  
Western Asset Municipal High Income Fund  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  A     1,684,821.446       8.39%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  A     1,436,798.574       7.15%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     6,928,423.294       34.50%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  A     1,859,899.072       9.26%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A     1,870,274.512       9.31%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C     642,227.031       18.05%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     266,850.476       7.50%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     431,171.467       12.12%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C     202,724.310       5.70%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     429,576.573       12.07%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C     855,175.434       24.03%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  I     1,793,212.779       12.96%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     857,899.479       6.20%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  I     999,156.871       7.22%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     3,086,837.133       22.31%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  I     3,278,950.557       23.70%  

 

I-14


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset New Jersey Municipals Fund  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  A     951,227.780       8.17%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  A     1,537,247.942       13.20%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     5,256,637.587       45.12%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  A     799,742.838       6.86%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A     1,170,898.032       10.05%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C     115,808.794       7.85%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C     78,964.334       5.35%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     363,209.861       24.62%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C     96,741.983       6.56%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     226,422.080       15.35%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C     316,483.493       21.45%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  I     170,799.565       5.42%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     380,654.495       12.08%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  I     291,091.549       9.24%  

AMERICAN ENTERPRISE INVESTMENT SVC

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  I     546,349.074       17.34%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     704,024.699       22.35%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  I     519,902.978       16.50%  
Western Asset New York Municipals Fund  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  A     1,800,731.626       5.51%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  A     7,957,561.723       24.33%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  A     1,922,961.048       5.88%  

 

I-15


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset New York Municipals Fund (continued)  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     12,556,308.555       38.39%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  A     1,898,111.808       5.80%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C     131,580.289       5.15%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C     528,116.413       20.69%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     317,091.967       12.42%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C     132,643.928       5.20%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     298,617.676       11.70%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C     710,312.650       27.83%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  I     1,788,464.247       24.09%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  I     614,734.079       8.28%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  I     502,990.121       6.78%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     1,957,562.891       26.37%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  I     655,138.538       8.82%  
Western Asset Oregon Municipals Fund  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  A     794,714.884       20.87%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  A     226,640.840       5.95%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     1,320,124.165       34.67%  

EDWARD D JONES & CO FBO CUSTOMERS

12555 MANCHESTER RD, SAINT LOUIS MO 63131-3729

  C     23,100.310       5.16%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  C     31,140.035       6.96%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     97,523.399       21.78%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C     54,474.773       12.17%  

 

I-16


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Oregon Municipals Fund (continued)  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     127,091.923       28.39%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  I     127,110.093       5.06%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  I     159,664.766       6.36%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     256,516.726       10.22%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  I     283,681.533       11.30%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  I     493,282.927       19.66%  

LPL FINANCIAL FBO CUSTOMERS

4707 EXECUTIVE DRIVE, SAN DIEGO CA 92121

  I     202,976.652       8.09%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     304,169.532       12.12%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  I     314,565.272       12.53%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  I     131,754.085       5.25%  
Western Asset Pennsylvania Municipals Fund  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  A     457,611.409       5.67%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  A     857,743.753       10.63%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     2,898,060.351       35.92%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  A     490,212.412       6.08%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A     1,248,418.626       15.47%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C     304,879.945       10.95%  

STIFEL NICOLAUS & CO INC FBO CUSTOMERS

501 N BROADWAY, ST LOUIS MO 63102-2188

  C     252,098.456       9.06%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  C     229,761.024       8.25%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     693,922.359       24.93%  

LPL FINANCIAL FBO CUSTOMERS

4707 EXECUTIVE DRIVE, SAN DIEGO CA 92121

  C     214,310.748       7.70%  

 

I-17


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Pennsylvania Municipals Fund (continued)  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C     339,364.789       12.19%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  I     142,326.004       5.15%  

RBC CAPITAL MARKETS, LLC FBO CUSTOMERS

510 MARQUETTE AVE SOUTH, MINNEAPOLIS MN 55402-1110

  I     208,487.177       7.54%  

TD AMERITRADE INC FBO CUSTOMERS

PO BOX 2226, OMAHA NE 68103-2226

  I     290,562.128       10.51%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  I     202,940.193       7.34%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  I     386,466.479       13.97%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  I     344,672.886       12.46%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     549,300.939       19.86%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  I     330,077.767       11.93%  
Western Asset Short Duration High Income Fund  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     13,363,579.352       24.25%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A     26,507,975.613       48.11%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C     485,581.418       6.40%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C     1,848,963.251       24.36%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     921,357.949       12.14%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     1,265,029.842       16.67%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C     441,690.296       5.82%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     774,135.630       10.20%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C     800,319.059       10.54%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C1     972,215.729       40.06%  

STIFEL NICOLAUS & CO INC FBO CUSTOMERS

501 N BROADWAY, ST LOUIS MO 63102-2188

  C1     132,312.476       5.45%  

 

I-18


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Short Duration High Income Fund (continued)  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  C1     265,702.556       10.95%  

LPL FINANCIAL FBO CUSTOMERS

4707 EXECUTIVE DRIVE, SAN DIEGO CA 92121

  C1     279,328.540       11.51%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C1     389,892.532       16.07%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  I     684,326.064       5.76%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  I     883,567.616       7.44%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  I     638,771.222       5.38%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  I     1,727,228.312       14.54%  

LPL FINANCIAL FBO CUSTOMERS

4707 EXECUTIVE DRIVE, SAN DIEGO CA 92121

  I     859,437.961       7.23%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     3,088,318.176       25.99%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  I     1,624,682.404       13.67%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  R     1,925.179       9.21%  

DCGT AS TTEE AND/OR CUST FBO PLIC

711 HIGH STREET, DES MOINES, IA 50392

  R     5,434.211       26.00%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  R     3,093.149       14.80%  

ASCENSUS TRUST COMPANY FBO SOMERS M. WILTON, INC.

P.O. BOX 10758, FARGO, ND 58106

  R     4,868.688       23.30%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  R     5,516.252       26.39%  
Western Asset Short Duration Municipal Income Fund  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  A     4,531,022.951       6.56%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  A     6,026,801.613       8.72%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     41,805,120.733       60.49%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  A     6,231,640.125       9.02%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A2     220,715.640       100.00%  

 

I-19


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Short Duration Municipal Income Fund (continued)  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C     10,514,619.154       22.30%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     3,995,498.725       8.48%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  C     3,079,061.554       6.53%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     5,253,302.969       11.14%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C     4,624,918.064       9.81%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     11,431,699.360       24.25%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  I     3,502,751.280       5.82%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  I     4,701,818.936       7.82%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     5,034,176.089       8.37%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  I     3,523,234.690       5.86%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     26,673,751.263       44.35%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  I     4,471,968.513       7.44%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  IS     363,522.560       86.77%  

JP MORGAN SECURITIES LLC FBO CUSTOMERS

3RD FLOOR MUTUAL FUND DEPARTMENT, BROOKLYN NY 11245

  IS     55,449.233       13.23%  
Western Asset Short-Term Bond Fund  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  A     763,719.695       5.39%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     7,891,275.489       55.69%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     153,300.986       11.61%  

RBC CAPITAL MARKETS, LLC FBO CUSTOMERS

510 MARQUETTE AVE SOUTH, MINNEAPOLIS MN 55402-1110

  C     72,736.855       5.51%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     290,396.136       21.99%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C     77,074.078       5.84%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     441,239.332       33.41%  

 

I-20


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Short-Term Bond Fund (continued)  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C1     281,861.050       12.48%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  C1     415,374.478       18.39%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C1     389,019.625       17.22%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C1     301,622.565       13.35%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C1     297,079.996       13.15%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  I     7,119,196.052       18.64%  

NATIONAL FINANCIAL SERVICES CORP FBO CUST

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     20,531,554.261       53.75%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  I     2,117,480.784       5.54%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUST

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     2,586,254.385       6.77%  

STATE OF COLORADO COLLEGEINVEST, PORTFOLIO 4

620 8TH AVE FL 49, NEW YORK NY 10018-1618

  IS     19,120,047.017       13.94%  

STATE OF COLORADO COLLEGEINVEST, PORTFOLIO 5

620 8TH AVE FL 49, NEW YORK NY 10018-1618

  IS     25,577,584.478       18.65%  

STATE OF COLORADO COLLEGEINVEST, PORTFOLIO 6

620 8TH AVE FL 49, NEW YORK NY 10018-1618

  IS     53,553,338.814       39.05%  

STATE OF COLORADO COLLEGEINVEST, PORTFOLIO 7

620 8TH AVE FL 49, NEW YORK NY 10018-1618

  IS     34,232,121.165       24.96%  

ASCENSUS TRUST COMPANY FBO MOBILE LUMBER

P.O. BOX 10758, FARGO, ND 58106

  R     14,843.171       82.19%  

ASCENSUS TRUST COMPANY FBO RAD ARCHITECTURE 401K

PO BOX 10577, FARGO, ND 58106

  R     2,692.145       14.91%  
Western Asset Government Reserves  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     145,532,657.510       18.39%  

FIDUCIARY TRUST INTL REVENUE

280 PARK AVE FL 6TH, NEW YORK NY 10017-1274

  A     93,653,000.000       11.83%  

PERSHING LLC FBO CUSTOMERS

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  A     426,616,027.130       53.91%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A2     339,967,704.890       100.00%  

PERSHING LLC FBO CUSTOMERS

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  SERVICE     326,288.460       100.00%  

 

I-21


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset New York Tax Free Money Market Fund  

ROBERT A ALESSI EMMA R ALESSI JT WROS

50 SHORE DR, PLANDOME NY 11030-1024

  N     3,616,543.520       23.20%  

PERSHING LLC

P.O. BOX 2052, JERSEY CITY NJ 07303-2052

  N     1,106,628.890       7.10%  

FIDUCIARY TRUST INTL REVENUE

280 PARK AVE FL 6TH, NEW YORK NY 10017-1274

  A     23,647,200.000       25.65%  

FIDUCIARY TRUST INTL NON REVENUE

280 PARK AVE FL 6TH, NEW YORK NY 10017-1274

  A     4,693,500.000       5.09%  

PERSHING LLC FBO CUSTOMERS

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  A     61,530,331.500       66.75%  
Western Asset Prime Obligations Money Market Fund  

FIDUCIARY TRUST INTL REVENUE

280 PARK AVE FL 6TH, NEW YORK NY 10017-1274

  A     113,226,000.000       66.12%  

FIDUCIARY TRUST INTL NON REVENUE

280 PARK AVE FL 6TH, NEW YORK NY 10017-1274

  A     57,641,500.000       33.66%  
Western Asset Tax Free Reserves  

FIDUCIARY TRUST INTL REVENUE

280 PARK AVE FL 6TH, NEW YORK NY 10017-1274

  A     17,185,500.000       33.05%  

FIDUCIARY TRUST INTL NON REVENUE

280 PARK AVE FL 6TH, NEW YORK NY 10017-1274

  A     18,126,000.000       34.86%  

PERSHING LLC FBO CUSTOMERS

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  A     16,360,394.570       31.46%  

ALICE L FRIEDLAND LAWRENCE N FRIEDLAND JT TEN

770 LEXINGTON AVE FL 18, NEW YORK NY 10065-8165

  N     475,122.570       7.19%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  N     4,554,885.440       68.90%  

MARY JANE SCHANK TOD DTD 06/11/2013

17465 W RIVER BIRCH DR APT 102, BROOKFIELD WI 53045-3105

  N     476,091.460       7.20%  
Western Asset U.S. Treasury Reserves  

CITIBANK NA

1 COURT SQUARE FL 22, LONG ISLAND NY 11120

  N     44,992,250.380       15.57%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  N     229,470,175.280       79.40%  

PERSHING LLC FBO CUSTOMERS

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  SERVICE     585,077.400       100.00%  
Western Asset Premium Liquid Reserves  

DONALD E HANDELMAN

PO BOX 817, PURCHASE NY 10577-0817

        831,865.544       5.41%  

EDMUND L MERLE-SMITH

PO BOX 817, PURCHASE NY 10577-0817

        1,248,942.222       8.12%  

YARON Z REICH LISA W REICH JT TEN

31 MARTIN LN, LAWRENCE NY 11559-1505

        1,042,400.924       6.78%  

 

I-22


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Premium Liquid Reserves (continued)  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

        3,809,987.469       24.77%  

PERSHING LLC

P.O. BOX 2052, JERSEY CITY NJ 07303-2052

        971,602.662       6.32%  
Western Asset Premium U.S. Treasury Reserves  

CITIBANK NA

1 COURT SQUARE FL 22, LONG ISLAND NY 11120

        23,078,557.460       7.43%  

PERSHING LLC FBO CUSTOMERS

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

        273,545,344.060       88.03%  
Western Asset Core Plus VIT Portfolio  

METLIFE INSURANCE CO USA

1 FINANCIAL CTR FL 20, BOSTON MA 02111-2694

  I     9,536,969.715       79.39%  

NEW YORK LIFE INS & ANNUITY CORP

30 HUDSON ST, JERSEY CITY NJ 07302-4600

  I     1,299,337.248       10.82%  

MIDLAND NATIONAL LIFE INS CO ACCOUNT C

4350 WESTOWN PKWY, WEST DES MOINES IA 50266-1036

  II     10,991,781.085       41.03%  

OHIO NATIONAL LIFE CO FBO SEPARATE ACCT

P O BOX 237, CINCINNATI OH 45201-0237

  II     7,070,510.167       26.39%  

NATIONAL SECURITY LIFE & ANNUITY CO FBO SEPARATE ACCT

ONE FINANCIAL WAY, CINCINNATI OH 45242-5851

  II     1,420,064.160       5.30%  

GUARDIAN INSURANCE & ANNUITY CO INC

6255 STERNERS WAY, BETHLEHEM PA 18017-9464

  II     6,991,221.926       26.10%  
Western Asset Variable Global High Yield Bond Portfolio  

METLIFE INSURANCE CO USA

1 FINANCIAL CTR FL 20, BOSTON MA 02111-2694

  I     872,212.143       5.81%  

FIRST METLIFE INVESTORS

18210 CRANE NEST DR, TAMPA FL 33647-2748

  I     870,127.945       5.79%  

METLIFE INSURANCE CO USA

1 FINANCIAL CTR FL 20, BOSTON MA 02111-2694

  I     10,170,895.036       67.70%  

TIAA-CREF LIFE SEPARATE ACCOUNT

8500 ANDREW CARNEGIE BLVD E2/N5, CHARLOTTE NC 28262-8500

  I     1,986,412.544       13.22%  

LINCOLN BENEFIT LIFE

2940 S 84TH ST, LINCOLN NE 68506-4154

  II     539,500.122       11.11%  

RIVERSOURCE LIFE INSURANCE CO

10468 AMERIPRISE FINANCIAL CENTER, MINNEAPOLIS MN 55474-0001

  II     1,391,984.646       28.66%  

NATIONWIDE LIFE INSURANCE COMPANY

P.O. BOX 182029, COLUMBUS OH 43218-2029

  II     640,614.974       13.19%  

METLIFE INSURANCE CO USA

1 FINANCIAL CTR FL 20, BOSTON MA 02111-2694

  II     1,345,463.143       27.70%  

SECURITY BENEFIT LIFE INSURANCE CO.

ONE SECURITY BENEFIT PLACE, TOPEKA KS 66636-1000

  II     324,807.631       6.69%  

 

I-23


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Core Bond Fund  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     2,987,747.011       9.53%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  A     7,580,236.025       24.19%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A     5,936,219.310       18.94%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     476,457.843       10.51%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     420,079.131       9.27%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     908,817.768       20.04%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C     1,085,032.845       23.93%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C1     13,702.789       5.89%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  C1     17,179.139       7.39%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C1     20,178.862       8.68%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C1     18,279.354       7.86%  

NATIONAL FINANCIAL SERVICES LLC

499 WASHINGTON BLVD, JERSEY CITY, NJ 07310

  C1     23,696.453       10.19%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C1     42,870.107       18.44%  

WILLIAM JOY & JO JOY TRUSTEE FBO: THE JOY GROUP 401K

8515 E ORCHARD RD 2T2, GREENWOOD VILLAGE CO 80111

  C1     12,919.377       5.56%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C1     13,320.443       5.73%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  FI     2,088,394.746       13.47%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  FI     881,797.165       5.69%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  FI     5,859,613.719       37.80%  

TD AMERITRADE INC FBO CUSTOMERS

PO BOX 2226, OMAHA NE 68103-2226

  FI     1,976,871.743       12.75%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  I     96,027,902.999       17.32%  

 

I-24


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Core Bond Fund (continued)  

MERRILL LYNCH PIERCE FENNER & SMITH INC FBO CUSTOMERS

4800 DEER LAKE DR E, JACKSONVILLE FL 32246-6484

  I     44,468,577.102       8.02%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     216,235,350.347       39.01%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     35,584,390.764       6.42%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  IS     29,991,785.674       7.72%  

BANK OF AMERICA NA TTEE BANK OF AMERICA 401K

700 LOUISIANA ST TX4-213-06-14, HOUSTON TX 77002-2700

  IS     98,617,504.391       25.38%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  IS     45,414,005.074       11.69%  

TD AMERITRADE INC FBO CUSTOMERS

PO BOX 2226, OMAHA NE 68103-2226

  IS     56,820,305.951       14.62%  

SEI PRIVATE TRUST COMPANY

1 FREEDOM VALLEY DRIVE, OAKS PA 19456

  IS     20,220,202.113       5.20%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  IS     31,504,538.708       8.11%  

STATE STREET BANK AND TRUST (FBO) ADP ACCESS

1 LINCOLN ST, BOSTON MA 02111-2901

  R     327,538.611       16.98%  

CAPITAL BANK & TRUST COMPANY TTEE F MOSSBERG CORP

8515 E ORCHARD RD 2T2, GREENWOOD VILLAGE CO 80111

  R     102,136.037       5.29%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  R     548,633.442       28.43%  
Western Asset Core Plus Bond Fund  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     8,813,270.179       8.65%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  A     25,697,719.282       25.23%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A     13,367,433.651       13.13%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C     1,113,389.147       5.89%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     1,036,350.608       5.48%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     2,361,474.125       12.49%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C     952,526.552       5.04%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     4,522,871.987       23.92%  

 

I-25


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Core Plus Bond Fund (continued)  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C     4,939,244.457       26.12%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C1     46,633.097       18.19%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C1     17,293.704       6.75%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  C1     14,550.910       5.68%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C1     27,541.179       10.74%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C1     23,733.637       9.26%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C1     53,318.071       20.80%  

GREAT-WEST TRUST COMPANY LLC FBO CUSTOMERS

8515 E ORCHARD RD 2T2, GREENWOOD VILLAGE CO 80111

  C1     24,565.488       9.58%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C1     20,880.887       8.14%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  FI     10,851,849.160       32.46%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  FI     4,897,456.926       14.65%  

TD AMERITRADE INC FBO CUSTOMERS

PO BOX 2226, OMAHA NE 68103-2226

  FI     3,102,285.906       9.28%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  FI     3,370,924.260       10.08%  

SUNTRUST BANK FBO SUNTRUST

8515 E ORCHARD RD 2T2, GREENWOOD VLG CO 80111-5002

  FI     2,935,788.990       8.78%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  I     82,036,291.625       5.29%  

MERRILL LYNCH PIERCE FENNER & SMITH INC FBO CUSTOMERS

4800 DEER LAKE DR E, JACKSONVILLE FL 32246-6484

  I     136,001,283.336       8.77%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     473,058,141.002       30.51%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     223,962,020.195       14.45%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  IS     41,902,602.239       6.35%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  IS     122,672,638.442       18.58%  

STATE STREET BANK AND TRUST TTEE (FBO) ADP ACCESS

1 LINCOLN ST, BOSTON MA 02111-2901

  R     1,358,913.566       5.79%  

SAMMONS RETIREMENT SOLUTION

4546 CORPORATE DR STE 100, WEST DES MOINES IA 50266

  R     18,104,942.626       77.15%  

 

I-26


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset High Yield Fund  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  A     57,287.112       9.44%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  A     99,226.133       16.34%  

TD AMERITRADE INC FBO CUSTOMERS

PO BOX 2226, OMAHA NE 68103-2226

  A     96,653.127       15.92%  

LPL FINANCIAL FBO CUSTOMERS

4707 EXECUTIVE DRIVE, SAN DIEGO CA 92121

  A     42,636.604       7.02%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     78,377.920       12.91%  

NATIONAL FINANCIAL SERVICES LLC

499 WASHINGTON BLVD, JERSEY CITY, NJ 07310

  A     51,630.287       8.50%  

NATIONAL FINANCIAL SERVICES LLC

499 WASHINGTON BLVD, JERSEY CITY, NJ 07310

  A     53,015.488       8.73%  

NATIONAL FINANCIAL SERVICES LLC

499 WASHINGTON BLVD, JERSEY CITY, NJ 07310

  A     64,600.822       10.64%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A2     4,631,538.944       100.00%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C     25,591.582       8.84%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     33,141.747       11.45%  

STIFEL NICOLAUS & CO INC FBO CUSTOMERS

501 N BROADWAY, ST LOUIS MO 63102-2188

  C     22,155.268       7.66%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     74,843.310       25.86%  

CATHOLIC HEALTH INITIATIVES

198 INVERNESS DR W, ENGLEWOOD CO 80112-3637

  I     1,428,446.147       13.48%  

CATHOLIC HEALTH INITIATIVES

198 INVERNESS DR W, ENGLEWOOD CO 80112-3637

  I     4,783,779.100       45.13%  

MERRILL LYNCH PIERCE FENNER & SMITH INC FBO CUSTOMERS

4800 DEER LAKE DR E, JACKSONVILLE FL 32246-6484

  I     924,619.242       8.72%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     1,288,004.333       12.15%  

WELLS FARGO BANK NA FBO WESTERN ASSET DEFERRED COMP PLAN

028939800

PO BOX 1533, MINNEAPOLIS MN 55480-1533

  I     576,495.919       5.44%  

LEGG MASON PARTNERS LIFESTYLE SERIES INC ALLOCATION 85%

620 8TH AVENUE 49TH FL, NEW YORK NY 10018-1550

  IS     2,352,585.726       16.43%  

LEGG MASON PARTNERS LIFESTYLE SERIES INC ALLOCATION 70%

620 8TH AVENUE 49TH FL, NEW YORK NY 10018-1550

  IS     2,934,806.071       20.50%  

LEGG MASON PARTNERS LIFESTYLE SERIES INC ALLOCATION 50%

620 8TH AVENUE 49TH FL, NEW YORK NY 10018-1550

  IS     2,011,312.500       14.05%  

LEGG MASON PARTNERS LIFESTYLE SERIES INC ALLOCATION 30%

620 8TH AVENUE 49TH FL, NEW YORK NY 10018-1550

  IS     1,037,740.799       7.25%  

 

I-27


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset High Yield Fund (continued)  

JPMORGAN CHASE BANK NA FBO CUSTOMERS

4 CHASE METROTECH CENTER, 6TH FLR, BROOKLYN, NY 11245

  IS     3,259,567.449       22.77%  

CAPINCO C/O US BANK NA

1555 N. RIVERCENTER DRIVE STE. 302, MILWAUKEE WI 53212

  IS     1,739,836.876       12.15%  

VOYA RETIREMENT INSURANCE

1 ORANGE WAY, WINDSOR CT 06095-4773

  IS     766,677.494       5.36%  

FIIOC BAY EQUITY 401K PLAN

100 MAGELLAN WAY, COVINGTON KY 41015-1987

  R     15,668.479       38.73%  

ROGER BARAL & KEVIN CALHOUN BLOOMFIELD ELECTRIC CO INC 401 PW P

8515 E ORCHARD RD 2T2, GREENWOOD VILLAGE CO 80111

  R     3,248.145       8.03%  

CAPITAL BANK & TRUST COMPANY TTEE F BARTHOLOMEW HEALTH GROUP 401K

8515 E ORCHARD RD 2T2, GREENWOOD VILLAGE CO 80111

  R     4,575.191       11.31%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  R     13,495.097       33.36%  
Western Asset Inflation Indexed Plus Bond Fund  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     247,162.153       20.52%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  A     658,026.018       54.63%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  C     5,091.485       7.55%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     5,476.282       8.12%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     19,496.170       28.91%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     15,951.885       23.65%  

STEPHEN D ROTHSCHILD TRUSTEE FBO PROFIT SHARING PLAN OF CLOSURE SYST

8515 E ORCHARD RD 2T2, GREENWOOD VILLAGE CO 80111

  C     4,419.913       6.55%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C     8,556.669       12.69%  

MG TRUST COMPANY CUST. FBO DOUG LEBRECHT PLUMBING & HEATING, I

717 17TH ST STE 1300, DENVER CO 80202-3304

  C1     2,734.470       32.37%  

VANGUARD BROKERAGE SERVICES A/C 6312-4343

P. O. BOX 1170, VALLEY FORGE PA 19482-1170

  C1     3,126.791       37.01%  

ROBERT W BAIRD & CO. INC. A/C 4338-2103

777 EAST WISCONSIN AVENUE, MILWAUKEE WI 53202-5391

  C1     1,974.340       23.37%  

 

I-28


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Inflation Indexed Plus Bond Fund (continued)  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C1     511.225       6.05%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  FI     57,595.258       78.34%  

FIIOC FBO MARIPOSA 401K PLAN

100 MAGELLAN WAY, COVINGTON KY 41015-1987

  FI     4,658.553       6.34%  

SUNTRUST BANK FBO CUSTOMERS

8515 E ORCHARD RD 2T2, GREENWOOD VLG CO 80111-5002

  FI     4,518.224       6.15%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  I     3,252,524.974       72.90%  

STATE OF COLORADO COLLEGEINVEST PORTFOLIO 4

620 8TH AVENUE 49TH FL, NEW YORK NY 10018-1618

  IS     3,170,424.461       9.46%  

STATE OF COLORADO COLLEGEINVEST PORTFOLIO 5

620 8TH AVENUE 49TH FL, NEW YORK NY 10018-1618

  IS     5,823,277.280       17.38%  

STATE OF COLORADO COLLEGEINVEST PORTFOLIO 6

620 8TH AVENUE 49TH FL, NEW YORK NY 10018-1618

  IS     10,863,585.821       32.43%  

STATE OF COLORADO COLLEGEINVEST PORTFOLIO 7

620 8TH AVENUE 49TH FL, NEW YORK NY 10018-1618

  IS     7,750,112.985       23.14%  

MAC & CO A/C 699587

PO BOX 3198 525 WILLIAM PENN PLACE, PITTSBURGH PA 15230-3198

  IS     1,733,925.776       5.18%  

ASCENSUS TRUST COMPANY FBO SJ ASSOCIATES NEW YORK, INC. 401(K)

P.O. BOX 10758, FARGO, ND 58106

  R     9,330.020       15.07%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  R     44,657.545       72.13%  
Western Asset Intermediate Bond Fund  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  A     22,326.852       6.84%  

NATIONAL FINANCIAL SERVICES LLC

499 WASHINGTON BLVD, JERSEY CITY, NJ 07310

  A     16,430.206       5.03%  

NATIONAL FINANCIAL SERVICES LLC

499 WASHINGTON BLVD, JERSEY CITY, NJ 07310

  A     16,368.866       5.01%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  A     124,904.525       38.26%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C     23,722.094       31.77%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     3,741.308       5.01%  

STIFEL NICOLAUS & CO INC FBO CUSTOMERS

501 N BROADWAY, ST LOUIS MO 63102-2188

  C     4,198.167       5.62%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     22,316.471       29.89%  

 

I-29


Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Intermediate Bond Fund (continued)  

LPL FINANCIAL FBO CUSTOMERS

4707 EXECUTIVE DRIVE, SAN DIEGO CA 92121

  C     3,948.846       5.29%  

NATIONAL FINANCIAL SERVICES LLC

499 WASHINGTON BLVD, JERSEY CITY, NJ 07310

  C     5,269.000       7.06%  

JANNEY MONTGOMERY SCOTT LLC A/C 2397-9734

& JEFFREY PAUL NORTHROP TTEES

1717 ARCH STREET, PHILADELPHIA PA 19103-2713

  C     5,012.497       6.71%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  I     3,940,773.386       6.69%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  I     4,539,648.864       7.70%  

NATIONAL FINANCIAL SRVCS LLC FBO CUSTOMERS

200 LIBERTY STREET ONE WORLD FINANCIAL CENTER

NEW YORK NY 10281-1003

  I     20,013,500.224       33.97%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  I     3,312,154.457       5.62%  

SAXON & CO. FBO 40400904099990

P.O. BOX 7780-1888, PHILADELPHIA PA 19182

  I     10,593,789.344       17.98%  

CAPINCO C/O US BANK NA

1555 N. RIVERCENTER DRIVE STE. 302, MILWAUKEE WI 53212

  I     5,916,063.376       10.04%  

WESTERN MICHIGAN UNIVERSITY INVESTMENT & ENDOWMENT MANAGEMENT

1083 SEIBERT ADMINSTRATION BLDG, KALAMAZOO MI 49008

  IS     1,946,664.197       6.20%  

SHEET METAL WORKERS INTERNATIONAL ASSOCIATION STRIKE FUND

1750 NEW YORK AVE NW STE 600, WASHINGTON DC 20006-5386

  IS     2,039,117.129       6.49%  

LEGG MASON PARTNERS VARIABLE LIFESTYLE ALLOCATION 50%

620 8TH AVENUE 49TH FL, NEW YORK NY 10018-1618

  IS     2,187,802.571       6.96%  

US BANK FBO PS&SI LOCAL #290 H&W-WABSX

PO BOX 1787, MILWAUKEE WI 53201-1787

  IS     2,768,923.889       8.81%  

CAPINCO C/O US BANK NA

1555 N. RIVERCENTER DRIVE STE. 302, MILWAUKEE WI 53212

  IS     7,678,873.534       24.44%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  IS     6,093,458.204       19.39%  

STATE STREET BANK AND TRUST FBO CUSTOMERS

1 LINCOLN ST, BOSTON MA 02111-2901

  R     7,880.358       23.21%  

MID ATLANTIC TRUST COMPANY FBO FFC ENTERPRISES LLC 401(K)

1251 WATERFRONT PLACE, SUITE 525, PITTSBURGH, PA 15222

  R     12,387.550       36.48%  

GREENSBURG 401K

8515 E ORCHARD RD 2T2, GREENWOOD VILLAGE CO 80111

  R     4,790.458       14.11%  

AGUIRRE & FIELDS LP 401K

8515 E ORCHARD RD 2T2, GREENWOOD VILLAGE CO 80111

  R     2,414.519       7.11%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  R     2,813.765       8.29%  

 

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Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Macro Opportunities Fund  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  A     418,752.692       11.51%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  A     829,988.611       22.81%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     441,702.380       12.14%  

SEI PRIVATE TRUST COMPANY C/O BROTHERHOOD BANK ID 387

ONE FREEDOM VALLEY DRIVE, OAKS, PA 19456

  A     210,641.821       5.79%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  A     187,098.718       5.14%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  A     484,967.015       13.33%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A2     47,552.923       100.00%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  C     572,850.760       24.81%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     128,154.611       5.55%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  C     742,733.830       32.16%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  C     462,038.153       20.01%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  FI     4,280,923.157       92.23%  

UBS WM USA FBO 0O0 11011 6100

1000 HARBOR BLVD, WEEHAWKEN, NJ 07086

  I     11,396,325.962       11.09%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     12,115,442.188       11.79%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  I     20,394,448.156       19.84%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  I     8,030,277.083       7.81%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

  I     23,999,558.271       23.35%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  IS     1,210,759.551       6.02%  

LEGG MASON PARTNERS LIFESTYLE SERIES INC ALLOCATION 85%

620 8TH AVENUE 49TH FL, NEW YORK NY 10018-1550

  IS     1,237,519.818       6.16%  

SEI PRIVATE TRUST COMPANY

ONE FREEDOM VALLEY DRIVE, OAKS, PA 19456

  IS     2,890,407.627       14.38%  

SEI PRIVATE TRUST COMPANY

ONE FREEDOM VALLEY DRIVE, OAKS, PA 19456

  IS     2,138,524.285       10.64%  

 

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Table of Contents
Name and Address   Class   Shares Held     As % of
shares
outstanding
 
Western Asset Macro Opportunities Fund (continued)  

SEI PRIVATE TRUST COMPANY

ONE FREEDOM VALLEY DRIVE, OAKS, PA 19456

  IS     2,543,521.689       12.66%  

MARIL & CO FBO JI

480 PILGRIM WAY - SUITE 1000, GREEN BAY, WI 54304-5280

  IS     2,097,084.897       10.43%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  IS     3,479,771.190       17.32%  
Western Asset Total Return Unconstrained Fund  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  A     65,799.566       5.15%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  A     376,992.246       29.53%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  A     64,768.901       5.07%  

MORGAN STANLEY SMITH BARNEY LLC FBO CUSTOMERS

1 NEW YORK PLAZA FL 12, NEW YORK NY 10004-1901

  A     288,020.020       22.56%  

BNY MELLON INVESTMENT SERVICING (US) INC FBO PRIMERICA

760 MOORE RD, KING OF PRUSSIA PA 19406-1212

  A2     116,523.379       100.00%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  C     671,515.309       58.25%  

WELLS FARGO CLEARING SVCS LLC A/C 1699-0135

2801 MARKET STREET, SAINT LOUIS, MO 63103

  C     64,159.209       5.57%  

AMERICAN ENTERPRISE INVESTMENT SVC FBO # 41999970

707 2ND AVE S, MINNEAPOLIS MN 55402-2405

  C     77,822.732       6.75%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

  FI     638,741.804       14.30%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  FI     916,337.775       20.51%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  FI     2,716,571.838       60.81%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

  I     65,080,836.664       58.80%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  I     12,022,971.534       10.86%  

TD AMERITRADE INC FBO CUSTOMERS

PO BOX 2226, OMAHA NE 68103-2226

  I     6,467,120.745       5.84%  

SAXON & CO. FBO 40400904099990

P.O. BOX 7780-1888, PHILADELPHIA PA 19182

  I     5,744,974.276       5.19%  

PERSHING LLC

1 PERSHING PLZ, JERSEY CITY NJ 07399-0001

  IS     3,133,052.171       15.51%  

AMALGAMATED BANK CUSTODIAN FBO AFL-CIO STAFF RETIREMENT PLAN

815 16TH ST NW 3RD FL, WASHINGTON DC 20006-4101

  IS     3,939,938.747       19.51%  

NATIONAL FINANCIAL SERVICES CORP FBO CUSTOMERS

499 WASHINGTON BLVD, JERSEY CITY NJ 07310-2010

  IS     2,773,732.297       13.73%  

 

I-32


Table of Contents
Name and Address    Class    Shares Held      As % of
shares
outstanding
 
Western Asset Total Return Unconstrained Fund (continued)  

NABANK & CO.

PO BOX 2180, TULSA OK 74101

   IS      1,579,509.231        7.82%  

CAPINCO C/O US BANK NA

1555 N. RIVERCENTER DRIVE STE. 302, MILWAUKEE WI 53212

   IS      2,128,161.280        10.54%  

CHARLES SCHWAB & CO INC FBO CUSTOMERS

211 MAIN STREET, SAN FRANCISCO CA 94105-1905

   IS      1,635,964.476        8.10%  

RAYMOND JAMES FBO CUSTOMERS

880 CARILLON PKWY, ST PETERSBURG FL 33716-1100

   R      6,712.275        10.77%  

DCGT AS TTEE AND/OR CUST FBO PLIC

711 HIGH STREET, DES MOINES, IA 50392

   R      5,707.148        9.16%  

PHARM-A-SAVE 401K

8515 E ORCHARD RD 2T2, GREENWOOD VILLAGE CO 80111

   R      12,178.782        19.54%  

SCOTT BADER INC 401K PLAN

8515 E ORCHARD RD 2T2, GREENWOOD VILLAGE CO 80111

   R      9,771.469        15.68%  

ACP LABCHEM INC 401K PLAN

8515 E ORCHARD RD 2T2, GREENWOOD VILLAGE CO 80111

   R      14,954.392        24.00%  

KENNETH E MACKENZIE, ESQUIRE, 401K

P.O. BOX 10758, FARGO, ND 58106

   R      4,131.134        6.63%  

MLPF&S FBO CUSTOMERS

4800 DEER LAKE DRIVE EAST 3RD FLOOR, JACKSONVILLE FL 32246-6484

   R      8,865.145        14.23%  

 

I-33


Table of Contents

[FORM OF PROXY CARD*]

EVERY SHAREHOLDER’S VOTE IS IMPORTANT

 

  EASY VOTING OPTIONS:
 

LOGO

 

VOTE ON THE INTERNET

Log on to:

www.proxy-direct.com

or scan the QR code

Follow the on-screen instructions

available 24 hours

 

LOGO

 

VOTE BY PHONE

Call 1-866-298-8476

Follow the recorded instructions

available 24 hours

 

LOGO

 

VOTE BY MAIL

Vote, sign and date this Proxy

Card and return in the

postage-paid envelope

 

LOGO

 

 

VOTE IN PERSON

Attend Shareholder Meeting

620 Eighth Avenue, 49th Floor

New York, New York

on December 3, 2019

Please detach at perforation before mailing.

 

PROXY  

WESTERN ASSET FUNDS                                             

PROXY FOR A JOINT SPECIAL MEETING OF SHAREHOLDERS

TO BE HELD ON DECEMBER 3, 2019

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD. The undersigned, hereby appoints Jane E. Trust, Jeanne M. Kelly, Robert I. Frenkel, Thomas C. Mandia, Marc De Oliveira, Tara E. Gormel and Angela Velez and each of them, proxies with several powers of substitution, to attend the Joint Special Meeting of Shareholders to be held at the offices of Legg Mason at 620 Eighth Avenue, 49th Floor, New York, New York, on Tuesday, December 3, 2019 at 10:00 a.m. (Eastern time), or at any adjournment or postponement thereof, to cast on behalf of the undersigned all votes that the undersigned is entitled to cast at such meeting and otherwise to represent the undersigned at the meeting with all powers possessed by the undersigned if personally present at the meeting. The undersigned hereby acknowledges receipt of the Notice of Special Meeting of Shareholders and of the accompanying Joint Proxy Statement (the terms of each of which are incorporated by reference herein) and revokes any proxy heretofore given with respect to such meeting.

The votes entitled to be cast by the undersigned will be cast as instructed below. If this Proxy is executed but no instruction is given, the votes entitled to be cast by the undersigned will be voted “FOR” the nominees in the proposal. The votes entitled to be cast by the undersigned will be cast in the discretion of the Proxy holder on any other matter that may properly come before the meeting or any adjournment or postponement thereof.

YOUR BOARD RECOMMENDS THAT YOU VOTE “FOR” PROPOSAL 1, AS MORE FULLY DESCRIBED IN THE JOINT PROXY STATEMENT.

 

VOTE VIA THE INTERNET:    www.proxy-direct.com
VOTE VIA THE TELEPHONE:        1-800-337-3503

 

                     


Table of Contents

    

PLEASE MARK, SIGN, DATE ON THE REVERSE SIDE AND RETURN THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE IF VOTING BY MAIL.

LMM_30870_082919

 


Table of Contents

EVERY SHAREHOLDER’S VOTE IS IMPORTANT!

Important Notice Regarding the Availability of Proxy Materials for the Joint

Joint Special Meeting of Shareholders to be Held on December 3, 2019.

The Joint Proxy Statement for this meeting is available at: https://www.proxy-direct.com/lmf-30870

 

FUNDS    FUNDS    FUNDS
Fund 1    Fund 2    Fund 3
Fund 4    Fund 5    Fund 6
Fund 7    Fund 8    Fund 9
Fund 10    Fund 11    Fund 12
Fund 13    Fund 14   

Please detach at perforation before mailing.

 TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE:    X       LOGO

 

 A 

 

    Proposal The Board responsible for your Fund recommends that you vote “FOR” Proposal 1 with respect to your Fund.

 

 1.   To Elect Board Members: To withhold authority to vote for any individual nominee(s) mark the box “For All Except” and write the nominee number on the line provided.

 

01. Robert Abeles, Jr.   02. Jane F. Dasher   03. Anita L. DeFrantz   04. Avedick B. Poladian   05. Susan B. Kerley
06. William E.B. Siart   07. Jaynie Miller Studenmund   08. Ronald L. Olson   09. Peter J. Taylor   10. Jane E. Trust

 

  FOR     WITHHOLD   FOR ALL    FOR     WITHHOLD     FOR
  ALL           ALL   EXCEPT    ALL           ALL     ALL
01 Fund 1      ☐         ☐                02 Fund 2       ☐    ☐              
03 Fund 3      ☐         ☐                04 Fund 4       ☐    ☐              
05 Fund 5      ☐         ☐                06 Fund 6       ☐    ☐              
07 Fund 7      ☐         ☐                08 Fund 8       ☐    ☐              
09 Fund 9      ☐         ☐                10 Fund 10       ☐    ☐              
11 Fund 11      ☐         ☐                12 Fund 12       ☐    ☐              
13 Fund 13      ☐         ☐                14 Fund 14       ☐    ☐              

 

 2.   To transact such other business as may properly come before the Meeting and any adjournment(s) or postponement(s) thereof.

 

 B 

 

    Authorized Signatures — This section must be completed for your vote to be counted.— Sign and Date Below

 

 Note:

Please sign exactly as your name(s) appear(s) on this PROXY Card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, guardian, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.

 


Table of Contents
Date (mm/dd/yyyy) — Please print date below      Signature 1 — Please keep signature within the box      Signature 2 — Please keep signature within the box

 

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