2Q 2021 Separately Managed Accounts LEGG MASON GLOBAL ALL CAP BLEND PORTFOLIOS(MDA8)
Separately Managed Accounts (SMAs) are investment services provided by Legg Mason Private Portfolio Group, LLC (LMPPG), a federally registered investment advisor. Client portfolios are managed based on investment instructions or advice provided by one or more of the following Franklin Templeton affiliated subadvisors: ClearBridge Investments, LLC, and Western Asset Management Company, LLC. Management is implemented by LMPPG, the designated subadvisor or, in the case of certain programs, the program sponsor or its designee. These materials are being provided for illustrative and informational purposes only. The information contained herein is obtained from multiple sources that are believed to be reliable. However, such information has not been verified, and may be different from the information included in documents and materials created by the sponsor firm in whose investment program a client participates. Some sponsor firms may require that these materials be preceded or accompanied by investment profiles or other documents or materials prepared by such sponsor firms, which will be provided upon a client’s request. For additional information, documents and/or materials, please speak to your financial professional or contact your sponsor firm.
INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE . Introduction | Legg Mason
Underlying strategies in proposed portfolio
Legg Mason Global All Cap Blend Portfolios • 40% ClearBridge All Cap Growth Portfolios • 40% ClearBridge All Cap Value Portfolios • 20% ClearBridge International Value ADR Portfolios
2 . Introduction | Franklin Templeton
Franklin Templeton
We aim to offer the best of both worlds: global strength and boutique specialization. Providing real customization backed by the scale and resources of a large company. All driven by our single focus on delivering better client outcomes.
Unparalleled in our Guided by long-term Nimble where it matters ability to customize value creation
• Autonomous investment teams • Strategy- and vehicle-agnostic • Closely-held public firm where entrepreneurial, independent approach to solving client needs with a strong balance sheet, professionals practice true allowing us to invest with a • Tailored support through a specialization global distribution platform, long-term horizon • ~1300 research and investment technological tools and value- • Track record of product professionals, giving us added services, provides more and technological innovations differentiated insights and an than just investment returns fueled by our Silicon Valley roots “ear to the ground” in 20+ countries • Multi-asset capabilities that • Values-based culture, we do • At-scale capabilities in analytics, advance portfolio construction the right thing for our clients data and servicing combined with and provide true solutions and our people empowered teams makes us uniquely agile
As of December 31, 2020. 3 . Introduction | Franklin Templeton
We offer a full range of investment strategies across asset classes and geographies
Our investment capabilities Our investment brands
Equity Fixed Income Franklin Templeton (1947)
Value Government Western Asset (1971) Deep Value Municipals ClearBridge Investments (2005) Core Value Corporate Credit Blend Bank Loans Brandywine Global (1986) GARP Securitized Growth Multi-Sector Clarion Partners (1982) Convertibles Currencies Sector Sukuk Benefit Street Partners (2008) Shariah Martin Currie (1881) Smart Beta Thematic QS Investors (1999) K2 Advisors (1994) Multi-Asset Solutions Alternatives Royce (1972) Income Private Debt Real Return Hedge Funds Balanced/Hybrid Private Equity Total Return Real Estate Target Date/Risk Infrastructure + Absolute Return 1,300 Tactical Asset Allocation investment professionals in over 20 countries1 Managed Volatility
1 As of 6/30/20. Investment professionals include portfolio managers, research analysts, research associates, investment support and executives of Franklin Templeton, Legg Mason and subsidiary investment management groups. 4 2 .
Introduction | Multiple Discipline Account
Multiple Discipline Account® (“MDA”) -- Potential benefits
1 2 3
Diversification Simplified, convenient Flexibility and choice • Multiple investment styles portfolio administration • Greater accommodation of in single account • Single point of contact for special instructions • Ongoing monitoring of portfolio management • Tax harvesting potential2 asset allocation with • Consolidation of positions rebalancing as deemed into one statement appropriate1
Diversification does not assure a profit or protect against market loss. Asset Allocation does not assure a profit or protect against market loss. 1 The Overlay Portfolio Management process is conducted by the MDA style managers and a service provider on behalf of Legg Mason Private Portfolio Group, LLC. 2 Depends on individual tax situation. Please see “Disclaimer” for important tax information. 5 .
Introduction | Multiple Discipline Account
Diversification
By investing in more than one asset class, investors may have the potential over time to enhance overall portfolio returns and manage risk. Calendar year returns of varied market indices. 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Large Cap Fixed Mid Cap Small Cap Fixed Mid Cap Small Cap Mid Cap Large Cap Small Cap Large Cap Inter- Inter- Cash Large Cap Large Cap Growth Income Growth Growth Income Value Growth Value Growth Value Growth national national 1.86% Growth Growth 14.02% 26.86% 11.81% 5.70% 46.29% 29.09% 8.74% 18.51% 43.30% 14.75% 5.67% 31.74% 30.21% 36.39% 38.49% Mid Cap Inter- Large Cap Mid Cap Large Cap Small Cap S&P 500 S&P 500 Mid Cap Inter- Fixed Small Cap Cash Mid Cap Mid Cap Mid Cap Value national Growth Growth Growth Value Index Index Value national Income Value 1.80% Growth Growth Growth 12.65% 23.48% 11.63% 37.21% 26.38% 2.64% 18.05% 35.74% 13.69% 1.38% 20.00% 25.62% -0.42% 35.47% 35.59% Mid Cap Large Cap Mid Cap Small Cap Small Cap Mid Cap S&P 500 Inter- Small Cap Large Cap Fixed Large Cap Mid Cap Large Cap S&P 500 Small Cap Growth Value Growth Value Growth Value Index national Value Value Income Value Growth Growth Index
EST E FO MANCE Growth 12.10% 22.25% 11.43% -28.92% 34.47% 24.75% 2.11% 17.90% 34.52% 13.45% 0.15% 17.34% 25.27% -1.51% 31.49% 34.63% Large Cap Fixed Large Cap Mid Cap Small Cap Large Cap Large Cap Large Cap S&P 500 Small Cap S&P 500 Mid Cap Large Cap Cash Small Cap S&P 500 Value Income Value Value Value Value Value Growth Index Growth Index Value Growth 0.03% Growth Index 7.07% 20.22% 7.23% -36.85% 34.21% 24.50% 0.39% 17.51% 33.48% 13.05% 11.96% 22.17% -4.38% 28.48% 18.40% Large Cap Small Cap S&P 500 Inter- Large Cap S&P 500 Mid Cap Mid Cap Small Cap S&P 500 Mid Cap S&P 500 Cash Mid Cap Mid Cap Fixed Growth Growth Index national Growth Index Growth Growth Growth Index Growth Index 0.08% Value Value Income 5.26% 15.79% 7.05% -37.00% 32.46% 16.71% 16.00% 33.46% 11.90% -0.20% 11.32% 21.83% -4.75% 27.06% 8.93% S&P 500 Small Cap S&P 500 Large Cap S&P 500 Large Cap Mid Cap Mid Cap Large Cap Fixed Inter- Mid Cap Large Cap Large Cap Large Cap Inter- Index Growth Index Growth Index Value Value Growth Value Income national Growth Value Value Value national 4.91% 13.35% 5.49% -38.44% 26.46% 15.51% -1.38% 15.81% 32.53% 5.99% -0.39% 7.33% 13.66% -8.27% 26.54% 8.28% Small Cap Mid Cap Mid Cap Small Cap S&P 500 Mid Cap Large Cap Small Cap Small Cap Large Cap Mid Cap Small Cap Cash S&P 500 Inter- Mid Cap Value Growth Value Value Index Growth Growth Growth Growth Growth Value Growth 4.74% Index national Value 4.71% 10.66% -38.44% 20.58% 15.06% -1.65% 15.26% 32.39% 5.60% -1.38% 7.08% 13.34% -9.31% 22.66% 4.96% Small Cap Large Cap Large Cap Small Cap Large Cap Inter- Small Cap Small Cap Inter- Small Cap Large Cap Fixed Small Cap Mid Cap Small Cap Small Cap Growth Growth Value Growth Value national Growth Growth national Value Value Income Value Value Value Value 4.15% 9.07% -0.17% -38.54% 19.69% 8.21% -2.91% 14.59% 23.29% 4.22% -3.83% 3.05% 7.84% -12.29% 22.39% 4.63% Mid Cap Inter- Fixed Fixed Small Cap Fixed Mid Cap Inter- Fixed Small Cap Cash Cash Cash Fixed Large Cap Value national Income Income Value Income Cash Value national Income Value Income 3.00% 4.76% 0.05% 0.03% Value -1.42% -43.06% 4.52% 6.59% -5.50% 4.82% -4.78% 1.51% 4.00% -12.86% 9.71% 2.80% Fixed Fixed Small Cap Mid Cap Inter- Fixed Inter- Small Cap Inter- Cash Cash Cash Cash Cash Cash Cash WO ST E FO MANCE Value Growth national national Value national Income Income 0.16% 0.13% 0.07% Income 0.27% 0.84% 2.37% 3.78% -9.78% -44.32% -11.73% -2.35% -4.48% -7.47% -13.36% 2.25% 0.58% The above table is presented for informational purposes only and does not represent performance of any portfolio or mutual fund. Past performance is no guarantee of future results. Please see Index Performance Endnotes for important additional information. An investor cannot invest directly in an index. Cash is represented by the FTSE 3-Month U.S. Large Cap Growth is represented by the Mid Cap Growth is represented by Small Cap Growth is represented by International is represented by the Treasury Bill Index Russell 1000 Growth Index. Russell MidCap Growth Index the Russell 2000 Growth Index. MSCI EAFE Index. Fixed Income is represented by the Bloomberg Large Cap Value is represented by the Mid Cap Value is represented by Small Cap Value is represented by the The Broad Market is represented by Barclays U.S. Government/Credit Bond Index Russell 1000 Value Index. Russell MidCap Value Index Russell 2000 Value Index. the S&P 500 Index.
Source: Franklin Resources, Inc. As of 12/31/2020. Diversification does not assure a profit or protect against market loss. All investments involve risks, including possible loss of principal. Investing in non-U.S. companies involves risks in addition to those ordinarily associated with investing in domestic securities, including the potentially negative effects of currency fluctuations, political and economic developments, foreign taxation and differences in auditing and other financial standards. International investing may not be suitable for everyone. These risks are magnified in emerging markets. Stocks of small- and mid-capitalization companies tend to involve more risk and volatility than stocks of larger companies. As interest rates rise, bond prices fall reducing the value of fixed income investments. See Index definitions slide for index definitions. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. 6 .
Introduction | Multiple Discipline Account
MDA Portfolios are designed to access multiple managers with compatible styles
Multiple managers Single manager
vs
Unknown Styles Complementary portfolios Complementary Styles x4 Asset allocation Planned x4 Client reporting x1 x4 Portfolio review/Re-balancing x1 x4 Manager firm selection x1
For illustrative purposes only. An account’s actual allocations to its portfolio segments will vary over time as markets change. An account may be rebalanced to or towards its target allocations if one or more segments of the account becomes over-weighted or under-weighted as a result of market appreciation or depreciation. Cash flows into and out of an account will be applied towards the account’s more underweight segment in order to bring such account’s allocations back towards their target allocations. 7 . Your investment portfolio | All Cap Growth
ClearBridge All Cap Growth Portfolios
Overview Key differentiators Philosophy ClearBridge All Cap Growth Portfolios (ACG) seeks • The strategy combines the expertise of four We believe that: long-term capital appreciation through investment in seasoned portfolio managers. • Competitive returns may be achieved by investing in large-, mid-, and small- capitalization stocks that have a diversified portfolio of large-, medium- and small- the potential for above average long-term earnings • High-conviction stock selection that offers potential capitalization stocks that have the potential for and/or cash flow growth.§ for growth across market cycles. above-average long-term growth and returns. • Portfolio managers evaluate each position daily and • An intensive, bottom-up investment process can Portfolio positioning may decide to invest portfolios gradually or all at help find inefficiently priced companies with strong • Core growth option, which can be complemented once based on market conditions, valuations and/or fundamentals, incentive-driven management teams, by other investments or asset classes for further factors they consider to be relevant.§ dominant positions in niche markets, and/or goods diversification. and services customers are practically compelled to • Designed for investors looking for a growth portfolio Objectives use. The strategy seeks: Long-term capital appreciation. that invests across multiple market capitalizations • Consistency in our investment process, research, with a buy-and-hold strategy. This strategy does not performance and client service is the key to force buy or sell decisions based on market excellence. capitalization. The potential result may be reduced portfolio turnover over time.
Market, security and/or other investment considerations may result in higher turnover from time to time. Risks: All investments involve risk, including loss of principal and there is no guarantee that investment objectives will be met. In addition to investments in large-capitalization companies, investments may be made in speculative and/or small-cap and mid-cap companies which involve a higher degree of risk and volatility than investments in larger, more established companies. In addition, because the investments may be concentrated in a limited number of industries and companies, the portfolios may involve heightened risk. While most investments are in U.S. companies, investments may also be made in ADRs and other securities of non-U.S. companies in developed and emerging markets which involve risks in addition to those ordinarily associated with investing in domestic securities, including the potentially negative effects of currency fluctuation, political and economic developments, foreign taxation and differences in auditing and other financial standards. These risks are magnified in emerging markets. ACG portfolios invest primarily in large-capitalization stocks, investing much smaller portions of the portfolios in small- and mid-capitalization company stocks. Diversification does not assure a profit or protect against market loss. Market, security and/or other investment considerations may result in higher turnover from time to time. Also, all capitalization ranges will not necessarily be represented in an individual account. 8 . Your investment portfolio | All Cap Growth
ClearBridge All Cap Growth Portfolios investment process
Idea generation Fundamental analysis Portfolio construction Risk management/ Identify companies with strong Determine valuation considering the Actively select investments across the Evaluation discipline business models, capital structures and size of a business’s addressable growth spectrum, allocated into three Understand security level and portfolio management teams, generally with market, free cash flow yield, P/E, growth buckets (Cyclical, Stable and level risks. Actively review investment market capitalizations of $3 billion or EV/Sales1, PEG Ratio,2. Identify Select) with distinct risk/return rationales, position sizes and greater. key risks and potential downside. characteristics. Managers are willing to diversification metrics. pay a premium for companies with sustainable growth characteristics and superior ROIC3.
1 Enterprise-Value-To- Sales (EV/Sales): A valuation measure that compares the enterprise value of a company to the company's sales. EV/sales gives investors an idea of how much it costs to buy the company's sales. Generally the lower the EV/sales the more attractive or undervalued the company is believed to be. 2 Price/Earnings To Growth – PEG Ratio: A stock's price-to-earnings ratio divided by the growth rate of its earnings for a specified time period. The price/earnings to growth (PEG) ratio is used to determine a stock's value while taking the company's earnings growth into account, and is considered to provide a more complete picture than the P/E ratio. While a high P/E ratio may make a stock look like a good buy, factoring in the company's growth rate to get the stock's PEG ratio can tell a different story. The lower the PEG ratio, the more the stock may be undervalued given its earnings performance. 3 Return On Invested Capital (ROIC): A calculation used to assess a company's efficiency at allocating the capital under its control to profitable investments. The return on invested capital measure gives a sense of how well a company is using its money to generate returns. The investment process may change over time. The characteristics set forth are intended as a general illustration of some of the criteria the strategy team considers in selecting securities for client portfolios. There is no guarantee investment objectives will be achieved. Actual allocation may vary. 9 . Your investment portfolio | All Cap Value
ClearBridge All Cap Value Portfolios
Overview Key differentiators Philosophy The ClearBridge All Cap Value Portfolios - headed by Process What we believe: Reed Cassady, Albert Grosman, and Sam Peters - • Repeatable, proprietary process designed to form • The stock market is a complex adaptive system focus on large-, mid- and small-capitalization stocks.§ explicit variant perceptions relative to expectations It dynamically aggregates the views of embedded in the stock price participants, providing assessments of investment Objectives Team value • The strategy seeks: long-term capital growth. Current Robust, frequent communication to surface diverse As such, markets broadly adjust quickly to reflect income is a secondary consideration.§ perspectives and to improve the questions we ask new information, making it challenging for and the assumptions we make Portfolio Construction information-driven investment strategies to earn Portfolio positioning • Diversification across industries, economic drivers excess returns • Designed for investors seeking a value portfolio, and macroeconomic and quantitative factors to build • with the ability to invest in all market capitalizations Inefficiencies occur in markets a resilient portfolio that maximizes risk-adjusted Inefficiencies occur, particularly when diversity of • Offers a long-term buy-and-hold strategy, which may returns and is able to outperform in a variety of thought breaks down (e.g., investors panic or get reduce portfolio turnover market conditions greedy all at once), as well as when the time horizon extends beyond the market’s often myopic frame • To generate excess returns consistently, we must find and exploit these inefficiencies We do this through an explicit analysis of market expectations, compared with the expectations we have developed through our review of the company’s economic returns, capital allocation and competitive strategy
RISKS: All investments involve risk, including the loss of principal, and there is no guarantee that investment objectives will be met. Investments may be made in small- and mid-cap companies, which involve a higher degree of risk and volatility than investments in large-cap companies. While most investments are in U.S. companies, investments may also be made in ADRs and other securities of non-U.S. companies in developed and emerging markets which involve risks in addition to those ordinarily associated with investing in domestic securities, including the potentially negative effects of currency fluctuation, political and economic developments, foreign taxation and differences in auditing and other financial standards. These risks are magnified in emerging markets. The managers may sometimes hold significant portions of portfolio assets in cash equivalents while waiting for buying opportunities. Diversification does not assure a profit or protect against market loss. Managers seek to keep portfolio turnover low to allow for the positive compounding effect of dividends over time, although market, security and other investment considerations may cause turnover to be higher from time to time. Also, all capitalization ranges will not necessarily be represented in an individual account. 10 . Your investment portfolio | All Cap Value
ClearBridge All Cap Value Portfolios investment process
Discovery: Valuation: Portfolio Construction: Diversity Breakdowns and Embedded Probabilistic Analysis of Business Value and Balance of Risk and Return Expectations Variant Perception • Bottom-up weighting decisions to maximize Look for diversity breakdowns: Valuation: riskadjusted potential return across industries, • High-level industry trends and competitive strategy • Multiple analytical tools to understand drivers of economic drivers of returns, as well as • Quantitative screens covering multiple sources of business value macroeconomic and quantitative factor exposures return and risk Probabilistic Approach: relative to strategy’s benchmark Embedded expectations for growth, returns and • Build scenario analysis and simulations to explore • Robust team discussions help avoid individual investment needs business value under different assumptions behavioral biases: overconfidence, anchoring, loss Variant Perception: aversion, framing effects, confirmation bias • Develop an explicit narrative of how investment case differs from embedded expectations Systematic Updating: • Actively recalibrate model and probabilities based on new information
The investment process may change over time. The characteristics set forth are intended as a general illustration of some of the criteria the strategy team considers in selecting securities for client portfolios. There is no guarantee investment objectives will be achieved. 11 . Your investment portfolio | International Value ADR
ClearBridge International Value ADR Portfolios
Overview Key differentiators Portfolio positioning • ClearBridge International Value ADR Portfolios seek • Find quality companies trading at low prices relative • Designed for investors seeking international to provide a value-based, international equity to dynamic intrinsic values diversification in developed and emerging markets strategy that will outperform the MSCI EAFE (Net) Eliminate businesses with undesirable across all market sectors and capitalizations. over 3-5 years, with risk similar to this index. characteristics Philosophy
Investments are made from the universe of non- • Focusing on a small number of companies trading at Focus on limited number of companies with the U.S. companies, including emerging markets with low prices relative to their dynamic intrinsic values greatest chance for success publicly traded ADR securities listed on the major leads to enhanced stock selection over time U.S. exchanges and that have market capitalizations • Opportunistic approach to security selection Objectives of greater than $100 million. enhanced by major dislocation in the markets The strategy seeks to: • Defined risk management at security and portfolio • outperform the MSCI EAFE (Net) Index USD over a level full market cycle of 3-5 years, investing De-risk stock selection via deep understanding of a internationally through ADRs. select list of mispriced businesses Rigorous ongoing review of existing holdings to ensure investment case remains intact Diversification of business models and customer bases throughout portfolio Explicit limits at portfolio, sector, and country/ region level
The Morgan Stanley Capital International (MSCI) EAFE Index is an unmanaged index of equity securities from developed countries in Europe, Australia and the Far East. MSCI EAFE® measures total market performance, including price appreciation and income from net-dividend payments. The “Net” Index series assumes that dividends are reinvested after the deduction of withholding tax. The index uses withholding tax rates applicable to Luxembourg holding companies. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. An investor cannot invest directly in an index. The index is not managed and not subject to management or brokerage commission. Dividends are subject to reinvestment. Diversification does not assure a profit or protect against market loss. Risks: All investments involve risk, including loss of principal and there is no guarantee that investment objectives will be met. The managers invest the portfolios primarily in ADRs, but may also make limited investments in U.S.-traded stocks of non-U.S. and U.S. companies engaged in significant non-U.S. business. These limited investments may include U.S.-traded stocks that result from the conversion of ADRs, as well as other U.S.-traded stocks. The portfolios’ investments in non-U.S. companies may include companies in developed and emerging markets which involve risks in addition to those ordinarily associated with investing in U.S.-traded stocks, including the potentially negative effects of currency fluctuation, political and economic developments, foreign taxation and differences in audition and other financial standards. These risks are magnified in emerging markets. Investments may be made in small- and mid-cap companies, which involve a higher degree of risk and volatility than investments in large-cap companies. 12 . Your investment portfolio | International Value ADR
ClearBridge International Value ADR Portfolios investment process 6 Universe of Quantitative Company Fundamental Client Portfolio Sell Discipline Securities Modeling Elimination Analysis • Construct the A security is typically reviewed • Identify publicly • Seek stocks selling • Seek to eliminate • Use a portfolio consisting for sale if: traded ADR below their normal stocks with comprehensive of 60-85 holdings. • It appreciates to our securities across valuation levels by negative fundamental Positions are predetermined target price; 11 macro sectors employing a characteristics and research process weighted based • A change in company in both developed quantitative model barriers to success. to understand the upon upside fundamentals results in a failure and emerging that compares These factors business of each potential, to meet one of the four criteria markets, each with current valuations could include a company and downside risk, our of our Focus List elimination a market (as measured by declining quality of focus on long-term fundamental process; or capitalization price-to-earnings, financial value, rather than conviction, and the • greater than $100 price-to-book and characteristics, short-term price or impact on Value Trap screen triggers a million and price-to-cash flow deteriorating earnings forecasts diversification. comprehensive reassessment sufficient liquidity ratios) to historical industry conditions valuations or competitive position, or a lack of confidence in company management
The investment process may change over time. The characteristics set forth are intended as a general illustration of some of the criteria the strategy team considers in selecting securities for client portfolios. There is no guarantee investment objectives will be achieved. 13 . Strategy characteristics & performance | Equity Portfolio characteristics
Equity Portfolio characteristics as of June 30, 2021
Market capitalization (%) Characteristics (%)
Portfolio Portfolio 80 Number of Holdings 204 Dividend Yield 1.33 60 Forecasted P/E Ratio -1 Year 16.27 50.53 Price/Book Ratio 5.56 40 Long-Term EPS Growth 16.04 Weighted Median Market Capitalization 49.19
20 17.75 16.33 13.09 Weighted Average Market Capitalization 189.67
2.30 0 Above $50B $25 - $50B $10 - $25B $3 - $10B 0 - $3B
Source: FactSet. Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors. Please see Endnotes for additional information. Please see appendix for term definitions. P/E ratio Year 1 and Long-term EPS growth are provided by I/B/E/S, are inherently limited and should not be used as an indication of future performance. Yields and dividends represent past performance and there is no guarantee they will continue to be paid. 14 . Strategy characteristics & performance | Equity Portfolio characteristics
Equity Portfolio characteristics as of June 30, 2021
Sector weightings (%) Top Holdings
Portfolio Information Technology 20.3 Information Technology 20.3 Amazon.com Inc 2.66 Financials 14.0 Financials 14.0 Industrials 12.6 Facebook Inc 2.15 Health Care 12.4 Industrials 12.6 Consumer Discretionary 11.9 UnitedHealth Group Inc 1.89 Communication Services 7.6 Health Care 12.4 Materials 6.1 Wells Fargo & Co 1.66 Consumer Discretionary 11.9 Energy 4.2 Comcast Corp 1.62 Consumer Staples 2.4 Communication Services 7.6 Utilities 2.2 Johnson Controls International plc 1.54 Real Estate 1.6 Materials 6.1 Cash 4.6 Synchrony Financial 1.51 Energy 4.2 Johnson & Johnson 1.40 Consumer Staples 2.4 OneMain Holdings Inc 1.27 Utilities 2.2 Twitter Inc 1.16 Real Estate 1.6 Total 16.86 Cash 4.6
Source: FactSet. Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors. 15 . Strategy characteristics & performance | Performance
Performance
Calendar-year total returns – pure gross and net of fees (%) ending December 31
2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Global All Cap Blend (pure gross) 12.42 24.22 -10.19 21.36 13.23 0.00 8.55 35.33 18.76 -5.00
Global All Cap Blend (net) 9.16 20.65 -12.84 17.88 9.96 -2.93 5.41 31.47 15.34 -7.79
Index Mix 17.18 29.19 -7.02 21.97 10.41 0.19 8.91 31.34 16.65 -1.69
S&P 500 Index (USD) 18.40 31.49 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11
Annualized rates of return – pure gross and net of fees (%) as of June 30, 2021 – PRELIMINARY
Jun ‘21 Q2 ‘21 YTD 1-year 3-year 5-year 7-year 10-year
Global All Cap Blend (pure gross) 0.19 6.94 16.57 45.50 13.12 14.81 10.79 12.22
Global All Cap Blend (net) -0.06 6.16 14.90 41.38 9.84 11.49 7.58 8.97
Index Mix 1.80 7.71 14.03 42.06 16.35 16.20 12.02 12.85
S&P 500 Index (USD) 2.33 8.55 15.25 40.79 18.67 17.65 14.10 14.84
The Index Mix consists of the following: 40% Russell 3000 Growth, 40% Russell 3000 Value, and 20% MSCI EAFE (NET) Index. The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Please visit www.leggmason.com for the latest performance figures. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. Past performance is no guarantee of future results. Returns for periods less than one year are not annualized. Pure gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Net performance includes the deduction of a 3.0% annual wrap fee, which is the maximum anticipated wrap fee for equity and balanced portfolios. Actual fees may vary. For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC (“LMPPG”), refer to LMPPG’s Form ADV disclosure document. Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. ClearBridge Investments, LLC claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Please see appendix for the GIPS® Report. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs. 16 . Strategy characteristics & performance | Performance
Risk/return profile (%)
Pure gross of fees (based on 10-year period ended June 30, 2021) Modern portfolio statistics as of June 30, 2021
Global All Global All Cap Blend Index Mix S&P 500 Index (USD) Cap Blend S&P 500 (MDA 8) Index Mix Index 20 Annualized return (%) 12.22 12.85 14.84 Annualized standard deviation (%) 15.17 14.00 13.59 15 Sharpe ratio 0.80 0.89 1.05 Beta 1.07 N/A N/A 10 Alpha -1.24 N/A N/A R-squared 0.97 N/A N/A 5 Annualized rate of return (%)
0 0 5 10 15 20 Risk (% annualized standard deviation)
The Index Mix consists of the following: 40% Russell 3000 Growth, 40% Russell 3000 Value, and 20% MSCI EAFE (NET) Index. The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Please visit www.leggmason.com for the latest performance figures. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. Past performance is no guarantee of future results. Investments involve risk of loss. Alpha, Beta, and R-squared are shown versus the Index Mix. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. Please see appendix for term definitions. Pure gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Actual fees may vary. For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC (“LMPPG”), refer to LMPPG’s Form ADV disclosure document. Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs. 17 . Strategy characteristics & performance | Performance
Up/Down market capture ratios (%)
Pure gross of fees (based on 10-year period ended June 30, 2021)
Global All Cap Blend Index Mix 2
1.05 1.00 1
0
1 1.00 1.09
2 Up Down 85 positive months 35 negative months
The Index Mix consists of the following: 40% Russell 3000 Growth, 40% Russell 3000 Value, and 20% MSCI EAFE (NET) Index. The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Please visit www.leggmason.com for the latest performance figures. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. Pure gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Actual fees may vary. For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC (“LMPPG”), refer to LMPPG’s Form ADV disclosure document. Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs. Past performance is no guarantee of future results. Please see appendix for term definitions. 18 . Strategy characteristics & performance | Performance
Growth of $100,000
Pure gross of fees (based on 10-year period ended June 30, 2021)
Global All Cap Blend Index Mix $334,876 $316,622 $400,000
$300,000
$200,000
$100,000
$0 2011 2013 2015 2017 2019 2021
The Index Mix consists of the following: 40% Russell 3000 Growth, 40% Russell 3000 Value, and 20% MSCI EAFE (NET) Index. The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Please visit www.leggmason.com for the latest performance figures. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. For illustrative purposes only. Assumes no withdrawals or contributions. These statistics are based on pure gross-of-fees quarterly composite returns, were calculated assuming reinvestment of dividends and income, and take into account both realized and unrealized capital gains and losses. Past performance is no guarantee of future results. All investments involve risk, including the loss of principal. Pure gross of fee returns do not reflect the deduction of any expenses, including transaction costs. Actual fees may vary. For fee schedules, contact your financial professional, or if you enter into an agreement directly with Legg Mason Private Portfolio Group, LLC (“LMPPG”), refer to LMPPG’s Form ADV disclosure document. Returns reflect the reinvestment of dividends and other earnings. All performance is reported in US dollars. Management and performance of individual accounts may vary for reasons that include the existence of different implementation and model requirements in different investment programs. 19 . Appendix | Investment Management Team
Investment management team
Evan Bauman§ Aram Green§ Managing Director, Portfolio Manager Managing Director, Portfolio Manager • Industry since 1996 • Industry since 2001 • Firm since 1996 • Firm since 2006 • Duke University — BS in Mathematics§ • Union College — BA § • Hygrove Partners, LLC - Equity Analyst Peter Bourbeau§ • iCollege - Co-founder, Executive Vice President§ Managing Director, Portfolio Manager§
• Industry since 1991 Margaret Vitrano§ • Firm since 1991 Managing Director, Portfolio Manager • Fordham University — MBA • Industry since 1996 • University of Florida — BSBA§ • Firm since 1997 § • University of Pennsylvania — MBA in Finance Richard Freeman§ • Duke University — BA in Public Policy studies and Art History Managing Director, Portfolio Manager • Industry since 1976 • Citigroup — Research Analyst for consumer discretionary sector§ § • Firm since 1983 • New York University — MBA in Finance • Brooklyn College — BS in Accounting • Member of the ClearBridge Investments Operating/Investment Committee • Shearson American Express — Portfolio Manager of the Shearson Aggressive Growth Fund • Portfolio Manager of Mid/Small Capitalization Growth Portfolios • Chemical Bank — Vice President, Trusts and Investments • Drexel Burnham Lambert — Vice President, Research§ §
20 . Appendix | Investment Management Team
Investment management team
Reed Cassady, CFA Sam Peters, CFA§ Director, Portfolio Manager Managing Director, Portfolio Manager • Member of the CFA Institute • Member of the CFA Institute • Industry since 2007 • Industry since 1993 • Firm since 2007 • Firm since 2005 • MBA from the Mason School of Business at the College of William & Mary • University of Chicago — MBA • BA in Music Composition from the College of William & Mary§ • College of William & Mary — BA in Economics • Fidelity Management & Research - Portfolio Manager, Health Care Sector Team Albert Grosman§ Leader Managing Director, Portfolio Manager • Samuel M. Peters Investment Advisors - Founder • Industry since 1993 • Eppler, Guerin & Turner - Financial Consultant • Firm since 2007 • Columbia Business School — MBA • Emory University — BBA in Business Administration • Long Trail Investment Management - Equity Analyst • Phinity Capital - Equity Analyst • Cyllenius Capital Management (BlackRock Inc.) - Equity Analyst • Fidelity Management & Research - Portfolio Manager
21 . Appendix | Investment Management Team
Investment management team
Paul D. Ehrlichman,§ Safa R. Muhtaseb§ Grace Su§ Managing Director, Portfolio Manager CFA, Managing Director, Portfolio Manager Managing Director, Portfolio Manager • Industry since 1983 • Industry since 1988 • Industry since 2001 • Firm since 2008 • Firm since 2008 • Firm since 2008 • Head of Global Value • University of Tennessee at Knoxville — MBA in Finance • MBA in Finance from the Wharton School at the University of • LaSalle University — BS in Finance & Quantitative Analysis cum • Old Dominion University — BS cum laude in Business Pennsylvania laude Administration • BS in Business Administration from the Haas School of Business, • Provident Capital Management, Inc. as Assistant Vice President • Goldman Sachs Asset Management - Portfolio Manager University of California, Berkeley and Portfolio (2001-2004) • Brandywine Global - Research Analyst • Manager - (1984-1988) • Virginia Retirement System’s Investment - Oversaw the • Bear Stearns & Co. - Equity Research Assistant • First Pennsylvania Bank as a Securities Analyst (1983-1984)§ investment in international • Mitchell Madison Group - Business Analyst § • equities and managed its U.S. Mid Cap Growth Portfolio Sean M. Bogda§ (1999-2001) CFA, Managing Director, Portfolio Manager • CalPERS - Portfolio Manager • Industry since 1993 • Firm since 2008 • University of Colorado — BS in Finance
22 . Appendix | Performance Endnotes
GIPS Report
Legg Mason MDA8 - Global All Cap Blend Strategy Inception Date: January 2007. Composite Creation Date: January 2013. Reporting Currency: USD.
Total Composite Total Firm % of Bundled Assets at End of Assets at End of Total Return Total Return Benchmark Number of Fee Portfolios in Composite Composite 3 Yr. Benchmark 3 Yr. Period (USD Percentage of Period (USD Period (Net, %) (*Pure Gross, %) Return (%) portfolios the Composite Dispersion (%) St. Dev. (%) St. Dev. (%) million) Firm Assets million)
2020 9.16 12.42 17.18 30 100 0.68 20.31 19.14 42.5 0.1 69,403.0 2019 20.65 24.22 29.19 39 100 1.23 13.13 11.78 45.1 0.1 61,593.5 2018 -12.84 -10.19 -7.02 39 100 0.53 12.22 10.88 35.7 0.1 50,961.6 2017 17.88 21.36 21.97 40 100 0.60 11.29 10.22 42.5 0.1 53,956.9 2016 9.96 13.23 10.41 42 100 2.05 12.06 10.99 39.6 0.1 46,104.9 2015 -2.93 0.00 0.19 47 100 0.41 11.36 10.73 37.7 0.1 42,608.6 2014 5.41 8.55 8.91 46 100 0.58 n/a n/a 36.5 0.1 42,421.5 2013 31.47 35.33 31.34 44 100 0.87 n/a n/a 33.8 0.1 37,054.3
*Pure gross of fee returns do not reflect the deduction of any expenses, including transaction costs, and are presented as supplemental to the net of fee returns. Compliance Statement:§ Legg Mason Private Portfolio Group, LLC (“LMPPG”) claims compliance with the Global investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Legg Mason Private Portfolio Group, LLC has been independently verified for the periods January 1, 2013 - December 31, 2019. The verification report(s) is/are available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedure for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. 23 . Appendix | Performance Endnotes
GIPS Report
Legg Mason MDA8 - Global All Cap Blend Strategy Inception Date: January 2007. Composite Creation Date: January 2013. Reporting Currency: USD.
Firm Information:§ Legg Mason Private Portfolio Group, LLC is a wholly owned indirect subsidiary of Franklin Resources, Inc. (“Franklin”). In July 2020 Legg Mason, Inc., its parent company, was purchased by Franklin. LMPPG, together with its Subadvisers, ClearBridge Investments, LLC (“ClearBridge”), ClearBridge RARE Infrastructure (North America) Pty Limited, Martin Currie Inc. (“Martin Currie”), QS Investors, LLC (“QS”), Royce Investment Partners (“Royce”) and Western Asset Management Company (“Western Asset”), provides investment advisory services primarily in investment programs sponsored by Sponsor Firms. The investment advisory services LMPPG and the Subadvisers provide differ depending on the type of Sponsor Firm investment program in which a client participates. ClearBridge claims compliance with the Global Investment Performance Standards (GIPS®). ClearBridge has been independently verified for the periods January 1, 1997 - December 31, 2019. ClearBridge is a wholly owned indirect subsidiary of Franklin Resources, Inc. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact [email protected]. Martin Currie claims compliance with the Global Investment Performance Standards (GIPS®). Martin Currie has been independently verified though December 31, 2019. Martin Currie, which encompasses Martin Currie Investment Management Ltd and Martin Currie Inc, is a wholly owned subsidiary of Franklin Resources, Inc but operates autonomously, and Martin Currie, as a firm, is held out to the public as a separate entity. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact [email protected]. QS claims compliance with the Global Investment Performance Standards (GIPS®). QS has been independently verified for the periods August 1, 2010 through December 31, 2019. QS, a wholly owned, independently managed subsidiary of Franklin Resources, Inc , is a registered investment adviser with the Securities and Exchange Commission, providing investment and advisory services to a diverse array of institutional, retail and sub-advisory clients worldwide. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact Keri Mclaughlin at [email protected]. Royce claims compliance with the Global Investment Performance Standards (GIPS®). Royce has been independently verified for the periods January 1, 2008 through December 31, 2019. For the purpose of complying with the GIPS standards, the Firm is defined as Royce Investment Partners. To obtain a compliant presentation and/or the firm’s list of composite descriptions, please contact Tara Francoeur at [email protected]. Western Asset claims compliance with the Global Investment Performance Standards (GIPS®). Western Asset has been independently verified for the periods January 1, 1993 to December 31, 2019. Western Asset is a wholly owned subsidiary of Franklin Resources, Inc. but operates autonomously, and Western Asset, as a Firm, is held out to the public as a separate entity. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. Please contact Michael Van Raaphorst at 212-601-6211 or [email protected]. LMPPG has used Subadvisers for all periods presented. Composite Information:§ The Legg Mason MDA8 - Global All Cap Blend composite consists of discretionary wrap accounts with an account minimum of US $25,000. Accounts are invested with the following approximate allocations: 40% ClearBridge All Cap Growth SMA§ 40% ClearBridge All Cap Value SMA§ 20% ClearBridge International Value ADR SMA The ClearBridge All Cap Growth SMA strategy seeks long-term capital appreciation by investing in a mix of large, mid and small capitalization stocks believed to have substantial growth potential. The ClearBridge All Cap Value SMA strategy is primarily invested by applying value criteria to attempt to find the most inefficiently priced stocks in the small, mid and large capitalization sectors. The ClearBridge International Value ADR SMA strategy seeks to provide a value-based, international equity strategy that will outperform the MSCI EAFE Index over 3-5 years with risk similar to the Index. Investments are primarily in ADRs of companies in both developed and emerging markets. ClearBridge uses WM/Refinitiv daily FX rates taken at 4 p.m. London time, which may vary from Benchmark indices’ exchange rates periodically. The main risks of this strategy are General Investment Risk, Industry and Issuer Concentration Risk, Small Cap Risk, Mid Cap Risk, High Volatility Risk, and Non-U.S. Investment Risk. Input and Calculation Data:§ The fee schedule currently in effect is 3.00% on all assets. Net of fee composite returns are calculated by reducing each monthly composite pure gross rate of return by the highest “bundled” fee charged (3.00%) annually, prorated to a monthly ratio. The “bundled” fee includes transaction costs, investment management, custodial, and other administrative fees. As of January 2014, the internal dispersion of annual returns is measured by the asset-weighted standard deviation of portfolio returns included in the composite for the entire year. For prior years, the equal-weighted standard deviation was used. Data prior to January 2013 is not displayed because that data is non GIPS compliant. The three-year annualized ex-post standard deviation is not available prior to 2015 because the composite did not have 36 months of GIPS compliant data. Gross returns are used to calculate presented risk measures. A list of composite and limited distribution pooled fund descriptions and a list of broad distribution pooled funds is available upon request. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request. Past performance is not necessarily indicative of future results. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Benchmark Information:§ The composite uses a custom blended benchmark consisting of 40% Russell 3000 Growth / 40% Russell 3000 Value / 20% MSCI EAFE (Net) (USD) which is calculated by weighting the respective index returns monthly. 24 . Appendix | Index definitions
Definitions
Index Definitions The Russell 1000 Growth Index measures the performance of The Russell MidCap Index consists of the 800 smallest companies The Bloomberg Barclays U.S. Government/Credit Bond Index those Russell 1000 Index companies with higher price-to-book ratios in the Russell 1000 Index as ranked by total market capitalization. and higher forecasted growth values. (A price-to-book ratio is the tracks the performance of the overall bond market and is a broad The Russell MidCap Growth Index measures the performance of measure of the performance of government and corporate fixed-rate price of a stock compared to the difference between a company’s assets and liabilities). those Russell MidCap companies with higher price-to-book ratios debt issues. and higher forecasted growth values. The Russell 1000 Value Index measures the performance of those FTSE 3-Month U.S. Treasury Bill Index is an index based upon the The Russell MidCap Value Index measures the performance of average monthly yield of the 90-Day Treasury Bills. Treasury bills are Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. those Russell MidCap companies with lower price-to-book ratios and secured by the full faith and credit of the U.S. Government and offer lower forecasted growth values. The stock are also members of the a fixed rate of return. The Russell 2000 Index is comprised of the 2,000 smallest Russell 1000 Value Index. companies in the Russell 3000 Index. The MSCI EAFE Index (Europe, Australasia, Far East) is an The S&P 500 Index is a capitalization weighted, composite index of unmanaged index of common stocks of companies located in The Russell 2000 Growth Index measures the performance of 500 stocks designed to measure performance of the broad domestic Europe, Australasia and the Far East. those Russell 2000 Index companies with higher price-to-book ratios economy through changes in the aggregate market value of 500 The MSCI World Index is a free float-adjusted market capitalization and higher forecasted growth values. stocks representing all major industries. weighted index that is designed to measure the equity market The Russell 2000 Value Index measures the performance of those Investors cannot invest directly in an index and unmanaged index performance of developed markets. Russell 2000 Index companies with lower price-to-book ratios and returns do not reflect any fees, expenses or sales charges. The MSCI World ex. US Index consists of the following 22 lower forecasted growth values. developed market country indexes: Australia, Austria, Belgium, The Russell 3000 Index is comprised of the 3,000 largest U.S. Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, companies based on total market capitalization, and represents the Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, vast majority of the investable U.S. market. Singapore, Spain, Sweden, Switzerland, and, the United Kingdom. The Russell 3000 Growth Index measures the performance of The Russell 1000 Index consists of the 1000 largest securities in the those Russell 3000 Index companies with higher price-to-book ratios Russell 3000 Index, and this large cap (market-oriented) index is and higher forecasted growth values. highly correlated with the S&P 500 Index.
25 . Appendix | Term definitions
Definitions
Term definitions The Price-to-Book ratio (P/B) is a stock’s price divided by the stock’s Standard Deviation is based on quarterly data. Standard deviation is Market Capitalization measures the number of outstanding per share book value. a measure of the variability of returns; the higher the standard deviation, the greater the range of performance (i.e., volatility). common shares of a given corporation multiplied by the latest price Earnings Per Share (EPS) is the portion of a company’s profit per share. allocated to each outstanding share of a common stock. The Capture Ratios measure a manager’s composite performance Weighted Median Market Capitalization represents the value at relative to the benchmark, considering only those quarters that are The Sharpe Ratio is a risk-adjusted measure, calculated using either positive (Up) or negative (Down) for the benchmark. which half the portfolio’s market capitalization weight falls above and standard deviation and excess return to determine reward per unit of half falls below. risk. The higher the Sharpe Ratio, the better the portfolio’s historical An Up Market Capture Ratio greater than 1.0 indicates a manager Weighted Average Market Capitalization represents the average adjusted performance. who has outperformed the benchmark in the benchmark’s positive quarters. value of the companies held in the portfolio. When that figure is Alpha is a measure of the difference between actual returns and weighted, the impact of each company’s capitalization on the overall expected performance, given the level of risk as measured by Beta, A Down Market Capture Ratio of less than 1.0 indicates a manager average is proportional to the total market value of its shares. where Beta measures sensitivity to benchmark movements. who has outperformed the relative benchmark in the benchmark’s negative quarters.§ Dividend Yield is determined by dividing a stock’s annual dividends R-Squared measures the strength of the linear relationship between per share by the current market price per share. Dividend yield is a the portfolio and its benchmark. R-squared at 1.0 implies perfect financial ratio that shows how much a company pays out in linear relationship and zero implies no relationship exists.§ dividends.
P/E (Year 1) is the previous day’s closing price of the stock divided by the consensus earnings per share (EPS) of fiscal year 1 (FY1) provided by I/B/E/S. Forecasts are inherently limited and should not be relied upon as indicators of future performance.§
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Investments for the program(s) discussed herein are traded primarily in U.S. markets and unless otherwise noted, equity and fixed income investments for such program(s) are primarily of U.S. issuers. In addition, unless otherwise noted, indexes referred to herein represent groups of securities that are issued primarily by U.S. issuers. IMPORTANT TAX INFORMATION: Franklin Templeton, its affiliates, and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Investments are not obligations of, and are not guaranteed by, LMPPG or any other Franklin Resources, Inc. affiliate or subsidiary; are not FDIC or government insured; and are subject to risks, including possible loss of the principal amount invested. Professional money management may not be suitable for all investors. Multiple Discipline Account is a registered service mark of Morgan Stanley Smith Barney, LLC (“MSSB”) and is used under license by Legg Mason Private Portfolio Group (“LMPPG”). LMPPG is not affiliated with MSSB. Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional. ©2021 Franklin Distributors, LLC. Member FINRA/SIPC. Franklin Distributors, LLC and Western Asset Management Company, LLC are Franklin Templeton affiliated companies. MDA SMA0060 PPG-Q221-V1